BANKING AWARENESS

General Awareness 2015

General Knowledge, Banking Awareness &
Financial Awareness for all Upcoming Exams

By- Banking Awareness

Visit Our Website- www.bankingawareness689.blogspot.in
Like Us on Facebook- www.facebook.com/BankingAwareness689
Join Our Group- www.facebook.com/groups/JoinBankingAwareness

Important GK EBook for Upcoming Exams including Banking Awareness and Financial Awareness. Financial Awareness
Section updated till July 2015.
 Current Reserve Ratios and Policy Rates
1 Bank Rate 8.25%
2 Repo Rate 7.25%
3 Reverse Repo Rate 6.25%
4 CRR 4%
5 SLR 21.5%
6 MSF 8.25%

The Structure of Indian Banking

The structure of the Indian banking system can be categorized in two ways.
The first divides the banks into three categories: the Reserve Bank of India, commercial banks and cooperative banks. The second
divides the banks into two categories: scheduled banks and non-scheduled banks. In both of these systems of categorization, the
Reserve Bank of India, or RBI, is at the center of the banking structure. It holds the reserve capital of all commercial and scheduled
banks in the country.
Scheduled Banks Commercial Banks vs. Cooperative Banks
The eligibility criteria exist for scheduled banks: Scheduled banks in India fall into two categories: commercial
a) The first of which entails carrying on the business of banking in banks and cooperative banks. Commercial banks constitute those
India. banks driven by profit. These banks exist for no other reason
b) All scheduled banks must maintain a reserve capital of 5 lakhs than generating capital. Cooperative banks technically constitute
rupees in the Reserve Bank of India. cooperative institutions with an elected managing committee,
c) These are registered under the second schedule of RBI Act, provisions for the protection of members' rights and a set of
1934. communally developed and approved by laws and amendments

2
 RBI AND ITS ROLES

RBI is the central Bank of India and controls the entire money
issue, circulation the entire money issue, circulation and control by
its monetary policies and lending policies by periodical updates
or corrections to discipline the economy. It is also known as the
bank of last resort.
Establishment: The reserve bank of India was established on
April 1, 1935 in accordance with the provisions of the Reserve
Bank of India Act, 1934. The Central Office of the Reserve Bank
of India was initially established in Calcutta but was
permanently moved to Mumbai in 1937. Though originally
privately owned, since nationalization in 1949, the Reserve Bank
is fully owned by the Government of India.

Main Functions
1) Monetary Authority: Formulate, implements and monitors the monetary policy.
2) Regulator and supervisor of the financial system: Prescribes broad parameters of banking operations within which the countrys
banking and financial system functions.
3) Manager of Foreign Exchange: Manages the Foreign Exchange Management Act, 1999.
4) Issuer of Currency: Issues and exchanges or destroys currency and coins not fit for circulations.
5) Development role: Performs a wide range of promotional functions to support national objectives.
6) Bankers to the Government: performs merchant banking function for the central and the state governments; also acts as their
banker.
7) Bankers to banks: maintains banking accounts of all scheduled banks.

Cheque
It is an instrument in writing containing an unconditional order, addressed to a banker, sign by the person who has deposited money
with the banker, requiring him to pay on demand a certain sum of money only to or to the order of certain person or to the be arer
of instrument."
Types of Cheque
1. Bearer Cheque or open Cheque 4. Ante-Dated Cheque
When the words "or bearer" appearing on the face of the If a cheque bears a date earlier than the date on which it is
cheque are not cancelled, the cheque is called a bearer cheque. presented to the bank, it is called as "ante-dated cheque". Such
The bearer cheque is payable to the person specified therein or a cheque is valid upto 3 months from the date of the cheque.
to any other else who presents it to the bank for payment. 5. Post-Dated Cheque
2. Order Cheque If a cheque bears a date which is yet to come (future date) then
When the word "bearer" appearing on the face of a cheque is it is known as post-dated cheque. A post dated cheque cannot
cancelled and when in its place the word "or order" is written on be honoured earlier than the date on the cheque.
the face of the cheque, the cheque is called an order cheque. 6. Stale Cheque
Such a cheque is payable to the person specified therein as the If a cheque is presented for payment after 3 months from the
payee, or to any one else to whom it is endorsed (transferred). date of the cheque it is called stale cheque. A stale cheque is not
3. Crossed Cheque honoured by the bank.
Crossing of cheque means drawing two parallel lines on the face 7. A self cheque
of the cheque with or without additional words like "& CO." or A self cheque is written by the account holder as pay self to
"Account Payee" or "Not Negotiable". A crossed cheque cannot receive the money in the physical form from the branch where he
be encashed at the cash counter of a bank but it can only be holds his account.
credited to the payee's account.

Terms in reference to BANKING

Repo Rate
Repo rate is the rate of interest which is levied on Short-Term
loans taken by commercial banks from RBI. Whenever the banks
have any shortage of funds they can borrow it from RBI. A
reduction in the repo rate will help banks to get money at a
cheaper rate. When the repo rate increases, borrowing from RBI
becomes more expensive.
Reverse Repo Rate
This is exact opposite of Repo rate. Reverse repo rate is the rate
at which commercial banks CHARGE on their surplus funds with
RBI. RBI uses this tool when it feels there is too much money
floating in the banking system. Banks are always happy to keep
money with RBI since their money is in the safe hands with a
good interest. An increase in Reverse repo rate can cause the
banks to transfer more funds to RBI due to these attractive
interest rates.
CRR Rate
Cash reserve Ratio (CRR) is the amount of cash funds that the
banks have to maintain with RBI. If RBI decides to increase the
percent of this, the available amount with the banks comes down.
RBI is using this method (increase of CRR rate), to drain out the
excessive money from the banks.
SLR Rate
SLR (Statutory Liquidity Ratio) is the amount a commercial bank
needs to maintain in the form of cash, or gold or government
approved securities (Bonds) before providing credit to its
customers. SLR is determined and maintained by the RBI in order
to control the expansion of bank credit. SLR is determined as the
percentage of total demand and time liabilities. Time Liabilities
are the liabilities a commercial bank is liable to pay to the
customers after a specific time period. SLR is used to control
inflation and proper growth. Through SLR tuning, the money
supply in the system can be controlled efficiently.
Bank Rate

3
Bank rate is the rate of interest which is levied on Long Term
loans and Advances taken by commercial banks from RBI.
Changes in the bank rate are often used by central banks to
control the money supply.
MSF Rate:-MSF (Marginal Standing Facility Rate) is the rate at
which banks can borrow overnight from RBI. This was introduced
in the monetary policy of RBI for the year 2011-2012. Banks
can borrow funds through MSF when there is a considerable
shortfall of liquidity. This measure has been introduced by RBI to
regulate short-term asset liability mismatches more effectively.
Base Rate:-The Base Rate is the minimum interest rate of a Bank
below which it cannot lend, except for DRI advances, loans to
bank's own employees and loan to banks' depositors against
their own deposits. (i.e. cases allowed by RBI).
Bridge Loan:-
A loan made by a bank for a short period to make up for a
temporary shortage of cash. Bridge loan covers this period
between the buying the new and disposing of the old one.
Credit Authorization Scheme:-Credit Authorization Scheme was
introduced in November, 1965 when P C Bhattacharya was the
chairman of RBI. Under this instrument of credit regulation RBI as
per the guideline authorizes the banks to advance loans to
desired sectors
Open Market Operations:-An open market operation is an
instrument of monetary policy which involves buying or selling of
government securities from or to the public and banks.
Moral Suasion:-Moral Suasion is just as a request by the RBI to
the commercial banks to take so and so action and measures in
so and so trend of the economy. RBI may request commercial
banks not to give loans for unproductive purpose which does not
add to economic growth but increases inflation.
Special Drawing Rights (SDRs):-It is a reserve asset (known as
Paper Gold) created within the framework of the International
Monetary Fund in an attempt to increase international liquidity,
and now forming a part of countries official forex reserves
along with gold, reserve positions in the IMF and convertible
foreign currencies.
ATM: ATMs are Automatic Teller Machines, which do the job of a
teller in a bank through Computer Network. ATMs are located on
the branch premises or off branch premises. ATMs are useful to
dispense cash, receive cash, accept cheques, give balances in the
accounts and also give mini-statements to the customers.
Bouncing of a cheque: Where an account does not have
sufficient balance to honour the cheque issued by the customer,
the cheque is returned by the bank with the reason "funds
insufficient" or "Exceeds arrangement". This is known as 'Bouncing
of a cheque'.
Demat Account:
The term "demat", in India, refers to a dematerialised account
for individual Indian citizens to trade in listed stocks or
debentures.
Endorsement: When a Negotiable Instrument contains, on the
back of the instrument an endorsement, signed by the holder or
payee of an order instrument, transferring the title to the other
person, it is called endorsement.
Merchant Banking : When a bank provides to a customer
various types of financial services like accepting bills arising out
of trade, arranging and providing underwriting, new issues,
providing advice, information or assistance on starting new
business, acquisitions, mergers and foreign exchange.
Money Laundering The process of creating the appearance that
large amounts of money obtained from serious crimes, such as
drug trafficking or terrorist activity, originated from a legitimate
source.
4
Mortgage: Transfer of an interest in specific immovable property
for the purpose of offering a security for taking a loan or
advance from another. It may be existing or future debt or
performance of an agreement which may create monetary
obligation for the transferor (mortgagor).
NABARD: National Bank for Agriculture & Rural Development
was setup in 1982 under the Act of 1981. NABARD finances and
regulates rural financing and also is responsible for development
agriculture and rural industries. NABARD is an apex
Development Bank that facilitates credit flow for promotion and
development of agriculture, small-scale industries, cottage and
village industries, handicrafts and other rural crafts.
GAAR: The full form of GAAR is : General Anti-Avoidance Rules.
Tax Avoidance is an area of concern across the world. The rules
are framed in different countries to minimize such avoidance of
tax. It is a set of general rules enacted so as to check the tax
avoidance.
BPLR: In banking parlance, the BPLR means the Benchmark Prime
Lending Rate. However, with the introduction of Base Rate
(explained below), BPLR has now lost its importance and is made
applicable normally only on the loans which have been
sanctioned before the introduction of Base Rate (i.e. July 2010).
Prime Lending Rate (PLR): The rate at which banks lend to their
best (prime) customers. It is usually less than normal interest rate.
Wholesale Banking: Wholesale banking is different from Retail
Banking as its focus is on providing for financial needs of
industry and institutional clients.
National Electronic Funds Transfer System (NEFT): RBI
introduced an electronic funds transfer system to facilitate an
efficient, secure, economical, reliable and expeditious system of
funds transfer and clearing in the banking sector throughout
India, and to relieve the stress on the existing paper-based funds
transfer and clearing system called National Electronic Funds
Transfer System (NEFT System).
RTGS: RTGS is an acronym that stands for Real Time Gross
Settlement. RTGS is a funds transfer system where money is
moved from one bank to another in real-time, and on gross
basis. When using the banking method, RTGS is the fastest
possible way to transfer money. Real-time means that the
payment transaction isnt subject to any waiting period. The
transaction will be completed as soon as the processing is done,
and gross settlement means that the money transfer is completed
on a one to one basis without clustering with another transaction.
This system is maintained by the RBI, and is available during
working days for a given number of hours. Banks using RTGS
need to have Core banking to be able to initiate RTGS
transactions.
Money Market - The money market is a wholesale debt market
for low-risk, highly-liquid, short-term instrument. Funds are
available in this market for periods ranging from a single day
up to a year. This market is dominated mostly by government,
banks and financial institutions.
Capital Market - The capital market is designed to finance the
long-term investments. The transactions taking place in this
market will be for periods over a year.
Forex Market - The Forex market deals with the multicurrency
requirements, which are met by the exchange of currencies.
Depending on the exchange rate that is applicable, the transfer
of funds takes place in this market.
Financial Inclusion: Financial inclusion or inclusive financing is
the delivery of financial services, at affordable costs, to sections
of disadvantaged and low income segments of society.
 Money Market Instruments
The money market can be defined as a market for short-term
money and financial assets that are near substitutes for money.
The term short-term means generally a period upto one year
and near substitutes to money is used to denote any financial
asset which can be quickly converted into money with minimum
transaction cost.
Some of the important money market instruments are briefly
discussed below;
1. Call/Notice Money 2. Treasury Bills 3. Term Money 4.
Certificate of Deposit 5. Commercial Papers
1. Call /Notice-Money Market:-1.Call/Notice money is the
money borrowed or lent on demand for a very short period.
When money is borrowed or lent for a day, it is known as Call
(Overnight) Money. Intervening holidays and/or Sunday are
excluded for this purpose. Thus money, borrowed on a day and
repaid on the next working day, (irrespective of the number of
intervening holidays) is "Call Money".
Notice Money:-When money is borrowed or lent for more than
a day and up to 14 days, it is "Notice Money". No collateral
security is required to cover these transactions.
2. Inter-Bank Term Money:-Inter-bank market for deposits of
maturity beyond 14 days is referred to as the term money
market. The entry restrictions are the same as those for
Other Financial Terminology
Personal Identification Number (PIN):-An account holder has a
secret number or code to authorize a transaction or obtain
information regarding his or her account often used in conjunction
with a plastic card (ATM or Debit Card), online account access or
with a telephone voice response system.
Foreign Exchange Reserves:- Foreign-exchange reserves
currency central banks gold, special drawing rights International
Monetary Fund (also called forex reserves or FX reserves) in a
strict sense are 'only' the foreign deposits and bonds held by
and monetary authorities. However, the term in popular usage
commonly includes foreign exchange and (SDRs), and (IMF)
reserve positions.
NRI Banking:- Banks allow NRIs to open an NRI account when
they complete the account opening formalities. A customer for
this purchase a form has to be filled up in which the information
soughtly the bank is provided. They can have a NRI Saving Bank
Account, Current Account, Fixed Deposits in Indian Rupees, Fixed
Deposits in foreign currency, NRO account (Rupee account for
crediting income in India)
Capital Adequacy Ratio (CAR):- Capital adequacy ratio
measures the amount of a banks capital expressed as a
percentage of its credit exposure. Globally, the capital
adequacy ratio has been developed to ensure banks can absorb
a reasonable level of losses before becoming insolvent. Indian
banks are expected to maintain a minimum capital adequacy
ratio of 9 per cent (Rs 9 as capital for every Rs 100 in loan or
asset)
5
Call/Notice Money except that, as per existing regulations, the
specified entities are not allowed to lend beyond 14 days.
3. Treasury Bills:-Treasury Bills are short term (up to one year)
borrowing instruments of the union government. It is a promise by
the Government to pay a stated sum after expiry of the stated
period from the date of issue (14/91/182/364 days i.e. less
than one year). They are issued at a discount to the face value,
and on maturity the face value is paid to the holder. The rate of
discount and the corresponding issue price are determined at
each auction.
4. Certificate of Deposits:- Receipt issued by a depository
institution (such as a bank, credit union, or a finance or insurance
company) to a depositor who opens a certificate account or time
deposit account.
Issued in a negotiable or non-negotiable form, it states the (1)
amount deposited, (2) rate of interest, and (3) minimum period
for which the deposit should be maintained without incurring
early withdrawal penalties.
5. Commercial Paper: An unsecured obligation issued by a
corporation or bank to finance its short-term credit needs, such as
accounts receivable and inventory. Commercial paper is
available in a wide range of denominations, can be either
discounted or interest-bearing, and usually have a limited or
nonexistent secondary market.
Asset Liability Mismatch:-In finance, an assets liabilities
assetliability mismatch occurs when the financial terms of an
institution's and do not correspond.
Initial Public Offerings (IPOs): When a company opens to
investments from the public by offering shares for the first time it
is known as initial public offer.
Application Supported by Blocked Accounts (ASBA) ASBA is
an investor friendly service introduced for subscribing to IPOs.
Through this facility, the investors funds remain in his account till
allotment of shares. Then, the amount equivalent to the shares
allotted is deducted from the blocked amount for remitting to the
company issuing the shares and the balance amount is available
to the investor.
Follow on Public Offer (FPO)
When a listed company makes another public issue to raise
further capital it is known as follow on public offer.
 MONEY AND ITS TYPES
Money is a thing that is usually accepted as payment for goods
and services as well as for the repayment of debts. Money
originated as commodity money, but almost all contemporary
money systems are based on concept of fiat money.
Commodity Money - Commodity money value is derived from
the commodity out of which it is made. The commodity itself
represents money, and the money is the commodity. For instance,
commodities that have been used a Medium of exchange
include gold, silver, copper, salt, peppercorns, rice, large stones,
etc.
Representative Money - is money that includes token coins, or
any other physical tokens like certificates, that can be reliably
Mutual Funds
Mutual Fund is a company which collects the savings of a large number of investors for investment purposes. Mutual Funds invest in
capital markets like stocks and other securities. The professional fund manager selects appropriate securities based on compa ny
profile and market conditions for capital appreciation.
Non Banking Financial Companies (NBFCs)
Non Banking Financial Company (NBFC) is a company registered
under the Companies Act 1956, and is engaged in the business
of loans and advances, acquisition of stocks, debentures, hire
purchase.
NEGOTIABLE INSTRUMENTS
DEFINITION OF NEGOTIABLE INSTRUMENT
According to section 13 of the Negotiable Instruments Act, 1881,
a negotiable instrument means promissory note, bill of
exchange, or cheque, payable either to order or to bearer.
TYPES OF NEGOTIABLE INSTRUMENTS
There are three types of negotiable instruments which are:
1. Promissory Note 2. Bill of Exchange 3. Cheques
1. Promissory Note:
A Promissory Note is a written promise by the debtor to pay a
certain amount to the creditor. Section 4 of the Negotiable
Instrument Act has defined Promissory Note as an instrument in
writing containing an unconditional undertaking, signed by the
maker, to pay a certain sum of money only to or to the order of
a certain person.
2. Bill of Exchange:
An instrument in writing containing an unconditional order,
signed by the maker, directing a certain person to pay a certain
sum of money only to, or to the order of, a certain person or to
the bearer of the instrument.
3. Cheques:
Cheque is a very common form of negotiable instrument. If you
have a savings bank account or current account in a bank, you
6
exchanged for a fixed amount/quantity of a commodity like
gold or silver.
Fiat Money - Fiat money, also known as fiat currency is the
money whose value is not derived from any intrinsic value or any
guarantee that it can be converted into valuable commodity (like
gold). Instead, it derives value only based On government order
(fiat)
Commercial Bank Money - Commercial bank money or the
demand deposits are claims against financial institutions which
can be used for purchasing goods and services
can issue a cheque in your own name or in favor of others,
thereby directing the bank to pay the specified amount to the
person named in the cheque.
Foreign Accounts in India
a) NRO A/c (Foreign Tourist)
Can foreign tourists open a bank account in India during their
short visit?
Yes. Foreign tourists during their short visit to India can open a
Non-Resident (Ordinary) Rupee (NRO) account (Current /
Savings) with any Authorised Dealer bank dealing in foreign
exchange. Such account can be opened up to a maximum period
of 6 months.
What are the documents required for opening such accounts?
Passports and other valid identification proofs are required for
opening the accounts. Authorised Dealer banks are also required
to follow the Know Your Customer norms while opening of the
accounts.
What credits can be made to such accounts?
Funds remitted from outside India through banking channel or
those obtained by sale of foreign exchange brought by the
tourists to India can be credited to the NRO account.
Can the NRO account be used for making local payments?
Yes. Tourists can freely make local payments through the NRO
account. All payments to residents exceeding INR 50,000 can be
made only by means of cheques / pay orders / demand drafts.
b) EEFC A/c

What is an EEFC Account and what are its benefits?
Ans. Exchange Earners' Foreign Currency Account (EEFC) is an
account maintained in foreign currency with an Authorised
Dealer i.e. a bank dealing in foreign exchange. It is a facility
provided to the foreign exchange earners, including exporters,
to credit 100 per cent of their foreign exchange earnings to the
account, so that the account holders do not have to convert
foreign exchange into Rupees and vice versa, thereby minimizing
the transaction costs.
Accounts for NRI/PIO
What are the different types of accounts which can be maintained by an NRI/PIO in India?
Types of accounts which can be maintained by an NRI / PIO in India:
A. Non-Resident Ordinary Rupee Account (NRO Account)
NRO accounts may be opened / maintained in the form of
current, savings, recurring or fixed deposit accounts. Interest
rates offered by banks on NRO deposits cannot be higher than
those offered by them on comparable domestic rupee deposits.
Account should be denominated in Indian Rupees.
Permissible credits to NRO account are transfers from rupee
accounts of non-resident banks, remittances received in permitted
currency from outside India through normal banking channels,
permitted currency tendered by account holder during his
temporary visit to India,
legitimate dues in India of the account holder like current income
like rent, dividend, pension, interest, etc., sale proceeds of assets
including immovable property acquired out of rupee/foreign
currency funds or by way of legacy/ inheritance.
NRI/PIO may remit from the balances held in NRO account an
amount not exceeding USD one million per financial year, subject
to payment of applicable taxes.
The limit of USD 1 million per financial year includes sale
proceeds of immovable properties held by NRIs/PIOs.
7
Who can open an EEFC account?
Ans. All categories of foreign exchange earners, such as
individuals, companies, etc. who are resident in India, may open
EEFC accounts.
What are the different types of EEFC accounts? Can interest be
paid on these accounts?
Ans. An EEFC account can be held only in the form of a current
account. No interest is payable on EEFC accounts.
B. Non-Resident (External) Rupee Account (NRE Account)
1) NRE account may be in the form of savings, current, recurring
or fixed deposit accounts.
2) Such accounts can be opened only by the non-resident himself
and not through the holder of the power of attorney.
3) Account will be maintained in Indian Rupees.
4) Accrued interest income and balances held in NRE accounts
are exempt from Income tax.
5) Authorised dealers/authorised banks may at their discretion
allow for a period of not more than two weeks,
overdrawings in NRE savings bank accounts, up to a limit of
Rs.50,000.
6) Loans up to Rs.100 lakh can be extended against security of
funds held in NRE Account either to the depositors or third
parties.
C. Foreign Currency Non Resident (Bank) Account FCNR (B)
Account
FCNR (B) accounts are only in the form of term deposits of 1 to
5 years
Account can be in any freely convertible currency.
Loans up to Rs.100 lakh can be extended against security of
funds held in FCNR (B) deposit either to the depositors or third
parties.
The interest rates are stipulated by the Department of Banking
Operations and Development, Reserve Bank of India.
 DICGC
Which banks are insured by the DICGC?
Commercial Banks: All commercial banks including branches of
foreign banks functioning in India, local area banks and regional
rural banks are insured by the DICGC.
What does the DICGC insure?
In the event of a bank failure, DICGC protects bank deposits
that are payable in India. The DICGC insures all deposits such as
savings, fixed, current, recurring, etc. except the following types
of deposits.
(i) Deposits of foreign Governments;
(ii) Deposits of Central/State Governments;
(iii)Inter-bank deposits;
(iv) Deposits of the State Land Development Banks with the State
co-operative bank;
(v) Any amount due on account of any deposit received outside
India
(vi) Any amount, which has been specifically exempted by the
corporation with the previous approval of Reserve Bank of India.
Each depositor in a bank is insured upto a maximum of
Rs.1,00,000 (Rupees One Lakh) for both principal and interest
amount held by him in the same capacity.
Does the DICGC insure just the principal on an account or
both principal and accrued interest?
The DICGC insures principal and interest upto a maximum
amount of Rs. One lakh.
Are deposits in different banks separately insured?
Yes. If you have deposits with more than one bank, deposit
insurance coverage limit is applied separately to the deposits in
each bank.
Can the bank deduct the amount of dues payable by the
depositor?
Yes. Banks have the right to set off their dues from the amount of
deposits. The deposit insurance is available after netting of such
dues.

What is the maximum deposit amount insured by the DICGC? Can any insured bank withdraw from the DICGC coverage?
No. The deposit insurance scheme is compulsory and no bank can
withdraw from it.

ATM
What is an Automated Teller Machine (ATM)? Can these cards be used at any bank ATM in the country? Is
Automated Teller Machine is a computerized machine that the customer charged for the same?
provides the customers of banks the facility of accessing their Yes. The cards issued by banks in India may be used at any
account for dispensing cash and to carry out other financial & bank ATM within India. However the savings bank account
non-financial transactions without the need to actually visit their holders can transact a maximum of five transactions free at other
bank branch. bank ATMs in a month, which is inclusive of all types of
transactions, financial and non-financial, beyond which the
What type of cards can be used at an ATM? customer can be charged by his/her bank.
The ATM debit cards, credit cards and prepaid cards (that
permit cash withdrawal) issued by banks can be used at ATMs Is there any minimum and maximum cash withdrawal limit
for various transactions. per day?
Yes, broadly the withdrawal limits are set by the card issuing
What are the services/facilities available at ATMs? banks. This limit is displayed at the respective ATM locations.
In addition to cash dispensing ATMs may have many
services/facilities enabled by the bank owning the ATM such as: What steps should a customer take in case of failed ATM
Account information transaction at other bank ATMs, where his account is debited?
Cash Deposit The customer should lodge a complaint with the card issuing bank
Regular bills payment at the earliest. This process is applicable even if the transaction
Purchase of Re-load Vouchers for Mobiles was carried out at another banks ATM.
Mini/Short Statement
Loan account enquiry etc. Is there any time limit for the card issuing banks for re-
crediting the customers account for a failed ATM transaction?
How can one transact at an ATM? As per the RBI instructions, banks have been mandated to resolve
For transacting at an ATM, the customer inserts /swipes his/her customer complaints by re-crediting the customers account within
Card in the ATM and enters his/her Personal Identification 7 working days from the date of complaint.
Number(PIN) issued by his/her bank.
Are the customers eligible for compensation for delays
What is Personal Identification Number (PIN)? beyond 7 working days?
PIN is the numeric password which is separately mailed / Yes. Effective from July 1, 2011, banks have to pay customers
handed over to the customer by the bank while issuing the card. Rs. 100/- per day for delays beyond 7 working
Most banks require the customers to change the PIN on the first
use.
days. The compensation has to be credited to the account of the customer without any claim being made by the customer.

BANKING OMBUDSMAN SCHEME 2006

8
i. The Banking Ombudsman Scheme enables a bank customer for
filing of complaints relating to certain services rendered by
banks.
ii. The Banking Ombudsman is a senior official appointed by the
Reserve Bank of India to redress customer complaints against
deficiency in certain banking services.
iii. All Scheduled Commercial Banks, Regional Rural Banks and
Scheduled Primary Co-operative Banks are covered under the
Scheme.
Other Important Points:
4) The Banking Ombudsman does not charge any fee for filing
and resolving customers complaints.
5) The maximum compensation which a BO can help a
complainant to get is Rs. 10 lakhs.
6) If a complaint is not settled by an agreement within a period
of one month, the Banking Ombudsman proceeds further to pass
an award. Before passing an award, the Banking Ombudsman
provides reasonable opportunity to the complainant and the
bank, to present their case.
7) If one is not satisfied with the decision passed by the Banking
Ombudsman, one can approach the appellate authority who is
the Deputy Governor of the RBI.
BANKS IN INDIA AS ON April 2015
1) There are a total of 27 PSBs in India [21 NationaliZed banks
+ 6 State bank group (SBI + 5 associates)]
2) At present there are 22 Private Banks functioning in India
3) At present there are 56 RRBs (Regional Rural Banks )
functioning in India.
4) At present there are 41 Foreign Banks functioning in India

PRIORITY SECTOR LENDING

1. What is meant by Priority Sector? dairy, fishery, animal husbandry, poultry, bee-keeping and
Priority sector refers to those sectors of the economy which may sericultureup to an aggregate limit of `2 crore per borrower.
not get timely and adequate credit in the absence of this special (iii) Loans to small and marginal farmers for purchase of land for
dispensation. Typically, these are small value loans to farmers agricultural purposes.
for agriculture and allied activities, micro and small enterprises, (iv) Loans to distressed farmers indebted to non-institutional
poor people for housing, students for education and other low lenders.
income groups and weaker sections. (v) Bank loans to Primary Agricultural Credit Societies (PACS),
Farmers Service Societies (FSS) and Large-sized Adivasi Multi
2. What are the different categories under priority sector? Purpose Societies (LAMPS) ceded to or managed/ controlled by
Priority Sector includes the following categories: such banks for on lending to farmers for agricultural and allied
(i) Agriculture (ii) Micro and Small Enterprises activities.
(iii) Education
(iv) Housing 5. What constitutes 'Indirect Finance' to Agriculture?
(v) Export Credit (i) If the aggregate loan limit per borrower is more than `2 crore
(vi) Others in respect of para. (4) (ii) above, the entire loan will be treated
as indirect finance to agriculture.
3. What are the Targets and Sub-targets for banks under (ii) Loans upto `5 crore to Producer Companies set up exclusively
priority sector? by only small and marginal farmers under Part IXA of
Categories Domestic Foreign banks Companies Act, 1956 for agricultural and allied activities.
commercial banks with less than 20 (iii) Bank loans to Primary Agricultural Credit Societies (PACS),
/ Foreign banks branches (As Farmers Service Societies (FSS) and Large-sized Adivasi Multi
with 20 and percent of ANBC Purpose Societies (LAMPS).
above branches or Credit
(As percent of Equivalent of Off- 6. What constitutes Micro and Small Enterprises under priority
ANBC or Credit Balance Sheet sector?
Equivalent of Off- Exposure, Bank loans to Micro and Small Manufacturing and Service
Balance Sheet whichever is Enterprises, provided these units satisfy the criteria for investment
Exposure, higher)
in plant machinery/equipment as per MSMED Act 2006.
whichever is
higher) Manufacturing sector
Total Priority 40 32 Enterprises Investment in plant and
Sector machinery
Total agriculture 18 No specific target. Micro Enterprises Do not exceed twenty five
Advances to 10 No specific target. lakh rupees
Weaker Sections Small Enterprises More than twenty fivelakh
rupees but does not
4. What constitutes 'Direct Finance' for Agricultural Purposes? exceed five crore rupees
(i) Loans to individual farmers [including Self Help Groups Enterprises Investment in equipment
(SHGs) or Joint Liability Groups (JLGs), i.e. groups of individual Micro Enterprises Does not exceed ten lakh
farmers] engaged in Agriculture and Allied Activities, viz., dairy, rupees
fishery, animal husbandry, poultry, bee-keeping and sericulture. Small Enterprises More than ten lakh rupees
(ii) Loans to corporates including farmers' producer companies of but does not exceed two
individual farmers, partnership firms and co-operatives of crore rupees
farmers directly engaged in Agriculture and Allied Activities, viz.,
7. What is the loan limit for education under priority sector?

