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Polar vortex:
Definition - A persistent, large-scale cyclone near the Earth's poles, in the middle and upper troposphere and the stratosphere.
The polar vortex is the circulation of strong, upper-level winds that normally surround the polar low-pressure system in the Earth’s poles. These winds tend to keep the bitter cold air locked in the Arctic regions of the Northern Hemisphere.
There are two polar vortices on Earth -- one in the Southern Hemisphere over Antarctica, and one in the Northern Hemisphere over the Arctic.
In the wintertime, the air that's high over the poles gets very cold. That drastic contrast with the temperatures farther away from the pole, and the pressure contrast that results, cause really fast winds to swirl around the big pocket of cold air. The vortex in the Southern Hemisphere is even colder than the one in the Northern Hemisphere, has faster winds and also much lower ozone levels.
The result is a huge spinning cyclone with cold air inside it. It starts roughly around the border of the troposphere, the lowest level of the Earth's atmosphere and the region where our weather takes place -- and the stratosphere, the next atmospheric layer that begins at about 12 miles in altitude and contains the ozone that protects Earth from too much solar radiation. The vortex reaches all the way through the stratosphere up to the mesosphere, the next layer, where the air starts to get thin and super-cold.
The polar vortex is weakest during the warmer months of the year, when there's less of a contrast between polar temperatures and those in warmer regions, and it tends to become the strongest in the winter months.
The barrier of winds keeps cold air in the Arctic, which prevents rest of the Northern Hemisphere from getting too chilly.The upper-level winds that make up the polar vortex change in intensity from time to time. On occasion, this vortex can become distorted and dip much farther south than normal, allowing cold air to spill southward.
When those winds decrease significantly, it can allow the vortex to become distorted, and the result is a jet stream plunges deep into southern latitudes, bringing the cold, dense Arctic air spilling down with it. This oscillation is known as the Arctic Oscillation where the polar winds are weaker -- tends to lead to major cold air outbreaks in one or more regions of the planet.
The distortion of polar vortex is attributed to the sudden stratospheric warming which is an event where the polar vortex of westerly winds in the winter hemisphere slows down or even reverses direction over the course of a few days. One reason for major stratospheric warming to occur in the Northern hemisphere is because orography and land-sea temperature contrasts are responsible for the generation of long Rossby waves in the troposphere. These waves travel upward to the stratosphere and are dissipated there, decelerating the winds and warming the Arctic.
The polar vortex can lead to major cold air outbreaks in any portion of the Northern Hemisphere -- North America, Europe and Asia.
Nor’ westers:
Nor'westers or the Kalbaishakhi is a local thunderstorm which occurs in India and Bangladesh.
During the hot weather period i.e from March to May the eastern and North-eastern states of the subcontinent like West Bengal, Bihar, Assam, Orissa (parts) and Bangladesh experience dramatic appearance of a special type of violent thunderstorm know as Nor’wester.
In Bengal it is known as ‘KalBaisakhi’ or calamity of the month of Baisakh (April,15-May,15). Apart from its destructive effects like sudden rise in wind speed, lightning, thunder and hail the rainfall associated with the storm although small in amount, is extremely helpful for the pre-Kharif crops like jute, paddy, summer till and a large number of vegetables and fruits and the sudden drop in temperature gives relief after unbearable mid-day heat.
Classification
Thunderstorms over Bengal have been classified as follows:
1. Those which occur with the passage of a cold front in connection with the western disturbances moving east wards.
In this case the nor’westers occurs along a line and one finds a time sequence. Nor’westers due to this mechanism can occur at any time of the day depending upon the time of the passage of the cold front.
2. Those which occur in connection with cyclonic storms or depressions in the Bay of Bengal approaching the coast. These Thunder storms can approach a place from any direction and can occur at any time of the day.
3. Those which occur in the morning (after mid-night): These occur in the North Bengal plains and adjoining Assam when there is a flow of cold air from the adjoining hills. Cold air from these thunderstorms can start chains of fresh thunderstorms.
4. Those which occur simultaneously over a large area and generally in the afternoon, evening or early part of night. These are associated with either the approach of the western disturbances or with the accentuation of the east west pressure gradient over Bengal. About 70% to 80% of the nor’westers are of this type.
The initial trigger for the release of energy of latent instability and starting the primary or parent thunderstorm is insolation. The released heated moist air goes higher up to form thick cumulonimbus cloud or thunder cloud. The descending air is generally from higher levels i.e from regions where there is westerly to north westerly wind; being dry, it gets humidified and cooled due to evaporation of rain through which it passes and reaches the surface as cold air. The cold air rushed down with great violence gives rise to squall.
Once a thunderstorm starts due to insolation acting as trigger, the cold air from primary or parent thunderstorm can spread easily in the direction of the descending current, i.e generally from north westerly to south easterly direction, in the form of fingers spreading from the palm of the hand.
