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BANKING AWARENESS

General Awareness 2015


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Important GK EBook for Upcoming Exams including Banking Awareness and Financial Awareness. Financial Awareness
Section updated till July 2015.
Current Reserve Ratios and Policy Rates
1 Bank Rate 8.25%
2 Repo Rate 7.25%
3 Reverse Repo Rate 6.25%
4 CRR 4%
5 SLR 21.5%
6 MSF 8.25%

The Structure of Indian Banking


The structure of the Indian banking system can be categorized in two ways.
The first divides the banks into three categories: the Reserve Bank of India, commercial banks and cooperative banks. The second
divides the banks into two categories: scheduled banks and non-scheduled banks. In both of these systems of categorization, the
Reserve Bank of India, or RBI, is at the center of the banking structure. It holds the reserve capital of all commercial and scheduled
banks in the country.
Scheduled Banks Commercial Banks vs. Cooperative Banks
The eligibility criteria exist for scheduled banks: Scheduled banks in India fall into two categories: commercial
a) The first of which entails carrying on the business of banking in banks and cooperative banks. Commercial banks constitute those
India. banks driven by profit. These banks exist for no other reason
b) All scheduled banks must maintain a reserve capital of 5 lakhs than generating capital. Cooperative banks technically constitute
rupees in the Reserve Bank of India. cooperative institutions with an elected managing committee,
c) These are registered under the second schedule of RBI Act, provisions for the protection of members' rights and a set of
1934. communally developed and approved by laws and amendments

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RBI AND ITS ROLES

RBI is the central Bank of India and controls the entire money Establishment: The reserve bank of India was established on
issue, circulation the entire money issue, circulation and control by April 1, 1935 in accordance with the provisions of the Reserve
its monetary policies and lending policies by periodical updates Bank of India Act, 1934. The Central Office of the Reserve Bank
or corrections to discipline the economy. It is also known as the of India was initially established in Calcutta but was
bank of last resort. permanently moved to Mumbai in 1937. Though originally
privately owned, since nationalization in 1949, the Reserve Bank
is fully owned by the Government of India.

Main Functions
1) Monetary Authority: Formulate, implements and monitors the monetary policy.
2) Regulator and supervisor of the financial system: Prescribes broad parameters of banking operations within which the countrys
banking and financial system functions.
3) Manager of Foreign Exchange: Manages the Foreign Exchange Management Act, 1999.
4) Issuer of Currency: Issues and exchanges or destroys currency and coins not fit for circulations.
5) Development role: Performs a wide range of promotional functions to support national objectives.
6) Bankers to the Government: performs merchant banking function for the central and the state governments; also acts as their
banker.
7) Bankers to banks: maintains banking accounts of all scheduled banks.

Cheque
It is an instrument in writing containing an unconditional order, addressed to a banker, sign by the person who has deposited money
with the banker, requiring him to pay on demand a certain sum of money only to or to the order of certain person or to the be arer
of instrument."
Types of Cheque
1. Bearer Cheque or open Cheque 4. Ante-Dated Cheque
When the words "or bearer" appearing on the face of the If a cheque bears a date earlier than the date on which it is
cheque are not cancelled, the cheque is called a bearer cheque. presented to the bank, it is called as "ante-dated cheque". Such
The bearer cheque is payable to the person specified therein or a cheque is valid upto 3 months from the date of the cheque.
to any other else who presents it to the bank for payment. 5. Post-Dated Cheque
2. Order Cheque If a cheque bears a date which is yet to come (future date) then
When the word "bearer" appearing on the face of a cheque is it is known as post-dated cheque. A post dated cheque cannot
cancelled and when in its place the word "or order" is written on be honoured earlier than the date on the cheque.
the face of the cheque, the cheque is called an order cheque. 6. Stale Cheque
Such a cheque is payable to the person specified therein as the If a cheque is presented for payment after 3 months from the
payee, or to any one else to whom it is endorsed (transferred). date of the cheque it is called stale cheque. A stale cheque is not
3. Crossed Cheque honoured by the bank.
Crossing of cheque means drawing two parallel lines on the face 7. A self cheque
of the cheque with or without additional words like "& CO." or A self cheque is written by the account holder as pay self to
"Account Payee" or "Not Negotiable". A crossed cheque cannot receive the money in the physical form from the branch where he
be encashed at the cash counter of a bank but it can only be holds his account.
credited to the payee's account.

Terms in reference to BANKING


Repo Rate Cash reserve Ratio (CRR) is the amount of cash funds that the
Repo rate is the rate of interest which is levied on Short-Term banks have to maintain with RBI. If RBI decides to increase the
loans taken by commercial banks from RBI. Whenever the banks percent of this, the available amount with the banks comes down.
have any shortage of funds they can borrow it from RBI. A RBI is using this method (increase of CRR rate), to drain out the
reduction in the repo rate will help banks to get money at a excessive money from the banks.
cheaper rate. When the repo rate increases, borrowing from RBI SLR Rate
becomes more expensive. SLR (Statutory Liquidity Ratio) is the amount a commercial bank
Reverse Repo Rate needs to maintain in the form of cash, or gold or government
This is exact opposite of Repo rate. Reverse repo rate is the rate approved securities (Bonds) before providing credit to its
at which commercial banks CHARGE on their surplus funds with customers. SLR is determined and maintained by the RBI in order
RBI. RBI uses this tool when it feels there is too much money to control the expansion of bank credit. SLR is determined as the
floating in the banking system. Banks are always happy to keep percentage of total demand and time liabilities. Time Liabilities
money with RBI since their money is in the safe hands with a are the liabilities a commercial bank is liable to pay to the
good interest. An increase in Reverse repo rate can cause the customers after a specific time period. SLR is used to control
banks to transfer more funds to RBI due to these attractive inflation and proper growth. Through SLR tuning, the money
interest rates. supply in the system can be controlled efficiently.
CRR Rate Bank Rate

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Bank rate is the rate of interest which is levied on Long Term Mortgage: Transfer of an interest in specific immovable property
loans and Advances taken by commercial banks from RBI. for the purpose of offering a security for taking a loan or
Changes in the bank rate are often used by central banks to advance from another. It may be existing or future debt or
control the money supply. performance of an agreement which may create monetary
MSF Rate:-MSF (Marginal Standing Facility Rate) is the rate at obligation for the transferor (mortgagor).
which banks can borrow overnight from RBI. This was introduced NABARD: National Bank for Agriculture & Rural Development
in the monetary policy of RBI for the year 2011-2012. Banks was setup in 1982 under the Act of 1981. NABARD finances and
can borrow funds through MSF when there is a considerable regulates rural financing and also is responsible for development
shortfall of liquidity. This measure has been introduced by RBI to agriculture and rural industries. NABARD is an apex
regulate short-term asset liability mismatches more effectively. Development Bank that facilitates credit flow for promotion and
Base Rate:-The Base Rate is the minimum interest rate of a Bank development of agriculture, small-scale industries, cottage and
below which it cannot lend, except for DRI advances, loans to village industries, handicrafts and other rural crafts.
bank's own employees and loan to banks' depositors against GAAR: The full form of GAAR is : General Anti-Avoidance Rules.
their own deposits. (i.e. cases allowed by RBI). Tax Avoidance is an area of concern across the world. The rules
Bridge Loan:- are framed in different countries to minimize such avoidance of
A loan made by a bank for a short period to make up for a tax. It is a set of general rules enacted so as to check the tax
temporary shortage of cash. Bridge loan covers this period avoidance.
between the buying the new and disposing of the old one. BPLR: In banking parlance, the BPLR means the Benchmark Prime
Credit Authorization Scheme:-Credit Authorization Scheme was Lending Rate. However, with the introduction of Base Rate
introduced in November, 1965 when P C Bhattacharya was the (explained below), BPLR has now lost its importance and is made
chairman of RBI. Under this instrument of credit regulation RBI as applicable normally only on the loans which have been
per the guideline authorizes the banks to advance loans to sanctioned before the introduction of Base Rate (i.e. July 2010).
desired sectors Prime Lending Rate (PLR): The rate at which banks lend to their
Open Market Operations:-An open market operation is an best (prime) customers. It is usually less than normal interest rate.
instrument of monetary policy which involves buying or selling of Wholesale Banking: Wholesale banking is different from Retail
government securities from or to the public and banks. Banking as its focus is on providing for financial needs of
Moral Suasion:-Moral Suasion is just as a request by the RBI to industry and institutional clients.
the commercial banks to take so and so action and measures in National Electronic Funds Transfer System (NEFT): RBI
so and so trend of the economy. RBI may request commercial introduced an electronic funds transfer system to facilitate an
banks not to give loans for unproductive purpose which does not efficient, secure, economical, reliable and expeditious system of
add to economic growth but increases inflation. funds transfer and clearing in the banking sector throughout
Special Drawing Rights (SDRs):-It is a reserve asset (known as India, and to relieve the stress on the existing paper-based funds
Paper Gold) created within the framework of the International transfer and clearing system called National Electronic Funds
Monetary Fund in an attempt to increase international liquidity, Transfer System (NEFT System).
and now forming a part of countries official forex reserves RTGS: RTGS is an acronym that stands for Real Time Gross
along with gold, reserve positions in the IMF and convertible Settlement. RTGS is a funds transfer system where money is
foreign currencies. moved from one bank to another in real-time, and on gross
ATM: ATMs are Automatic Teller Machines, which do the job of a basis. When using the banking method, RTGS is the fastest
teller in a bank through Computer Network. ATMs are located on possible way to transfer money. Real-time means that the
the branch premises or off branch premises. ATMs are useful to payment transaction isnt subject to any waiting period. The
dispense cash, receive cash, accept cheques, give balances in the transaction will be completed as soon as the processing is done,
accounts and also give mini-statements to the customers. and gross settlement means that the money transfer is completed
Bouncing of a cheque: Where an account does not have on a one to one basis without clustering with another transaction.
sufficient balance to honour the cheque issued by the customer, This system is maintained by the RBI, and is available during
the cheque is returned by the bank with the reason "funds working days for a given number of hours. Banks using RTGS
insufficient" or "Exceeds arrangement". This is known as 'Bouncing need to have Core banking to be able to initiate RTGS
of a cheque'. transactions.
Demat Account: Money Market - The money market is a wholesale debt market
The term "demat", in India, refers to a dematerialised account for low-risk, highly-liquid, short-term instrument. Funds are
for individual Indian citizens to trade in listed stocks or available in this market for periods ranging from a single day
debentures. up to a year. This market is dominated mostly by government,
Endorsement: When a Negotiable Instrument contains, on the banks and financial institutions.
back of the instrument an endorsement, signed by the holder or Capital Market - The capital market is designed to finance the
payee of an order instrument, transferring the title to the other long-term investments. The transactions taking place in this
person, it is called endorsement. market will be for periods over a year.
Merchant Banking : When a bank provides to a customer Forex Market - The Forex market deals with the multicurrency
various types of financial services like accepting bills arising out requirements, which are met by the exchange of currencies.
of trade, arranging and providing underwriting, new issues, Depending on the exchange rate that is applicable, the transfer
providing advice, information or assistance on starting new of funds takes place in this market.
business, acquisitions, mergers and foreign exchange. Financial Inclusion: Financial inclusion or inclusive financing is
Money Laundering The process of creating the appearance that the delivery of financial services, at affordable costs, to sections
large amounts of money obtained from serious crimes, such as of disadvantaged and low income segments of society.
drug trafficking or terrorist activity, originated from a legitimate
source.

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Money Market Instruments
The money market can be defined as a market for short-term Call/Notice Money except that, as per existing regulations, the
money and financial assets that are near substitutes for money. specified entities are not allowed to lend beyond 14 days.
The term short-term means generally a period upto one year 3. Treasury Bills:-Treasury Bills are short term (up to one year)
and near substitutes to money is used to denote any financial borrowing instruments of the union government. It is a promise by
asset which can be quickly converted into money with minimum the Government to pay a stated sum after expiry of the stated
transaction cost. period from the date of issue (14/91/182/364 days i.e. less
Some of the important money market instruments are briefly than one year). They are issued at a discount to the face value,
discussed below; and on maturity the face value is paid to the holder. The rate of
1. Call/Notice Money 2. Treasury Bills 3. Term Money 4. discount and the corresponding issue price are determined at
Certificate of Deposit 5. Commercial Papers each auction.
1. Call /Notice-Money Market:-1.Call/Notice money is the 4. Certificate of Deposits:- Receipt issued by a depository
money borrowed or lent on demand for a very short period. institution (such as a bank, credit union, or a finance or insurance
When money is borrowed or lent for a day, it is known as Call company) to a depositor who opens a certificate account or time
(Overnight) Money. Intervening holidays and/or Sunday are deposit account.
excluded for this purpose. Thus money, borrowed on a day and Issued in a negotiable or non-negotiable form, it states the (1)
repaid on the next working day, (irrespective of the number of amount deposited, (2) rate of interest, and (3) minimum period
intervening holidays) is "Call Money". for which the deposit should be maintained without incurring
Notice Money:-When money is borrowed or lent for more than early withdrawal penalties.
a day and up to 14 days, it is "Notice Money". No collateral 5. Commercial Paper: An unsecured obligation issued by a
security is required to cover these transactions. corporation or bank to finance its short-term credit needs, such as
2. Inter-Bank Term Money:-Inter-bank market for deposits of accounts receivable and inventory. Commercial paper is
maturity beyond 14 days is referred to as the term money available in a wide range of denominations, can be either
market. The entry restrictions are the same as those for discounted or interest-bearing, and usually have a limited or
nonexistent secondary market.

Other Financial Terminology


Personal Identification Number (PIN):-An account holder has a Asset Liability Mismatch:-In finance, an assets liabilities
secret number or code to authorize a transaction or obtain assetliability mismatch occurs when the financial terms of an
information regarding his or her account often used in conjunction institution's and do not correspond.
with a plastic card (ATM or Debit Card), online account access or Initial Public Offerings (IPOs): When a company opens to
with a telephone voice response system. investments from the public by offering shares for the first time it
Foreign Exchange Reserves:- Foreign-exchange reserves is known as initial public offer.
currency central banks gold, special drawing rights International Application Supported by Blocked Accounts (ASBA) ASBA is
Monetary Fund (also called forex reserves or FX reserves) in a an investor friendly service introduced for subscribing to IPOs.
strict sense are 'only' the foreign deposits and bonds held by Through this facility, the investors funds remain in his account till
and monetary authorities. However, the term in popular usage allotment of shares. Then, the amount equivalent to the shares
commonly includes foreign exchange and (SDRs), and (IMF) allotted is deducted from the blocked amount for remitting to the
reserve positions. company issuing the shares and the balance amount is available
NRI Banking:- Banks allow NRIs to open an NRI account when to the investor.
they complete the account opening formalities. A customer for Follow on Public Offer (FPO)
this purchase a form has to be filled up in which the information When a listed company makes another public issue to raise
soughtly the bank is provided. They can have a NRI Saving Bank further capital it is known as follow on public offer.
Account, Current Account, Fixed Deposits in Indian Rupees, Fixed
Deposits in foreign currency, NRO account (Rupee account for
crediting income in India)
Capital Adequacy Ratio (CAR):- Capital adequacy ratio
measures the amount of a banks capital expressed as a
percentage of its credit exposure. Globally, the capital
adequacy ratio has been developed to ensure banks can absorb
a reasonable level of losses before becoming insolvent. Indian
banks are expected to maintain a minimum capital adequacy
ratio of 9 per cent (Rs 9 as capital for every Rs 100 in loan or
asset)

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MONEY AND ITS TYPES
Money is a thing that is usually accepted as payment for goods exchanged for a fixed amount/quantity of a commodity like
and services as well as for the repayment of debts. Money gold or silver.
originated as commodity money, but almost all contemporary Fiat Money - Fiat money, also known as fiat currency is the
money systems are based on concept of fiat money. money whose value is not derived from any intrinsic value or any
Commodity Money - Commodity money value is derived from guarantee that it can be converted into valuable commodity (like
the commodity out of which it is made. The commodity itself gold). Instead, it derives value only based On government order
represents money, and the money is the commodity. For instance, (fiat)
commodities that have been used a Medium of exchange Commercial Bank Money - Commercial bank money or the
include gold, silver, copper, salt, peppercorns, rice, large stones, demand deposits are claims against financial institutions which
etc. can be used for purchasing goods and services
Representative Money - is money that includes token coins, or
any other physical tokens like certificates, that can be reliably

Mutual Funds

Mutual Fund is a company which collects the savings of a large number of investors for investment purposes. Mutual Funds invest in
capital markets like stocks and other securities. The professional fund manager selects appropriate securities based on compa ny
profile and market conditions for capital appreciation.

Non Banking Financial Companies (NBFCs)


Non Banking Financial Company (NBFC) is a company registered can issue a cheque in your own name or in favor of others,
under the Companies Act 1956, and is engaged in the business thereby directing the bank to pay the specified amount to the
of loans and advances, acquisition of stocks, debentures, hire person named in the cheque.
purchase.
Foreign Accounts in India
NEGOTIABLE INSTRUMENTS a) NRO A/c (Foreign Tourist)
DEFINITION OF NEGOTIABLE INSTRUMENT
According to section 13 of the Negotiable Instruments Act, 1881, Can foreign tourists open a bank account in India during their
a negotiable instrument means promissory note, bill of short visit?
exchange, or cheque, payable either to order or to bearer. Yes. Foreign tourists during their short visit to India can open a
Non-Resident (Ordinary) Rupee (NRO) account (Current /
TYPES OF NEGOTIABLE INSTRUMENTS Savings) with any Authorised Dealer bank dealing in foreign
There are three types of negotiable instruments which are: exchange. Such account can be opened up to a maximum period
1. Promissory Note 2. Bill of Exchange 3. Cheques of 6 months.
1. Promissory Note: What are the documents required for opening such accounts?
A Promissory Note is a written promise by the debtor to pay a Passports and other valid identification proofs are required for
certain amount to the creditor. Section 4 of the Negotiable opening the accounts. Authorised Dealer banks are also required
Instrument Act has defined Promissory Note as an instrument in to follow the Know Your Customer norms while opening of the
writing containing an unconditional undertaking, signed by the accounts.
maker, to pay a certain sum of money only to or to the order of What credits can be made to such accounts?
a certain person. Funds remitted from outside India through banking channel or
2. Bill of Exchange: those obtained by sale of foreign exchange brought by the
tourists to India can be credited to the NRO account.
An instrument in writing containing an unconditional order, Can the NRO account be used for making local payments?
signed by the maker, directing a certain person to pay a certain Yes. Tourists can freely make local payments through the NRO
sum of money only to, or to the order of, a certain person or to
account. All payments to residents exceeding INR 50,000 can be
the bearer of the instrument. made only by means of cheques / pay orders / demand drafts.
3. Cheques:
Cheque is a very common form of negotiable instrument. If you b) EEFC A/c
have a savings bank account or current account in a bank, you

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Who can open an EEFC account?
What is an EEFC Account and what are its benefits? Ans. All categories of foreign exchange earners, such as
Ans. Exchange Earners' Foreign Currency Account (EEFC) is an individuals, companies, etc. who are resident in India, may open
account maintained in foreign currency with an Authorised EEFC accounts.
Dealer i.e. a bank dealing in foreign exchange. It is a facility What are the different types of EEFC accounts? Can interest be
provided to the foreign exchange earners, including exporters, paid on these accounts?
to credit 100 per cent of their foreign exchange earnings to the Ans. An EEFC account can be held only in the form of a current
account, so that the account holders do not have to convert account. No interest is payable on EEFC accounts.
foreign exchange into Rupees and vice versa, thereby minimizing
the transaction costs.

Accounts for NRI/PIO


What are the different types of accounts which can be maintained by an NRI/PIO in India?
Types of accounts which can be maintained by an NRI / PIO in India:

A. Non-Resident Ordinary Rupee Account (NRO Account) B. Non-Resident (External) Rupee Account (NRE Account)
NRO accounts may be opened / maintained in the form of 1) NRE account may be in the form of savings, current, recurring
current, savings, recurring or fixed deposit accounts. Interest or fixed deposit accounts.
rates offered by banks on NRO deposits cannot be higher than 2) Such accounts can be opened only by the non-resident himself
those offered by them on comparable domestic rupee deposits. and not through the holder of the power of attorney.
Account should be denominated in Indian Rupees. 3) Account will be maintained in Indian Rupees.
Permissible credits to NRO account are transfers from rupee 4) Accrued interest income and balances held in NRE accounts
accounts of non-resident banks, remittances received in permitted are exempt from Income tax.
currency from outside India through normal banking channels, 5) Authorised dealers/authorised banks may at their discretion
permitted currency tendered by account holder during his allow for a period of not more than two weeks,
temporary visit to India, overdrawings in NRE savings bank accounts, up to a limit of
legitimate dues in India of the account holder like current income Rs.50,000.
like rent, dividend, pension, interest, etc., sale proceeds of assets 6) Loans up to Rs.100 lakh can be extended against security of
including immovable property acquired out of rupee/foreign funds held in NRE Account either to the depositors or third
currency funds or by way of legacy/ inheritance. parties.
NRI/PIO may remit from the balances held in NRO account an
amount not exceeding USD one million per financial year, subject C. Foreign Currency Non Resident (Bank) Account FCNR (B)
to payment of applicable taxes. Account
The limit of USD 1 million per financial year includes sale FCNR (B) accounts are only in the form of term deposits of 1 to
proceeds of immovable properties held by NRIs/PIOs. 5 years
Account can be in any freely convertible currency.
Loans up to Rs.100 lakh can be extended against security of
funds held in FCNR (B) deposit either to the depositors or third
parties.
The interest rates are stipulated by the Department of Banking
Operations and Development, Reserve Bank of India.