9
Loans to individuals for educational purposes including
vocational courses upto `10 lakh for studies in India and `20 lakh
for studies abroad are included under priority sector.
8. What is the limit for housing loans under priority sector?
Loans to individuals up to `25 lakh in metropolitan centres with
population above ten lakh and `15 lakh in other centres for
purchase/construction of a dwelling unit per family excluding
loans sanctioned to banks own employees.
9. What is included under Weaker Sections under priority
sector?
Priority sector loans to the following borrowers are considered
under Weaker Sections category:-
(a) Small and marginal farmers;
(b) Artisans, village and cottage industries where individual
credit limits do not exceed `50,000;
(c) Beneficiaries of Swarnjayanti Gram Swarozgar Yojana
(SGSY), now National Rural Livelihood Mission (NRLM);
(d) Scheduled Castes and Scheduled Tribes;
Miscellaneous Banking Topics
What is Asset Management Companies?
A company that invests its clients' pooled fund into securities that
match its declared financial objectives. Asset management
companies provide investors with more diversification and
investing options than they would have by themselves. Mutual
funds, hedge funds and pension plans are all run by asset
management companies. These companies earn income by
charging service fees to their clients.
What is Liquidity Adjustment Facility(LAF)?
A tool used in monetary policy that allows banks to borrow
money through repurchase agreements. This arrangement allows
banks to respond to liquidity pressures and is used by
governments to assure basic stability in the financial markets.
What is Bancassurance?
It is the term used to describe the partnership or relationship
between a bank and an insurance company whereby the
insurance company uses the bank sales channel in order to sell
insurance products.
Balance of Trade:
The value of a countrys exports minus the value of its imports.
Unless specified as the balance of merchandise trade, it normally
incorporates trade in services, including earnings (interest,
dividends, etc.) on financial assets.
Balance of Payments:
A list of all of a countrys international transactions for a given
time period, usually one year. Payments into the country
(receipts) are entered as positive numbers, called credits;
Payments out of the country (payments) are entered as negative
numbers called debits. A single numbers summarize all of a
countrys international transactions: the balance of payments
surplus.
NOSTRO Account:
A Nostro account is maintained by an Indian Bank in the foreign
countries.
VOSTRO Account:
A Vostro account is maintained by a foreign bank in India with
their corresponding bank.
Lead Banking Scheme: Under this scheme all the nationalized
banks and few private sector banks were allowed specially and
were asked to play the Lead Role. The lead banks act as a
leader to bring about co-ordination of cooperative banks,
10
(e) Beneficiaries of Differential Rate of Interest (DRI) scheme;
(f) Beneficiaries under Swarna Jayanti Shahari Rozgar Yojana
(SJSRY);
(g) Beneficiaries under the Scheme for Rehabilitation of Manual
Scavengers (SRMS);
(h) Loans to Self Help Groups;
(i) Loans to distressed farmers indebted to non-institutional
lenders;
(j) Loans to distressed persons other than farmers not exceeding
`50,000 per borrower to prepay their debt to non-institutional
lenders;
(k) Loans to individual women beneficiaries upto `50,000 per
borrower;
10. What is the rate of interest for loans under priority sector?
The rate of interest on various priority sector loans will be as per
RBIs directives issued from time to time, which is linked to Base
Rate of banks at present. Priority sector guidelines do not lay
down any preferential rate of interest for priority sector loans.
commercial banks and other financial institutions in their
respective demises to bring about rapid economic development.
CAMELS: Capital Adequacy, Asset Quality, Management,
Earnings Liquidity and Systems.
Nationalization of Banks
How many banks were nationalized during the first stage in
our country?
Nineteen banks were nationalized during the first stage on
19.07.1969
A separate act namely Banking companies acquisition and
undertakings act 1970 was promulgated in order to commence
the banks as nationalized banks
The following banks were nationalized during the first stage: a)
Central Bank of India; b) Bank of Maharashtra; c) Dena Bank; d)
Punjab National Bank; e) Syndicate Bank; f) Canara Bank; g)
Indian Bank; h) Indian Overseas Bank; i) Bank of Baroda; j)
Union Bank of India; k) Allahabad Bank; l) United Bank of India;
m) United Commercial Bank; n) Bank of India.
What do you mean by the second stage of bank
nationalisation? While fourteen banks were nationalized on
19.7.1969, six banks were once again nationalized during the
year 1980 on 15.4.1980 with an objective to achieve the social
objectives The following are the banks which were nationalized
during 1980: Andhra Bank, Punjab and Sind Bank, New Bank of
India, Vijaya Bank, Corporation Bank, Oriental Bank of
Commerce New Bank of India subsequently merged with
Punjab National Bank
NPA-Non-Performing Asset& SARFAESI
It means once the borrower has failed to make interest or
principal payments for 90 days, the loan is considered to be a
non-performing asset.
SARFAESI Act and Rules
SARFAESI Act (The Securitization and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002) was
enacted to regulate securitization and reconstruction of financial
assets and enforcement of security interest created in respect of
Financial Assets to enable realization of such assets.
The SARFAESI Act provides for the manner for enforcement of
security interests by a secured creditor without the intervention of
a court or tribunal. If any borrower fails to discharge his liability
in repayment of any secured debt within 60 days of notice from
the date of notice by the secured creditor, the secured creditor is
conferred with powers under the SARFAESI Act to
a) take possession of the secured assets of the borrower,
including transfer by way of lease,assignment or sale, for
realizing the secured assets
b) takeover of the management of the business of the borrower
including the right to transferby way of lease, assignment or sale
for realizing the secured assets,
c) appoint any person to manage the secured assets possession
of which is taken by thesecured creditor, and
d) require any person, who has acquired any of the secured
assets from the borrower andfrom whom money is due to the
borrower, to pay the secured creditor so much of the money as if
sufficient to pay the secured debt.
Other points
IMPS: Immediate Payment Service. It is an instant interbank
electronic fund transfer service through mobile phones. Both the
customers must have MMID (Mobile Money Identifier Number).
For this service, we dont need any GPS-enabled cell phones.
BCBS: Basel Committee on Banking Supervision is an institution
created by the Central Bank governors of the Group of Ten
nations.
IFSC code: Indian Financial System Code. The code consists of 11
characters for identifying the bank and branch where the
account in actually held. The IFSC code is used both by the RTGS
and NEFT transfer systems.
MICR Code: Magnetic ink character recognition (MICR) is a
character-recognition technology used mainly by the banking
industry to ease the processing and clearance of cheques and
other documents. It is at the bottom of cheques and other
vouchers and typically includes the document-type indicator,
bank code, bank account number, cheque number, cheque
amount, and a control indicator.
MSME and SME: Micro Small and Medium Enterprises (MSME),
and SME stands for Small and Medium Enterprises. This is an
initiative of the government to drive and encourage small
manufacturers to enjoy facilities from banks at concessional
rates.
LIBOR: London InterBank Offered Rate. An interest rate at which
banks can borrow funds, in marketable size, from other banks in
the London interbank market.
LIBID: London Interbank Bid Rate. The average interest rate at
which major London banks borrow Eurocurrency deposits from
other banks.
ECGC: Export Credit Guarantee Corporation of India. This
organisation provides risk as well as insurance cover to the
Indian exporters.
KISAN CREDIT CARD
KCC is a credit facility given to the farmers based on the total
yield capacity of their agriculture land. The money withdrawn is
to be paid back in 1 year attracting 7% interest rate but if the
individual pays the credit in time then 3% of interest is paid
back to his amount, but this facility is available only for those
KCC which has a annual limit of less than or upto 3 lakh.
What is Self Help Group(SHG)
Self Help Group is a homogeneous group of micro entrepreneurs
with affinity among themselves, voluntarily formed to save
whatever amount they can conveniently save out of their
earnings and mutually agree to contribute to a common fund of
the group from which small loans are given to the members for
meeting their productive and emergent credit needs at such rate
of interest, period of loan and other terms as the group may
decide.
11
SWIFT: Society for Worldwide Interbank Financial
Telecommunication. It operates a worldwide financial messaging
network which exchanges messages between banks and other
financial institutions.
STRIPS: Separate Trading for Registered Interest & Principal
Securities.
CIBIL: Credit Information Bureau of India Limited. CIBIL is Indias
first credit information bureau. Whenever a person applies for
new loans or credit card(s) to a financial institution, they
generate the CIBIL report of the said person or concern to judge
the credit worthiness of the person and also to verify their
existing track record. CIBIL actually maintains the borrowers
history.
CRISIL: Credit Rating Information Services of India Limited. Crisil
is a global analytical company providing ratings, research, and
risk and policy advisory services.
Financial inclusion
Financial inclusion involves
1) Give formal banking services to poor people in urban & rural
areas.
2) Promote habit of money-savings, insurance, pension-investment
among poor-people.
3) Help them get loans at reasonable rates from normal banks.
So they dont become victims in the hands of local moneylender.
Three important initiatives taken by RBI for financial
inclusion:
1) Lead banking scheme (LBS).
RBI asked every bank to choose a particular district.
That Bank will be responsible for promoting banking services
and financial literacy, in that district.
2) No frills account replaced in 2012 by BSBDA-
Poor people can open bank accounts with ZERO balance on 10th
august 2012 no frills replaced by basic saving bank account
3) Business Correspondents (BC) system.
Business correspondents are bank representatives. they
personally goes to the area allotted to them and carry out
banking.
take money out of savings account, loans etc.)
carries a mobile device.
and get the money.
new account opened, every transection made via them, every
loan-application processed etc.
What do you know by currency chest?
Currency chests are operated by RBI so that they can provide
good quality currency notes to the public. However, RBI has
appointed commercial banks to open and monitor currency chests
on behalf of RBI. The cash kept in currency chests is considered to
be kept in RBI.
What do you mean by narrow banking?
It is the system of banking under which the bank accepts deposits
from the public and places the funds accepted in 100 percent
risk free assets with maturity matching for its liabilities. The bank
takes no risk of lending at all.
What is a small coin depot?
Some bank branches are also authorised to establish Small Coin
Depots to stock small coins. The Small Coin Depots also distribute
small coins to other bank branches in their area of operation.
What are soiled, mutilated and imperfect banknotes? 1. UCBs should carry out an annual review of accounts in which
(i) "soiled note:" means a note which, has become dirty due to there are no operations (i.e. no credit or debit other than
usage and also includes a two piece note pasted together crediting of periodic interest or debiting of service charges) for
wherein both the pieces presented belong to the same note, and more than one year. The banks may approach the customers and
form the entire note. inform them in writing that there has been no operation in their
(ii) Mutilated banknote is a banknote, of which a portion is accounts and ascertain the reasons for the same.
missing or which is composed of more than two pieces. (iii) 2. If the letters are returned undelivered, they may immediately
Imperfect banknote means any banknote, which is wholly or be put on enquiry to find out the whereabouts of customers or
partially, obliterated, shrunk, washed, altered or indecipherable their legal heirs in case they are deceased.
but does not include a mutilated banknote. 3. A savings as well as current account should be treated as
Unclaimed Deposits and Inoperative/ Dormant Accounts inoperative / dormant if there are no transactions in the account
for over a period of two years.
REVERSE MORTGAGE LOAN
The scheme of reverse mortgage has been introduced for the benefit of senior citizens owning a house but having inadequate income
to meet their needs. Some important features of reverse mortgage are:
a) A homeowner who is above 60 years of age is eligible for reverse mortgage loan. It allows him to turn the equity in his home
into one lump sum or periodic payments mutually agreed by the borrower and the banker.
b) NO REPAYMENT is required as long as the borrower lives, Borrower should pay all taxes relating to the house and maintain the
property as his primary residence.
c) The amount of loan is based on several factors:
borrowers age, value of the property, current interest rates and the specific plan chosen.
The valuation of the residential property is done at periodic intervals and it shall be clearly specified to the borrowers upfront. The
banks shall have the option to revise the periodic / lump sum amount at such frequency or intervals based on revaluation of
property.
Settlement--The loan shall become due and payable only when the last surviving borrower dies or would like to sell the home, or
permanently moves out. On death of the home owner, the legal heirs have the choice of keeping or selling the house. If they d ecide
to sell the house, the proceeds of the sale would be used to repay the mortgage, with the remainder going to the heirs.

As per the scheme formulated by National Housing Bank (NHB), the maximum period of the loan period is 15 years. The
residual life of the property should be at least 20 years. Where the borrower lives longer than 15 years, periodic payments will not
be made by lender. However, the borrower can continue to occupy.

Other Banks which were established-

REGIONAL RURAL BANK (RRB): Capital:
1) REGIONAL RURAL BANK were set up by an ordinance in The authorised capital of the EXIM Bank is Rs. 200 crore and
1975, later replaced by RRBs Act, 1976 as pre Banking paid up capital is Rs. 100 crore, wholly subscribed by the
Commission recommendation in 1975. Central Government.
2) Father of RRB is M.Swaminathan. SIDBI:
3) The Govt. of India had appointed a Working Group on rural The Small Industries Development Bank of India (SIDBI) was
Banks under the chairmanship of Mr. M. Narasimham in 1975. established as a principal financial institution for the promotion,
First 5 RRBs were set up on 2 nd Oct., financing and development of industries in the small scale sector.
4) At the end of June 1985, 183 RRBS with the network of SIDBI started its operations from 2 April 1990.
10,245branches have opened in the states of the Indian union.. NATIONAL HOUSING BANK (NHB):
5) SHARE HOLDER CONTRIBUTION IN %: 1) The National Housing Bank (NHB), the apex institution of
Government of India 50% Sponsor Bank 35% State Government housing finance in India, was set up as wholly owned subsidiary
15% Total 100%. of the Reserve Bank of India.
EXIM BANK: 2) The bank started its operations from July 1988.
The Export-Import (EXIM) Bank of India is the principal financial 3) NHB is a subsidiary bank of Reserve Bank of India.
institution in India for coordinating the working of institution 4) National Housing Bank was established under section 6 of
engaged in financing export and import trade. It is a statutory National Housing Bank Act(1987).
corporation wholly owned by the Government of India. It was 5) The headquarters of NHB is in New Delhi.
established on January 1, 1982 for the purpose of financing,
facilitating and promoting foreign trade of India.

BASEL-3 NORMS
The Basel Committee is the primary global standard-setter for Basel III or Basel 3 released in December, 2010 is the third in the
the prudential regulation of banks and provides a forum for series of Basel Accords. These accords deal with risk
cooperation on banking supervisory matters. Its mandate is to management aspects for the banking sector.
strengthen the regulation, supervision and practices of banks What does Basel III is all About ?
worldwide with the purpose of enhancing financial stability. According to Basel Committee on Banking Supervision "Basel III is
Stefan Ingves, Governor of Sveriges Riksbank(SWEDEN), is the a comprehensive set of reform measures, developed by the
chairman CHAIRMAN of the Basel Committee. Basel Committee on Banking Supervision, to strengthen the
Basel III Accord - Basel 3 Norms

