Current Affairs For Banking Exams (15th April - 21st April)

Starred Articles

175 million bank accounts in India in three years: World Bank

India > Financial Inclusion > Apr 16

According to recent reports of the World Bank, bank account penetration in India saw an increase from 35 per cent to 53 per cent in three years. This steep growth in bank accounts comes as a result of government’s push for financial inclusion. In order to drive financial inclusion, the Indian government launched Pradhan Mantri Jan Dhan Yojana scheme for comprehensive financial inclusion with the goal of opening a bank account for every household. However, 97 per cent of the newly opened accounts show 'zero balances' indicating a high rate of financial inactivity in India.

Banks all set to offer differential rates to fixed deposit holders

Banking and Investment > Rate of Interest > Apr 17

The Reserve Bank of India has allowed banks to offer higher rates of interest to fixed deposit holders who agree not to prematurely withdraw their high-value fixed deposits. Banks will offer differential rates to depositors who deposit a minimum of Rs. 15 lakh for a fixed tenure set by the banks. The move will provide banks with an assurance of building a base of medium to long-term assured deposits that will enable them to better handle asset-liability issues. At present, depositors are entitled to withdraw their deposits prematurely without giving any reason to the banks. The announcement by RBI however, does not impose any changes on the withdrawal of deposits below Rs. 15 lakh. A depositor depositing more than Rs. 15 lakh will have the option to opt for a higher rate of interest by depositing the money for a longer period or to get the usual rate of interest with the option of breaking the deposit any time during the fixed tenure.

First International Day of Yoga to be observed on June 21

Days > International Day of Yoga > Apr 20

Following a proposal put forth by Modi at at the 69th Session of the United Nations General Assembly last year, a resolution was adopted at the session for observing the International Day of Yoga on June 21 each year. To ensure that the purpose of the resolution is served, the government of India has asked universities and colleges across the country to observe the first International Day of Yoga on June 21.

Transport allowance exemption raised from Rs 800 to Rs 1600 per month

Economy > Taxation > Apr 20

A notification regarding an increase in the transport allowance exemption from Rs 800 to Rs 1600 per month has been issued by the government. Exemption limit for blind and orthopedically handicapped employees has been raised to Rs 3200 per month from Rs 1600. This comes after an announcement in the budget by finance Minister Arun Jaitely to relax salaried class from tax burden.

Others

Canadian PM Stephan Harper returns 900 year old Khajuraho statue to Modi

Politics and Government > Modi’s Canada Visit > Apr 16

During his visit to Canada, Indian Prime Minister Narendra Modi was handed a stolen 900 year old statue from the Khajuraho temple in Madhya Pradesh by his Canadian counterpart Stephen Harper. The statue is known as the 'parrot lady' and was found to be in possession of a person in the year 2011, and was confiscated due to lack of proper documents. The statue was handed over in accordance of the UNESCO convention, as the Khajuraho temple is a UNESCO world heritage site. The handing over ceremony took place at the Canadian parliament library.

Civil Services Day set to become a 2 day affair

India > Important Days > Apr 16

The Annual Civil Services Day is set to become a two day event, instead of a one day affair starting from 20th April 2015. The event will be attended by various high profile government officials including the cabinet ministers and the prime minister and will have special presentations on the PRAGATI and E-SamikSha projects of the government. The PRAGATi project is a unique integrating and interactive platform aimed at addressing common man's grievances, and simultaneously monitoring and reviewing important programmes and projects of the central as well as state governments. The E-SamikSha project will allow the government's top ministers, including the prime minister, a real-time clear view of intra and interdepartmental file movements and gives them power to intervene in case of a delay.

India needs more awareness on Haemophilla

Days > World Hemophilia Day > Apr 17

World Hemophilia Day is observed each year on April 17 to raise awareness and also to raise funds for the disease. Hemophilia is a congenital lifelong bleeding disorder that prevents the blood from clotting properly, leading to internal bleeding; mostly in the joints, muscles and vital organs like the brain. In India approximately 100,000 people are affected with Hemophilia, with an estimated prevalence rate of 1 in 10,000. Since a lot of people avoid taking the treatment due to its higher cost, the government of India should take the step of making the treatment and medicines available to Hemophilia-affected patients completely free.

Sitaram Yechury elected as general secretary of CPI(M)

Politics and Government > CPI(M) > Apr 20

62 year old Sitaram Yechury was elected as the general secretary of the Communist Party of India (Marxist) by the party's 91 member central committee. Yechury's election faced stiff opposition from the Kerala committee of the party, which preferred 77-year-old S Ramachandran Pillai, who eventually withdrew his candidature. The outgoing general secretary Prakash Karat suggested Yechury's name, which was approved unanimously by the central committee.

ICICI Bank launches NFC based payment technique 'Tap-n-Pay'

India > ICICI Bank > Apr 20

India's largest private sector bank, ICICI Bank, launched a Near Field Communication (NFC) enabled payment technique called 'Tap-n-Pay' in collaboration with Tech Mahindra. The service enables customers to make payments by only tapping on an NFC enabled phone near a merchant's payment counter. However, this service will be available only for a close group of customers, like employees paying for having food at their office canteen, and not for universal services like a debit or a credit card and the merchant will have to first register for the service and then enrol customers for using it. The service will not be limited to the customers of ICICI Bank exclusively and will also be available for customers of all banks.

