banking current affairs 2014
A powerful American Senator has proposed “100 days action plan” for the Modi Government and the Obama Administration to “refresh” the Indo-US relations.
Banker Deepak Parekh has been conferred on prestigious Cross of the Order of Merit by Germany for his contribution towards Indo-German relations.
India has inked a USD 100 million loan agreement with World Bank with the objective of helping fund treatment of tuberculosis (TB) in the country.
A woman mountaineer from Arunachal, Anshu Jamsenpa has scripted history once again by scaling three Himalayan peaks successively in six days after setting world records during her earlier Everest expeditions.
The United Nations honoured 106 peacekeepers, including eight Indian soldiers, who lost their lives in peacekeeping operations.
Within days of it being told to cut promoter holding, private sector lender Kotak Mahindra Bank said a promoter group entity has sold 3.24 per cent stake to the Canadian Canada Pension Plan Investment Board at a premium of over 3 per cent to trading price.
The newly formed National Sikh Campaign has hired a former chief strategist of Hillary Clinton to begin the first-ever exploration of creating positive perception about Sikhs among Americans.
Two Indian-Americans - Sriram J Hathwar and Ansun Sujoe - have scripted history by becoming co-champions of the prestigious Scripps National Spelling Bee, the first since 1962.
banking current affairs 2013
National:
Ancient copper plates, gold coins found in Karnataka temple
In a surprising find that may throw more light on the dynasties that ruled Karnataka, two sets of copper-plate charters and eight gold coins have been discovered at Pranaveswara temple at Talagunda in Shirkaripur taluq of Shimoga district by the Archaeological Survey of India (ASI) Bangalore Circle. While the copper plates, datable to the 12th century CE, belong to the Kalachurya dynasty, the gold coins were issued by the Ganga rulers, who held sway in the State from the 4th century CE to the 12th century CE. The coins belong to the “Ane Gadyana” variety, portraying elephants on the obverse and floral designs on the reverse. They weigh around four grams each. Ganga ruler Sivamara-I (regnal years 679 CE to 726 CE) issued three of them. The copper plates were found on February 11 the gold coins on February 16 and 17. The temple is datable to the Kadamba rulers of Banavasi, who ruled these parts between 4th century CE to the late 6th century CE. However, it has vestiges of the Satavahana rulers, taking back its antiquity to the 2nd century CE.
Haryana to set up SC, ST panel
Nailed by a report of parliamentary committee, the Haryana government has announced to set up the state commission for Scheduled Castes and Scheduled Tribes. A parliamentary committee, that visited the state in December after sharp increase in the incidents of atrocities on dalit women, who were subjected to sexual abuse, had recommended setting up of commission in Haryana. A three-member cabinet sub-committee,headed by finance minister H S Chatha, will finalize the modalities of commission. Rest of the two members, include social welfare minister Geeta Bhukkal and parliamentary affairs minister Randeep Singh Surjewala.
Cabinet Committee on Investment clears six coal mining projects
The Cabinet Committee on Investment (CCI) has cleared six coal mining projects of the 40 that were on the table for discussion. Projects that were not cleared have been slotted for urgent review and the CCI will consider them once the process is complete. The key issue before the CCI was pending environment and forest clearances for the coal projects mainly in Jharkhand, Odisha and Madhya Pradesh, with proposals stacked in three categories relating to the clearances needed. There were 15 projects awaiting stage one environment clearance, five seeking stage two approvals. There was a further bunch of 20 projects that needed both environment and forest clearances. CCI was particularly focused on 12 projects, involving around 37 million tonnes of coal per year totaling to an investment of around Rs 1,400 crore.
Defence ministry agrees to fully operate INS Dega airport
Defence ministry has agreed to fully operate the Naval airport, INS Dega, from March 1.
"Defence ministry has given its in-principle nod to run the airport. Initially, the ministry will manage the airport for 24 hours for three days and extend its operation further depending on traffic demand," Chairman of the Parliamentary Standing Committee on Science and Technology, Environment and Forests T Subbarami Reddy said. At present, the airport which is under Navy, is operational only for 12 hours a day and there is an increasing demand for extending flying hours in both civil and military spheres.