12
regulation, supervision and risk management of the banking
sector".
What are the objectives / aims of the Basel III measures ?
Basel 3 measures aim to:
improve the banking sector's ability to absorb shocks arising
from financial and economic stress, whatever the source
improve risk management and governance
strengthen banks' transparency and disclosures.
What are Three Pillars of Basel III Norms?
Pillar 1: Minimum Regulatory Capital Requirements based on
Risk Weighted Assets (RWAs) : Maintaining capital calculated
through credit, market and operational risk areas.(MAINLY THAT
CAPITAL WHICH CAN ABSORB RISK.)
Pillar 2 : Supervisory Review Process : Regulating tools and
frameworks for dealing with peripheral(OUTER) risks that banks
face.
Pillar 3: Market Discipline : Increasing the disclosures that banks
must provide to increase the transparency of banks
What are the Major Features of Basel III ?
(a) Better Capital Quality : One of the key elements of Basel 3
is the introduction of much stricter definition of capital. It means
capital with the higher loss-absorbing capacity. This in turn will
mean that banks will be stronger, allowing them to better
withstand periods of stress.
(b) Capital Conservation Buffer: Another key feature of Basel iii
is that now banks will be required to hold a capital conservation
buffer of 2.5% of RWAs. CCB-aims to conserve the capital of
banks by making a buffer/reserve FOR CRISIS situation . The
aim of asking to build conservation buffer is to ensure that banks
maintain a cushion of capital that can be used to absorb losses
during periods of financial and economic stress.
TAGLINES OF DIFFERENT BANKS
1. Allahabad Bank A tradition of trust
2. Andhra bank For all your needs
3. Bank of Baroda Indias international bank
4. Bank of India Relationships beyond banking
5. Bank of Maharashtra One family one bank
6. Canara Bank Together We Can
7. Central bank Central to you since 1911
8. Dena Bank Trusted Family Bank
RUPAY CARD
a) RuPay is the Indian domestic card payment network set up by
National Payments Corporation of India (NPCI) at the behest of
banks in India. The RuPay project had been conceived by Indian
Banks Association (IBA) and had the approval of Reserve Bank
of India (RBI).
b) National Payments Corporation of India (NPCI) has a plan to
provide a full range of card payment services including the
RuPay ATM, RuPay Micro-ATM, Debit, Prepaid and Credit Cards
which will be accepted in India and abroad, across various
channels like POS, Internet, IVR and mobile etc.
Headquarters of NATIONALIZED BANKS
Allahabad Bank Kolkata
Bank of India Mumbai
Bank of Maharashtra Pune
Canara Bank Bangalore
Central Bank of India Mumbai
13
(c) Countercyclical Buffer: The countercyclical buffer has been
introduced with the objective to increase capital requirements in
good times and decrease the same in bad times. The buffer will
slow banking activity when it overheats and will encourage
lending when times are tough i.e. in bad times. The buffer will
range from 0% to 2.5% of RWAs, consisting of common
equity/shares or other fully loss-absorbing capital.
(d) Minimum Common Equity and Tier 1 Capital Requirements
: The minimum requirement for common equity, the highest form
of loss-absorbing capital, has been Minimum Common Equity(the
highest form of loss-absorbing capital) raised under Basel III
from 2% to 4.5% of total risk-weighted assets. The overall Tier
1 capital requirement, consisting of not only common equity but
also other qualifying financial instruments, will also increase from
the current minimum of 4% to 6%. Although the minimum total
capital requirement will remain at the current 8% level.
(e) Leverage Ratio: A leverage ratio is the relative amount of
capital to total assets (not risk-weighted). This aims to put a cap
on swelling of leverage in the banking sector on a global basis.
3% leverage ratio of Tier 1 will be tested before a mandatory
leverage ratio is introduced in January 2018.
(f) Liquidity Ratios: Under Basel III, a framework for liquidity
risk management will be created. A new Liquidity Coverage
Ratio (LCR) and Net Stable Funding Ratio (NSFR) are to be
introduced in 2015 and 2018, respectively.
FACTS
--10.50%
--4.50% to 7.00%
--6.00%
--5.00%
--2.50%
--3.00%
--0% to 2.50%
9. Indian Bank Taking banking technology to the common man
10. Oriental bank of Commerce Where every individual is
committed
11. Punjab National Bank The name you can bank on
12. State bank of India With you all the way
13. Syndicate bank Your faithful & friendly financial partner
14. Vijaya Bank A friend you can bank on
c) All Public Sector Undertakings (PSU) banks set to join RuPay
system by the end of year 2012.
d) The government of India had launched Indias first domestic
payment card network, RuPay, to compete with Visa Inc and
Mastercard Inc.
Objectives of RuPay:
The Main Objective of the RuPay payment network project is to
reduce the overall transaction cost and develop products
appropriate for financial inclusion.
Corporation Bank Mangalore
Dena Bank Mumbai
Indian Bank Chennai
Indian Overseas Bank Chennai
Oriental Bank of Commerce New Delhi
 Punjab National Bank New Delhi
Punjab & Sind Bank New Delhi
State Bank of India Mumbai
Syndicate Bank Manipal
UCO Bank Kolkata
BANKING ABBREVIATIONS
1. PSBs: PUBLIC SECTOR BANKS
2. SNBCs: SCHEDULE NON COMMERCIAL BANKS
3. SENSEX: SENSITIVE INDEX OF STOCK EXCHANGE
4. GNP: GROSS NATIONAL PRODUCT
5. KYC: KNOW YOUR CUSTOMER
6. RTGS: REAL TIME GROSS SETTLEMENT
7. NEFT: NATIONAL ELECTRONIC MONEY TRANSFER
8. EFT: ELECTRONIC FUND TRANSFER
9. CBS: CORE BANKING SOLUTIONS
10. LIBOR: LONDON INTERBANK OFFERED RATE
11. MIBOR: MUMBAI INTERBANK OFFERED RATE
12. MIBID: MUMBAI INTERBANK BID RATE
13. SARFAESI: SECURITISATION AND RECONSTRUCTION OF
FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST
14. CAMELS: CAPITAL ADEQUECY RATIO, ASSET QUALITY,
MANAGEMENT OF EFFECTIVENESS, EARNING OF
PROFITABILITY, LIQUIDITY, SYSTEM AND CONTROLS
15. CAR: CAPITAL ADEQUECY RATIO
16. FIIs: FOREIGN INSTITUTIONAL INVESTMENTS
17. FDI: FOREIGN DIRECT INVESTMENT
18. IPO: INITIAL PUBLIC OFFERING
19. MICR: MAGNETIC INK CHARACTER READER
20. BIRD: BANKERS INSTITUTE OF RURAL DEVELOPMENT
21. IBA: INDIAN BANK ASSOCIATION
22. BPLR: BENCHMARK PRIME LENDING RATE
CURRENT AFFAIRS CAPSULE
FINANCIAL & BANKING NEWS
1. RBI approves the merger of Kotak Mahindra-ING Vysya.
2. Bharti AXA General Insurance launched Smart Traveller.
3. Dena Bank on 6 April 2015 signed a Memorandum of
Understanding (MoU) with Life Insurance Corporation (LIC) of
India to provide insurance
cover to all Aadhaar-linked savings account holders of the bank
in the age group of 18 to 50 years.
4. PM Narendra Modi launched the Rs 20,000 cr Micro Units
Development Refinance Agency (MUDRA) Bank and said , the
aim of the bank is to fund the unfunded small entrepreneurs and
to strengthen savings habit in the country.
5. IFCI Ltd has now become a state- owned firm with the
government increasing its stake in the infrastructure financing firm
to 51.04 per cent.
6. The Reserve Bank notified government's decision to raise
foreign direct investment (FDI) limit in the insurance sector to 49
per cent from the present 26 percent.
7. IndusInd Bank entered into an agreement to acquire Royal
Bank of Scotland's Diamond & Jewellery Financing business in
India and related deposit portfolio.
8. ICICI Bank in collaboration with Tech Mahindra launched a
payment service Tap-n-Pay based on the near-field
communications (NFC) technology, enabling customers make
over-the-counter payments without using cash.
9. Bharatiya Mahila Bank Ltd has entered into MoUs with New
India Assurance Company Ltd and Life Insurance Corporation of
India to provide insurance cover to its accountholders.
14
Union Bank of India Mumbai
United Bank of India Kolkata
Vijaya Bank Bangalore
Andhra Bank Hyderabad
Bank of Baroda Vadodra
23. ICICI: INDUSTRIAL CREDIT AND INVESTMENT
CORPORATION OF INDIA
24. HDFC: HOUSING DEVELOPMENT FINANCE CORPORATION
25. IRDA: INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY
26. SWOT: STRENGETH, WEEKNESSES, OPPORTUNITIES AND
THREATS
27. SWIFT: SOCIETY FOR WORLDWIDE INTERBANK FINANCIAL
TELECOMMUNICATION
28. FERA: FOREIGN EXCHANGE REGULATORY ACT
29. FEMA: FOREIGN EXCHANGE MANAGEMENT ACT
30. CASA: CURRENT AND SAVING ACCOUNT
31. NDTL: NET TIME AND DEMAND LIABILITIES
32. NASDAQ: NATIONAL ASSOCIATION FOR SECURITIES
DEALERS AUTOMATED QUOTATIONS
33. CRISIL: CREDIT RATING AND INVESTMENT SERVICES INDIA
LIMITED
34. CIBIL: CREDIT INFORMATION BUREAU OF INDIA LIMITED
35. NAV: NET ASSET VALUE
36. ICRA: INDIAN CREDIT RATING AGENCY
37. CARE: CREDIT ANALYSIS AND RESEARCH LIMITED
38. WMAs: WAYS AND MEANS ADVANCES
39. ALM: ASSET LIABILITY MANAGEMENT
40. INFINET INDIAN FINANCIAL NETWORK
10. RBI has modulated PSL norms which stipulate that banks
operating in India must offer 40% of all loans to farmers, small
entrepreneurs and so-called weaker sections of society.
11. Bank of India has partnered with insurance companies New
India Assurance Co and Star Union Dai-ichi Life Insurance to roll
out the governments social security insurance schemes.
12. Bank of Baroda, a leading Indian public sector bank, has
tied up with UAE Exchange to offer an instant cash transfer
facility to NRI customers.
13. Bharatiya Mahila Bank (BMB) has won The Asian Banker
Achievement Award 2015.
14. The government has raised the limit of foreign direct
investment in pension sector to 49 per cent in line with the FDI
cap in the insurance sector.
15. Corporation Bank and New India Assurance Company Ltd
signed a memorandum of understanding (MoU) for implementing
Pradhan Mantri Suraksha Bima Yojana [PMSBY], central
government`s scheme to provide security against personal
accidental risk and permanent or partial disability.
16. Insurance Australia Group (IAG) has decided to increase its
stake in State Bank of Indias general insurance arm to 49 per
cent from 26 per cent.
17. IndusInd Bank has agreed to buy Royal Bank of Scotlands
diamond and jewellery financing business in India.
18. Country's second largest private sector lender HDFC Bank
launched '30-min auto' and '15-min 2-wheeler' loan schemes, for
which customers have to provide only their biometric details.
19. Private insurer Bajaj Allianz has launched a weather-based
crop insurance scheme for orange crops in Nagpur, Hingoli and
Washim districts of Maharashtra.
20. Government is likely to infuse additional USD 1.8 billion
(about Rs 11,500 crore) in public sector banks this fiscal.
21. HDFC Securities, a subsidiary of HDFC BankBSE -0.23 % has
launched its mobile trading app in 11 different regional
languages.
22. The Reserve Bank of India (RBI) has extended the date to
exchange pre-2005 bank notes till December 31, 2015 for third
time.
23. Export-Import (Exim) Bank has extended a line of credit of
$268.35 million to Tanzania for financing extension of Lake
Victoria pipeline.
24. The Reserve Bank of India (RBI) issued the final guidelines for
the 6-year and 13-year cash settled
Interest Rate Futures (IRF) on government securities with residual
maturity of 4-8 years and 11-15 years respectively under the
Interest Rate Futures.
25. To help investors and companies in IPOs, SEBI halved the
listing time to six days from the date of the public offer and also
allowed a larger number of firms to tap the fasttrack route contactless cards using latest near field technology (NFC).
for raising funds.
26. India Brand Equity Foundation (IBEF) in the third week of
June 2015 released a report on Intellectual Property Rights
(IPRs) filing in India during 2013-14. While Maharashtra topped
the list of states and Union Territories (UTs), Bengaluru was the
top city in IPR filing.
27. Odisha State Co-op Bank launches Bank on Wheels.
28. The stock of Kaveri Seed Company will see some buying
interest as the Reserve Bank of India said foreign portfolio
investors could now invest up to 49 per cent of the companys
equity base.
29. Bills for postpaid mobile service, piped gas and water
supply can now be submitted as proof of address for opening
account with banks or other financial institutions.
30. Service tax increased to 14%.
31. RBI lowers repo rate to 7.25 per cent.
32. Non-repatriable investments by NRIs, OCIs and PIOs will be
treated as domestic investments and will not be subject to
foreign direct investment caps.
33. EPFO to invest 5% of funds in equity market.
34. The Reserve Bank of India (RBI) has permitted banks to take
control of 51 percent of stake in a company that has failed to
recover financial health even after a period of financial
restructuring, typically due to management inefficiency or other
factors.
35. ICICI Bank Appoints MK Sharma As Non-Executive Chairman.
36. The Reserve Bank of India (RBI) said that Indian corporates,
eligible to raise external commercial borrowings (ECBs), are
permitted to issue rupee- linked bonds overseas.
37. Reserve Bank of Indian has allowed non-resident Indians
(NRIs) to invest in chit fund to encourage flow of capital into the
country.
38. The Insurance Regulatory and Development Authority of
India (IRDAI) has imposed a penalty of 50 lakh on Future
Generali Life Insurance Company.
39. State Bank of India (SBI), the countrys largest bank, has
launched SBI eforex, an Internet-based platform that enables
customers to book their foreign exchange transactions online.
40. Canara Bank has entered into a memorandum of
understanding with Life Insurance Corporation of India for
offering the Pradhan Mantri Jeevan Jyoti Bima Yojanainsurance
cover to all its eligible customers.
15
41. An extremely simplified income tax return form will soon
replace the controversial 14-page ITR that sought information
like all bank accounts and foreign trip details.As it stands, the
new ITR forms, including the ITR-1 and ITR-2, require an assessee
to furnish the number of bank accounts held by the individual.
42. MoneyGram Ready to Handle Electronic-Mode Remittances
in India.
43. The RBI put in place a new framework to check loan fraud
including by way of early warning signals at banks and red
flagging of accounts, while swindlers will have no access to
further banking finance.
44. The Centre's new appointment norms for public sector bank
chiefs capping the age at 55 years and mandatory three-
year board level experience has come under judicial scrutiny
with the Supreme Court.
45. Axis Bank, the country's third largest private sector bank now
facilitates instant transfer of money on various social media
channels like Whatsapp, Facebook, Twitter, Email list and phone
contact list.
46. KV Kamath appointed BRICS bank president.
47. State Bank of India joined its private sector rivals to launch
48. In a move that will promote 'tap and pay' electronic
payments, the Reserve Bank of India (RBI) said that bank can
allow customers to transact with contactless card upto Rs 2000
without customers punching a separate PIN for authentication.
49. Arun Shrivastava assumed charge as Managing Director &
CEO of Syndicate Bank.
50. Top private sector lender ICICI Bank opened its first branch
in China, which was inaugurated by Prime Minister Narendra
Modi.
51. HDFC Bank has launched 'HDFC Bank Apollo Medical
Benefits Card'.
52. As part of Make in India, Finance Minister Arun Jaitely
inaugurates Indigenous New Bank Note printing lines at Security
Paper Mill in Hoshangabad.
53. ICICI Launches Voice Password Facility for Phone Banking.
54. State-run Corporation Bank cut base rate or minimum
lending rate by 0.25 percentage point to 10 per cent, a move
which will lead to lower EMIs for its customers.
55. Micro Units Development Refinance Agency (MUDRA) Bank
has partnered with 19 state and regional level coordinators to
reach those small entrepreneurs who are often cut off from the
banking system because of a limited branch presence.
56. State-run lender Bank of India tied up with MasterCard to
launch three new cards and also two new banking solutions for
its card holders.
57. Aiming to attract overseas funds, government decided that
non-repatriable investments by NRIs, OCIs and PIOs will be
treated as domestic investments and will not be subject to
foreign direct investment caps.
58. The country's largest bank announced a partnership with
digital payments firm, PayPal so that the Customers of State
Bank of India (SBI) can now use their debit cards on PayPal for
buying products from overseas websites.
59. Markets regulator SEBI simplified norms for domestic mutual
funds to manage offshore pooled assets, dropping its "20-25
rule" which requires a minimum of 20 investors and a cap of 25
percent on investment by an individual, for funds from low-risk
foreign investors.
60. IDBI Bank has decided to roll out e-huts to connect with the
rural populace.
 INDIA GDP FORECAST
1. The World Bank has predicted a GDP growth rate of 8 per
cent for India by 2017 and said that a strong expansion in the
country, coupled with favourable oil prices.
2. Moodys, a global ratings agency, raised Indias rating
outlook to positive from stable, but retained the Baa3
rating.
3. India's economic growth is projected to surpass that of China's,
with the GDP expected to zoom by 7.7 per cent in 2016,
according to a UN report.
4. The Asian Development Bank projected India's growth rate to
surpass China and improve to 7.8 per cent in next fiscal and
further to 8.2 per cent in 2016-17.
India ranking in different Indexes:
1. India ranks 119 on 2015 FM Global Resilience Index.
2. India ranked 143rd in Global Peace Index.
3. India is home to the highest number of hungry people in the
world, at 194 million, surpassing China, according to United
Nations annual hunger report.
4. Indias consumer confidence score rose to 130 followed by
Indonesia (123) and Philippines (115).
5. India has emerged as the second-most trusted country in the
world in terms of faith reposed on its institutions. The list is
topped by UAE with 84 per cent trust.
6. Transparency International India (TII) Corruption Index
India ranked 85th among 175(Denmark topped)
7. World Bank - Ease of Doing Business" report - India ranked
142 among the 189 countries (Singapore top)
8. World Economic Forum's 2015 Gender gap index 114
(Iceland top the list followed by Finland & Norway)
Important Committees in News:
1. Bibek Debroy Committee on restructuring of Indian Railways.
2. The government has set up a high level panel, headed by
former Home Secretary Anil Baijal to suggest a framework to
assess CSR activities done by corporates under the companies
law.
3. Union Finance Ministry constituted High Level Committee to
interact with trade and industry to give recommendations to the
Central Board of Direct Taxes (CBDT) and the Central Board of
Excise and Customs (CBEC) for issuance of appropriate
clarifications by way of circulars, on tax-related issues on a
regular basis. The high level committee will be headed by
former Chief Economic Advisor (CEA) Ashok Lahiri.
4. TSR Subramaniam Committee: to review the processes, laws
and Acts of the Ministry of Environment, Forests and Climate
Change
5. Pratyush Sinha committee: to assess compensation for coal
blocks.
6. The former Union Minister Jairam Ramesh designated as the
head of Future Earth Engagement Committee, a global research
platform panel on sustainable development.
7. T.K. Vishwanathan committee: to provide Bankruptcy code for
small and medium enterprises (SMEs).
8. Justice Prabha Sridevan committee: to function as a think-tank
to help draft a new National
Intellectual Property Rights Policy (National IPR Policy)
9. K.V. Kamath panel: to examine the financial architecture for
Micro, Small and Medium Enterprises (MSME) sector.
10. Gopalakrishna Committee: on Capacity Building in Banks
and non-Banks
16
5. India pegs 2014-15 GDP growth at 7.4 per cent
6. Indias growth to reach 6.3 per cent in 2016:United Nations
World Economic Situation and Prospects (WESP)
7. International Monetary Fund (IMF) projected that India will
grow 6.5 per cent in 2016, overtaking China which, it projected,
will slowdown to 6.3 per cent.
8. Fitch expects real GDP growth to pick up to 8 per cent in
FY16 and 8.3 per cent in FY17.
9. IMF projected GDP growth for India in 2014-15 at - 5.6 % &
6.4 % in 2015
9. Global Hunger Index Report 2014: 55 (Mauritius top
followed by Thailand and Albania)
10. Human Development Index 2014 135 (Norway top
followed by Australia).
11. Intellectual property (IP) environment 2015 29 (US ranked
on the top, Thiland last)
12. World Press Freedom Index 2015 - 136 in the list of 180
countries
13. World's best countries for doing business 2014 134
14. Global Peace Index 2014 143 (Iceland top the list while
Syria the most violent place)
15. Global Innovation Index 2014 - 76
16. Global Competitiveness Index 2014 -71 (Switzerland is the
most competitive economy, followed by Singapore).
11. G N Bajpai Committee: to review the investment guidelines
for national pension system (NPS) schemes in private sector.
12. Scientist Raghunath Anant Mashelkar panel: to recommend
best technologies for Prime Minister Narendra Modi's "Swachh
Bharat" national sanitation campaign.
13. T S R Subramanian Committee: to review five key green laws
concerning protection and conservation of environment, forest,
wildlife, water and air among others.
14. H R Khan Committee: to examine the un-claimed amount in
PPF, Post Office and Savings Schemes.
15. H Devaraj Committee: reported that most of the deemed
universities are not fit for being a university.
16. Sivaramakrishnan Committee: to suggest the place to build
the capital city of Andhra Prades
17. Former RBI Governor Bimal Jalan to head the Expenditure
Management Commission. The purpose of setting up the
commission is to cut-off the spending and review government
expenditure to get maximum output.
18. Justice CS Dharmadhikari Committee: recommended
complete ban on dance bars in hotels and restaurants.
19. R. Ramanujam Committee - to review, identify and
recommend amendment in obsolete laws to further smoothen and
simplify the governance.
Important News (India & World):
1. A massive 7.9-magnitude earthquake struck east of Pokhara
in Nepal, causing widespread damage to buildings in the capital
Kathmandu.
2. China has hosted the signing ceremony of the Asian
Infrastructure Investment Bank (AIIB), a new international financial
institution set to rival the World Bank and Asian Development
Bank.
3. A ranking of destinations for attractiveness to foreign investors
has placed India at the top among 110 countries. China has
secured the 65th position and the U.S.
4. As per recently released report by British Petroleum (BP)
Energy Company, United States (US) became
the worlds largest oil producer in 2014 surpassing Saudi
Arabia.
5. Minister of State (MoS) for External Affairs V K Singh
inaugurated first India-China Yoga College at Yunnan Minzu
University in Kunming, China.
6. India leads regional inflow of Foreign Direct Investment (FDI)
in South Asia accounting for $34 billion investment during 2014
and the upward trend is likely to continue this year also,
according to a UN report which placed China as the world's
largest FDI recipient.
7. India has emerged as the third largest Foreign Direct
Investment (FDI) source for United Kingdom (UK) in 2014-15.
8. India has set two Guinness world records (GWR) in Rajpath
yoga event held on the eve of first International Yoga Day led
by Prime Minister Narendra Modi. First record is the largest
number of participants- 35,985 people had participated in
largest yoga demonstration at a single venue i.e. Rajpath yoga
event.
9. China launched a freight train service between its
northeastern city of Harbin and Europe, opening a new trade
route to Europe covering a distance of nearly 10,000 kms.
10. The Senate passed the USA Freedom Act, marking the first
time in over thirty years that both houses of Congress have
approved a bill placing real restrictions and oversight on the
National Security Agencys surveillance powers.
17
11. 26 African countries create TFTA (The Tripartite Free Trade
Area): Cape Town to Cairo free-trade zone that facilitates
creation of Africas largest free-trade zone.
12. Seychelles becomes 161st member of World Trade
Organisation.
13. David Cameron has returned to Downing Street with the
Tories having defied polls and won the general election.
14. President Pranab Mukherjee, on his visit to Russia, has
inaugurated a festival of Indian Culture 'Namaste Russia' in
Moscow.
15. China overtook the United States as the world's top importer
of crude oil for the first time in April 2015.
16. A major earthquake has struck eastern Nepal, near Mount
Everest, two weeks after more than 8,000 died in a devastating
quake.
17. Prime Minister Narendra Modi announced that India will
grant e-visas to Chinese tourists.
18. Minister of State for Information and Broadcasting
Rajyavardhan Singh Rathore inaugurated the India Pavilion at
the 68th Cannes International Film Festival.
19. Brushing aside objections, Prime Minister Narendra Modi
announced granting of e-visa (electronic visa also called visa on
arrival) facility to the Chinese nationals in Beijing.
20. India announced a US$ one billion credit line to Mongolia
for infrastructure development as they upgraded their ties to
Strategic Partnership and agreed to deepen defense
cooperation besides exploring potential for tie ups in areas like
the civil nuclear sector.
21. Prime Minister Narendra Modi and Bangladesh premier
Sheikh Hasina will jointly inaugurate a border 'haat' (market) at
Kamalasagar in Tripura's Sipahijala district, which borders
Brahmanbaria district of Bangladesh.
 Important News States
1. Odisha Government launches Aahar scheme.
2. Andhra Pradesh Cabinet approved Amaravathi as capital of
the State.
3. Punjab Government launches Padho Punjab- Khedo Punjab
Mission.
4. The BJP government in Haryana has decided to give the status
of cabinet minister to yoga guru Ramdev, who was earlier made
the states brand ambassador to promote yoga and ayurveda.
5. The Kerala government launched a major campaign
"Subodham" to help people in the state overcome alcohol, drug
and other substance abuse.
6. The Delhi government gave approval for the setting up of a
farmer compensation scheme to be named after Gajender Singh,
who allegedly committed suicide during an AAP rally on April
22.
7. West Bengal Chief Minister Mamata Banerjee declared
Nadia as the first Open Defecation Free (ODF) district in the
country.
8. Nadia district in West Bengal has won the United Nations
Public Service Award 2015 in the category of improving
delivery of public services for or eliminating open defecation in
the district.
9. First phase of Chennai Metro service was inaugurated by
Tamil Nadu Chief Minister J Jayalalithaa after she flagged off
inaugural train.
10. Tennis legend Steffi Graf was appointed the Ayurveda
brand ambassador of Kerala.
11. Indian Railways names Haridwar Mail as Yoga Express.
12. The Andhra Pradesh government has launched `Mee Bhoomi',
a digital depository of land records.The portal,
http://meebhoomi.ap.gov.in/, makes all land details along with
Adangal/Pahani and 1-B details, available to the people.
New Appointment in India
1. Gulshan Rai takes charge as Indias first cyber security chief.
2. K.N. Tripathi sworn in as Governor of Mizoram.
3. Mayilsamy Annadurai appointed as Director of ISRO Satellite
Centre (ISAC).
4. President Pranab Mukherjee has appointed the senior-most
Election Commissioner, Dr Nasim Zaidi, as the next Chief Election
Commissioner (CEC).
5. Sumit Mazumder, Chairman & Managing Director, TIL Limited,
has been elected as the President of CII for the year 2015-16.
He succeeds Mr Ajay Shriram as the new President.
6. Arun Kumar Jha was appointed as Chief Executive Officer of
Khadi and Village Industries Commission (KVIC), Mumbai.
7. Meenakshi Madan Rai sworn in as the first lady judge of the
Sikkim High Court. Her oath of the office was administered by
the Governor Srinivas Patil at Ashirwad Hall at Raj Bhavan in
Gangtok.
8. Senior diplomat Mohan Kumar, currently India's top envoy to
Bahrain, has been appointed the next Ambassador to France to
succeed Arun Kumar.
9. IDFC appoints former CAG Vinod Rai as independent
director.
10. Rahul Agarwal is Lenovo India MD
11. Ericsson appoints Paolo Colella as new head of region India.
12. State Bank of India (SBI) announced the appointment of
Anshula Kant as its chief financial officer (CFO). Kant has been
designated as the deputy managing director and CFO of the
bank, SBI said in a filing on BSE.
13. Beno Zephine becomes first 100% blind officer in IFS.
18
13. Tamil Nadu chief minister J Jayalalithaa announced a
financial aid of Rs 41 crore for farmers in the Cauvery delta
region to improve the kuruvai cultivation (short-term cultivation).
14. Essel, Rajasthan government ink Rs 4k crore pact for solar
parks.
15. Mahindra World City Jaipur (MWCJ), spread across 3,000
acres on the Delhi-Mumbai corridor, has become the first project
in Asia and sixth in the world to commit to a carbon-
positive road map as part of the C40 Cities Climate Leadership
Group.
16. Chief Minister N. Chandrababu Naidu and his wife
Bhuvaneswari performed bhoomi pooja for the new capital
Amaravati at Mandadam village in Guntur district.
17. Kapil Mishra to Succeed Jitender Tomar as Delhi's Law
Minister.
18. In Haryana's Bibipur village, contest of selfies with daughter
to save girl child was organised.
19. In a bid to make Arunachal Pradesh a hundred per cent
organic state, the State government decided to launch State
Soil Health Mission.The programme aims at proper
documentation of soil health and preparation of soil map.
20. Jitan Ram Manjhi announces new party as Hindustani Awam
Morcha (HAM).
21. MoUs worth Rs 24,000 cr signed during PM Narendra
Modi's visit to Chattisgarh.
22. Punjab becomes first state to issue Soil Health Cards to
farmers. Union Ministry of Human Resource Development (MHRD)
gave an in-principle approval for setting up an IIIT (Indian
Institute of Information Technology) in Nagpur, Maharashtra. It
will be the first IIIT to be set up in the state.
23. Mega Food Park Inaugurated at Nalbari, Assam.
14. Senior IPS officer Archana Ramasundaram has been moved
out of the CBI and appointed as Director, National Crime
Records Bureau (NCRB).
15. LIC Nomura Mutual Fund CEO Nilesh Sathe appointed
member, life at IRDAI.
16. New chairman of Engineers India Ltd - Sanjay Gupta . He
replaced A K Purwaha.
17. K.Sivan becomes the new VSSC chief replacing M.S. Dathan.
18. General Lalit Bhanot was elected vice-President of the Asian
Athletics Association (AAA).
19. Jyoti Prasad Rajkhowa sworn-in as Arunachal Pradesh
Governor.
20. Ravi Shastri to continue as Indian team director.
21. Ex-IB chief Asif Ibrahim was the PMs Special Envoy on
Countering Terrorism and Extremism, with a charter to liaise with
governments in West Asia, Af-Pak and South East Asia.
22. Infosys Limited appoints R. Seshasayee as Non-Executive
Chairman of the Board.
23. S Christopher appointed as Secretary, Department of
Defence Research and Development-cum-Director General,
Defence Research and Development Organisation (DRDO).
24. K.V. Chowdary appointed as new Central Vigilance
Commissioner.
25. Vijai Sharma appointed as Chief Information Commissioner.
26. Yes Bank reappoints Rana Kapoor as MD.
27. Government extends Bank of Baroda interim chief Ranjan
Dhawan's term for 3 months.
28. R C Tayal appointed as new Director General of National
Security Guard.
29. Dr. Srivari Chandrasekhar was appointed Director of CSIR-
Indian Institute of Chemical Technology (IICT) a premier research
institute of Union Government based in Hyderabad, Telangana.
30. Shri Ameising Luikham, IAS took over as Secretary,
Department of Public Enterprises in the M/o Heavy Industries &
Public Enterprises.
31. Achal Kumar Jyoti, a former Gujarat Chief Secretary, was
appointed as the Election Commissioner.
32. President Pranab Mukherjee has appointed Justice Cyriac
Joseph as acting Chairman of National Human Rights Commission
(NHRC).
33. Sanjay Gupta today took over as chairman and managing
director of Engineers India Ltd.
34. Power Secretary Pradeep Kumar Sinha was appointed as
the next Cabinet Secretary of the government.
35. Alok Kumar and Jitendra Kumar have been appointed as
advisers in Niti Aayog for five years.
36. Eminent scientist Dr. Selvin Christopher has been appointed
as the Director General (DG) of Defence Research and
Development Organisation (DRDO) along with the rank of a
secretary.
FDI Limits in different sectors: Defence
Pension
Insurance
Print Media
Civil Aviation
Public Sec. Banks
Private Sec. Banks
Multi Brand
Single Brand
Tourism
New Appointment in World
1. Muhammadu Buhari claims victory in Nigeria's presidential
elections.
2. Pedro Cateriano Bellido appointed as Prime Minister of Peru.
3. The East China Normal University (ECNU), one of the
prestigious universities in China, announced the appointment of
Dr. Vishal Sikka, Chief Executive Officer of Infosys, as Advisory
Professor.
4. Indian-American Vivek Murthy was sworn-in as the US
Surgeon General. He succeeded Boris D. Lushniak.
5. Chennai-born Raja Rajeswari has been sworn-in as a criminal
court judge in New York by Mayor Bill de Blasio.
6. Nikesh Arora appointed SoftBank President.
7. Afghan President Ashraf Ghani nominated a female judge to
the Supreme Court in an unprecedented move that has angered
some Islamic conservatives.
SUMMIT
1. Hyderabad will play host to a four-day global pharma expo
and summit from July 23.
2. 6th National Conference on Nuclear Energy held in New
Delhi.
3. Minister of Health & Family Welfare, Jagat Prakash Nadda,
will preside over the 68th Session of the World Health Assembly
(WHA) at Geneva as India assumes the Presidency of the WHA,
the high decision making body of the World Health Organisation
(WHO), after a gap of 19 years.
4. UN World Conference on Disaster Risk Reduction Sendai City,
Miyagi Prefecture, Japan
19
37. 23-year-old US-educated Yaduveer crowned Maharaja of
Mysuru.
38. In a first in India, Manabi Bandopadhyay has been
appointed the first transgender principal at a college in West
Bengal.
39. Manoj Mishra appointed as CMD of National Fertilizers Ltd
(NFL).
40. AIADMK supremo Jayalalithaa sworn in for the fifth time as
Tamil Nadu chief minister.
41. New Governors Appointed:
Jharkhand: Former Odisha Minister Droupadi Murmu was
appointed as Governor of Jharkhand.
Manipur: Dr Syed Ahmed has been transfered to Manipur for
remaining period of his term.
Arunachal Pradesh: J P Rajkhowa was appointed as Governor
of Arunachal Pradesh.
Mizoram: Lt. General (Retd.) Nirbhay Sharma has been
transferred and appointed as Governor of Mizoram for the
remainder of his term.
Tripura: Tathagata Roy will be the Governor of Tripura.
Meghalaya: V Shanmuganathan
49
49
49
26
49
20
74
51
100
100
8. Finance Minister Nhlanhla Nene announced that former
Reserve Bank governor Tito Mboweni has been appointed as the
non-executive director to the board the Brics New Development
Bank (NDB).
9. UN elected Denmark's Mogens Lykketoft to head General
Assembly.
10. Prince Harry was made a Knight Commander of the Royal
Victorian Order.
11. Deutsche Bank appointed John Cryan as its new CEO.
12. Indian-origin Tory MP Priti Patel has been appointed minister
of state for employment in British Prime Minister David
Cameron's new cabinet.
5. The first Renewable Energy Global Investors Meet & Expo,a
lso called RE-Invest 2015. New Delhi
6. The 15th Delhi Sustainable Development Summit. New Delhi
7. First World Ocean Science Congress - Kochi, Kerala
8. World Congress on Information Technology (WCIT) -
Hyderabad
9. World Economic Forum annual Summit 2015 Davos -
Switzerland
10. World Diamond Conference 2014 New Delhi
11. 19th SAARC Summit 2016 Islamabad, Pakistan
12. G20 Leaders Summit 2014 Brisbane, Queensland (Australia)
13. 15th G - 20 Summit 2015 Turkey
14. 16th G - 20 Summit 2016 China
15. 4th Nuclear security summit 2016 United States
16. 7th BRICS Summit 2015 Ufa, Russia
17. IBSA Summit 2015 (IBSA = India - Brazil - South Africa) -
New Delhi
18. International Buddhist Conference 2014 held in Nepal
19. 19th East Asia Summit held in Nay Pyi Taw, Myanmar
IMPORTANT FINANCIAL SCHEMES
1) Pradhan Mantri Jeevan Jyoti Bima Yojana
Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana
(PMJJBY Scheme 2 for Life Insurance) are:
Eligibility: Savings Bank (SB) Account holders between 18 years
(completed) and 50 years.
Policy period: The cover shall be for one year period starting
from June 1, 2015 to May 31, 2016 for which option to join /
pay by auto-debit from the designated savings bank account on
the prescribed forms will be required to be given by May 31,
2015, extendable up to August 31, 2015.
Premium: Rs. 330 (per annum).
Payment Mode: The premium will be directly auto-debited by
the bank from the subscribers savings bank account. This is the
only mode available currently.
Risk Coverage: Sum Assured of Rs. 2 Lakh on death of the
Insured member for any reason is payable to the Nominee.
Termination of assurance:
Account holder attains age of 55 years
Closure of account with the Bank or insufficiency of balance for
debiting premium.
In case of multiple coverage under the scheme, the cover will be
restricted to Rs.2 lakhs and other insurance covers are
terminated and premium shall be forfeited.
2) Pradhan Mantri Suraksha Bima Yojana
Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY
Scheme 1 for Accidental Death Insurance) are: Eligibility:
The savings bank account holders of the participating Bank
between 18 years (completed) and 70 years (age nearer
birthday) who give their consent to join / enable auto-debit, as
per the modality, will be enrolled into the scheme. Policy period:
The cover shall be for one year period starting from 1st June
2015 to 31st May 2016 for which option to join / pay by auto-
FINANCIAL SCHEMES
Jan Dhan Yohana Yojana
Aim - scheme to promote financial inclusion: Prime Minister
Narendra Modi launched 'Pradhan Mantri Jan Dhan Yojana' to
help the poor open bank accounts.
The slogan for the Pradhan Mantri Jan Dhan mission is Mera
Khata Bhagya Vidhaata. Benefits :
i. Every individual who opens a bank account will become
eligible to receive an accident insurance cover of up-to Rs. 1
Lakh.
Scheme & Plan Launched by Union & State Government:
1. Union Government launches FAME-India scheme to boost
electric, hybrid vehicle sales.
2. Prime Minister Narendra Modi launched Give it Up campaign
at the annual energy-focussed summit Urja Sangam 2015. The
20
20. 45th International Film Festival of India begins in Goa.
21. The International Renewable Energy Agency, IRENA hold its
eighth Council meeting in Abu Dhabi.
22. G-4 foreign minister meeting held in New York to discuss
Security Council reform
23. 13th edition of the Pravasi Bharatiya Divas (PBD) will be
held for the first time in Gandhinagar, Gujarat.
debit from the designated savings bank account on the
prescribed forms will be required to be given by 31st May
2015 - extendable up to 31st August, 2015. Premium: Rs. 12/-
+ service tax (per annum). Payment Mode: The premium will be
directly auto-debited by the bank from the subscribers account.
This is the only mode available. Risk Coverage: Total coverage
(sum-insured) under the scheme is Rs. 2 Lakh.
3) BRIEF OF ATAL PENSION YOJANA
Yojana (APY)1 in 2015-16 budget. The APY is focussed on all
citizens in the unorganized sector.
the Pension Fund Regulatory
and Development Authority (PFRDA) through NPS architecture.
HIGHLIGHTS OF ATAL PENSION YOJANA
for the subscribers ranging between Rs. 1000 and Rs. 5000 per
month.
GoI.
-contribute 50% of the subscribers
contribution or Rs. 1000 per annum, whichever is lower.
Government co-contribution is available for those who are not
covered by any Statutory Social Security Schemes and is not
income tax payer.
-contribute to each eligible subscriber, for a period
of 5 years who joins the scheme between the period 1st June,
2015 to 31st December, 2015. The benefit of five years of
government Co-contribution under APY would not exceed 5
years for all subscribers including migrated Swavalamban
beneficiaries.
ii. HDFC Ergo General Insurance will provide the accident cover
under the scheme.
iii. An additional Rs. 30,000 life insurance cover will be provided
for those opening bank accounts before January 26,2015.
iv. LIC (Life Insurance Corporation) will provide the life insurance
cover of Rs 30,000 under the scheme
v. Rs 5,000 overdraft facility for Aadhar-linked accounts, Ru Pay
Debit Card with and minimum monthly remuneration of Rs 5,000
to business correspondents who will provide the last link between
the account holders and the bank.
campaign seeks to extort the better off sections of society to
forego their liquefied petroleum gas (LPG) subsidy, which would
be utilised in providing subsidised LPG connections to the poor.
3. Union Ministry of Home Affairs (MHA) has renamed Tourist
Visa on Arrival-Electronic Travel Authorization scheme (TVoA-
ETA) to e-Tourist Visa
4. Railways today launched E-Samiksha, an online monitoring
mechanism, with an aim of monitoring
implementation of various ongoing projects including Rail Budget
proposals.
5. Prime Minister Narendra Modi unveiled three mega flagship
schemes aimed at developing cities and towns as "new engines
for growth". The three projects -- 100 smart cities, Atal Mission
for Rejuvenation and Urban Transformation (AMRUT) and
Housing for All - will ring in a new urban era, which will entail an
investment of over Rs 3 lakh crore in the next five years.
6. Union Government has launched Bhuvan Ganga Mobile
Application and Web Portal to aid flagship mission to Clean
Ganga.
7. Union Cabinet approved increasing Indias solar power
capacity target under the Jawaharlal Nehru National Solar
Mission (JNNSM) to 1 Lakh Mega Watt (MW) by 2022.
8. The Union Minister of State (Independent Charge)
Development of North-Eastern Region (DoNER) Jitendra Singh on
15 June 2015 launched an Augmented Reality (AR) application
named Sakaar to highlight the achievements of the Department
of Space.
9. Union Minister for Micro, Small and Medium Enterprises Kalraj
Mishra on 15 June 2015 launched a digital Employment
Exchange for Industries (EEX) portal eex.dcmsme.gov.in which will
connect employers and job seekers.
10. Union Government launched weather alert service
NOWCAST-The SMS will be sent in English, Hindi and regional
languages as per farmers request.
11. India will provide e-tourist visa to 31 more countries,
including France and Canada, enabling the citizens of these
nations easy entry to the country. With the latest addition, the
total number of countries under this scheme will go up to 76.
12. Union Minister of Road Transport and Highways Shri Nitin
Gadkari dedicated to the nation two major Highway projects in
the North East at a function near Shillong. These include Shillong
Bypass and four laning of Jorabat-Barapani Section of NH-40.
13. Centre allocates Rs 5,000 crore for development of AYUSH.
14. Marking the first anniversary of NDA government, Prime
Minister Narendra Modi launched Kisan TV at a function held
in Vigyan Bhawan.
15. Centre is planning to launch soon an agri-training
programme in 593 villages under the Sansad Adarsh Gram
Yojana, one of the flagship schemes of Prime Minister Narendra
Modi.
16. Niti Ayog
India's Planning Commission will be renamed "Niti Ayog"
(National Institution for Transforming India) as part of a plan to
restructure the institution that the government believes has run its
course. The name, replacing "Yojana (planning)" with "Niti
(policy)" will be announced in an amended resolution for the new
plan body. The Planning Commission had suggested to a group
chaired by Prime Minister Narendra Modi that its replacement
body should be structured to meet the need of changing
economic paradigm and comprise sectorial experts and states'
representative.
The NITI Aayog will comprise the following:
The full-time organizational framework will comprise of, in
addition to the Prime Minister as the Chairperson:
i. Vice-Chairperson: To be appointed by the Prime Minister
ii. Members: Full-time
21
iii. Part-time members: Maximum of 2 from leading universities
research organizations and other relevant institutions in an ex-
officio capacity. Part time members will be on a rotational basis.
iv. Ex Officio members: Maximum of 4 members of the Union
Council of Ministers to be nominated by the Prime Minister.
v. Chief Executive Officer: To be appointed by the Prime
Minister for a fixed tenure, in the rank of Secretary to the
Government of India.
vi. Secretariat as deemed necessary.
17. PAHAL Scheme
More than 60 per cent of LPG customers in the country have
joined the ambitious PAHAL scheme for receiving cash subsidy so
that they can buy cooking gas (LPG) at market price. Over 9
crore consumers, out of a total customer base of 15.33 crore,
have joined the Direct Benefit Transfer for LPG (DBTL) scheme
and Rs 2,262 crore in cash has been transfered to them.
18. Sukanya Samriddhi Accounts -
i. Rate of interest 9.1% Per Annum(2014-15),calculated on
yearly basis ,Yearly compounded.
ii. Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a
financial year. Subsequent deposit in multiple of INR 100/-
Deposits can be made in lump-sum No limit on number of
deposits either in a month or in a Financial year.
iii. Account can be opened up to age of 10 years only from the
date of birth.
iv. If minimum Rs 1000/- is not deposited in a financial year,
account will become discontinued and can be revived with a
penalty of Rs 50/- per year with minimum amount required for
deposit for that year.
v. Partial withdrawal, maximum up to 50% of balance standing
at the end of the preceding financial year can be taken after
Account holders attaining age of 18 years.
vi. Account can be closed after completion of 21 years.
19. Amrut Mahotsav - The year 2022, 75th year of
Independence Vision for Team India led by PM
i. Basic facility of 24x7 power, clean drinking water, a toilet and
road connectivity.
ii. Housing for all - 2 crore houses in Urban areas and 4 crore
houses in Rural areas.
iii. At least one member has access to means for livelihood.
iv. Substantial reduction in poverty.
v. Electrification of the remaining 20,000 villages including off-
grid Solar Power- by 2020.
20. Deendayal Upadhyaya Gram Jyoti Yojana: Government
approved Rs 43,033-crore rural electrification scheme
Deendayal Upadhyaya Gram Jyoti Yojana. Note: The scheme
will replace the existing Rajiv Gandhi Grameen Vidyutikaran
Yojana (RGGVY).
ii. The scheme is likely to work towards improvement in hours of
power supply in rural areas, reduction in peak load,
improvement in billed energy based on metered consumption
and providing access to electricity to rural households.
21. Union Government launched the nationwide Bal
Swachhta Mission:
i. The Bal Swachhta Mission is a part of the nationwide sanitation
initiative of Swachh Bharat Mission that was launched by the
Prime Minister on 2 October 2014. The nationwide Bal Swachhta
Mission will have the following six themes:
1. Clean Anganwadis
2. Clean Surroundings like Playgrounds
3. Clean Self (Personal Hygiene/Child Health)
4. Clean Food
5. Clean Drinking Water
6. Clean Toilets
22. Swachh Bharat Mission (Ek Kadam Swachhata Ki Aur)
launched on Oct 2: The concept of Swachh Bharat is to pave
access for every person to sanitation facilities including toilets,
solid and liquid waste disposal systems, village cleanliness and
safe and adequate drinking water supply.
Important Points:
1. The Mission aims at fulfilling the dream of clean India of
Mahatma Gandhi by his 150th birth anniversary in 2019.
2. Logo created by Shri Anant Khasbardar of Kolhapur,
Maharashtra has won the Logo design contest
3. The Tagline Ek Kadam Swachhata Ki Aur was given by
Ms.Bhagyasri Sheth of Rajkot, Gujarat emerged successful in the
contest for Tagline for the Logo.
4. PM Narendra Modi appointed bollywood actor Aamri Khan
as the Brand Ambassador of the Swachh Bharat Mission
5. Prime Minister roped 9 celebrities including cricket icon Sachin
Tendulkar, Congress leader Shashi Tharoor, industrialist Anil
Ambani, Salman Khan, Priyanka Chopra and Kamal Haasan,
Goa governor Mridula Sinha, yoga guru Ramdev and the team
of TV serial "Tarak Mehta Ka Ulta Chashma".
23. Union Ministry of Science & Technology announces KIRAN
(Knowledge, Involvement, Research, Advancement through
Nurturing) scheme for Women Scientists
24.
Objectives:-
i. To increase the number of women researchers in India.
ii. Provide Research grants particularly to those female
researchers and technologists who had to take a break in career
owing to household reasons.
Awards & Honours
1. Indian-origin nurse Subadhra Devi Rai named for 2015
International Achievement Award.
2. Amitabh Bachchan honoured by Egypt's Academy of Arts.
3. Delhi International Airport Limited (DIAL) has bagged the
prestigious Golden Peacock National Quality Award for the year
2015.
4. An Indian origin school boy Pratap Singh, 15, in the UK has
been chosen for a prestigious prize for the Institute of Physics
(IOP) Prize, that carries 500 pounds sterling and a trip to a
national physics-related activity.
5. Uttar Pradesh Government conferred Sahitya Shiromani
Samman on noted Hindi poet Gopaldas Neeraj and veteran
Hindi litterateur Uday Pratap Singh.
6. Seoul city, the capital and largest metropolis of South Korea
was awarded the title of Global Earth hour Capital 2015 after it
won the Earth Hour City Challenge (EHCC) of World Wildlife
Fund (WWF).
7. US President Barack Obama honoured Microsoft's Indian-
origin CEO Satya Nadella with the 'Champions of Change'
award for bringing about change within his company to support
working families.
8. NRI industrialists Hinduja brothers S P Hinduja and G P
Hinduja have won the Business Leader of the Year 2015 award
at the prestigious 5th Asian Awards for their outstanding
achievement in the field of business.
9. Bollywood actor Shah Rukh Khan was honoured with the
Dadasaheb Phalke Film Foundation Award 2015 for his
performance in the movie Happy New Year. Actor Rajkummar
Rao won the prestigious award for his performance in the
critically acclaimed film Citylights.
22
iii. Bring about, as far as achievable, gender parity in the field
of science and technology.
25. National Pension System -: Government of India
established Pension Fund Regulatory and Development Authority
(PFRDA)- External website that opens in a new window on 10th
October, 2003 to develop and regulate pension sector in the
country. The National Pension System (NPS) was launched on
1st January, 2004 with the objective of providing retirement
income to all the citizens.
26. Aajeevika - National Rural Livelihoods Mission (NRLM) was
launched by the Ministry of Rural Development (MoRD),
Government of India in June 2011. The basic idea behind this
programme is to organize the poor into SHG (Self Help Groups)
groups and make them capable for self-employment.
27. Indira Awas Yojan: It is one of the major flagship programs
of the Rural Development Ministry to construct houses for BPL
population in the villages
Note: i. The financial assistance provided for new construction in
the form of full grant is Rs.70,000/- per unit for plain areas &
Rs.75,000/- for hilly/difficult areas.
ii. Further, an IAY beneficiary can avail top-up loan upto Rs
20,000/- under the Differential Rate of Interest (DRI Scheme)
from any Nationalized Bank at an interest rate of 4% per
annum.
28. Govt re-launches Varishtha Pension Bima Yojana: The
government has re-launched the Varishtha Pension Bima Yojana,
for the benefit of citizens aged 60 years and above. It will
provide monthly pension ranging from 500 to 5,000 rupees per
month to senior citizens of the country. The Scheme will be
administrated by the Life Insurance Corporation, LIC.
10. PM Modi awarded the 50th Jnanpith Award to eminent
Marathi litterateur Bhalchandra Nemade whose several books,
including Kosala and Hindu, have influenced Indian writing.
11. Bollywood actor Anil Kapoor conferred with prestigious
Master Deenanath Mangeshkar Award 2015.
12. Indian Space Research Organisation (ISRO) has been
selected for the Gandhi Peace Prize for 2014 for its contribution
to the countrys development through space technology and
satellite-based services.
13. President Pranab Mukharjee conferred Punyabhushan Award
on Prataprao Pawar, Chairman of Sakal Media Group (SMG) at
Balgandharva Auditorium in Pune.
14. Vocalist Sanjay Subrahmanyam selected for Sangita
Kalanidhi award 2015.
15. Atal Behari Vajpayee honoured with Bangladesh Liberation
War Award.
16. Edward Snowden awarded freedom of expression prize in
Norway
17. Isro Bags Space Pioneer Award for Mangalyaan Mars
Orbiter Mission.
18. Indian-Origin Surgeon General Vivek Murthy Presented With
Pride of Community Award
19. Dr. Pramod Patil and Dr. Ananda Kumar won 2015
Whitley Awards for wildlife conservation.
20. Ace marksman Jitu Rai was declared the Sportsperson of the
Year' at the Times of India Sports Awards.
21. Indian film Masaan has won the prestigious critics prize in the
Un Certain Regard category at the 68th Cannes Film Festival.
22. Two Indian peacekeepers have been chosen posthumously for
United Nations Dag Hammarskjold Medal. They are Lance Naik
Nand Ram and Raju Joseph.
23. Hungarian writer Laszlo Krasznahorkai won Britain's Man Booker International Prize for career achievement.
Awards 62nd National Film Awards
Best Actor Sanchari Vijay for Nanu Avanalla
Avalu
Best Actress Kangna Ranaut for Queen
Best Director Srijit Mukherji
Best Feature Fim Queen
Best Feature Film in Court
Hindi
Dada Saheb Phalke Shashi Kapoor
Award
Place in News
1. India's first International Financial Services Centre (IFSC) at
Gujarat International Finance Tec (GIFT) City in Gandhinagar
district of Gujarat became operational and Finance Minister
Arun Jaitley unveiled rules and regulations for this global
financial hub.
2. Larsen & Toubro (L&T) has announced signing a memorandum
of understanding (MoU) with AREVA of France for co-operation
to maximise localisation of the EPR nuclear power plant to be
built at Jaitapur, Maharashtra.
3. The National Tiger Conservation Authority (NTCA) has
accorded final approval to two national parks i.e. Kudermukh
National Park in Karnataka and Rajaji National Park in
Uttarkhand for being declared as tiger reserves.
4. State-run BSNL, with the Army's assistance, today
operationalised a mobile tower at an altitude of 16,000 feet in
Eastern Ladakh region of Jammu and Kashmir.
5. Migrant Resource Centre (MRC) was set up in Chennai by the
Union Ministry of Overseas Indian Affairs (MOIA) and Tamil
Nadu state government.
6. Rajasthan topped the list of states commissioning grid
connected solar power projects in the country with an installed
capacity of 1147 megawatt.
Person in News
1. Indian Prime Minister Narendra Modi is the winner of this
years reader poll for TIME Person of the Year.
2. Vankadarath Saritha, a 30-year-old driver became first
woman bus driver to be inducted in Delhi Transport Corporation
(DTC).
3. Rajya Sabha member Sitaram Yechury was elected the fifth
general secretary of the Communist Party of India (Marxist).
4. Jayaram Jayalalitha cleared of corruption charges.
5. An Egyptian court has sentenced ousted President Mohammed
Morsy to death.
Agreements
1. A Memorandum of Understanding (MoU) was signed on 18
April 2015 between Rail Vikas Nigam Limited (RVNL) and Dighi
Port Limited to facilitate construction of 34 km of railway link
between Roha and Dighi Port in Raigad district of Maharashtra.
2. India, Thailand sign multiple agreements including double
taxation avoidance treaty.
23
Awards IIFA 2015 Winner
Best Actor Shahid Kapoor for Haider
Best Actress Kangna Ranaut for Queen
Best Director Rajkumar Hirani for PK
Best Movie Queen
Padma Vibhushan:
1. LK Advani- Public Affairs- Gujarat
2. Amitabh Bachchan- Art- Maharashtra
3. Prakash Singh Badal- Public Affairs- Punjab
4. Prof Malur Ramaswamy Srinivasan- Science and Engineering-
Tamil Nadu
5. Kottayan K. Venugopal- Public Affairs- Delhi
7. Maharashtra has officially declared Blue Mormon species as
State butterfly as part of state symbols.
8. Election Commission of India (ECI) has suspended recognition
of the PA Sangma-led National Peoples Party (NPP) which was
a recognized state party in Meghalaya.
9. Jaipur Metro, touted as one of the fastest built metro systems
in the country, was thrown open to public.
10. The sprawl of the National Capital Region (NCR) just got
bigger as the nod has been given for the inclusion of
Muzaffarnagar district of Uttar Pradesh and the Jind and Karnal
districts of Haryana.
11. Nitin Gadkari inaugurated the Indias first of its kind State-
of-the-Art Tier-I Oil Spill Response Centre for Mumbai & JNPT
Harbour.
12. Second border haat (rural market) was opened for common
people at Kamalasagar in Sipahijala district
of Tripura bordering Brahmanbaria district of Bangladesh.
13. Maharashtra Industrial Development Corporation (MIDC) has
inked memorandum of understanding (MoU) with state-run Small
Industries Development Bank of India (SIDBI) to provide easy
finance to micro, small and medium enterprises (MSMEs) for their
growth.
14. Tripura government decides to withdraw AFSPA from state.
6. Four Indians have been named in Forbes magazines 12th
annual list of Worlds 100 most powerful women. These are:
Arundhati Bhattacharya, Chanda Kochhar, Kiran Mazumdar
Shaw & Shobhana Bhartia.
7. Tanishq Abraham 11-year old Indian-American creates record
by graduating from California College.
8. Parvinder Singh Batth, becomes first Sikh mayor in United
Kingdoms Wokingham Borough Council.
9. Indian-American Harkeert Singh Saini won Prestigious Police
Award in Texas.
3. India and United States have signed a series of agreements
on health in order to enhance cooperation in health sector.
4. India and Belarus decided to work together on defence and
security issues as President Pranab Mukherjee met his Belarusian
counterpart and agreed on a 17-point road map aimed at
strengthening mutual trust and confidence.
5. The Loan and Project Agreements for World Bank (IBRD)
assistance of US$ 400 million for Tamil Nadu Sustainable Urban
Development Project were signed between the Government of
India/ Government of Tamil Nadu and World Bank.
6. India and the US signed a new strategically important 10-
year defence framework pact envisaging joint development
and manufacture of defence equipment and technology
including jet engines, aircraft carrier design and construction.
7. India, Bangladesh make history with land swap - India and
Bangladesh sealed a historic agreement that will settle a 41-
year-old land boundary dispute through exchange of territories,
removing a major irritant in bilateral ties.
8. Union Cabinet meet chaired by Prime Minister Narendra
Modi has approved the signing of Bangladesh, Bhutan, India
and Nepal (BBIN) Motor Vehicle Agreement.
9. India to tie up with Iran for Chabahar port.
10. Government declared 11 pacts that signed between India,
Germany at Hannover fair.
11. The Union Cabinet gave its nod for revising the existing
double taxation avoidance agreement (DTAA) with South Korea.
12. World's largest steel maker ArcelorMittal and SAIL inked a
pact to jointly setup a steel plant in India for the fast growing
automotive sector.
13. Gujarat government and Chinese software firm ZTE-soft
have entered into an agreement for smart city projects in the
state.
14. The India Meteorological Department (IMD) under the Union
Ministry of Earth Sciences on 18 May 2015 signed
Memorandum of Understanding (MoU) with Power System
Operation Corporation Ltd (POSOCO) for optimum use of
weather information/forecast in the power sector.

