3 APRIL 2014

Ø  The real cause behind the mysterious disappearance of Flight MH370 may never be known, Malaysian police warned as the frustrating search for the crashed airliner continued in the Indian Ocean without any headway. Malaysian Prime Minister Najib Razak is in Australia on a two-day tour to oversee the search for the plane. On the 25th day of the multinational search operations, a British nuclear submarine joined the hunt, about 1,500 km northwest of Perth. Up to 10 planes and nine ships participated in Wednesday’s search.

Ø  The Reserve Bank of India (RBI), on Wednesday, granted ‘in-principle’ approval to two applicants, IDFC Limited and Kolkata-based Bandhan Financial Services Private Limited, to set up banks. The RBI has also accepted the recommendation of the High-Level Advisory Committee (HLAC), set up by the RBI, to consider the application of the Department of Posts, separately in consultation with the Central Government. These licences would be issued under the guidelines on Licensing of New Banks in the Private Sector issued on February 22, 2013 (Guidelines), said RBI in a release.

Ø  Financial Services Secretary Gurdial Singh Sandhu has been nominated as a director on the Reserve Bank’s central board.