RBI: Banks can tie-up with e-commerce companies

Banking and Insurance > E-commerce Firms > Apr 21

The Reserve Bank of India has expressed its support for the integration of banks with e-commerce firms to smoothen payments or appointing them as business correspondents for acquiring new customers. RBI deputy governor H R Khan stressed on the need for this collaboration in order to promote banking. RBI has also asked the Telecom Regulatory Authority of India (TRAI) to give priority to banking transactions over others while messaging.

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Current Affairs For MBA Exams (09th April - 15th April)

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India to grow faster than China after 2018 : IMF report

Economy > Growth > Apr 14

A report by the International Monetary Fund (IMF) has stated that India's GDP will grow at a faster rate than that of China's. The reason stated by IMF is the slowdown that the Chinese economy is facing. The forecast stated that China had its lowest growth of 7.4% last year in two decades, which saw the Chinese economy become the second largest in the world. It also predicted that the Chinese growth will further decrease to 6.5% and then to a measly 6.3% its following year and will eventually be overtaken by India's 6.4% predicted by the IMF for the year 2018. However, the Chinese economy supersedes the Indian one by a considerable margin, the Chinese economy stands at $10.4 trillion compared to India's $1.877 trillion as of 2013.

Modi government notifies National Judicial Appointments Commission Act with immediate effect

Politics and Government > National Judicial Appointments Commission Act > Apr 14

With a view to replace the collegium system for appointing judges to superior courts with a more broadbased process in which the executive will have a say, the Modi government notified the National Judicial Appointments Commission Act with immediate effect. NJAC will be a six-member body, comprising the Chief Justice of India and two of his senior most judges, the law minister and two eminent people. Any two of them can veto any candidature. However, this new body has been opposed by many saying the veto power to non-judicial members over judicial members, would damage the independence of the judiciary. A three judge SC bench has referred the matter to a larger bench without restraining the government from going ahead and formalising the rule. The crucial hearing will be held in the Supreme Court on Wednesday.

Outrage and online protests over net neutrality

India > Net Neutrality > Apr 15

Internet users in India have sent over 1.5 lakh emails to the Telecom Regulatory Authority of India (TRAI) over the last week to demand net neutrality. Net neutrality or the notion of treating all internet traffic on par came under the spotlight after TRAI floated a paper on regulatory framework for OTT Services asking for opinions of stake holders. Wattsapp, Skype, Viber and Google Talk are examples of OTT Services. Public outrage increased after Airtel launched its OTT – Airtel Zero last week. By paying to be on Airtel Zero, companies can make sure that their users get free access to their service. Airtel Zero is widely perceived as a violation of net neutrality which could potentially stifle innovation and startup growth  Flipkart, the first company to sign up for Airtel Zero, has backed out of the partnership, citing its commitment to the larger cause of net neutrality in India. Flipkart's move has been viewed as a major boost for the cause of net neutrality in India.

Others

Nehru government was spying on the relatives of Netaji Subhash Chandra Bose

Politics & Government > Netaji Snooping Controversy > Apr 11

Newly declassified papers from the Intelligence Bureau,which are now with the National Archives have proved that the Jawaharlal Nehru led Congress government spied on the relatives of one of India's most important leaders during the pre-independence era, Subhash Chandra Bose. The controversy surrounding Bose's death still intrigues many people, the official declaration was that the leader died in a plane crash at Taiwan in 1945, which is doubted by many. Many governments Congress or non-Congress after the Nehru era have tried to protect the official government stand and refused to declassify sensitive documents citing ties and relationships with friendly countries as a reason. The government holds 87 files related to Bose. The leader's grand-nephew Surya Kumar Bose met PM Modi at Berlin, Germany regarding the declassification of the files and also urged the PM to bring out the truth.

India beat Korea to win bronze medal in Sultan Azlan Shah Cup

Sports > Hockey > Apr 12

India beat Korea in the tie-breaker penalty shootout and won bronze by coming third in the 24th Sultan Azlan Shah Cup. The win is sure to act as a morale booster for the Indian team, which is witnessing a transition phase after new chief coach Paul van Ass took over from Terry Walsh barely a month ago.

Sania Mirza climbs to World No. 1 position

Sports > Tennis > Apr 13

Sania Mirza became the first Indian women to reach the world No. 1 position in the individual doubles ranking. Sania and her Swiss partner Martina Hingis beat Australian Casey Dellacqua and Croatia's Darja Jurak in the title round before claiming the No. 1 title. Sania displaced the joint-No. 1s Italians Sara Errani and Roberta Vinci to claim sole ownership of the top spot of the individual doubles rankings.

Hilary Clinton announces her US presidential candidature

World > US Presidential Elections > Apr 13

US attorney, senator and member of the Democratic Party, Hilary Clinton announced her presidential candidature for the 2016 elections on 12th of April, 2015. Hillary, the wife of former US president Bill Clinton, also ran for the post of president in 2008 where she lost to Barack Obama. The former Secretary of State has promised to fight for the welfare of the average American, saying the people have fought their way in through a tough economic crisis. Meanwhile, the Wikileaks organisation has accused Hilary Clinton of stealing their Twitter logo design for her 2016 presidential campaign.

2G scam: CBI says former Telecom minister A Raja misled then PM Manmohan Singh on policy matters

India > 2 G Scam > Apr 15

The Central Bureau of Investigation (CBI), which is investigating the 2G scam, told a special court that A Raja, the then Telecom minister, misled the former PM Manmohan Singh on important policy matters. The court is trying to separate the 2G case and the several cases, which arose from the case. The CBI had earlier in the year decided to interrogate Singh under tremendous pressure.

