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Transcript of OCTOBER 2014 – FACT FILE {SPECIALLY DESIGNED FOR SBI ASSOCIATES PO AND IBPS...

OCTOBER 2014 FACT FILE

41

OCTOBER 2014 FACT FILE

SPECIALLY DESIGNED FOR SBI ASSOCIATES PO AND IBPS CLERK

CONTENTS

BANKING AND FINANCE -------------------1

NATIONAL NEWS -------------------4

INTERNATIONAL NEWS -------------------10

APPOINTMENTS -------------------14

AWARDS AND HONOUR -------------------15

DEFENCE & TECHNOLOGY -------------------17

NOBEL PRIZE 2014-------------------20

SUMMITS AND MEETINGS -------------------21

COMMITEES

-------------------21

SCHEMES -------------------22

REPORTS AND RANKINGS-------------------24

BOOKS -------------------25

OBITUARIES-------------------26

DATES-------------------27

SPORTS-------------------27

ASIAN GAMES 2014 -------------------

30

BANKING AND FINANCE The upcoming Bandhan Bank has appointed FIS International, one of the largest banking and payments technology solutions provider globally, to develop its core banking software solutions.

RBI governor Raghuram Rajan has been conferred with the Best Central Bank Governor award for 2014 by Euromoney magazine. Karur Vysya Bank has bagged the Best Bank Award of IDRBT (Institute for Development and Research in Banking) for Business Intelligence Initiatives among small banks. The bank's CMD, K Venkataraman, received the award from Raghuram G Rajan. Federal Bank won the IDRBT Banking Technology Excellence award for 2013-14 in 4 out of total 5 categories as the best bank for use of Technology for Financial Inclusion, Social Media and Mobile Banking, Business Intelligence Initiatives and for Best IT Team. The European Central Bank (ECB) has kept its benchmark interest rate unchanged at record low of 0.05%.

The Finance Ministry is considering amendments to the RBI Act 1934 to enable the central bank appoint a 5th Deputy Governor and a Chief Operating Officer (COO). Exim Bank extends two additional Lines of Credit to Cuban Bank Banco Exterior De Cuba aggregating $7.76 million. RBI has signed a pact with Central Bank of Kenya for exchange of information and supervisory cooperation.

Cap of 3 free ATM transactions in six metros (Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad) came into effect from 1st November 2014.

China's $100 billion Asian Infrastructure Investment Bank formally recognized on 24th October, 2014 on a signing ceremony held in Beijing. 21 countries signed the bill, which included: China, India, Thailand, Malaysia, Singapore etc. Japan, South Korea, Indonesia, and Australia were not in attended the meeting.

Bank of India (BOI) gets licence to set up bank in Vietnam. SBI launched a facility called 'mPassBook', on its 'State Bank Anywhere' mobile application, for its retail banking users. The government has set up a committee to frame bankruptcy law to enable entrepreneurs to close down unviable businesses under T K Vishwanathan, former Law Secretary.

Puduchery and Chandigarh two Union Territories achieved a unique milestone of 100% banking coverage as revealed in a meeting of Finance Ministry on 1 October 2014. (All the households with at-least one account). Vysya Bank CMD Shailendra Bhandari resigned from his post after taking charge of the Bangalore-based private lender. The Centre has filed an affidavit before the Supreme Court in the black money case, naming three prominent businessmen Pradip Burman of Dabur group, Goa-based miner Radha S Timblo and Bullion trader Pankaj Chimanlal Lodhya. With the Centre submitting a list of 627 account holders in foreign banks to Supreme Court in the blackmoney case, Attorney General Mukul Rohatgi announced that the deadline for investigation under the Income Tax Act into these accounts is 31st March 2015. China took over US to become the worlds largest economy in Purchasing Power Parity terms. IMF revealed this information. As per the IMF report, in PPP terms Chinas GDP is at $17.6 trillion and constituted 16.48% of the world GDP. But US GDP is $7277.279 billion which is only 6.8% of Wold GDP. RBI directs banks to partially freeze the accounts of those who don't comply with the KYC norms within a reasonable period of time. The new Monetary Policy Framework Agreement, which aims to change the monetary policy formulation and will also focus on inflation targeting, is proposed to be signed by 1 February 2015 as announced by the Finance Ministry recently. The proposed framework is based on a combination of recommendations by FSLRC and the Urjit Patel Committee, along with inputs from the R Rajan Panel on Financial Sector Reforms. According to media reports, the RBI has ordered its supervision team to monitor trading in debt markets by companies. This is the strongest expression of concern shown by the RBI on this issue. The primary reason for this move of the RBI was Reports that many companies are building large trading positions in debt and currency markets.