Secondary thunderstorms or nor’westers can start at the tip of each finger as the cold air moves forward. Tertiary, quarternary etc. thunderstorms can also start due to the same mechanism as cold air spreading from the secondary or tertiary etc. thunderstorms can act as trigger. Thus a number of thunderstorms can take place simultaneously and there will be a time sequence in the occurrence of nor’westers. Nor’westers are generally more severe in south east than in south west Bengal as the moist current is deeper there and hence more energy of latent instability can be released to increase the violence of the storm.
Besides the above four types, one should also consider the thunderstorms which can start late in the night as a result of radiative cooling at the top of clouds, giving rise to sufficient instability of strong descending current.
Purpose: To review governance of boards of public sector banks
Headed by: Former Axis Bank Chairman and Managing Director P. J. Nayak
Recommendations:
The present composition of the boards of public sector banks (PSB) could theoretically be termed as a model in corporate governance. The boards represent diversity (except on gender) and multiple public interests. A typical PSB bank has three directors representing minority (non-government) shareholders' interests; three directors who are expected to represent societal interests; a director each representing the union government, workmen, officers, and regulator (RBI). In addition an independent chartered accountant is appointed as a director and the person usually heads the audit committee. The bank also has three or four whole-time directors including the Chairman and Managing Director (CMD).
Polar vortex:
Definition - A persistent, large-scale cyclone near the Earth's poles, in the middle and upper troposphere and the stratosphere.
The polar vortex is the circulation of strong, upper-level winds that normally surround the polar low-pressure system in the Earth’s poles. These winds tend to keep the bitter cold air locked in the Arctic regions of the Northern Hemisphere.
There are two polar vortices on Earth -- one in the Southern Hemisphere over Antarctica, and one in the Northern Hemisphere over the Arctic.
In the wintertime, the air that's high over the poles gets very cold. That drastic contrast with the temperatures farther away from the pole, and the pressure contrast that results, cause really fast winds to swirl around the big pocket of cold air. The vortex in the Southern Hemisphere is even colder than the one in the Northern Hemisphere, has faster winds and also much lower ozone levels.
The result is a huge spinning cyclone with cold air inside it. It starts roughly around the border of the troposphere, the lowest level of the Earth's atmosphere and the region where our weather takes place -- and the stratosphere, the next atmospheric layer that begins at about 12 miles in altitude and contains the ozone that protects Earth from too much solar radiation. The vortex reaches all the way through the stratosphere up to the mesosphere, the next layer, where the air starts to get thin and super-cold.
The polar vortex is weakest during the warmer months of the year, when there's less of a contrast between polar temperatures and those in warmer regions, and it tends to become the strongest in the winter months.
The barrier of winds keeps cold air in the Arctic, which prevents rest of the Northern Hemisphere from getting too chilly.The upper-level winds that make up the polar vortex change in intensity from time to time. On occasion, this vortex can become distorted and dip much farther south than normal, allowing cold air to spill southward.
When those winds decrease significantly, it can allow the vortex to become distorted, and the result is a jet stream plunges deep into southern latitudes, bringing the cold, dense Arctic air spilling down with it. This oscillation is known as the Arctic Oscillation where the polar winds are weaker -- tends to lead to major cold air outbreaks in one or more regions of the planet.
The distortion of polar vortex is attributed to the sudden stratospheric warming which is an event where the polar vortex of westerly winds in the winter hemisphere slows down or even reverses direction over the course of a few days. One reason for major stratospheric warming to occur in the Northern hemisphere is because orography and land-sea temperature contrasts are responsible for the generation of long Rossby waves in the troposphere. These waves travel upward to the stratosphere and are dissipated there, decelerating the winds and warming the Arctic.
The polar vortex can lead to major cold air outbreaks in any portion of the Northern Hemisphere -- North America, Europe and Asia.
Nor’ westers:
Nor'westers or the Kalbaishakhi is a local thunderstorm which occurs in India and Bangladesh.
During the hot weather period i.e from March to May the eastern and North-eastern states of the subcontinent like West Bengal, Bihar, Assam, Orissa (parts) and Bangladesh experience dramatic appearance of a special type of violent thunderstorm know as Nor’wester.
In Bengal it is known as ‘KalBaisakhi’ or calamity of the month of Baisakh (April,15-May,15). Apart from its destructive effects like sudden rise in wind speed, lightning, thunder and hail the rainfall associated with the storm although small in amount, is extremely helpful for the pre-Kharif crops like jute, paddy, summer till and a large number of vegetables and fruits and the sudden drop in temperature gives relief after unbearable mid-day heat.
Classification
Thunderstorms over Bengal have been classified as follows:
1. Those which occur with the passage of a cold front in connection with the western disturbances moving east wards.
In this case the nor’westers occurs along a line and one finds a time sequence. Nor’westers due to this mechanism can occur at any time of the day depending upon the time of the passage of the cold front.
2. Those which occur in connection with cyclonic storms or depressions in the Bay of Bengal approaching the coast. These Thunder storms can approach a place from any direction and can occur at any time of the day.
3. Those which occur in the morning (after mid-night): These occur in the North Bengal plains and adjoining Assam when there is a flow of cold air from the adjoining hills. Cold air from these thunderstorms can start chains of fresh thunderstorms.
