Current Affairs For Banking Exams (04th March - 10th March)

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David Warner makes 178 runs against Afghanistan

Sports > Cricket > Mar 4

David Warner made Australia's highest World Cup individual score of 178, beating the 158 of Matthew Hayden against West Indies in 2007. Warner's innings included 19 fours and five sixes . With this, Australia made a record World Cup total of 417 for six wickets in a Pool A match against Afghanistan. Warner's 260-run second-wicket partnership with Steve Smith was also an Australian ODI record.

RBI eases norms for home loans for up to Rs 10 lakh

Bank Specific > RBI > Mar 5

In a bid to boost affordable housing, the RBI has eased the norms for home loans for up to Rs 10 lakh. This move will mandate banks to add stamp duty and registration charges to the cost of the unit for calculating LTV (loan to value). These charges that form around 15 per cent of the cost of the house are currently not included in the cost of housing property. This step is expected to lighten the burden on the borrowers from economically weaker sections (EWS) and low income groups (LIG).

UAE Exchange ties up with YES Bank

Corporate > UAE Exchange - YES Bank > Mar 10

UAE Exchange is set to integrate FLASHremit, an instant account credit facility, with IMPS, a network of banks in India launched by National Payments Corporation of India (NPCI). This move will enable customers to conveniently send money instantly to their beneficiaries in India in Indian Rupees. Customers in Gulf Cooperation Council (GCC), an important focus region for YES bank, will largely benefit from this deal. This initiative will boost YES bank's commitment to emerge as a meaningful player in the Innovation & Digital Banking space.

Others

World Wildlife Day observed on 3 March 2015

Days > World Wildlife Day > Mar 4

The World Wildlife Day was observed on 3 March 2015 under the theme of 'Wildlife crime is serious, let’s get serious about wildlife crime.' The day is celebrated to acknowledge the varied forms of wild fauna and flora and raise awareness of the benefits that conservation provides to people. The day also marks the immediate need to step up and fight against wildlife crime, which has wide-ranging economic, environmental and social impacts. 3 March was proclaimed as World Wildlife Day by United Nations General Assembly (UNGA).

Three South Asian women to receive International Women of Courage Award

Awards > International Women of Courage > Mar 4

Three South Asian women were selected from 10 extraordinary women belonging to 10 different countries for the prestigious International Women of Courage Award for the year 2015, which is given by the US Secretary of State. Niloofar Rahmani, Nadia Sharmeen and Tabassum Adnan will be honoured with the award for demonstrating exceptional courage and leadership in advocating for peace, justice, human rights and gender equality. They will be receiving the award in the presence of First Lady of the US Michelle Obama in Washington DC on 10 March 2015.

Agreement on Monetary Policy Framework signed by RBI and Union Government

Politics & Government > Monetary Policy > Mar 4

An agreement on Monetary Policy aimed at bringing inflation below 6 percent by January 2016, has been signed between the Central Government and the Reserve Bank of India(RBI). This agreement will empower RBI to operate the monetary policy framework in order to meet the challenge of an increasingly complex economy. If the RBI fails to meet the target, then it will have to report to the Union Government the reasons for the failure to achieve the target. The objective of monetary policy is to primarily maintain price stability, while keeping in mind the objective of growth.

Obama renominates Sunil Sabharwal to key IMF post

World > IMF > Mar 5

The Indian-American investor, Sunil Sabharwal has been re-nominated by the US President Barack Obama to a key administration post as Alternate Executive Director at the IMF. He was first nominated to the same position in April 2014. Sabharwal has been an independent investor since 2006. 

NASA’s Dawn spacecraft arrives at dwarf planet's orbit

World > NASA > Mar 7

NASA's Dawn spacecraft has become the first mission in the history to achieve orbit around the dwarf planet Ceres. According to NASA, the spacecraft had reached 61,000 kilometres from Ceres when it was captured by the dwarf planet’s gravity. Following this accomplishment, Dawn will work on providing new insights and capturing images of the planet. Dawn is currently in Ceres’ shadows and won’t take new pictures until it emerges in April.

International Women's Day was celebrated on 8th March

Days > Women’s Day > Mar 8

The world celebrated International Women's Day on 8th March 2015. The day was celebrated with the theme “Make it Happen”, as declared by the United Nations. The theme encouraged effective action for advancing and recognizing women. The day is celebrated to recognize the achievements of women while calling for greater equality. On this day, several events are organized to celebrate the achievements of women in various fields. The idea of International Women’s Day was proposed by Clara Zetkin, the Leader of the 'Women's Office' for the Social Democratic Party in Germany.

Wipro named world's most ethical company 2015

Corporate > Wipro > Mar 9

Ethisphere Institute has awarded Wipro with the title of World's most ethical company for 2015. The world's most ethical companies designation acknowledges the organizations that have had a material impact on the way business is conducted by fostering a culture of ethics and transparency at every level of the company. The Ethisphere Institute is responsible for measuring and defining these ethics standards. Wipro is one of only three companies in the Information Technology Services industry honoured this year.

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Current Affairs for MBA exams (26th February - 04th March)

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Rail budget 2015 announced

India > Rail Budget > Feb 27

Indian Railway Minister Suresh Prabhu presented the Railway Budget 2015 on 27th February in the Parliament. The key highlights of the budget are:

1. Tickets can now be booked 120 days ahead of travel date, instead of 60 days now.
   
2. Rail-cum-road ticket to be extended to many stations; more trains to be added under scheme for ordering food while booking tickets.
   