7
DICGC
Which banks are insured by the DICGC? Each depositor in a bank is insured upto a maximum of
Commercial Banks: All commercial banks including branches of Rs.1,00,000 (Rupees One Lakh) for both principal and interest
foreign banks functioning in India, local area banks and regional amount held by him in the same capacity.
rural banks are insured by the DICGC.
Does the DICGC insure just the principal on an account or
What does the DICGC insure? both principal and accrued interest?
In the event of a bank failure, DICGC protects bank deposits The DICGC insures principal and interest upto a maximum
that are payable in India. The DICGC insures all deposits such as amount of Rs. One lakh.
savings, fixed, current, recurring, etc. except the following types
of deposits. Are deposits in different banks separately insured?
(i) Deposits of foreign Governments; Yes. If you have deposits with more than one bank, deposit
(ii) Deposits of Central/State Governments; insurance coverage limit is applied separately to the deposits in
(iii)Inter-bank deposits; each bank.
(iv) Deposits of the State Land Development Banks with the State
co-operative bank; Can the bank deduct the amount of dues payable by the
(v) Any amount due on account of any deposit received outside depositor?
India Yes. Banks have the right to set off their dues from the amount of
(vi) Any amount, which has been specifically exempted by the deposits. The deposit insurance is available after netting of such
corporation with the previous approval of Reserve Bank of India. dues.

What is the maximum deposit amount insured by the DICGC? Can any insured bank withdraw from the DICGC coverage?
No. The deposit insurance scheme is compulsory and no bank can
withdraw from it.

ATM
What is an Automated Teller Machine (ATM)? Can these cards be used at any bank ATM in the country? Is
Automated Teller Machine is a computerized machine that the customer charged for the same?
provides the customers of banks the facility of accessing their Yes. The cards issued by banks in India may be used at any
account for dispensing cash and to carry out other financial & bank ATM within India. However the savings bank account
non-financial transactions without the need to actually visit their holders can transact a maximum of five transactions free at other
bank branch. bank ATMs in a month, which is inclusive of all types of
transactions, financial and non-financial, beyond which the
What type of cards can be used at an ATM? customer can be charged by his/her bank.
The ATM debit cards, credit cards and prepaid cards (that
permit cash withdrawal) issued by banks can be used at ATMs Is there any minimum and maximum cash withdrawal limit
for various transactions. per day?
Yes, broadly the withdrawal limits are set by the card issuing
What are the services/facilities available at ATMs? banks. This limit is displayed at the respective ATM locations.
In addition to cash dispensing ATMs may have many
services/facilities enabled by the bank owning the ATM such as: What steps should a customer take in case of failed ATM
Account information transaction at other bank ATMs, where his account is debited?
Cash Deposit The customer should lodge a complaint with the card issuing bank
Regular bills payment at the earliest. This process is applicable even if the transaction
Purchase of Re-load Vouchers for Mobiles was carried out at another banks ATM.
Mini/Short Statement
Loan account enquiry etc. Is there any time limit for the card issuing banks for re-
crediting the customers account for a failed ATM transaction?
How can one transact at an ATM? As per the RBI instructions, banks have been mandated to resolve
For transacting at an ATM, the customer inserts /swipes his/her customer complaints by re-crediting the customers account within
Card in the ATM and enters his/her Personal Identification 7 working days from the date of complaint.
Number(PIN) issued by his/her bank.
Are the customers eligible for compensation for delays
What is Personal Identification Number (PIN)? beyond 7 working days?
PIN is the numeric password which is separately mailed / Yes. Effective from July 1, 2011, banks have to pay customers
handed over to the customer by the bank while issuing the card. Rs. 100/- per day for delays beyond 7 working
Most banks require the customers to change the PIN on the first
use.
days. The compensation has to be credited to the account of the customer without any claim being made by the customer.

BANKING OMBUDSMAN SCHEME 2006

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i. The Banking Ombudsman Scheme enables a bank customer for 6) If a complaint is not settled by an agreement within a period
filing of complaints relating to certain services rendered by of one month, the Banking Ombudsman proceeds further to pass
banks. an award. Before passing an award, the Banking Ombudsman
ii. The Banking Ombudsman is a senior official appointed by the provides reasonable opportunity to the complainant and the
Reserve Bank of India to redress customer complaints against bank, to present their case.
deficiency in certain banking services. 7) If one is not satisfied with the decision passed by the Banking
iii. All Scheduled Commercial Banks, Regional Rural Banks and Ombudsman, one can approach the appellate authority who is
Scheduled Primary Co-operative Banks are covered under the the Deputy Governor of the RBI.
Scheme.
BANKS IN INDIA AS ON April 2015
Other Important Points: 1) There are a total of 27 PSBs in India [21 NationaliZed banks
4) The Banking Ombudsman does not charge any fee for filing + 6 State bank group (SBI + 5 associates)]
and resolving customers complaints. 2) At present there are 22 Private Banks functioning in India
5) The maximum compensation which a BO can help a 3) At present there are 56 RRBs (Regional Rural Banks )
complainant to get is Rs. 10 lakhs. functioning in India.
4) At present there are 41 Foreign Banks functioning in India

PRIORITY SECTOR LENDING

1. What is meant by Priority Sector? dairy, fishery, animal husbandry, poultry, bee-keeping and
Priority sector refers to those sectors of the economy which may sericultureup to an aggregate limit of `2 crore per borrower.
not get timely and adequate credit in the absence of this special (iii) Loans to small and marginal farmers for purchase of land for
dispensation. Typically, these are small value loans to farmers agricultural purposes.
for agriculture and allied activities, micro and small enterprises, (iv) Loans to distressed farmers indebted to non-institutional
poor people for housing, students for education and other low lenders.
income groups and weaker sections. (v) Bank loans to Primary Agricultural Credit Societies (PACS),
Farmers Service Societies (FSS) and Large-sized Adivasi Multi
2. What are the different categories under priority sector? Purpose Societies (LAMPS) ceded to or managed/ controlled by
Priority Sector includes the following categories: such banks for on lending to farmers for agricultural and allied
(i) Agriculture (ii) Micro and Small Enterprises activities.
(iii) Education
(iv) Housing 5. What constitutes 'Indirect Finance' to Agriculture?
(v) Export Credit (i) If the aggregate loan limit per borrower is more than `2 crore
(vi) Others in respect of para. (4) (ii) above, the entire loan will be treated
as indirect finance to agriculture.
3. What are the Targets and Sub-targets for banks under (ii) Loans upto `5 crore to Producer Companies set up exclusively
priority sector? by only small and marginal farmers under Part IXA of
Categories Domestic Foreign banks Companies Act, 1956 for agricultural and allied activities.
commercial banks with less than 20 (iii) Bank loans to Primary Agricultural Credit Societies (PACS),
/ Foreign banks branches (As Farmers Service Societies (FSS) and Large-sized Adivasi Multi
with 20 and percent of ANBC Purpose Societies (LAMPS).
above branches or Credit
(As percent of Equivalent of Off- 6. What constitutes Micro and Small Enterprises under priority
ANBC or Credit Balance Sheet sector?
Equivalent of Off- Exposure, Bank loans to Micro and Small Manufacturing and Service
Balance Sheet whichever is Enterprises, provided these units satisfy the criteria for investment
Exposure, higher)
in plant machinery/equipment as per MSMED Act 2006.
whichever is
higher) Manufacturing sector
Total Priority 40 32 Enterprises Investment in plant and
Sector machinery
Total agriculture 18 No specific target. Micro Enterprises Do not exceed twenty five
Advances to 10 No specific target. lakh rupees
Weaker Sections Small Enterprises More than twenty fivelakh
rupees but does not
4. What constitutes 'Direct Finance' for Agricultural Purposes? exceed five crore rupees
(i) Loans to individual farmers [including Self Help Groups Enterprises Investment in equipment
(SHGs) or Joint Liability Groups (JLGs), i.e. groups of individual Micro Enterprises Does not exceed ten lakh
farmers] engaged in Agriculture and Allied Activities, viz., dairy, rupees
fishery, animal husbandry, poultry, bee-keeping and sericulture. Small Enterprises More than ten lakh rupees
(ii) Loans to corporates including farmers' producer companies of but does not exceed two
individual farmers, partnership firms and co-operatives of crore rupees
farmers directly engaged in Agriculture and Allied Activities, viz.,
7. What is the loan limit for education under priority sector?

9
Loans to individuals for educational purposes including (e) Beneficiaries of Differential Rate of Interest (DRI) scheme;
vocational courses upto `10 lakh for studies in India and `20 lakh (f) Beneficiaries under Swarna Jayanti Shahari Rozgar Yojana
for studies abroad are included under priority sector. (SJSRY);
(g) Beneficiaries under the Scheme for Rehabilitation of Manual
8. What is the limit for housing loans under priority sector? Scavengers (SRMS);
Loans to individuals up to `25 lakh in metropolitan centres with (h) Loans to Self Help Groups;
population above ten lakh and `15 lakh in other centres for (i) Loans to distressed farmers indebted to non-institutional
purchase/construction of a dwelling unit per family excluding lenders;
loans sanctioned to banks own employees. (j) Loans to distressed persons other than farmers not exceeding
`50,000 per borrower to prepay their debt to non-institutional
9. What is included under Weaker Sections under priority lenders;
sector? (k) Loans to individual women beneficiaries upto `50,000 per
Priority sector loans to the following borrowers are considered borrower;
under Weaker Sections category:-
(a) Small and marginal farmers; 10. What is the rate of interest for loans under priority sector?
(b) Artisans, village and cottage industries where individual The rate of interest on various priority sector loans will be as per
credit limits do not exceed `50,000; RBIs directives issued from time to time, which is linked to Base
(c) Beneficiaries of Swarnjayanti Gram Swarozgar Yojana Rate of banks at present. Priority sector guidelines do not lay
(SGSY), now National Rural Livelihood Mission (NRLM); down any preferential rate of interest for priority sector loans.
(d) Scheduled Castes and Scheduled Tribes;

Miscellaneous Banking Topics


What is Asset Management Companies? commercial banks and other financial institutions in their
A company that invests its clients' pooled fund into securities that respective demises to bring about rapid economic development.
match its declared financial objectives. Asset management CAMELS: Capital Adequacy, Asset Quality, Management,
companies provide investors with more diversification and Earnings Liquidity and Systems.
investing options than they would have by themselves. Mutual Nationalization of Banks
funds, hedge funds and pension plans are all run by asset How many banks were nationalized during the first stage in
management companies. These companies earn income by our country?
charging service fees to their clients. Nineteen banks were nationalized during the first stage on
What is Liquidity Adjustment Facility(LAF)? 19.07.1969
A tool used in monetary policy that allows banks to borrow A separate act namely Banking companies acquisition and
money through repurchase agreements. This arrangement allows undertakings act 1970 was promulgated in order to commence
banks to respond to liquidity pressures and is used by the banks as nationalized banks
governments to assure basic stability in the financial markets. The following banks were nationalized during the first stage: a)
What is Bancassurance? Central Bank of India; b) Bank of Maharashtra; c) Dena Bank; d)
It is the term used to describe the partnership or relationship Punjab National Bank; e) Syndicate Bank; f) Canara Bank; g)
between a bank and an insurance company whereby the Indian Bank; h) Indian Overseas Bank; i) Bank of Baroda; j)
insurance company uses the bank sales channel in order to sell Union Bank of India; k) Allahabad Bank; l) United Bank of India;
insurance products. m) United Commercial Bank; n) Bank of India.
Balance of Trade: What do you mean by the second stage of bank
The value of a countrys exports minus the value of its imports. nationalisation? While fourteen banks were nationalized on
Unless specified as the balance of merchandise trade, it normally 19.7.1969, six banks were once again nationalized during the
incorporates trade in services, including earnings (interest, year 1980 on 15.4.1980 with an objective to achieve the social
dividends, etc.) on financial assets. objectives The following are the banks which were nationalized
Balance of Payments: during 1980: Andhra Bank, Punjab and Sind Bank, New Bank of
A list of all of a countrys international transactions for a given India, Vijaya Bank, Corporation Bank, Oriental Bank of
time period, usually one year. Payments into the country Commerce New Bank of India subsequently merged with
(receipts) are entered as positive numbers, called credits; Punjab National Bank
Payments out of the country (payments) are entered as negative NPA-Non-Performing Asset& SARFAESI
numbers called debits. A single numbers summarize all of a It means once the borrower has failed to make interest or
countrys international transactions: the balance of payments principal payments for 90 days, the loan is considered to be a
surplus. non-performing asset.
NOSTRO Account: SARFAESI Act and Rules
A Nostro account is maintained by an Indian Bank in the foreign SARFAESI Act (The Securitization and Reconstruction of Financial
countries. Assets and Enforcement of Security Interest Act, 2002) was
VOSTRO Account: enacted to regulate securitization and reconstruction of financial
A Vostro account is maintained by a foreign bank in India with assets and enforcement of security interest created in respect of
their corresponding bank. Financial Assets to enable realization of such assets.
Lead Banking Scheme: Under this scheme all the nationalized The SARFAESI Act provides for the manner for enforcement of
banks and few private sector banks were allowed specially and security interests by a secured creditor without the intervention of
were asked to play the Lead Role. The lead banks act as a a court or tribunal. If any borrower fails to discharge his liability
leader to bring about co-ordination of cooperative banks, in repayment of any secured debt within 60 days of notice from

10
the date of notice by the secured creditor, the secured creditor is SWIFT: Society for Worldwide Interbank Financial
conferred with powers under the SARFAESI Act to Telecommunication. It operates a worldwide financial messaging
a) take possession of the secured assets of the borrower, network which exchanges messages between banks and other
including transfer by way of lease,assignment or sale, for financial institutions.
realizing the secured assets STRIPS: Separate Trading for Registered Interest & Principal
b) takeover of the management of the business of the borrower Securities.
including the right to transferby way of lease, assignment or sale CIBIL: Credit Information Bureau of India Limited. CIBIL is Indias
for realizing the secured assets, first credit information bureau. Whenever a person applies for
c) appoint any person to manage the secured assets possession new loans or credit card(s) to a financial institution, they
of which is taken by thesecured creditor, and generate the CIBIL report of the said person or concern to judge
d) require any person, who has acquired any of the secured the credit worthiness of the person and also to verify their
assets from the borrower andfrom whom money is due to the existing track record. CIBIL actually maintains the borrowers
borrower, to pay the secured creditor so much of the money as if history.
sufficient to pay the secured debt. CRISIL: Credit Rating Information Services of India Limited. Crisil
Other points is a global analytical company providing ratings, research, and
IMPS: Immediate Payment Service. It is an instant interbank risk and policy advisory services.
electronic fund transfer service through mobile phones. Both the Financial inclusion
customers must have MMID (Mobile Money Identifier Number). Financial inclusion involves
For this service, we dont need any GPS-enabled cell phones. 1) Give formal banking services to poor people in urban & rural
BCBS: Basel Committee on Banking Supervision is an institution areas.
created by the Central Bank governors of the Group of Ten 2) Promote habit of money-savings, insurance, pension-investment
nations. among poor-people.
IFSC code: Indian Financial System Code. The code consists of 11 3) Help them get loans at reasonable rates from normal banks.
characters for identifying the bank and branch where the So they dont become victims in the hands of local moneylender.
account in actually held. The IFSC code is used both by the RTGS
and NEFT transfer systems. Three important initiatives taken by RBI for financial
MICR Code: Magnetic ink character recognition (MICR) is a inclusion:
character-recognition technology used mainly by the banking 1) Lead banking scheme (LBS).
industry to ease the processing and clearance of cheques and RBI asked every bank to choose a particular district.
other documents. It is at the bottom of cheques and other That Bank will be responsible for promoting banking services
vouchers and typically includes the document-type indicator, and financial literacy, in that district.
bank code, bank account number, cheque number, cheque 2) No frills account replaced in 2012 by BSBDA-
amount, and a control indicator. Poor people can open bank accounts with ZERO balance on 10th
MSME and SME: Micro Small and Medium Enterprises (MSME), august 2012 no frills replaced by basic saving bank account
and SME stands for Small and Medium Enterprises. This is an 3) Business Correspondents (BC) system.
initiative of the government to drive and encourage small Business correspondents are bank representatives. they
manufacturers to enjoy facilities from banks at concessional personally goes to the area allotted to them and carry out
rates. banking.
LIBOR: London InterBank Offered Rate. An interest rate at which
banks can borrow funds, in marketable size, from other banks in
the London interbank market. take money out of savings account, loans etc.)
LIBID: London Interbank Bid Rate. The average interest rate at carries a mobile device.
which major London banks borrow Eurocurrency deposits from
other banks. and get the money.
ECGC: Export Credit Guarantee Corporation of India. This
organisation provides risk as well as insurance cover to the new account opened, every transection made via them, every
Indian exporters. loan-application processed etc.

KISAN CREDIT CARD


KCC is a credit facility given to the farmers based on the total What do you know by currency chest?
yield capacity of their agriculture land. The money withdrawn is Currency chests are operated by RBI so that they can provide
to be paid back in 1 year attracting 7% interest rate but if the good quality currency notes to the public. However, RBI has
individual pays the credit in time then 3% of interest is paid appointed commercial banks to open and monitor currency chests
back to his amount, but this facility is available only for those on behalf of RBI. The cash kept in currency chests is considered to
KCC which has a annual limit of less than or upto 3 lakh. be kept in RBI.
What is Self Help Group(SHG) What do you mean by narrow banking?
Self Help Group is a homogeneous group of micro entrepreneurs It is the system of banking under which the bank accepts deposits
with affinity among themselves, voluntarily formed to save from the public and places the funds accepted in 100 percent
whatever amount they can conveniently save out of their risk free assets with maturity matching for its liabilities. The bank
earnings and mutually agree to contribute to a common fund of takes no risk of lending at all.
the group from which small loans are given to the members for What is a small coin depot?
meeting their productive and emergent credit needs at such rate Some bank branches are also authorised to establish Small Coin
of interest, period of loan and other terms as the group may Depots to stock small coins. The Small Coin Depots also distribute
decide. small coins to other bank branches in their area of operation.

11
What are soiled, mutilated and imperfect banknotes? 1. UCBs should carry out an annual review of accounts in which
(i) "soiled note:" means a note which, has become dirty due to there are no operations (i.e. no credit or debit other than
usage and also includes a two piece note pasted together crediting of periodic interest or debiting of service charges) for
wherein both the pieces presented belong to the same note, and more than one year. The banks may approach the customers and
form the entire note. inform them in writing that there has been no operation in their
(ii) Mutilated banknote is a banknote, of which a portion is accounts and ascertain the reasons for the same.
missing or which is composed of more than two pieces. (iii) 2. If the letters are returned undelivered, they may immediately
Imperfect banknote means any banknote, which is wholly or be put on enquiry to find out the whereabouts of customers or
partially, obliterated, shrunk, washed, altered or indecipherable their legal heirs in case they are deceased.
but does not include a mutilated banknote. 3. A savings as well as current account should be treated as
Unclaimed Deposits and Inoperative/ Dormant Accounts inoperative / dormant if there are no transactions in the account
for over a period of two years.
REVERSE MORTGAGE LOAN
The scheme of reverse mortgage has been introduced for the benefit of senior citizens owning a house but having inadequate income
to meet their needs. Some important features of reverse mortgage are:
a) A homeowner who is above 60 years of age is eligible for reverse mortgage loan. It allows him to turn the equity in his home
into one lump sum or periodic payments mutually agreed by the borrower and the banker.
b) NO REPAYMENT is required as long as the borrower lives, Borrower should pay all taxes relating to the house and maintain the
property as his primary residence.
c) The amount of loan is based on several factors:
borrowers age, value of the property, current interest rates and the specific plan chosen.
The valuation of the residential property is done at periodic intervals and it shall be clearly specified to the borrowers upfront. The
banks shall have the option to revise the periodic / lump sum amount at such frequency or intervals based on revaluation of
property.
Settlement--The loan shall become due and payable only when the last surviving borrower dies or would like to sell the home, or
permanently moves out. On death of the home owner, the legal heirs have the choice of keeping or selling the house. If they d ecide
to sell the house, the proceeds of the sale would be used to repay the mortgage, with the remainder going to the heirs.

As per the scheme formulated by National Housing Bank (NHB), the maximum period of the loan period is 15 years. The
residual life of the property should be at least 20 years. Where the borrower lives longer than 15 years, periodic payments will not
be made by lender. However, the borrower can continue to occupy.