The 2G spectrum scam was an Indian telecommunications scam and political scandal in which politicians and government officials undercharged mobile telephone companies for frequency allocation licenses. In a chargesheet filed on 2 April 2011 by the Central Bureau of Investigation (CBI, the investigating agency), the loss was pegged at INR309845.5 million.

Government to push for Rs. 40000 crore worth of tax from FIIs, says finance minister

Economy > FII Taxation > Apr 15

After the Foreign Institutional Investors (FII) lost a case filed by them at a special court called as the Authority of Advanced Rulings against a levy of 20% tax on all capital gains, finance minister Arun Jaitley has announced that the government will push for a demand of Rs. 40000 crore, the amount due as tax from the FIIs. The government abolished Minimum Alternative Tax (MAT) from the 1st of April, 2015 and Mr. Jaitley said the government is only demanding arrears, which have accrued to such a substantial amount.

India builds first smart city in Gujrat

India > Smart Cities > Apr 15

With the urban population set to rise by a huge number, India faces mass urbanisation. Many of its biggest cities are already bursting at the seams and are facing over-population. So India plans to build smart cities with modern facilities to aid growing urbanisation. In light of this situation, India is building its first smart city on the banks of the Sabarmati river in Gujarat. The city will boast of modern infrastructure and will provide an array of amenities to help aid urbanisation in India. India aims to build 100 such smart cities by 2022 to attract foreign investment and create jobs.

Shiv Sena mouthpiece 'Saamna' says voting rights of Muslims should be taken back and family planning should be implemented on Muslims and Christians

Politics & Government > Shiv Sena > Apr 15

Earlier in the week, the official mouthpiece of political party Shiv Sena, 'Saamna' published an article, which said the voting rights of Muslims should be withdrawn as Muslim votes are used for vote-bank politics. The comment drew ire from various sections of the society and has triggered a controversy. Just days after the controversial article was published, 'Saamna' published another provocative editorial, which mentions that family planning should be implemented within Muslim and Christian families as their growing population may become a threat for the majority Hindu population of India.

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Current Affairs For Banking Exams (08th April - 14th April)

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India beat Korea to win bronze medal in Sultan Azlan Shah Cup

Sports > Hockey > Apr 12

India beat Korea in the tie-breaker penalty shootout and won bronze by coming third in the 24th Sultan Azlan Shah Cup. The win is sure to act as a morale booster for the Indian team, which is witnessing a transition phase after new chief coach Paul van Ass took over from Terry Walsh barely a month ago.

Sania Mirza climbs to World No. 1 position

Sports > Tennis > Apr 13

Sania Mirza became the first Indian women to reach the world No. 1 position in the individual doubles ranking. Sania and her Swiss partner Martina Hingis beat Australian Casey Dellacqua and Croatia's Darja Jurak in the title round before claiming the No. 1 title. Sania displaced the joint-No. 1s Italians Sara Errani and Roberta Vinci to claim sole ownership of the top spot of the individual doubles rankings.

Modi government notifies National Judicial Appointments Commission Act with immediate effect

Politics and Government > National Judicial Appointments Commission Act > Apr 14

With a view to replace the collegium system for appointing judges to superior courts with a more broadbased process in which the executive will have a say, the Modi government notified the National Judicial Appointments Commission Act with immediate effect. NJAC will be a six-member body, comprising the Chief Justice of India and two of his senior most judges, the law minister and two eminent people. Any two of them can veto any candidature. However, this new body has been opposed by many saying the veto power to non-judicial members over judicial members, would damage the independence of the judiciary. A three judge SC bench has referred the matter to a larger bench without restraining the government from going ahead and formalising the rule. The crucial hearing will be held in the Supreme Court on Wednesday.

Others

Sumit Mazumder elected as President of Confederation of Indian Industry for the year 2015-16

Corporate > Confederation of Indian Industry > Apr 07

Sumit Mazumder succeeded Ajay Shriram to become the President of Confederation of Indian Industry (CII) for the year 2015-16 on 7 April 2015. Mazumder currently works as the Executive Chairman of TIPL (Tractors India Pvt. Ltd.) which is a distributor for Caterpillar, USA, in India, Nepal and Bhutan for earthmoving, construction, mining equipment and power systems. Also, Dr. Naushad Forbes was elected as the President-designate of the CII for the year 2015-16. He is the Director of Forbes Marshall, India's leading Steam Engineering and Control Instrumentation firm.

Nasim Zaidi to be the new Chief Election Commissioner

India > Election Commission > Apr 08

As current Chief Election Commissioner HS Brahma prepares to retire, the spot will now be filled by Election Commissioner Nasim Zaidi. The decision comes as a convention of appointing the senior-most EC as the CEC. After Zaidi's appointment, the government will set in motion the process to appoint two election commissioners to fill vacancies in the three-member body.

Deccan Grameena Bank’s name changed to Telangana Grameena Bank

Investment and Banking > Deccan Grameena Bank > Apr 09

Reserve Bank of India in a notification told that the name of Deccan Grameena Bank has been changed to Telangana Grameena Bank. The Union Government had earlier changed the name of the bank through a notification in October 2014. The Union government holds 50 per cent stake in TGB, while 15 per cent share is held by Telangana government and the rest of 35 per cent by the State Bank of Hyderabad. Since March 2006, the bank has existed by the name of Deccan Grameena Bank.

9^th IRENA meet in Abu Dhabi to be chaired by India

World > IRENA Meet > Apr 10

The International Renewable Energy Agency (IRENA) Council will be headed by India this year. This meeting is scheduled to be held in Abu Dhabi in June. IRENA is an intergovernmental organisation that promotes adoption and sustainable use of renewable energy with India being one of its founder members.

