Current Affairs This Week (24th - 30th July)

Bank Specific

RBI scraps ration card as valid document for opening bank account, Aadhaar card to be considered

The ration card, the government issued booklet for availing of subsidized food under the public distribution service, will no longer be considered as a valid document for opening bank accounts. Aadhaar will now gain prominence as the single universal document for opening a bank account in India. The RBI made the announcement in a circular dated July 17 in which it has revised ‘know your customer’ guidelines. The RBI has now specified officially valid documents to be the Aadhaar card, voter ID card, permanent account number (PAN) card, driving license, passport, or the NREGA card. Until now, banks had asked for a wide range of documents from customers including ration cards and utility bills according to their own discretion. The RBI has now changed it and said that banks can only ask for documents notified by the central government.

Corporate

Reliance Power acquires hydro-power portfolio of Jaypee Group worth over 10,000 crore

Anil Ambani – led Reliance Power has acquired the 1800 MW hydroelectric power assets of Manoj Gaur led Jaypee Group for an estimated Rs. 12000 crore. JSW and Adani Group were the other contenders who lost out to reliance. The completion of the proposed buy-out would make Reliance Power the largest provider of hydroelectric power in the private sector in India with 7,800MW operating capacity by the end of financial year 2015. JPVL's hydroelectric power portfolio has an aggregate capacity of nearly 1,800 MW, fully in operation, is the largest in the private sector in India, and with an asset base of over Rs 10,000 crore. The generation capacity and size of the assets being acquired would make it the largest deal in India's infrastructure and power sector.

India

K N Tripathi sworn in as Bengal Governor

Kesri Nath Tripathi has been sworn in as the 20th Governor of West Bengal. Tripathi, a senior BJP leader and three-term speaker of the Uttar Pradesh assembly was administered the oath of office by the acting Chief Justice of Calcutta High Court Asim Kumar Banerjee.Tripathi replaced M K Narayanan, who demitted office on July 4, days after being questioned by the CBI in connection with its probe into the Rs 3600-crore VVIP chopper deal. He was reportedly asked to quit by Narendra Modi government. 

Since Naryanan's resignation Bihar Governor D Y Patil had taken over as Governor of West Bengal as an 

additional charge.

World 

Israel steps up military campaign, no sign of cease-fire as death toll in Gaza crosses 1200

Israel has stepped up air-strikes and targeted symbols of Hamas’ control of Gaza with the heaviest bombing in the fighting so far. On Tuesday, an Israeli strike hit the only electricity plant in the Gaza Strip, which set off a huge fire and threatened to create a major humanitarian crisis. Palestinians lacked the means to operate the water and sewage systems. Following the attack, international efforts were stepped up to make both parties agree to a cease-fire. US Secretary of State John Kerry has been meeting both Israeli and Palestinian leaders to try to help negotiate a truce. Although, President Mahmoud Abbas had said that fighters in Gaza were ready for an immediate 24-hour truce, Hamas’ military commander said that there will be no cease-fire until Israel stopped its attacks. More than 1,200 Palestinians have been killed since Israel began its offensive on July 8, most of them civilians. On the Israeli side, 53 soldiers and 3 civilians have been killed in the ground offensive and in rocket and mortar fire. 

EU imposes new sanctions in 'strong warning' to Russia

The European Union has for the first time slapped comprehensive economic sanctions on Russia and banned the exports of military goods and sensitive technologies in the energy sector for its "failure" to de-escalate the conflict in eastern Ukraine. 

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Current Affairs This Week (17th - 23rd July)

Bank Specific

SBI signs MOU with RML Information Services to provide mobile-based cheap agri updates

State Bank of India has signed a Memorandum of Understanding (MOU) with RML Information Services, provider of Reuters Market Light, under which its customers can avail agricultural updates and information on farm sector developments at a nominal cost. The information will be delivered in SMS form in nine languages and will include updates on weather, input prices, crop diseases, government schemes/initiatives and market prices of produce.

RBI, Monetary Authority of Hong Kong ink MoU for info exchange

The Reserve Bank of India has signed a Memorandum of Understanding (MoU) for supervisory cooperation and exchange of supervisory information with the Monetary Authority, Hong Kong. With this, the Reserve Bank has signed MoUs with 21 supervisors and one letter for supervisory co-operation.

