current affairs related to banking 2013

current affairs related to banking 2013 current affairs related to banking

National

U.R. Rao inducted into Satellite Hall of Fame

Renowned space scientist Prof U R Rao has been inducted into the highly coveted "Satellite Hall of Fame",

Washington, by the Society of Satellite Professionals International. Rao, a former Indian Space Research

Organisation (Isro) chairman and Department of Space secretary, is the first Indian space scientist to be

inducted into the Satellite Hall of Fame, joining the select group of about 50 Hall of Fame members. Over

1,000 space scientists, industry leaders, administrators and professionals attended the glittering event.

UPSC drops mandatory English paper

Following a nationwide controversy over the changes it had suggested in the civil services mains

examination, the Union Public Service Commission has dropped the requirement of mandatory English

language paper. There will be a separate paper on “ethics, integrity and aptitude” and an “essay” carrying

250 marks in the mains examination. The paper on ethics, integrity and aptitude will test the candidates’

attitude and approach to issues of integrity, probity in public life, and problem-solving approach to various

issues and conflicts faced by them in dealing with society. The aspirants will be required to write an essay on

a specific topic in their own choice of language. Under the earlier controversial norm, a language would be

allowed as a medium of examination only if a minimum of 25 candidates so desired. Now a candidate will be

allowed to take up literature as an optional subject “without the conditionality of graduation in that language’s

literature”. From 2013, the Civil Services (Mains) examinations will have two qualifying papers of 300 marks

each and five compulsory general studies papers (including one on ethics, integrity and aptitude) of 250

marks each, besides an optional paper carrying 250 marks.

Punjab Police dismiss boxer Ram Singh

International boxer Ram Singh has been dismissed by Punjab police in connection with the recent recovery

of 26 kg of heroin worth Rs. 130 crore. Sub-Inspector Sarabjit Singh, who was close to a retired Senior

Superintendent of Police, was also dismissed by the Punjab police in connection with the drug haul case. A

team of Fatehgarh Sahib police raided the house of Sarabjit on the intervening night of March 26-27 and

claimed to have recovered 2.6 kg opium and one kg powder and packing material for drugs. Commandant

Sushil Kumar ordered Ram Singh’s dismissal based on the report.

Justice Kuriakose sworn in

Justice Pius Chakkalayil Kuriakose has been sworn in as the new Chief Justice of Sikkim High Court. Sikkim

Governor Balmiki Prasad Singh administered the oath to Justice Kuriakose in Gangtok. Sikkim Chief Minister

Pawan Chamling attended the swearing-in ceremony.

Tiger population rises from 268 in 1973 to 1,468 at present

Forty years of tiger conservation efforts in the country seem to have borne fruit with the number of big cats

rising more than five times from 268 in 1973. When project tiger was launched from Corbett's Dhikala range

in 1973, tiger population in the country stood at 268. It has now risen to 1,468. It was on April 1, 1973 that

the then Union Minister Karan Singh launched India's first Tiger Project from CTR's Dhikala forest range.

Currently there are 27 tiger reserves across the country spread over an area of 37,761 sq km which

constitutes 1.14 per cent of the country's total geographical area.

International:

U.S. deploys B-2s over South Korea

Two nuclear-capable B-2 stealth bombers flew what the U.S. military described as “deterrence” missions

over South Korea, in a move sure to further inflame tensions with the North. The two bombers were

participating in an ongoing South Korea-U.S. joint military exercise that has infuriated North Korea and

prompted threats from Pyongyang to unleash an “all out war” backed by nuclear weapons. The use of stealth

fighters will further inflame tensions, given that the North was already incensed by the participation of B-52

bombers in the exercise.

Barack Obama nominates Philip Breedlove as new NATO commander

The United States said it was nominating Air Force General Philip Breedlove as the new NATO Supreme

Commander, filling the key position a month after top general John Allen stepped aside. President Barack

Obama "is nominating Air Force General Philip Breedlove to serve as the new commander of our European

Command, Supreme Allied Command," defense secretary Chuck Hagel told. If confirmed by Congress,

Breedlove is to succeed Admiral James Stavridis in the NATO job. The North Atlantic Council, the political

governing body of NATO, has already approved the appointment.

Andrew Parker named director of Britain's domestic spy agency MI5

Britain's domestic spy agency has chosen a new director, a 50-year-old ornithologist with counter-terrorism

experience in the Middle East and Northern Ireland. Andrew Parker, one of the youngest MI5 directors in

recent history, has worked for the service for 30 years and led the agency's response to the July 7 London

bombings in 2005. Parker has been the deputy director general since 2007. He succeeds Jonathan Evans,

who is leaving MI5 after 33 years of service.

Business & Economy:

India inks pact with Liechtenstein

India entered into a Tax Information Exchange Agreement (TIEA) with Liechtenstein for facilitating exchange

of information on banking and ownership data based on international standards of transparency. The

agreement, signed in Bern (Switzerland) by India’s Ambassador to Switzerland Chitra Narayanan and the

Ambassador of Liechtenstein, Madame Doris Frick, is aimed at tracking black money, checking tax evasion

and routing of illicit funds.

HDFC Bank cuts lending rates by 0.1% effective March 30

HDFC Bank has decided to cut its benchmark lending rates by 0.1 per cent with effect from March 30. The

base rate, or the minimum lending rate, of the country's second largest private sector bank will become 9.6

per cent from the existing 9.7 per cent. At the same time, the benchmark prime lending rate (BPLR) of the

bank is expected to be slashed by similar margin to 18.10 per cent.

