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Concentrate on Health and Education as it is Done For Business: World Bank President

One in 10 people around the world lives in extreme poverty, which the World Bank defines as earning less than $1.90 a day.

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World Bank President Jim Yong Kim said that social unrest will spread without a focus on meeting basic human needs and taking a businesslike approach to philanthropy.
World Bank income groups. Wikimedia commons
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The fight against poverty needs to focus aggressively on the health and education of the young and vulnerable, said non-government organization and development officials who spoke at the Milken Institute Global Conference in Los Angeles recently.

World Bank President Jim Yong Kim said that social unrest will spread without a focus on meeting basic human needs and taking a businesslike approach to philanthropy. The critique comes as a powerful new player, China, forges a major role in international development and as the World Bank prepares a ranking of nations to reflect investments in people.

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One in 10 people around the world lives in extreme poverty, which the World Bank defines as earning less than $1.90 a day. Nearly 6 million children under the age of 5 die every year, many from preventable diseases like pneumonia, diarrhea or malaria. (VOA)

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RBI penalty not to have any material impact: IDBI Bank

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IDBI is a state-run bank. IANS

State-run IDBI Bank on Thursday said a Rs 3 crore penalty imposed on it by the Reserve Bank of India (RBI) “will not have any material impact” on it. According to a BSE filing by IDBI Bank, the RBI imposed a Rs 3 crore penalty on it for non-compliance of ‘Income Recognition and Asset Classification’ (IRAC) norms.

Punjab National Bank's Mumbai branch is now under high scrutiny. Wikimedia Commons
RBI penalty will have little effects on banks. Wikimedia Commons

“This is to inform that the RBI vide letter dated April 10, 2018 has imposed a monetary penalty of Rs 30 million on the bank… for non-compliance with the directions issued by it on IRAC norms,” the filing made on Thursday said.

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“It is further clarified that the said penalty will not have any material impact on the bank.” IANS

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