International:
Nikki Haley presented with leadership award
Indian-American South Carolina Governor Nikki Haley has been presented with the leadership award for
giving boost to employment in the automobile sector. The inaugural State Leadership Award of the Motor & Equipment Manufacturers Association (MEMA) was presented to Haley - whose husband is currently serving in Afghanistan at a function in Piedmont. Haley is only the second Indian-American Governor of a US State and the first Indian-American woman governor.
India, Israel to enhance cooperation on counter-terrorism
India and Israel has agreed to enhance dialogue and cooperation in the area of counter- terrorism and discussed terror threats in regional and global arenas. The discussions were part of the 8th meeting of India- Israel Joint Working Group (JWG) on Counter Terrorism held in New Delhi.
The Indian delegation was headed by Asoke Kumar Mukerji, Special Secretary in the Ministry of External Affairs. The Israeli delegation was co-led by Ambassador Jeremy Issascharof, Deputy Director General, Head of Strategic Division, Ministry of Foreign Affairs and Eitan Ben David, Head of Counter Terrorism Bureau at the Prime Minister's Office. The 9th meeting of the JWG will be held in Israel in 2014.
US, South Korea plan joint military exercises
The United States and South Korea announced plans for major annual joint military exercises as regional tensions run high following North Korea's third nuclear test. A joint air, ground and naval field training exercise known as Foal Eagle will be held from March 1 to April 30. Separately, US and South Korean troops will stage a computer-simulated drill named Key Resolve from March 11-21. Pyongyang habitually denounces the joint drills as a rehearsal for invasion. Foal Eagle will include about 10,000 US forces along with a far bigger number of South Korean troops. Key Resolve involves about 3,500 US and 10,000 South Korean soldiers. The United States has based troops in the South since the 1950-53 war and the force currently numbers 28,500. Pyongyang is already under international sanctions for conducting two nuclear tests in 2006 and 2009, which both came after long-range rocket launches.
8.2 per cent of Indian Americans live below poverty line
Boasting of having the highest per capita income among all the major ethnic groups, more than eight per cent of the nearly three million Indian Americans are living below the poverty line in the US, a latest Census report. According to the 2007-2011 American Community Survey, 42.7 million people in the United States had income below the poverty level. The national poverty rate is 14.7 per cent. With 8.2 per cent of poverty rate, Indian Americans are far less poor than other ethnic groups and the national average. The Japanese Americans too have a 8.2 per cent poverty rate. For the Asian population, poverty rates were higher for Vietnamese (14.7 per cent) and Koreans (15.0 per cent), but the Filipinos have the lowest poverty rate of 5.8 per cent. Poverty rates for Vietnamese and Koreans were not statistically different from each other.
Stanford University is 1st college to raise $1 billion
Stanford University has set a new record for college fundraising, becoming the first school to collect more than USD 1 billion in a single year, according to a report released. For the eighth straight year, Stanford ranked first in the Council for Aid to Education's annual college fundraising survey, which shows that elite institutions continue to grab a disproportionate share of donor dollars. In the 2012 fiscal year, roughly 3,500 US colleges and universities raised USD 31 billion, 2.3 per cent more than the previous year. The record was set in 2008 when schools took in USD 31.6 billion before fundraising dropped during the height of the financial crisis. Topping the list was Stanford at USD 1.035 billion, followed by Harvard University at USD 650 million, Yale University at USD 544 million, the University of Southern California at USD 492 million and Columbia University at USD 490 million.
Saudi Arabia recalls ambassador from Sri Lanka
In a tit-for-tat move, Saudi Arabia has recalled its ambassador from Colombo amid tensions between the two
countries over beheading of a Sri Lankan maid convicted of murder in the Kingdom. Saudi Embassy sources in Colombo confirmed that Ambassador Abdulaziz bin Abdul-Rahman Al-Jammaz has left Sri Lanka. In January 2013, Sri Lanka had also recalled its ambassador to Riyadh Ahmed Jawad in the wake of the
execution of Rizana Nafeek last month convicted of killing a baby in her care in 2005 when she was 17. Sri Lankan government has announced that women under 25 were now banned from going to Saudi Arabia to work as maids. Crimes like rape, murder, armed robbery and drug trafficking are punishable by death in Saudi Arabia.