24-hour female helpline 'Saheli' launched in Jammu

India > Female Helpline > Apr 12

Jammu lanches a 24-hour helpline named 'Saheli' to help the female victims of domestic violence and other crimes. The helpline initiated by Aditi welfare India Charitable Trust enables women in distress to call the Saheli helpline number and discuss their grievances related to family or social. The helpline also provides them with counselling regarding various other women-oriented schemes of central and state government. Help from legal experts would also be taken to provide support in their court cases.

Migrants can't vote in native place: EC to SC

India > Elections > Apr 13

The Election Committee has told the Supreme Court that people who migrate from their native places cannot cast vote in elections in that constituency. It also said that such a person should get himself/herself enrolled in the electoral roll of the constituency where he/she is residing after migration. In its affidavit, EC said that the qualification for being resident at a given place is not fulfilled merely because a person owns a house at that place. However, numerous NRIs have opposed this and raised the issue of migrant voters within the country.

20 MoUs and Agreements signed between India and France

Politics and government > Indo-French Relations > Apr 13

Giving a boost to the bilateral co-operation between India and France, the two nations signed 20 Memorandum of Understandings (MoUs) and Agreements on 10 April 2015. The agreements cover the fields of Defence and Nuclear Energy, Space, Economic relations, Railways, Energy, Tourism, Science and Technology, Skill Development and Ayurveda. Apart from this, India also agreed to buy 36 multi-role Combat Aircraft Rafale fighter jets in a flyway condition.

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Current Affairs For MBA Exams (02nd April - 08th April)

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Enforcement Directorate files charge-sheet against 68 people in the NSEL scam

India > Scams > 2 April

The Enforcement Directorate (ED) filed a charge-sheet against 68 people including the directors of the National Spot Exchange Ltd (NSEL), its key officials and the officials from defaulter companies with respect to the Rs. 5,600 crore fraud at the commodity spot exchange. NSEL had declared 22 members as defaulters after the payment crisis broke out, and the total outstanding from these defaulters as on January 30, 2015, stands at Rs. 5,318.57 crore.

The NSEL scam or NSEL fraud is a systematic and premeditated fraud perpetrated in the commodity market on the National Spot Exchange based in Mumbai, it came to light after the National Spot Exchange failed to pay its investors in commodity pair contracts after 31 July 2013.

PM Modi launches India's first Air Quality Index

India > Air Quality Index > 6 April

An Air Quality Index that will inform the public about the level of pollution in the air on a daily basis in real-time has been launched by PM Narendra Modi. This comes forth as a big step to curb air pollution in India. The index will be operational in ten cities to start with. At the launch of the index, PM said India's contribution to the pollution level in the world was one of the lowest and urged the countrymen to change their lifestyle in order to help protect the environment.

India successfully evacuates 4000 Indians trapped in Yemen war zone

World > Indian Navy and Air India > 8 April

After 4000 people were trapped in a war zone at Yemen, the Indian government successfully rescued its citizens through various rescue operations carried out by the Indian Navy and Air India. The operation was code named as Operation Raahat, and will now be wrapped after its successful completion. Indian Naval Ships Tarkash, Sumitra and Mumbai carried out multiple rescue operations with the help of Air India, the country's national airline. India was asked by various countries of the world to rescue their citizens trapped in the conflict-zone. The conflict started after Saudi Arabia launched air strikes against Iran-allied Houthi rebels in Yemen.

MUDRA Bank for small entrepreneurs launched by PM Modi

India > MUDRA Bank > 8 April

Rs 20,000-crore MUDRA Bank was launched by PM Narendra Modi, which is set to provide credit of up to Rs 10 lakh to small entrepreneurs and act as a regulator for 'Micro-Finance Institutions' (MFIs). The bank aims to fund the unfunded small entrepreneurs who employ 12 crore people compared to big industrial houses that employ 1.25 crore, in order to create more employment opportunities. According to Finance Minister, this initiative will not only help in improving the quality of life of these entrepreneurs but also turn them into strong instruments of GDP growth and employment generation.

Others

RBI approves Kotak Mahindra-ING Vysya merger

Corporate > Kotak Mahindra-ING Vysya > 2 April

India's fourth largest private sector lender is set to be formed as Reserve Bank approves the merger deal between Kotak Mahindra Bank and ING Vysya. The merged entity formed after transfer of all the tangible and intangible assets to Kotak Mahindra Bank, now has 1,214 branches, with a wide-spread pan-India network. The Rs 15,000 crore merger deal between Kotak Mahindra and ING Vysya had already received the Competition Commission's approval earlier this year.

India stands at 119^th position on global business resilience index

India > Global Resilience Index > 2 April

India ranks 119 among 130 countries on the 2015 FM Global Resilience Index despite its scope and global potential. Economy suffering from a number of problems including extreme poverty has been cited as the reason for India's fall from 112th rank in 2014. The index measures business resilience of nations based on economic, risk quality and supply chain factors. While Norway tops the list, Venezuela is ranked last on the list.  

147 dead after Al-Shahbab militants attack Garissa University in Kenya

World > Militancy > 3 April

In an attack carried out by Al-Shahbab militants at Garissa University in Kenya has killed more than 147 people, which mostly are reported to be students. The heavily armed attackers entered the university and killed two security guards, they then proceeded to randomly shoot at students. Apparently, the militants singled out Christians and killed them. Four of the five attackers died after their suicide vests detonated, while the fifth attacker was arrested. More than 500 students managed to escape.