Other Banks which were established-


REGIONAL RURAL BANK (RRB): Capital:
1) REGIONAL RURAL BANK were set up by an ordinance in The authorised capital of the EXIM Bank is Rs. 200 crore and
1975, later replaced by RRBs Act, 1976 as pre Banking paid up capital is Rs. 100 crore, wholly subscribed by the
Commission recommendation in 1975. Central Government.
2) Father of RRB is M.Swaminathan. SIDBI:
3) The Govt. of India had appointed a Working Group on rural The Small Industries Development Bank of India (SIDBI) was
Banks under the chairmanship of Mr. M. Narasimham in 1975. established as a principal financial institution for the promotion,
First 5 RRBs were set up on 2 nd Oct., financing and development of industries in the small scale sector.
4) At the end of June 1985, 183 RRBS with the network of SIDBI started its operations from 2 April 1990.
10,245branches have opened in the states of the Indian union.. NATIONAL HOUSING BANK (NHB):
5) SHARE HOLDER CONTRIBUTION IN %: 1) The National Housing Bank (NHB), the apex institution of
Government of India 50% Sponsor Bank 35% State Government housing finance in India, was set up as wholly owned subsidiary
15% Total 100%. of the Reserve Bank of India.
EXIM BANK: 2) The bank started its operations from July 1988.
The Export-Import (EXIM) Bank of India is the principal financial 3) NHB is a subsidiary bank of Reserve Bank of India.
institution in India for coordinating the working of institution 4) National Housing Bank was established under section 6 of
engaged in financing export and import trade. It is a statutory National Housing Bank Act(1987).
corporation wholly owned by the Government of India. It was 5) The headquarters of NHB is in New Delhi.
established on January 1, 1982 for the purpose of financing,
facilitating and promoting foreign trade of India.

BASEL-3 NORMS
The Basel Committee is the primary global standard-setter for Basel III or Basel 3 released in December, 2010 is the third in the
the prudential regulation of banks and provides a forum for series of Basel Accords. These accords deal with risk
cooperation on banking supervisory matters. Its mandate is to management aspects for the banking sector.
strengthen the regulation, supervision and practices of banks What does Basel III is all About ?
worldwide with the purpose of enhancing financial stability. According to Basel Committee on Banking Supervision "Basel III is
Stefan Ingves, Governor of Sveriges Riksbank(SWEDEN), is the a comprehensive set of reform measures, developed by the
chairman CHAIRMAN of the Basel Committee. Basel Committee on Banking Supervision, to strengthen the
Basel III Accord - Basel 3 Norms

12
regulation, supervision and risk management of the banking (c) Countercyclical Buffer: The countercyclical buffer has been
sector". introduced with the objective to increase capital requirements in
What are the objectives / aims of the Basel III measures ? good times and decrease the same in bad times. The buffer will
Basel 3 measures aim to: slow banking activity when it overheats and will encourage
improve the banking sector's ability to absorb shocks arising lending when times are tough i.e. in bad times. The buffer will
from financial and economic stress, whatever the source range from 0% to 2.5% of RWAs, consisting of common
improve risk management and governance equity/shares or other fully loss-absorbing capital.
strengthen banks' transparency and disclosures. (d) Minimum Common Equity and Tier 1 Capital Requirements
What are Three Pillars of Basel III Norms? : The minimum requirement for common equity, the highest form
Pillar 1: Minimum Regulatory Capital Requirements based on of loss-absorbing capital, has been Minimum Common Equity(the
Risk Weighted Assets (RWAs) : Maintaining capital calculated highest form of loss-absorbing capital) raised under Basel III
through credit, market and operational risk areas.(MAINLY THAT from 2% to 4.5% of total risk-weighted assets. The overall Tier
CAPITAL WHICH CAN ABSORB RISK.) 1 capital requirement, consisting of not only common equity but
Pillar 2 : Supervisory Review Process : Regulating tools and also other qualifying financial instruments, will also increase from
frameworks for dealing with peripheral(OUTER) risks that banks the current minimum of 4% to 6%. Although the minimum total
face. capital requirement will remain at the current 8% level.
Pillar 3: Market Discipline : Increasing the disclosures that banks (e) Leverage Ratio: A leverage ratio is the relative amount of
must provide to increase the transparency of banks capital to total assets (not risk-weighted). This aims to put a cap
on swelling of leverage in the banking sector on a global basis.
What are the Major Features of Basel III ? 3% leverage ratio of Tier 1 will be tested before a mandatory
(a) Better Capital Quality : One of the key elements of Basel 3 leverage ratio is introduced in January 2018.
is the introduction of much stricter definition of capital. It means (f) Liquidity Ratios: Under Basel III, a framework for liquidity
capital with the higher loss-absorbing capacity. This in turn will risk management will be created. A new Liquidity Coverage
mean that banks will be stronger, allowing them to better Ratio (LCR) and Net Stable Funding Ratio (NSFR) are to be
withstand periods of stress. introduced in 2015 and 2018, respectively.
(b) Capital Conservation Buffer: Another key feature of Basel iii
is that now banks will be required to hold a capital conservation FACTS
buffer of 2.5% of RWAs. CCB-aims to conserve the capital of --10.50%
banks by making a buffer/reserve FOR CRISIS situation . The --4.50% to 7.00%
aim of asking to build conservation buffer is to ensure that banks --6.00%
maintain a cushion of capital that can be used to absorb losses --5.00%
during periods of financial and economic stress. --2.50%
--3.00%
--0% to 2.50%

TAGLINES OF DIFFERENT BANKS


1. Allahabad Bank A tradition of trust 9. Indian Bank Taking banking technology to the common man
2. Andhra bank For all your needs 10. Oriental bank of Commerce Where every individual is
3. Bank of Baroda Indias international bank committed
4. Bank of India Relationships beyond banking 11. Punjab National Bank The name you can bank on
5. Bank of Maharashtra One family one bank 12. State bank of India With you all the way
6. Canara Bank Together We Can 13. Syndicate bank Your faithful & friendly financial partner
7. Central bank Central to you since 1911 14. Vijaya Bank A friend you can bank on
8. Dena Bank Trusted Family Bank

RUPAY CARD
a) RuPay is the Indian domestic card payment network set up by c) All Public Sector Undertakings (PSU) banks set to join RuPay
National Payments Corporation of India (NPCI) at the behest of system by the end of year 2012.
banks in India. The RuPay project had been conceived by Indian d) The government of India had launched Indias first domestic
Banks Association (IBA) and had the approval of Reserve Bank payment card network, RuPay, to compete with Visa Inc and
of India (RBI). Mastercard Inc.
b) National Payments Corporation of India (NPCI) has a plan to
provide a full range of card payment services including the Objectives of RuPay:
RuPay ATM, RuPay Micro-ATM, Debit, Prepaid and Credit Cards The Main Objective of the RuPay payment network project is to
which will be accepted in India and abroad, across various reduce the overall transaction cost and develop products
channels like POS, Internet, IVR and mobile etc. appropriate for financial inclusion.

Headquarters of NATIONALIZED BANKS


Allahabad Bank Kolkata Corporation Bank Mangalore
Bank of India Mumbai Dena Bank Mumbai
Bank of Maharashtra Pune Indian Bank Chennai
Canara Bank Bangalore Indian Overseas Bank Chennai
Central Bank of India Mumbai Oriental Bank of Commerce New Delhi

13
Punjab National Bank New Delhi Union Bank of India Mumbai
Punjab & Sind Bank New Delhi United Bank of India Kolkata
State Bank of India Mumbai Vijaya Bank Bangalore
Syndicate Bank Manipal Andhra Bank Hyderabad
UCO Bank Kolkata Bank of Baroda Vadodra

BANKING ABBREVIATIONS
1. PSBs: PUBLIC SECTOR BANKS 23. ICICI: INDUSTRIAL CREDIT AND INVESTMENT
2. SNBCs: SCHEDULE NON COMMERCIAL BANKS CORPORATION OF INDIA
3. SENSEX: SENSITIVE INDEX OF STOCK EXCHANGE 24. HDFC: HOUSING DEVELOPMENT FINANCE CORPORATION
4. GNP: GROSS NATIONAL PRODUCT 25. IRDA: INSURANCE REGULATORY AND DEVELOPMENT
5. KYC: KNOW YOUR CUSTOMER AUTHORITY
6. RTGS: REAL TIME GROSS SETTLEMENT 26. SWOT: STRENGETH, WEEKNESSES, OPPORTUNITIES AND
7. NEFT: NATIONAL ELECTRONIC MONEY TRANSFER THREATS
8. EFT: ELECTRONIC FUND TRANSFER 27. SWIFT: SOCIETY FOR WORLDWIDE INTERBANK FINANCIAL
9. CBS: CORE BANKING SOLUTIONS TELECOMMUNICATION
10. LIBOR: LONDON INTERBANK OFFERED RATE 28. FERA: FOREIGN EXCHANGE REGULATORY ACT
11. MIBOR: MUMBAI INTERBANK OFFERED RATE 29. FEMA: FOREIGN EXCHANGE MANAGEMENT ACT
12. MIBID: MUMBAI INTERBANK BID RATE 30. CASA: CURRENT AND SAVING ACCOUNT
13. SARFAESI: SECURITISATION AND RECONSTRUCTION OF 31. NDTL: NET TIME AND DEMAND LIABILITIES
FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST 32. NASDAQ: NATIONAL ASSOCIATION FOR SECURITIES
14. CAMELS: CAPITAL ADEQUECY RATIO, ASSET QUALITY, DEALERS AUTOMATED QUOTATIONS
MANAGEMENT OF EFFECTIVENESS, EARNING OF 33. CRISIL: CREDIT RATING AND INVESTMENT SERVICES INDIA
PROFITABILITY, LIQUIDITY, SYSTEM AND CONTROLS LIMITED
15. CAR: CAPITAL ADEQUECY RATIO 34. CIBIL: CREDIT INFORMATION BUREAU OF INDIA LIMITED
16. FIIs: FOREIGN INSTITUTIONAL INVESTMENTS 35. NAV: NET ASSET VALUE
17. FDI: FOREIGN DIRECT INVESTMENT 36. ICRA: INDIAN CREDIT RATING AGENCY
18. IPO: INITIAL PUBLIC OFFERING 37. CARE: CREDIT ANALYSIS AND RESEARCH LIMITED
19. MICR: MAGNETIC INK CHARACTER READER 38. WMAs: WAYS AND MEANS ADVANCES
20. BIRD: BANKERS INSTITUTE OF RURAL DEVELOPMENT 39. ALM: ASSET LIABILITY MANAGEMENT
21. IBA: INDIAN BANK ASSOCIATION 40. INFINET INDIAN FINANCIAL NETWORK
22. BPLR: BENCHMARK PRIME LENDING RATE

CURRENT AFFAIRS CAPSULE


FINANCIAL & BANKING NEWS
1. RBI approves the merger of Kotak Mahindra-ING Vysya. 10. RBI has modulated PSL norms which stipulate that banks
2. Bharti AXA General Insurance launched Smart Traveller. operating in India must offer 40% of all loans to farmers, small
3. Dena Bank on 6 April 2015 signed a Memorandum of entrepreneurs and so-called weaker sections of society.
Understanding (MoU) with Life Insurance Corporation (LIC) of 11. Bank of India has partnered with insurance companies New
India to provide insurance India Assurance Co and Star Union Dai-ichi Life Insurance to roll
cover to all Aadhaar-linked savings account holders of the bank out the governments social security insurance schemes.
in the age group of 18 to 50 years. 12. Bank of Baroda, a leading Indian public sector bank, has
4. PM Narendra Modi launched the Rs 20,000 cr Micro Units tied up with UAE Exchange to offer an instant cash transfer
Development Refinance Agency (MUDRA) Bank and said , the facility to NRI customers.
aim of the bank is to fund the unfunded small entrepreneurs and 13. Bharatiya Mahila Bank (BMB) has won The Asian Banker
to strengthen savings habit in the country. Achievement Award 2015.
5. IFCI Ltd has now become a state- owned firm with the 14. The government has raised the limit of foreign direct
government increasing its stake in the infrastructure financing firm investment in pension sector to 49 per cent in line with the FDI
to 51.04 per cent. cap in the insurance sector.
6. The Reserve Bank notified government's decision to raise 15. Corporation Bank and New India Assurance Company Ltd
foreign direct investment (FDI) limit in the insurance sector to 49 signed a memorandum of understanding (MoU) for implementing
per cent from the present 26 percent. Pradhan Mantri Suraksha Bima Yojana [PMSBY], central
7. IndusInd Bank entered into an agreement to acquire Royal government`s scheme to provide security against personal
Bank of Scotland's Diamond & Jewellery Financing business in accidental risk and permanent or partial disability.
India and related deposit portfolio. 16. Insurance Australia Group (IAG) has decided to increase its
8. ICICI Bank in collaboration with Tech Mahindra launched a stake in State Bank of Indias general insurance arm to 49 per
payment service Tap-n-Pay based on the near-field cent from 26 per cent.
communications (NFC) technology, enabling customers make 17. IndusInd Bank has agreed to buy Royal Bank of Scotlands
diamond and jewellery financing business in India.
over-the-counter payments without using cash.
9. Bharatiya Mahila Bank Ltd has entered into MoUs with New 18. Country's second largest private sector lender HDFC Bank
India Assurance Company Ltd and Life Insurance Corporation of launched '30-min auto' and '15-min 2-wheeler' loan schemes, for
India to provide insurance cover to its accountholders. which customers have to provide only their biometric details.

14
19. Private insurer Bajaj Allianz has launched a weather-based 41. An extremely simplified income tax return form will soon
crop insurance scheme for orange crops in Nagpur, Hingoli and replace the controversial 14-page ITR that sought information
Washim districts of Maharashtra. like all bank accounts and foreign trip details.As it stands, the
20. Government is likely to infuse additional USD 1.8 billion new ITR forms, including the ITR-1 and ITR-2, require an assessee
(about Rs 11,500 crore) in public sector banks this fiscal. to furnish the number of bank accounts held by the individual.
21. HDFC Securities, a subsidiary of HDFC BankBSE -0.23 % has 42. MoneyGram Ready to Handle Electronic-Mode Remittances
launched its mobile trading app in 11 different regional in India.
languages. 43. The RBI put in place a new framework to check loan fraud
22. The Reserve Bank of India (RBI) has extended the date to including by way of early warning signals at banks and red
exchange pre-2005 bank notes till December 31, 2015 for third flagging of accounts, while swindlers will have no access to
time. further banking finance.
23. Export-Import (Exim) Bank has extended a line of credit of 44. The Centre's new appointment norms for public sector bank
$268.35 million to Tanzania for financing extension of Lake chiefs capping the age at 55 years and mandatory three-
Victoria pipeline. year board level experience has come under judicial scrutiny
24. The Reserve Bank of India (RBI) issued the final guidelines for with the Supreme Court.
the 6-year and 13-year cash settled 45. Axis Bank, the country's third largest private sector bank now
Interest Rate Futures (IRF) on government securities with residual facilitates instant transfer of money on various social media
maturity of 4-8 years and 11-15 years respectively under the channels like Whatsapp, Facebook, Twitter, Email list and phone
Interest Rate Futures. contact list.
25. To help investors and companies in IPOs, SEBI halved the 46. KV Kamath appointed BRICS bank president.
listing time to six days from the date of the public offer and also 47. State Bank of India joined its private sector rivals to launch
allowed a larger number of firms to tap the fasttrack route contactless cards using latest near field technology (NFC).
for raising funds. 48. In a move that will promote 'tap and pay' electronic
26. India Brand Equity Foundation (IBEF) in the third week of payments, the Reserve Bank of India (RBI) said that bank can
June 2015 released a report on Intellectual Property Rights allow customers to transact with contactless card upto Rs 2000
(IPRs) filing in India during 2013-14. While Maharashtra topped without customers punching a separate PIN for authentication.
the list of states and Union Territories (UTs), Bengaluru was the 49. Arun Shrivastava assumed charge as Managing Director &
top city in IPR filing. CEO of Syndicate Bank.
27. Odisha State Co-op Bank launches Bank on Wheels. 50. Top private sector lender ICICI Bank opened its first branch
28. The stock of Kaveri Seed Company will see some buying in China, which was inaugurated by Prime Minister Narendra
interest as the Reserve Bank of India said foreign portfolio Modi.
investors could now invest up to 49 per cent of the companys 51. HDFC Bank has launched 'HDFC Bank Apollo Medical
equity base. Benefits Card'.
29. Bills for postpaid mobile service, piped gas and water 52. As part of Make in India, Finance Minister Arun Jaitely
supply can now be submitted as proof of address for opening inaugurates Indigenous New Bank Note printing lines at Security
account with banks or other financial institutions. Paper Mill in Hoshangabad.
30. Service tax increased to 14%. 53. ICICI Launches Voice Password Facility for Phone Banking.
31. RBI lowers repo rate to 7.25 per cent. 54. State-run Corporation Bank cut base rate or minimum
32. Non-repatriable investments by NRIs, OCIs and PIOs will be lending rate by 0.25 percentage point to 10 per cent, a move
treated as domestic investments and will not be subject to which will lead to lower EMIs for its customers.
foreign direct investment caps. 55. Micro Units Development Refinance Agency (MUDRA) Bank
33. EPFO to invest 5% of funds in equity market. has partnered with 19 state and regional level coordinators to
34. The Reserve Bank of India (RBI) has permitted banks to take reach those small entrepreneurs who are often cut off from the
control of 51 percent of stake in a company that has failed to banking system because of a limited branch presence.
recover financial health even after a period of financial 56. State-run lender Bank of India tied up with MasterCard to
restructuring, typically due to management inefficiency or other launch three new cards and also two new banking solutions for
factors. its card holders.
35. ICICI Bank Appoints MK Sharma As Non-Executive Chairman. 57. Aiming to attract overseas funds, government decided that
36. The Reserve Bank of India (RBI) said that Indian corporates, non-repatriable investments by NRIs, OCIs and PIOs will be
eligible to raise external commercial borrowings (ECBs), are treated as domestic investments and will not be subject to
permitted to issue rupee- linked bonds overseas. foreign direct investment caps.
37. Reserve Bank of Indian has allowed non-resident Indians 58. The country's largest bank announced a partnership with
(NRIs) to invest in chit fund to encourage flow of capital into the digital payments firm, PayPal so that the Customers of State
country. Bank of India (SBI) can now use their debit cards on PayPal for
38. The Insurance Regulatory and Development Authority of buying products from overseas websites.
India (IRDAI) has imposed a penalty of 50 lakh on Future 59. Markets regulator SEBI simplified norms for domestic mutual
Generali Life Insurance Company. funds to manage offshore pooled assets, dropping its "20-25
39. State Bank of India (SBI), the countrys largest bank, has rule" which requires a minimum of 20 investors and a cap of 25
launched SBI eforex, an Internet-based platform that enables percent on investment by an individual, for funds from low-risk
customers to book their foreign exchange transactions online. foreign investors.
40. Canara Bank has entered into a memorandum of 60. IDBI Bank has decided to roll out e-huts to connect with the
understanding with Life Insurance Corporation of India for rural populace.
offering the Pradhan Mantri Jeevan Jyoti Bima Yojanainsurance
cover to all its eligible customers.

15
INDIA GDP FORECAST
1. The World Bank has predicted a GDP growth rate of 8 per 5. India pegs 2014-15 GDP growth at 7.4 per cent
cent for India by 2017 and said that a strong expansion in the 6. Indias growth to reach 6.3 per cent in 2016:United Nations
country, coupled with favourable oil prices. World Economic Situation and Prospects (WESP)
2. Moodys, a global ratings agency, raised Indias rating 7. International Monetary Fund (IMF) projected that India will
outlook to positive from stable, but retained the Baa3 grow 6.5 per cent in 2016, overtaking China which, it projected,
rating. will slowdown to 6.3 per cent.
3. India's economic growth is projected to surpass that of China's, 8. Fitch expects real GDP growth to pick up to 8 per cent in
with the GDP expected to zoom by 7.7 per cent in 2016, FY16 and 8.3 per cent in FY17.
according to a UN report. 9. IMF projected GDP growth for India in 2014-15 at - 5.6 % &
4. The Asian Development Bank projected India's growth rate to 6.4 % in 2015
surpass China and improve to 7.8 per cent in next fiscal and
further to 8.2 per cent in 2016-17.