3. Wi-Fi to be available at 400 railway stations.
   
4. SMS alert service to be introduced for arrivals and departures.
   
5. No increase in passenger fares.

SC status to be given to the person reconverted to Hinduism

Politics & Government > SC > Feb 27

Now a person who gets reconverted to Hinduism, provided he is accepted by fellow caste men and proves that either he or his forefathers previously belonged to that caste before embracing another religion, will be granted SC status. The bench comprising of justices of Apex court made this decision to restore the reservation benefits of the person if he was previously converted to some another religion. The caste certificate will be issued to people who fulfill all the conditions laid down by the Apex court.

Union Budget 2015-16 announced

Politics and Government > Union Budget > Feb 28

Union Budget 2015-16 was announced on 28th February 2015 by Finance Minister Arun Jaitely in the Parliament. The budget seeks to boost investment and ensure benefits of common man.

Following are the top takeaways from Jaitely's budget:

What got cheaper	What got costlier
Gold	Gems and Jewellery
Health Insurance	Telephone bills
Leather products	Imported mobile tablets
LPG	Cosmetics
Processed foods	AC bus travel
Microwave ovens	Cable TV
Ambulance services	Cigarette and tobacco items
Visit to museums, zoos and national parks	Hospital bills

Twitter employees get ISIS threats

World > Terrorism > Mar 02

The Twitter employees, specifically Twitter co-founder Jack Dorsey, have been given open threats for blocking the accounts associated with the group. With the aid of the UK’s counter-terrorism internet referral unit, Twitter has been shutting down ISIS related accounts, following in the footsteps on YouTube. The posting by the ISIS, called on ISIS sympathizers to attack the social media company and its "interests." Twitter said that it is investigating the authenticity of the threats.

Others

Mumbai University signs MoU with Indian Railways for Rail Innovation and Technology Centre

India > Education > Feb 26

Now students will be able to gain expertise in Railway Engineering, following a memorandum of understanding (MoU) signed between Indian Railways and Mumbai University.

The key points of MoU include:

1. Kalina, Ratnagiri and Kalyan sub campuses will have practical training for candidates.
   
2. Mumbai University will provide education, distribution of facilities for higher education, effective administration and financial control.
   
3. Specialized courses at the Post Graduate level related to rail technology will be started by the university.
   
4. The five academic years at the centre will receive 142.89 crore rupees from the Indian Railways
   
5. This institute will help the Indian Railways in developing cutting-edge indigenous technologies and turn as a net exporter of such technologies.

Pan-India Mobile Number Portability now available across India

India > MNP > Feb 26

Telecom regulator has issued an order which will provide the facility of retaining the same mobile number on relocation to another geographical area. According to the Telecom Regulatory Authority of India (Trai), it has issued sixth amendment to the Telecommunication Mobile Number Portability Regulation, 2009, which will facilitate full Mobile Number Portability (MNP) in the country. Following this amendment, the users will be able to select any operator, on moving to a different location, while maintaining the same mobile number. At present, mobile subscribers can retain their current number only when they switch their service providers within the same service area. However, this move might be faced with implementation challenges.

Iraq fights to reclaim Tikrit from IS

World > Terrorism > Mar 03

Iraq has launched one of the largest operations against ISIS to retake Tikrit which has been under the captive of ISIS and the jihadists' main hub in Iraq. The jihadists have been retaliating the attack, making it difficult for Iraq to gain victory over them. The offensive is the biggest military operation in the province since the Sunni Islamist radicals captured parts of north Iraq last June and advanced towards the capital. According to military sources, warplanes were involved in the attack, excluding those of the US-led coalition fighting IS.

Maharashtra bans beef, 5 years jail, Rs 10,000 fine for possession or sale

Politics & Government > Ban on Beef > Mar 03

President Pranab Mukherjee has assented to the Maharashtra Animal Preservation (Amendment) Bill, 1995, which will enforce a ban on beef in Maharashtra. Earlier the slaughter of cows was prohibited in the state under the Maharashtra Animal Preservation Act of 1976. But now even killing of bulls as well as bullocks will not be allowed. Anyone found to be selling beef or in possession of it can be jailed for five years and fined Rs 10,000. This move is believed to hike the prices of other meats and will turn many people jobless.

Aadhar card to be added to voter list

India > Aadhar card > Mar 03

With a view to eliminate bogus voters, district administration has launched a drive to collect aadhar card numbers and link it to electoral rolls. The staff has been instructed to mention the Aadhar card number of the individuals against their name in the voter list. The voter ID card will have the aadhar number now.

PM puts Mufti controversy to rest

Politics & Government > Mufti Controversy > Mar 04

PM Modi finally gave his statement on the Jammu and Kashmir Chief Minister Mufti Mohammed Sayeed crediting Pakistan, Hurriyat and militants for smooth conduct of elections in the State, controversy. He put rest to the ongoing arguments in the Parliament on Mufti's statement. The opposition demanded PM's statement on the issue and a resolution condemning the CM's statement. PM Modi said that he does not support the statement. Following PM's statement, Mufti reiterated the stand of the government saying the credit for the smooth conduct of elections goes to the Election Commission, people, Army men, and paramilitary.

Largest-ever spectrum auction begins today

Corporate > Spectrum Auction > Mar 04

The much hyped 2G and 3G spectrum auction to commence today, with government expecting a collection of Rs 82,000. Most of the spectrum being put up for the auction is presently held by Airtel, Vodafone, Idea Cellular and Reliance Telecom. Since their licenses are about to expire, they will have to bid for spectrum to continue offering mobile and other telecom services. The government had collected Rs.62,162 crore from the last spectrum auction in February 2014 and is aiming for Rs 1 lakh crore this year. The second round of the coal auction also starts today.