The attack is the direct result of Kenyan troops entering Somalia in October 2011 in an effort to stop Islamists from crossing the border between the two countries and kidnapping people, but their presence achieved the opposite effect provoking al-Shabab to increase its activity in Kenya,

Allegations of Voyeurism on Fabindia after Smriti Irani spots CCTV in trial room

India > Crime > 3 April

A CCTV camera positioned for capturing women changing in trial rooms has been spotted by Union HRD Minister Smriti Irani at Fabindia store, Goa. Following this, the apparel store operated by Fabindia has been sealed. The Goa police has detained three to four people in connection with the incident. However, the CEO and Managing Director of Fabindia failed to appear before the Goa police after they were summoned for questioning to the police station.

Cadbury slapped with a Rs. 574 crore notice

India > Business > 6 April

Confectionery giant Cadbury India Ltd (now Mondelez India foods Pvt Ltd) has been slapped with a notice of Rs. 574 crore with respect to excise duty evasion. The Directorate General of Central Excise Intelligence (DGCEI) had in 2011 initiated a probe against the company for allegedly misusing area-based exemption for its new unit in Baddi, Himachal Pradesh even before it came into existence. The notice was served to the company after the DGCEI completed its investigation

Massive immunisation campaign 'Indradhanush' launched

India > Health > 7 April

On the occasion of the World Health Day, India launched 'Mission Indradhanush', which is a massive vaccination campaign and aims to cover the vaccination of all children who are non vaccinated or partially vaccinated against seven preventable diseases by the year 2020. In its initial phase of April, 2015 to July, 2015 it will cover pregnant women and all children up to the age of two years. Initially the focus will be on 201 districts, which have been termed as “high priority” and will cover an additional 297 districts in the latter phase. The Hindi word 'Indradhanush' after which the mission is named means a rainbow and like its seven colours, will try and prevent seven diseases, namely - diphtheria, whooping cough, tetanus, polio, tuberculosis, measles and hepatitis B. Despite of providing free vaccination for more than the past 30 years, only 65% of India's children receive complete vaccination. The mission aims to cover and sustain at least 90% of the children by the year 2020.

Malaysia resumes detention without trial with Anti-Terrorism Law

Politics & Government > Malaysia > 7 April

Owing to the threats posed by Islamic State and other extremists groups, the Malaysian's parliament passed an anti-terrorism law under which suspects can be held for years without trial, bringing back security measures repealed in 2012. After nearly 15 hours of debate, the Prevention of Terrorism Act was passed and since then, it has been facing criticisms by opposition law makers.

PM Modi fights for India's access to nuclear fuel

Politics & Government > World > 7 April

In a strong statement addressed to the developed nations, PM Modi said that the developed world should allow India to import nuclear fuel to produce clean energy instead of 'lecturing' the country on low-carbon growth path. The statement comes ahead of the final Paris talks. According to Modi, India 's progress on the low-carbon path has been hindered by the imposition of rules by the developed nations. The western countries have been criticising India of “unhealthy” air quality, especially the metros. However, Modi reverted back saying Indians have always conserved nature and have grown up in a culture where Nature is worshipped like God.

SC refers NJAC law validity to larger bench

India > Justice > 7 April

The constitutionality of BJP government's National Judicial Appointments Commission law has been challenged by the Supreme Court when it referred to a larger bench petitions. The new government had scrapped the two-decade-old collegium system of judicial appointments and replaced it with the NJAC. Now the bench set up by the Chief Justice of India will decide the validity of the legislature's decision on merits. The apex court was hearing the matters to decide whether the petitions challenging the validity of the Constitutional Amendment Act and the NJAC Act were maintainable or not.

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Current Affairs For Banking Exams (01st April - 07th April)

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RBI approves Kotak Mahindra-ING Vysya merger

Corporate > Kotak Mahindra-ING Vysya > Apr 01 

India's fourth largest private sector lender is set to be formed as Reserve Bank approves the merger deal between Kotak Mahindra Bank and ING Vysya. The merged entity formed after transfer of all the tangible and intangible assets to Kotak Mahindra Bank, now has 1,214 branches, with a wide-spread pan-India network. The Rs 15,000 crore merger deal between Kotak Mahindra and ING Vysya had already received the Competition Commission's approval earlier this year.

Sania Mirza – Martina Hingis win Miami Open doubles title

Sports > Tennis > Apr 06

Indian tennis ace Sania Mirza won her 25th doubles trophy by clinching the Miami Open doubles title with Swiss tennis player Matina Hingis on Sunday, 5th April, 2015. The Indo-Swiss pair defeated the Russian duo of Ekaterina Makarova and Elena Vesnina, the same pair Sania and Martina had defeated to win the Indian Wells, their first title together. The win saw the pair climb to the third place in doubles ranking, while Sania Mirza is just 145 points away from number one rank in the individual doubles category.

PM Modi launches India's first Air Quality Index

India > First Air Quality Index > Apr 06

An Air Quality Index that will inform the public about the level of pollution in the air on a daily basis in real-time has been launched by PM Narendra Modi. This comes forth as a big step to curb air pollution in India. The index will be operational in ten cities to start with. At the launch of the index, PM said India's contribution to the pollution level in the world was one of the lowest and urged the countrymen to change their lifestyle in order to help protect the environment.