Resign/Retired
1. Vijay Kelkar resigns from Tata Chemicals' Board. 4. Dick Costolo resigned as CEO of Twitter Inc.
2. United Nation (UN) peace envoy to Yemen, Jamal Benomar 5. Fifa president Sepp Blatter resigned.
has resigned, after losing support from Gulf countries for his 6. C.S Verma steps down as SAIL CMD.
mission in the conflict-riven nation. 7. TN CM O Panneerselvam resigns, makes way for
3. Union Ministry of Statistics and Programme Implementation Jayalalithaa to take over as the CM.
(MOSPI) has sacked Dr Bimal K Roy as the Director of Indian
Statistical Institute (ISI).

Books & Their Authors

1. Transcendence: My Spiritual Experiences with Pramukh 18. Final Test: Exit Sachin Tendulkar authored by Dilip
Swamiji written by Abdul Kalam DSouza
2. Book titled Modi - Incredible emergence of a star in Chinese 19. A Man and a Motorcycle, How Hamid Karzai Came to
language written by Tarun Vijay
Power: written by Bette Dam
3. Education of Muslims: An Islamic Perspective of Knowledge 20. And Then One Day: Naseeruddin Shah's autobiography
and Education Indian Context edited by Professor JS Rajput. 21. God of Antarctica written by Yashwardhan Shukla:
4. Pakistan's Ex-Foreign Minister Khurshid M Kasuri penned
22. One Life is Not Enough : written by Kunwar NatwarSingh
'Neither a Hawk nor a Dove'
5. Former Lok Sabha Speaker Meira Kumars book entitled 23. A book Munger through the Ages authored by late
Devendra Prasad Yadav
Indian Parliamentary Diplomacy Speakers Perspective was
released. 24. The Lives of Others a novel written by: Neel Mukherjee
6. PM Narendra Modi launched Born Again on the Mountain by 25. The Substance and the Shadow: written by Uday Tara
Arunima Sinha Nayar, a former journalist.
7. Prince of Gujarat: The Extraordinary Story of Prince 26. Blood Feud written by Edward Klein
Gopaldas Desai released authored by Rajmohan Gandhi. 27. A Bad Character: authored by Deepti Kapoor.
8. Rajdeep Sardesai penned the book titled 2014: The Election 28. The Good, the Bad and the Ridiculous - Khuswant Singh
That Changed. 29. Train To Pakistan - Khuswant Singh
9. Book titled Letters for a Nation written by Jawaharlal Nehru 30. An Uncertain Glory: India and its Contradictions - Jean
& Madhav Khosla was published by Allen Lane an imprint of Dreze and Amartya Sen.
Penguin Books .
10. Next China-India War- World's First Water War authored
by General S. Padmanabhan released.
11. The book titled Black Tornado: The Three Sieges of Mumbai
26/11 authored by Sandeep Unnithan.
12. President of India Pranab Mukherjee penned a book titled
The Dramatic Decade: The Indira Gandhi Years.published by
Rupa.
13. Biography My Name is Abu Salem released written by S
Hussain Zaidi and published by Penguin.
14. 'Playing it My Way': Author - Sachin Tendulkar & Boria
Majumdar
15. Half Girlfriend - written by Chetan Bhagat
16. The Narrow Road to the Deep North authored by Richard
Flanagan
17. Untold Story of Indian Public Sector - authored by Dr UD
Choubey,

24
 Leaders visited India/World
1. North Koreas top diplomat, Ri Su-yong, arrived in India on a
rare visit where Delhi hosted the meet. Ri became the first North
Korean foreign minister to visit India in at least 25 years.
2. Pranab Mukherjee visited Sweden.
3. Bangladesh President Abdul Hamid arrives in Kolkata on a
six-day official visit during which he held talks with the Indian
leadership with an aim to further strengthen the already close
bilateral relations between the two countries.
4. Tamim bin Hamad Al Thani emir of Qatar visited India from
March 24-25, 2015
OBITUARY
1. Malli Mastan Babu, India's ace mountaineer passes away
2. Renowned Assamese filmmaker and actor Bidyut Chakraborty
breathed his last in a private nursing home in Guwahati after
brief illness.
3. Former Governor of Assam and three-time Chief Minister of
Odisha Janaki Ballav Patnaik passed away.
4. Sister Nirmala Joshi, former Superior General of Missionaries
of Charity passed away in Kolkata after brief illness at the age
of 81.
5. Former Indian women hockey team captain Shashi Bala
passed away on 21 June 2015.
RECENT VISITS OF
1. China: 14 16 May
* Highlights:
Modi will a three-nation tour of China, Mongolia and South
Korea from May 14 to 19.
*According to officials, the visit is aimed at giving a boost to the
East Asia policy aligning it with Make in India initiatives and
bringing momentum to the countrys foreign policy in the
strategically significant region.
A. During the Modi's visit, India would seek greater market
access, removal of non-tariff barriers and investments in sectors
such as defence.
B. China has already signed MoUs to set up industrial parks in
India.
Key persons--Xi Jinping (President)
2. Mongolia: 16 17 May
Highlights:
A. Mongolia and India are keen to move forward on the MoU
for Uranium supply that the two countries had entered in 2009.
B. Mongolia is keen on Indian helping the country in cyber
security.
C. Help in border patrolling is another area where the two
countries will be stepping up the ties.
* Key person --Chimed SaikhanbilegPM
3. South Korea: 18 19 May
Highlights:
A. His visit to South Korea has a definite Make in India angle to
it.
B. India is keen on getting investment and going for joint
manufacturing in areas where South Korea has a technological
edge.
C. In the manufacturing sector, South Korean companies including
Samsung, LG and Hyundai that have strong presence in India.
* Key person --President Park Geun-hye , Prime minister--Lee
Wan-koo
25
5. Maithripala Sirisena, President of Sri Lanka visited India
February 15-18, 2015
Significance - First foreign visit of the Sri lankan President after
taking office on 9 January 2015
6. Nguyen Tan Dung: Vietnam Prime Minister visited India
7. US president Barack Obama visited India in the late January.
8. Mark Zuckerberg: Facebook founder visited India
9. Amazon founder Jeff Bezos visited India.
10. Frank Walter: Foreign Minister of Germany visited India
6. Charles Correa, face of contemporary architecture in India
passes away.
7. 2004 Nobel Chemistry winner Irwin Rose dies.
8. Legendary actor Sir Christopher Lee passes away.
9. Sheila Kaul, former Governor of Himachal Pradesh, died.
10. Aruna Shanbaug, the former nurse at KEM Hospital here who
was brutally sexually assaulted by a ward boy, passed away.
11. John Forbes Nash Jr., the Princeton University mathematician,
died along with his wife in a car crash.
PRIME MINISTER
4. Canada: 14 16 April
Highlights:
* The first official visit by an Indian PM in over 40 years, is a
sure sign that relations between our two countries are reaching
new heights.
A. The visit, which resulted in several new bilateral agreements
and commercial deals worth over $1.6 billion.
B. These include energy, railway transportation, education and
skills development, space cooperation, and maternal, newborn
and child health.
C. One of the commercial agreements signed was for a
Canadian company, Cameco, to supply over 3.175 million kg of
uranium concentrate to India over the next five years for the
generation of electricity.
* Key person --Stephen Harper-PM
5. Germany: 12 14 April
Highlights:
The PMs visit to Germany was widely covered by the media
there especially his inauguration of the famous Hannover
industrial fair along with German Chancellor Angela Merkel.
A. Both leaders spoke in favour of a free trade agreement
between the European Union and India. PM Modi said that this
was important for the expansion of India as a manufacturing
hub.
B. The joint statement by both countries recognized the
establishment of a working group on urban development.
* Germany chancellor--- angela merkel
6. France: 9 12 April
Highlights:
* 20 pacts signed between India and France
*Participate in the Make In India programme in defense, civil
nuclear power and food processing
* India asked France to supply 36 Rafale fighter jets in fly-
away condition
* Key Person-French President Francois Hollande.
7. Singapore: 29 March
Highlights:
A. Prime Minister Modi attended the state-funeral of Lee Kuan
Yew,
* The first Prime Minister of Singapore.
* There, at the sidelines, he met several world leaders including
Israeli President.
*It was his first visit to Singapore and he is expected to visit
again during the later part of the year for golden jubilee
celebration of India-Singapore diplomatic relation.
8. Sri Lanka - 13 14 March
Highlights:
4 agreements with Sri Lanka:
* Customs pact to balance trade,
* Credit line of more than $300 million,
* Currency swap agreement
* Visa on arrival for Sri Lankan nationals in India.
* Prime Minister Narendra Modi today flagged off a train
service at the north-western Sri Lankan town of .The newly-
constructed 63-km railway track between Madhu Road and
Talaimannar Pier is the last segment of the 265-km long
Sports News
1. China's Olympic gold medal-winning hurdler Liu Xiang, one of
the country's biggest sports stars, has retired.
2. New Zealand cricketer Mills follows Vettori into retirement.
3. Brendon McCullum conferred with Sir Richard Hadlee Medal
for 2014-15.
4. Planet named after Indian chess grandmaster Viswanathan
Anand.
5. Indian Grandmaster Dronavalli Harika wins bronze in World
Womens chess championship
6. Gursimran 'Sim' Bhullar became the first player of Indian
descent to play in the high-profile National Basketball
Association (NBA) league as he made his debut for Sacramento
Kings.
7. Ace Indian shooter Jitu Rai won a bronze medal in the 10m air
pistol event at the International Shooting Sport Federation (ISSF)
World Cup in Changwon, South Korea.
8. Indian cricket icon Sachin Tendulkar was inducted as one of
the five new members into the prestigious Laureus Sports
Academy in a glittering annual award ceremony at the Shanghai
Grand theatre.
9. Formula One world champion Lewis Hamilton won the Bahrain
Grand Prix for the second year in a row with Ferrari's Kimi
Raikkonen back on the podium
10. Mercedes Formula 1 driver Lewis Hamilton from Britain won
Chinese Grand Prix of Formula One on the Shanghai
International Circuit in China. This was his second win of the
season and his fourth Chinese Grand Prix win. It was also Lewis
Hamiltons overall 35th Grand Prix win.
11. Australia and New Zealand will play cricket's first day-night
Test in Adelaide from late November.
12. A quick but frustrating draw for Viswanathan Anand proved
enough for Veselin Topalov to claim the Norway Chess 2015
title in Stavanger, Norway.
13. Satnam Singh Bhamara, the first Indian-born player to be
drafted in the NBA League.
14. Former Pakistan cricket team captain Zaheer Abbas has
been selected the new President of International Cricket Council
(ICC) for one year term.
15. Federer Wins Weber Title for Eighth Time.
16. Nico Rossberg of Mercedes wins Austrian Grand Prix of F1.
26
* Key personsPresident -Maithripala SirisenaRanil
Prime minster --Wickremesinghe
9.Mauritius - 11 13 March
* Highlights:
AGGREMENTS: Total 5
A. India Offers $500 Million Credit to Mauritius During PM
Modi's Visit, 5 Pacts Signed
# Indian line of credit of $ 200 million initially meant for the
light railway transit system to projects in the water and energy
sector.
B. Modi was the Chief guest at the Mauritian National Day on
12 March
* Key persons--PM of mauritius--aniruthJugnauth
10. Seychelles - 10 - 11 March
Highlights:
A. AGREEMENTS: Total 4
* Hydrography
* Renewable energy
* Infrastructure
* Development and sale of navigation charts and electronic
navigational charts
* Key person---President James Alix Michel
17. Sunil Chhetri becomes first Indian to score 50 international
goals.
18. Jwala Gutta, Ashwni Ponappa win womens doubles title of
Canada Open Badminton tournament.
19. Inderjeet Singh, Jinson Johnson won gold at Asian Athletics
Grand Prix.
20. Former West Indies fast bowler Wes Hall was inducted into
the ICC Cricket Hall of Fame.
21. Sachin Tendulkar, Sourav Ganguly, and VVS Laxman
inducted into BCCI's high-powered advisory panel.
22. India has jumped six places to 141st position in the latest
rankings released by world footballs governing body FIFA.
23. De Villiers crowned South African cricketer of the year.
24. BCCI has announced Rahul Dravid as the coach of India A
team and Indian U 19 cricket team.
25. Stan Wawrinka stuns Novak Djokovic and Serena Williams
wins French Open after beating Lucie Safarova in final.
26. Tintu Luka strikes gold as India finishes 3rd at Asian Athletics
Championships.
27. Anantjeet Singh Naruka beat Lari Pesonen of Finland 12-11
in the skeet match for gold in the 7th International junior shotgun
cup that concluded in Orimattila, Finland.
28. Forbes list: Dhoni has been ranked 23rd on the Forbes list of
The World's Highest-Paid Athletes 2015.
29. Serbia edge Brazil in final to clinch Fifa U-20 World Cup
title.
30. Tennis player Rafael Nadal received Golden Medal for
Merit in Work of Spain.
31. Indian Railway girls clinch 5th National Hockey
Championship title.
32. Geeta Phogat won a bronze medal in the Women's
Freestyle 58kg category in the Senior Asian Wrestling
championship in Doha.
33. Sakshi Malik and Lalita bagged bronze medal in Women's
Freestyle 60kg and 55kg categories, respectively, in the Senior
Asian Wrestling Championship in Doha.
34. Nico Rosberg has finally got the better of Mercedes
teammate Lewis Hamilton this season, winning the Spanish Grand
Prix.
35. Andy Murray beats Rafael Nadal to win Madrid Masters 42. Mandeep Kaur wins two gold medals at World Junior
final. Championship.
36. Tejaswini Sagar wins gold at Under-15 World School Chess 43. Mumbai Indians put up an all-round show to outshine Chennai
Championship. Super Kings by 41 runs in the final to win the Indian Premier
37. Gagan Narang won the bronze medal in the 50m Rifle League 2015.
Prone Event of the ISSF World Cup at Fort Benning in USA, 44. Mercedes driver Nico Rosberg of Germany won Monaco
earning himself a quota place for the 2016 Rio Olympics. Grand Prix of Formula One.
38. Brad Haddin: Australia wicketkeeper quits one-day game. 45. Karnataka clinch eighth Ranji Trophy title. They defeated
39. Shooter Gurpreet Singh qualifies for Rio 2016. Tamil Nadu to retain the Ranji Trophy.
40. Lalit Bhanot was elected vice-President of the Asian Athletics 46. East Zone lifts Deodhar Trophy cricket tournament, beating
Association (AAA) in Wuhan, China. West Zone by 24 runs at the Wankhede Stadium in Mumbai.
41. Sangakkara named CEAT International Cricketer of the Year
& Rahane is Indian Cricketer of the Year in the CEAT awards.
TOURNAMENTS IN BRIEF CRICKET WORLD CUP 2015
Miami Open 2015 - Winners Australia defeated Newzealand in the finals of the cricket
Mens Singles Title world cup 2015 by 7 wickets.
World No. 1 and Serbian ace tennis player Novak Djokovic has
won the 2015 Miami Open Mens Singles Title.
Womens singles Title Africa respectively in the Semi finals of the world cup.
World No. 1 and American ace tennis player Serena Williams Martin Guptill (New Zealand) 547 runs.
has won the 2015 Miami Open Womens singles Title. Mitchell Starc (Australia) 22 wickets and Trent
Mens doubles Title Boult (Newzealand) 22 wickets.
American Bob Bryan and Mike Bryan pair has won the 2015 Mitchell Starc (Australia)
Miami Open Mens doubles Title. James Faulkner (Australia)
Womens doubles Title
Indias Sania Mirza and Switzerlands Martina Hingis pair has GAMES VENUES
won 2015 Miami Open Womens doubles Title. ICC World Cup Cricket Venue: ODI: (One day International):
1. Australia & New Zealand: 2015.
Rome Masters 2015: Winners 2. England - 2019
Women's Singles - Maria Sharapova 3. India 2023
Men's Singles - N. Djokovic
Women's Doubles - Timea Babos and Kristina Mladenovic T20:
Men's Doubles - P. Cuevas and D. Marrero 1. India -2016
2. Australia - 2020
French Open
Men's Single - Winner = Stan Wawrinka (Switzerland), Runner Test:
Up = Novak Djokovic (Serbia) 1. England 2017 (for first time).
Women's Single - Winner = Serena Williams (USA), Runner Up 2. India - 2021.
= Lucie afov (Czech Republic)
FIFA (Football) World Cup venue:
Australian Open 1. 2018 : Russia
Men's Single - Winner = Novak Djokovic (Serbia), Runner Up = 2. 2022: Qatar
Andy Murray (UK)
Women's Single - Winner = Serena Williams (USA), Runner Up Commonwealth Games venues:
= Maria Sharapova (Russia) 1. 2014 Glasgow (Scotland).
2. 2018 Gold Coast (Australia).
BNP Paribas Open
i. Men's Singles - Novak Djokovic defeated Roger Federer Olympics Games venues:
ii.Women's Singles - Simona Halep defeated Jelena Jankovic 1. 2014 winter: Sochi (Russia) Russia tops in the medal tally in
iii.Men's doubles - Vasek Pospisil/Jack Sock defeated Simone 2014 winter Olympic games.
Bolelli/Fabio Fognini 2. 2016 Summer: Rio de Janeiro (Brazil)
iv.Women's doubles - Martina Hingis / Sania Mirza defeated 3. 2018 winter: Pyeongchang (South Korea)
Russia Ekaterina Makarova / Russia Elena Vesnina. 4. 2020 summer: Tokyo (Japan)

IPL 2015
IPL 2015 Winner
IPL 2015 Mumbai Indians
IPL 2015 Runner Up Chennai Super Kings
Orange Cap David Warner
Purple Cap Dwayne Bravo
Emerging Player Shreyas Iyer
Highest Individual Score AB De Villiars
Most Number of Sixes Chris Gayle

27
 News Related To Defence, Science and Technology
1. Defence Minister Manohar Parrikar launched the country's first
indigenously-built Scorpene submarine at the Mazagaon
Dockyard Ltd in Mumbai.
2. Isro IRNSS-1D Launch Puts India a Step Closer to Own GPS-
Like System.
3. HAL has delivered Orbiter Craft Module Structure of
Chandrayaan-2 to ISRO Satellite Centre (ISAC).
4. Brightest Galaxy in Early Universe named after Cristiano
Ronaldo as CR7.
5. India successfully test-fired its nuclear-capable Dhanush
ballistic missile with a strike range of 350 km from a naval ship
off the Odisha coast.
6. India successfully test-fired nuclear weapons-capable Agni-III
ballistic missile from the Wheeler Island off Odisha coast. The
missile has a strike range of more than 3,000 k.m.
7. The Indian Navy launched Visakhapatnam, the first of stealth
destroyers under the P15-B project.
8. Surface-to-air short range Akash missile system inducted into
Indian Army.
9. A strategically important new Naval base INS Sardar
Patel was commissioned in Porbandar.
10. India-Singapore bilateral naval exercise SIMBEX-15
commences in Singapore.
11. In an attempt to practise using highways for emergency
landings, an IAF Mirage 2000 jet
successfully test landed on the Yamuna Expressway in Uttar
Pradesh.
12. Indian Navy's latest anti-submarine warfare class stealth
corvette, the INS Kavaratti was launched.
13. INCOIS launches app for fishermen - The app is developed
by the Hyderabad-based Indian National Centre for Ocean
Information Services (INCOIS) Marine Fishery Advisory Services
team
14. Indias indigenously developed Beyond Visual Range (BVR)
air-to-air missile Astra was successfully tested from a Sukhoi- 30
fighter aircraft.
15. HAL completed integration of BrahMos thermonuclear cruise
missile with Sukhoi-30MKI after over two years of work,
modifying the Russian-made aircraft.
Business News
1. Snapdeal acquires majority stake both in RupeePower and
FreeCharge.
2. Online fashion retailer Myntra shut it's website on 1st May
2015; to be available as a mobile app only
3. Cricketer Yuvraj Singh starts his new innings as businessman
with YouWeCan Ventures, aiming to support young
entrepreneurs by investing in startups across sectors.
4. Major Indian Steel Companies viz. Steel Authority of India
Limited (SAIL), Tata Steel, JSW Steel of Jindal Group, Jindal
Steel and Power Limited, Rashtriya Ispat Nigam Limited (RINL),
National Mineral Development Corporation (NMDC) and
Metallurgical & Engineering Consultants (India) Limited (MECON)
partnered with Union Ministry of Steel to set up Steel Research &
Technology Mission.
5. Following popular outrage against net neutrality violations to
internet apartheid, eretailer Flipkart pulled out of the
controversial Airtel Zero preferential access platform.
6. Online restaurant guide Zomato announced the acquisition of
MaplePOS, a cloud-based point of sale product for restaurants
developed by a group of techies from Delhi.
28
16. NASA launches Earth-observing satellite to track the amount
of water locked in soil, which may help residents in low-lying
regions brace for floods or farmers get ready for drought
conditions.
17. A Delta 2 rocket carrying Soil Moisture Active Passive
(SMAP) satellite was launched from Vandenberg Air Force Base
on Californias central coast.
18. India successfully test-fired its indigenously developed,
intercontinental surface-to-surface nuclear capable ballistic
missile Agni-5, which has a strike range of over 5000 kms and
can carry a nuclear warhead of over one tonne, from Wheelers
Island off Odisha
19. SpaceX Falcon 9 rocket successfully launched from Florida
20. Indian Navy had conducted Humanitarian Assistance and
Disaster relief (HADR) exercise in Lakshadweep Islands
(Kavaratti, Aggatti, Kalpeni and Androth). HADR was Indian
Navys large scale exercise to test its readiness for handling a
tsunami like disasters.
21. Cisco Systems picks Visakhapatnam as first smart city'
22. Visakhapatnam will be the first city to be taken up for
development as a smart city by Cisco Systems, the global IT
networking major and the implementing company.
23. Indias communication satellite GSAT-16 launched from
Kourou in French Guiana functioning normally. GSAT 16 has
highest number of 48 transponders that will be used for
television, telephone and internet applications.
Missiles in use of Indian Army:
- 150km - Surface to Surface short range ballistic
missile.
- 350km
- 350km - 600km
- 700km -1250km Surface to Surface short range
ballistic missile.
- 2000km -3500km
- 3500km -5000km
- 3000km -4000km
- 5500km -5800km
- 8000km -3500km
- 30 km
7. Bharat Heavy Electricals Limited (BHEL), an engineering and
manufacturing company announced that it has inked a
Memorandum of Understanding (MoU) with a Russian company
named INTMA with an aim to set up a gas-based power project
in Kazakhstan as well as further boost its presence in the CIS
countries.
8. Metals and mining conglomerate Sesa Sterlite has changed its
name to Vedanta Ltd to better align with its international identity
Vedanta Resources.
9. Iconic business leader Ratan Tata has acquired a stake in
Chinese handset maker Xiaomi, the first investment by any Indian
in the smartphone maker.
10. Online marketplace Flipkart has acquired Delhi-based
mobile engagement and marketing automation company
Appiterate.
11. Sunil Mittal-led Bharti Airtel has become the worlds third
largest mobile operator with 303 million subscriber.
12. BRICS bank to be operational by end of 2015: South Africa.
13. Japan headquartered telecommunications and Internet major
SoftBank Corp, Bharti Enterprises Limited and Taiwan-based
Foxconn Technology Group formed a Joint Venture (JV) named
SBG Cleantech Limited. This JV is aimed at promoting the
adoption of clean and safe energy in India.
14. State owned telecommunications giant Bharat Sanchar
Nigam Limited (BSNL) has announced to set up 40,000 Wireless
Fidelity (Wi-Fi) hot spots across the country.
15. National Stock Exchange (NSE) on 22 June 2015
operationalised the Overnight Liquid Transaction facility on its
web-based Mutual Fund Service System (MFSS) platform.
16. In a bid to address misleading advertisements, the
Advertising Standard Council of India (ASCI)
launched its consumer complaint mobile application ASCIonline,
to provide consumer complaint services on a mobile app besides
providing the facility online.
17. Anil Ambani-led Reliance Power signed an agreement to
invest $ 3 billion in setting up a mega power plant and a
floating LNG import terminal in Bangladesh which faces acute
power shortages.
18. SpiceJet signs deal to sell tickets to waitlisted railway
travellers.
19. After fighting tooth and nail with online retailers, the apex
body of small traders, Confederation of All India Traders (CAIT),
has decided to launch its own ecommerce portal named 'e-Lala'.
20. Microsoft begins rebranding of Nokia Priority Stores.India is
the first country among Microsoft's global markets to roll out the
new look for its retail outlets.
21. Reliance Capital, part of Anil Ambani-led Reliance Group
appointed B Gopkumar as chief executive of its broking and
distribution business.
22. State-run BSNL launched free roaming, , which will allow all
its mobile customers across the country to receive incoming calls
at no cost.
23. The National Association of Software and Services
Companies (Nasscom) signed an MoU with India Electronics and
Days
1. World Heritage Day was observed across the world on 18
April 2015.
2. World Haemophilia Day was observed globally on 17 April
2015 with theme Building a family of support.
3. International Mother Earth Day was observed globally on 22
April 2015 with the theme Its our turn to lead.
4. National Panchayati Raj Day was observed across India on
24 April 2015
5. World Malaria Day (WMD) was observed on 25 April 2015.
The theme for the 2013-2015 campaign is Invest in the Future.
Defeat Malaria.
6. 14th June: World Blood Donor Day
Others
1. Railway Minister Suresh Prabhu introduced the mobile app for
paperless unreserved ticketing for commuters in Egmore and
Tambram suburban sections in Chennai under Southern Railway
zone.
2. Chhurim Sherpa, first woman to climb the Mount Everest
summit twice in a week.
3. Operation Raahat was in news as India launched a massive
air and sea operation to evacuate over 4000 Indian nationals
from Yemen
4. India launched a relief and rescue Operation named Maitri in
earthquake hit Nepal.
5. The BJP-led NDA government has dropped the names of
former Prime Ministers Indira Gandhi and Rajiv Gandhi from two
awards. The Indira Gandhi Rajbhasha Puraskar and Rajiv
29
Semiconductor Association (IESA) to speed up 'Make in India' and
'Digital India' agenda for electronic system design and
manufacturing (ESDM) and IT.
24. FDI in services sector up 46% in 2014-15.
25. Future Group's Retail Business to Merge With Bharti Retail.
26. Microsoft India unveiled Edu-Cloud, a cloud computing-
based offering, designed to offer digital learning and teaching
in schools and higher educational institutions through virtual
learning platforms in India.
27. India is home to 56 of the worlds 2000 largest and most
powerful public companies, according to the Forbess annual list
which is topped by the US with its share of 579 companies.
28. Reliance Industries has signed up for a $750 million loan,
backed by Korea Trade Insurance Corp, to primarily finance the
procurements for its infrastructure rollout from Samsung
Electronics and Ace Technologies Corp.
29. The government will sell its 10 per cent stake in blue-chip
Indian Oil Corporation (IOC) and 5 per cent in power producer
NTPC to mop up about Rs
13,600 crore in this fiscals first disinvestment approval.
30. The Government has managed to restrict the fiscal deficit to
4 per cent during 2014-15, which is even below the revised
estimate announced in the budget.
31. Taxi aggregator TaxiForSure announced a tie-up with
mobile commerce platform Paytm to enable Paytm users to pay
for the cab service through their prepaid wallet.
32. IRCTC Partners With MyDala To Offer Deals To Ticket
Buyers.
33. Infosys is first Indian company to join RE100 global
renewable energy campaign.
34. Reliance Jio Infocomm, the telecom arm of Reliance Industries
(RIL) has signed a pact with Chinese firm Huawei for sourcing
various 4G devices.
7. Kerala Government declares June 22 as Snake Bird Day.
8. India set for World Yoga Day on 21 June 2015.
9. World Press Freedom Day is annually observed on May 3 to
inform the international community that freedom of the press and
freedom of expression are fundamental human rights.
10. Russia celebrates victory day on 9th May.
11. Every year, `National Technology Day is observed across
India on May 11.
12. The United Nations (UN) observed the International Day for
Biological Diversity (IBD) on 22 May 2015. The theme was
Biodiversity for Sustainable Development.
Gandhi Rashtriya Gyan-Vigyan Maulik Pustak Lekhan Puraskar,
launched more than two decades ago, have given way for
Rajbhasha Kirti Puraskar and Rajbhasha Gaurav Puraskar.
6. Two Indian organizations, India Army and Indian Railways are
among the worlds biggest employers. It was revealed in a
research published by the World Economic Forum (WEF). Both
organisations employ around 2.7 million people together.
7. The government of India has released stamp s and coins of the
denomination of Rs.10 and Rs.100 on International Yoga Day
(IYD) on June 21.
8. Op DOGA to secure Yoga Day event.
9. Union Government has exempted builders from obtaining
prior green nod for construction of Universities, School, College
and Hostel facilities.
10. BIS App launched by Union Food and Consumer Affairs
Minister Ram Vilas Paswan.
11. Government to Give Rs 6,000 Crore Interest-Free Loans to
Sugar Mills.
12. Manu Prakash, who amazed the world last year by building
a paper microscope, has now come up with a computer that
works by moving water droplets.
13. The countrys current account deficit (CAD) narrowed sharply
to USD 1.3 billion, or 0.2 per cent of Gross Domestic Product
(GDP), in the fourth quarter. The CAD shrank to 1.3 per cent of
GDP for full financial year 2014-15.
14. The Foreign Investment Implementation Agency, a brainchild
of the former Vajpayee government, is set to get a new lease of
life under Prime Minister Narendra Modi.
15. Union Government has scrapped customs import duties for
drugs and test kits used to treat Human
immunodeficiency virus infection and acquired immune deficiency
syndrome (HIV/AIDS).
16. Department of Atomic Energy (DAE) launched India Nuclear
Insurance Pool (INIP).
17. China launched worlds first electric passenger aircraft BX1E.
18. CRPF to adopt village in earthquake-hit Nepal named
Karikat village near Birganj in Nepal to provide people
immediate relief and help in its reconstruction.
19. Buenos Aires is worlds bookstore capital.
20. The first centre for Gandhian studies in China inaugurated at
Shanghais Fudan University by Prime Minister Narendra Modi.
21. To cash in on growing online shopping trend, India Post Delhi
circle will start its e-commerce centre from 11th May 2015.
22. Centre approves Rs. 20,000-crore budget for Namami
Gange scheme.
23. Coinciding with the BRICS (Brazil, Russia, India, China and
South Africa) summit next year in India, an under-17 football
tournament will be played between the nations. The first will be
held in India only.
24. Infosys to open first overseas campus in China.
25. A powerful undersea earthquake south of Japan has shaken
buildings in Tokyo which was centred 874km (543 miles) from
the Japanese capital, at a depth of almost 700m.
26. Nobel peace prize winning organisation OPCW
(Organisation for the Prohibition of Chemical Weapons) has
achieved major milestone of destroying 90 per cent of the
global chemical weapons stockpile.
UNION BUDGET
Key Highlights -
Quoting PAN a must for all purchases above Rs 1,00,000
Corporate tax reduced from 30% to 25% over next four years
Defence allocation for this fiscal is Rs 2,46,727 crore.
AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal
Pradesh and Assam.
Govt to raise visa-on-arrival facilities to 150 countries from 43
Govt to introduce Indian gold coin with Ashoka sign on it.
Proposal of 5 ultra mega power projects for 4,000 MW each.
Investment in infrastructure to go up by Rs 70,000 crores.
GST to be put in place by April 1, 2016.
All contributions to Sukanya Samridhi scheme to be tax free.
Transport allowance, which is currently Rs 800 per month, has
been increased to Rs 1600 per month.
Additional deduction of Rs 50,000 for pension contributions.
Govt increases limit of deduction of health insurance premium
from Rs 15,000 to Rs 25,000.
100% deduction for contribution to Swachch Bharat and Clean
Ganga schemes.
Rs 150 core to create world class IT hub in India.
30
27. National Association of Software and Services Companies
(NASSCOM) and Data Security Council of India have launched
NASSCOM Cyber Security Task Force.
28. Finance minister Arun Jaitley had announced the setting up of
the National Investment and Infrastructure Fund(NIIF) in the Union
Budget.
29. China, the world's biggest gold producer, has set up a gold
sector fund involving countries along the ancient Silk Road which
is expected to raise $16.1 billion.
Amendments by the Govt.
1. Union Cabinet has approved lowering of age of juveniles
from eighteen to sixteen years for heinous crimes.
2. Union Cabinet has given nod to rename Solar Energy
Corporation of India (SECI) as the Renewable Energy
Corporation of India (RECI).
3. Employee Provident Fund Organisation (EPFO) has notified an
order to make Universal Account Number (UAN) mandatory for
all its employers. It will be mandatory for all employers covered
under the Employees Provident Funds and Miscellaneous
Provisions Act, 1952.
4. The Union Government decided to increase the number of
workdays under Mahatma Gandhi National Rural Employment
Guarantee Act (MGNREGA) from 100 days to 150 days in
drought-affected areas of the country.
5. The Union Cabinet approved the 119th Constitutional
Amendment Bill on Land Boundary Agreement (LBA) between
India and Bangladesh. Under the land boundary agreement,
India and Bangladesh will exchange several enclaves which are
under each other's adverse possession.
6. The long-pending GST bill was approved by Lok Sabha after
a walkout by Congress even as government vowed to
compensate states for any revenue loss and assured that the new
uniform indirect tax rate will be much less than 27 per cent
recommended by an expert panel.
7. A stringent law imposing 120 per cent tax, jail term of up to
10 years and penalty on undisclosed foreign assets and income
to deal with the black money menace was passed in Lok Sabha
by voice vote and with support from the Opposition.
8. The Lok Sabha passed the negotiable Instruments
(Amendment) Bill, which aims at making filing of cases more
convenient for payees if cheques bounce.
Net gain from tax proposals seen at 150.68 billion rupees in
2015-16.
Direct tax proposals will lead to loss of Rs 8,315 crore; indirect
proposal will yield Rs 23,383 crore.
Yoga included in the ambit of charitable purposes under the
Income Tax Act.
Questionnaire on Union Budget
1. In the Union Budget, rate of Service Tax was hiked from 12%
to ____ - 14%
2. In the Union Budget 2015-16, Fiscal deficit seen at how much
per cent of GDP in 2015/16? - 3.9 %
3. How much amount has been allocated to the Rural
Infrastructure Development Bank in the Union Budget 2015-16? -
Rs. 25,000 crore
4. According to the Union Budget, two new IIM will be opened in
which of the following states? -Jammu & Kashmir and Andhra
Pradesh
5. According to the Union Budget 2015-16, Non-Banking
Financial Companies (NBFCs) registered with Reserve Bank of
India (RBI) above _______
will be now considered as financial institutions? - Rs. 5,000 crore
6. How much amount has been allocated for Rural Employment
Guarantee Scheme in the Union Budget 2015-16? - 346.99
billion rupees
7. How much amount has been allocated to Defence sector in the
Union Budget 2015-16? - Rs. 2,46,726 crore
8. According to the Union Budget, how much per cent of Revenue
Deficit to be seen in 2015-16? - 2.8%
9. According to the Union Budget 2015-16, how much per cent,
rate of corporate tax will be reduced over next four years? -
25%
10. According to the Union Budget 2015-16, now details of PAN
has to mentioned compulsory for transactions for more than
_____.- Rs. 1 lakh
11. In the Union Budget 2015-16, increase in the limit of health
insurance premium from current Rs 15,000 to ____.Rs. 25,000
12. How much amount has been allocated for micro-irrigation
watershed projects in the Union Budget 2015-16? - Rs. 5,300
Crore
13. How much amount has been allocated to Infrastructure sector
in the Union Budget 2015-16? Rs. 70,000 crore
14. According to the Union Budget 2015-16, Visa on arrival for
how many countries? 150
15. According to the Union Budget, Centre of film production,
animation and gaming to come up in _____. AP
16. On which date Union Budget 2015-16 was presented in
Parliament? - 28 February 2015
ECONOMIC SURVEY
Presented By - Union Finance Minister Arun Jaitely on 27
February.
What is Economic Survey - The Economic Survey reviews the
developments in the Indian economy over the previous 12
months, summarises the performance on major development
programmes and highlights the policy initiatives of the
government and the prospects of the economy in the short to
medium term.
Highlights of the Economic Survey 2014-15
GDP growth is expected to accelerate to between 8.1 and 8.5
percent in 2015-16.
Inflation is likely to remain in the 5-5.5 percent range in 2015-
16.
The current account deficit estimated to be 1.0 percent in the
fiscal year 2015-16.
Food grains production for 2014-15 is estimated at 257.07
million tones.
India ranks well above the mean for its investment grade
category (BBB), and also above the mean for the investment
category above it (on the basis of the new growth estimates).
Expenditure control and expenditure switching from
consumption to investment will be the key to growth in the short-
run.
It calls for complementing Make in India initiative with Skill
India initiative to enable a larger section of the population to
benefit from the structural transformation that such sectors will
facilitate.
The Model APMC Act, 2003 should be amended along the
lines of the Karnataka Model that has successfully introduced an
integrated single licensing system.
RAILWAY BUDGET
1,00,011 Cr. Planning Budget in 2015-16.
Bullet train Corridor to be developed between Mumbai to
Ahmedabad.
31
17. Name the Union Finance Minister who presented the Union
Budget 2015-16 in Parliament? - Arun Jaitley
18. Personal Income Tax limit was not changed in Union Budget
2015-16. What is the present Personal I-T exemption limit? - Rs
2.5 lakh
19. Health Insurance Premium deduction hiked from Rs. 15,000
to?- Rs. 25,000 (for senior citizens to Rs. 30,000)
20. Transport allowance exemption hiked to Rs. 1,600, from
____ per month? - Rs.800
21. PAN card is must for all purchase above ______ rupees as
proposed in Budget 2015-16? - Rs. 1 lakh
22. An additional _____% surcharge on people earning over Rs.
1 cr was put forth in the budget 2015-16? - 2%
23. What change was made in the Wealth tax? - Wealth tax
abolished
24. DTC was dropped in the Budget 2015-16. Expand DTC? -
Direct Taxes Code
25. Corporate tax to be reduced from 30% to ___ over next
four years? - 25%
26. Mudra banks to be established with capital of Rs.___ crore?-
20000
27. Rs. ____ deduction for contribution to New Pension Scheme?-
Rs. 50,000
28. GAAR implementation deferred by 2 years to? - April 2017
29. Service Tax rate hiked to ___% from 12.36%? - 14%
30. Tax free bonds were proposed in budget for? - Roads,
railways, irrigation project
The Survey calls for adhering to the medium-term fiscal deficit
target of 3 percent of GDP. This will provide the fiscal space to
insure against future shocks and also to move closer to the fiscal
performance of its emerging market peers.
It also calls for moving toward the golden rule of eliminating
revenue deficits and ensuring that, over the cycle, borrowing is
only for capital formation.
Expenditure control combined with recovering growth and the
introduction of the GST will ensure that medium term targets are
comfortably met.
In the short run, the need for accelerated fiscal consolidation
will be conditioned by the recommendations of the Fourteenth
Finance Commission (FFC).
Food Subsidy Bill stands at 107823.75 crore rupees during
2014-15 (up to January 2015) which means an increase of 20
percent over previous year
The direct fiscal cost of select subsidies is roughly 378,000
crore rupees or 4.2 percent of GDP in 2011-12.
41 percent of subsidy given for the PDS kerosene is lost as
leakage and only 46 percent of the remaining 59 percent is
consumed by households that are poor.
The JAM Number Trinity Jan Dhan Yojana, Aadhaar, Mobile
can enable the State to transfer financial resources to the poor
in a progressive manner without leakages and with minimal
distorting effects.
The railways public investment multiplier (the effect of a 1
rupee increase in public investment in the railways on overall
output) is around 5.
Rs.2000 cr for Coastal Connectivity Program; Rs.2500 cr
through BOT/Annuity route. 1000 MW Solar plant; 100DEMUs
to dual fuel
 Setting up Kayakalp to help in Technology Upgradation. 8.5 lakh crore rupees to be invested in the railways in the next
Corporate safety Plans; ISRO to be involved; 3438 level Xings 5 years.
to be eliminated, Rly expense increased by 2600% Operating ratio proposed at 88.5%. Best ever in 9 years.
MUTP-III project for Mumbai. Increase track length by 20 per cent and passenger carrying
Malviya Chair at IIT BHU for Railway technology excellence. capacity from 21 to 30 million.
Train Protection Warning Systems and Anti colliding system to Free Wi-fi facility to B class stations under the scheme of
be developed by RDSO. Digital India.
Increase of speed of 9 Trains from 110 km/hr and 130 km/hr SMS alert on mobile, customer portal promoting digital India
to 160 km/hr.to 200 km/hr. campaign.
Bio toilets in trains; airplane type toilets in trains.
CABINET MINISTERS
Personnel, Public Grievances and Pensions, Women and Child Development
Department of Atomic Energy, Department of Space, All Chemicals and Fertilizers
important policy issues and all other portfolios not allocated to avi Shankar Prasad Communications and Information
any Minister Technology
Home Affairs Civil Aviation
External Affairs, Overseas Indian Affairs Heavy Industries and Public Enterprises
Finance, Corporate (Additional charge Food Processing Industries
Affairs Information and Broadcasting) Mines, Steel, Labour and
Defence Employment
Urban Development, Housing, Urban Tribal Affairs
Poverty Alleviation, Parliamentary Affairs Agriculture
Road Transport and Highways, Shipping Social Justice and Empowerment
Railways Human Resource Development
Water resources, River Development and Health and Family Welfare
Ganga Rejuvenation Rural Development, Panchayati Raj, Drinking
Minority Affairs Water and Sanitation
Consumer Affairs, Food and Public Law and Justice
Distribution Science and Technology Earth Sciences
Micro, Small and Medium Enterprises
STATIC GK CAPSULE
United Nations Headquarters