Business & Economy:
HDFC launches product compliant with tax saving scheme
Country's largest fund house HDFC Mutual Fund launched a product compliant with the tax saving Rajiv
Gandhi Equity Savings Scheme. HDFC Rajiv Gandhi Equity Savings Scheme Series 1 is a three-year closeended equity scheme which will invest in eligible securities under the RGESS. RGESS was announced in the last Budget as a scheme for encouraging retail investors to participate in the market and also includes a tax-saving component, as an incentive. The product will invest in equities from BSE-100 or CNX-100, staterun Maharatnas, Navratnas, Miniratna companies, and also in follow-on public offers and initial public offers as per prescribed norms.
IRDA slaps Rs 50 lakh fine on SKS Microfinance
Insurance regulator IRDA has imposed Rs 50 lakh penalty on SKS Microfinance which collected extra funds, apart from the premium, as a corporate insurance agent without proper disclosure to policy-holders. As per the order of Insurance Regulatory and Development Authority (IRDA), a micro finance institution (MFI), which also operates as a corporate insurance agent, can't collect more amount than the premium charged for the policy on behalf of an insurance company. SKS Microfinance acted as a corporate agent of Bajaj Allianz Life Insurance Company Ltd. MFI is barred from collecting service charge from its members under provisions existing provisions.
AirAsia and Tata Group join hands for budget airline
The Tata Group is making yet another bid to enter the aviation space. Malaysia’s no-frills carrier AirAsia has sought the approval of the Indian Government to join hands with the Tata Group to enter the aviation sector.
This would be the first investment in the sector by a foreign airline after the Government hiked the foreign direct investment (FDI) limit from 26 per cent to 49 per cent in 2012. Tata Sons will hold 30 per cent in the joint venture but will not have any operating role in the airline. AirAsia will hold 49 per cent stake in the JV, while Hindustan Aviation of the Bhatias will hold 21 per cent. AirAsia, through its operations based in Thailand and Malaysia, flies to Chennai, Bangalore, Kochi, Tiruchirappalli and Kolkata in addition to 20 countries across Asia.
Tata Group signs MoU with UKIBC
The Tata Group has signed a memorandum of understanding (MoU) with the U.K. India Business Council
(UKIBC) for skill development and delivery in India. Tata Group said the MoU will initially include projects in Odisha and Mumbai for replicable skills training across India. The MoU was signed in the presence of David Willetts, Minister for Universities and Science, U.K. The Tata Group of companies is keen to support the creation of skill development centres that can sit at the heart of sustainable communities in India.
NTPC mulls exit from Sri Lanka venture
NTPC Ltd has informed the government that it cannot accept the fresh terms set by the Ceylon Electricity Board (CEB) for its proposed 500-MW project in Sri Lanka. Indicating its willingness to withdraw from its maiden overseas venture, the state-owned power generator has sought permission to pull out two of its top functionaries from the island nation. NTPC and CEB had inked an agreement in 2011 for jointly setting up a 500-MW power project at Trincomalee at a cost of over Rs 4,000 crore, but the project is yet to take off due to persistent differences between the two entities.
Sport:
Pooja tops in women’s air rifle
Pooja Ghatkar won the air rifle women’s event in the first shooting trials. She beat Shriyanka Sadangi by 1.7 points in the 20-shot final, conducted in the new format. Pooja had a total of 208.3 in the final, while Shriyanka had 206.6. Shriyanka, the youth silver medallist in the recent national championship, had to ward off a threat from Elizabeth Koshy of Kerala, after the two tied at 186.1. Shiryanka shot 10.6 to 10.2 by Elizabeth in the shoot-off to progress into the title duel. National champion Apurvi Chandela had to settle for the fourth place, while Mampi Das was seventh and the world record holder and former Asian champion Suma Shirur was eighth.
Kohli named RCB captain
Virat Kohli was named the new captain of Royal Challengers Bangalore, replacing New Zealand’s Daniel
Vettori. The appointment does not come as a surprise with Kohli, seen as a future captain for some time now, having led the side 10 times in the last two IPL seasons. The only player retained by the franchise ahead of the 2011 season, Kohli is the longest-serving member of the RCB squad.