India ranking in different Indexes:


1. India ranks 119 on 2015 FM Global Resilience Index. 9. Global Hunger Index Report 2014: 55 (Mauritius top
2. India ranked 143rd in Global Peace Index. followed by Thailand and Albania)
3. India is home to the highest number of hungry people in the 10. Human Development Index 2014 135 (Norway top
world, at 194 million, surpassing China, according to United followed by Australia).
Nations annual hunger report. 11. Intellectual property (IP) environment 2015 29 (US ranked
4. Indias consumer confidence score rose to 130 followed by on the top, Thiland last)
Indonesia (123) and Philippines (115). 12. World Press Freedom Index 2015 - 136 in the list of 180
5. India has emerged as the second-most trusted country in the countries
world in terms of faith reposed on its institutions. The list is 13. World's best countries for doing business 2014 134
topped by UAE with 84 per cent trust. 14. Global Peace Index 2014 143 (Iceland top the list while
6. Transparency International India (TII) Corruption Index Syria the most violent place)
India ranked 85th among 175(Denmark topped) 15. Global Innovation Index 2014 - 76
7. World Bank - Ease of Doing Business" report - India ranked 16. Global Competitiveness Index 2014 -71 (Switzerland is the
142 among the 189 countries (Singapore top) most competitive economy, followed by Singapore).
8. World Economic Forum's 2015 Gender gap index 114
(Iceland top the list followed by Finland & Norway)

Important Committees in News:


1. Bibek Debroy Committee on restructuring of Indian Railways. 11. G N Bajpai Committee: to review the investment guidelines
2. The government has set up a high level panel, headed by for national pension system (NPS) schemes in private sector.
former Home Secretary Anil Baijal to suggest a framework to 12. Scientist Raghunath Anant Mashelkar panel: to recommend
assess CSR activities done by corporates under the companies best technologies for Prime Minister Narendra Modi's "Swachh
law. Bharat" national sanitation campaign.
3. Union Finance Ministry constituted High Level Committee to 13. T S R Subramanian Committee: to review five key green laws
interact with trade and industry to give recommendations to the concerning protection and conservation of environment, forest,
Central Board of Direct Taxes (CBDT) and the Central Board of wildlife, water and air among others.
Excise and Customs (CBEC) for issuance of appropriate 14. H R Khan Committee: to examine the un-claimed amount in
clarifications by way of circulars, on tax-related issues on a PPF, Post Office and Savings Schemes.
regular basis. The high level committee will be headed by 15. H Devaraj Committee: reported that most of the deemed
former Chief Economic Advisor (CEA) Ashok Lahiri. universities are not fit for being a university.
4. TSR Subramaniam Committee: to review the processes, laws 16. Sivaramakrishnan Committee: to suggest the place to build
and Acts of the Ministry of Environment, Forests and Climate the capital city of Andhra Prades
Change 17. Former RBI Governor Bimal Jalan to head the Expenditure
5. Pratyush Sinha committee: to assess compensation for coal Management Commission. The purpose of setting up the
blocks. commission is to cut-off the spending and review government
6. The former Union Minister Jairam Ramesh designated as the expenditure to get maximum output.
head of Future Earth Engagement Committee, a global research 18. Justice CS Dharmadhikari Committee: recommended
platform panel on sustainable development. complete ban on dance bars in hotels and restaurants.
7. T.K. Vishwanathan committee: to provide Bankruptcy code for 19. R. Ramanujam Committee - to review, identify and
small and medium enterprises (SMEs). recommend amendment in obsolete laws to further smoothen and
8. Justice Prabha Sridevan committee: to function as a think-tank simplify the governance.
to help draft a new National Important News (India & World):
Intellectual Property Rights Policy (National IPR Policy) 1. A massive 7.9-magnitude earthquake struck east of Pokhara
9. K.V. Kamath panel: to examine the financial architecture for in Nepal, causing widespread damage to buildings in the capital
Micro, Small and Medium Enterprises (MSME) sector. Kathmandu.
10. Gopalakrishna Committee: on Capacity Building in Banks 2. China has hosted the signing ceremony of the Asian
and non-Banks Infrastructure Investment Bank (AIIB), a new international financial

16
institution set to rival the World Bank and Asian Development 11. 26 African countries create TFTA (The Tripartite Free Trade
Bank. Area): Cape Town to Cairo free-trade zone that facilitates
3. A ranking of destinations for attractiveness to foreign investors creation of Africas largest free-trade zone.
has placed India at the top among 110 countries. China has 12. Seychelles becomes 161st member of World Trade
secured the 65th position and the U.S. Organisation.
4. As per recently released report by British Petroleum (BP) 13. David Cameron has returned to Downing Street with the
Energy Company, United States (US) became Tories having defied polls and won the general election.
the worlds largest oil producer in 2014 surpassing Saudi 14. President Pranab Mukherjee, on his visit to Russia, has
Arabia. inaugurated a festival of Indian Culture 'Namaste Russia' in
5. Minister of State (MoS) for External Affairs V K Singh Moscow.
inaugurated first India-China Yoga College at Yunnan Minzu 15. China overtook the United States as the world's top importer
University in Kunming, China. of crude oil for the first time in April 2015.
6. India leads regional inflow of Foreign Direct Investment (FDI) 16. A major earthquake has struck eastern Nepal, near Mount
in South Asia accounting for $34 billion investment during 2014 Everest, two weeks after more than 8,000 died in a devastating
and the upward trend is likely to continue this year also, quake.
according to a UN report which placed China as the world's 17. Prime Minister Narendra Modi announced that India will
largest FDI recipient. grant e-visas to Chinese tourists.
7. India has emerged as the third largest Foreign Direct 18. Minister of State for Information and Broadcasting
Investment (FDI) source for United Kingdom (UK) in 2014-15. Rajyavardhan Singh Rathore inaugurated the India Pavilion at
8. India has set two Guinness world records (GWR) in Rajpath the 68th Cannes International Film Festival.
yoga event held on the eve of first International Yoga Day led 19. Brushing aside objections, Prime Minister Narendra Modi
by Prime Minister Narendra Modi. First record is the largest announced granting of e-visa (electronic visa also called visa on
number of participants- 35,985 people had participated in arrival) facility to the Chinese nationals in Beijing.
largest yoga demonstration at a single venue i.e. Rajpath yoga 20. India announced a US$ one billion credit line to Mongolia
event. for infrastructure development as they upgraded their ties to
9. China launched a freight train service between its Strategic Partnership and agreed to deepen defense
northeastern city of Harbin and Europe, opening a new trade cooperation besides exploring potential for tie ups in areas like
route to Europe covering a distance of nearly 10,000 kms. the civil nuclear sector.
10. The Senate passed the USA Freedom Act, marking the first 21. Prime Minister Narendra Modi and Bangladesh premier
time in over thirty years that both houses of Congress have Sheikh Hasina will jointly inaugurate a border 'haat' (market) at
approved a bill placing real restrictions and oversight on the Kamalasagar in Tripura's Sipahijala district, which borders
National Security Agencys surveillance powers. Brahmanbaria district of Bangladesh.

17
Important News States
1. Odisha Government launches Aahar scheme. 13. Tamil Nadu chief minister J Jayalalithaa announced a
2. Andhra Pradesh Cabinet approved Amaravathi as capital of financial aid of Rs 41 crore for farmers in the Cauvery delta
the State. region to improve the kuruvai cultivation (short-term cultivation).
3. Punjab Government launches Padho Punjab- Khedo Punjab 14. Essel, Rajasthan government ink Rs 4k crore pact for solar
Mission. parks.
4. The BJP government in Haryana has decided to give the status 15. Mahindra World City Jaipur (MWCJ), spread across 3,000
of cabinet minister to yoga guru Ramdev, who was earlier made acres on the Delhi-Mumbai corridor, has become the first project
the states brand ambassador to promote yoga and ayurveda. in Asia and sixth in the world to commit to a carbon-
5. The Kerala government launched a major campaign positive road map as part of the C40 Cities Climate Leadership
"Subodham" to help people in the state overcome alcohol, drug Group.
and other substance abuse. 16. Chief Minister N. Chandrababu Naidu and his wife
6. The Delhi government gave approval for the setting up of a Bhuvaneswari performed bhoomi pooja for the new capital
farmer compensation scheme to be named after Gajender Singh, Amaravati at Mandadam village in Guntur district.
who allegedly committed suicide during an AAP rally on April 17. Kapil Mishra to Succeed Jitender Tomar as Delhi's Law
22. Minister.
7. West Bengal Chief Minister Mamata Banerjee declared 18. In Haryana's Bibipur village, contest of selfies with daughter
Nadia as the first Open Defecation Free (ODF) district in the to save girl child was organised.
country. 19. In a bid to make Arunachal Pradesh a hundred per cent
8. Nadia district in West Bengal has won the United Nations organic state, the State government decided to launch State
Public Service Award 2015 in the category of improving Soil Health Mission.The programme aims at proper
delivery of public services for or eliminating open defecation in documentation of soil health and preparation of soil map.
the district. 20. Jitan Ram Manjhi announces new party as Hindustani Awam
9. First phase of Chennai Metro service was inaugurated by Morcha (HAM).
Tamil Nadu Chief Minister J Jayalalithaa after she flagged off 21. MoUs worth Rs 24,000 cr signed during PM Narendra
inaugural train. Modi's visit to Chattisgarh.
10. Tennis legend Steffi Graf was appointed the Ayurveda 22. Punjab becomes first state to issue Soil Health Cards to
brand ambassador of Kerala. farmers. Union Ministry of Human Resource Development (MHRD)
11. Indian Railways names Haridwar Mail as Yoga Express. gave an in-principle approval for setting up an IIIT (Indian
12. The Andhra Pradesh government has launched `Mee Bhoomi', Institute of Information Technology) in Nagpur, Maharashtra. It
a digital depository of land records.The portal, will be the first IIIT to be set up in the state.
http://meebhoomi.ap.gov.in/, makes all land details along with 23. Mega Food Park Inaugurated at Nalbari, Assam.
Adangal/Pahani and 1-B details, available to the people.
New Appointment in India
1. Gulshan Rai takes charge as Indias first cyber security chief. 14. Senior IPS officer Archana Ramasundaram has been moved
2. K.N. Tripathi sworn in as Governor of Mizoram. out of the CBI and appointed as Director, National Crime
3. Mayilsamy Annadurai appointed as Director of ISRO Satellite Records Bureau (NCRB).
Centre (ISAC). 15. LIC Nomura Mutual Fund CEO Nilesh Sathe appointed
4. President Pranab Mukherjee has appointed the senior-most member, life at IRDAI.
Election Commissioner, Dr Nasim Zaidi, as the next Chief Election 16. New chairman of Engineers India Ltd - Sanjay Gupta . He
Commissioner (CEC). replaced A K Purwaha.
5. Sumit Mazumder, Chairman & Managing Director, TIL Limited, 17. K.Sivan becomes the new VSSC chief replacing M.S. Dathan.
has been elected as the President of CII for the year 2015-16. 18. General Lalit Bhanot was elected vice-President of the Asian
He succeeds Mr Ajay Shriram as the new President. Athletics Association (AAA).
6. Arun Kumar Jha was appointed as Chief Executive Officer of 19. Jyoti Prasad Rajkhowa sworn-in as Arunachal Pradesh
Khadi and Village Industries Commission (KVIC), Mumbai. Governor.
7. Meenakshi Madan Rai sworn in as the first lady judge of the 20. Ravi Shastri to continue as Indian team director.
Sikkim High Court. Her oath of the office was administered by 21. Ex-IB chief Asif Ibrahim was the PMs Special Envoy on
the Governor Srinivas Patil at Ashirwad Hall at Raj Bhavan in Countering Terrorism and Extremism, with a charter to liaise with
Gangtok. governments in West Asia, Af-Pak and South East Asia.
8. Senior diplomat Mohan Kumar, currently India's top envoy to 22. Infosys Limited appoints R. Seshasayee as Non-Executive
Bahrain, has been appointed the next Ambassador to France to Chairman of the Board.
succeed Arun Kumar. 23. S Christopher appointed as Secretary, Department of
9. IDFC appoints former CAG Vinod Rai as independent Defence Research and Development-cum-Director General,
director. Defence Research and Development Organisation (DRDO).
10. Rahul Agarwal is Lenovo India MD 24. K.V. Chowdary appointed as new Central Vigilance
11. Ericsson appoints Paolo Colella as new head of region India. Commissioner.
12. State Bank of India (SBI) announced the appointment of 25. Vijai Sharma appointed as Chief Information Commissioner.
Anshula Kant as its chief financial officer (CFO). Kant has been 26. Yes Bank reappoints Rana Kapoor as MD.
designated as the deputy managing director and CFO of the 27. Government extends Bank of Baroda interim chief Ranjan
bank, SBI said in a filing on BSE. Dhawan's term for 3 months.
13. Beno Zephine becomes first 100% blind officer in IFS.

18
28. R C Tayal appointed as new Director General of National 37. 23-year-old US-educated Yaduveer crowned Maharaja of
Security Guard. Mysuru.
29. Dr. Srivari Chandrasekhar was appointed Director of CSIR- 38. In a first in India, Manabi Bandopadhyay has been
Indian Institute of Chemical Technology (IICT) a premier research appointed the first transgender principal at a college in West
institute of Union Government based in Hyderabad, Telangana. Bengal.
30. Shri Ameising Luikham, IAS took over as Secretary, 39. Manoj Mishra appointed as CMD of National Fertilizers Ltd
Department of Public Enterprises in the M/o Heavy Industries & (NFL).
Public Enterprises. 40. AIADMK supremo Jayalalithaa sworn in for the fifth time as
31. Achal Kumar Jyoti, a former Gujarat Chief Secretary, was Tamil Nadu chief minister.
appointed as the Election Commissioner. 41. New Governors Appointed:
32. President Pranab Mukherjee has appointed Justice Cyriac Jharkhand: Former Odisha Minister Droupadi Murmu was
Joseph as acting Chairman of National Human Rights Commission appointed as Governor of Jharkhand.
(NHRC). Manipur: Dr Syed Ahmed has been transfered to Manipur for
33. Sanjay Gupta today took over as chairman and managing remaining period of his term.
director of Engineers India Ltd. Arunachal Pradesh: J P Rajkhowa was appointed as Governor
34. Power Secretary Pradeep Kumar Sinha was appointed as of Arunachal Pradesh.
the next Cabinet Secretary of the government. Mizoram: Lt. General (Retd.) Nirbhay Sharma has been
35. Alok Kumar and Jitendra Kumar have been appointed as transferred and appointed as Governor of Mizoram for the
advisers in Niti Aayog for five years. remainder of his term.
36. Eminent scientist Dr. Selvin Christopher has been appointed Tripura: Tathagata Roy will be the Governor of Tripura.
as the Director General (DG) of Defence Research and Meghalaya: V Shanmuganathan
Development Organisation (DRDO) along with the rank of a
secretary.
FDI Limits in different sectors: Defence 49
Pension 49
Insurance 49
Print Media 26
Civil Aviation 49
Public Sec. Banks 20
Private Sec. Banks 74
Multi Brand 51
Single Brand 100
Tourism 100

New Appointment in World


1. Muhammadu Buhari claims victory in Nigeria's presidential 8. Finance Minister Nhlanhla Nene announced that former
elections. Reserve Bank governor Tito Mboweni has been appointed as the
2. Pedro Cateriano Bellido appointed as Prime Minister of Peru. non-executive director to the board the Brics New Development
3. The East China Normal University (ECNU), one of the Bank (NDB).
prestigious universities in China, announced the appointment of 9. UN elected Denmark's Mogens Lykketoft to head General
Dr. Vishal Sikka, Chief Executive Officer of Infosys, as Advisory Assembly.
Professor. 10. Prince Harry was made a Knight Commander of the Royal
4. Indian-American Vivek Murthy was sworn-in as the US Victorian Order.
Surgeon General. He succeeded Boris D. Lushniak. 11. Deutsche Bank appointed John Cryan as its new CEO.
5. Chennai-born Raja Rajeswari has been sworn-in as a criminal 12. Indian-origin Tory MP Priti Patel has been appointed minister
court judge in New York by Mayor Bill de Blasio. of state for employment in British Prime Minister David
6. Nikesh Arora appointed SoftBank President. Cameron's new cabinet.
7. Afghan President Ashraf Ghani nominated a female judge to
the Supreme Court in an unprecedented move that has angered
some Islamic conservatives.

SUMMIT
1. Hyderabad will play host to a four-day global pharma expo 5. The first Renewable Energy Global Investors Meet & Expo,a
and summit from July 23. lso called RE-Invest 2015. New Delhi
2. 6th National Conference on Nuclear Energy held in New 6. The 15th Delhi Sustainable Development Summit. New Delhi
Delhi. 7. First World Ocean Science Congress - Kochi, Kerala
3. Minister of Health & Family Welfare, Jagat Prakash Nadda, 8. World Congress on Information Technology (WCIT) -
will preside over the 68th Session of the World Health Assembly Hyderabad
(WHA) at Geneva as India assumes the Presidency of the WHA, 9. World Economic Forum annual Summit 2015 Davos -
the high decision making body of the World Health Organisation Switzerland
(WHO), after a gap of 19 years. 10. World Diamond Conference 2014 New Delhi
4. UN World Conference on Disaster Risk Reduction Sendai City, 11. 19th SAARC Summit 2016 Islamabad, Pakistan
Miyagi Prefecture, Japan 12. G20 Leaders Summit 2014 Brisbane, Queensland (Australia)

19
13. 15th G - 20 Summit 2015 Turkey 20. 45th International Film Festival of India begins in Goa.
14. 16th G - 20 Summit 2016 China 21. The International Renewable Energy Agency, IRENA hold its
15. 4th Nuclear security summit 2016 United States eighth Council meeting in Abu Dhabi.
16. 7th BRICS Summit 2015 Ufa, Russia 22. G-4 foreign minister meeting held in New York to discuss
17. IBSA Summit 2015 (IBSA = India - Brazil - South Africa) - Security Council reform
New Delhi 23. 13th edition of the Pravasi Bharatiya Divas (PBD) will be
18. International Buddhist Conference 2014 held in Nepal held for the first time in Gandhinagar, Gujarat.
19. 19th East Asia Summit held in Nay Pyi Taw, Myanmar

IMPORTANT FINANCIAL SCHEMES

1) Pradhan Mantri Jeevan Jyoti Bima Yojana debit from the designated savings bank account on the
Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana prescribed forms will be required to be given by 31st May
(PMJJBY Scheme 2 for Life Insurance) are: 2015 - extendable up to 31st August, 2015. Premium: Rs. 12/-
Eligibility: Savings Bank (SB) Account holders between 18 years + service tax (per annum). Payment Mode: The premium will be
(completed) and 50 years. directly auto-debited by the bank from the subscribers account.
Policy period: The cover shall be for one year period starting This is the only mode available. Risk Coverage: Total coverage
from June 1, 2015 to May 31, 2016 for which option to join / (sum-insured) under the scheme is Rs. 2 Lakh.
pay by auto-debit from the designated savings bank account on
the prescribed forms will be required to be given by May 31, 3) BRIEF OF ATAL PENSION YOJANA
2015, extendable up to August 31, 2015.
Premium: Rs. 330 (per annum). Yojana (APY)1 in 2015-16 budget. The APY is focussed on all
Payment Mode: The premium will be directly auto-debited by citizens in the unorganized sector.
the bank from the subscribers savings bank account. This is the the Pension Fund Regulatory
only mode available currently. and Development Authority (PFRDA) through NPS architecture.
Risk Coverage: Sum Assured of Rs. 2 Lakh on death of the
Insured member for any reason is payable to the Nominee. HIGHLIGHTS OF ATAL PENSION YOJANA
Termination of assurance:
Account holder attains age of 55 years for the subscribers ranging between Rs. 1000 and Rs. 5000 per
Closure of account with the Bank or insufficiency of balance for month.
debiting premium.
In case of multiple coverage under the scheme, the cover will be GoI.
restricted to Rs.2 lakhs and other insurance covers are -contribute 50% of the subscribers
terminated and premium shall be forfeited. contribution or Rs. 1000 per annum, whichever is lower.
Government co-contribution is available for those who are not
2) Pradhan Mantri Suraksha Bima Yojana covered by any Statutory Social Security Schemes and is not
Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY income tax payer.
Scheme 1 for Accidental Death Insurance) are: Eligibility: -contribute to each eligible subscriber, for a period
The savings bank account holders of the participating Bank of 5 years who joins the scheme between the period 1st June,
between 18 years (completed) and 70 years (age nearer 2015 to 31st December, 2015. The benefit of five years of
birthday) who give their consent to join / enable auto-debit, as government Co-contribution under APY would not exceed 5
per the modality, will be enrolled into the scheme. Policy period: years for all subscribers including migrated Swavalamban
The cover shall be for one year period starting from 1st June beneficiaries.
2015 to 31st May 2016 for which option to join / pay by auto-

FINANCIAL SCHEMES
Jan Dhan Yohana Yojana
Aim - scheme to promote financial inclusion: Prime Minister ii. HDFC Ergo General Insurance will provide the accident cover
Narendra Modi launched 'Pradhan Mantri Jan Dhan Yojana' to under the scheme.
help the poor open bank accounts. iii. An additional Rs. 30,000 life insurance cover will be provided
The slogan for the Pradhan Mantri Jan Dhan mission is Mera for those opening bank accounts before January 26,2015.
Khata Bhagya Vidhaata. Benefits : iv. LIC (Life Insurance Corporation) will provide the life insurance
i. Every individual who opens a bank account will become cover of Rs 30,000 under the scheme
eligible to receive an accident insurance cover of up-to Rs. 1 v. Rs 5,000 overdraft facility for Aadhar-linked accounts, Ru Pay
Lakh. Debit Card with and minimum monthly remuneration of Rs 5,000
to business correspondents who will provide the last link between
the account holders and the bank.