RBI slashes repo rate by 25 basis points citing fiscal deficit issues

Economy > RBI > Mar 04

The RBI has decided to slash its repo rates by 25 basis points under the liquidity adjustment facility with immediate effect. RBI governor Raghuram Rajan cited the drop in the combined fiscal deficit resulting from the transfer of funds to the states, as the reason for the cut. He also said that the government has been transferring a significantly larger amount to the states, without entirely devolving responsibility for funding central programmes. The move comes less than a week after the Union Budget where finance minister Arun Jaitley announced the signing of a monetary policy framework where RBI has been given a flexible inflation target of 4% in the medium term.

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Current Affairs For Banking Exams (25th February - 03rd March)

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AB de Villiers records fastest ODI 150 against West Indies

Sports > One Day International > Feb 27

AB de Villiers made 162 from just 66 balls to score the fastest 150 In One Day International history against West Indies in a pool B clash of the ICC Cricket World Cup 2015. Villiers’ massive score along with three half-centuries by other South-African batsmen took South Africa’s score to 408, making it the second-highest total scoring country in World Cups. The West Indies could only score 151 and were defeated by a huge margin. De Villers had made the fastest-ever ODI hundred against the same team in January. West Indies opener Chris Gayle, who scored the first double-hundred in World Cups against Zimbabwe on Tuesday, scored only three before he was bowled out by South Africa’s Kyle Abbott.

Rail budget 2015 announced

India > Rail Budget > Feb 27

Indian Railway Minister Suresh Prabhu presented the Railway Budget 2015 on 27th February in the Parliament. The key highlights of the budget are:

1. Tickets can now be booked 120 days ahead of travel date, instead of 60 days now.
   
2. Rail-cum-road ticket to be extended to many stations; more trains to be added under scheme for ordering food while booking tickets.
   
3. Wi-Fi to be available at 400 railway stations.
   
4. SMS alert service to be introduced for arrivals and departures.
   
5. No increase in passenger fares.
   

Union Budget 2015-16 announced

Politics and Government > Union Budget > Feb 28

Union Budget 2015-16 was announced on 28th February 2015 by Finance Minister Arun Jaitely in the Parliament. The budget seeks to boost investment and ensure benefits of common man.

Following are the top takeaways from Jaitely's budget:

What got cheaper	What got costlier
Gold	Gems and Jewellery
Health Insurance	Telephone bills
Leather products	Imported mobile tablets
LPG	Cosmetics
Processed foods	AC bus travel
Microwave ovens	Cable TV
Ambulance services	Cigarette and tobacco items
Visit to museums, zoos and national parks	Hospital bills

Indian cricket gets Jagmohan Dalmiya back as chief

Sports > Cricket > Mar 02

Jagmohan Dalmiya who had previously headed the International Cricket Council and India’s cricket Board has once again been elected as the chief of Indian cricket's governing body the Board of Control for Cricket in India (BCCI). He was elected for the position unanimously by all the BCCI groups in a meeting held recently. Mr. Srinivasan, who is the current International Cricket Council (ICC) chief, was asked to step down from the position of BCCI president for owning an IPL team which could lead to conflict of interest. The BCCI elections are fiercely fought in India, where cricket is the dominant sport among the 1.2-billion strong population.

Others

Mumbai University signs MoU with Indian Railways for Rail Innovation and Technology Centre

India > Education > Feb 26

Now students will be able to gain expertise in Railway Engineering, following a memorandum of understanding (MoU) signed between Indian Railways and Mumbai University.

The key points of the MoU include:

1. Kalina, Ratnagiri and Kalyan sub campuses will have practical training for candidates.
   
2. Mumbai University will provide education, distribution of facilities for higher education, effective administration and financial control.
   
3. Specialized courses at the Post Graduate level related to rail technology will be started by the university.
   
4. The five academic years at the Centre will receive 142.89 crore rupees from the Indian Railways.
   
5. This institute will help the Indian Railways in developing cutting-edge indigenous technologies and turn as a net exporter of such technologies.
   

Pan-India Mobile Number Portability now available across India

India > MNP > Feb 26

Telecom Regulatory Authority of India (TRAI) has issued an order which will provide the facility of retaining the same mobile number on relocation to another geographical area. According to TRAI, it has issued sixth amendment to the Telecommunication Mobile Number Portability Regulation, 2009, which will facilitate full Mobile Number Portability (MNP) in the country. Following this amendment, the users will be able to select any operator, on moving to a different location, while maintaining the same mobile number. At present, mobile subscribers can retain their current number only when they switch their service providers within the same service area. However, this move might be faced with implementation challenges.

Six Indians among For Asia’s ' 50 Power Businesswomen'

Corporate > 50 Power Businesswomen > Feb 26

Six Indian women made it to Forbes Asia's 50 Power Businesswomen list. These women are the CEOs and Managing Directors of renowned firms across India. The prestigious list showcases a year of accomplishments by Asia's female entrepreneurs and executives. The list includes State Bank of India head Arundhati Bhattacharya, ICICI CEO Chanda Kochchar , Akhila Srinivasan, MD/Non-Executive Director of Shriram Life Insurance/Shriram Capital, Biocon Founder, Chairman and MD Kiran Mazumdar Shaw, Axis Bank CEO and MD Shikha Sharma and Life Insurance Corp. of India MD Usha Sangwan.

National Science Day observed in India on 28 February

Days > National Science Day > Feb 28

28 February 2015 was celebrated as National Science Day across India to mark the discovery of the Raman Effect (phenomenon of scattering of photons) by Indian physicist Sir Chandrasekhara Venkata Raman on 28 February 1928. Raman was the first scientist to bring the Nobel Prize to India for his discovery in the field of Science. The National Council for Science and Technology Communications (NCSTC) in 1986 asked the Union Government to designate 28 February as National Science Day.