International Organizations Headquarters

UNO (United Nations Org) New York
UNICEF New York
UNCTAD (United Nations Conference on Trade & Development) Geneva
WHO (World Health Org) Geneva
ILO (International Labour Org) Geneva
WMO (World Meteorological Org) Geneva
World Intellectual Property Org Geneva
International Standards Org. Geneva
IMF (International Monetary Fund) Washington DC
World Bank Washington DC
UNESCO (United Nations Educational Scientific and Cultural Org) Paris
OECD (Org. for Economic Cooperation and Dev.) Paris
UNIDO (United Nations Industrial Dev. Org) Vienna
IAEA (International Atomic Energy Agency) Vienna
OPEC(Organization of Petroleum Exporting Countries) Vienna
Amnesty International London
Commonwealth of Nations London
IM(International Maritime Organization) London
ICJ (International Court of Justice) The Hague
FAO(Food and Agricultural Organization) Rome
NATO(North Atlantic Treaty Organization) Brussels
Transparency International Berlin
SAARC(South Asian Association for Regional Coop.) Kathmandu
ASEAN (Association of South East Asian Nations) Jakarta
APEC (Asia Pacific Economic Forum) Singapore
Organization of Islamic Cooperation Jeddah

Thermal Power plants (TPS) in India:

32
 Bihar
Karnataka
West Bengal
Gujarat
Madhya Pradesh
UP
Gujarat

Uttar Pradesh

Nuclear power plants in India:

- Narora, UP - Karnataka

& Candada) Russia)

Maharashtra (India & US) - Ratnagiri district in
ar atomic power plant - Gujarat Maharashtra (India & France)
- Tamilnadu

Important Wildlife Sanctuary in India

- Assam al Park & Wildlife Sanctuary - Rajasthan
- Assam - Rajasthan
- Gujarat - Rajasthan
- West Bengal - Rajasthan
Kerala Odissa
- Madhya Pradesh Odissa
- Madhya Pradesh Park Uttrakhand

Stock Exchanges and their Index:

1. BSE (Bombay Stock Exchange) - SENSEX (Sensitive Index)BSE
is oldest stock exchange in Asia located at Dalal Street in
Mumbai. Sensex Consists of 30 companies.
2. NSE (National Stock Exchange) - Nifty-50-NSE is the largest
stock exchange in India. Nifty consists of 50 companies
3. NYSE ( Newyork Stock Exchange) - DJ (Dow Jones)-NYSE
world's first and largest stock market
4. ASDAQ (National association of securities dealers Automated
Quotation System)- NASD-100-NASDAQ is the firstelectronic
stock market in the world located in New York.
4. Tokyo Stock Exhange ( Japan) - Nikkei-225
5. Korea Stock Exchange( Seoul, South korea) Kospi
6. Shenghai Stock Exchange( China)- Composite Index
7. Shenzen Stock Exchange( China)- Composite Index
8. German Stock Exchange- DAX( Deutscher Aktein Index)
9. Hong Kong Stock Exchange- Hang Seng
10. . SGX(Singapore Exchange)- STI (Straits Times Index)
11. LSE (London Stock exchange) or UK stock exchange-Footsie
or FTSE-100 (Financial Times and London Stock Exchange)
12. France Stock Exchange - CAC-40 (Cotation Assistee en
Continuo)

Credit Rating Agencies in India and World:

Indian credit rating industry mainly comprises of CRISIL,
ICRA, CARE, ONICRA, FITCH (India Ratings & Research) &
SMERA.
CRISIL - Credit Rating Information Services of India Limited,
Headquarter Mumbai
ICRA - Investment information and credit rating agency
Headquarter - Gurgaon, India
CARE - Credit Analysis and Research Headquarters Mumbai
ONICRA - Headquarter - Gurgaon, India
SMERA - Headquarters Mumbai
Fitch (India Ratings & Research) - Headquarters Mumbai
Note: CRISIL is the largest credit rating agency in India, with
a market share of greater than 60%
Standard & Poor's (S&P) Headquarter New York, US
Moody's Headquarter - New York, US
Fitch - Headquarter - New York, US

Index/Reports Issued by different organizations in World:

World Economic Outlook is published by: International
Monetary Fund (IMF).
Global Hunger Index is issued by: International Food Policy
Research Institute
Global Peace Index is issued by: Institute for Economics and
Peace
Global Corruption Index is issued by: Transparency International
Global Competitiveness Index is issued by: World Economic
Forum
Human Development Report is issued by: United Nations
Development Programme (UNDP)
Gender Inequality Index is issued by: United Nations
Development Programme (UNDP)

33
 Important Organizations:
1. United Nation (UN) is an intergovernmental organization
established on 24 October 1945 to promote international co-
operation.
Headquarter New York , Head Ban ki-moon Member - South
Sudan new member country . Total 193 members
2. WTO (World Trade Org.) Yemen new member country. Total
160 members.
Headquarter Geneva, Switzerland, Head - Roberto Azevdo
3. World Bank - The World Bank is a United Nations
international financial institution that provides loans to
developing countries for capital programs.
Headquarter - Washington D.C. (United States) President Jim
Yong Kim
Member - South Sudan new member country. Total 188
members
4. IMF The International Monetary Fund (IMF) is an
international organization that was initiated in 1944 at the
Bretton Woods Conference and formally created in 1945 by 29
member countries.
Headquarter Washington DC . (United States) President
Christine Lagarde
Member - South Sudan new member country. Total 188
members
5. European Union Croatia new member country. Total 28
member countries.
Headquarter Brussels, Belgium
President of the European Commission: Jean-Claude Juncker
6. Eurozone - The growth of the eurozone is an ongoing process
within the European Union (EU). All Member states of the
European Union, except for Denmark and the United Kingdom
are obliged to adopt the euro as their sole currency once they
meet the criteria.
Member The eurozone currently comprise 19 EU states.
Note: i). Latvia becomes the 18th Member State to adopt the
euro on 1 January 2014.
ii. Lithuania has been approved for euro adoption on 1 January
2015.
7. ASEAN - Association of Southeast Asian Nations is a political
and economic organisation of ten countries located in Southeast
Asia, which was formed on 8 August 1967.
Headquarter Jakarta, Indonesia Member - 10 member
countries (India is not the member of ASEAN)
8. APEC Asia Pacific Economic Cooperation is a forum for
21 Pacific Rim member economies that seeks to promote free
trade and economic cooperation throughout the Asia-Pacific
region. It was established in 1989
Headquarter Singapore Member 21
9. OPEC (Organization of the Petroleum Exporting Countries)
is an international organization and economic cartel whose
mission is to coordinate the policies of the oil-producing countries.
Headquarter Vienna, Austria , Member - 12 member countries.
President - Diezani Alison-Madueke
10. NATO (North Atlantic treaty Organization): NATOs
essential purpose is to safeguard the freedom and security of its
members through political and military means.
Headquarter Brussels, Belgium Member 28 Member
Countries.
11. SAARC (South Asian Association of Regional Co -
Operation): is an economic and geopolitical organization of
eight countries that are primarily located in South Asia or the
Indian subcontinent.
Headquarter Kathmandu, Nepal 8 Member Countries.
Secretary-General: Arjun Bahadur Thapa.
12. ICJ (International Court of Justice): is the primary judicial
branch of the United Nations. It is based in the Peace Palace in
The Hague, Netherlands. Its main functions are to settle legal
disputes submitted to it by states and to provide advisory
opinions on legal questions submitted to it by duly authorized
international branches, agencies, and the UN General Assembly.
Headquarter The Hague, Netherlands.

Chief Ministers of India 2015

1. Andhra Pradesh - N.Chandrababu Naidu
2. Arunachal Pradesh - Shri Nabam Tuki
3. Assam - Shri Tarun Gogoi
4. Bihar - Shri Jeetan Ram Manjhi
5. Chhattisgarh - Dr. Raman Singh
6. West Bengal - Km. Mamta Benerji
7. Goa - Shri Manohar Parrikar
8. Gujarat - Smt. Anandiben Patel
9. Haryana - Manohar Lal Khattar
10. Himachal Pradesh - Shri Virbhadra Singh
11. Jammu & Kashmir - Shri Omar Abdullah
12. Jharkhand - Shri Hemant Soren
13. Karnataka - Shri Siddaramaiah
14. Kerala - Shri Oommen Chandi
15. Madhya Pradesh - Shri Shivraj Singh Chouhan
16. Maharashtra - Devendra Fadnavis
Regulator
Reserve Bank of India
Securities and Exchange Board of India
(SEBI)
Insurance Regulatory and Development
Authority
17. Manipur - Shri Okram Ibobi Singh
18. Meghalaya - Dr. Mukul Sangma
19. Mizoram - Shri Pu Lalthanhawla
20. Nagaland - Shri. T R Zeliang
21. Odisha - Shri Naveen Patnaik
22. Tripura - Shri Manik Sarkar
23. Punjab - Shri Parkash Singh Badal
24. Rajasthan - Smt. Vasundhara Raje
25. Sikkim - Shri Pawan Kumar Chamling
26. Tamil Nadu - Selvi J. Jayalalithaa
27. Telangana - K Chandrasekhar Rao Narasimhan
28. Uttar Pradesh - Shri Akhilesh Yadav
29. Uttarakhand - Shri Harish Rawat
REGULATORIES BODIES IN INDIA
Sectors Chairman Headquarter
Raghuram
Financial system and monetary policy, Money Market Mumbai
Rajan
Security & Capital Market, stock broking & Merchant
U.K. Sinha Mumbai
Banking, Nidhis, Chit Fund
Insurance industry T. S. Vijayan Hyderabad

34
(IRDA)
Telecom Regulatory Authority of India
Telecommunication Industry Rahul Khullar New Delhi
(TRAI)
Ramesh
Forward Markets Commission Commodity Market Mumbai
Abhishek
Pension Fund Regulatory Development Hemant
Pension sector New Delhi
Authority (PFRDA) Contractor

35
 COUNTRIES AND CURRENCIES

36
37
 IMPORTANT DAYS (TRICKS)
4) 21 may- Anti- terrorism day/death of Rajiv gandhi
1) January: 5) 31 may- Anti-Tobacco day
In January there are 5 important days
1)12 jan-National youth day (rashtriya yuva diwas) No. Of days=5
2) 15 jan-Army day (sena diwas) Subject - Paanch ka panch
3)24 jan-National girl child day (rashtriya balika diwas) Trick with story-
4) 25 jan- National tourism day/ voter day 1 (ek) Rajiv naam ka labour tha jisey 3 press (stri) free me
5) 30 jan- National martyr day(rashtriya shahid diwas)/ Anti miley the jo 11vi sadi ki technology se bane the par 21vi sadi
leprosy day me kuch terrorist ne Rajiv ko mar kar usey 31 rupaye me
Story subject- January me mere ghar 5 tarah ke log aaye Tobacco company ko bech diya.
Trick with story- January me mere ghar paanch tarah ke log
aaye 6) June:
jinme 12 yuva,15 sena ke log,24 balikaye,25-25 tourism aur 1) 5 june- World environment day ( everyone knows)
voter or 30 shahid ke parivar ke log jo leprosy ke shikar the. 2) 21 june- World Yoga day ( latest hai sb jante hai)
Note-12,15,24,25,30 is days.
7) july
(2) February: 1) 1 july - National Doctor's day
1) 4 feb- world Cancer day 2) 11july - world population day
2) 28 feb-National Science day No. Of days- 2
In February only 2 important days. Subject- Sath(7)-sath (7) 2 kadam chale
No of days-2(both related to science) Trick with Story-
Story subject- February me science ne 2 experiment kiye 1 doctor ne san 20'11' ke population ko control kiya.
Trick-" February me science ne do experiment kiye jinme 4
cancer ke marizo ko thik karne me 28 vigyan(science) ka (8) August:
use hua". 1) 6 August- hiroshima day
2) 9 aug- Nagasaki day
3) March: 3) 12 aug- International youth day
1)8 mar- International women day 4) 29 aug- National Sports day/ Dhyan chand day
2) 9 mar-world kidney day No. Of days=4
3) 15 mar-world consumer right day Subject - 8(aug) ka adha 4
4)20 mar- world sparrow day/happiness day(khushi diwas) Trick with story-
5) 21 mar- World forest day "6 heros ne 9 naago ko 12 saal ke youth ko 29 bar dhyan se
6) 22 mar- world water day khelne ko diya".
7) 23 mar- meteorological day
8) 24 mar- World T.B day (9) September:
No. Of days=8 1) 5 sept- teacher's day
Note-(because of all days are WORLD days) 2)8 sept- world literacy day
Subject- march ki 8 world famous Ghatnaye 3) 14sept- Hindi diwas
Trick with story- 4) 15 sept- Engineer's day in India
8 women ki 9 kidney 15 consumers ko 20 sparrow ke through 5) 16 sept- World Ozone day
khushi khushi 21 forest me 22 water boat ke jariye 23 metro No. Of days=5
stations par 24 T.B ke marizo ko becha gaya. Subject - "5 sept. Ko teacher's day hota hai"( hum sabhi jante
Note- 20,21,22,23,24 days in sequence To bs tory yaad hai iska mtlb sept. Me 5 days hote hai)
rkhey. Ab baki ke 4 days
Trick with story-
4) April: "8 world ke literate person ko 14 hindi pe,15 engineering pe
1) 2 april -Autism awareness day in short (AADami)/World or 16 Ozone day pe essay likhwaya gaya".
autism day Note-14,15,16 continue so remember story only
2) 7 april- world health day
3) 21 april- Civil service day (10) October:
4) 22 april- Earth day 1) 2 oct- National non violence day/Gandhi day
5) 24 April- National Panchayati Raj day 2) 8 oct- Airforce day
No. Of days=5 3) 9 oct- world post office day
Subject-chaar (april is 4th month) ka paanch 4) 24 oct- United nation day
Trick with story- No. Of days=4
2 AADamiyo be acche helath ke sath (7) 21 baar civil service Subject - oct. Me RRB-IV ka result ayega.
ka exam diya or ve do do (22) bar is dharti (earth) par pass 2oct ko gandhi ji ne Ahinsa(non-violence) ka nara diya.
hue or end me 24 vi baar me unhe Panchayat vibhag mila. Trick with story for remaining 3.
(Hard work pays off) "8 Airforce ne 9 letters post kiye 24 UN countries ko"

5) May: (11) November:

1) 1 may- international labour day 1) 17 Nov- World Students day
2) 3 may- world press freedom day 2) 18 nov- World Adults day
3) 11 may- National technology day 3) 19 nov- World Citizens day

38
4) 26 nov- National laws day Subject - December ke sath sath (7) saal bhi chala gaya.
No.of days= 4 Tricks with story-
Subject - 114=44 ( means in nov. four days) "1 Add (AIDS) me likha tha 2 computer literate ki jarurt hai 4
Trick with story - dino ke ander Navy me jiske liye 10 human ne apne rights ke
"17 saal ke students jab 18 saal ke adults hue to unhe 18 saal sath apply kiya or 14 dec. Ko full energy ke sath interview
ke Citizens ne unhe 26 national laws sikhaye". diya or 24 ghante me unhe national consumers ki post mili , is
Note- (17,18,19) saal ke bachhe tarah 25 saal me unhe Good gav. Job mil gai" :))
TWO SAME DAYS FUNDA:
(12) December: 1) 12 jan- National youth day
1) 1 dec- AIDS day 2) 12 aug- International youth day
2) 2 dec- World computer literacy day Trick- "jane na (national) you(youth) ko kya oogI (aug-
3) 4 dec- Navy day International) ho you(youth)"
4) 10-dec- human rights day 1)15 mar- World consumers rights day
5) 14 dec- National Energy Conservation Day 2) 24 dec- National consumer rights day
6) 24 dec- national consumers day Trick- Pahle consumers march me world me aaye rights lene fir
7) 25 dec- Good governance day(India) December me india (nation) me rights liya.
No. Of days- 7