Scheme & Plan Launched by Union & State Government:


1. Union Government launches FAME-India scheme to boost campaign seeks to extort the better off sections of society to
electric, hybrid vehicle sales. forego their liquefied petroleum gas (LPG) subsidy, which would
2. Prime Minister Narendra Modi launched Give it Up campaign be utilised in providing subsidised LPG connections to the poor.
at the annual energy-focussed summit Urja Sangam 2015. The

20
3. Union Ministry of Home Affairs (MHA) has renamed Tourist iii. Part-time members: Maximum of 2 from leading universities
Visa on Arrival-Electronic Travel Authorization scheme (TVoA- research organizations and other relevant institutions in an ex-
ETA) to e-Tourist Visa officio capacity. Part time members will be on a rotational basis.
4. Railways today launched E-Samiksha, an online monitoring iv. Ex Officio members: Maximum of 4 members of the Union
mechanism, with an aim of monitoring Council of Ministers to be nominated by the Prime Minister.
implementation of various ongoing projects including Rail Budget v. Chief Executive Officer: To be appointed by the Prime
proposals. Minister for a fixed tenure, in the rank of Secretary to the
5. Prime Minister Narendra Modi unveiled three mega flagship Government of India.
schemes aimed at developing cities and towns as "new engines vi. Secretariat as deemed necessary.
for growth". The three projects -- 100 smart cities, Atal Mission 17. PAHAL Scheme
for Rejuvenation and Urban Transformation (AMRUT) and More than 60 per cent of LPG customers in the country have
Housing for All - will ring in a new urban era, which will entail an joined the ambitious PAHAL scheme for receiving cash subsidy so
investment of over Rs 3 lakh crore in the next five years. that they can buy cooking gas (LPG) at market price. Over 9
6. Union Government has launched Bhuvan Ganga Mobile crore consumers, out of a total customer base of 15.33 crore,
Application and Web Portal to aid flagship mission to Clean have joined the Direct Benefit Transfer for LPG (DBTL) scheme
Ganga. and Rs 2,262 crore in cash has been transfered to them.
7. Union Cabinet approved increasing Indias solar power 18. Sukanya Samriddhi Accounts -
capacity target under the Jawaharlal Nehru National Solar i. Rate of interest 9.1% Per Annum(2014-15),calculated on
Mission (JNNSM) to 1 Lakh Mega Watt (MW) by 2022. yearly basis ,Yearly compounded.
8. The Union Minister of State (Independent Charge) ii. Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a
Development of North-Eastern Region (DoNER) Jitendra Singh on financial year. Subsequent deposit in multiple of INR 100/-
15 June 2015 launched an Augmented Reality (AR) application Deposits can be made in lump-sum No limit on number of
named Sakaar to highlight the achievements of the Department deposits either in a month or in a Financial year.
of Space. iii. Account can be opened up to age of 10 years only from the
9. Union Minister for Micro, Small and Medium Enterprises Kalraj date of birth.
Mishra on 15 June 2015 launched a digital Employment iv. If minimum Rs 1000/- is not deposited in a financial year,
Exchange for Industries (EEX) portal eex.dcmsme.gov.in which will account will become discontinued and can be revived with a
connect employers and job seekers. penalty of Rs 50/- per year with minimum amount required for
10. Union Government launched weather alert service deposit for that year.
NOWCAST-The SMS will be sent in English, Hindi and regional v. Partial withdrawal, maximum up to 50% of balance standing
languages as per farmers request. at the end of the preceding financial year can be taken after
11. India will provide e-tourist visa to 31 more countries, Account holders attaining age of 18 years.
including France and Canada, enabling the citizens of these vi. Account can be closed after completion of 21 years.
nations easy entry to the country. With the latest addition, the 19. Amrut Mahotsav - The year 2022, 75th year of
total number of countries under this scheme will go up to 76. Independence Vision for Team India led by PM
12. Union Minister of Road Transport and Highways Shri Nitin i. Basic facility of 24x7 power, clean drinking water, a toilet and
Gadkari dedicated to the nation two major Highway projects in road connectivity.
the North East at a function near Shillong. These include Shillong ii. Housing for all - 2 crore houses in Urban areas and 4 crore
Bypass and four laning of Jorabat-Barapani Section of NH-40. houses in Rural areas.
13. Centre allocates Rs 5,000 crore for development of AYUSH. iii. At least one member has access to means for livelihood.
14. Marking the first anniversary of NDA government, Prime iv. Substantial reduction in poverty.
Minister Narendra Modi launched Kisan TV at a function held v. Electrification of the remaining 20,000 villages including off-
in Vigyan Bhawan. grid Solar Power- by 2020.
15. Centre is planning to launch soon an agri-training 20. Deendayal Upadhyaya Gram Jyoti Yojana: Government
programme in 593 villages under the Sansad Adarsh Gram approved Rs 43,033-crore rural electrification scheme
Yojana, one of the flagship schemes of Prime Minister Narendra Deendayal Upadhyaya Gram Jyoti Yojana. Note: The scheme
Modi. will replace the existing Rajiv Gandhi Grameen Vidyutikaran
16. Niti Ayog Yojana (RGGVY).
India's Planning Commission will be renamed "Niti Ayog" ii. The scheme is likely to work towards improvement in hours of
(National Institution for Transforming India) as part of a plan to power supply in rural areas, reduction in peak load,
restructure the institution that the government believes has run its improvement in billed energy based on metered consumption
course. The name, replacing "Yojana (planning)" with "Niti and providing access to electricity to rural households.
(policy)" will be announced in an amended resolution for the new 21. Union Government launched the nationwide Bal
plan body. The Planning Commission had suggested to a group Swachhta Mission:
chaired by Prime Minister Narendra Modi that its replacement i. The Bal Swachhta Mission is a part of the nationwide sanitation
body should be structured to meet the need of changing initiative of Swachh Bharat Mission that was launched by the
economic paradigm and comprise sectorial experts and states' Prime Minister on 2 October 2014. The nationwide Bal Swachhta
representative. Mission will have the following six themes:
The NITI Aayog will comprise the following: 1. Clean Anganwadis
The full-time organizational framework will comprise of, in 2. Clean Surroundings like Playgrounds
addition to the Prime Minister as the Chairperson: 3. Clean Self (Personal Hygiene/Child Health)
i. Vice-Chairperson: To be appointed by the Prime Minister 4. Clean Food
ii. Members: Full-time 5. Clean Drinking Water
6. Clean Toilets

21
22. Swachh Bharat Mission (Ek Kadam Swachhata Ki Aur) iii. Bring about, as far as achievable, gender parity in the field
launched on Oct 2: The concept of Swachh Bharat is to pave of science and technology.
access for every person to sanitation facilities including toilets, 25. National Pension System -: Government of India
solid and liquid waste disposal systems, village cleanliness and established Pension Fund Regulatory and Development Authority
safe and adequate drinking water supply. (PFRDA)- External website that opens in a new window on 10th
Important Points: October, 2003 to develop and regulate pension sector in the
1. The Mission aims at fulfilling the dream of clean India of country. The National Pension System (NPS) was launched on
Mahatma Gandhi by his 150th birth anniversary in 2019. 1st January, 2004 with the objective of providing retirement
2. Logo created by Shri Anant Khasbardar of Kolhapur, income to all the citizens.
Maharashtra has won the Logo design contest 26. Aajeevika - National Rural Livelihoods Mission (NRLM) was
3. The Tagline Ek Kadam Swachhata Ki Aur was given by launched by the Ministry of Rural Development (MoRD),
Ms.Bhagyasri Sheth of Rajkot, Gujarat emerged successful in the Government of India in June 2011. The basic idea behind this
contest for Tagline for the Logo. programme is to organize the poor into SHG (Self Help Groups)
4. PM Narendra Modi appointed bollywood actor Aamri Khan groups and make them capable for self-employment.
as the Brand Ambassador of the Swachh Bharat Mission 27. Indira Awas Yojan: It is one of the major flagship programs
5. Prime Minister roped 9 celebrities including cricket icon Sachin of the Rural Development Ministry to construct houses for BPL
Tendulkar, Congress leader Shashi Tharoor, industrialist Anil population in the villages
Ambani, Salman Khan, Priyanka Chopra and Kamal Haasan, Note: i. The financial assistance provided for new construction in
Goa governor Mridula Sinha, yoga guru Ramdev and the team the form of full grant is Rs.70,000/- per unit for plain areas &
of TV serial "Tarak Mehta Ka Ulta Chashma". Rs.75,000/- for hilly/difficult areas.
23. Union Ministry of Science & Technology announces KIRAN ii. Further, an IAY beneficiary can avail top-up loan upto Rs
(Knowledge, Involvement, Research, Advancement through 20,000/- under the Differential Rate of Interest (DRI Scheme)
Nurturing) scheme for Women Scientists from any Nationalized Bank at an interest rate of 4% per
24. annum.
Objectives:- 28. Govt re-launches Varishtha Pension Bima Yojana: The
i. To increase the number of women researchers in India. government has re-launched the Varishtha Pension Bima Yojana,
ii. Provide Research grants particularly to those female for the benefit of citizens aged 60 years and above. It will
researchers and technologists who had to take a break in career provide monthly pension ranging from 500 to 5,000 rupees per
owing to household reasons. month to senior citizens of the country. The Scheme will be
administrated by the Life Insurance Corporation, LIC.

Awards & Honours


1. Indian-origin nurse Subadhra Devi Rai named for 2015 10. PM Modi awarded the 50th Jnanpith Award to eminent
International Achievement Award. Marathi litterateur Bhalchandra Nemade whose several books,
2. Amitabh Bachchan honoured by Egypt's Academy of Arts. including Kosala and Hindu, have influenced Indian writing.
3. Delhi International Airport Limited (DIAL) has bagged the 11. Bollywood actor Anil Kapoor conferred with prestigious
prestigious Golden Peacock National Quality Award for the year Master Deenanath Mangeshkar Award 2015.
2015. 12. Indian Space Research Organisation (ISRO) has been
4. An Indian origin school boy Pratap Singh, 15, in the UK has selected for the Gandhi Peace Prize for 2014 for its contribution
been chosen for a prestigious prize for the Institute of Physics to the countrys development through space technology and
(IOP) Prize, that carries 500 pounds sterling and a trip to a satellite-based services.
national physics-related activity. 13. President Pranab Mukharjee conferred Punyabhushan Award
5. Uttar Pradesh Government conferred Sahitya Shiromani on Prataprao Pawar, Chairman of Sakal Media Group (SMG) at
Samman on noted Hindi poet Gopaldas Neeraj and veteran Balgandharva Auditorium in Pune.
Hindi litterateur Uday Pratap Singh. 14. Vocalist Sanjay Subrahmanyam selected for Sangita
6. Seoul city, the capital and largest metropolis of South Korea Kalanidhi award 2015.
was awarded the title of Global Earth hour Capital 2015 after it 15. Atal Behari Vajpayee honoured with Bangladesh Liberation
won the Earth Hour City Challenge (EHCC) of World Wildlife War Award.
Fund (WWF). 16. Edward Snowden awarded freedom of expression prize in
7. US President Barack Obama honoured Microsoft's Indian- Norway
origin CEO Satya Nadella with the 'Champions of Change' 17. Isro Bags Space Pioneer Award for Mangalyaan Mars
award for bringing about change within his company to support Orbiter Mission.
working families. 18. Indian-Origin Surgeon General Vivek Murthy Presented With
8. NRI industrialists Hinduja brothers S P Hinduja and G P Pride of Community Award
Hinduja have won the Business Leader of the Year 2015 award 19. Dr. Pramod Patil and Dr. Ananda Kumar won 2015
at the prestigious 5th Asian Awards for their outstanding Whitley Awards for wildlife conservation.
achievement in the field of business. 20. Ace marksman Jitu Rai was declared the Sportsperson of the
9. Bollywood actor Shah Rukh Khan was honoured with the Year' at the Times of India Sports Awards.
Dadasaheb Phalke Film Foundation Award 2015 for his 21. Indian film Masaan has won the prestigious critics prize in the
performance in the movie Happy New Year. Actor Rajkummar Un Certain Regard category at the 68th Cannes Film Festival.
Rao won the prestigious award for his performance in the 22. Two Indian peacekeepers have been chosen posthumously for
critically acclaimed film Citylights. United Nations Dag Hammarskjold Medal. They are Lance Naik
Nand Ram and Raju Joseph.

22
23. Hungarian writer Laszlo Krasznahorkai won Britain's Man Booker International Prize for career achievement.

Awards 62nd National Film Awards Awards IIFA 2015 Winner


Best Actor Sanchari Vijay for Nanu Avanalla Best Actor Shahid Kapoor for Haider
Avalu Best Actress Kangna Ranaut for Queen
Best Actress Kangna Ranaut for Queen Best Director Rajkumar Hirani for PK
Best Director Srijit Mukherji Best Movie Queen
Best Feature Fim Queen
Best Feature Film in Court Padma Vibhushan:
Hindi 1. LK Advani- Public Affairs- Gujarat
Dada Saheb Phalke Shashi Kapoor 2. Amitabh Bachchan- Art- Maharashtra
Award 3. Prakash Singh Badal- Public Affairs- Punjab
4. Prof Malur Ramaswamy Srinivasan- Science and Engineering-
Tamil Nadu
5. Kottayan K. Venugopal- Public Affairs- Delhi

Place in News
1. India's first International Financial Services Centre (IFSC) at 7. Maharashtra has officially declared Blue Mormon species as
Gujarat International Finance Tec (GIFT) City in Gandhinagar State butterfly as part of state symbols.
district of Gujarat became operational and Finance Minister 8. Election Commission of India (ECI) has suspended recognition
Arun Jaitley unveiled rules and regulations for this global of the PA Sangma-led National Peoples Party (NPP) which was
financial hub. a recognized state party in Meghalaya.
2. Larsen & Toubro (L&T) has announced signing a memorandum 9. Jaipur Metro, touted as one of the fastest built metro systems
of understanding (MoU) with AREVA of France for co-operation in the country, was thrown open to public.
to maximise localisation of the EPR nuclear power plant to be 10. The sprawl of the National Capital Region (NCR) just got
built at Jaitapur, Maharashtra. bigger as the nod has been given for the inclusion of
3. The National Tiger Conservation Authority (NTCA) has Muzaffarnagar district of Uttar Pradesh and the Jind and Karnal
accorded final approval to two national parks i.e. Kudermukh districts of Haryana.
National Park in Karnataka and Rajaji National Park in 11. Nitin Gadkari inaugurated the Indias first of its kind State-
Uttarkhand for being declared as tiger reserves. of-the-Art Tier-I Oil Spill Response Centre for Mumbai & JNPT
4. State-run BSNL, with the Army's assistance, today Harbour.
operationalised a mobile tower at an altitude of 16,000 feet in 12. Second border haat (rural market) was opened for common
Eastern Ladakh region of Jammu and Kashmir. people at Kamalasagar in Sipahijala district
5. Migrant Resource Centre (MRC) was set up in Chennai by the of Tripura bordering Brahmanbaria district of Bangladesh.
Union Ministry of Overseas Indian Affairs (MOIA) and Tamil 13. Maharashtra Industrial Development Corporation (MIDC) has
Nadu state government. inked memorandum of understanding (MoU) with state-run Small
6. Rajasthan topped the list of states commissioning grid Industries Development Bank of India (SIDBI) to provide easy
connected solar power projects in the country with an installed finance to micro, small and medium enterprises (MSMEs) for their
capacity of 1147 megawatt. growth.
14. Tripura government decides to withdraw AFSPA from state.

Person in News
1. Indian Prime Minister Narendra Modi is the winner of this 6. Four Indians have been named in Forbes magazines 12th
years reader poll for TIME Person of the Year. annual list of Worlds 100 most powerful women. These are:
2. Vankadarath Saritha, a 30-year-old driver became first Arundhati Bhattacharya, Chanda Kochhar, Kiran Mazumdar
woman bus driver to be inducted in Delhi Transport Corporation Shaw & Shobhana Bhartia.
(DTC). 7. Tanishq Abraham 11-year old Indian-American creates record
3. Rajya Sabha member Sitaram Yechury was elected the fifth by graduating from California College.
general secretary of the Communist Party of India (Marxist). 8. Parvinder Singh Batth, becomes first Sikh mayor in United
4. Jayaram Jayalalitha cleared of corruption charges. Kingdoms Wokingham Borough Council.
5. An Egyptian court has sentenced ousted President Mohammed 9. Indian-American Harkeert Singh Saini won Prestigious Police
Morsy to death. Award in Texas.

Agreements
1. A Memorandum of Understanding (MoU) was signed on 18 3. India and United States have signed a series of agreements
April 2015 between Rail Vikas Nigam Limited (RVNL) and Dighi on health in order to enhance cooperation in health sector.
Port Limited to facilitate construction of 34 km of railway link 4. India and Belarus decided to work together on defence and
between Roha and Dighi Port in Raigad district of Maharashtra. security issues as President Pranab Mukherjee met his Belarusian
2. India, Thailand sign multiple agreements including double counterpart and agreed on a 17-point road map aimed at
taxation avoidance treaty. strengthening mutual trust and confidence.

23
5. The Loan and Project Agreements for World Bank (IBRD) 10. Government declared 11 pacts that signed between India,
assistance of US$ 400 million for Tamil Nadu Sustainable Urban Germany at Hannover fair.
Development Project were signed between the Government of 11. The Union Cabinet gave its nod for revising the existing
India/ Government of Tamil Nadu and World Bank. double taxation avoidance agreement (DTAA) with South Korea.
6. India and the US signed a new strategically important 10- 12. World's largest steel maker ArcelorMittal and SAIL inked a
year defence framework pact envisaging joint development pact to jointly setup a steel plant in India for the fast growing
and manufacture of defence equipment and technology automotive sector.
including jet engines, aircraft carrier design and construction. 13. Gujarat government and Chinese software firm ZTE-soft
7. India, Bangladesh make history with land swap - India and have entered into an agreement for smart city projects in the
Bangladesh sealed a historic agreement that will settle a 41- state.
year-old land boundary dispute through exchange of territories, 14. The India Meteorological Department (IMD) under the Union
removing a major irritant in bilateral ties. Ministry of Earth Sciences on 18 May 2015 signed
8. Union Cabinet meet chaired by Prime Minister Narendra Memorandum of Understanding (MoU) with Power System
Modi has approved the signing of Bangladesh, Bhutan, India Operation Corporation Ltd (POSOCO) for optimum use of
and Nepal (BBIN) Motor Vehicle Agreement. weather information/forecast in the power sector.
9. India to tie up with Iran for Chabahar port.

Resign/Retired
1. Vijay Kelkar resigns from Tata Chemicals' Board. 4. Dick Costolo resigned as CEO of Twitter Inc.
2. United Nation (UN) peace envoy to Yemen, Jamal Benomar 5. Fifa president Sepp Blatter resigned.
has resigned, after losing support from Gulf countries for his 6. C.S Verma steps down as SAIL CMD.
mission in the conflict-riven nation. 7. TN CM O Panneerselvam resigns, makes way for
3. Union Ministry of Statistics and Programme Implementation Jayalalithaa to take over as the CM.
(MOSPI) has sacked Dr Bimal K Roy as the Director of Indian
Statistical Institute (ISI).

Books & Their Authors


1. Transcendence: My Spiritual Experiences with Pramukh 18. Final Test: Exit Sachin Tendulkar authored by Dilip
Swamiji written by Abdul Kalam DSouza
2. Book titled Modi - Incredible emergence of a star in Chinese 19. A Man and a Motorcycle, How Hamid Karzai Came to
language written by Tarun Vijay
Power: written by Bette Dam
3. Education of Muslims: An Islamic Perspective of Knowledge 20. And Then One Day: Naseeruddin Shah's autobiography
and Education Indian Context edited by Professor JS Rajput. 21. God of Antarctica written by Yashwardhan Shukla:
4. Pakistan's Ex-Foreign Minister Khurshid M Kasuri penned
22. One Life is Not Enough : written by Kunwar NatwarSingh
'Neither a Hawk nor a Dove'
5. Former Lok Sabha Speaker Meira Kumars book entitled 23. A book Munger through the Ages authored by late
Devendra Prasad Yadav
Indian Parliamentary Diplomacy Speakers Perspective was
released. 24. The Lives of Others a novel written by: Neel Mukherjee
6. PM Narendra Modi launched Born Again on the Mountain by 25. The Substance and the Shadow: written by Uday Tara
Arunima Sinha Nayar, a former journalist.
7. Prince of Gujarat: The Extraordinary Story of Prince 26. Blood Feud written by Edward Klein
Gopaldas Desai released authored by Rajmohan Gandhi. 27. A Bad Character: authored by Deepti Kapoor.
8. Rajdeep Sardesai penned the book titled 2014: The Election 28. The Good, the Bad and the Ridiculous - Khuswant Singh
That Changed. 29. Train To Pakistan - Khuswant Singh
9. Book titled Letters for a Nation written by Jawaharlal Nehru 30. An Uncertain Glory: India and its Contradictions - Jean
& Madhav Khosla was published by Allen Lane an imprint of Dreze and Amartya Sen.
Penguin Books .
10. Next China-India War- World's First Water War authored
by General S. Padmanabhan released.
11. The book titled Black Tornado: The Three Sieges of Mumbai
26/11 authored by Sandeep Unnithan.
12. President of India Pranab Mukherjee penned a book titled
The Dramatic Decade: The Indira Gandhi Years.published by
Rupa.
13. Biography My Name is Abu Salem released written by S
Hussain Zaidi and published by Penguin.
14. 'Playing it My Way': Author - Sachin Tendulkar & Boria
Majumdar
15. Half Girlfriend - written by Chetan Bhagat
16. The Narrow Road to the Deep North authored by Richard
Flanagan
17. Untold Story of Indian Public Sector - authored by Dr UD
Choubey,

24
Leaders visited India/World
1. North Koreas top diplomat, Ri Su-yong, arrived in India on a 5. Maithripala Sirisena, President of Sri Lanka visited India
rare visit where Delhi hosted the meet. Ri became the first North February 15-18, 2015
Korean foreign minister to visit India in at least 25 years. Significance - First foreign visit of the Sri lankan President after
2. Pranab Mukherjee visited Sweden. taking office on 9 January 2015
3. Bangladesh President Abdul Hamid arrives in Kolkata on a 6. Nguyen Tan Dung: Vietnam Prime Minister visited India
six-day official visit during which he held talks with the Indian 7. US president Barack Obama visited India in the late January.
leadership with an aim to further strengthen the already close 8. Mark Zuckerberg: Facebook founder visited India
bilateral relations between the two countries. 9. Amazon founder Jeff Bezos visited India.
4. Tamim bin Hamad Al Thani emir of Qatar visited India from 10. Frank Walter: Foreign Minister of Germany visited India
March 24-25, 2015

OBITUARY
1. Malli Mastan Babu, India's ace mountaineer passes away 6. Charles Correa, face of contemporary architecture in India
2. Renowned Assamese filmmaker and actor Bidyut Chakraborty passes away.
breathed his last in a private nursing home in Guwahati after 7. 2004 Nobel Chemistry winner Irwin Rose dies.
brief illness. 8. Legendary actor Sir Christopher Lee passes away.
3. Former Governor of Assam and three-time Chief Minister of 9. Sheila Kaul, former Governor of Himachal Pradesh, died.
Odisha Janaki Ballav Patnaik passed away. 10. Aruna Shanbaug, the former nurse at KEM Hospital here who
4. Sister Nirmala Joshi, former Superior General of Missionaries was brutally sexually assaulted by a ward boy, passed away.
of Charity passed away in Kolkata after brief illness at the age 11. John Forbes Nash Jr., the Princeton University mathematician,
of 81. died along with his wife in a car crash.
5. Former Indian women hockey team captain Shashi Bala
passed away on 21 June 2015.