HDFC Securities launches 'E-Will' Writing Service

Brokerage firm HDFC Securities has launched 'e-Will' writing service which enables users to prepare a will online. HDFC Securities, a subsidiary of HDFC Bank, has collaborated with a partner Legal Jini to offer this service.

According to HDFC Securities Managing Director Aseem Dhru, this is the first of its kind in India and this service enables individuals to easily draw up a tenable Will online with help from a legal firm.

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Current Affairs This Week (10th - 16th July)

India

Indian Union Budget 2014-15 announced

Finance Minister Mr. Arun Jaitley presented the Union Budget of India for 2014-15 on 10 July. The total budgeted expenditure estimates including Plan and Non-Plan stand at Rs 17,94,892 crore. Out of this planned expenditure is estimated at Rs 5,75,000 crore whereas non-planned expenditure is Rs 12,19,892 crore. 

Highlights of the Union Budget 2014-15: 

• Tax proposals on indirect tax front would yield Rs 7,525 crore.
• No changes in personal income tax slabs. But tax exemption limit has been increased to  250,000 from  200,000 for those below the age of 60. Income tax exemption limit for senior citizens has been raised to  300,000.
• Investment limit under Section 80C has also been increased to INR150,000 from the current INR100,000
• Housing loan rebate to be raised from Rs 1.5 lakh to Rs 2 lakh. FDI in real estate for low cost housing. 
• 70.6 billion (US$1.2 billion) provided for the development of smart cities. 
• 10 billion (US$170 million) provided for irrigation
• 5 new IITs in Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala and five new IIMs in Himachal Pradesh, Punjab, Bihar, Odisha and Maharashtra.
• 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharbha, Purvanchal. 
• Rs 3650 crore for safe drinking water. More than Rs 26000 crore set aside for toilets and drinking water in all girls' schools.
• Rs 100 crore for training of sportspersons for upcoming Asian Games.
• 14,389 cr for the ‘Pradhanmantri sadak yojna' for development of roads.
• Rs 1000 crore provided for rail connectivity in northeastern region.
• Rs 100 crore for modernization of madrassas.
• Rs 50,548 crore proposed for Schedule Caste development. 
• National multi-scale programme ‘Skill India’ to be introduced to provide training and support for employment.

Sports

Germany wins the FIFA World Cup 2014

Germany became the 2014 FIFA World Cup champion for the fourth time after defeating Argentina 1-0 at the Maracana Stadium in Rio de Janeiro, Brazil. Germany also became the first European country to win a World Cup played in North or South America.

FIFA Awards for World Cup 2014:

• Golden Ball - Lionel Messi (Argentina)
• Golden Boot - James Rodriguez (Colombia)
• Golden Glove - Manuel Neuer (Germany)
• Best Young Player - Paul Pogba (France)
• FIFA Fair Play Trophy – Colombia

World

Emma Watson appointed as UN Women Goodwill Ambassador

Emma Watson has been made a UN Women Goodwill Ambassador. She joins the United Nations Organisation, which is dedicated to gender equality and women’s empowerment.

She has been involved in the promotion of girls’ education for several years, and previously visited Bangladesh and Zambia as part of her humanitarian efforts. She will work with UN Women's HeForShe campaign, which promotes gender equality, in her new role.

Major victory for India, China as WTO rules against the United States

The World Trade Organization has ruled against the United States on an April 2012 complaint by China and India that the U.S. imposes hefty duties on products from the two Asian countries.
In an attempt to justify duties levied on products from India and China, the US has long ruled that both China and India subsidize a number of goods slated by the nations for export, which goes against WTO policy. This in turn presents what the U.S. calls unfair competition for domestic corporations.

BRICS announces launch of $100 billion bank headquartered in China; 1st President to be Indian

Leaders of the BRICS (Brazil, Russia, India, China and South Africa) countries met in Fortaleza Brazil for the 6th BRICS summit. The most important development of the 6th BRICS summit was the launch of a $100 billion bank, called the New Development Bank, and a currency reserve pool seen as an alternative to the Western-dominated international financial system. The bank will aim at funding infrastructure projects in developing nations and will be based in Shanghai, China.