39
 FINANCIAL AWARENESS CAPSULE 2015
JANUARY FINANCIAL NEWS 2015
Fiscal deficit hits 99% of full-year target in April- November
period: The deficit in the first eight months of the financial year
touched Rs. 5.25 lakh crore, against the Budget target of Rs.
5.31 lakh crore. The Government managed to collect just 43.4
per cent of estimated receipts, while its expenditure was 59.8
per cent.
Core sector output hits 5-month high in Nov: These sectors
have a weightage of 38 per cent in the Index of Industrial
Production (IIP). The output of the core industries grew 6.7 per
cent in November. The eight core industries are coal, crude oil,
natural gas, refinery products, fertilisers, steel, cement and
electricity.
Post offices to issue ATM-cum-debit cards for savings
account holders: The Centre has amended the Post Office
Savings Bank General Rules accordingly. This facility, however,
will be available only in post offices that are on core banking
solution (CBS) platform. Currently, 676 post offices are on
CBS.
Banks, LIC told to make claim forms available online: The
Finance Ministry has asked public sector banks and Life
Insurance Corporation (LIC) to make available on their Web
sites claim forms for the Rs. 30,000 life cover promised under
the Pradhan Mantri Jan Dhan Yojana (PMJDY). LIC should
settle claims within 15 days of the receipt of the form.
Jan Dhan may be extended to insurance, pension sectors: At
present, penetration of insurance and pension in India is very
low. Insurance penetration (premiums measured as a
percentage of GDP) is just about 4 per cent. As per RBI, with
revised targets for opening of basic bank accounts in place,
banks will have to ensure opening of at least one account in
each household by January 26, 2015. As on December 24
2014, banks have achieved the 10 crore account opening
mark under the PMJDY and have issued 7.75 crore RuPay
cards. The timeline for providing banking services in villages
with populations below 2,000 may be advanced from March
2016 to August 2015.
Cabinet clears land acquisition ordinance:
The amendments will strengthen the provisions to protect the
interests of the 'affected families' and also reduce procedural
difficulties in acquiring land required for 'development'. The
ordinance proposes a fast-track process for defence and
defence production, rural infrastructure (including
electrification), housing for poor (including affordable housing),
industrial corridors and infrastructure projects (including
projects taken up under the public- private partnership mode).
The ordinance does away with the clauses on compulsory social
impact assessment and
approval of 80% of people whose land is being acquired.
Single window to view various bank accounts: Banks, such
as ICICI Bank and HDFC Bank, are offering customers the
facility to view their balances across accounts with different
banks on a single page so that they can choose which one to
make payments and investments from. This facility, cannot be
used to make transactions in other bank accounts. Banks will
not be able to see each other's data.
Centre rules out further tightening of KYC norms for
Participatory Notes: PNs are instruments issued by registered
foreign institutional investors to overseas investors who wish to
invest in the Indian stock markets without registering themselves
with the Securities and Exchange Board of India.
40
President signs ordinances on coal, insurance: The Coal
ordinance is required for the whole e-auction process to go on
smoothly. The insurance ordinance intends to hike foreign direct
investment to 49 per cent in the sector, besides other things. A
higher limit could bring up to $8 billion for the fund-starved
insurance industry, which needs Rs. 60,000 crore in the next
five years.
Rs. 1 paper notes to make a comeback: Government is keen
to start printing Rs. 1 notes after a gap of almost two
decades. The Government has notified 'Printing of One Rupee
Currency Notes Rules, 2015', which will come into effect from
January 1, 2015. Due to higher cost and for freeing capacity
to print higher denomination notes, printing Rs. 1 note was
discontinued in November 1994, followed by Rs. 2 in February
1995, and Rs. 5 in November 1995. The new one rupee note
will have the signature of the Finance Secretary. Apart from
the one rupee note, all other paper currency ( Rs. 2, Rs. 5, Rs.
10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1,000) have the
signature of the RBI Governor, as these are issued by the
Reserve Bank of India, whereas Rs. 1 is issued by the
Government of India.
Jan Dhan cover: Life Insurance Corporation of India (LIC) has
has asked the IBA which is the nodal agency for the Jan
Dhan scheme to provide the latest and complete data of all
eligible members under the Jan Dhan scheme so that LIC is in a
position to inform the Centre about the premium required
under the scheme. LIC is bound by the Insurance Act, which
prohibits it from providing any cover without receipt of
premium. As per Jan Dhan guidelines, life cover be given only
to the head of a family and that Aam Aadmi Bima Yojana
(AABY) beneficiaries be excluded.
Bharat Ratna conferred on Vajpayee, Malaviya: The Centre
has conferred the country's highest civilian award - the Bharat
Ratna - on veteran BJP leader and former prime minister Atal
Bihari Vajpayee, 90, and noted freedom fighter and
educationist Pandit Madan Mohan Malaviya. Both leaders
share a birthday on December 25.
RBI gives more time for old currency note exchange: RBI has
extended the deadline for the public to exchange pre-2005
currency notes to June 30, 2015.
Non - cooperative borrowers: Borrowers unwilling to repay
bank loans despite the ability to do so run the risk of being
classified as non-cooperative. The move will ensure that
companies classified as non-cooperative will not get fresh
funds. A non-cooperative borrower is one who deliberately
stonewalls legitimate efforts of lenders to recover their dues.
The central bank's cut-off limit for classifying borrowers as
non-cooperative would be those having aggregate fund-
based and non-fund based facilities of Rs. 50 million ( Rs. 5
crore) from the bank/FI concerned.
Tougher norms must for FDI in existing pharma projects: As
per the Parliamentary Standing Committee on Commerce, the
conditions imposed on Foreign Direct Investments (FDI) in
brownfield projects need to be made more stringent as they
are insufficient to counter the dangers posed by take-overs of
domestic companies.
Constitution Amendment Bill on GST: The Constitution
Amendment Bill to enable implementation of the Goods &
Services Tax regime has been introduced in Lok Sabha. The Bill
is the first legislative step towards implementation of the new
indirect tax reforms from April 1, 2016. The new system
intends to subsume various Central levies (barring Customs
duty) into Central GST (CGST) and State levies into State GST
(SGST). This will help in creating a unified national market.
Meeting fiscal deficit target a challenge: The Finance
Ministry's Mid-Year Economic has forecast a GDP growth of
5.5 per cent for fiscal year 2014-15 and an average retail
inflation (based on the consumer price index)of 5.3 per cent
for the January-March 2015 quarter, 5.4 per cent in April-
June and 5.8 per cent in January-March 2016. As per the
Report, the gross non-performing assets (GNPA) position of the
Indian banking system compares favourably with developed
and developing economies. For example, the share of GNPAs
in total advances stands at 3.2 per cent in the US, 2.9 per cent
in Germany, 8.2 per cent in Spain, and 5.1 per cent in Italy.
Among the emerging economies, in Brazil GNPAs were at 2.9
per cent of total assets and in Russia, at 6 per cent. For India,
the GNPA ratio is expected to be around 4.1 per cent of total
advances in fiscal year 2014-15. However, if macro-economic
conditions deteriorate, the GNPA ratio may increase to around
4.5 per cent under a medium stress scenario and 5.1 per cent
under severe stress, by March 2015.
PF trustees retain 8.75% interest rate for 2014-15: The
trustees of retirement funds belonging to about eight crore
depositors have decided to retain the interest rate at 8.75 per
cent for 2014-15.
New power Bill in Lok Sabha will boost supply, increase
competition: Power consumers will soon have the option of
selecting their electricity supplier, with the Government
proposing to amend the Electricity Act. A concept of multiple
supply licensees has been proposed in the amendment by
segregating carriage from content. Carriage will continue to
be a regulated activity and it has been proposed that tariff
for retail sale of electricity will be capped by the regulator
with one of the supply licensee proposed to be a Government
controlled company.
In a first, SEBI orders imprisonment for not paying penalties:
For the first time ever, capital market regulator Securities and
Exchange Board of India (SEBI) has ordered civil imprisonment
of Vinod Hingorani, Non-Executive Chairman of Adam Comsof
and Kolar Biotech for six months for failure to pay penalties of
around Rs. 1.64 crore (including interest) levied under three
SEBI notices from last July demanding payment.
Time period for altering birth date: A Government employee
can give a request to change his date of birth in official record
only within 5 years of joining. Further, it must be established
clearly that a genuine bona fide mistake had occurred in
recording birthday. The date of birth so altered would not
make him ineligible to appear in any School or University or
Union Public Service Commission examination in which he had
appeared, or for entry into Government service on the date on
which he first appeared at such examination or on the date on
which he entered Government service.
GST Constitution Amendment Bill gets Cabinet nod: The
Union Cabinet on Wednesday approved Constitutional
Amendment Bill for Goods & Services Tax (GST). The
Government intends to introduce GST from April 1, 2016. The
Bill needs to be approved by a two-third majority of the
house. After this, it needs to be endorsed by at least half of
the State Assemblies (15). The new regime would replace a
number of indirect taxes currently being levied by the Central
and State Governments. Once the new tax system comes into
place, there will be three indirect taxes apart from the customs
duty (only on imported goods). There will be a Central GST,
which will subsume Central Excise Duty, Additional Excise
41
Duties, Service Tax, Additional Customs Duty (commonly known
as Countervailing Duty or CVD), Special Additional Duty of
Customs (SAD) and Central Surcharges and cesses. Then there
will be State GST. This will subsume State VAT/Sales Tax,
entertainment tax (unless it is levied by the local bodies),
Luxury Tax, Taxes on lottery, betting and gambling, tax on
advertisements, State Cesses and Surcharges. The third one
will be Integrated GST (IGST) on inter-State transactions of
goods and services. There is an agreement on subsuming entry
tax in GST. At the same time, petroleum products will be part
of GST with 'nil' rate. While alcohol will be out of GST,
tobacco will be within its purview.
RBI slaps Rs. 50-lakh penalty on ICICI Bank, Rs. 25 lakh on
BoB: RBI has imposed monetary penalty of Rs 50 lakh on ICICI
Bank and Rs 25 lakh on Bank of Baroda and cautioned State
Bank of India, Axis Bank and State Bank of Patiala for
violating KYC norms.
GSLV Mark-III lifts off successfully from Sriharikota: The
Indian Space Research Organisation (Isro) has successfully
tested its Geosynchronous Satellite Launch Vehicle-Mark III
(GSLV-Mark III), carrying a crew module, to be used in
manned space missions.
LS clears Companies (Amendment) Bill: The Lok Sabha has
cleared the Companies (Amendment) Bill. The Companies
(amendment) Bill has brought in 14 Amendments to the
company law enacted last year. Through these amendments,
four categories of changes are being introduced - some with
intention of improving the ease of doing business; some to
correct existing drafting errors; some to tackle the oversight
issues and lastly some to address the oppressive provisions in
the law. The amendments propose (a) restricting hearings by
special courts to serious offences; (b) Only those "fraudulent"
actions that squarely fell under the definition of a "fraud"
would invite "bail restrictions"; (c) the condition of minimum
capital for private and public companies to be removed; (d)
'special resolution' replaced with 'ordinary resolution' for
approval of related-party transactions by minority
shareholders. This means companies will require the consent of
50 per cent of the minority shareholders present, instead of 75
per cent (under the current Act); (e) prohibition on public
inspection of the board resolutions filed with the Registrar of
Companies. The Companies Act, 2013, was notified in August
last year by the United Progressive Alliance government. Of
the 470 sections in the Act, 283 sections and 22 sets of rules
corresponding to these sections have been implemented so far.
Ministry tweaks norms for fraud reporting by auditors: As
per the Companies (amendment) Bill, while the auditors will
have to report on every fraud coming to their notice in their
ordinary course of audit work, only frauds beyond a specified
threshold need to be reported to the Union Government. For
other frauds, the reporting has to be done to the audit
committee of a company. The threshold limit will be defined by
the Corporate Affairs Ministry subsequently.
Finance panel submits report to President: The Fourteenth
Finance Commission, a constitutional body headed by former
Reserve Bank of India Governor YV Reddy, has submitted its
report to the President of India. The recommendations relate to
the period April 1, 2015 to March 31, 2020. Besides spelling
out the formula for devolution of Central taxes, the Finance
Commission report is said to have made some observations on
Goods and Services Tax (GST). It has considered the impact of
the proposed GST on the finances of the Centre and States
and the mechanism of compensation in case of any revenue
loss.
For infra sector, 5:25 rule comes as a breath of fresh air: RBI
has relaxed norms for structuring of existing long- term project
loans to infrastructure and core industries. The 5:25 scheme
envisages banks to refinance or sell out their long-term project
loans after every five years so that both the borrower and the
lender do not face any difficulty. For banks to avail such a
facility, the loan tenure cannot be more than 25 years.
Vistara gets permission to fly: Tata-Singapore Airlines (SIA)
joint venture airline Vistara has been granted flying permit in
India by aviation regulator Directorate General of Civil
Aviation (DGCA).
Exports back on growth track in November: Rise in shipments
of engineering goods, gems & jewellery, pharmaceuticals and
ready-made garments propped up exports (year-on-year) by
7.27 per cent to $25.96 billion in November 2014. Trade
deficit, however, touched an 18- month high of $16.86 billion
as imports rose 26.79 per cent during the month to $42.82
billion. Non-oil items such as gold, fertilisers, coal and
electronic goods mostly accounted for the rise in imports. Gold
imports rose 571.28 per cent to $5.6 billion in November
2014 from $835 million in the same month last year as the
government relaxed import restrictions.
ARC gives India positive rating with stable outlook: The
Europe-based ARC Ratings SA (ARC) has assigned India 'BBB+'
sovereign rating which is a shade better than what has been
assigned by the big three global credit ratings agencies.
Global credit rating agencies, Standard & Poor's and Fitch
have a 'BBB-' (stable outlook) the lowest investment grade
rating sovereign rating on India. Moody's too has lowest
investment grade rating on the country of "Baa3" (stable
outlook).
WPI inflation hits zero in Nov: A steep fall in global crude oil
prices and lower vegetable prices saw wholesale price index-
based inflation reach the 'zero' level in November. It was only
in July 2009 that there was disinflation. After that, this is the
lowest inflation figure in over five years.
NPCI links 10 cr Aadhaar cards to bank accounts: The
National Payments Corporation of India (NPCI)- managed
National Financial Mapper has crossed the milestone of getting
10 crore bank accounts seeded with Aadhaar numbers. This
allows the Government department/agencies to reach out to
beneficiaries of direct benefit transfer schemes. The Mapper
rides on the Aadhaar Payment Bridge (APB) system, which
went live on January 2013.Through the APB, the NPCI links the
Government departments and other State agencies like oil
marketing companies and their sponsor banks on the one side
and beneficiary banks & the end beneficiary on the other side.
October factory output contracts 4.2%: The manufacturing
sector index fell 7.6 per cent. Manufacturing accounts for over
75 per cent in the IIP. However, Consumer Price Index (CPI)-
based inflation cooled to 4.4 per cent in November from 5.52
per cent in October because of easing food prices.
Indirect tax collections rise a modest 7.1% in Apr- Nov
period: The Finance Ministry will be required to achieve 47
per cent of the Budget target for indirect taxes, comprising
customs and excise duties and service tax, in just four months
(December-March).
Life Insurance Council bats for reduction in service tax: Life
insurers have asked for parity with other financial products
such as mutual funds and fixed deposits, which do not attract
service tax on maturity. Currently, life insurance products,
attract a service tax of 2 per cent on maturity proceeds for
policyholders holding PAN cards and 20 per cent those without
PAN cards. Life insurers are mandatorily required to invest 50
42
per cent of their overall investments in Central and State
Government securities.
SBI launches first homegrown economic index: SBI, will use
its loan book to give indicators on the domestic manufacturing
activity from the New Year. The SBI Composite Index will have
both monthly and yearly indices. The short-term report, to be
released in the first week of every month, will forecast the
state of the economy two months down the line. The annual
index will make year-on- year forward predictions. Similar
economic forecasts published by British lender HSBC, with
global business survey compiler Markit, are the HSBC India
Services Purchasing Managers' Index (PMI), HSBC India
Manufacturing PMI and the Markit India Business Outlook.
Court tells RBI to get tough with banks: The Supreme Court
has asked the Reserve Bank of India (RBI) to demand
responsible behaviour from banks while communicating with
customers.
In Q2, current account deficit rises to 2.1% of GDP: India's
current account deficit (CAD) - a measure of the country's
external vulnerability - widened to $10.1 billion in the second
quarter of 2014-15 from $7.8 billion in the preceding
quarter. The CAD rose to 2.1 per cent of the GDP in the
second quarter against 1.7 per cent in Q1.
Coal Ministry proposes minimum floor price of Rs.
150/tonne for blocks to be auctioned: The Coal Ministry has
proposed a minimum floor price Rs. 150 per tonne for blocks
to be put up for auction and Rs. 100 per tonne as the minimum
reserve price for allocation to Central and State Government
companies.
Financial inclusion: RBI Deputy Governor for 'PPP' model:
According to RBI Deputy Governor HR Khan India should adopt
a "PPP" model for driving its financial inclusion agenda. There
is a need to "plan" well, pursue what has been planned and
ensure there is a "pause" to see if it is working well. This PPP
model is different from the commonly-known 'public-private
partnership' that the Government is looking to encourage in
various economic activities.
Commerce Ministry launches new portal to give exporters
info on FTAs: The trade portal will provide exporters with
information on preferential tariffs and rules of origin in such
markets.The 'India Trade Portal' will also have other
information of importance to exporters such as technical
barriers faced by trade in different markets. India has signed
a number of FTAs with various countries and regional blocs
over the last few years, but exporters have not been able to
utilise them well because of lack of knowledge about what the
agreements offered. The portal has been developed by the
Federation of Indian Export Organisations (FIEO).
From April 1, Central PSUs to make 20%
of purchases from small units: The government will make it
mandatory for all Central public sector undertakings (PSUs) to
make 20 per cent of their purchases from medium, small and
micro enterprises (MSMEs) from April 1, 2015. The Centre had,
in an order in 2012, issued directions to all Central PSUs to
procure a minimum 20 per cent of products and services from
MSMEs, 4 per cent of which had to be from enterprises owned
by the Scheduled Castes and Scheduled Tribes (SCs/STs).
White label ATMs can accept international cards: RBI has
said white label ATM (WLA) operators can now accept
international cards - credit, debit or prepaid - and also source
cash from multiple banks. WLA operators (or non- bank ATM
operators) can accept the cards issued under card payment
network schemes. The RBI also permitted the facility of
Dynamic Currency Conversion for the use of international cards
at WLAs. WLA operators will be restricted to converting the
amount requested by the international cardholder to his or her
home currency using a base exchange rate provided by the
authorised dealer. In addition, the RBI has allowed operators
to tie up with commercial banks for cash supply at WLAs.
Earlier, the cash supply had to be managed only through a
sponsor bank, which limited the scope of cash management for
the operators.RBI has so far authorised seven companies to set
up WLAs - Tata Communications Payment, Prizm Payment,
Muthoot Finance, Vakrangee, BTI Payments, Srei Infra Finance
and RiddiSiddhi Bullions.
Panel set up to clarify tax laws: The Government has set up a
High Level Committee to interact with trade and industry to
ascertain where clarity on tax laws is required. Former Chief
Economic Advisor Ashok Lahiri will serve as its Chairman.
RBI announces norms for trade receivables discounting
system: Trade Receivables Discounting System (TReDS), will be
like an exchange where an MSME that has some receivables
pending from a large corporate will be able to trade the bill.
So, if an MSME has to realise Rs. 100 from a corporate, it can
exchange the bill with one of the participating entities on the
exchange for, say, Rs. 95. The buyer of the bill will then
recover the Rs. 100 from the corporate concerned. The MSME
will benefit because its credit cycle is shortened and it will get
a better price on the bill due to competition.
Centre relaxes FDI rules in construction: The minimum built-up
area requirement for FDI in construction projects has been
reduced to 20,000 square meters from 50,000 sq.m. For
services plots, the minimum area requirement, earlier at 10
hectares, has been dropped completely. Minimum capital
requirement has also been halved to $5 million from $10
million. For encouraging investments in affordable homes, the
Centre has exempted the conditions of minimum floor area as
well as capital requirement if an investee/joint venture
company commits at least 30 per cent of the total project cost
for low-cost housing.
United Bank of India names United Breweries a wilful
defaulter: The defaulter tag comes after the group's grounded
airline, Kingfisher Airlines and its guarantor UBHL, failed to
repay loans taken by the carrier.
Legal recognition of hallmarked jewellery, precious metals
in the offing: The Bureau of Indian Standards Act (BIS Act,
1986) will enable hallmarking of precious metals and
jewellery, including gold, by providing 'legal recognition'
through amending the Act. Hallmarking of gold jewellery,
which assures customers of its purity, was introduced in 2000;
jewellers are required to get licences from the BIS and get
goods hallmarked by one of 300 BIS-authorised centres.
HSBC manufacturing index at 21-month high: Led by the
consumer goods segment, India's factory output registered its
fastest growth and a 21-month high in November. The
purchasing managers' index (PMI) for November stood at
53.3, up from 51.6 in October. The PMI is a measure of
factory production and based on responses of purchasing
executives of around 500 manufacturing companies. A score
above 50 shows expansion, and anything less indicates a
contraction.
Centre invites suggestions from public to help improve
banks' performance: With bad debts rising and profit
margins depleting, the Centre will use suggestions from public
to help improve the performance of public sector banks (PSBs).
Government is considering reducing its stake in public sector
banks to 52 per cent. Currently, regulation prescribes a
minimum of 51 per cent government shareholding in public
43
sector banks, however informally it has been kept at 58 per
cent.
Modi takes over project-monitoring panel as investments
worth $300 bn stuck: Prime Minister Narendra Modi has
taken direct control of a project- monitoring body to fast-track
investments worth almost $300 billion and revive
manufacturing in the country.
Govt notifies draft rules for e-auction of coal mines: The
government has prepared rules for e-auction of 92 cancelled
coal mines in the first phase, fixing a floor price of Rs 150 per
tonne for sectors like steel, sponge iron, cement and captive
power.
Banks as insurance brokers' provision goes into cold
storage: Neither the Insurance Laws (Amendment) Bill, 2008,
mentions it, nor is the finance ministry considering this proposal
with any seriousness. Earlier, finance ministry had asked banks
that they would be required to become insurance brokers so
that they could distribute products of multiple companies
through their branch network.
This move was resisted by banks from those PSBs that were
promoters of insurance companies. Following this, the directive
was not implemented. At present, banks are permitted to sell
products of only one life, one non-life and one standalone
health insurer.
100 million Aadhaar numbers linked to bank accounts: It
would enable these individuals to digitally receive subsidies
and benefits under government schemes. Issuance of Aadhaars
crossed the 720 million-mark as on December 12, 2014.
Gems & jewellery, SME, 3 other sectors to come under
'Make in India': The government has identified 25 sectors,
including pharmaceuticals, automobiles, textiles, aviation,
mining, chemicals, which have potential to make India a leader
in their respective fields.
Swachh Bharat: Centre to spend Rs 2 lakh cr in 5 yrs: The
government would set up a 'Swachh Bharat Kosh' to provide
tax and fiscal incentives. Urban India generates about 68.8
million tonnes of municipal solid waste per year, which means
about 1.88 lakh tonnes every day. Solid waste generated in
rural areas is around 0.4 mt per day. In India, 68 per cent of
rural households have no access to toilets, 88 per cent of total
diseases in rural areas is due to lack of clean water, sanitation
and improper solid waste management. The government
proposes to spend Rs 1.34 lakh crore to construct toilets (11.11
crore toilets in rural areas) and about Rs 62,000 crore will be
spent in 4,041 cities. He added 2.47 lakh panchayats will be
given Rs 20 lakh each for the next five years to keep their
villages clean.
Retail inflation slows to 4.38% in November: Consumer
Price Index (CPI)-based inflation fell to 4.38 per cent in
November from 11.16 per cent in the corresponding period
last year, the fourth consecutive monthly fall and the lowest
since the government started releasing data in this regard
(February 2012).
Bandhan now closes in on Grameen Bank: Bandhan, the
country's largest microfinance company, is competing closely
with Bangladesh's Nobel Prize-winning Grameen Bank to
become South Asia's largest micro credit provider. It is already
the largest non-deposit taking microfinance institution (MFI) in
the world. Grameen Bank, founded by Muhammad Yunus in
1976 (founder and institution were jointly given the Nobel
Peace Prize in 2006), has been operating as a full-fledged
bank since 1983.
Irda asks insurers to disclose guarantee
scheme details: IRDA has clarified that insurance companies
can promote claim settlement guarantee only if they file it
along with the product during file and use.
Cabinet nod to cut govt stake in PSBs to 52%: Public sector
banks (PSBs) will be able to raise up to Rs 1.6 lakh- crore from
markets as the Union Cabinet has allowed the dilution of
government equity in these lenders up to 52 per cent. Other
decisions of Cabinet include setting up of Debt recovery
tribunals at Chandigarh, Bengaluru, Ernakulam, Dehradun,
Siliguri and Hyderabad.
LS passes Bill for regularisation of e-rickshaws: The Lok
Sabha has passed the Motor Vehicles Amendment Bill, 2014,
paving the way for regularisation of e-rickshaws, banned by
the high court on safety grounds. The government has also
decided to provide low interest loan at 4% p.a. to rickshaw
pullers belonging to poor, backward, and minority communities
to buy e-rickshaws.
Taxpayers can approach AAR for tax liabilities on deals
above Rs 100 cr: The Central Board of Direct Taxes (CBDT)
has notified that resident taxpayers who plan transactions
valuing Rs 100 crore or above can approach the Authority for
Advance Rulings (AAR) for determination of their tax liabilities
under such transaction.
HDFC Bank to welcome back its former employees: India's
second-largest private-sector lender, HDFC Bank, has decided
to take the idea of hiring back former employees a step
ahead by introducing a new employee recruitment
programme, Khoj.
Wi-Fi service launched at New Delhi railway station: Service
is free for half-an-hour, after which passengers will be
charged Rs 25 for 30 minutes and Rs 35 for an hour.
Karnataka becomes first state to have green growth
strategy: A consortium of institutions led by the Bangalore
Climate Change Initiative - Karnataka (BCCI-K) in partnership
with Seoul-based Global Green Growth Institute (GGGI), has
conducted a study in Karnataka for green growth strategy
which details what can be done in adapting to the climate
change and how the state can play its part in reducing carbon
emissions.
Disclose asset, income details of chairman, CIC tells Sebi:
The Central Information Commission (CIC) has directed the
Securities and Exchange Board of India (Sebi) to reveal the
details of assets and liabilities of its chairman, UK Sinha.
RBI asks banks to use standardised norms for mobile
banking: To improve the penetration of mobile banking, RBI,
has asked banks to provide customers multiple options for easy
registration, reducing the need to visit a branch. The time taken
between registration and activation of mobile banking services
should be minimal.
AP to clear farm loans of up to Rs 50,000 in Phase I: There
are over 8.2 mn agriculture accounts in operation in Andhra of
which 4.2 mn accounts have been considered for the waiver in
the first phase. The first phase of loan clearance involves 2.6
million farmers who were grouped into 2.2 million family units.
Crop loans and tied-loans (loans given to cane and tobacco
growers) would get the first priority.
FEBRUARY FINANCIAL AWARENESS
Fiscal deficit exceeds full-year target in 9 months: The
Central government's fiscal deficit has exceeded the Budget
estimate for the full financial year in the first nine months
(April-December) of the current fiscal year. The fiscal deficit is
the difference between the government's income and
expenditure. Data released by the Controller General of
Accounts show that the deficit during the April- December
44
Cabinet approves amendments to Regional Rural Banks Act,
1976: The Union Cabinet, has approved the amendments in the
Regional Rural Banks (RRBs) Act, 1976
to enhance authorized and issued capital to strengthen their
capital base and to bring flexibility in the shareholding
between Central Government, State Government and Sponsor
Bank. The term of the non-official directors appointed by the
Central Government will be fixed not exceeding three years.
RRBs are jointly owned by Government of India, the concerned
State Government and Sponsor Banks with the issued capital
shared in the proportion of 50 percent, 15 percent and 35
percent respectively. As per provisions of the Regional Rural
Banks Act, 1976 the authorized capital of each RRB is Rs. five
crore and the issued capital is maximum Rs one crore.
RBI releases final charter of customer rights: The guidelines
cover a right to fair treatment, transparency, suitability,
privacy, grievance redressal and compensation. The banking
regulator has also communicated that the customer should not
be subjected to unfair business or marketing practices. In case
of a violation of the charter, the affected customer can
escalate the matter through the chief customer relations officer
of the service provider concerned, which can be further
escalated to the banking ombudsman, if necessary. In a bid to
address the mis- selling complaints, RBI has also stated that the
products offered should be appropriate to the needs of the
customer and should be based on an assessment of the
customer's financial circumstances and understanding. The
customers' personal information should be kept confidential
unless the customer gives a go ahead for it to be shared.
Customers have the right to protection from all kinds of
communications, electronic or otherwise, which infringe upon
their privacy. Banks will also be held accountable to facilitate
the redress of grievances stemming from its sale of third-party
products.
RBI doubles limit of prepaid instruments to Rs 1 lakh: RBI
has allowed PPIs to issue cards with balance of up to Rs 1 lakh.
Earlier, the limit was Rs 50,000. A card can now be issued to
the dependant or family member only if the account is fully
KYC compliant. But only one card per beneficiary can be
introduced. For such PPIs, the maximum cash out allowed per
month is Rs 25,000 and Rs 10,000 per transaction. Banks can
also issue rupee denominated cards to foreign travelers and to
NRIs by overseas branches of banks in India directly or by
cobranding with the exchange houses/money transmitters. The
maximum amount to be loaded on these cards is Rs 2 lakhs but
the cash withdrawal from these cards is restricted to Rs 50,000
every month. The validity of gift cards has been increased
from one year to three years.
UP has 3rd highest employable population: As per India
Skills Report 2015, released jointly by Wheebox,
PeopleStrong and LinkedIn Uttar Pradesh has been ranked
third for having the highest employable population in India.
The report, places Delhi on top, followed by Odisha, Uttar
Pradesh, Kerala, Bihar, West Bengal, Maharashtra, Andhra
Pradesh, Puducherry and Tamil Nadu.
period was over Rs. 5.32-lakh crore as against the Budget
estimate of Rs. 5.31-lakh crore.
NITI Aayog replaces Planning Commission: 'NITI Aayog', the
body which replaces the 'Yojana Aayog' (Planning
Commission), will have a three-tiered structure headed by the
Prime Minister. NITI stands for National Institutions for
Transforming India. The body will have a Governing Council
comprising State Chief Ministers and Lt Governors of Union
Territories. Regional Councils will address specific issues and
contingencies impacting more than one State or a region. There
will also be a full-time organisational framework headed by
the PM. The three layers will be formed for a specified tenure.
Govt to release new series of CPI: For presenting a more
accurate and realistic price situation, the Government will
release next month a new series of Consumer Price Index (CPI)
with 2012 as Base Year for computing the retail inflation rate.
The first series (Revised) would be compiled for January, which
will be released on February 12. Further, from January 2016
onwards, inflation rates would be compiled using the actual
CPI of the revised series.
Shift to new base year lifts GDP growth in FY14 to 6.9%:
The Indian economy recorded 6.9 per cent growth in 2013-14,
almost 50 per cent higher than the 4.7 per cent estimated
earlier. The growth estimate was revised on account of the
CSO's move to adopt 2011-12 as the base year for
computation of national incomes. In January 2010, the base
year had been fixed as 2004-05. The CSO has decided to
adopt the international practice of presenting industry-wise
estimates as 'Gross value added at basic prices' (GVA). With
this move, 'GDP at market prices' will be the basis for
ascertaining GDP. The earlier concept, which relied on 'GDP at
factor cost' has been done away with.
Now, over 98% households have a bank account: As per
the Finance Ministry, the Pradhan Mantri Jan Dhan Yojana has
enabled over 98 per cent of the households in the country to
have a bank account.
Bombay High Court ruling on "Brand" treatment: The
Bombay High court has ruled in the case of Tata Sons that a
"Brand" is a commodity. The court has upheld the Tax
department's decision to collect sales tax from the Tatas for
the royalty it charges from Group subsidiaries for using the
Tata Brand Name. The Group firms pay 0.25% of their
revenues for using the Tat Brand name.
ECB launches 1 trillion bond-buying programme to revive
euro zone economy: The ECB said it would purchase
sovereign debt from this March until the end of September
2016, despite opposition from Germany's Bundesbank and
concerns in Berlin that it could allow spendthrift countries to
slacken economic reforms.
Centre launches National Heritage Yojana: The Centre has
launched the National Heritage Development and
Augmentation Yojana (HRIDAY) under which 12 cities from the
country have been sanctioned funds for the first phase. Prime
Minister's constituency Varanasi got the highest allocation at
Rs.89.31 Core. The scheme seeks to promote an integrated,
inclusive and sustainable development of heritage sites,
focusing not just on maintenance of monuments but on
advancement of the entire ecosystem including its citizens,
tourists and local businesses.
RBI working on comprehensive consumer protection norms
for NBFC sector: The central bank will also soon align the
private placement norms specified for NBFCs with that of the
stipulations in the new company law enacted in 2013. Under
the new company law, private placement cannot be
undertaken with more than 200 persons in a financial year. As
per the RBI specified norms, private placement by NBFCs
cannot exceed 49 persons in a year.
PM'S green signal to flagship scheme "Housing for All":
Prime Minister gave green signal to the Ministry of Housing
and Poverty Alleviation's Flagship Scheme "Housing for all by
2022". It will cover urban poor living in slums, urban homeless
and new migrants to urban areas in search of shelter. It would
cover metros, small towns and all urban areas. The first priority
under the new scheme would be on towns and cities along the
45
banks off Ganga and its tributaries. A large portion of the
programme is to be financed in a public-private partnership
mode by leveraging land and other resources in urban areas.
RBI asks banks to put up loan details online: RBI has asked
banks to enhance transparency on customer loans. This includes
displaying on their website the interest rate range of loans
granted to different categories of individual borrowers in the
past quarter. The banks should also provide the average
interest rates for such loans. The total fees and charges
applicable on various types of loans to individual borrowers
should also be displayed on
banks' websites and should be disclosed at the time when a
loan is processed as well. These instructions for enhancing
transparency in pricing of credit will come into force from April
1, 2015.
Rating Agency S&P to pay penalty for misconduct: Credit
Rating Agency Standard & Poor's (S&P) will pay $77 million
and be barred for one year from rating certain commercial-
backed mortgage securities, as part of a major settlement with
the US and State Regulators over "Fraudulent misconduct". The
case marks the first time that the Securities and Exchange
commission has ever levied charges against one of the big
three credit raters.
SEBI does away with mandatory participation norm for
delisting: To ease the process of delisting, mandatory
participation of 25 per cent of shareholders holding shares in
demat mode would not be applicable if the acquirer and the
merchant banker are able to demonstrate that they have
contacted all the public shareholders about the offer. SEBI has
also amended regulations to issue debt instruments by
incorporating express provisions for enabling consolidation
and re-issuance of debt securities and call and put options.
Consolidation and re-issuance of debt securities will lead to
creation of a larger floating stock for corporate bonds that
are otherwise illiquid. Companies listed on exiting regional
stock exchanges have been given 18 months to comply with the
listing norms of nationwide stock exchanges. Till such time the
shares of these companies will remain on the dissemination
board of nationwide bourses.
Govt for use of RuPAY Cards with cash back offer: The
government, which is striving to take banking to every
household in the country and reduce the number of cash
transactions, aggressively promoting the use of state- backed
RuPay Cards by offering 1% cash-back, in a direct challenge
to card companies such as Visa and Master Card. RuPay is an
Indian domestic card scheme launched by the National
Payments Corporation of India that can be used at ATMs, POS
terminals and e-commerce websites. Apart from all public
sector banks, RRBs and Co-operative banks issue RuPay Cards
in an effort to promote financial inclusion.
RBI for regulating payment instructions in bourses: RBI wants
an amendment in the Payment and Settlement Systems
(Amendment) Bill to provide for regulation of the clearing and
settlement of payment instructions in stock exchanges and
commodity exchanges.
ICICI Bank launched banking services on Twitter: ICICI Bank,
India's Largest Private Bank, launched its banking services on
Twitter, enabling customers to transfer money through the
micro-blogging website. Customers can send up to Rs.5000 per
transaction with a limit of Rs.10000 a day. Online NEFT
charges will apply. Savings account customers can register
their twitter accounts with one time passwords and link their
account numbers. Both recipients and senders need to have
twitter accounts.
Govt launches Venture Capital Fund Scheme for SCs: The
Government has launched a $32 million (Rs.200 Crore)
Venture capital Fund to back entrepreneurs from the scheduled
casts (SC), a social group representing people from socially
backward strata in the country. The fund would invest up to
Rs.15 Crore in backing such entrepreneurs with a six year
investment horizon. IFCI, which also runs a separate VC Fund to
back SMEs, will act as Sponsor, Asset Manager to operate the
scheme.
SEBI notifies Insider Trading Rules: SEBI has notified the
Prohibition of Insider Trading (PIT) regulations, 2015, which will
replace the present two-decade-old, Framework. Under the
new definition, an insider would now mean a person who is in
possession of or has access to price sensitive information. The
new regulations would tighten the screws around company
officials who communicate information to a select group of
people. The new rules will come into effect from May 2015.
Axis Bank MD's term extended: The board of Axis Bank has
reappointed Shikha Sharma as Managing Director and CEO of
the bank for a further period of three years with effect from
June 1, 2015. Sharma had joined the bank in 2009 and is set
to complete a second three-year term in May.
SEBI proposes easier norms for Domestic Mutual Funds: To
make it easier for Domestic Mutual Funds (DMF) to manage
offshore pooled assets, SEBI proposed to drop the "20-25
Rule" which requires a minimum of 20 investors and a cap of
25% investment by an individual investor in a particular
scheme, for certain foreign entities. Besides, SEBI has
suggested to do away with the rule that requires appointment
of separate fund managers for managing offshore funds.
India's GDP growth rate set to surpass China's in 2016-17:
The International Monetary Fund (IMF) has become the latest
organisation to predict that India is on track to outpace China
in the next few years and become the world's fastest growing
large economy. The IMF said India is likely to grow 6.5 per
cent in 2016-17, higher than 6.3 per cent for China. The
World Bank had said that India is expected to outpace China
in 2017-18 with growth of 7 per cent (as against China's 6.9
per cent) on the back of reform initiatives of the Government.
Supreme Court ruling on promotion quota for SC/ST bank
officers: Public Sector Banks accord 15% reservation for SC
and 7.5% for ST candidates. It is done at the initial level of
recruitment and also for promotion in the clerical cadre. This is
allowed also for promotion from clerical grade to the lowest
rank in the officers grade, commonly known as JMG Scale-I.
But when the promotion comes from Scale-I to higher cadres,
banks have not been making any reservations. Now the
Supreme Court has ordered the Public Sector Banks to provide
for reservations while carrying out promotions from Scale-I to
upward to Scale- VI.
Banks can spread up only if borrower's credit profile
deteriorates: The RBI has advised banks that the spread (or
the mark up over the base rate) charged to an existing
borrower by banks should not be increased except on account
of deterioration in the credit risk profile of the customer or
change in the tenor premium. What this means is that if the
credit rating of an existing borrowing unit deteriorates, then,
at the time of the annual renewal of loan limit, the spread
charged over the base rate will be increased. Otherwise, the
interest rate remains unchanged.
World Bank Chief on India's reform measures: According to
the World Bank Chief, the measures taken by the Indian
Government such as the Constitution Amendment Bill for a
Goods and Services Act (GST) would provide an opportunity
to make "Doing Business in India" easier. Centre's move to
gradually eliminate diesel subsidies if made permanent, will
improve the country's fiscal position, reducing the cost of
borrowing and public investments.
46
No refund for returns selected for scrutiny: The processing of
a return cannot be undertaken after notice has been issued
under sub-section (2) of Section 143 of the Income-Tax Act,
1961. It will, however, be desirable that scrutiny of
assessments in such cases be completed expeditiously. Tax
refunds are issued only after the assessment is completed.
Finmin agrees for commission on DBT: The Finance Ministry
has agreed to banks' long outstanding demand for commission
on Direct Benefit Transfer (DBT) transactions. The move will
boost lenders' fee income and make account opening under the
Pradhan Mantri Jan Dhan Yojana (PMJDY) viable. Earlier, a
task force headed by Nandan Nilekani, former chairman of
the Unique Identification Authority of India (UIDAI)
recommended a commission of 3.14% to be paid for all DBTs
handled by banks and business correspondents. Now the
Government is expected to make budgetary provisions for
these expenses.
Banks unlikely to act as insurance brokers: Most banks that
have promoted insurance companies or have existing joint
venture agreements for insurance partnerships are unlikely to
seek a broking licence whereby they can sell policies of
multiple insurance companies. However, public sector banks
that have not promoted or entered into joint venture insurance
partnerships may be keen (to float an insurance broking arm)
as they will be able to provide a wider bouquet of products
from different insurers to their customers.
ICICI Bank launches contactless credit - debit cards: ICICI
Bank, India's largest private sector bank launched the
"Country's First Contactless Debit and Credit Cards", enabling
its customers to make electronic payments by just waving the
cards near the merchant terminal in lieu of dipping or swiping
them. These cards are based on the Near Field Communication
(NFC) technology, which provides customers the improved
convenience of speed. Moreover, these cards require
significantly less time than traditional cards to complete a
transaction.
Banks promised zero interference: The Finance Ministry has
communicated to all the Central Ministries and Departments
that banks have been assured that there will be no
Government interference in their decision-making process.
Govt allowed full FDI in medical devices: The Union Cabinet
has approved liberalizing the FDI Policy for the cash starved
medical devices sector. As per the decision, FDI up to 100%
through the automatic route has been permitted for
manufacturing of medical devices in the country.
Banks not reporting credit information of individual
members of self-help groups: According to the chief of CRIF
High Mark Credit Information Services, individual members of
self-help groups (SHG) can become eligible for bigger loans
from banks only if the credit history of the intra group
borrowings is captured. As of now, banks report only credit
information pertaining to the groups and not of individual
members. An SHG, as defined by the National Bank of
Agriculture and Rural Development, is a voluntary association
of 10-20 poor people with mutual affinities same kind of
livelihood, similar community, caste who have a common
goal of social and economic empowerment. Group members
save small amounts of money and lend them to each other. On
satisfactory functioning of the SHG, it can get loan from the
bank.
Govt announces new roadmap for accounting norms: The
corporate Affairs Ministry has announced a revised roadmap
for implementation of the long awaited Indian Accounting
Standards. The revised roadmap, which does not cover
banking and insurance companies and NBFCs, envisages a two which has 75 per cent weightage in IIP grew 3 per cent in
phased implementation. The new standards will be mandatory November, compared with a contraction of 2.6 per cent in
for financial years beginning on or after April1, 2016, October. For April-November 2014, IIP recorded 2.2 per cent
together with comparative information for the previous year. growth, higher than 0.1 per cent in same period in the previous
Arvind Panagariya takes charge as NITI Aayog Vice- year. Meanwhile, retail inflation for December 2014 came in
Chairman: NITI Aayog, which replaces the Planning at 5 per cent, higher than the 4.3 per cent in November.
Commission, came into existence on January 1. Panagariya is SEBI frames new norms for Municipal
an Indian-American economist, who has held the post of Chief Bonds: To give a boost to the centre's "small cities" initiative,
Economist at the Asian Development Bank. He has also worked SEBI proposed a new set of norms for listing and trading of
for the World Bank, the IMF, the WTO, and UNCTAD in municipal bonds on stock exchanges so as to channel household
various capacities. investments into urban infrastructure development. According to
Govt amends cost record rules: According to the new norms the Regulator, a municipal authority issuing the bonds will have
notified by the Government, corporates having annual turnover to obtain rating from a credit rating agency registered with
of Rs.35 Crore and above would be required to mandatorily SEBI. Also known as "Muni Bonds" these instruments will have a
maintain cost records. At the same time, the Corporate Affairs minimum tenure of three years.
Ministry has expanded the ambit of cost auditing by individual In a first, Kerala allows mobile towers on govt land,
entities that are into coffee, tea and milk powder business. The buildings: The Kerala Government has decided to allow
requirement of maintaining cost records would be applicable mobile telecom service providers to set up towers on
to certain class of companies that meet the threshold level of government land and buildings. This is the first time that a
Rs.35 Crore. Such entities have been broadly classified into State Government is throwing open its own land, buildings and
regulated and unregulated sectors. offices to mobile companies. It will expand mobile connectivity,
Centre promulgates ordinance for amending Mining Act: The improve the quality of mobile conversations, make access to
amendments to the MMDR Act include auctioning of the mineral the Internet faster and easier, and also facilitate 4G services.
concessions. Also renewals have been done away with and the The government will charge 10 per cent of the market value of
concession period has been increased to 50 years from the the land on which the tower is put up as the lease rent.
current 30 years. At the end of the concession period, the Govt. approves ordinance to ease land acquisition: The
mining lease will be put up for auction again. For the existing ordinance does away with the requirement of written consent
lease holders, the mining lease of existing lease holders has from 70% of land owners for PPP projects in the infrastructure
been extended till March 31, 2030 and for merchant miners it and social infrastructure sectors. Also, social impact assessment
has been extended till March 31, 2020. In order to ensure would not be required for such projects. PPP Projects account
there are no delays, the ordinance empowers the Centre to for 60% of Rs.18 Lakh Crore worth of stalled projects.
prescribe deadlines for various processes and also issue SEBI's proposed curbs on 'wilful defaulters' is advantage
binding directions to States. banks: As per Moody's Investor Service, Market regulator
Govt. splits CMD post in State-Run banks: The Government SEBI's proposal to bar 'wilful defaulters' from accessing capital
has separated the posts of Chairman and Managing Director markets to issue debt and most forms of equity is "credit-
(CMD) in nationalized banks. It has also appointed Managing positive" for Indian banks. In SEBI's proposal, an issuer, its
Directors (MD) for four banks, and they have been designated controlling/key shareholder, group company or director on the
as Chief Executive Officer (CEO). According to the finance list of wilful defaulters would be prohibited from a public issue
Ministry, henceforth, in public sector banks, other than SBI, the of equity shares, debt securities, and preference shares. It
Chairman will be a part-time Board member who would would also be prohibited from controlling any other listed
preside over the board meetings but will not be an executive entity. Currently, wilful defaulters are only prohibited from
chairman. The procedure for selection of part-time chairman issuing convertible debt instruments. They will, however, be
would be announced shortly. The four new MDs and CEOs are- allowed to make a rights issue or a private placement to
(1) P. Sriniwas for United Bank of India, (2) Animesh Chauhan qualified institutional investors. The list itself would be
for OBC, (3) R. Koteeswaran for Indian Overseas Bank and (4) maintained by a central repository authority, although not
Kishore Kumar Sansi for Vijaya Bank. SEBI, and banks would provide wilful defaulters' names to the
Banks need to revisit credit exposure authority.
limits of firms: Reserve Bank of India Deputy Governor Urjit Finmin tells banks and LIC on claim forms: The Finance
Patel has said that banks may have to revisit at an opportune Ministry has asked the public sector banks and LIC to make
time the individual company available on their websites, claim forms for the Rs.30000 life
cover as promised under Jan Dhan Yojna. Also, LIC has been
credit exposure limits, as well as sector exposures as part of asked to settle claims within 15 days of the receipt of the
their learning for the future for better risk management form. The settlement process should not exceed 30 days in any
practices over the business cycle. case.
Post Offices to issue ATM-cum- Debit cards: Post Office Regulator red flags high agent attrition in life- insurance
savings bank accounts can now be operated through ATMs. space: The insurance regulator has raised concerns over the
The Centre has amended the Post office Savings Bank General high rate of agent attrition in the life insurance industry.
Rules accordingly. This facility, however, will be available only Cabinet Nod for Hiking Stake in IFCI: IFCI was set up in 1948
in the post offices that are in Core Banking Solution (CBS) as a Statutory Corporation under the Industrial Finance
platform. Currently, 676 post offices are on CBS. Corporation Act, 1948. Thereafter, IFCI Ltd. Was registered
Industrial output at 5-month high; retail inflation inches up under the Companies Act 1956 on March 31, 1993. The
in Dec: Factory output for November 2014 came in at a five- current shareholding of Government of India in IFCI is 47.93%.
month high of 3.8 per cent on the back of improved Therefore IFCI is not a Government Company under Section
manufacturing performance. This is a clear positive for the
economy given that the Index of Industrial Production (IIP) had 2(45) of the Companies Act 2013. Now the Centre has
contracted 4.2 per cent in October 2014. Manufacturing