International Rare Disease Day observed on 28 February

Days > International Rare Disease Day > Feb 28

28 February was observed as the eighth International Rare Disease Day to raise awareness for rare diseases. The Rare Disease Day takes place on the last day of February every year. On this day, hundreds of patient organisations from more than 80 countries carry out awareness-raising activities. Coordinated by European Organization for Rare Diseases (EURORDIS), the Rare Disease Day aims at raising awareness amongst the general public and decision-makers about rare diseases and their impact on patients' lives.

Arun Singh, the new ambassador to France

World > Arun Singh > Mar 01

Arun Singh will be replacing S Jaishankar as the new Indian Ambassador to France. India had sent an agreement to the US government in this regard and was awaiting a response. Singh is expected to take charge after PM Narendra Modi's proposed visit to France. Singh is a 1979-batch IFS officer, and was the joint secretary in-charge of Pakistan, Iran and Afghanistan division in the Ministry of External Affairs. He was also previously posted in Japan, Israel among other countries.

Nadal wins first title of 2015 at Argentina Open

Sports > Argentina Open > Mar 02

Rafael Nadal picked up his first title of 2015 by beating local player Juan Monaco at the Argentina Open. The Spanish tennis star won by the score of 6-4, 6-1 in a match that lasted for one hour and 27 minutes. Nadal now has collected 65 titles to rise to the fifth position in the Open Era for the most titles.

Government: No private emails for official communication

Politics & Government > Email Services > Mar 03

Email services provided by the National Informatics Centre (NIC) will now replace the Gmail and other third party mail services for official communication across government organizations. This move comes after the imposition of the email-policy by the Modi government which says that, each employee of the government of India or any state/UT government staff using e-mail services of GoI will be provided two e-mail IDs, one based on designation for use in official communication and the other based on name for both official and personal communication. NIC has the power to “access, review, copy or delete” any kind of electronic communication such as files, e-mails and internet history, for “security-related reasons“. This will help the government handle its resources securely and prevent their misuse.

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Current Affairs for MBA exams (19th February - 25th February)

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Rs 1,500 crore nuclear liability pool gets approval from IRDA

Politics & Government > Nuclear liability pool > 23 Feb

The Insurance sector regulator IRDA has approved the Rs 1,500 crore nuclear liability pool that will provide risk cover to nuclear reactors. The rising demands for covering the reactors prompted the insurance companies to create a separate pool within India. Although the insurance companies have not yet come up with ways to raise the money for the set-up, the IRDA is looking forward to deal with it in a favorable manner. GIC, the domestic re-insurer, would be the nodal agency for creating a nuclear liability pool with a corpus of Rs 1,500 crore. It is in the process of pricing and underwriting the policies.

Oscar 2015 winners announced, American black comedy Birdman wins best picture

Awards > Oscars > 23 Feb

The 87th Academy Awards presented by the Academy of Motion Picture Arts and Sciences was held on 22nd February at the Dolby Theatre in Hollywood, Los Angeles. The Best Picture award went to “Birdman”, the Best Actor award went to Eddie Redmayne for “The Theory of Everything” and Julianne Moore was adjudged Best Actress for her role in “Still Alice”. Best Supporting Actor and Actress went to J.K. Simmons and Patricia Arquette for their roles in “Whiplash” and “Boyhood”. Achievement in Costume Design went to Milena Canonero for “The Grand Budapest Hotel”. Polish film “Ida” won the Best Foreign Language Film and became the first Polish film to win the award. Best Visual Effects went to “Interstellar”, Best Cinematography to Emmanuel Lubezki for “Birdman”, Best Original Score to Alexandre Desplat for "The Grand Budapest Hotel", Best Original Song to "Glory" from "Selma" and Best Documentary Feature to "CitizenFour".

Ajay Singh takes over from Marans as SpiceJet promoter

Corporate > SpiceJet > 23 Feb

SpiceJet declared Ajay Singh as its new promoter, following an ownership transfer between Marans and Singh. Singh established his position as a crucial member of the revival plan of SpiceJet, after acquiring a whole of 58.46 per cent stake from Kalanithi Maran and Kal Airways Private Limited. The company is set to raise Rs 1,500 crore through issuance of fresh securities under this revival plan. The deal boosted the shares of the airline as they rose over one per cent to Rs 24.35 on the BSE in early morning trade. The deal has already received clearance from the Competition Commission of India (CCI).
As per the revival plan, SpiceJet would see a capital infusion of Rs 1,500 crore from Singh in installments by April.

UN climate head Rajendra Pachauri quits

World > Rajendra Pachauri > 24 Feb

After maintaining his position as the head of the UN climate change panel (IPCC) for 13 years, Rajendra Pachauri resigned, succumbing to sexual harassment allegations. A 29-year old women working in his office in Delhi had registered a complaint against him saying the harassment included unwanted emails as well as text and phone messages . He had however denied the allegations, saying his email account and mobile phone were hacked. In a letter drafted to the UN secretary general, Mr. Pachauri wrote that under such circumstances, he wouldn't be able to provide "strong leadership and dedication" to the panel and thus he has decided to step down as chair of the IPCC.

Others

PDP-BJP tie-up done long ago, says Omar Abdullah

Politics & Government > Kashmir > 22 Feb

According to the statement of Jammu & Kashmir former chief minister Omar Abdullah, PDP-BJP coalition, which emerged as a breaking news, was done long ago. He added that the friction between PDP and BJP was a pretentious affair put up by PDP patron Mufti Sayeed to undo the damage in Valley. Hakeem Yasin, President of the Peoples Democratic Front agreed with the claim calling BJP an anti-Kashmir and non-secular party. The alliance has been facing criticisms and is causing a stir among various political leaders. It remains to be seen if the coalition meets the economic, social and political aspirations of the people of the state.