Massive immunisation campaign 'Indradhanush' launched

India > Health > Apr 07

On the occasion of the World Health Day, India launched 'Mission Indradhanush', which is a massive vaccination campaign and aims to cover the vaccination of all children who are non-vaccinated or partially vaccinated against seven preventable diseases by the year 2020. In its initial phase of April, 2015 to July, 2015 it will cover pregnant women and all children up to the age of two years. Initially the focus will be on 201 districts, which have been termed as “high priority” and will cover an additional 297 districts in the latter phase. The Hindi word 'Indradhanush' after which the mission is named means a rainbow and like its seven colours, will try and prevent seven diseases, namely - diphtheria, whooping cough, tetanus, polio, tuberculosis, measles and hepatitis B. Despite providing free vaccination for more than the past 30 years, only 65% of India's children receive complete vaccination. The mission aims to cover and sustain at least 90% of the children by the year 2020.

Others

Biocon arm Syngene appoints Peter Bains as CEO

Corporate > Syngene International > Apr 01

Biotechnology major Biocon's subsidiary Syngene International has appointed Peter Bains as the CEO of Syngene. Bains has been serving as director of Syngene, since 2011. Syngene had yesterday said it would set up a new plant at Mangalore SEZ to manufacture pharma ingredients and agro chemicals and is in the process of acquiring approximately 40 acres of land in the SEZ.

RBI's new provisioning laws for bad loans

Banking & Insurance > RBI > Apr 03

Reserve Bank of India's new provisioning laws will now enable banks to recall the loan and take recovery action at the earliest or sell non-performing assets (NPAs) to asset restructuring companies, or ARCs instead of sweeping defaulters under the carpet. According to the new rule, all new restructured loans have to be classified as bad loans. The intent of the new norms is to make promoters more accountable and discourage willful defaulters. The Indian government, has begun work on a comprehensive bankruptcy code to provide easy exit for businesses and improve the country's ranking on the World Bank's 'ease of doing business' list.

Keshari Nath Tripathi becomes new governor of Mizoram

India > Keshari Nath Tripathi > Apr 04

Guwahati High Court Judge Justice Miachael Zothankhuma on Saturday sworn in West Bengal Governor Keshari Nath Tripathi as the Governor of Mizoram at the Raj Bhavan in Aizwal. He was appointed to the office after the state governor Aziz Qureshi was sacked by the central government on the 28th of March, 2015. In light of the above decision the Mizo Zirlai Pawl (MZP) or the students federation staged a protest in front of the Raj Bhavan and termed the appointment as the centre's move to treat Mizoram as a gubernatorial dumping ground'. The students also said that they would stage protests in front of central government offices and during president Pranab Mukherjee's state visit on the 9th of April, 2015.

Mariyam Asif Siddiqui, Muslim girl won Bhagwad Gita contest

India > Bhagwad Gita contest > Apr 04

A 12 year-old Muslim girl, Mariyam Asif Siddiqui has secured the first position at the 'Shrimad Bhagwad Gita Champion League' for best explaining the teachings of Bhagvad Gita. The class six student of Cosmopolitan High School at Mira Road near Mumbai won the contest from among 4500 students of 195 schools. The 'Shrimad Bhagwad Gita Champion League' is an inter-school competition organised by the International Society for Krishna Consciousness (ISKCON). An English version of the holy book was given to students for preparing and explaining its teachings. The competition included recitation of the Bhagvad Gita in English along with a written test.

National Geoscience Awards 2013 to be presented by President Pranab Mukherjee

Awards > National Geoscience Awards > Apr 04

President Pranab Mukherjee will present the National Geoscience Awards 2013 at a ceremony to be held at the Rashtrapati Bhavan on 6th April, 2015. The National Geoscience Awards were instituted in the year 1966 by the Ministry of Mines, with an objective to honour scientists for their extraordinary achievements and outstanding contributions in the field of fundamental / applied geosciences, mining and allied areas.

Delhi airport wins Golden Peacock National Quality Award

Awards > Golden Peacock National Quality Award > Apr 05

The Delhi International Airport Limited (DIAL) has won the prestigious Golden Peacock National Quality Award for the year 2015. The award will be presented by UAE's culture, youth and development minister Sheikh Nahyan Bin Mubarak Al Nahyan at a ceremony to be held in Dubai on the 20th of April 2015. Golden Peacock Awards were founded by the Institute of Directors, India in 1991 and are globally regarded as a benchmark of corporate excellence. The National Quality Award Scheme was instituted to encourage total quality improvements in both manufacturing and service sectors of India.

Rajeev Shukla appointed new IPL chairman

Sports > Cricket > Apr 06

Rajeev Shukla gets appointed as the new chairman of Indian Premier League (IPL) Governing Council. Shukla had previously resigned from the post in June, 2013, following allegations of corruption and spot-fixing in the tournament. He took over from Ranjib Biswal, the interim chairman of the council. Former India captain Sourav Ganguly and current team director Ravi Shastri were also named in the governing council.

RBI governor keeps key rates unchanged

India > Economics > Apr 07

Much to the disappointment of the markets RBI governor Raghuram Rajan decided to leave key rates, which affect policy making, unchanged. The Repo Rate, the rate at which banks borrow money from the RBI remained unchanged at 7.5% and the Cash Reserve Ratio, which is the minimum amount to be deposited by banks also remained unchanged at 4%. The governor is optimistic about home and auto loans getting cheaper as the RBI will push banks to reduce interest rates. The central bank is also hopeful about the inflation for March, 2015 to be under 6%, while the economy is projected to grow at a rate of 5.8% at the end of this fiscal year.