47
approved raising its stake in IFCI Ltd. to 51% by infusing Rs.60 (CBDT) has come up with a new draft of 12 income
Crore in the country's oldest Financial Institution. computation and disclosure standards (ICDS). The Income Tax
Department is looking to prescribe its own set of standards so
For banks, home loan portfolio is losing sheen: The retail as to ensure that income is computed correctly for income tax
loan portfolio of banks is seeing a marginal shift away from purposes.
housing and towards unsecured and consumption- based Number of export documents set to come down: The
lending. Reserve Bank of India data show that the pace of paperwork involved in exporting and importing goods is set to
growth of home loans declined to 16.4 per cent in November come down significantly from the next fiscal year. The move
2014, from 18.1 per cent in the year-ago period. On the will cut down transaction costs and time for industry and also
other hand, growth in consumer durables and other personal improve the country's global ranking in the World Bank's 'ease
loans improved to 46.8 per cent (32.8 per cent in the year- of doing business' index. The Revenue Department is likely to
ago period) and 16.2 per cent (13.3 per cent), respectively. bring down the number of mandatory documents required for
Supreme Court Ruling on Tribunals: The recent trend of exports to three in the new fiscal year from the seven cited in
setting up tribunals in various sectors to lighten the High Courts' the World Bank's report. The reduction in export documents to
burden and speed up decisions suffered a setback when the three will put India at par with countries such as the US,
Supreme Court struck down the National Tax Tribunal Act on Canada, Singapore and Japan.
grounds that "it encroached upon the power of the Judiciary E-rickshaws now get legal status: The President has given his
and the Principle of Separation of Powers". nod to amend the Central Motor Vehicles Act (CMVA). With
Jan Dhan: banks want fund to help cover overdraft this, e-rickshaws and e-carts can be registered by Regional
defaults: Banks have requested the Finance Ministry to quickly Transport Offices, and will have to comply with rules
set up a credit guarantee fund to cover possible delinquencies regarding display of registration marks, size of letters and
in overdrafts they extend to account holders under the numerals of the registration mark, transfer of ownership and
Pradhan Mantri Jan-Dhan Yojana. With two months to go for validity of certificates and fitness. State governments will have
the first set of account holders to become eligible for an to register e-rickshaws as per the amended rules.
overdraft (OD), the matter has assumed urgency. PMJDY was PM launches new domestic lighting scheme: Prime Minister
launched on August 28 last year, as a national mission for Narendra Modi launched a scheme for distribution of LED
financial inclusion. Under the Yojana, banks can provide an OD bulbs, under the domestic efficient lighting programme, and a
of up to Rs. 5,000 after six months of satisfactory National Programme for LED-based Home and Street Lighting.
performance, in terms of operations, savings, and credit Under the scheme, consumers in Delhi will be able to request
history. for LED bulbs under the Domestic Efficient Lighting Programme
Reserve Bank red flags 'quick money' schemes: The Reserve through a new website. Consumers can register for this scheme
Bank of India has cautioned the public against getting taken in either through the website or by sending an SMS to a
by unscrupulous entities peddling multi-level marketing (MLM) designated number. Under the programme, consumers will pay
schemes that promise high returns. Entities running such chain Rs. 130 per LED bulb as compared to market prices, which
marketing or pyramid schemes promise easy or quick money range from Rs. 350 to Rs. 600.
upon enrolment of members. Income under such schemes comes Let Department of Posts run a bank: The panel on leveraging
primarily from enrolling more and more members from whom the post office network headed by former Cabinet Secretary
hefty subscription fees are taken. A portion of the subscription TSR Subramanian, has stated that large banks suffer from
amounts so collected is distributed among the members at the "small customer fatigue". There is considerable empirical
top of the pyramid. Any break in the chain leads to the evidence in this regard as reflected in increasing minimum
collapse of the pyramid, and the members lower down are the balance requirements, high transaction charges and barriers
ones affected most. Acceptance of money under money for cash handling across bank counters. Moreover, for cultural,
circulation, MLM or pyramid structures is a cognisable offence social and historical reasons, large banks find it difficult to
under the Prize Chit and Money Circulation (Banning) Act, motivate their city based employees to work in rural areas.
1978. The panel has suggested for the Department of Posts (also
CBDT notifies new draft of income computation and known as India Post) to set up a new bank to achieve the
disclosure standards: The Central Board of Direct Taxes government's agenda of universal financial inclusion.

MARCH/APRIL FINANCIAL AWARENESS

Global Leader: Union HRD Minister Smriti Irani was named
Young Global Leader from India by the World Economic
Forum (WEF).
Stockholm Water Prize: Environmental activist Rajendra Singh
has been awarded with the prestigious Stockholm Water Prize
this year for his innovative water restoration efforts and
courage to empower communities in Indian villages.
Gandhi Peace Prize 2014: Indian Space Research
Organisation (ISRO) won Gandhi Peace Prize 2014. The
Indian space agency successfully launched Mars Orbiter
Mission (MOM) and at a very cost effective price of 450 crore
rupees. Also it was its first attempt to launch a Mars Orbiter
mission.
Pradhan Mantri Kausahal Vikas Yojna: The Union Cabinet
has approved the Pradhan Mantri Kaushal Vikas Yojana
(PMKVY) to provide necessary skills training to youth across the
country. The PMKVY Scheme will be implemented by the Union
Ministry of Skill Development and Entrepreneurship through the
National Skill Development Corporation (NSDC).
Dadasaheb Falke Award: Actor Shashi Kapoor has been
awarded with this year's Dadasaheb Phalke Award, India's
highest honour in cinema.
Air to Air Missile: India's indigenously developed Beyond
Visual Range (BVR) air-to-air missile 'Astra' was successfully
tested from a Sukhoi-30 fighter aircraft at the Integrated Test
Range located at Chandipur in Odisha.
Chillr: A mobile application Chillr that allows customers to
instantly transfer money to any person in India is a first-of- its
kind application that is linked directly to customers' bank
accounts and is exclusively for customers of HDFC Bank. The
maximum transaction limit is Rs.5000/- per day and Rs.
50000/- rupees a month.
Swaraj Bhoomi: Girgaum Chowpatty has been renamed as
Swaraj Bhoomi to honour veteran freedom fighter Bal