4. Those which occur simultaneously over a large area and generally in the afternoon, evening or early part of night. These are associated with either the approach of the western disturbances or with the accentuation of the east west pressure gradient over Bengal. About 70% to 80% of the nor’westers are of this type.
The initial trigger for the release of energy of latent instability and starting the primary or parent thunderstorm is insolation. The released heated moist air goes higher up to form thick cumulonimbus cloud or thunder cloud. The descending air is generally from higher levels i.e from regions where there is westerly to north westerly wind; being dry, it gets humidified and cooled due to evaporation of rain through which it passes and reaches the surface as cold air. The cold air rushed down with great violence gives rise to squall.
Once a thunderstorm starts due to insolation acting as trigger, the cold air from primary or parent thunderstorm can spread easily in the direction of the descending current, i.e generally from north westerly to south easterly direction, in the form of fingers spreading from the palm of the hand.
Secondary thunderstorms or nor’westers can start at the tip of each finger as the cold air moves forward. Tertiary, quarternary etc. thunderstorms can also start due to the same mechanism as cold air spreading from the secondary or tertiary etc. thunderstorms can act as trigger. Thus a number of thunderstorms can take place simultaneously and there will be a time sequence in the occurrence of nor’westers. Nor’westers are generally more severe in south east than in south west Bengal as the moist current is deeper there and hence more energy of latent instability can be released to increase the violence of the storm.
Besides the above four types, one should also consider the thunderstorms which can start late in the night as a result of radiative cooling at the top of clouds, giving rise to sufficient instability of strong descending current.
Nayak’s committee
Purpose: To review governance of boards of public sector banks
Headed by: Former Axis Bank Chairman and Managing Director P. J. Nayak
Recommendations:
- Given poor asset quality and low productivity, either privatize PSU banks or transform governance structure to make them efficient.
- Reduce government stake in PSU banks to less than 50 percent
- Remove dual structure of both Finance Ministry and RBI regulating PSU banks. Give all regulatory authority to RBI
- Improve quality of PSU bank board discussions; focus on key areas like business strategy, financial reports, risk, and compliance.
- The government should transfer its stake in PSU banks to a holding company termed Bank Investment Company
- Government should reduce its stake in BIC to under 50 percent and appoint a professional management for BIC
- For better accountability, BIC should be governed by The Companies Act 2013, and not the Bank Nationalisation Acts of 1970 and 1980
- Ownership functions to be transferred by BIC to the bank boards. Appointments of directors, CEO to be the responsibility of bank boards.
- Have uniform bank licensing regime across all broad-based banks, and niche licenses for banks with more narrowly defined businesses
- Allow mutual funds , pension funds, PE funds to hold 20 percent in private sector banks, without having to take RBI approval Allow promoter investors to hold up to 25 percent in private sector banks, against the 15 percent ceiling currently
- Ensure a minimum five-year tenure for bank Chairmen and a minimum three year tenure for Executive Directors
- Private equity funds, including sovereign wealth funds, be permitted to take a controlling stake of upto 40 per cent in distressed banks
- Allow voting rights in proportion to the stake held *Bank officers guilty of ever-greening loans (offering new loans to repay old ones) should be penalized financially
- The report is an important contribution, which can serve as a blueprint for financial sector reform.
- The Reserve Bank of India (RBI) Governor has made a strong case for accepting the report arguing that by implementing its key recommendations, the very many ills of public sector banks (PSBs) can be solved.
- The board of directors of any PSB should be expected to represent a healthy balance of diverse interests and regions which at present is not found.
- Corporate governance in public sector banks is weak as independent directors are often not particularly qualified for their roles.
- Government control has also made the appointment of top bank executives opaque. Many of them owe their appointments to considerations other than merit.
- Also, government control has capped the remuneration packages of PSB chiefs who earn far less than their often smaller private sector counterparts.
- Government interference has adversely affected corporate governance in PSBs which face dual regulation, the RBI being the banks’ traditional regulator. They also face dual external oversight from the CBI and CVC.
- There are so many instances of fear psychosis holding back commercial decision making.
- It is mostly due to government pressure that several PSBs have lent to unbankable companies in the past.
- Most PSBs lag behind private banks under several parameters, including asset quality and profitability.
- However, the merits of government shareholding cannot be denied. At the moment, all of them are dependent on the government for additional capital. The requirements are huge apart from their balance-sheet requirements to meet the new capital adequacy norms of international regulators.
- If the recommendations are implemented, it would fundamentally change the face of state owned banks, while making incremental changes in the governance of private banks.
The present composition of the boards of public sector banks (PSB) could theoretically be termed as a model in corporate governance. The boards represent diversity (except on gender) and multiple public interests. A typical PSB bank has three directors representing minority (non-government) shareholders' interests; three directors who are expected to represent societal interests; a director each representing the union government, workmen, officers, and regulator (RBI). In addition an independent chartered accountant is appointed as a director and the person usually heads the audit committee. The bank also has three or four whole-time directors including the Chairman and Managing Director (CMD).
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