Indian banks open 55 branches in global tax havens

With the country's economic expansion, Indian banks are becoming more global than ever before. Ten banks

have opened 100 branches in foreign jurisdictions as of February, 2013. But, interestingly, these branches

are more in tax havens than in countries which are India's biggest trading partners. For instance, the US and

China, one of India's biggest trading partners, each account for only three of these bank branches. On the

contrary, jurisdictions considered as tax havens such as Mauritius, Singapore, Hong Kong and the UAE

account for 35%. And if UK-controlled provinces are added to the list, 55 of the 100 branches are in these

countries alone.

Srikrishna panel moots Indian Financial Code Bill

Aiming to reform financial sector regulations for the longer term in keeping with systemic risks involved in

financial management, the government-appointed Financial Sector Legislative Reforms Commission

(FSLRC) headed by Justice B. N. Srikrishna has proposed an Indian Financial Code Bill to enable creation of

a unified financial regulator while limiting the role of the Reserve Bank of India (RBI) to monetary

management. As per the proposed regulatory architecture recommended by the Commission, the unified

financial agency (UFA) and not a unified financial regulator, the commission has asserted -will comprise four

existing agencies which will be merged into one. These are the Securities and Exchange Board of India

(SEBI), the Forward Markets Commission (FMC), the Insurance Regulatory and Development Authority

(IRDA) and the Pension Fund Regulatory and Development Authority (PFRDA).

India's external debt rises to $376 billion

India's total external debt was USD 376.3 billion as of December end, up 8.9 percent from March, on account

of long-term and short-term components. At end-December 2012, India's total external debt stock stood at

USD 376.3 billion, reflecting an increase of USD 30.8 billion (8.9 percent) over the level of USD 345.5 billion

at end-March 2012. Long-term debt, which accounted for 75.6 percent of total external borrowings, stood at

USD 284.4 billion at end-December 2012, up 6.4 percent over March 2012. Within long-term, commercial

borrowings accounted for 30 percent of total external debt, followed by NRI deposits at 18 percent and

multilateral debt at 13.7 percent. Debt denominated in US dollars was the highest in external debt stock at

56.8 percent as of December 2012, followed by Indian rupee (23.1 percent), SDR (7.9 percent), Japanese

yen (7.6 percent) and euro (3.2 percent).

Technology:

New kind of supernova discovered

Astronomers have discovered 25 examples of a new type of fainter and less energetic supernova. The team

of astronomers from Carnegie Institution reported the discovery of a new type of supernova called Type Iax.

Previously, supernovae were divided into either core-collapse or Type Ia categories. Core-collapse

supernovae are the explosion of a star about 10 to 100 times as massive as our Sun. Type Ia supernovae

are the complete disruption of a tiny white dwarf. This new type, Iax, is fainter and less energetic than Type

Ia. Although both types come from exploding white dwarfs, Type Iax supernovas may not completely destroy

the white dwarf.

Sport:

Sharapova keeps title quest on track

Maria Sharapova, seeking her first title at the Miami WTA hardcourt event, advanced to her fifth final with a 6-

2, 6-1 victory over Serbian Jelena Jankovic. The Russian had entered the last four with a hard-fought 7-5, 7-

5 quarterfinal win over Italy’s Sara Errani, while former world No. 1 Jankovic defeated Italian Roberta Vinci 6-

4, 6-7(6), 6-3. Four-time Grand Slam champion Sharapova lost to Kim Clijsters in the 2005 Miami final, to

Svetlana Kuznetsova in 2006, Victoria Azarenka in 2011 and Radwanska last year, all in straight sets.

ICC Champions Trophy winners prize money set at $2 mn

The winners of the ICC Champions Trophy tournament, commencing on June 6, will pocket a prize money of

USD 2 million while the runners-up will be richer by USD 1 million. The total prize money of the 50-over

event is worth USD 4 million and even the losing semi-finalists will get USD 400,000 each. The ICC will be

paying USD 100,000 to the two third-placed teams in each group. The three venues for the tournament are

Cardiff, Edgbaston and the Oval. India will be playing their opening match of the tournament against South

Africa in Cardiff on June 6.

Sandhu wins Steve Waugh Medal

Gurinder Sandhu, Australia's rising pace bowling star of Indian heritage, won the Steve Waugh Medal as the

New South Wales cricketer of the season. The 19-year-old fast bowler won the award after playing only two

Sheffield Shield four-day matches and four domestic one-day games. Sandhu won the medal with 146 votes,

three clear of Brad Haddin.

Anil Khanna nominated

The president of the All India Tennis Association (AITA) and Asian Tennis Federation (ATF), Anil Khanna, has

been nominated for the election of the ITF Board of Directors for the period 2013-15. A former member of the

Board of Directors of the International Tennis Federation (ITF), Anil Khanna finds himself along with two other

Asians, Nao Kawatei of Japan and Suwat Liptapanlop of Thailand, in the nominees list of 22. There will be 13

members elected for the Board of Directors and 11 of the nominees will be seeking re-election, in the Annual

General Meeting of the ITF to be held in Paris on July 12.

Smith receives ICC mace

South Africa captain Graeme Smith received the ICC Test championship mace and prize money of $450,000

for leading the team to the top spot in ICC Test rankings on the annual cut-off date of April 1. Smith received

the mace from the ICC’s umpires and referees manager, Vince van der Bijl, in a ceremony at the Wanderers

in Johannesburg.