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Major News and Events of 20 June 2016

What Happened on 20 June 2016


Raghuram Rajan's Exit Makes Banks, Markets Edgy

Market regulator SEBI and stock exchanges are bracing themselves for possible shocks that may arise following RBI governor Raghuram Rajan’s decision to step down and not return for a second term on September 4. The onus is now on Securities and Exchange Board of India and stock exchanges to keep an equilibrium and protect capital markets from any excessive volatility on Monday.

Hope to Convince China on NSG Membership: Sushma Swaraj

External Affairs Minister Sushma Swaraj has said that China is not against India’s membership and that it was discussing the “criteria and process” for India to become an NSG member. Swaraj said that she was hopeful of convincing China to support India's entry to the elite group.

Committee on Education Policy Wants UGC Act to Go

A high-powered committee on designing the blueprint for a new national education policy has recommended that the law on higher education regulator University Grants Commission (UGC) be allowed to lapse. The committee is chaired by former Cabinet Secretary T.S.R. Subramanian. The committee report states that UGC has failed to implement its regulations for ensuring the quality of higher education in the country.