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Current Affairs For MBA Exams (26th March - 01st April)

Starred Articles

Saina Nehwal becomes 1st Indian woman to reach rank 1; wins Indian Open Super series along with Kadambi Srikanth

Sports > Badminton > 28 March

It was a double bonanza for India on Sunday, 30th March, 2015 as both the women's and men's singles titles of the Indian Open super series was won by Indians. Just days after Saina Nehwal created history by becoming the first Indian woman to become the number one women's badminton player, she won the women's singles final of the Indian Open super series by defeating former World Champion Ratchanok Intanon in the final. Likewise, 22 year-old Kadambi Srikanth defeated Danish World No.6 Viktor Axelsen in 55 minutes to clinch the men's single title of the same event.

Australia wins ICC Cricket World Cup '15

Sports > ICC Cricket World Cup 2015 > 30 March

Four-time world cup winners Australia defeated first time finalists New Zealand to win the World Cup for a fifth time at the Melbourne Cricket Ground (MCG) on Sunday, 29th March, 2015. After winning the toss, New Zealand captain Brendon Mccullum elected to bat first. New Zealand lost early wickets and managed to make only 183 before losing all 10 wickets. James Faulkner who picked up two crucial back to back wickets, was adjudged the 'player of the match'. In their reply, the Australians were professional and lost only 3 wickets to get past the New Zealand score of 183. Captain Michael Clarke top scored with a 72 ball 74. Australian pacer Mitchell Stark, who took 22 wickets in the tournament, was adjudged as the player of the tournament. Australia is the only country to have won the World Cup 5 times.

Following the match, Australian Skipper Michael Clarke retired from One-Day Internationals (ODIs) and New Zealand great and one of the best left-arm spinners, Daniel Vettori, also retired from all forms of international cricket. Vettori finished his career with 305 wickets in 295 ODIs and 362 in 113 Tests. Michael Clarke has 7,981 runs from 245 matches with eight centuries and 58 half-centuries.

Bharat Ratna, Padma awardees 2015

Awards > Bharat Ratna, Padma Awards > 31 March

Acclaimed educationist and freedom fighter Madan Mohan Malviya and former Prime Minister Atal Bihari Vajpayee were honoured with the Bharat Ratna, India’s highest civilian award. BJP stalwart LK Advani and Punjab chief minister Parkash Singh Badal were conferred with the Padma Vibhushan, India’s second highest civilian honour. With this, Parkash Singh Badal became the first chief minister to be conferred the Padma Vibhushan. Bill Gates, Melinda Gates, Rajat Sharma, Satpal are some of the prominent names who received Padma Bhushan. Padma Shri was awarded to Prasoon Joshi, Jaya Kumari Chikkala, Nikhil Tandon, Arunima Sinha and N. Prabhakar to name a few.

Gujarat assembly passes anti-terrorism and organised crime Bill

Politics and Government > Gujarat anti-terrorism Bill > 31 March

The Gujarat assembly on Tuesday, 31st March, 2015, passed the controversial Control of Terrorism and Organised Crime Bill (GCTOC), which allows the police to record telephonic conversations and present them as evidence in court. The bill was passed despite stiff opposition from the opposing Congress party. Another provision of the bill provides the acceptance of a confession made in front of a police officer as evidence. The bill is a revised version of the controversial Gujarat Control of Organised Crime (GUJCOC) Bill, which was rejected multiple times in the parliament.

Ex-Nigerian dictator Muhammadu Buhari voted to power

World > Nigeria > 31 March

In the presidential elections held in Nigeria last week, former Major General of the Nigerian army Muhammadu Buhari triumphed over incumbent president Goodluck Jonathan. Muhammadu Buhari rose in power in the year 1983 after outing the then president in a military coup to become the head of state for a period of two years. He unsuccessfully fought the 2003, 2007 and 2011 presidential elections. The 2015 elections have been hailed as the smoothest and most orderly one in Nigeria's history. During his tenure, Jonathan had faced severe criticism regarding his handling of the Boko Haram militant threat in the country.

Others

SBI to minimise stake in its general insurance venture

Banking and Insurance > State Bank of India > 26 March

The State Bank of India (SBI) has decided to reduce its stake in its insurance venture SBI General. The SBI currently holds a 74% stake in the insurance venture, while its foreign partner Insurance Australia Group (IAG) holds a 26% stake. IAG is now all set to increase its stake from 26% to 49%. The move comes after passing of the Insurance Laws Bill, 2015 in the parliament, which seeks to increase foreign direct investment up to 49 % subject to the condition that the management control remains with Indians. The insurer would most likely undergo a name change to signify the revised share-holding pattern.

India stands 37th among 102 countries in Open Government Index

Politics and Government > Government openness > 27 March

In the recent World Justice Project's (WJP) Open Government Index 2015 report, India was ranked at 37th place among 102 countries. The index measures the government openness based on the general public's experiences and perceptions. It uses four dimensions i.e publicised laws and government data, right to information, civic participation and complaint mechanisms to measure government openness. India scored 0.57 in the range of 0 to 1 with 1 indicating greatest openness.

Narendra Modi and Kailash Satyarthi feature in 50 greatest leaders' list compiled by Fortune Magazine

World > 50 greatest leaders’ list > 27 March

Prime Minister Narendra Modi and Nobel laureate Kailash Satyarthi have featured in the list of world's 50 greatest leaders who have contributed to business, government and philanthropy. The list compiled by Fortune magazine features Narendra Modi on the 5th place and Kailash Satyarthi in the 28th position.

Fortune magazine cited Modi's efforts to make India more business-friendly and less regulated, addressing violence against women, improving sanitation and Satyarthi's initiatives against child labour for their inclusion in the list. The ranking topped by Apple CEO Tim Cook, surprisingly left out US President Barack Obama, for the second year in a row.