Nitish Kumar sworn-in as Bihar Chief Minister

Politics & Government > Bihar > 22 Feb

JD(U) leader Nitish Kumar took oath as Bihar Chief Minister, resuming his position after a nine-month long political drama. Kumar had quit after JD(U)’s debacle in the general elections and given his power to Jitan Ram Manjhi. Howerver, Manjhi refused to step down in order to make way for Kumar when he decided to take over the position after eight months. Manjhi had decided to prove his majority in Bihar assembly by taking a floor test in order to maintain his position. But, he quit as Chief Minister just before the test saying his ministers had received threats messages. BJP who was believed to support Manjhi has sharply criticized swearing-in of Nitish Kumar.

HSBC Chief kept millions in Swiss account

World > HSBC > 23 Feb

The Guardian newspaper has claimed that the HSBC chief executive Stuart Gulliver held about USD 7.6 million in a Swiss account in the name of Worcester Equities Inc, a Panama-registered company. A representative for Gulliver responded to the claim saying that the chief executive had used a Swiss account to hold his bonus payments prior to 2003, when he moved from Hong Kong to London. This new information adds to the stream of so-called allegations of “Swissleaks” doing the rounds. Gulliver who had earlier promised to reform the scandal-hit bank has now come under the radar himself.

Arab countries should fight against ISIS, says Egyptian President

World > ISIS > 23 Feb

The Egyptian President has said in a statement that it is time for Arab countries to form a joint coalition force against ISIS. As Egypt gears up for a major battle against ISIS in Libya, Jordan and the United Arab Emirates have offered military help. The U.S. President Barack Obama had called other countries to participate in the fight against ISIS, following which, El-Sisi made the statement. Presently the U.S. Is leading a coalition to fight ISIS by launching series of airstrikes over Syria and Iraq, of which 80% are by the U.S and 20% by other coalition countries. However, it is uncertain if the airstrikes alone is capable of eliminating ISIS.

Conversion was Mother Teresa’s real aim, says RSS chief Mohan Bhagwat

Politics & Government > Conversion > 24 Feb

Addressing an audience at a function, RSS chief Mohan Bhagwat made a controversial statement, saying that the prime motive behind Mother Teresa's service to the destitute was converting them to Christianity. At the function, former DGP of Border Security Force Prakash Singh, too, criticized Mother Teresa. Following this incident, the Shiv Sena supported RSS chief Bhagwat's remark on Mother Teresa and said that all missionaries came to India only with the objective of converting people to Christianity. The opposition has condemned Bhagwat's statement, demanding an apology from him.

Rail Budget to have number of environment-friendly initiatives

Politics & Government > Rail Budget > 24 Feb

Railway Minister Suresh Prabhu is gearing up for the announcement of Rail Budget including number of green initiatives like setting up of recycling plants and solar energy generation plants to name a few. The Minister is intending to introduce maximum usage of alternative fuel in rail operations in the upcoming rail budget. Besides proposals for building water treatment plants and recycling plants, plans to set up a plant for producing energy from waste, a first of its kind exercise in the public transporter, is also expected from the budget. A new integrated management system certification of all major workshops and production units covering quality, occupational health and safety will also be announced. There will be a separate chapter in the Rail Budget listing a series of environment initiatives.

Greek government drafts summary of reforms

World > Greece > 24 Feb

The Greek government led by Alexis Tsipras, has reached a settlement with the eurozone leaders by laying down a set of reforms in exchange for agreeing to a bailout extension. The outline summary of reforms consists of plans to combat tax evasion, trim the civil service and overcome the issue of fuel and tobacco smuggling. Additionally, it included a commitment to address what Syriza has called Greece's "humanitarian crisis". The creditors' verdict on the reforms is awaited before taking the proposals further to a Eurogroup discussion. The reforms are aimed at fulfilling pre-election pledges to help those hit by years of economic crisis. The agreement was made taking into account the demands of the creditors and the needs of austerity-weary voters.

Commotion in Parliament over NDA's Land Acquisition Bill

Politics & Government > Land Acquisition Bill > 24 Feb

The land acquisition bill is facing issues in the Parliament, owing to the differences between BJP-led National Democratic Alliance and the opposition parties. While the opposition parties protested aginst the land acquisition amendment bill 2015, finance minister Arun Jaitley defended NDA's ordinance route. He said that government is within its rights to take the ordinance route. However, the BJP-led NDA will require the support of opposition parties in order to pass the bill in Rajya Sabha. The Opposition has remained firm that the ordinance, along with five more, would not be allowed to go through Parliament. These ordinances would expire on March 20, if not passed during this budget session. Things got worse when Rashtriya Swayamsevak Sangh (RSS)-affiliated Bharatiya Kisan Sangh (BKS) also raised objection to the ordinance. Anti-corruption activist Anna Hazare and Delhi Chief Minister AAP's Arvind Kejriwal have also sat in protest against the Land Acquisition Bill.

Spouses of H-1B visa holder will now get US permits

World > US Visa > 24 Feb

In a move that brings a big relief to Indians, spouses of certain high-tech foreign workers will now be allowed to apply for work permits in the US. This will simplify the ordeal faced by families to obtain the green card. The rising concerns of tech-companies forced the US government to lift the cap on H-1B visas and helped accelerate the processing of green cards. The regulation for spouses of H-1B visas was first proposed last year and declared as part of President Barack Obama's package of executive actions on immigration. Given the prolonged waiting period for green cards, Australia and Canada are also making similar offers to spouses of H-1B visa holders.