RECENT VISITS OF PRIME MINISTER


1. China: 14 16 May 4. Canada: 14 16 April
* Highlights: Highlights:
Modi will a three-nation tour of China, Mongolia and South * The first official visit by an Indian PM in over 40 years, is a
Korea from May 14 to 19. sure sign that relations between our two countries are reaching
*According to officials, the visit is aimed at giving a boost to the new heights.
East Asia policy aligning it with Make in India initiatives and A. The visit, which resulted in several new bilateral agreements
bringing momentum to the countrys foreign policy in the and commercial deals worth over $1.6 billion.
strategically significant region. B. These include energy, railway transportation, education and
A. During the Modi's visit, India would seek greater market skills development, space cooperation, and maternal, newborn
access, removal of non-tariff barriers and investments in sectors and child health.
such as defence. C. One of the commercial agreements signed was for a
B. China has already signed MoUs to set up industrial parks in Canadian company, Cameco, to supply over 3.175 million kg of
India. uranium concentrate to India over the next five years for the
Key persons--Xi Jinping (President) generation of electricity.
2. Mongolia: 16 17 May * Key person --Stephen Harper-PM
Highlights: 5. Germany: 12 14 April
A. Mongolia and India are keen to move forward on the MoU Highlights:
for Uranium supply that the two countries had entered in 2009. The PMs visit to Germany was widely covered by the media
B. Mongolia is keen on Indian helping the country in cyber there especially his inauguration of the famous Hannover
security. industrial fair along with German Chancellor Angela Merkel.
C. Help in border patrolling is another area where the two A. Both leaders spoke in favour of a free trade agreement
countries will be stepping up the ties. between the European Union and India. PM Modi said that this
* Key person --Chimed SaikhanbilegPM was important for the expansion of India as a manufacturing
3. South Korea: 18 19 May hub.
Highlights: B. The joint statement by both countries recognized the
A. His visit to South Korea has a definite Make in India angle to establishment of a working group on urban development.
it. * Germany chancellor--- angela merkel
B. India is keen on getting investment and going for joint 6. France: 9 12 April
manufacturing in areas where South Korea has a technological Highlights:
edge. * 20 pacts signed between India and France
C. In the manufacturing sector, South Korean companies including *Participate in the Make In India programme in defense, civil
Samsung, LG and Hyundai that have strong presence in India. nuclear power and food processing
* Key person --President Park Geun-hye , Prime minister--Lee * India asked France to supply 36 Rafale fighter jets in fly-
Wan-koo away condition

25
* Key Person-French President Francois Hollande. * Key personsPresident -Maithripala SirisenaRanil
7. Singapore: 29 March Prime minster --Wickremesinghe
Highlights: 9.Mauritius - 11 13 March
A. Prime Minister Modi attended the state-funeral of Lee Kuan * Highlights:
Yew, AGGREMENTS: Total 5
* The first Prime Minister of Singapore. A. India Offers $500 Million Credit to Mauritius During PM
* There, at the sidelines, he met several world leaders including Modi's Visit, 5 Pacts Signed
Israeli President. # Indian line of credit of $ 200 million initially meant for the
*It was his first visit to Singapore and he is expected to visit light railway transit system to projects in the water and energy
again during the later part of the year for golden jubilee sector.
celebration of India-Singapore diplomatic relation. B. Modi was the Chief guest at the Mauritian National Day on
8. Sri Lanka - 13 14 March 12 March
Highlights: * Key persons--PM of mauritius--aniruthJugnauth
4 agreements with Sri Lanka: 10. Seychelles - 10 - 11 March
* Customs pact to balance trade, Highlights:
* Credit line of more than $300 million, A. AGREEMENTS: Total 4
* Currency swap agreement * Hydrography
* Visa on arrival for Sri Lankan nationals in India. * Renewable energy
* Prime Minister Narendra Modi today flagged off a train * Infrastructure
service at the north-western Sri Lankan town of .The newly- * Development and sale of navigation charts and electronic
constructed 63-km railway track between Madhu Road and navigational charts
Talaimannar Pier is the last segment of the 265-km long * Key person---President James Alix Michel

Sports News
1. China's Olympic gold medal-winning hurdler Liu Xiang, one of 17. Sunil Chhetri becomes first Indian to score 50 international
the country's biggest sports stars, has retired. goals.
2. New Zealand cricketer Mills follows Vettori into retirement. 18. Jwala Gutta, Ashwni Ponappa win womens doubles title of
3. Brendon McCullum conferred with Sir Richard Hadlee Medal Canada Open Badminton tournament.
for 2014-15. 19. Inderjeet Singh, Jinson Johnson won gold at Asian Athletics
4. Planet named after Indian chess grandmaster Viswanathan Grand Prix.
Anand. 20. Former West Indies fast bowler Wes Hall was inducted into
5. Indian Grandmaster Dronavalli Harika wins bronze in World the ICC Cricket Hall of Fame.
Womens chess championship 21. Sachin Tendulkar, Sourav Ganguly, and VVS Laxman
6. Gursimran 'Sim' Bhullar became the first player of Indian inducted into BCCI's high-powered advisory panel.
descent to play in the high-profile National Basketball 22. India has jumped six places to 141st position in the latest
Association (NBA) league as he made his debut for Sacramento rankings released by world footballs governing body FIFA.
Kings. 23. De Villiers crowned South African cricketer of the year.
7. Ace Indian shooter Jitu Rai won a bronze medal in the 10m air 24. BCCI has announced Rahul Dravid as the coach of India A
pistol event at the International Shooting Sport Federation (ISSF) team and Indian U 19 cricket team.
World Cup in Changwon, South Korea. 25. Stan Wawrinka stuns Novak Djokovic and Serena Williams
8. Indian cricket icon Sachin Tendulkar was inducted as one of wins French Open after beating Lucie Safarova in final.
the five new members into the prestigious Laureus Sports 26. Tintu Luka strikes gold as India finishes 3rd at Asian Athletics
Academy in a glittering annual award ceremony at the Shanghai Championships.
Grand theatre. 27. Anantjeet Singh Naruka beat Lari Pesonen of Finland 12-11
9. Formula One world champion Lewis Hamilton won the Bahrain in the skeet match for gold in the 7th International junior shotgun
Grand Prix for the second year in a row with Ferrari's Kimi cup that concluded in Orimattila, Finland.
Raikkonen back on the podium 28. Forbes list: Dhoni has been ranked 23rd on the Forbes list of
10. Mercedes Formula 1 driver Lewis Hamilton from Britain won The World's Highest-Paid Athletes 2015.
Chinese Grand Prix of Formula One on the Shanghai 29. Serbia edge Brazil in final to clinch Fifa U-20 World Cup
International Circuit in China. This was his second win of the title.
season and his fourth Chinese Grand Prix win. It was also Lewis 30. Tennis player Rafael Nadal received Golden Medal for
Hamiltons overall 35th Grand Prix win. Merit in Work of Spain.
11. Australia and New Zealand will play cricket's first day-night 31. Indian Railway girls clinch 5th National Hockey
Test in Adelaide from late November. Championship title.
12. A quick but frustrating draw for Viswanathan Anand proved 32. Geeta Phogat won a bronze medal in the Women's
enough for Veselin Topalov to claim the Norway Chess 2015 Freestyle 58kg category in the Senior Asian Wrestling
title in Stavanger, Norway. championship in Doha.
13. Satnam Singh Bhamara, the first Indian-born player to be 33. Sakshi Malik and Lalita bagged bronze medal in Women's
drafted in the NBA League. Freestyle 60kg and 55kg categories, respectively, in the Senior
14. Former Pakistan cricket team captain Zaheer Abbas has Asian Wrestling Championship in Doha.
been selected the new President of International Cricket Council 34. Nico Rosberg has finally got the better of Mercedes
(ICC) for one year term. teammate Lewis Hamilton this season, winning the Spanish Grand
15. Federer Wins Weber Title for Eighth Time. Prix.
16. Nico Rossberg of Mercedes wins Austrian Grand Prix of F1.

26
35. Andy Murray beats Rafael Nadal to win Madrid Masters 42. Mandeep Kaur wins two gold medals at World Junior
final. Championship.
36. Tejaswini Sagar wins gold at Under-15 World School Chess 43. Mumbai Indians put up an all-round show to outshine Chennai
Championship. Super Kings by 41 runs in the final to win the Indian Premier
37. Gagan Narang won the bronze medal in the 50m Rifle League 2015.
Prone Event of the ISSF World Cup at Fort Benning in USA, 44. Mercedes driver Nico Rosberg of Germany won Monaco
earning himself a quota place for the 2016 Rio Olympics. Grand Prix of Formula One.
38. Brad Haddin: Australia wicketkeeper quits one-day game. 45. Karnataka clinch eighth Ranji Trophy title. They defeated
39. Shooter Gurpreet Singh qualifies for Rio 2016. Tamil Nadu to retain the Ranji Trophy.
40. Lalit Bhanot was elected vice-President of the Asian Athletics 46. East Zone lifts Deodhar Trophy cricket tournament, beating
Association (AAA) in Wuhan, China. West Zone by 24 runs at the Wankhede Stadium in Mumbai.
41. Sangakkara named CEAT International Cricketer of the Year
& Rahane is Indian Cricketer of the Year in the CEAT awards.
TOURNAMENTS IN BRIEF CRICKET WORLD CUP 2015
Miami Open 2015 - Winners Australia defeated Newzealand in the finals of the cricket
Mens Singles Title world cup 2015 by 7 wickets.
World No. 1 and Serbian ace tennis player Novak Djokovic has
won the 2015 Miami Open Mens Singles Title.
Womens singles Title Africa respectively in the Semi finals of the world cup.
World No. 1 and American ace tennis player Serena Williams Martin Guptill (New Zealand) 547 runs.
has won the 2015 Miami Open Womens singles Title. Mitchell Starc (Australia) 22 wickets and Trent
Mens doubles Title Boult (Newzealand) 22 wickets.
American Bob Bryan and Mike Bryan pair has won the 2015 Mitchell Starc (Australia)
Miami Open Mens doubles Title. James Faulkner (Australia)
Womens doubles Title
Indias Sania Mirza and Switzerlands Martina Hingis pair has GAMES VENUES
won 2015 Miami Open Womens doubles Title. ICC World Cup Cricket Venue: ODI: (One day International):
1. Australia & New Zealand: 2015.
Rome Masters 2015: Winners 2. England - 2019
Women's Singles - Maria Sharapova 3. India 2023
Men's Singles - N. Djokovic
Women's Doubles - Timea Babos and Kristina Mladenovic T20:
Men's Doubles - P. Cuevas and D. Marrero 1. India -2016
2. Australia - 2020
French Open
Men's Single - Winner = Stan Wawrinka (Switzerland), Runner Test:
Up = Novak Djokovic (Serbia) 1. England 2017 (for first time).
Women's Single - Winner = Serena Williams (USA), Runner Up 2. India - 2021.
= Lucie afov (Czech Republic)
FIFA (Football) World Cup venue:
Australian Open 1. 2018 : Russia
Men's Single - Winner = Novak Djokovic (Serbia), Runner Up = 2. 2022: Qatar
Andy Murray (UK)
Women's Single - Winner = Serena Williams (USA), Runner Up Commonwealth Games venues:
= Maria Sharapova (Russia) 1. 2014 Glasgow (Scotland).
2. 2018 Gold Coast (Australia).
BNP Paribas Open
i. Men's Singles - Novak Djokovic defeated Roger Federer Olympics Games venues:
ii.Women's Singles - Simona Halep defeated Jelena Jankovic 1. 2014 winter: Sochi (Russia) Russia tops in the medal tally in
iii.Men's doubles - Vasek Pospisil/Jack Sock defeated Simone 2014 winter Olympic games.
Bolelli/Fabio Fognini 2. 2016 Summer: Rio de Janeiro (Brazil)
iv.Women's doubles - Martina Hingis / Sania Mirza defeated 3. 2018 winter: Pyeongchang (South Korea)
Russia Ekaterina Makarova / Russia Elena Vesnina. 4. 2020 summer: Tokyo (Japan)

IPL 2015
IPL 2015 Winner
IPL 2015 Mumbai Indians
IPL 2015 Runner Up Chennai Super Kings
Orange Cap David Warner
Purple Cap Dwayne Bravo
Emerging Player Shreyas Iyer
Highest Individual Score AB De Villiars
Most Number of Sixes Chris Gayle

27
News Related To Defence, Science and Technology
1. Defence Minister Manohar Parrikar launched the country's first 16. NASA launches Earth-observing satellite to track the amount
indigenously-built Scorpene submarine at the Mazagaon of water locked in soil, which may help residents in low-lying
Dockyard Ltd in Mumbai. regions brace for floods or farmers get ready for drought
2. Isro IRNSS-1D Launch Puts India a Step Closer to Own GPS- conditions.
Like System. 17. A Delta 2 rocket carrying Soil Moisture Active Passive
3. HAL has delivered Orbiter Craft Module Structure of (SMAP) satellite was launched from Vandenberg Air Force Base
Chandrayaan-2 to ISRO Satellite Centre (ISAC). on Californias central coast.
4. Brightest Galaxy in Early Universe named after Cristiano 18. India successfully test-fired its indigenously developed,
Ronaldo as CR7. intercontinental surface-to-surface nuclear capable ballistic
5. India successfully test-fired its nuclear-capable Dhanush missile Agni-5, which has a strike range of over 5000 kms and
ballistic missile with a strike range of 350 km from a naval ship can carry a nuclear warhead of over one tonne, from Wheelers
off the Odisha coast. Island off Odisha
6. India successfully test-fired nuclear weapons-capable Agni-III 19. SpaceX Falcon 9 rocket successfully launched from Florida
ballistic missile from the Wheeler Island off Odisha coast. The 20. Indian Navy had conducted Humanitarian Assistance and
missile has a strike range of more than 3,000 k.m. Disaster relief (HADR) exercise in Lakshadweep Islands
7. The Indian Navy launched Visakhapatnam, the first of stealth (Kavaratti, Aggatti, Kalpeni and Androth). HADR was Indian
destroyers under the P15-B project. Navys large scale exercise to test its readiness for handling a
8. Surface-to-air short range Akash missile system inducted into tsunami like disasters.
Indian Army. 21. Cisco Systems picks Visakhapatnam as first smart city'
9. A strategically important new Naval base INS Sardar 22. Visakhapatnam will be the first city to be taken up for
Patel was commissioned in Porbandar. development as a smart city by Cisco Systems, the global IT
10. India-Singapore bilateral naval exercise SIMBEX-15 networking major and the implementing company.
commences in Singapore. 23. Indias communication satellite GSAT-16 launched from
11. In an attempt to practise using highways for emergency Kourou in French Guiana functioning normally. GSAT 16 has
landings, an IAF Mirage 2000 jet highest number of 48 transponders that will be used for
successfully test landed on the Yamuna Expressway in Uttar television, telephone and internet applications.
Pradesh. Missiles in use of Indian Army:
12. Indian Navy's latest anti-submarine warfare class stealth - 150km - Surface to Surface short range ballistic
corvette, the INS Kavaratti was launched. missile.
13. INCOIS launches app for fishermen - The app is developed - 350km
by the Hyderabad-based Indian National Centre for Ocean - 350km - 600km
Information Services (INCOIS) Marine Fishery Advisory Services - 700km -1250km Surface to Surface short range
team ballistic missile.
14. Indias indigenously developed Beyond Visual Range (BVR) - 2000km -3500km
air-to-air missile Astra was successfully tested from a Sukhoi- 30 - 3500km -5000km
fighter aircraft. - 3000km -4000km
15. HAL completed integration of BrahMos thermonuclear cruise - 5500km -5800km
missile with Sukhoi-30MKI after over two years of work, - 8000km -3500km
modifying the Russian-made aircraft. - 30 km

Business News
1. Snapdeal acquires majority stake both in RupeePower and 7. Bharat Heavy Electricals Limited (BHEL), an engineering and
FreeCharge. manufacturing company announced that it has inked a
2. Online fashion retailer Myntra shut it's website on 1st May Memorandum of Understanding (MoU) with a Russian company
2015; to be available as a mobile app only named INTMA with an aim to set up a gas-based power project
3. Cricketer Yuvraj Singh starts his new innings as businessman in Kazakhstan as well as further boost its presence in the CIS
with YouWeCan Ventures, aiming to support young countries.
entrepreneurs by investing in startups across sectors. 8. Metals and mining conglomerate Sesa Sterlite has changed its
4. Major Indian Steel Companies viz. Steel Authority of India name to Vedanta Ltd to better align with its international identity
Limited (SAIL), Tata Steel, JSW Steel of Jindal Group, Jindal Vedanta Resources.
Steel and Power Limited, Rashtriya Ispat Nigam Limited (RINL), 9. Iconic business leader Ratan Tata has acquired a stake in
National Mineral Development Corporation (NMDC) and Chinese handset maker Xiaomi, the first investment by any Indian
Metallurgical & Engineering Consultants (India) Limited (MECON) in the smartphone maker.
partnered with Union Ministry of Steel to set up Steel Research & 10. Online marketplace Flipkart has acquired Delhi-based
Technology Mission. mobile engagement and marketing automation company
5. Following popular outrage against net neutrality violations to Appiterate.
internet apartheid, eretailer Flipkart pulled out of the 11. Sunil Mittal-led Bharti Airtel has become the worlds third
controversial Airtel Zero preferential access platform. largest mobile operator with 303 million subscriber.
6. Online restaurant guide Zomato announced the acquisition of 12. BRICS bank to be operational by end of 2015: South Africa.
MaplePOS, a cloud-based point of sale product for restaurants 13. Japan headquartered telecommunications and Internet major
developed by a group of techies from Delhi. SoftBank Corp, Bharti Enterprises Limited and Taiwan-based

28
Foxconn Technology Group formed a Joint Venture (JV) named Semiconductor Association (IESA) to speed up 'Make in India' and
SBG Cleantech Limited. This JV is aimed at promoting the 'Digital India' agenda for electronic system design and
adoption of clean and safe energy in India. manufacturing (ESDM) and IT.
14. State owned telecommunications giant Bharat Sanchar 24. FDI in services sector up 46% in 2014-15.
Nigam Limited (BSNL) has announced to set up 40,000 Wireless 25. Future Group's Retail Business to Merge With Bharti Retail.
Fidelity (Wi-Fi) hot spots across the country. 26. Microsoft India unveiled Edu-Cloud, a cloud computing-
15. National Stock Exchange (NSE) on 22 June 2015 based offering, designed to offer digital learning and teaching
operationalised the Overnight Liquid Transaction facility on its in schools and higher educational institutions through virtual
web-based Mutual Fund Service System (MFSS) platform. learning platforms in India.
16. In a bid to address misleading advertisements, the 27. India is home to 56 of the worlds 2000 largest and most
Advertising Standard Council of India (ASCI) powerful public companies, according to the Forbess annual list
launched its consumer complaint mobile application ASCIonline, which is topped by the US with its share of 579 companies.
to provide consumer complaint services on a mobile app besides 28. Reliance Industries has signed up for a $750 million loan,
providing the facility online. backed by Korea Trade Insurance Corp, to primarily finance the
17. Anil Ambani-led Reliance Power signed an agreement to procurements for its infrastructure rollout from Samsung
invest $ 3 billion in setting up a mega power plant and a Electronics and Ace Technologies Corp.
floating LNG import terminal in Bangladesh which faces acute 29. The government will sell its 10 per cent stake in blue-chip
power shortages. Indian Oil Corporation (IOC) and 5 per cent in power producer
18. SpiceJet signs deal to sell tickets to waitlisted railway NTPC to mop up about Rs
travellers. 13,600 crore in this fiscals first disinvestment approval.
19. After fighting tooth and nail with online retailers, the apex 30. The Government has managed to restrict the fiscal deficit to
body of small traders, Confederation of All India Traders (CAIT), 4 per cent during 2014-15, which is even below the revised
has decided to launch its own ecommerce portal named 'e-Lala'. estimate announced in the budget.
20. Microsoft begins rebranding of Nokia Priority Stores.India is 31. Taxi aggregator TaxiForSure announced a tie-up with
the first country among Microsoft's global markets to roll out the mobile commerce platform Paytm to enable Paytm users to pay
new look for its retail outlets. for the cab service through their prepaid wallet.
21. Reliance Capital, part of Anil Ambani-led Reliance Group 32. IRCTC Partners With MyDala To Offer Deals To Ticket
appointed B Gopkumar as chief executive of its broking and Buyers.
distribution business. 33. Infosys is first Indian company to join RE100 global
22. State-run BSNL launched free roaming, , which will allow all renewable energy campaign.
its mobile customers across the country to receive incoming calls 34. Reliance Jio Infocomm, the telecom arm of Reliance Industries
at no cost. (RIL) has signed a pact with Chinese firm Huawei for sourcing
23. The National Association of Software and Services various 4G devices.
Companies (Nasscom) signed an MoU with India Electronics and