Major Dhyan Chand Lifetime Achievement Award of Hockey India awarded to Balbir Singh Senior

Awards > Major Dhyan Chand Lifetime Achievement Award > 28 March

Legendary hockey player Balbir Singh Senior received the Major Dhyan Chand Lifetime Achievement Award from Hockey India. A trophy and a cash prize of 30 lakh rupees were given to the awardee. Balbir Singh Senior was the Vice Captain of the Indian Hockey team during Helsinki Olympics and Captain during Melbourne Olympics. He holds a record of most goals (five) made in 1952 Olympic final which still remains unbeaten and also figures in the list of 16 iconic Olympians of all-time.

Germanwings plane crashes in France, 150 killed

World > Germanwings > 28 March

An Airbus operated by Lufthansa's Germanwings budget airline crashed into a mountainside in the French Alps, killing 144 passengers and six crew members. The flight that departed from Spain was supposed to arrive at the German airport. Reports are rife with speculations about the co-pilot, Andreas Lubitz's mental instability and that he had hid his illness from his employers. Lubitz suspected of deliberately crashing the airliner last week had undergone psychotherapy years ago because of suicidal tendencies, a situation experts say is hard for airlines to detect. The matter is being investigated further.

HRD Minister says new National Education Policy to come out by December

Politics and Government > National Education Policy > 29 March

Union Human Resource Development minister Smriti Irani has said that the central government is working on a new National Education Policy (NEP), which will come out by December this year. The announcement was made during a girls’ school convocation ceremony, where the minister mentioned that the new policy would be formed with an aim of 'education for all'. The minister also said that education ministers of all the states will be asked to give their inputs, to help the centre to come out with a holistic policy that can be framed with respect to the country's needs.

BJP becomes largest political party in the world

Politics and government > BJP > 30 March

The Bharatiya Janata Party (BJP) replaced the Communist Party of China as the largest political party in the world after its total strength reached 8.80 crore members on Sunday. BJP owes this title to the ambitious membership drive launched by Amit Shah which helped the party hit the 8.80 crore mark, beating the Communist Party of China's 8.60 crore members. The speeding up of the membership drive comes amid hectic meetings and tours by Shah to various states to step up the effort and hit the 10 crore mark by the end of this month.

Lt. Kiran Shekhawat, first woman officer to die in line of duty

India > Military > 31 March

Lt. Kiran Shekhawat, India's first woman officer to die in line of duty, was cremated with full military honors in Kurthala village, Haryana. Lt. Shekhawat’s body was recovered from the fuselage of the ill-fated Dornier Aircraft of the Navy which had crashed during a training sortie off the Goa coast. Commoners and politicians paid their homage to the deceased officer.

Another blogger stabbed to death in Bangladesh

World > Bangladesh > 31 March

One more blogger, Washiqur Rahman, who used to write against religious fundamentalism was stabbed to death in the Bangladesh capital. The attack comes a month after Avijit Roy, a US-based Bangladeshi atheist blogger, was hacked to death in the Muslim-majority Bangladesh. According to the head of the Blogger and Online Activists Network in Bangladesh, Rahman was a progressive free thinker and was against religious fundamentalism. The attacks have posed a threat to the country's independent writers.

AAP sacks founding members Prashant Bhushan, Yogendra Yadav and also its internal Lokpal

Politics and Government > Aam Aadmi Party > 31 March

Two of the founding members of the Aam Aadmi Party (AAP) Prashant Bhushan and Yogendra Yadav were sacked from the party's national executive in the light of bitter differences between the duo and Delhi CM and AAP chief Arvind Kejriwal. The move comes after the duo termed as 'rebels' were removed from the party's political affairs committee, which is AAP's top decision making body. The ousted duo now have three options, first to approach the courts or the Election Commission for justice, second to start a new political party on the same terms and principles they duo had in mind for the AAP, and the third being to not get involved in a political party but start a people's movement taking up issues like public activists. However, the duo has hinted towards the second of the three options. In another turn of events the crisis continued for AAP as it sacked its internal Lokpal, former Indian navy chief L Ramdas, and replaced him with a three member panel.

India sends ships to rescue Indians from Yemen

India > Indians rescued > 31 March

After the failure of the plan to airlift Indians from strife-torn Yemen, the government has decided to take the sea route for rescue operation. Two merchant vessels and two warships have left for Yemen to bring them back. Prime Minister Narendra Modi has briefed King Salman on India’s evacuation plan and requested his support and cooperation. Yemen is witnessing attacks by Shiite militiamen on the president and other state figures.

World's oldest person dies at 117 in Japan

World > Japan > 01 April

A month after celebrating her 117th birthday, the world's oldest person, Misao Okawa, died in Japan. Mrs. Okawa was mother of three, grandmother of four and great-grandmother of six and one of only a handful of people still alive who had been born in the 19th century. On turning 114, she was officially recognised by Guinness World Records as the oldest woman in the globe. Japan, known for the longevity of its people, is also home to the world's oldest man — Sakari Momoi, who celebrated his 112th birthday in February.

Reliance Jio to enable 4G wi-fi at Wankhede stadium for IPL

India > Telecom > 01 April

The Telecom arm of Reliance Industries Limited (RIL), Reliance Jio, is planning to enable 4G wi-fi at the Wankhede stadium for the Indian Premier League (IPL), which starts from the 8th of April, 2015. Reliance has been keen on showcasing its 4G services and has been testing it in different pockets of the country including select Indian Institute of Technology (IIT) campuses. Reliance Jio Infocomm Ltd. (RJIL) is the first Telecom operator to hold pan India unified licence to provide 4G services. 

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