B2B of the day: Press Council of India, News Broadcasters Association, Provisioning

Here are 2 Back2Basics collections from today’s news items

B2B #1: From news- In name of fake news, Government frames rules to blacklist journalists

Press Council of India

  1. The Press Council is a statutory, quasi-judicial body which acts as a watchdog of the press
  2. It adjudicates the complaints against and by the press for violation of ethics and for violation of the freedom of the press respectively
  3. It was first set up on 4 July 1964 by the Parliament to regulate the press in India
  4. The basis at that time was the Press Council Act, 1965 which resulted from the recommendations of the First Press Commission of India (1952-1999)
  5. After 2017, the Council functions under the Press Council Act 1978 which arose from the recommendations of the Second Press Commission of India (1978)
  6. The Press Council is headed by a Chairman: usually, a retired judge of the Supreme Court of India
  7. It consists of a Chairman and 28 other members. Of the 28 members, 13 represent the working journalists

News Broadcasters Association

  1. The News Broadcasters Association is a private association of different current affairs and news television broadcasters in India
  2. It was established by leading Indian news broadcasters in October 2008
  3. The association was set up to deal with ethical, operational, regulatory, technical and legal issues affecting news and current-affairs channels

 

B2B #2: From News- RBI lets banks spread out provisioning for bond market losses over 4 quarters

Provisioning

  1. When a loan is not being repaid, the Bank has to reconstitute this money from its other sources like Profit
  2. Setting aside of money from Profits to compensate a probable loss caused on lending a loan is called Provisioning
  3. Provisioning is done to cover the risk
  4. There are various percentages of Provisioning to the value of loan based on the duration the account has been out of order
  5. If an account stays non-performing for a prolonged period of time, the account is eventually written off and the account is closed
  6. The amount set aside as the provisioned money is used to close the account

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