Days
1. World Heritage Day was observed across the world on 18 7. Kerala Government declares June 22 as Snake Bird Day.
April 2015. 8. India set for World Yoga Day on 21 June 2015.
2. World Haemophilia Day was observed globally on 17 April 9. World Press Freedom Day is annually observed on May 3 to
2015 with theme Building a family of support. inform the international community that freedom of the press and
3. International Mother Earth Day was observed globally on 22 freedom of expression are fundamental human rights.
April 2015 with the theme Its our turn to lead. 10. Russia celebrates victory day on 9th May.
4. National Panchayati Raj Day was observed across India on 11. Every year, `National Technology Day is observed across
24 April 2015 India on May 11.
5. World Malaria Day (WMD) was observed on 25 April 2015. 12. The United Nations (UN) observed the International Day for
The theme for the 2013-2015 campaign is Invest in the Future. Biological Diversity (IBD) on 22 May 2015. The theme was
Defeat Malaria. Biodiversity for Sustainable Development.
6. 14th June: World Blood Donor Day
Others
1. Railway Minister Suresh Prabhu introduced the mobile app for Gandhi Rashtriya Gyan-Vigyan Maulik Pustak Lekhan Puraskar,
paperless unreserved ticketing for commuters in Egmore and launched more than two decades ago, have given way for
Tambram suburban sections in Chennai under Southern Railway Rajbhasha Kirti Puraskar and Rajbhasha Gaurav Puraskar.
zone. 6. Two Indian organizations, India Army and Indian Railways are
2. Chhurim Sherpa, first woman to climb the Mount Everest among the worlds biggest employers. It was revealed in a
summit twice in a week. research published by the World Economic Forum (WEF). Both
3. Operation Raahat was in news as India launched a massive organisations employ around 2.7 million people together.
air and sea operation to evacuate over 4000 Indian nationals 7. The government of India has released stamp s and coins of the
from Yemen denomination of Rs.10 and Rs.100 on International Yoga Day
4. India launched a relief and rescue Operation named Maitri in (IYD) on June 21.
earthquake hit Nepal. 8. Op DOGA to secure Yoga Day event.
5. The BJP-led NDA government has dropped the names of 9. Union Government has exempted builders from obtaining
former Prime Ministers Indira Gandhi and Rajiv Gandhi from two prior green nod for construction of Universities, School, College
awards. The Indira Gandhi Rajbhasha Puraskar and Rajiv and Hostel facilities.

29
10. BIS App launched by Union Food and Consumer Affairs 27. National Association of Software and Services Companies
Minister Ram Vilas Paswan. (NASSCOM) and Data Security Council of India have launched
11. Government to Give Rs 6,000 Crore Interest-Free Loans to NASSCOM Cyber Security Task Force.
Sugar Mills. 28. Finance minister Arun Jaitley had announced the setting up of
12. Manu Prakash, who amazed the world last year by building the National Investment and Infrastructure Fund(NIIF) in the Union
a paper microscope, has now come up with a computer that Budget.
works by moving water droplets. 29. China, the world's biggest gold producer, has set up a gold
13. The countrys current account deficit (CAD) narrowed sharply sector fund involving countries along the ancient Silk Road which
to USD 1.3 billion, or 0.2 per cent of Gross Domestic Product is expected to raise $16.1 billion.
(GDP), in the fourth quarter. The CAD shrank to 1.3 per cent of Amendments by the Govt.
GDP for full financial year 2014-15. 1. Union Cabinet has approved lowering of age of juveniles
14. The Foreign Investment Implementation Agency, a brainchild from eighteen to sixteen years for heinous crimes.
of the former Vajpayee government, is set to get a new lease of 2. Union Cabinet has given nod to rename Solar Energy
life under Prime Minister Narendra Modi. Corporation of India (SECI) as the Renewable Energy
15. Union Government has scrapped customs import duties for Corporation of India (RECI).
drugs and test kits used to treat Human 3. Employee Provident Fund Organisation (EPFO) has notified an
immunodeficiency virus infection and acquired immune deficiency order to make Universal Account Number (UAN) mandatory for
syndrome (HIV/AIDS). all its employers. It will be mandatory for all employers covered
16. Department of Atomic Energy (DAE) launched India Nuclear under the Employees Provident Funds and Miscellaneous
Insurance Pool (INIP). Provisions Act, 1952.
17. China launched worlds first electric passenger aircraft BX1E. 4. The Union Government decided to increase the number of
18. CRPF to adopt village in earthquake-hit Nepal named workdays under Mahatma Gandhi National Rural Employment
Karikat village near Birganj in Nepal to provide people Guarantee Act (MGNREGA) from 100 days to 150 days in
immediate relief and help in its reconstruction. drought-affected areas of the country.
19. Buenos Aires is worlds bookstore capital. 5. The Union Cabinet approved the 119th Constitutional
20. The first centre for Gandhian studies in China inaugurated at Amendment Bill on Land Boundary Agreement (LBA) between
Shanghais Fudan University by Prime Minister Narendra Modi. India and Bangladesh. Under the land boundary agreement,
21. To cash in on growing online shopping trend, India Post Delhi India and Bangladesh will exchange several enclaves which are
circle will start its e-commerce centre from 11th May 2015. under each other's adverse possession.
22. Centre approves Rs. 20,000-crore budget for Namami 6. The long-pending GST bill was approved by Lok Sabha after
Gange scheme. a walkout by Congress even as government vowed to
23. Coinciding with the BRICS (Brazil, Russia, India, China and compensate states for any revenue loss and assured that the new
South Africa) summit next year in India, an under-17 football uniform indirect tax rate will be much less than 27 per cent
tournament will be played between the nations. The first will be recommended by an expert panel.
held in India only. 7. A stringent law imposing 120 per cent tax, jail term of up to
24. Infosys to open first overseas campus in China. 10 years and penalty on undisclosed foreign assets and income
25. A powerful undersea earthquake south of Japan has shaken to deal with the black money menace was passed in Lok Sabha
buildings in Tokyo which was centred 874km (543 miles) from by voice vote and with support from the Opposition.
the Japanese capital, at a depth of almost 700m. 8. The Lok Sabha passed the negotiable Instruments
26. Nobel peace prize winning organisation OPCW (Amendment) Bill, which aims at making filing of cases more
(Organisation for the Prohibition of Chemical Weapons) has convenient for payees if cheques bounce.
achieved major milestone of destroying 90 per cent of the
global chemical weapons stockpile.
UNION BUDGET
Key Highlights - Net gain from tax proposals seen at 150.68 billion rupees in
Quoting PAN a must for all purchases above Rs 1,00,000 2015-16.
Corporate tax reduced from 30% to 25% over next four years Direct tax proposals will lead to loss of Rs 8,315 crore; indirect
Defence allocation for this fiscal is Rs 2,46,727 crore. proposal will yield Rs 23,383 crore.
AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Yoga included in the ambit of charitable purposes under the
Pradesh and Assam. Income Tax Act.
Govt to raise visa-on-arrival facilities to 150 countries from 43 Questionnaire on Union Budget
Govt to introduce Indian gold coin with Ashoka sign on it. 1. In the Union Budget, rate of Service Tax was hiked from 12%
Proposal of 5 ultra mega power projects for 4,000 MW each. to ____ - 14%
Investment in infrastructure to go up by Rs 70,000 crores. 2. In the Union Budget 2015-16, Fiscal deficit seen at how much
GST to be put in place by April 1, 2016. per cent of GDP in 2015/16? - 3.9 %
All contributions to Sukanya Samridhi scheme to be tax free. 3. How much amount has been allocated to the Rural
Transport allowance, which is currently Rs 800 per month, has Infrastructure Development Bank in the Union Budget 2015-16? -
been increased to Rs 1600 per month. Rs. 25,000 crore
Additional deduction of Rs 50,000 for pension contributions. 4. According to the Union Budget, two new IIM will be opened in
Govt increases limit of deduction of health insurance premium which of the following states? -Jammu & Kashmir and Andhra
from Rs 15,000 to Rs 25,000. Pradesh
100% deduction for contribution to Swachch Bharat and Clean 5. According to the Union Budget 2015-16, Non-Banking
Ganga schemes. Financial Companies (NBFCs) registered with Reserve Bank of
Rs 150 core to create world class IT hub in India. India (RBI) above _______

30
will be now considered as financial institutions? - Rs. 5,000 crore 17. Name the Union Finance Minister who presented the Union
6. How much amount has been allocated for Rural Employment Budget 2015-16 in Parliament? - Arun Jaitley
Guarantee Scheme in the Union Budget 2015-16? - 346.99 18. Personal Income Tax limit was not changed in Union Budget
billion rupees 2015-16. What is the present Personal I-T exemption limit? - Rs
7. How much amount has been allocated to Defence sector in the 2.5 lakh
Union Budget 2015-16? - Rs. 2,46,726 crore 19. Health Insurance Premium deduction hiked from Rs. 15,000
to?- Rs. 25,000 (for senior citizens to Rs. 30,000)
8. According to the Union Budget, how much per cent of Revenue 20. Transport allowance exemption hiked to Rs. 1,600, from
Deficit to be seen in 2015-16? - 2.8% ____ per month? - Rs.800
9. According to the Union Budget 2015-16, how much per cent, 21. PAN card is must for all purchase above ______ rupees as
rate of corporate tax will be reduced over next four years? - proposed in Budget 2015-16? - Rs. 1 lakh
25% 22. An additional _____% surcharge on people earning over Rs.
10. According to the Union Budget 2015-16, now details of PAN 1 cr was put forth in the budget 2015-16? - 2%
has to mentioned compulsory for transactions for more than 23. What change was made in the Wealth tax? - Wealth tax
_____.- Rs. 1 lakh abolished
11. In the Union Budget 2015-16, increase in the limit of health 24. DTC was dropped in the Budget 2015-16. Expand DTC? -
insurance premium from current Rs 15,000 to ____.Rs. 25,000 Direct Taxes Code
12. How much amount has been allocated for micro-irrigation 25. Corporate tax to be reduced from 30% to ___ over next
watershed projects in the Union Budget 2015-16? - Rs. 5,300 four years? - 25%
Crore 26. Mudra banks to be established with capital of Rs.___ crore?-
13. How much amount has been allocated to Infrastructure sector 20000
in the Union Budget 2015-16? Rs. 70,000 crore 27. Rs. ____ deduction for contribution to New Pension Scheme?-
14. According to the Union Budget 2015-16, Visa on arrival for Rs. 50,000
how many countries? 150 28. GAAR implementation deferred by 2 years to? - April 2017
15. According to the Union Budget, Centre of film production, 29. Service Tax rate hiked to ___% from 12.36%? - 14%
animation and gaming to come up in _____. AP 30. Tax free bonds were proposed in budget for? - Roads,
16. On which date Union Budget 2015-16 was presented in railways, irrigation project
Parliament? - 28 February 2015
ECONOMIC SURVEY
Presented By - Union Finance Minister Arun Jaitely on 27 The Survey calls for adhering to the medium-term fiscal deficit
February. target of 3 percent of GDP. This will provide the fiscal space to
What is Economic Survey - The Economic Survey reviews the insure against future shocks and also to move closer to the fiscal
developments in the Indian economy over the previous 12 performance of its emerging market peers.
months, summarises the performance on major development It also calls for moving toward the golden rule of eliminating
programmes and highlights the policy initiatives of the revenue deficits and ensuring that, over the cycle, borrowing is
government and the prospects of the economy in the short to only for capital formation.
medium term. Expenditure control combined with recovering growth and the
Highlights of the Economic Survey 2014-15 introduction of the GST will ensure that medium term targets are
GDP growth is expected to accelerate to between 8.1 and 8.5 comfortably met.
percent in 2015-16. In the short run, the need for accelerated fiscal consolidation
Inflation is likely to remain in the 5-5.5 percent range in 2015- will be conditioned by the recommendations of the Fourteenth
16. Finance Commission (FFC).
The current account deficit estimated to be 1.0 percent in the Food Subsidy Bill stands at 107823.75 crore rupees during
fiscal year 2015-16. 2014-15 (up to January 2015) which means an increase of 20
Food grains production for 2014-15 is estimated at 257.07 percent over previous year
million tones. The direct fiscal cost of select subsidies is roughly 378,000
India ranks well above the mean for its investment grade crore rupees or 4.2 percent of GDP in 2011-12.
category (BBB), and also above the mean for the investment 41 percent of subsidy given for the PDS kerosene is lost as
category above it (on the basis of the new growth estimates). leakage and only 46 percent of the remaining 59 percent is
Expenditure control and expenditure switching from consumed by households that are poor.
consumption to investment will be the key to growth in the short- The JAM Number Trinity Jan Dhan Yojana, Aadhaar, Mobile
run. can enable the State to transfer financial resources to the poor
It calls for complementing Make in India initiative with Skill in a progressive manner without leakages and with minimal
India initiative to enable a larger section of the population to distorting effects.
benefit from the structural transformation that such sectors will The railways public investment multiplier (the effect of a 1
facilitate. rupee increase in public investment in the railways on overall
The Model APMC Act, 2003 should be amended along the output) is around 5.
lines of the Karnataka Model that has successfully introduced an
integrated single licensing system.
RAILWAY BUDGET
1,00,011 Cr. Planning Budget in 2015-16. Rs.2000 cr for Coastal Connectivity Program; Rs.2500 cr
Bullet train Corridor to be developed between Mumbai to through BOT/Annuity route. 1000 MW Solar plant; 100DEMUs
Ahmedabad. to dual fuel

31
Setting up Kayakalp to help in Technology Upgradation. 8.5 lakh crore rupees to be invested in the railways in the next
Corporate safety Plans; ISRO to be involved; 3438 level Xings 5 years.
to be eliminated, Rly expense increased by 2600% Operating ratio proposed at 88.5%. Best ever in 9 years.
MUTP-III project for Mumbai. Increase track length by 20 per cent and passenger carrying
Malviya Chair at IIT BHU for Railway technology excellence. capacity from 21 to 30 million.
Train Protection Warning Systems and Anti colliding system to Free Wi-fi facility to B class stations under the scheme of
be developed by RDSO. Digital India.
Increase of speed of 9 Trains from 110 km/hr and 130 km/hr SMS alert on mobile, customer portal promoting digital India
to 160 km/hr.to 200 km/hr. campaign.
Bio toilets in trains; airplane type toilets in trains.
CABINET MINISTERS
Personnel, Public Grievances and Pensions, Women and Child Development
Department of Atomic Energy, Department of Space, All Chemicals and Fertilizers
important policy issues and all other portfolios not allocated to avi Shankar Prasad Communications and Information
any Minister Technology
Home Affairs Civil Aviation
External Affairs, Overseas Indian Affairs Heavy Industries and Public Enterprises
Finance, Corporate (Additional charge Food Processing Industries
Affairs Information and Broadcasting) Mines, Steel, Labour and
Defence Employment
Urban Development, Housing, Urban Tribal Affairs
Poverty Alleviation, Parliamentary Affairs Agriculture
Road Transport and Highways, Shipping Social Justice and Empowerment
Railways Human Resource Development
Water resources, River Development and Health and Family Welfare
Ganga Rejuvenation Rural Development, Panchayati Raj, Drinking
Minority Affairs Water and Sanitation
Consumer Affairs, Food and Public Law and Justice
Distribution Science and Technology Earth Sciences
Micro, Small and Medium Enterprises
STATIC GK CAPSULE
United Nations Headquarters

International Organizations Headquarters


UNO (United Nations Org) New York
UNICEF New York
UNCTAD (United Nations Conference on Trade & Development) Geneva
WHO (World Health Org) Geneva
ILO (International Labour Org) Geneva
WMO (World Meteorological Org) Geneva
World Intellectual Property Org Geneva
International Standards Org. Geneva
IMF (International Monetary Fund) Washington DC
World Bank Washington DC
UNESCO (United Nations Educational Scientific and Cultural Org) Paris
OECD (Org. for Economic Cooperation and Dev.) Paris
UNIDO (United Nations Industrial Dev. Org) Vienna
IAEA (International Atomic Energy Agency) Vienna
OPEC(Organization of Petroleum Exporting Countries) Vienna
Amnesty International London
Commonwealth of Nations London
IM(International Maritime Organization) London
ICJ (International Court of Justice) The Hague
FAO(Food and Agricultural Organization) Rome
NATO(North Atlantic Treaty Organization) Brussels
Transparency International Berlin
SAARC(South Asian Association for Regional Coop.) Kathmandu
ASEAN (Association of South East Asian Nations) Jakarta
APEC (Asia Pacific Economic Forum) Singapore
Organization of Islamic Cooperation Jeddah

Thermal Power plants (TPS) in India:

32
Bihar
Karnataka
West Bengal
Gujarat
Madhya Pradesh
UP
Gujarat

Uttar Pradesh

Nuclear power plants in India:


- Narora, UP - Karnataka

& Candada) Russia)


Maharashtra (India & US) - Ratnagiri district in
ar atomic power plant - Gujarat Maharashtra (India & France)
- Tamilnadu

Important Wildlife Sanctuary in India


- Assam al Park & Wildlife Sanctuary - Rajasthan
- Assam - Rajasthan
- Gujarat - Rajasthan
- West Bengal - Rajasthan
Kerala Odissa
- Madhya Pradesh Odissa
- Madhya Pradesh Park Uttrakhand

Stock Exchanges and their Index:


1. BSE (Bombay Stock Exchange) - SENSEX (Sensitive Index)BSE 5. Korea Stock Exchange( Seoul, South korea) Kospi
is oldest stock exchange in Asia located at Dalal Street in 6. Shenghai Stock Exchange( China)- Composite Index
Mumbai. Sensex Consists of 30 companies. 7. Shenzen Stock Exchange( China)- Composite Index
2. NSE (National Stock Exchange) - Nifty-50-NSE is the largest 8. German Stock Exchange- DAX( Deutscher Aktein Index)
stock exchange in India. Nifty consists of 50 companies 9. Hong Kong Stock Exchange- Hang Seng
3. NYSE ( Newyork Stock Exchange) - DJ (Dow Jones)-NYSE 10. . SGX(Singapore Exchange)- STI (Straits Times Index)
world's first and largest stock market 11. LSE (London Stock exchange) or UK stock exchange-Footsie
4. ASDAQ (National association of securities dealers Automated or FTSE-100 (Financial Times and London Stock Exchange)
Quotation System)- NASD-100-NASDAQ is the firstelectronic 12. France Stock Exchange - CAC-40 (Cotation Assistee en
stock market in the world located in New York. Continuo)
4. Tokyo Stock Exhange ( Japan) - Nikkei-225

Credit Rating Agencies in India and World:


Indian credit rating industry mainly comprises of CRISIL, SMERA - Headquarters Mumbai
ICRA, CARE, ONICRA, FITCH (India Ratings & Research) & Fitch (India Ratings & Research) - Headquarters Mumbai
SMERA. Note: CRISIL is the largest credit rating agency in India, with
CRISIL - Credit Rating Information Services of India Limited, a market share of greater than 60%
Headquarter Mumbai Standard & Poor's (S&P) Headquarter New York, US
ICRA - Investment information and credit rating agency Moody's Headquarter - New York, US
Headquarter - Gurgaon, India Fitch - Headquarter - New York, US
CARE - Credit Analysis and Research Headquarters Mumbai
ONICRA - Headquarter - Gurgaon, India

Index/Reports Issued by different organizations in World:


World Economic Outlook is published by: International Global Competitiveness Index is issued by: World Economic
Monetary Fund (IMF). Forum
Global Hunger Index is issued by: International Food Policy Human Development Report is issued by: United Nations
Research Institute Development Programme (UNDP)
Global Peace Index is issued by: Institute for Economics and Gender Inequality Index is issued by: United Nations
Peace Development Programme (UNDP)
Global Corruption Index is issued by: Transparency International

33
Important Organizations:
1. United Nation (UN) is an intergovernmental organization ii. Lithuania has been approved for euro adoption on 1 January
established on 24 October 1945 to promote international co- 2015.
operation. 7. ASEAN - Association of Southeast Asian Nations is a political
Headquarter New York , Head Ban ki-moon Member - South and economic organisation of ten countries located in Southeast
Sudan new member country . Total 193 members Asia, which was formed on 8 August 1967.
2. WTO (World Trade Org.) Yemen new member country. Total Headquarter Jakarta, Indonesia Member - 10 member
160 members. countries (India is not the member of ASEAN)
Headquarter Geneva, Switzerland, Head - Roberto Azevdo 8. APEC Asia Pacific Economic Cooperation is a forum for
3. World Bank - The World Bank is a United Nations 21 Pacific Rim member economies that seeks to promote free
international financial institution that provides loans to trade and economic cooperation throughout the Asia-Pacific
developing countries for capital programs. region. It was established in 1989
Headquarter - Washington D.C. (United States) President Jim Headquarter Singapore Member 21
Yong Kim 9. OPEC (Organization of the Petroleum Exporting Countries)
Member - South Sudan new member country. Total 188 is an international organization and economic cartel whose
members mission is to coordinate the policies of the oil-producing countries.
4. IMF The International Monetary Fund (IMF) is an Headquarter Vienna, Austria , Member - 12 member countries.
international organization that was initiated in 1944 at the President - Diezani Alison-Madueke
Bretton Woods Conference and formally created in 1945 by 29 10. NATO (North Atlantic treaty Organization): NATOs
member countries. essential purpose is to safeguard the freedom and security of its
Headquarter Washington DC . (United States) President members through political and military means.
Christine Lagarde Headquarter Brussels, Belgium Member 28 Member
Member - South Sudan new member country. Total 188 Countries.
members 11. SAARC (South Asian Association of Regional Co -
5. European Union Croatia new member country. Total 28 Operation): is an economic and geopolitical organization of
member countries. eight countries that are primarily located in South Asia or the
Headquarter Brussels, Belgium Indian subcontinent.
President of the European Commission: Jean-Claude Juncker Headquarter Kathmandu, Nepal 8 Member Countries.
6. Eurozone - The growth of the eurozone is an ongoing process Secretary-General: Arjun Bahadur Thapa.
within the European Union (EU). All Member states of the 12. ICJ (International Court of Justice): is the primary judicial
European Union, except for Denmark and the United Kingdom branch of the United Nations. It is based in the Peace Palace in
are obliged to adopt the euro as their sole currency once they The Hague, Netherlands. Its main functions are to settle legal
meet the criteria. disputes submitted to it by states and to provide advisory
Member The eurozone currently comprise 19 EU states. opinions on legal questions submitted to it by duly authorized
Note: i). Latvia becomes the 18th Member State to adopt the international branches, agencies, and the UN General Assembly.
euro on 1 January 2014. Headquarter The Hague, Netherlands.