A powerful American Senator has proposed “100 days action plan” for the Modi Government and the Obama Administration to “refresh” the Indo-US relations.
Banker Deepak Parekh has been conferred on prestigious Cross of the Order of Merit by Germany for his contribution towards Indo-German relations.
India has inked a USD 100 million loan agreement with World Bank with the objective of helping fund treatment of tuberculosis (TB) in the country.
A woman mountaineer from Arunachal, Anshu Jamsenpa has scripted history once again by scaling three Himalayan peaks successively in six days after setting world records during her earlier Everest expeditions.
The United Nations honoured 106 peacekeepers, including eight Indian soldiers, who lost their lives in peacekeeping operations.
Within days of it being told to cut promoter holding, private sector lender Kotak Mahindra Bank said a promoter group entity has sold 3.24 per cent stake to the Canadian Canada Pension Plan Investment Board at a premium of over 3 per cent to trading price.
The newly formed National Sikh Campaign has hired a former chief strategist of Hillary Clinton to begin the first-ever exploration of creating positive perception about Sikhs among Americans.
Two Indian-Americans - Sriram J Hathwar and Ansun Sujoe - have scripted history by becoming co-champions of the prestigious Scripps National Spelling Bee, the first since 1962.
banking current affairs 2013
National:
Ancient copper plates, gold coins found in Karnataka temple
In a surprising find that may throw more light on the dynasties that ruled Karnataka, two sets of copper-plate charters and eight gold coins have been discovered at Pranaveswara temple at Talagunda in Shirkaripur taluq of Shimoga district by the Archaeological Survey of India (ASI) Bangalore Circle. While the copper plates, datable to the 12th century CE, belong to the Kalachurya dynasty, the gold coins were issued by the Ganga rulers, who held sway in the State from the 4th century CE to the 12th century CE. The coins belong to the “Ane Gadyana” variety, portraying elephants on the obverse and floral designs on the reverse. They weigh around four grams each. Ganga ruler Sivamara-I (regnal years 679 CE to 726 CE) issued three of them. The copper plates were found on February 11 the gold coins on February 16 and 17. The temple is datable to the Kadamba rulers of Banavasi, who ruled these parts between 4th century CE to the late 6th century CE. However, it has vestiges of the Satavahana rulers, taking back its antiquity to the 2nd century CE.
Haryana to set up SC, ST panel
Nailed by a report of parliamentary committee, the Haryana government has announced to set up the state commission for Scheduled Castes and Scheduled Tribes. A parliamentary committee, that visited the state in December after sharp increase in the incidents of atrocities on dalit women, who were subjected to sexual abuse, had recommended setting up of commission in Haryana. A three-member cabinet sub-committee,headed by finance minister H S Chatha, will finalize the modalities of commission. Rest of the two members, include social welfare minister Geeta Bhukkal and parliamentary affairs minister Randeep Singh Surjewala.
Cabinet Committee on Investment clears six coal mining projects
The Cabinet Committee on Investment (CCI) has cleared six coal mining projects of the 40 that were on the table for discussion. Projects that were not cleared have been slotted for urgent review and the CCI will consider them once the process is complete. The key issue before the CCI was pending environment and forest clearances for the coal projects mainly in Jharkhand, Odisha and Madhya Pradesh, with proposals stacked in three categories relating to the clearances needed. There were 15 projects awaiting stage one environment clearance, five seeking stage two approvals. There was a further bunch of 20 projects that needed both environment and forest clearances. CCI was particularly focused on 12 projects, involving around 37 million tonnes of coal per year totaling to an investment of around Rs 1,400 crore.
Defence ministry agrees to fully operate INS Dega airport
Defence ministry has agreed to fully operate the Naval airport, INS Dega, from March 1.
"Defence ministry has given its in-principle nod to run the airport. Initially, the ministry will manage the airport for 24 hours for three days and extend its operation further depending on traffic demand," Chairman of the Parliamentary Standing Committee on Science and Technology, Environment and Forests T Subbarami Reddy said. At present, the airport which is under Navy, is operational only for 12 hours a day and there is an increasing demand for extending flying hours in both civil and military spheres.