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Current Affairs For Banking Exams (18th February - 24th February)

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Project-17A worth 8 billion US dollars gets Union Government nod

Politics & Government > Warships > Feb 18

Project-17A aimed at building the country's most advanced warships has got the approval of the union government. Seven frigates will be built indigenously, under this project with features that will help them dodge detection. The frigates will be built at government shipyards in Mumbai and Kolkata.

India has become the world's biggest arms market due to its dependence on expensive imports. Make in India campaign conceptualized by PM Narendra Modi is aimed to reduce this dependency and build a domestic defence industrial base. Project-17A is a part of this campaign and will have significance in combating the rising presence of the Chinese Navy in the Indian Ocean.

CCI approves Kotak Mahindra-ING Vyasa 15,000 crore merger

Bank Specific > Kotak Mahindra – ING Vyasa > Feb 21

The merger between Kotak Mahindra Bank and ING Vysya Bank has received green signal from the Competition Commission of India (CCI). The approval was given after analyzing the effect of the proposed Rs 15,000-crore deal, on competition in India. Multiple relevant markets such as deposits, home loans, agricultural banking and card business were taken into account by the market regulator to come to a conclusion. The deal is about to create the country's fourth largest private sector lender.

Nitish Kumar sworn-in as Bihar Chief Minister

Politics and Government > Bihar > Feb 22

JD(U) leader Nitish Kumar took oath as Bihar Chief Minister, resuming his position after a nine-month long political drama. Kumar had quit after JD(U)’s debacle in the general elections and selected Jitan Ram Manjhi as his successor. However, Manjhi refused to step down in order to make way for Kumar when he decided to take over the position after eight months. Manjhi had decided to prove his majority in Bihar assembly by taking a floor test in order to maintain his position. But, he quit as Chief Minister just before the test saying his ministers had received death threats.

The BJP which was believed to have supported Manjhi has sharply criticized the swearing-in of Nitish Kumar.

Oscar 2015 winners announced, American black comedy Birdman wins best picture

Awards > Oscars > Feb 23

The 87th Academy Awards presented by the Academy of Motion Picture Arts and Sciences was held on 22nd February at the Dolby Theatre in Hollywood, Los Angeles. The Best Picture award went to “Birdman”, the Best Actor award went to Eddie Redmayne for “The Theory of Everything” and Julianne Moore was adjudged Best Actress for her role in “Still Alice”. Best Supporting Actor and Actress went to J.K. Simmons and Patricia Arquette for their roles in “Whiplash” and “Boyhood”. Achievement in Costume Design went to Milena Canonero for “The Grand Budapest Hotel”. Polish film “Ida” won the Best Foreign Language Film and became the first Polish film to win the award. Best Visual Effects went to “Interstellar”, Best Cinematography to Emmanuel Lubezki for “Birdman”, Best Original Score to Alexandre Desplat for "The Grand Budapest Hotel", Best Original Song to "Glory" from "Selma" and Best Documentary Feature to "CitizenFour".

Others

'Soil Health Card' scheme for Indian farmers

Politics & Government > Agriculture > Feb 18

Aiming to improve productivity with proper use of nutrients and fertilizers, a centrally sponsored scheme called 'Soil Health Card' has been instituted for farmers. This centrally sponsored scheme will be launched by Prime Minister Narendra Modi at a function, which will be attended by Chief Ministers and Agriculture ministers of several states. At this function, progressive farmers will be felicitated by 'Krishi Karman Award'. The card will carry crop-wise recommendation of fertilizers required for farms of different soil types and other inputs to increase the productivity of individual farmers.

Snapdeal acquires luxury fashion site Exclusively

Corporate > Snapdeal > Feb 19

One of the country’s largest e-tailers Snapdeal.com has acquired luxury fashion site Exclusively which sells designer wear by Indian designers on its site. The deal was signed for an undisclosed amount and is expected to boost the fashion business of Snapdeal. The steep increase in demands for premium and luxury products in India was the driving force behind making this deal. According to the founder of Snapdeal, since the access to luxury brands is severely limited in our country, this acquisition will provide 40 million plus users access to the widest range of aspirational, high-end products and services Exclusively will continue to function as an independent site and is planning to add international labels to its portfolio soon.

New Zealand vs England: Brendon McCullum hits fastest World Cup fifty

Sports > ICC Cricket World Cup 2015 > Feb 20

New Zealand captain Brendon McCullum scored the fastest-ever World Cup fifty against England at Wellington. McCullum hit an 18-ball fifty with seven fours and four sixes, with New Zealand beating England by 8 wickets with 224 balls remaining. McCullum had earlier made another World Cup record by making a fifty of 20 balls against Canada in 2007.

His innings was also the equal third-fastest fifty in all one-day internationals, behind South Africa's AB de Villiers (16 balls) and Sri Lanka's Sanath Jayasuriya (17 balls).

International Mother Language Day observed on February 21

Days > International Mother Language Day > Feb 21

The world observed 15th International Mother Language Day 2015 on 21 February 2015. The day is celebrated to promote linguistic and cultural diversity and multilingualism. The celebration of International Mother Language Day was initiated by the General Conference of the United Nations Educational, Scientific and Cultural Organization (UNESCO) in November 1999. In 1952, students from Bangladesh had protested for recognition of their language, Bangla, as one of the two national languages of then Pakistan. They were shot and killed by police in Dhaka, the capital of what is now Bangladesh. This incident urged the United Nations General Assembly (UNGA) to call upon member states to promote the preservation and protection of all languages used by people of the world.