Global Infrastructure Facility (GIF) - the new global service launched by the World Bank which aims at mobilising the private sector to help tackle the massive infrastructure deficit facing developing countries.

DLF Limited was barred by SEBI from accessing capital markets for three years. This penalty was imposed due to some non-disclosure violations related to DLFs initial public offering (IPO) of 2007. Centre issues commemorative coins of 100 and 5 rupees denominations to mark the 100-year of 'Komagata Maru Incident'. Government relaxed FDI norms for construction, real estate sector. The Union Cabinet approved a comprehensive proposal by the DIPP, dropping the minimum 10-hectare rule for serviced housing plots and slashing the minimum floor area for construction development projects to 20,000 sq m from 50,000 sq m to be eligible for overseas investment. The Modi govt has sacked the heads of six Public Sector banks. The move comes after the Chairman of Syndicate Bank was arrested on bribery charges in August. A panel headed by the RBI Governor during the UPA rule had shortlisted the names for Bank of Baroda, Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, United Bank and Vijaya Bank. The Union Govt. is all set to give instructions about the current monetary policy framework. Under this the govt. will specify specific inflation related targets for the RBI instead of the RBI setting a target for itself. This decision is taken from the recommendations of Urjit R. Patel expert committee of the RBI, which had recommended that the monetary policy decision-making should be vested with a monetary policy committee, chaired by the RBI Governor. The Urjit Patel Committee in its recommendations had also stated that the RBI should adopt the new Consumer Price Index (CPI) as the measure of the nominal anchor for monetary policy and set the target CPI inflation level at 4 per cent (+/- 2%) to be achieved through its monetary policy tools.

RBI came out with an additional criterion that Implementation of Core Banking Solution for classifying an urban co-operative bank (UCB) as financially sound and well managed (FSWM). Till now the UCBs were classified as FSWM banks if they fulfilled criteria such as capital to risk weighted assets ratio of not less than 10%, gross non-performing assets of less than 7% and net NPAs of not more than 3%. The new criterion of CBS implementation would henceforth be considered for processing applications received from UCBs for opening of on-site/off-site/mobile ATMs, applications under Annual Business Plans, extension of area of operation, shifting of premises and all other permissions from RBI. Mumbai headquartered Kotak Mahindra Bank launched Facebook-based funds transfer platform KayPay, for Facebook users to send money to each other. Users won't have to depend on net banking or have to know the details of the payee. Users can transfer funds by choosing recipients from their Facebook friends list. KayPay is built on top of the mobile based Immediate Payment System launched by the National Payment Corporation of India. Users have to register their bank accounts once to start using the service. KayPay uses Facebook user id & password and a One Time Password to authenticate a transaction. To provide robust platform for large volume of repetitive payments, Corporation Bank has launched the e-Mandate (digital mandate) service.NATIONAL NEWS Election Commission launched video game titled 'Get Set Vote' to promote voter awareness.

Prime Minister Narendra Modi connected with the people through national broadcaster All India Radio on 3rd October. The speech, titled 'Man ki Baat', is exclusive to AIR and will also be telecast on all news channels of Doordarshan. Unveiling an austerity drive to cut non-plan expenditure by 10% and to trim fiscal deficit, the Modi govt. has barred bureaucrats from travelling first class on overseas visits and have been asked to use video conferencing as much as possible. It also freezes new appointments in the Central govt. and all meetings in five-star hotels and the purchase of cars.

Nokia to shut down Sriperumbudur plant, Chennai from 1st November

Bachpan Bachao Andolan Founder, Kailash Satyarthi won the Nobel Peace Prize 2014. It was founded in 1980 to fight the problem of child labour in India.

Facebook founder Mark Zuckerberg on 10th October met Prime Minister Narendra Modi. He also met telecom minister Ravi Shankar Prasad to discuss expanding reach of internet including by using alternate technology. The big reason for his visit is giving a push to his dream project, Internet.org that aims to bring affordable Internet access to everybody.

Sangeet Natak Akademi chairperson Leela Samson resigned. (Bharatnatyam dancer).

Cyclone Hudhud hits parts of Andhra Pradesh and Odisha. The name Hudhud, suggested by Oman, refers to t