International:
Nikki Haley presented with leadership award
Indian-American South Carolina Governor Nikki Haley has been presented with the leadership award for
giving boost to employment in the automobile sector. The inaugural State Leadership Award of the Motor & Equipment Manufacturers Association (MEMA) was presented to Haley - whose husband is currently serving in Afghanistan at a function in Piedmont. Haley is only the second Indian-American Governor of a US State and the first Indian-American woman governor.
India, Israel to enhance cooperation on counter-terrorism
India and Israel has agreed to enhance dialogue and cooperation in the area of counter- terrorism and discussed terror threats in regional and global arenas. The discussions were part of the 8th meeting of India- Israel Joint Working Group (JWG) on Counter Terrorism held in New Delhi.
The Indian delegation was headed by Asoke Kumar Mukerji, Special Secretary in the Ministry of External Affairs. The Israeli delegation was co-led by Ambassador Jeremy Issascharof, Deputy Director General, Head of Strategic Division, Ministry of Foreign Affairs and Eitan Ben David, Head of Counter Terrorism Bureau at the Prime Minister's Office. The 9th meeting of the JWG will be held in Israel in 2014.
US, South Korea plan joint military exercises
The United States and South Korea announced plans for major annual joint military exercises as regional tensions run high following North Korea's third nuclear test. A joint air, ground and naval field training exercise known as Foal Eagle will be held from March 1 to April 30. Separately, US and South Korean troops will stage a computer-simulated drill named Key Resolve from March 11-21. Pyongyang habitually denounces the joint drills as a rehearsal for invasion. Foal Eagle will include about 10,000 US forces along with a far bigger number of South Korean troops. Key Resolve involves about 3,500 US and 10,000 South Korean soldiers. The United States has based troops in the South since the 1950-53 war and the force currently numbers 28,500. Pyongyang is already under international sanctions for conducting two nuclear tests in 2006 and 2009, which both came after long-range rocket launches.
8.2 per cent of Indian Americans live below poverty line
Boasting of having the highest per capita income among all the major ethnic groups, more than eight per cent of the nearly three million Indian Americans are living below the poverty line in the US, a latest Census report. According to the 2007-2011 American Community Survey, 42.7 million people in the United States had income below the poverty level. The national poverty rate is 14.7 per cent. With 8.2 per cent of poverty rate, Indian Americans are far less poor than other ethnic groups and the national average. The Japanese Americans too have a 8.2 per cent poverty rate. For the Asian population, poverty rates were higher for Vietnamese (14.7 per cent) and Koreans (15.0 per cent), but the Filipinos have the lowest poverty rate of 5.8 per cent. Poverty rates for Vietnamese and Koreans were not statistically different from each other.
Stanford University is 1st college to raise $1 billion
Stanford University has set a new record for college fundraising, becoming the first school to collect more than USD 1 billion in a single year, according to a report released. For the eighth straight year, Stanford ranked first in the Council for Aid to Education's annual college fundraising survey, which shows that elite institutions continue to grab a disproportionate share of donor dollars. In the 2012 fiscal year, roughly 3,500 US colleges and universities raised USD 31 billion, 2.3 per cent more than the previous year. The record was set in 2008 when schools took in USD 31.6 billion before fundraising dropped during the height of the financial crisis. Topping the list was Stanford at USD 1.035 billion, followed by Harvard University at USD 650 million, Yale University at USD 544 million, the University of Southern California at USD 492 million and Columbia University at USD 490 million.
Saudi Arabia recalls ambassador from Sri Lanka
In a tit-for-tat move, Saudi Arabia has recalled its ambassador from Colombo amid tensions between the two
countries over beheading of a Sri Lankan maid convicted of murder in the Kingdom. Saudi Embassy sources in Colombo confirmed that Ambassador Abdulaziz bin Abdul-Rahman Al-Jammaz has left Sri Lanka. In January 2013, Sri Lanka had also recalled its ambassador to Riyadh Ahmed Jawad in the wake of the
execution of Rizana Nafeek last month convicted of killing a baby in her care in 2005 when she was 17. Sri Lankan government has announced that women under 25 were now banned from going to Saudi Arabia to work as maids. Crimes like rape, murder, armed robbery and drug trafficking are punishable by death in Saudi Arabia.