Awards

YES Bank wins prestigious Golden Peacock Environment Management Award

YES Bank, India’s fourth largest private sector Bank was awarded the “Golden Peacock Environment Management Award - 2014” in the Banking (financial) Category at the 16th World Congress on Environment Management. Organized by Institute of Directors (IOD), YES Bank is the only bank to win this prestigious award in the history of the Golden Peacock Environment Management Award. This is the third year running that YES Bank has been recognized by the Golden Peacock Global Award, having won for ‘CSR’ in 2013 and ‘Sustainability’ in 2012, at the London Global Convention. 

To read these and more such Current Affairs news, go here

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Current Affairs This Week (3rd - 9th July)

India 

Rail Budget 2014-15: Passenger safety of paramount importance.

Union Rail Budget 2014-15 was presented by the Union Railway Minister Sadanand Gowda. This is the first rail budget presented by any Bharatiya Janata Party (BJP) minister.

Highlights:

• Highest ever plan outlay of Rs. 65,455 crore for 2014-15
• Expenditure in 2014-15 pegged at Rs. 149,176 crore
• FDI in railway projects, except in operations
• No new increase in passenger fares and freight charges
• Bullet train in Mumbai-Ahmedabad sector
• Diamond quadrilateral for high speed trains
• Plan to hike speed of trains to 160-200 km/hr in 9 sectors
• Online booking to support 7,200 tickets per minute; to allow 1.2 lakh users log in simultaneously
• Reservation system to be revamped, ticket-booking through mobile phones, post offices to be 
• popularised; Online platform for unreserved tickets
• Food can be ordered through SMS, phone; Food courts at major stations
• Combo parking-platform tickets at stations
• Women RPF Constables to escort ladies coaches; 4,000 women constables to be inducted
• RO drinking water in some stations and trains
• Automatic door closing in mainline and sub-urban coaches
• Battery operated cars for differently-abled and senior citizens at major stations
• Office-on-Wheels: Internet & workstation facilities on select trains
• Railway university for technical and non-technical subjects
• Parcel traffic to be segregated to separate terminals to make passenger traffic unhindered
• Solar energy to be tapped at major stations

Bank

State Bank of India opens 5 digital branches

State Bank of India (SBI) has launched five digital branches in Delhi, Mumbai, Bangalore, Chennai and Ahmedabad on the occasion of its 60th Foundation Day and is in the process of opening a sixth branch in Kolkata shortly. Called as ‘sbiINTOUCH’, these outlets will offer services like instant account opening, personalised debit cards and ATM machines that accept deposits, among other services. The digital store will also bring together services from group companies such as insurance, MFs, credit cards etc. Global consultancy firm Accenture provided technical support as well as training of employees for roll out of sbiINTOUCH outlets.

RBI relaxes norms for overseas investment

The Reserve Bank of India has eased rules for overseas investment of Indian corporates by raising the borrowing limit. The financial commitment should be limited within 400% compared to earlier level of 100% of the net worth as per the last audited balance sheet of the company. The RBI, however, said that any financial commitment exceeding $1 billion (or its equivalent) in a financial year would require prior approval of the Reserve Bank even when the total financial commitment of the Indian party is within the eligible limit.

World

India to allow access to Pakistani SIM Cards soon

In a move that would help foster better trade ties and bridge the trust deficit between India and Pakistan, without posing an additional security threat, Commerce Ministry of India has proposed permitting the use of Pakistani SIM cards in India. Visitors from Pakistan, especially the business community, had often complained about the inconvenience of not being able to use their mobile connections in India.Although Pakistani businessmen enjoy a 10-city visa access to India, they are forced to procure local SIM cards or turn to other means to stay connected. Pakistan does not allow SIM cards issued in India to function in its territory either. The commerce department has also raised the matter with the telecom department, which has said that access for Pakistani SIM cards may be allowed subject to clearance by the home ministry.This is the second communication sent by the Commerce Ministry on the matter. The first was sent when the UPA was in power.