North-east tea growers to receive financial aid from SBI

Bank Specific > SBI Aid > Feb 21

Around 3,000 small tea growers in the North East will soon receive a financial aid of Rs 100 crore from State Bank of India. Tea growers having proper basic documents of their existing garden as per Tea Board of India norms will be eligible to receive the money. The finance provided is expected to help the development of tea growing business and the tourism sector as well; hence boosting the state's economy. The tea growers can utilize the money to establish mini-bought tea leaf factories and buy vehicles for transporting green leaves. Other new tea growing states such as Arunachal Pradesh, Nagaland and Meghalaya would be covered under this scheme too. In deference to Prime Minister Narendra Modi's initiative to develop the region, to make it 'organic' and a tourist destination, the SBI N-E Circle has planned to help the North East youths to undertake projects related to the tourism industry.

Kumble, Wilson inducted into ICC Hall of Fame

Sports > ICC Cricket World Cup 2015 > Feb 22

Former India captain Anil Kumble felt privileged at being inducted into the International Cricket Council Hall of Fame at the Melbourne Cricket Ground along with Australian legend Betty Wilson. Kumble becomes the fourth Indian to be included in the elite group, joining Sunil Gavaskar, Kapil Dev and Bishan Bedi. Anil Kumble was an outstanding international cricketer and a role model for millions of aspiring cricketers. A 77th inductee into the Hall of Fame, he has several test matches and various achievements in cricket, to his name. Joining the list of great luminaries is Wilson who is considered one of the greatest female cricketers of all-time and is the 78th inductee into the Hall of Fame.

Portal MADAD for consular grievances launched by government

Politics and Government > NRI Grievances > Feb 23

An online grievances monitoring system called MADAD has been launched by the Union Government, to redress the consular grievances of Indian citizens living abroad. They will be able to file their grievances online on the services offered by the Indian missions, posts, consulates and embassies abroad. MADAD aims to keep track of the grievances registered by people until they are addressed. It will work to ensure that the complaints are resolved in a short span of time and the pending cases are escalated and resolved immediately. MADAD is a joint effort of the Ministry of External Affairs (MEA) and Ministry of Overseas Indians Affairs (MOIA) and it is not a general helpline.

2nd and 4th Saturdays will be off for Public Sector Banks

Bank Specific > Bank offs > Feb 23

The apex bodies of bank management, The Indian Banks’ Association (IBA) and employee unions have reached an agreement that will allow public sector banks to remain closed on 2nd and 4th Saturdays. They will, however, work full-day on other Saturdays instead of half-day. The unions had earlier threatened to go on strike asking for 19% hike, five-day weeks, among other things. This compelled the India Banks’ Association (IBA) to increase the employees' wages by 15 percent along with changes in the working hours. The banks will have to shell out additional Rs 4,725 crore a year after the wage revision. RBI is yet to be informed about the same following which the changes will be enforced.

West Indies’ Chris Gayle scores first ever double century in World Cup

Sports > ICC Cricket World Cup 2015 > Feb 24

A first double century was made in World Cup innings by West Indies opener Chris Gayle against Zimbabwe in a Pool B clash. Gayle hit a total of 16 sixes in 147 balls before he was out for 215 off the last delivery of his side's innings. He became the first non-Indian to join the list of 4 Indian batsmen who scored a double century in One-Day Internationals (ODIs) in the history of cricket. He also created a record of maximum sixes, 16, in an ODI innings sharing the title with Rohit Sharma and AB de Villiers. Gayle along with Maron Samuels put on 372 - the highest ODI partnership record for any wicket, beating 331 shared by India's Rahul Dravid and Tendulkar against New Zealand at Hyderabad in 1999.

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Current Affairs for MBA exams (12th February - 18th February)

Starred Articles

SC directs CBI to investigate SEBI and RBI in ponzi scams

India > Ponzi Scams > Feb 14

The Supreme Court has directed the Central Bureau of Investigation (CBI) to investigate the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). According to reports, SEBI and RBI have come under the suspicion of intentionally disregarding those involved in multi-crore chit-fund scams across several states. The bench of judges referred to SC's last year's order directing the CBI to investigate the matter after thousands of people complained of losing Rs 10,000 crore through the Ponzi schemes. Besides the arrest of three Trinamool Congress (TMC) functionaries — West Bengal Transport Minister Madan Mitra, TMC Member of Parliament Srinjoy Bose and Kunal Ghosh —in the Saradha chit-fund scam, senior TMC leader and former railway minister Mukul Roy was also questioned by the CBI. While disposing of a PIL seeking a direction to CBI probe into Rs 700 crore ponzi scheme scam involving various firms, SC made it clear to the CBI that it will have to carry out investigations even if it does not have sufficient manpower to handle the cases.

Civil nuclear pact signed by Sri Lanka and India

World > Indo-Sri Lanka Nuclear Pact > Feb 16

A bilateral agreement on civil nuclear cooperation was made between India and Sri Lanka besides deciding to expand defence and security cooperation. At the meeting attended by Prime Minister Narendra Modi and Sri Lankan President Maithripala Sirisena, a commitment was made to find a solution to the fishermen issue by adopting a constructive and humanitarian approach. Apart from nuclear pacts, three other pacts pertaining to the field of agriculture and Sri Lanka's participation in the Nalanda University Project were signed too. Narendra Modi said that India was honoured that Sirisena had chosen the country for his first overseas destination after assuming charge. Expressing satisfaction with the results of the talks between the two countries, Modi said that the two countries are committed on exploring the potential of economic cooperation.