48
Gangadhar Tilak. The Girgaum beach was called Chau-pati
because of four channels of water that existed there.
SEBI Board approves IFSC guidelines: Sebi has approved a
relaxed set of norms for setting up of stock exchanges and
other capital market infrastructure in International Financial
Services Centres. Stock exchanges and clearing corporations
would be provided concessions for setting up ventures in the
IFSC. All existing exchanges would be allowed to set up their
subsidiaries in the IFSC under the relaxed regimes.Gujarat
International Finance Tec-City (GIFT City) would be the
country's first IFSC, with which top bourses BSE and NSE have
already signed MoUs for setting up international exchanges
there.
SEBI approves listing of Municipal Bonds: To help in the
government's 'smart cities' programme, Sebi has approved a
new set of norms for listing and trading of municipal bonds on
stock exchanges, while channelizing household investments for
urban infrastructure development. After SEBI approval for such
municipal bonds, also known as 'muni bonds', municipal
authorities would raise funds including for
setting up of smart cities.
India overtakes US as 3rd Steel Producer: India has overtaken
the US to become the third-largest steel producer in the world
with a production of 14.56 million tones (MT) in first two
months of the year. India has been the fourth largest steel
producer for the past five years, behind China, Japan and the
US.
Asian Development Bank Report: As per Asian Development
Banks annual publication Asian Development Outlook, 2015
India is all set to overtake China's growth rate by clocking 7.8
per cent GDP in 2015-16 and 8.2 per cent during the
following fiscal on the back of structural reforms and
government's 'pro-investment' attitude.
Rural Banks told to cut jobs: Based on the recommendations
of S.K. Mitra committee on HR policy for RRBs, the Government
has directed regional rural banks to become slim by cutting
jobs and outsource non-core functions such as IT maintenance,
cash remittance and housekeeping. Currently, there are 56
RRBs with 19,400 branches and a collective business volume of
Rs 4.50 lakh crore.
India's GDP growth forecast increased: International
Monetary Fund had increased India's GDP growth forecast to
7.2% for the current financial year. Last year, IMF had
forecasted a growth rate of 5.6% for the current financial
year, and 6.4% for the next financial year.
UK annual inflation rate drop to zero: UK annual inflation
rate dropped steeply to zero in February for the first time due
to falling prices of recreational goods, food, furniture and oil.
UK inflation, measured by the Consumer Price Index (CPI)
stood at 0% in February compared to 0.3% in January.
India's foreign exchange reserves: jumped by USD 4.261
billion to all time high USD 339.991 billion in the week ended
20th March. The jump was mainly due to increase in foreign
currency assets which was increased by USD 4.539 billion to
USD 314.886 billion in the same week.
Central Bank of India with maximum bad loans: According
to the data published by the RBI, Central Bank of India has
topped the list of public sector banks with maximum bad loans
including restructured assets as a percentage of total
advances. As per the list, CBI has 21.5% loans as either bad
assets or has been termed as non-performing assets (NPAs).
MAY FINANCIAL AWARENESS
Bhartiya Mahila Bank MOUs with insurance companies:
Bhartiya Mahila Bank has entered into MOUs with the New
49
FDI cap in insurance sector: The Reserve Bank has notified the
decision to raise foreign direct investment (FDI) cap in the
insurance sector to 49% from existing cap of 26%. As per the
notification, FDI up to 26% will be under automatic route and
beyond 26% till 49% will be allowed with the approval of
Foreign Investment Promotion Board (FIPB).
Government to reduce holding in PSBs: Government has
decided to bring down its holding in public sector banks (PSBs)
to 52% in a phased manner to ensure that capital needs of
banks are taken care of.
Capital Infusion for 9 PSBs: The government has allocated
Rs.7,900-cr for recap of PSU banks.
Digitisation of Women SHGs: NABARD has started a pilot
project to improve the quality of interface between members
and banks for efficient and hassle free delivery of
banking services. Digitisation will bring transparency,
credibility to operations of SHGs thereby increasing the
comfort of bankers in credit appraisal, disbursement and
monitoring.
15 cr accounts linked to Aadhar: NPCI, the umbrella
organisation for all retail payments system in India, reached a
major milestone of successfully linking 15 crore bank accounts
with Aadhaar number. NPCI is the nodal agency for all retail
payment systems under the Jan Dhan scheme.
New Investment pattern for PFs: The new investment pattern
mandates up to 50% Investment in government securities, 45%
in debt securities, 15% in equity instruments, 15% in exchange
traded and indexed funds and 5% in real estate assets.
Sec 66A of Information Technology Act: In a landmark
judgement, the Supreme Court has struck down a provision in
the cyber law known as Section 66-A of the Information
Technology Act which provides power to arrest a person for
posting allegedly 'offensive' content on websites in order to
protect freedom of expression.
Pragati: Govt. launched ambitious multi-purpose and
multimodal platform PRAGATI (Pro-Active Governance and
Timely Implementation) with the aim of addressing common
man's grievances and concerns. It will also help in
simultaneously monitoring and reviewing important
programmes and projects of the Government of India as well
as projects flagged by state governments. IMF and ADB to
support AIIB: China has received support from International
Monetary Fund and Asian Development Bank to establish a
new multilateral development bank named as Asian
Infrastructure Investment Bank (AIIB), that will provide project
loans to developing countries and will begin its operations by
the end of 2015.
Indian Railways launched RuPay Card: The card will enable
passengers to book their Rail tickets and do shopping using
RuPay pre-paid debit cards. Card can be availed from either
the Union Bank or the IRCTC. RuPay is India's own card
payment gateway network and provides an alternative system
for banks to provide debit card service.
Bank Board Bureau: The Bank Board Bureau is being set up
which would be responsible for appointments at state- run
lenders. The Board will work as search committee or
appointments board and will consist of professionals with only
one government representative. The proposed Board would
have six members with at least three former bankers, two
professionals and secretary, department of financial services
as the government representative.
India Assurance Co. and LIC to provide insurance cover to its
account holders. The insurance covers are being provided
under PM Jan Dhan Yojana and PM Jeevanjyoti Bima Yojana
schemes. The insurance option is voluntary and comes at a
premium of Rs.12 and Rs.330 respectively. The age eligibility
under the former is 18-70 years and under the later is 18-50
years. The enrolment period will be from June 1 to August 31.
Cabinet nod to amend Negotiable Instruments Act: The
Cabinet approved a proposal to amend the Negotiable
Instruments Act so as to clarify on jurisdictional issues for trying
cheques bouncing cases. The main amendment is the stipulation
that the offence of rejection/return of cheques under section
138 of the negotiable Instruments Act will be enquired into
and tried only by a court within whose local jurisdiction the
bank branch of the payee, where the payee presents the
cheques for payment is situated.
Guidelines to set up shop in IFSCs: RBI has issued the
operational guidelines for Indian and foreign banks to set up
shop in International Financial Service Centres (IFSCs), the first
of which has come up in the Gujarat capital Gandhinagar.
Public and private sector banks authorized to deal in foreign
exchange will be eligible to set up IFSC Banking Units in IFSCs.
Only foreign banks having a presence in India will be eligible
to set up IBUs and specific permission from the Home-country
regulator will be required. Eligible banks will be permitted to
establish only one IBU in each IFSC. Parent Banks will be
required to provide a minimum capital of $20 million or
equivalent in any foreign currency to enable their IBUs to start
operations in IFSCs.
RBI removes curbs on United Bank of India: RBI has lifted the
restriction on loans to be made by United Bank with a
condition that the bank maintains its capital adequacy ratio at
9.5% and keep credit-deposit ratio at or below 70%.
RRBs come under RuPay Cards: National Payments
Corporation of India (NPCI), the umbrella organization for all
retail payments system in the country, has enabled all 56
regional rural banks (RRBs) under its Central Payment Systems
Network with RuPay cards and access to National Automated
Clearing House Service.
Foreign Trade Policy 2015-20 notified: The long- awaited
Five-year Foreign Trade Policy has been notified by the
Government. The policy has expanded the scope of incentive
schemes for merchandise and service exports and it also
targeted to almost double value of exports to $900 billion by
2020. Further to ensure stability in the policy regime, the
Centre has opted for a mid-term review instead of an annual
review. The Policy also spells out measures for increased
digitization of exports and imports with the aim to gradually
move towards a paperless office and self- certification by
established exporters and importers.
MEIS and SEIS replacing multiple schemes introduced: In the
new Foreign Trade Policy, the Government has introduced two
new schemes, Merchandise Exports from India Scheme (MEIS)
and Services Exports from India Scheme (SEIS) by replacing
earlier multiple schemes. The MEIS will be targeted for export
of specified goods to specific markets and SEIS is meant for
exports of notified services. The rate of rewards under MEIS
now ranges from 2% to 5%, from the 2% to 7% range earlier.
On the other hand, under SEIS, the rate will range from 3% to
5%, from the 5% to 10 % range earlier.
Govt. mulls new norms for PSB top appointments: The
finance Ministry is seeking to rework the eligibility norms to
appoint MD & CEO for five large nationalized banks. The age
criteria for eligible candidates are to be relaxed from 55
years to 57 years and also to reduce the requirement for
board level experience from three years to one year. The
50
move will allow some of the EDs in public sector banks to be
eligible for the post of MD and CEOs for which separate
interviews will be conducted.
Govt revamps new norms on Non-official Directors: The
government has revamped the procedure for appointment of
non-official directors on the Boards of Public sector Banks,
Insurance Companies and Financial Institutions. Besides,
creating a dedicated web portal, where interested persons
can apply online, the procedure also provides for setting up of
a high level search committee. The committee will go through
the available applications and would recommend names to the
government for approval. The applicant should have at least a
graduation degree, should be less than 67 years of age and
have 20 years of work experience. Such directors could be
appointed for maximum six years or two terms.
RBI concern for Public Sector Bank's Board Members: RBI will
attempt to make the remuneration package of public sector
bank board members as appealing as that of their private
sector counterparts. RBI also conveyed its decision to do away
with the list of issues that PSU banks place before their board
members, giving the top management more time to deliberate
on strategic issues. At a time when private sector bank
directors are being paid in Lakhs for every board meeting
they attend, the payment in public sector banks is in the range
of Rs.5000 to Rs.10, 000 bands in accordance with the
government guidelines on remuneration. The difference in pay
has made it difficult for PU banks to attract and retain
professional directors on their boards.
SEBI penalties for no woman on Board: The deadline for
appointing at least one woman director expired on March 31.
Listed companies that have not appointed a woman director
face a fine of Rs.50, 000. If they do not comply by June 30,
an additional fine at the rate of Rs.1000 a day will be
imposed till a woman director is appointed. After September
30, the fine will go up to Rs.1.42 Lakh plus Rs.5000 a day till
the date of compliance.
Govt announces relief package for farmers: The Government
has announced a relief package for the farmers hit by
unseasonal rains. The criteria has been reduced from 50% to
33% crop damage enabling more farmers to get
compensation for their loss. The compensation amount has been
increased to 15 times. Banks have been asked to restructure
farm loans while insurance companies have
been asked to settle claims of farmers on a priority basis.
PM launches MUDRA Scheme: The Prime Minister has
launched "MUDRA" scheme. The Micro Units Development and
Refinance Agency Ltd. (MUDRA) has been registered as an
NBFC with RBI and has a corpus of Rs.20, 000 Crore and can
lend up to Rs.50,000 and Rs.10 lakh to small entrepreneurs.
The Microfinance institutions and NBFCs can avail loans from
MUDRA for on lending to the borrowers. It will provide
refinance to banks and other institutions at 7% rate of interest.
The Government has appointed Jiji Memon as the CEO of
MUDRA, who was a Chief General Manager of NABARD.
National Consumer Commission Ruling on ATM fraud: The
National Commission, said that there was a foul play by a
third person who manipulated the ATM machine and
unauthorizedly withdrew money. The Commission concluded
that there was deficiency in bank service. The Commission
further ruled that "A bank can not escape its liability by
claiming the security systems are foolproof. If there is a flaw or
a loophole in the system, the bank would be liable to make
good the loss caused to the customer".
Sahoo Panel recommendations on ECB: Government
appointed Sahoo Panel has recommended that Indian banks
should not be allowed to extend ECBs to domestic corporate
houses out of their overseas subsidiaries or branches. This norm
should also be applied for guarantees which mean that Indian
banks based abroad should not be allowed to
extend guarantees for ECBs. The Panel has recommended that
the restrictions on borrowers, lenders, end-uses, amount,
maturity, all-in-cost ceiling must be removed. The Panel does
not want that both lender (Indian bank based abroad) and the
borrower (Indian Company) to face forex risk on the same
loan transaction.
RBI for interoperable cash deposit machines: RBI is looking to
the National Financial Switch (NFS) which will make them
interoperable and allow customers to deposit cash into their
accounts from any bank's machine. ATMs are already part of
the NFS and now there is proposal from National Payments
Corporation of India (NPCI) to link all cash deposit machines to
the NFS. This will allow any other bank customers to put in
money from any machine.
Panel proposes Small Banks merger with Large Banks: The
Working Group on Consolidation and Restructuring of Public
Sector Banks has proposed that the small public sector banks
with assets of less than Rs.2 Lakh Crore should be readied for
merger with five large public sector banks. Ahead of the
consolidation, the small PSBs will need to reorient their
portfolio and improve operational efficiencies over the next
one year. Any consolidation should be driven by market forces
and decisions taken independently by the board of each bank.
RBI allows banks to tie up with e-commerce companies: RBI
has allowed banks to enter into joint ventures with ecommerce
firms to smoothen payments or appointing them as Business
Correspondents for acquiring new customers. Integrating e-
commerce with their own platforms will allow banks to work
around the two factor authentication requirement while doing
transactions. Further to ensure reliability of banking
transactions in the mobile space, RBI has asked the TRAI to give
priority to banking transactions over others while messaging.
Govt allows EPFO to invest in ETF: The Government has
allowed the EPFO to invest 5% of its corpus in Exchange
Traded Funds (ETF) which will result into an inflow of around
Rs.5000 Crore into the stock markets during this fiscal. As per
JUNE FINANCIAL AWARENESS
New Service Tax rate from June 1: The new service tax rate
of 14% will come into effect from June 1. The service tax is
currently levied at the rate 12.36%, including education cess.
FDI limit in pension sector hiked to 49%: The Indian
government raised the limit of foreign direct investment (FDI) in
the pension sector to 49% in line with the FDI cap raised in the
insurance sector. The hike covers FPI, FII, QFI, FVCI, NRI and
DR. No government approval is required till 26%, but the
Foreign Investment Promotion Board (FIPB) approval would be
needed for investment beyond 26% and up to the cap of
49%. All investments in the pension sector, however, will have
to abide by the pension sector regulator the Pension Fund
Regulatory and Development Authority (PFRDA).
Private and foreign banks to appoint outsiders as Internal
Ombudsman: New generation private banks, public sector
banks and foreign banks with a large retail base have been
asked to appoint an outsider as an internal Ombudsman to
look after consumer grievances. The internal Ombudsman, who
will be designated as chief customer service officer (CSSO),
will be the first port of call for grievance redressal even
before approaching the banking ombudsman. The public sector
banks, the private lenders who will have an internal
Ombudsman are ICICI Bank, HDFC Bank, Axis Bank, Kotak
51
estimates, the EPFO's incremental deposits for 2014-15 would
be around Rs.80, 000 Crore. During the current fiscal, the
incremental deposits could be around Rs.1 Lakh Crore as the
body had increased the monthly wage ceiling for coverage
under its social security schemes to Rs.15, 000 from Rs.6500 in
September last year.
Govt proposes change in corruption law for good officials:
The Centre proposes to differentiate a "Corrupt decision" from
an Erroneous decision" to ensure that its officers take decisions
without any fear. The proposal is to amend section 13 of the
Prevention of Corruption Act, 1988 which defines what
constitutes criminal misconduct by a public servant and
specifies penal provisions, including jail of up to seven years.
SEBI proposal for venture capital funds: SEBI proposed to
allow venture capital funds to invest up to 25% of their
investible funds in foreign companies that having "Indian
connection". Currently the cap is fixed at 10%. Indian
connection would include companies having front office
overseas but back office operations in India. Many Indian
entrepreneurs have been setting up their headquarters outside
India with backend or research and development operations in
India. Therefore, there is need to allow higher overseas
investment by VCs more than existing 10% limit.
GOVT. formulates new project "Life MGNREGA": With an
aim to promote self-reliance and improve the skill base of
MGNREGA workers, the Government has formulated a new
project linking the flagship rural job scheme with skill
development programmes. "LIFE-MGNREGA" is likely to be
implemented in the middle of July. The project has been
formulated in consultation with Deen Upadhyaya Grameen
Kaushalya Yojana and National rural Livelihood Mission.
IFSC Banking Units (IBU) by Indian Banks: RBI has
formulated a scheme for the setting up of International
Financial Services Centre (IFSC) Banking Units (IBUs) by banks
in IFSCs as per Foreign Exchange Management (International
Financial Services Centre) Regulations, 2015. Government of
India has already announced setting up of an IFSC in Gujarat
namely Gujarat International Finance Tec-City (GIFT) in
Gandhinagar, Gujarat.
Mahindra Bank, IndusInd Bank Ltd, Standard Chartered Bank,
Citibank NA and HSBC. These banks have been selected on
the basis of their asset size and business mix.
AXIS Bank opens 24x7 express branch: Axis Bank, India's
third largest private bank, opened its first Express Branch, a
retail banking initiative to deliver superior Omni channel
digital experience to customers at ITPL, Bengaluru. These
branches would primarily be opened in metro cities to offer
customers round-the-clock banking services for their
convenience and ease and would offer cash withdrawals,
instant cash deposits, cheque deposits, etc.
GDP to grow further after 7-7.5% last year: Economists
polled by Reuters pegged India's 2014-15 economic growth
at 7.4 per cent and 7.8 per cent for the current year in terms
of standard gross domestic product (GDP). As per new way of
measuring GDP, India's statistics office has overtaken China as
the world's fast-growing major economy, at an annual 7.5 per
cent in the fourth quarter of the fiscal year that ended on
March 31.
FDI Cap hiked:: The Government has decided to increase the
limit for foreign investment proposals needing Cabinet nod
and also allowed to treat Real Estate Investment Trusts (REITs)
as eligible financial instruments under the Foreign Exchange
Management Act (FEMA). The move is expected to boost
foreign inflows into the country. The latest step is expected to
help several companies looking to raise funds via REITs, which
are yet to take off. During the April- February period of
2014-15, the foreign fund inflows have grown by 39%, year-
on-year, to $28.81 billion.
HDFC among World's top 10 list of consumer finance firms:
Mortgage lender HDFC has emerged as the only Indian
company among the world's 10 biggest consumer financial
services firms, after American Express, Visa and Mastercard.
HDFC is ranked 7th on the list, compiled by business magazine
Forbes, where American Express is placed on the top.
Public Sector Banks' profiles to improve only in the medium
term: According to Moody's, improvement in the credit profiles
of Indian public-sector banks (PSBs) will be achieved only in
the medium term, given their high levels of impaired loans and
weak capital positions. PSBs represent more than 70% of total
banking system assets in India. A longer time-frame is needed
for the credit profiles of public- sector banks to improve,
because their asset quality is tied to the slow, multi-year
recovery of corporate balance sheets, and the lagging
recognition of associated credit costs. The banks are therefore
highly dependent on the Indian government (Baa3 positive) for
fresh capital.
AMFI asks mutual funds to check 'Bonus Stripping' practice:
AMFI has asked Mutual fund houses to check the practice of
'bonus stripping', which has come under scanner for possible
misuse of the bonus plans of mutual fund schemes for avoiding
paying taxes. The bonus stripping typically involves an investor
buying a bonus plan of a mutual fund scheme, book a loss on it
and then set it off against capital gains from other sources.
ICICI Bank launches voice password facility for users: ICICI
Bank has launched a service where customers can make
transactions using just their voice, without using other means of
authentication like a password. The voice recognition service
authenticates customers based on their speech patterns &
allows them to execute banking transactions through the bank's
call centre. Their voice will now act as the password for
banking transactions through the call centre.
Small banks for merger with large PSBs: A Finance Ministry
appointed Working Group on Consolidation & Restructuring of
PSBs has recommended Small public sector banks, with assets
of less than Rs.2-lakh crore, should be readied for merger with
five large PSBs. PSBs with less than Rs.2 lakh crore assets
(loans plus investments) include Andhra Bank, Bank of
Maharashtra, Dena Bank, PSB, Vijaya Bank, and United Bank
of India. The large PSBs, with the capability to acquire include
Bank of Baroda, Bank of India, Canara Bank, PNB and UBI.
Ahead of the consolidation, the small PSBs will need to reorient
their portfolio and improve operational efficiencies over the
next one year. The Working Group has proposed that as a
means to improve profitability by leveraging economies of
scale & avoiding duplication, all PSBs should share
infrastructure, including back-office space, IT backbone &
telecom contracts through a "shared service organisation."
The banks will need to raise almost Rs.4.50-lakh crore in
Tier 1 capital (which includes Rs.2.40- lakh crore equity
capital) by March 2019 under Basel III norms. The Working
Group has suggested that over the next one year all PSBs
focus on four areas - improving risk management capabilities,
shifting to profitability-linked performance metrics, leveraging
technology to reduce costs, and developing capital-light
business models.
IBA sign wage revision pact: Bank unions have signed the
new wage revision agreement with the industry body Indian
Banks Association (IBA) one of the heads of the unions. The
52
pact, is going to benefit 8.5 lakh employees from all the state-
run banks, old generation private banks and some large
foreign banks.
Banks' Gross NPAs rises to 4.45%: The banking sector's asset
quality further worsened in the last one year, with gross non-
performing asset (GNPA) ratio inching to 4.45% in March
2015, compared to 4.1 per cent in March 2014. Stressed
assets ratio, which is GNPA plus restructured standard
advances for the system, stood at 10.9 per cent, as at the end
of March, 2015 compared to 10 per cent in March, 2014 and
10.7 per cent in September 2014. GNPAs for public sector
banks as on March 2015 stood at 5.17 per cent, while the
stressed assets ratio stood at 13.2 per cent, which is nearly
230 bps more than that for the system. RBI had taken various
steps in the last one year to tackle the problem of rising bad
loans. For early recognition of stress in the system, banks have
been asked to form joint lenders' forum (JLF) to initiate the
resolution mechanism. According to the latest data, the capital
adequacy ratio of the banking system has been steadily
declining and at the end of March 2015, it stood at 12.70 per
cent as against 13.01 per cent in March 2014. The
government has taken a decision to infuse capital in banks that
show better efficiency in terms of return on equity and return
on assets. As a result, only nine public sector banks have
received capital from the government in the previous financial
year.
Mechanism for banks to check frauds: The RBI has put in
place a new framework to check loan frauds including by way
of early warning signals at banks and red flagging of
accounts, while defaulters will have no access to further
banking finance. Besides, the central bank will set up a Central
Fraud Registry that can be accessed by all banks to identify
borrowers having committed frauds with any bank in the past.
The CBI and the Central Economic Intelligence Bureau (CEIB)
will also share their databases with banks.
PM launches 'KISAN TV': To mark the completion of his
government's first year in office, the PM has launched 'Kisan
TV' which would provide information about best agricultural
practices. The government has made it a 'must carry' channel
making it mandatory for cable and Direct to Home (DTH)
operators to provide it to their subscribers.
World's 50 most valued banks in 2014: Among other sector-
specific lists, there is no Indian entity on the list of biggest
major banks topped by China's ICBC. For the regional banks,
China Construction Bank tops the chart, while India's SBI is
ranked 22nd, ICICI Bank is at 29th place and HDFC Bank is at
40th position. For Oil and Gas sector, Reliance Industries is
ranked 15th globally, while ExxonMobil is on the top. In
Computer Services, Google tops the list and India's TCS is at
7th place, followed by Coginzant at 9th and Infosys at 10th
position.
New Data on Indian Exporters released: India's statistical
office will release new data for the first time to identify where
India's exporters are located and what they are selling. This
move is expected to help the government to make more
informed manufacturing and trade policy decisions in the
context of its 'Make in India' programme and the stiff $900-
billion exports target set for 2020.
FORD Foundation to be under a watchlist: The Ministry of
Home Affairs has ordered to put Ford Foundation, one of the
most powerful international funding organizations under a
watch list in 'National interest and security' of the country and
has also decided to take Greenpeace type of action against
Ford Foundation. Putting it on prior permission list, MHA has
ordered that all the funds coming from Ford Foundation, US,
for any agency or NGOs in country will first need to be
cleared by the ministry. The action has been taken under
Section 46 of the FCRA.
Cabinet approves changes to Child Labour laws: In a major
overhaul of child labour laws, the Cabinet approved a
complete ban on employment of children below 14 years,
except for some family businesses, entertainment and sports
activities, while raising the punishment for violations to up to
three years of jail. Making child labour a cognizable offence,
the fine has also been increased to up to Rs 50,000 for the
employers. The children can be employed only in non-
hazardous family enterprises, TV serials, films, advertisements
and sporting activities (except circus) with a condition that they
would be made to do these jobs after school hours.
First BRICS Bank Chief: The ICICI Bank Chairman K.V. Kamath
has been named as the first President of the BRICS Bank, the
multilateral funding agency with Brazil, Russia, India, China
and South Africa.
Simplified Income Tax Return Form: Finance Minister has
announced extremely simplified Income Tax Return form which
will replace the existing 14-page ITR which sought information
like all bank accounts and foreign trip details.
WHITLEY Awards: Two Indians Dr. Ananda Kumar and Dr.
Pramod Patil have been awarded with the prestigious Whitley
Awards also known as 'Green Oscar' for their contribution to
wildlife conservation. Dr. Ananda Kumar was awarded the
prize in recognition of his work using innovative communication
systems to enable human elephant co-existence in Southern
India whereas Dr. Patil was conferred this award for his work
to protect the iconic great Indian bustard in the Thar desert.
Low - value 'Tap and Pay' without PIN: Reserve Bank of
India allowed banks to enable transactions in contactless cards
for values up to Rs 2,000 without requiring a separate PIN
authentication. The move is expected to hasten acceptance of
`tap and pay' electronic payments at retail outlets, in transport
services and for toll payments. Banks are free to facilitate
their customers to set lower per- transaction limits. The
responsibility for authorizing the contactless payment based on
such card-based limits will lie with the card issuing banks.
Indian Promoter must hold 26% stake in Insurance Joint
Ventures: The Insurance Regulatory and Development
Authority of India has mandated a minimum 26% equity
holding by the Indian promoter in any insurance company to
ensure that the local investor does not use the liberal foreign
investment and listing policy to dilute accountability. The
regulator insists that the mandatory 26% stake to be held by
the local promoter will ensure that there is accountability and
that the management does not rest with the foreign company
alone in the event of a single block of holding falling below
25%, public shareholding limit - when a company goes for
listing. As a result of this move, the insurance regulator aims to
control transfer and dilution of ownership in insurance
companies to prevent financial investors from flipping
investments for short term gains that may hurt long term
prospects.
USTAAD: The Government proposes to launch its first scheme
for minorities - a national crafts programme called 'Ustaad'
linked to the 'Make in India' campaign from Varanasi.
Although most programmes being run for minorities had been
initiated by the earlier UPA regime, 'Ustaad' is the first scheme
being crafted by the Najma Heptullah-headed minority affairs
ministry. The scheme will cover centres such as Bhadohi,
Murshidabad, Hyderabad and Moradabad etc. It will be
aimed to help make these traditional crafts more compatible
with modern tastes and markets.
PF Contribution likely on 'Contributory wages': In a breather
to employers, the labour ministry has proposed that
53
contribution by companies towards their workers' EPF schemes
would be a portion of 'contributory wages' which will not
include house rent and travel allowances. The concept of
'contributory wages' has been included in the Employees
Provident Funds and Miscellaneous Provisions (Amendment) Bill,
2015, which will soon be placed before the Cabinet for
approval. While the unions wanted that 12 per cent PF
contribution by the employers should be on total take home
salary, the employers were opposed to the idea as it would
have increased their PF liability and reduced workers' pay.
E-Tourist Visa: Indian Govt. has announced to provide e-
tourist visa to 31 more countries, including France and Canada.
The e-tourist visa has been launched in Nov. last year for 45
countries from nine designated Indian airports.
DBS first MNC bank to go for local arm: DBS has emerged
the first off the block among multinational banks to apply for a
subsidiary license in India. The bank's global chief executive
officer announced the decision to go local in India, citing an
opportunity to scale up business using the digital platform
coupled with the bank's success in lending to small and medium
enterprises elsewhere in the world. The bank put in an
application for subsidiarization with the Reserve Bank of India.
Bank wants to scale up from being a corporate bank to being
a universal bank.
CCEA raises FDI approval floor to Rs 3000 crore: The
Cabinet Committee on Economic Affairs (CCEA) has raised the
threshold for foreign direct investment requiring its approval to
Rs 3,000 crore from the present Rs 1,200 crore. This decision is
expected to expedite the approval process and result in
increased foreign investment inflow. Presently, investments up
to Rs.1,200 crore are cleared by the Foreign Investment
Promotion Board of the finance ministry. Those above this limit
require approval of the CCEA as well. This was done in line
with the govt's effort to boost the Make in India campaign &
increase the flow of foreign investment.
Govt. allows investing 5% of EPFO corpus in stock markets:
In a move that could see over Rs. 7,500 crore of retirement
savings of workers going into the capital markets for the first
time, Labour ministry has notified the new investment pattern
for the Employee Provident Fund Organisation (EPFO). The
new pattern allows the retirement fund body to invest 5% of
its incremental income in Exchange Traded Funds (ETFs) from
the current financial year. The limit of investment in ETFs,
starting from 1% with effect from April 1 and reaching 5% by
the end of the year, is the lower end of the range
recommended by the finance ministry that had proposed 5-
15% in equities. Worldwide, pension funds have 52% of their
investment in equity with US at 57%, followed by Australia
(54%), UK (50%), Canada (48%) and Japan (40%), as per
the study by Towers Watson. The EPFO has more than five
crore subscribers across the country and has a corpus of over
Rs 6 lakh crore.
NPCI cuts ATM switch charges by 10%: National Payments
Corporation of India (NPCI) has cut the switching fee for ATM
transactions by 10 per cent to 45 paise on the surge in
transaction volumes to 270 million per month from 80 million
per month four years ago. The new rate is effective May 1.
Switching fee is charged by the NPCI for routing ATM
transactions through connectivity between banks' switches. This
enables customers to use any ATM of a connected bank.
Limit for withdrawals at Micro ATMs: Banks have firmed up
the upper limit on withdrawals at micro automated teller
machines (ATMs) at Rs.10,000 as part of rules governing small
transactions, especially under financial inclusion. They will levy
an interchange fee of Rs.2 for withdrawal up to Rs 2,000 per
transaction. The charge will rise to Rs 15 per withdrawal for
amount between Rs.5,001 and Rs. 10,000. Banks will not levy
interchange fee for non- financial transactions at micro ATMs.
The switching fees have been waived up. The rates and rules
are applicable for cash withdrawals using a card at micro
ATMs. Micro ATMs are similar to point of sale (PoS) terminals
but are called as the handheld devices and are used by
business correspondents to accept deposits and dispense cash.
IGIA ranked as World's best Airport: Indira Gandhi
International Airport (IGIA) in New Delhi has been ranked as
the world's best airport for the year 2014, under the category
of handling 25 to 40 million passengers per annum, as per
Airports Council International (ACI) report.
Powers to regulate govt bonds: The Government dropped
plans for the time being to strip the RBI of its powers to
regulate government bonds and give them to an independent
agency. The Finance Minister withdrew the proposal from the
Finance Bill, 2015, and said the government, in consultation
with the RBI, will prepare a roadmap to pursue a separate
debt management agency later in line with the global
practice. In his first full year Budget, the Finance Minister, had
proposed to set up a Public Debt Management Agency
(PDMA) and shift the regulation of government bonds from the
RBI to market regulator Securities and Exchange Board of
India (Sebi). The proposal generated lot of controversy, with
the RBI raising concerns and questioning the timing of the move.
The Persi Mistry report of 2007, the Raghuram Rajan
Committee report of 2009 have both strongly argued for
separating the debt management functions from the RBI.
RBI issues draft norms for Mass Transport Pre paid cards:
The Reserve Bank issued draft guidelines for pre- paid
payment instruments to be used in mass-transit systems which
will also enable shopping inside the transport hubs. The 'semi-
JULY CURRENT AFFAIRS 2015
1. World Bank approves $650 mn loan for Eastern Freight
Corridor in India.
2. State-owned power equipment maker Bhel said it has
commissioned Sudan's largest power plant. The Kosti plant is
Bhel's largest oil-fired thermal power plant in the overseas
market. It is also Bhel's first crude oil fired thermal power plant
in Africa and comes on the heels of the successful completion of
Bhel's 28 MW Nyaborango Hydro project in Rwanda.
3. In its series of digital initiatives and tie-ups, State Bank of
India, countrys largest bank, partnered with online travel
company MakeMyTrip.com to capitalise on the business
opportunities of the booming e-commerce and m-commerce
ecosystem.
4. Chief Minister Virbhadra Singh here disclosed that a Rs 643
crore project for augmenting the water supply to the growing
hill city had been approved by the union government.
5. Railway Minister Suresh Prabhu Inaugurates Integrated
Security System in Mumbai. The ISS is advanced security
systems that aims at improving security on Railway premises
and also ensure safety of the people and avert terror attacks
in extreme case. The system has a total of 118 CCTV cameras.
6. Matti Makkonen, Father of SMS technology passes away
7. Abhijeet Gupta wins 19th Commonwealth Chess
Championship
8. The Union Government in June 2015 increased the national
floor-level minimum wage (NFLMW) to 160 rupees per day
from 137 rupees per day. The new rate will be effective from
1 July 2015.
54
closed' prepaid instruments will be issued by the mass-transit
operators like the Delhi Metro, and will be regulated under the
Payment & Settlement Systems Act, 2007. Such instruments
should help in automated fare collection and may also be used
at other merchants who are allied to or are carried on within
the premises of the transit system only. The responsibility of
getting the merchants on board will be of the operator.
Minimum validity for the PPI-MTS (prepaid payment instrument
for mass-transit system) will be six months. The know-your
customer (KYC) requirements for issuing the instruments have
been left for the issuer to decide.
India crosses a billion telephone numbers in April:
According to the Telecom Regulatory Authority of India, the
telephone subscriber base was 996.49 million at the end of
March, with 969.89 million wireless subscribers. The number of
telephone connections in India crossed one billion at the end of
April. India is behind China, which had 1.28 billion mobile
subscribers and 246.94 million fixed-line subscribers at the
end of February. Chinese telephone subscribers account for
94.5 per cent of the country's population, but in India the
coverage is 77-80 per cent because of multiple connections
and inactive users.
Chief of National Human Rights Commission: Justice
Cyriac Joseph has been appointed as an interim Chairperson
of the National Human Rights Commission. He succeeds KG
Balakrishnan.
Soft Bank Group: Nikesh Arora has been appointed as the
President of Japan's multinational telecommunications and
internet company Softbank Corp. Before that, he was Vice
Chairman of the company and the CEO of SB Group US, Inc.
9. Greece has become the first developed nation to default on
International Monetary Fund (IMF)
debt. It has defaulted on a 1.7 billion dollars payment to IMF.
10. Prof. Sanjeev Galande selected for G D Birla Award for
Scientific Research 2014
11. Cuba becomes first nation to eliminate mother-to-child HIV
and syphilis: WHO
12. Haryana government announced to launch a voluntary
scheme 'Mhara Gaon - Jagmag Gaon', aimed at providing
24-hour uninterrupted power supply to rural domestic
consumers and improving electricity bill collections in order to
reduce "huge" accumulated losses of power utilities.
13. Dr Anup K Pujari joins as Secretary, MSME
14. NASA unveils prototype of plane to fly on Mars
15. The Prandtlm will be released at about at 100,000 feet
altitude, which will simulate the flight conditions of the Martian
atmosphere, said Al Bowers, NASA Armstrong chief scientist
and Prandtlm programme manager.
16. The socio-economic and caste census (SECC) 2011 painted
a grim picture of rural India, indicating that one out of three
families living in villages is landless and depends on manual
labour for livelihood. The SECC 2011, also the first paperless
census conducted on hand-held electronic devices by the
government, said 23.52% rural families have no literate adult
above 25 years, suggesting a poor state of education among
rural masses.
17. Country's largest lender State Bank of India launched an
initiative to provide doorstep services and expedite home
loans application process. The initiative known as 'Project
Tatkal' will help get the loan within 10 days after receipt of
application form and relevant supporting documents, the bank
said in a release.
18. R Paul Singh, Indian-American professor has been selected
for 2015 World Agriculture Prize laureate.
19. Darshan Jain, an Indian-American teacher has been
selected for prestigious Presidential Award for Excellence in
Mathematics and Science Teaching.
20. Union Government has launched a web portal for online
submission of applications for environment clearance by State
Environment Impact Assessment Authorities (SEIAA) for
Category B projects. It was launched by Union Minister of
State for Environment, Forest and Climate Change Prakash
Javadekar in New Delhi on the occasion of Digital India Week.
21. The Guinness Book of World Records has recognised a
record created in Madhya Pradesh on World Hand washing
Day in 2014. The mega hand washing event was held on 15
October 2014 to create awareness about hygiene by washing
hands with soap.
22. C D Balaji took charge as Director of the Aeronautical
Development Agency
23. BSNL launched a pre-paid card linked mobile wallet
service which allows customers to transfer cash, pay for
services as well as withdraw cash of up to Rs 1 lakh. The wallet
service, Speed Pay, allows a customer to load money even if
he does not have a bank account.
24. Solar Impulse, the aeroplane that is powered only by the
sun, has landed in Hawaii after making a historic 7,200km
flight across the Pacific from Japan.
25. Former Chief Justice of India Y K Sabharwal passed away.
26. As part of the 'Digital India Week', Centre for
Development of Telematics (C-DOT) launched four new
products including solar powered Wi-Fi and long distance Wi-
Fi.
27. Uttar Pradesh State Road Transport Corporation (UPSRTC)
has become the first State transport corporation to have a
vehicle tracking system for inter-city buses, which has led to a
reduction in accidents and deaths as drivers are wary of
crossing the speed limits.
28. Tata Teleservices appoints Anuraag Srivastava as CFO.
29. United States (US) won the 2015 FIFA Womens World
Cup. It is overall third world cup title of US. In the World Cup
final match played at Vancouver, Canada US defeated Japan
by 5-2 goals score.
The important awards in women world cup :
a) Golden Ball Award: Carli Lloyd (US), Amandine Henry
(France), Aya Miyama (Japan).
b) Golden Boot Award: Celia Sasic (Germany), Carli Lloyd
(US), Anja Mittag (Germany).
c) Golden Glove Award: Hope Solo (US).
30. Chile wins Copa America title 2015 of football for first
time. Chile won South Americas most prestigious football
trophy, the Copa America title 2015 for the first time. It is
Chiles first ever international trophy in Football.
31. Based on the specific soil health of their small chunks of
lands, scientists at the International Crops Research Institute for
Semi-Arid Tropics (ICRISAT) and Government of Telangana can
send timely messages to the farmers through the phablet which
was launched by ICRISAT. It is known as Green Phablet & the
price is $300 (about Rs. 18,600), for farmers in Telangana.
32. Impressed with the progress of Maharashtra's 'Jal Yukt
Shivar Abhiyan,' Rajashtan may also adopt the state's flagship
55
water conservation and Integrated water management
scheme."Jalyukta
Shivar Abhiyan is an ambitious program of Chief Minister
Devendra Fadnavis and he has toured almost each and every
district to visit the project sites," Pankaja Munde, minister for
water conservation said.
33. Inshore patrol vessel Rani Durgavati joins Indian Coast
Guard.
34. President Pranab Mukherjee inaugurated a 'Nakshatra
Vatika' in the gardens of Rashtrapati Nilayam in Hyderabad,
one of the Presidential Retreats. He took a round of the
garden and watered a plant representing 'Surya' or the Sun
God.
35. Skipper Mithali Raj scripted a new chapter in the history of
Indian women's cricket as she became the first from the country
and overall second to reach the 5000-run milestone in one-
day internationals.
36. State-run IDBI Bank said it has signed an agreement with
Mudra Bank for refinancing of loans given to small enterprises.
As per the agreement, the Bank will offer credit facilities up to
Rs 10 lakh to micro enterprises, at a competitive interest rate
under Pradhan Mantri Mudra Yojana (PMMY) and Mudra will
be providing refinance assistance to the bank for eligible
sanctioned loan cases.
37. Renowned Urdu novelist Abdullah Hussain passed away
38. World Bank has ranked the Mahatma Gandhi National
Rural Employment Gurantee Act (MGNREGA) as the worlds
largest public works programme. Also Mid-day meal scheme
(under Ministry of Human Resource Development) has been
classified as biggest school feeding programme. It benefits
around 105 million beneficiaries. Janani Suraksha Yojna
(Under Ministry of Health and Family Welfare) is top-most
social security programme with conditional cash transfers. It has
78 million beneficiaries.
39. Infosys signs multi-year agreement with Deutsche Bank.
40. The five major emerging national economies, known by the
acronym BRICS, were a step closer to setting up a $100 billion
pool of mutual reserves by signing an operational
agreement.
The pool would be drawn on by the central banks of Brazil,
Russia, India, China and South Africa whenever they suffered a
shortage of dollar liquidity, helping them maintain financial
stability, Russias central bank said.
41. Ashok Haldia appointed MD and CEO of PTC India
Financial Services
42. India and Kazakhstan launched the first exploratory
drilling at Satpayev oil block owned by Indias ONGC Videsh
Limited (OVL) and Kazakhstan company KazMunaiGaz. It was
jointly launched by Prime Minister Narendra Modi and
Kazakhstan premier Karim Massimov in Astana, Kazakh
capital. The oil block is an offshore field located in the
Northern Caspian Sea.
43. Mudhra Limited, a leading certifying firm in the country for
digital signatures launched first of its kind eSign services in the
country as part of the Digital India Vision.
44. Satish Pillai, new MD & CEO of CIBIL.
45. Professor Lord Kamlesh Patel has become the first British
Asian to be appointed as Director of England and Wales
Cricket Board (ECB).
46. Union Government appoints Sriram Kalyanaraman as MD
and CEO of NHB
47. Indian Railways launches Mobile ticketing app for
suburban commuters in Mumbai
48. Essar Oil signs pact to sell 49% stake to Russia's Rosneft
49. Indian athletes put up an impressive show at the 2015
World Police & Fire Games which concluded by winning more
than 150 medals. Hosts United
States won by far the most medals, 1,777, including nearly
700 golds. Canada finished second with nearly 430 medals.
The Indian athletess tally included 89 golds and 50 silvers.
50. India bagged the full membership of the Shanghai
Cooperation Organisation (SCO) along with Pakistan.
51. Russian cosmonaut Gennady Padalka has set a Guinness
World Record for spending longest time in space with a total
of 804 days as on July 2015. With this he broke the previous
record of 803 days, nine hours and 41 minutes set by Russian
cosmonaut Sergei Krikalev (now retired) across six missions
from 1998 to 2005.
52. Uttarakhand became first Indian state to install a system to
detect earthquakes and disseminate warnings. The first system
has been installed in its capital Dehradun which will issue
warnings 1-40 seconds before earthquakes of magnitude 5 or
more occur.The system is designed and manufactured by
Italian firm, Space Dynamics which already has installed it in
Japan, Italy and US.
53. State Bank of Travancore (SBT) has launched the SBT NRI
Family Card, a prepaid card for resident Indians family
member/dependent/acquaintance of NRIs.
54. Export-Import Bank of India (Exim Bank) said it has signed
a multilateral agreement to cooperate with New Development
Bank (NDB) along with other member development banks of
BRICS nations. New Development Bank (NDB) is promoted by
the BRICS nations -- Brazil, Russia, India, China, and South
Africa.
55. PM Modi proposes Das Kadam: Ten Steps for the Future
for BRICS nations
The 10 steps (10 kadam) suggested by PM Modi are:
1. Trade fair
2. Railway Research Centre
3. Cooperation among supreme audit institutions
4. Digital Initiative
5. Agricultural Research Centre
6. State/Local Government's Forum
7. Cooperation amongst cities in field of Urbanisation
8. BRICS Sports Council
9. Annual Sports Meet
10. BRICS film festival
56. India will be hosting the 8th BRICS summit in 2016
57. On World Population Day, Indians numbered
1,274,234,538 at 2.30 p.m. constituting an estimated 17.23
percent of the overall global inhabitation of humans, as per
data available with an independent socio-economic statistical
organisation.
58. To inculcate scientific temperament among students,
government has proposed to set up model science labs
across the country, beginning with the North East region. The
labs aim to ignite passion and nurture spirit of enquiry and
creativity for mathematics and science in students between 6-
18 years of age.
59. The Marine Products Export Development Authority
(MPEDA) on 9 July 2015 launched two mobile based
56
applications to help farmers get prices on shrimp and capture
data on aquaculture through mobile. Moreover, MPEDA also
revamped its website and launched an online registration
portal for exporters.
60. Prince Saud al-Faisal, Worlds longest serving Foreign
Minister passes away
61. Famous Hollywood actor Umer Sharif passed away
62. Kagiso Rabada became only the second man in history to
claim a hat trick on debut as South Africa thrashed Bangladesh
by eight wickets in a rain-hit first one-day international in
Dhaka.
63. India and Kyrgyzstan have signed 4 pacts/ agreements to
enhance bilateral cooperation between the two nations. These
agreements were inked during the two-day visit of Prime
Minister Narendra Modi to Kyrgystan as part of his official
visit to 5 Central Asian countries and Russia.
64. India and Turkmenistan have signed 7 pacts/ agreements
to enhance bilateral cooperation between the two nations.
These agreements were inked during the two-day visit of
Prime Minister Narendra Modi to Turkmenistan as part of his
official visit to 5 Central Asian countries and Russia.
65. Tata Steels West Bokaro Division conferred with Golden
Peacock Environment Management Award 2015
66. State Bank of India (SBI), the largest bank in India, has
partnered online financial product aggregator
bankbazaar.com along with the banks subsidiary SBI CAP
Securities. Under this arrangement, the bank will be able to
display its home loan products on bankbazaar.com, generate
leads and provide door-step delivery, thus improving the
response time.
67. Miss Oklahoma, Olivia Jordan, won big at the 2015 Miss
USA pageant.
68. Green Signals: Ecology, Growth, and Democracy in India
written by Jairam Ramesh
69. In fresh trials, India has test-fired its indigenously
developed Nag anti-tank guided missile, which can hit a target
upto seven km, from a helicopter at a firing range in Jaisalmer
in Rajasthan. HeliNa is a helicopter-launched version of Nag
and has been developed by the Defence Research and
Development Organisation (DRDO) under the Integrated
Guided Missile Development Programme (IGMDP).
70. India launched its satellite-based air navigation services,
thereby joining a select league comprising the US, Europe
Union (EU) and Japan which have similar systems. Civil Aviation
Minister Ashok Gajapati Raju dedicated the services to the
nation in a ceremony in New Delhi. The system - known as
Gagan or global positioning system (GPS).
71. Mumbai Ranji cricketer Hiken Shah suspended by BCCI
72. The Supreme Court-appointed Justice R.M. Lodha
Committee on Tuesday suspended Indian Premier League (IPL)
teams Chennai Super Kings (CSK)and Rajasthan Royals (RR)
from the League for two years. The committee also imposed
sanctions on Gurunath Meiyappan, and Raj Kundra who were
the face of these IPL franchises respectively and were found to
have indulged in betting activities.
73. Legendary music composer MS Viswanathan passes away.
74. Noted artist Sayed Haider Raza conferred with Frances
de la Lgion d Honneur.
75. India and Georgia on 13 July 2015 signed a
Memorandum of Understanding (MoU) for cooperation in the
field of election management and administration. The MoU
was signed by Chief Election Commissioner of India Nasim
Zaidi and Tamar Zhvania, Chairperson, Central Election
Commission, Georgia.
76. The Income Tax (IT) Department launched One Time
Password (OTP) based e-filing verification system for
taxpayers. This OTP will help in ending the practice of sending
paper acknowledgement, called ITR-V, through post to the I-T
Central Processing Centre (CPC) based in Bengaluru.
77. The Union Ministry of Defence (MoD) and Union Ministry of
Skill Development and Entrepreneurship (MSDE) signed a
Memorandum of Understanding (MoU) to facilitate strategic
partnership on skill development and entrepreneurship.
78. Lt General Man Mohan Singh Rai appointed as Vice-Chief
of Indian Army
79. Former BSFI president Pashupatinath Roy died.
80. Operation Talaash for missing Dornier ends.
81. Prime Minister Narendra Modi launched the 'Skill India
Mission' in the national capital. The Prime Minister will formally
launch the National Skill Development Mission, unveil the new
National Policy for Skill Development and Entrepreneurship
2015 and roll out on all-India flagship scheme. Narendra
Modis ambitious Skill India Mission targets 40.2 crore workers
by 2022 .
82. A collaboration in aerospace and defence manufacturing
and potential integrated systems development opportunities
has been inked between Tata Advanced Systems Ltd (TASL)
and Boeing. The deal will include unmanned aerial vehicles.
83. Minister of Railways Suresh Prabhu on 14 July 2015
inaugurated the broad-gauge railway-line between
Gandhidham and Tuna-Tekra Port in Gujarat by flagging off
a goods train. The rail line is Indias first railway-line built with
private sector participation under Non-Government Railway
(NGR) Policy 2012 of Indian Railways.
84. Maharashtra assembly passed Guarantee of Public
Services Bill, 2015. The features of the Bill are:
with less efforts and cost.
will pave way for curbing corruption, bringing
transparency and empowering citizens.
-bound
manner and at nominal charges.
government employee will be penalized for default, which
ranges between 500 rupees to 5000 rupees.
85. Andromeda acquires apnapaisa.com in stock and cash
deal.
86. Krishnapatnam Port receives Golden Peacock award for
environment management
87. Iconic musician Joan Sebastian passed away
88. Reserve Bank of India (RBI) has constituted a committee to
prepare a 5 year action plan to spread the reach of financial
services across country to unbanked population. The committee
will be headed by RBI executive director Deepak Mohanty
and comprise total of 14 members
89. Varanasi chosen as 'city of music' by UNESCO
90. Jaitley choose Amritsar to launch the "National Heritage
City Development and Augmentation Yojana " (HRIDAY) for 12
cities in the country.
91. The Centre launched three new websites for farmers aimed
at making organic farming certification, fertiliser quality checks
and disbursal of soil health cards easier. The portals,
57
developed by National Informatics Centre, are part of the
existing schemes. These are:
a. The Participatory Guarantee System portal.
b. The Soil Health Card portal.
c. The Fertiliser Quality Control System portal.
92. The Union Cabinet, chaired by the Prime Minister Shri
NarendraModi, has approved the signing of Memorandum of
Understanding (MoU) between India and Canada in the field
of Civil Aviation.
93. IBM announced the graduation of the first group of
students from Tanmatra, an innovative, cross-industry women's
leadership development program conducted in collaboration
with The Indian Institute of Management, Bangalore ( IIM-B)
and Catalyst India WRC.
94. Haryana government named Parineeti Chopra as its Brand
Ambassador for 'Beti Bachao Beti Padhao.'
95. India inks $250-million loan pact with World Bank for
Andhra Pradesh Disaster Recovery project.
96. Union Cabinet gives nod to redevelop 400 major railway
stations.
97. Neeraj Kumar appointed chief security advisor for ICC
World T20 2016.
98. India and Myanmar have announced plans to strengthen
their defence cooperation during a joint consultative
commission (JCC) meeting held
in New Delhi. This meeting was chaired by Union External
Affairs Minister Sushma Swaraj and Myanmars Foreign
Minister Wunna Maung Lwin.
99. European Union (EU) has approved a short-term loan of
7.16 billion euros to Greece after it was backed by the 28
member states. This loan will allow Greece to pay its huge
debt to European Central Bank (ECB) and the International
Monetary Fund (IMF) till new bailout plan is ratified.
100. Reserve Bank of India has signed a special currency swap
agreement with the Central Bank of Sri Lanka (CBS). Under this
agreement, Sri Lankan bank can draw up to 1.1 billion dollars
for a maximum period of 6 months.
101. Indias first air freight station in the private sector has
come up at Irungattukottai near Chennai.
102. Veteran Telugu playback singer V Ramakrishna passes
away
103. The Competition Commission of India (CCI) has imposed a
penalty of Rs 671 crore on four public sector insurance
companies-National Insurance Co, New India Insurance Co,
Oriental Insurance Co and United India insurance company for
indulging in anti-competitive practices.
104. Jules Bianchi: F1 driver dies from Suzuka crash injuries
105. Kerala Tourism has won 2015 Pacific Asia Travel
Association (PATA) award in the Heritage & Culture
category for its Muziris Heritage Project.
106. Indian-origin doctor Shiv Pande receives honorary
fellowship in UK
107. India and Russia have signed a customs and liberalize
business visas agreement to boost trade between both
countries to remove the hindrances and boost commerce. This
pact will help to rapid clearances of imported goods at the
land and sea ports and addresses the issues related to the
non-tariff barriers.
108. Nelson Mandela International Day was observed across
the world on 18 July 2015 to honour the
former South African President and Nobel Peace Prize
laureate Nelson Mandela (1918-2013)
109. Godfather actor Alex Rocco dies at 79
110. Uruguayan soccer legend Alcides Edgardo Ghiggia died
111. Amelie Mauresmo inducted into the International Tennis
Hall of Fame
112. BRICS bank launched in China as alternative to World
Bank, IMF
113. Union Government has launched National Career
Counselling Portal in a bid to modernize all government-run
employment exchanges. It was launched by Prime Minister
Narendra Modi under the aegis of National Career Service
(NCS) project of Union Ministry of Skill Development and
Entrepreneurship.
114. Union Government has appointed Bhanu Pratap Sharma
as Chairperson Food Safety and Standards Authority of India
(FSSAI).
115. Indian Railways and Odisha Government signed MoU for
Dasappla-Bolangir Railway Line
116. The Vice President of India Shri M. Hamid Ansari
released a book entitled Locale, Everyday Islam and
Modernity authored by Shri M. Raisur Rahman.
117. CA Atul Kumar Gupta along with his team has made an
endeavor to acquaint the common man apart from the
professionals, regarding the dynamic indirect taxation system,
through mobile application TAXO. It is a platform where the
general public can get an insight into the basic fundamentals
of Indirect Taxation.
118. Model-actor Milind Soman, who turns 50 has won the
Ironman title at a triathlon held in Zurich in Switzerland on July
19 in which over 2,000 participants this year included seven
Indians. The triathlon, organised by World Triathalon
Corporation, includes a 3.8-km swim, 180.2-km cycle ride and
42.2-km run and is widely regarded as the worlds toughest
race, which has to be completed in 16 hours by participants
for an Ironman title.
119. ISRO on 10 July 2015 successfully launched five British
commercial satellites on board PSLV-C28 from this spaceport
in the heaviest commercial mission ever undertaken by it.
Indian Space
Research Organisation workhorse Polar Satellite Launch
Vehicle PSLV-C28 placed the five satellites, for a United
Kingdom-based company named Surrey Space Technology
Limited, in sun synchronous orbit about 20 minutes after lift-off
at 9.58 PM from the Satish Dhawan Space Centre.
120. For the first time in India, a system to detect earthquakes
and disseminate warnings has been installed in Uttarakhand. It
will issue warnings 1-40 seconds before earthquakes of
magnitude 5 occur. The system, made by Space Dynamics, an
Italian firm, has already been installed in Japan, Italy and the
U.S. The first system has been installed in Dehradun, and the
second will be established at Pithoragarh in the Kumaon
region.
121. India and the US on 10 July 2015 signed an agreement
to implement FATCA that will facilitate exchange of
information between the two countries. The Foreign Account
Tax Compliance Act (FATCA) was signed by Revenue
Secretary Shaktikanta Das and US Ambassador Richard
Verma in New Delhi.
58
122. Bandhan Bank, to be formally inaugurated by President
Pranab Mukherjee on August 23, has appointed Ashok Lahiri,
former chief economic adviser, Government of India, as its
chairman. Chandra Shekhar Ghosh, Founder of Bandhan
Financial Services Ltd, was appointed as the Managing
Director and Chief Executive Officer of the bank.
123. The seventh BRICS (Brazil, Russia, India, China and South
Africa) summit was held from 8 to 9 July 2015 in the Russian
city of Ufa in
Bashkortostan. It was held under the theme BRICS Partnership
a Powerful Factor of Global Development. The summit was
attended by the Prime Minister Narendra Modi and Dilma
Rousseff, Vladimir Putin, Xi Jinping and Jacob Zuma president
of Brazil, Russia, China and South Africa respectively. New
Delhi will be hosting the 8th summit in 2016.
124. Launching the Rashtriya Avishkar Abhiyan (RAA) on 9 July
2015, former President A P J Abdul Kalam said it can work if
four qualities of uniqueness are preserved, namely, great aim,
quest of knowledge, hard work and perseverance. The
primary aim of RAA, developed by HRD ministry, is to
inculcate a spirit of inquiry, creativity and love for science and
mathematics in school children.
125. China on 6 July 2015 named a former Finance Minister
Jin Liqun as its choice to head the Beijing-backed Asian
Infrastructure Investment Bank (AIIB), which is being seen as a
rival to the U.S. and Europe-dominated banking institutions.
126. The Union home ministry has declared whole of
Nagaland as a "disturbed area" for a further period of one
year from June 30, 2015. The state was declared as
disturbed area under Section 3 of the Armed Forces
(Special Powers) Act, 1958.
127. Punes Fergusson College, founded in 1885, has been
accorded the special heritage status by the University Grants
Commission (UGC).
128. World Boxing Organization (WBO) has stripped of the
Welterweight World title 2015 won by Floyd Mayweather in
May 2015. Decision in this regard was taken by WBO after
Mayweather failed to pay the 200,000 dollar sanctioning fee
to WBO prior to the deadline of 3 July 2015.
129. India signed a historic uranium deal with Kazakhstan on 6
July 2015 during Prime Minister Narendra Modis state visit of
Kazakhstan. Under the deal, India will receive 5,000 metric
tonnes much uranium from Kazakhstan. Kazakhstan is Central
Asias largest economy and the worlds largest producer of
uranium.
130. The MUDRA (Micro Units Development and Refinance
Agency) card under the Pradhan Mantri MUDRA Yojana
(PMMY) scheme was launched by the Corporation Bank.
Corporation Bank thus became the first bank in the country to
launch MUDRA Card.
131. Carli Lloyd became the first woman to score a hat-trick in
a World Cup final as she inspired the United States to a 5-2
win over defending champions Japan in the FIFA Women's
World Cup 2015.
132. Reserve Bank on 3 July 2015 said the Foreign Direct
Investment (FDI) in manufacturing of tobacoo products is
prohibited, though activities such as retail and wholesale
trading fall under the sectoral restrictions. Foreign direct
investment (FDI) is prohibited in the manufacturing of cigars,
cheroots, cigarillos and cigarettes, of tobacco or of tobacco
substitutes, RBI said in a notification.
133. Nationwide mobile number portability (MNP) has become
operational from 3 July 2015. It became operational after
major private mobile operators like Vodafone, RCom, Airtel,
Uninor and Idea Cellular along with state-run BSNL and MTNL
issued statements to launch MNP.
134. Guinness Book of World Records has recognized the
record created on world hand washing day in Madhya
Pradesh on October 15, 2014.Information about the record
set by Madhya Pradesh is displayed on official website of
Guinness Book.
135. Fazle Hasan Abed of Bangladesh has been named as the
winner of the 2015 World Food Prize. He is founder and
chairman of Bangladesh-based non-governmental organisation
(NGO) BRAC (originally known as Bangladesh Rural
Advancement Committee) which is worlds largest NGO.
136. The cost of printing one rupee note, which was recently
re-introduced after a gap of 20 years, is Rs. 1.14, more than
its value, an RTI query has revealed. The Union Finance
Ministry subsequent to a gazette-notification dated December
16, 2014 ultimately re-issued one-rupee notes on March 6,
2015 at Shrinathji Temple (Nathdwara), Rajasthan.
137. Nearly 24 years after prohibition was imposed in
Manipur, the state, for the first time, is planning to lift the ban
59
on the manufacture and sale of liquor, with Chief Minister
Okram Ibobi Singh tabling a proposal for the same in the
Assembly.
138. R Paul Singh, Indian-American professor has been
selected for 2015 World Agriculture Prize laureate.
139. Greece became the first advanced economy to default
on an International Monetary Fund (IMF) repayment with its
failure to repay the roughly $1.8bn to the IMF the largest,
single missed repayment in the IMFs history. The last country to
do so was Zimbabwe in 2001 others are Somalia and Sudan.
140. India on 29 June 2015 observed its ninth National
Statistics Day. Theme for the 9th Statistics Day is Social
Development.
141. Infrastructure financing firm IDFC on 30 June 2015
appointed Vinod Rai, former Comptroller and Auditor General
of India (CAG), as independent director. IDFC Full Form is -
Infrastructure Development Finance Company Ltd.
142. Veteran Writer Vishwanath Tripathi was on 27 June
2015 selected for the 28th Moorti Devi Award for the year
2014 for his book Vyomkesh Darvesh.