Fasting during Ramzan illegal, against Communist principles: China

China has ordered schools and government offices in the northwest Xinjiang region to ban fasting during the ongoing holy month of Ramzan. Statements posted in the past several days on websites of schools, government agencies and local party organizations in the Xinjiang region said the ban was aimed at protecting students' wellbeing and preventing use of schools and government offices to promote religion. Statements on the websites of local party organizations said members of the officially atheist ruling party also should avoid fasting.Similar bans have been imposed in the past on fasting for Ramadan, which began at sundown Saturday. But this year is unusually sensitive because Xinjiang is under tight security following attacks that the government blames on Muslim extremists with foreign terrorist ties.

Sports

Novak Djokovic wins Wimbledon Men’s Singles beating Roger Federer; Petra Kvitova wins Women’s singles title

Novak Djokovic won his second Wimbledon Title and seventh career major beating Roger Federer on
Sunday. The defeat dashed Federer’s chances of a record eighth Wimbledon triumph. Petra Kvitova of the Czech Republic won her second Wimbledon title in the shortest women's final since 1983 defeating Canada's Eugenie Bouchard on Saturday. Both Djokovic and Petra had won their maiden Wimbledon titles in 2011. In the men’s doubles final, Vancouver's Vasek Pospisil and his American partner Jack Sock won against defending champions Bob and Mike Bryan of the United States. In the women’s doubles final, Sara Errani and Roberta Vinci of Italy beat Timea Babos of Hungary and her partner Kristina Mladenovic of France to claim the title. Australian Samantha Stosur and her Serbian playing partner Nenad Zimonjic beat Maxim Mirnyi of Belarus and his Taiwanese playing partner Chan Hao-ching to win the Wimbledon mixed doubles title.

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Current Affairs This Week (26th - 2nd July)

India

National Herald newspaper case: Summons to Sonia Gandhi and Rahul Gandhi

Summon has been issued to Congress President Sonia Gandhi and Rahul Gandhi on charges of misappropriating funds of a company that used to publish the now-defunct National Herald newspaper. The court also summoned Congress leaders Motilal Vora and Oscar Fernandes, Sam Pitroda, who was an advisor to Prime Minister Manmohan Singh, and former journalist Suman Dubey, who is close to the Gandhi family.

The complaint by BJP leader Subramanian Swamy alleged that the Gandhis formed a company, Young India, in 2010 with 38 percent share each to take control of Rs.2,000 crore worth of assets of Associated Journals Ltd, which published the National Herald.

World

ISIL declares captured territory in Iraq, Syria as the new Islamic state, seeks allegiance from Muslims worldwide

The Islamic State of Iraq and the Levant (ISIL) which has captured huge tracts of Iraq and Syria including major cities and are slowly advancing towards Baghdad has formally declared the establishment of a new Islamic state on Sunday. The group declared its chief, Abu Bakr al-Baghdadi, as the leader of the new caliphate, or Islamic state, and called on Muslims worldwide, to swear loyalty to al-Baghdadi and support him. The group has loosely defined the Islamic state's territory as running from northern Syria to the Iraqi province of Diyala, a vast stretch of land straddling the border that is already largely under the Islamic State's control. It also declared that with the establishment of the caliphate, the group was changing its name to just the Islamic State, dropping the mention of Iraq and the Levant. Muslim extremists have often mentioned recreating the Islamic state, or caliphate, that ruled over the Middle East, much of North Africa and beyond in various forms over the course of Islam's 1,400-year history.

India, China sign three important pacts

India and China have signed three MoUs, including one on industrial parks and flood data of Brahmaputra river. The agreements were signed in the presence of Hamid Ansari and his Chinese counterpart Li Yuanchao.

The MoU on industrial parks is aimed at attracting Chinese investments in India and provides an enabling framework for Chinese companies to invest in industrial parks and zones.

The MoU on flood data sharing will provide India with 15 days more of hydrological data of river Brahmaputra. The data helps India in flood forecasting. India provides money for maintenance of three hydrological centres on the Chinese side.

The third MoU will help the two countries establish a framework for regular interactions between administrative officials to share experiences and learn from each other’s best practices.

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