Deloitte Global to get new India-born CEO, Punit Renjen

Corporate > Deloitte > Feb 16

US-based accounting giant Deloitte Global has appointed India-born Punit Renjen as its new CEO. Renjen is currently the US business chairman and CEO of the group, and will take over as the role of Deloitte Global chief executive officer from June 1, becoming the first Indian-origin person to lead a 'Big-Four' audit firm. He has been with Deloitte for over 27 years and has held a number of leadership positions. He hails from Rohtak, Himachal Pradesh and left for US to pursue higher studies. After a rigorous and comprehensive nomination and member firm partner ratification process, which is carried out once every four years, Renjen was appointed as the leader.

Government builds 7.1 lakh toilets in the month of January as part of the Swacchh Bharat Abhiyaan

India > Governing > Feb 17

As part of the Swacchh Bharat Abhiyaan the Narendra Modi government was successful in building 7.1 lakh toilets in the month of January, the highest number achieved in a single month so far. According to government data 31.84 lakh toilets have been built in the period between April 2014 and January 2015 and the government's aim to construct 50 lakh toilets by the fiscal year end is on track. The Swacchh Bharat Abhiyaan aims to build 12 crore toilets with an estimated budget of 2 lakh crores over the next five years to make India 'Open Defecation Free' by the year 2019.

Others

Nawaz Sharif expresses disapproval over India's permanent UNSC seat

World > Permanent UNSC Seat > Feb 13

Pakistan President Nawaz Sharif reportedly told Barack Obama that India's permanent membership in the reformed UN Security Council is unacceptable to Pakistan. According to him, India has not complied with UN resolutions on Kashmir and has "not fulfilled the commitment to give the right of self-determination to people of Kashmir”. The US President had called Sharif and the alleged conversation, concerning regional stability and peace, happened over the phone. Sharif also expressed keen interest in obtaining the membership of the Nuclear Suppliers Group. Obama had visited India in January during which he had reaffirmed the US' position that India is ready for NSG membership.

47 Myanmar soldiers die in clashes with Kokang rebels

World > Myanmar > Feb 13

After days of fighting with minority ethnic group Kokang, 47 Myanmar soldiers lost their lives in the northern state of Laukkai. According to the government, 73 soldiers were injured, but no data about rebel and civil casualties was available. The Kokang rebels are known to use sophisticated weapons such as anti-aircraft guns, and government forces used aerial strikes to counter the rebel attack. It is also known that two other rebel groups joined the Kokangs to fight government forces, but the situation now is under control.

Kejriwal’s Janlokpal Bill may face obstacles even if passed by Delhi Assembly

India > Janlokpal Bill > Feb 13

The acceptance of Delhi’s Janlokpal Bill depends on the acceptance of his demand for full statehood for Delhi, as he wants powers in order to gain authority to probe officials of the Delhi Police as well as Delhi's various municipal corporations. The Bill cannot probe these authorities now as they currently report to the Centre and the situation won't change unless Delhi gets full statehood. The 33 page Lokpal bill, which was presented by Kejriwal in the Delhi assembly in his previous term as Delhi CM has been found to have three major contradictions with the Central Lokpal and Lokayuktas Act and NCT Act, 1991. According to various sources it is not possible to enact the bill as per Kejriwal's wishes as it would require major amendments to the acts mentioned above.

Egypt bombs Islamic State targets in Libiya after ISIS beheads 21 Egyptian Christians

World > Terrorism > Feb 16

After the Islamic State (IS) released a video showing the beheading of 21 Egyptian Christians by IS militants, Egyptian fighter jets bombed specific IS targets in Libya. The pre-dawn strike hit militant camps, training sites and weapons storage areas in Libya, which is facing civil conflict and has become a haven for militant groups. Libyan air-force took part in the operation too, where the coastal city of Derna was targeted, which is considered as a base for IS militants. Egypt has called on the U.S. led coalition fighting Islamic State in Iraq and Syria to broaden the scope of their operations to include Libya.

PM Modi vows India will shed the top weapons exporter tag

India > Defence > Feb 18

At the Aero India Expo, a major aviation industry conference, PM Modi vowed that India would shed the tag of being the biggest importer of weapons and would like to produce 70% of its armoury by the end of the decade, which currently stands at 40%. The PM's statement comes in the light of India's willingness to boost domestic manufacturing, which would also create more jobs for the people.

Telecom operators deposit Rs 20,435 crore for spectrum auction

Economy > Spectrum Auctions > Feb 18

The upcoming spectrum auction has garnered around Rs 20,435 crore from eight telecom operators. Reliance Jio Infocom submitted the highest EMD of about Rs 4,500 crore followed by Bharti Airtel, Idea Cellular, Vodafone, Tata Teleservices, Reliance Communications, Telewings (Uninor) and Uninor. The earnest deposit money translates into points that determine the quantum of spectrum blocks a company can bid in the auction process. Spectrum or radio waves being the key part of the telecom networks to provide mobile services, this auction will see aggressive bidding with top operators competing with each other. The amount fetched from this auction will help the government reach its fiscal deficit target of 4.1% of the GDP.

Indian coast guard denies blowing up Pak boat on Dec 31, contradicts earlier statement

India > Pakistani Boat Incidence > Feb 18

The Indian Coast Guard on Wednesday denied newspaper reports which quoted a deputy inspector general as claiming he gave orders to blow up and sink a Pakistani boat which infiltrated into Indian waters on New Year’s Eve. DIG BK Loshali whom Indian Express had quoted said that he wasn't handling the operations at the time of the incident and that the boat had set herself on fire and was not sunk by the Coast guard. After the Coast Guard denied the claim, the Indian Express - which first reported the issue - released a video of Loshali purportedly making the controversial remarks prompting defence minister Manohar Parrikar to say that he would order a probe into Loshali's comments.

The Coast Guard’s earlier statement contradicted the government's claim that there were Pakistani militants on the boat since the inmates of the boat blew it up after being cornered by Indian forces.

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