Business & Economy:
HDFC launches product compliant with tax saving scheme
Country's largest fund house HDFC Mutual Fund launched a product compliant with the tax saving Rajiv
Gandhi Equity Savings Scheme. HDFC Rajiv Gandhi Equity Savings Scheme Series 1 is a three-year closeended equity scheme which will invest in eligible securities under the RGESS. RGESS was announced in the last Budget as a scheme for encouraging retail investors to participate in the market and also includes a tax-saving component, as an incentive. The product will invest in equities from BSE-100 or CNX-100, staterun Maharatnas, Navratnas, Miniratna companies, and also in follow-on public offers and initial public offers as per prescribed norms.
IRDA slaps Rs 50 lakh fine on SKS Microfinance
Insurance regulator IRDA has imposed Rs 50 lakh penalty on SKS Microfinance which collected extra funds, apart from the premium, as a corporate insurance agent without proper disclosure to policy-holders. As per the order of Insurance Regulatory and Development Authority (IRDA), a micro finance institution (MFI), which also operates as a corporate insurance agent, can't collect more amount than the premium charged for the policy on behalf of an insurance company. SKS Microfinance acted as a corporate agent of Bajaj Allianz Life Insurance Company Ltd. MFI is barred from collecting service charge from its members under provisions existing provisions.
AirAsia and Tata Group join hands for budget airline
The Tata Group is making yet another bid to enter the aviation space. Malaysia’s no-frills carrier AirAsia has sought the approval of the Indian Government to join hands with the Tata Group to enter the aviation sector.
This would be the first investment in the sector by a foreign airline after the Government hiked the foreign direct investment (FDI) limit from 26 per cent to 49 per cent in 2012. Tata Sons will hold 30 per cent in the joint venture but will not have any operating role in the airline. AirAsia will hold 49 per cent stake in the JV, while Hindustan Aviation of the Bhatias will hold 21 per cent. AirAsia, through its operations based in Thailand and Malaysia, flies to Chennai, Bangalore, Kochi, Tiruchirappalli and Kolkata in addition to 20 countries across Asia.
Tata Group signs MoU with UKIBC
The Tata Group has signed a memorandum of understanding (MoU) with the U.K. India Business Council
(UKIBC) for skill development and delivery in India. Tata Group said the MoU will initially include projects in Odisha and Mumbai for replicable skills training across India. The MoU was signed in the presence of David Willetts, Minister for Universities and Science, U.K. The Tata Group of companies is keen to support the creation of skill development centres that can sit at the heart of sustainable communities in India.
NTPC mulls exit from Sri Lanka venture
NTPC Ltd has informed the government that it cannot accept the fresh terms set by the Ceylon Electricity Board (CEB) for its proposed 500-MW project in Sri Lanka. Indicating its willingness to withdraw from its maiden overseas venture, the state-owned power generator has sought permission to pull out two of its top functionaries from the island nation. NTPC and CEB had inked an agreement in 2011 for jointly setting up a 500-MW power project at Trincomalee at a cost of over Rs 4,000 crore, but the project is yet to take off due to persistent differences between the two entities.
Sport:
Pooja tops in women’s air rifle
Pooja Ghatkar won the air rifle women’s event in the first shooting trials. She beat Shriyanka Sadangi by 1.7 points in the 20-shot final, conducted in the new format. Pooja had a total of 208.3 in the final, while Shriyanka had 206.6. Shriyanka, the youth silver medallist in the recent national championship, had to ward off a threat from Elizabeth Koshy of Kerala, after the two tied at 186.1. Shiryanka shot 10.6 to 10.2 by Elizabeth in the shoot-off to progress into the title duel. National champion Apurvi Chandela had to settle for the fourth place, while Mampi Das was seventh and the world record holder and former Asian champion Suma Shirur was eighth.
Kohli named RCB captain
Virat Kohli was named the new captain of Royal Challengers Bangalore, replacing New Zealand’s Daniel
Vettori. The appointment does not come as a surprise with Kohli, seen as a future captain for some time now, having led the side 10 times in the last two IPL seasons. The only player retained by the franchise ahead of the 2011 season, Kohli is the longest-serving member of the RCB squad.
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