Chief Ministers of India 2015


1. Andhra Pradesh - N.Chandrababu Naidu 17. Manipur - Shri Okram Ibobi Singh
2. Arunachal Pradesh - Shri Nabam Tuki 18. Meghalaya - Dr. Mukul Sangma
3. Assam - Shri Tarun Gogoi 19. Mizoram - Shri Pu Lalthanhawla
4. Bihar - Shri Jeetan Ram Manjhi 20. Nagaland - Shri. T R Zeliang
5. Chhattisgarh - Dr. Raman Singh 21. Odisha - Shri Naveen Patnaik
6. West Bengal - Km. Mamta Benerji 22. Tripura - Shri Manik Sarkar
7. Goa - Shri Manohar Parrikar 23. Punjab - Shri Parkash Singh Badal
8. Gujarat - Smt. Anandiben Patel 24. Rajasthan - Smt. Vasundhara Raje
9. Haryana - Manohar Lal Khattar 25. Sikkim - Shri Pawan Kumar Chamling
10. Himachal Pradesh - Shri Virbhadra Singh 26. Tamil Nadu - Selvi J. Jayalalithaa
11. Jammu & Kashmir - Shri Omar Abdullah 27. Telangana - K Chandrasekhar Rao Narasimhan
12. Jharkhand - Shri Hemant Soren 28. Uttar Pradesh - Shri Akhilesh Yadav
13. Karnataka - Shri Siddaramaiah 29. Uttarakhand - Shri Harish Rawat
14. Kerala - Shri Oommen Chandi
15. Madhya Pradesh - Shri Shivraj Singh Chouhan
16. Maharashtra - Devendra Fadnavis
REGULATORIES BODIES IN INDIA
Regulator Sectors Chairman Headquarter
Raghuram
Reserve Bank of India Financial system and monetary policy, Money Market Mumbai
Rajan
Securities and Exchange Board of India Security & Capital Market, stock broking & Merchant
U.K. Sinha Mumbai
(SEBI) Banking, Nidhis, Chit Fund
Insurance Regulatory and Development
Insurance industry T. S. Vijayan Hyderabad
Authority

34
(IRDA)
Telecom Regulatory Authority of India
Telecommunication Industry Rahul Khullar New Delhi
(TRAI)
Ramesh
Forward Markets Commission Commodity Market Mumbai
Abhishek
Pension Fund Regulatory Development Hemant
Pension sector New Delhi
Authority (PFRDA) Contractor

35
COUNTRIES AND CURRENCIES

36
37
IMPORTANT DAYS (TRICKS)
4) 21 may- Anti- terrorism day/death of Rajiv gandhi
1) January: 5) 31 may- Anti-Tobacco day
In January there are 5 important days
1)12 jan-National youth day (rashtriya yuva diwas) No. Of days=5
2) 15 jan-Army day (sena diwas) Subject - Paanch ka panch
3)24 jan-National girl child day (rashtriya balika diwas) Trick with story-
4) 25 jan- National tourism day/ voter day 1 (ek) Rajiv naam ka labour tha jisey 3 press (stri) free me
5) 30 jan- National martyr day(rashtriya shahid diwas)/ Anti miley the jo 11vi sadi ki technology se bane the par 21vi sadi
leprosy day me kuch terrorist ne Rajiv ko mar kar usey 31 rupaye me
Story subject- January me mere ghar 5 tarah ke log aaye Tobacco company ko bech diya.
Trick with story- January me mere ghar paanch tarah ke log
aaye 6) June:
jinme 12 yuva,15 sena ke log,24 balikaye,25-25 tourism aur 1) 5 june- World environment day ( everyone knows)
voter or 30 shahid ke parivar ke log jo leprosy ke shikar the. 2) 21 june- World Yoga day ( latest hai sb jante hai)
Note-12,15,24,25,30 is days.
7) july
(2) February: 1) 1 july - National Doctor's day
1) 4 feb- world Cancer day 2) 11july - world population day
2) 28 feb-National Science day No. Of days- 2
In February only 2 important days. Subject- Sath(7)-sath (7) 2 kadam chale
No of days-2(both related to science) Trick with Story-
Story subject- February me science ne 2 experiment kiye 1 doctor ne san 20'11' ke population ko control kiya.
Trick-" February me science ne do experiment kiye jinme 4
cancer ke marizo ko thik karne me 28 vigyan(science) ka (8) August:
use hua". 1) 6 August- hiroshima day
2) 9 aug- Nagasaki day
3) March: 3) 12 aug- International youth day
1)8 mar- International women day 4) 29 aug- National Sports day/ Dhyan chand day
2) 9 mar-world kidney day No. Of days=4
3) 15 mar-world consumer right day Subject - 8(aug) ka adha 4
4)20 mar- world sparrow day/happiness day(khushi diwas) Trick with story-
5) 21 mar- World forest day "6 heros ne 9 naago ko 12 saal ke youth ko 29 bar dhyan se
6) 22 mar- world water day khelne ko diya".
7) 23 mar- meteorological day
8) 24 mar- World T.B day (9) September:
No. Of days=8 1) 5 sept- teacher's day
Note-(because of all days are WORLD days) 2)8 sept- world literacy day
Subject- march ki 8 world famous Ghatnaye 3) 14sept- Hindi diwas
Trick with story- 4) 15 sept- Engineer's day in India
8 women ki 9 kidney 15 consumers ko 20 sparrow ke through 5) 16 sept- World Ozone day
khushi khushi 21 forest me 22 water boat ke jariye 23 metro No. Of days=5
stations par 24 T.B ke marizo ko becha gaya. Subject - "5 sept. Ko teacher's day hota hai"( hum sabhi jante
Note- 20,21,22,23,24 days in sequence To bs tory yaad hai iska mtlb sept. Me 5 days hote hai)
rkhey. Ab baki ke 4 days
Trick with story-
4) April: "8 world ke literate person ko 14 hindi pe,15 engineering pe
1) 2 april -Autism awareness day in short (AADami)/World or 16 Ozone day pe essay likhwaya gaya".
autism day Note-14,15,16 continue so remember story only
2) 7 april- world health day
3) 21 april- Civil service day (10) October:
4) 22 april- Earth day 1) 2 oct- National non violence day/Gandhi day
5) 24 April- National Panchayati Raj day 2) 8 oct- Airforce day
No. Of days=5 3) 9 oct- world post office day
Subject-chaar (april is 4th month) ka paanch 4) 24 oct- United nation day
Trick with story- No. Of days=4
2 AADamiyo be acche helath ke sath (7) 21 baar civil service Subject - oct. Me RRB-IV ka result ayega.
ka exam diya or ve do do (22) bar is dharti (earth) par pass 2oct ko gandhi ji ne Ahinsa(non-violence) ka nara diya.
hue or end me 24 vi baar me unhe Panchayat vibhag mila. Trick with story for remaining 3.
(Hard work pays off) "8 Airforce ne 9 letters post kiye 24 UN countries ko"

5) May: (11) November:


1) 1 may- international labour day 1) 17 Nov- World Students day
2) 3 may- world press freedom day 2) 18 nov- World Adults day
3) 11 may- National technology day 3) 19 nov- World Citizens day

38
4) 26 nov- National laws day Subject - December ke sath sath (7) saal bhi chala gaya.
No.of days= 4 Tricks with story-
Subject - 114=44 ( means in nov. four days) "1 Add (AIDS) me likha tha 2 computer literate ki jarurt hai 4
Trick with story - dino ke ander Navy me jiske liye 10 human ne apne rights ke
"17 saal ke students jab 18 saal ke adults hue to unhe 18 saal sath apply kiya or 14 dec. Ko full energy ke sath interview
ke Citizens ne unhe 26 national laws sikhaye". diya or 24 ghante me unhe national consumers ki post mili , is
Note- (17,18,19) saal ke bachhe tarah 25 saal me unhe Good gav. Job mil gai" :))
TWO SAME DAYS FUNDA:
(12) December: 1) 12 jan- National youth day
1) 1 dec- AIDS day 2) 12 aug- International youth day
2) 2 dec- World computer literacy day Trick- "jane na (national) you(youth) ko kya oogI (aug-
3) 4 dec- Navy day International) ho you(youth)"
4) 10-dec- human rights day 1)15 mar- World consumers rights day
5) 14 dec- National Energy Conservation Day 2) 24 dec- National consumer rights day
6) 24 dec- national consumers day Trick- Pahle consumers march me world me aaye rights lene fir
7) 25 dec- Good governance day(India) December me india (nation) me rights liya.
No. Of days- 7

39
FINANCIAL AWARENESS CAPSULE 2015
JANUARY FINANCIAL NEWS 2015
Fiscal deficit hits 99% of full-year target in April- November President signs ordinances on coal, insurance: The Coal
period: The deficit in the first eight months of the financial year ordinance is required for the whole e-auction process to go on
touched Rs. 5.25 lakh crore, against the Budget target of Rs. smoothly. The insurance ordinance intends to hike foreign direct
5.31 lakh crore. The Government managed to collect just 43.4 investment to 49 per cent in the sector, besides other things. A
per cent of estimated receipts, while its expenditure was 59.8 higher limit could bring up to $8 billion for the fund-starved
per cent. insurance industry, which needs Rs. 60,000 crore in the next
Core sector output hits 5-month high in Nov: These sectors five years.
have a weightage of 38 per cent in the Index of Industrial Rs. 1 paper notes to make a comeback: Government is keen
Production (IIP). The output of the core industries grew 6.7 per to start printing Rs. 1 notes after a gap of almost two
cent in November. The eight core industries are coal, crude oil, decades. The Government has notified 'Printing of One Rupee
natural gas, refinery products, fertilisers, steel, cement and Currency Notes Rules, 2015', which will come into effect from
electricity. January 1, 2015. Due to higher cost and for freeing capacity
Post offices to issue ATM-cum-debit cards for savings to print higher denomination notes, printing Rs. 1 note was
account holders: The Centre has amended the Post Office discontinued in November 1994, followed by Rs. 2 in February
Savings Bank General Rules accordingly. This facility, however, 1995, and Rs. 5 in November 1995. The new one rupee note
will be available only in post offices that are on core banking will have the signature of the Finance Secretary. Apart from
solution (CBS) platform. Currently, 676 post offices are on the one rupee note, all other paper currency ( Rs. 2, Rs. 5, Rs.
CBS. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1,000) have the
Banks, LIC told to make claim forms available online: The signature of the RBI Governor, as these are issued by the
Finance Ministry has asked public sector banks and Life Reserve Bank of India, whereas Rs. 1 is issued by the
Insurance Corporation (LIC) to make available on their Web Government of India.
sites claim forms for the Rs. 30,000 life cover promised under Jan Dhan cover: Life Insurance Corporation of India (LIC) has
the Pradhan Mantri Jan Dhan Yojana (PMJDY). LIC should has asked the IBA which is the nodal agency for the Jan
settle claims within 15 days of the receipt of the form. Dhan scheme to provide the latest and complete data of all
Jan Dhan may be extended to insurance, pension sectors: At eligible members under the Jan Dhan scheme so that LIC is in a
present, penetration of insurance and pension in India is very position to inform the Centre about the premium required
low. Insurance penetration (premiums measured as a under the scheme. LIC is bound by the Insurance Act, which
percentage of GDP) is just about 4 per cent. As per RBI, with prohibits it from providing any cover without receipt of
revised targets for opening of basic bank accounts in place, premium. As per Jan Dhan guidelines, life cover be given only
banks will have to ensure opening of at least one account in to the head of a family and that Aam Aadmi Bima Yojana
each household by January 26, 2015. As on December 24 (AABY) beneficiaries be excluded.
2014, banks have achieved the 10 crore account opening Bharat Ratna conferred on Vajpayee, Malaviya: The Centre
mark under the PMJDY and have issued 7.75 crore RuPay has conferred the country's highest civilian award - the Bharat
cards. The timeline for providing banking services in villages Ratna - on veteran BJP leader and former prime minister Atal
with populations below 2,000 may be advanced from March Bihari Vajpayee, 90, and noted freedom fighter and
2016 to August 2015. educationist Pandit Madan Mohan Malaviya. Both leaders
Cabinet clears land acquisition ordinance: share a birthday on December 25.
The amendments will strengthen the provisions to protect the RBI gives more time for old currency note exchange: RBI has
interests of the 'affected families' and also reduce procedural extended the deadline for the public to exchange pre-2005
difficulties in acquiring land required for 'development'. The currency notes to June 30, 2015.
ordinance proposes a fast-track process for defence and Non - cooperative borrowers: Borrowers unwilling to repay
defence production, rural infrastructure (including bank loans despite the ability to do so run the risk of being
electrification), housing for poor (including affordable housing), classified as non-cooperative. The move will ensure that
industrial corridors and infrastructure projects (including companies classified as non-cooperative will not get fresh
projects taken up under the public- private partnership mode). funds. A non-cooperative borrower is one who deliberately
The ordinance does away with the clauses on compulsory social stonewalls legitimate efforts of lenders to recover their dues.
impact assessment and The central bank's cut-off limit for classifying borrowers as
approval of 80% of people whose land is being acquired. non-cooperative would be those having aggregate fund-
Single window to view various bank accounts: Banks, such based and non-fund based facilities of Rs. 50 million ( Rs. 5
as ICICI Bank and HDFC Bank, are offering customers the crore) from the bank/FI concerned.
facility to view their balances across accounts with different Tougher norms must for FDI in existing pharma projects: As
per the Parliamentary Standing Committee on Commerce, the
banks on a single page so that they can choose which one to
conditions imposed on Foreign Direct Investments (FDI) in
make payments and investments from. This facility, cannot be brownfield projects need to be made more stringent as they
used to make transactions in other bank accounts. Banks will are insufficient to counter the dangers posed by take-overs of
not be able to see each other's data. domestic companies.
Constitution Amendment Bill on GST: The Constitution
Centre rules out further tightening of KYC norms for Amendment Bill to enable implementation of the Goods &
Participatory Notes: PNs are instruments issued by registered Services Tax regime has been introduced in Lok Sabha. The Bill
foreign institutional investors to overseas investors who wish to is the first legislative step towards implementation of the new
invest in the Indian stock markets without registering themselves indirect tax reforms from April 1, 2016. The new system
with the Securities and Exchange Board of India. intends to subsume various Central levies (barring Customs

40
duty) into Central GST (CGST) and State levies into State GST Duties, Service Tax, Additional Customs Duty (commonly known
(SGST). This will help in creating a unified national market. as Countervailing Duty or CVD), Special Additional Duty of
Meeting fiscal deficit target a challenge: The Finance Customs (SAD) and Central Surcharges and cesses. Then there
Ministry's Mid-Year Economic has forecast a GDP growth of will be State GST. This will subsume State VAT/Sales Tax,
5.5 per cent for fiscal year 2014-15 and an average retail entertainment tax (unless it is levied by the local bodies),
Luxury Tax, Taxes on lottery, betting and gambling, tax on
inflation (based on the consumer price index)of 5.3 per cent
advertisements, State Cesses and Surcharges. The third one
for the January-March 2015 quarter, 5.4 per cent in April- will be Integrated GST (IGST) on inter-State transactions of
June and 5.8 per cent in January-March 2016. As per the goods and services. There is an agreement on subsuming entry
Report, the gross non-performing assets (GNPA) position of the tax in GST. At the same time, petroleum products will be part
Indian banking system compares favourably with developed of GST with 'nil' rate. While alcohol will be out of GST,
and developing economies. For example, the share of GNPAs tobacco will be within its purview.
in total advances stands at 3.2 per cent in the US, 2.9 per cent RBI slaps Rs. 50-lakh penalty on ICICI Bank, Rs. 25 lakh on
BoB: RBI has imposed monetary penalty of Rs 50 lakh on ICICI
in Germany, 8.2 per cent in Spain, and 5.1 per cent in Italy.
Bank and Rs 25 lakh on Bank of Baroda and cautioned State
Among the emerging economies, in Brazil GNPAs were at 2.9 Bank of India, Axis Bank and State Bank of Patiala for
per cent of total assets and in Russia, at 6 per cent. For India, violating KYC norms.
the GNPA ratio is expected to be around 4.1 per cent of total GSLV Mark-III lifts off successfully from Sriharikota: The
advances in fiscal year 2014-15. However, if macro-economic Indian Space Research Organisation (Isro) has successfully
conditions deteriorate, the GNPA ratio may increase to around tested its Geosynchronous Satellite Launch Vehicle-Mark III
4.5 per cent under a medium stress scenario and 5.1 per cent (GSLV-Mark III), carrying a crew module, to be used in
manned space missions.
under severe stress, by March 2015. LS clears Companies (Amendment) Bill: The Lok Sabha has
PF trustees retain 8.75% interest rate for 2014-15: The cleared the Companies (Amendment) Bill. The Companies
trustees of retirement funds belonging to about eight crore (amendment) Bill has brought in 14 Amendments to the
depositors have decided to retain the interest rate at 8.75 per company law enacted last year. Through these amendments,
cent for 2014-15. four categories of changes are being introduced - some with
New power Bill in Lok Sabha will boost supply, increase intention of improving the ease of doing business; some to
competition: Power consumers will soon have the option of correct existing drafting errors; some to tackle the oversight
selecting their electricity supplier, with the Government
issues and lastly some to address the oppressive provisions in
proposing to amend the Electricity Act. A concept of multiple
supply licensees has been proposed in the amendment by the law. The amendments propose (a) restricting hearings by
segregating carriage from content. Carriage will continue to special courts to serious offences; (b) Only those "fraudulent"
be a regulated activity and it has been proposed that tariff actions that squarely fell under the definition of a "fraud"
for retail sale of electricity will be capped by the regulator would invite "bail restrictions"; (c) the condition of minimum
with one of the supply licensee proposed to be a Government capital for private and public companies to be removed; (d)
controlled company. 'special resolution' replaced with 'ordinary resolution' for
In a first, SEBI orders imprisonment for not paying penalties:
approval of related-party transactions by minority
For the first time ever, capital market regulator Securities and
Exchange Board of India (SEBI) has ordered civil imprisonment shareholders. This means companies will require the consent of
of Vinod Hingorani, Non-Executive Chairman of Adam Comsof 50 per cent of the minority shareholders present, instead of 75
and Kolar Biotech for six months for failure to pay penalties of per cent (under the current Act); (e) prohibition on public
around Rs. 1.64 crore (including interest) levied under three inspection of the board resolutions filed with the Registrar of
SEBI notices from last July demanding payment. Companies. The Companies Act, 2013, was notified in August
Time period for altering birth date: A Government employee last year by the United Progressive Alliance government. Of
can give a request to change his date of birth in official record
the 470 sections in the Act, 283 sections and 22 sets of rules
only within 5 years of joining. Further, it must be established
clearly that a genuine bona fide mistake had occurred in corresponding to these sections have been implemented so far.
recording birthday. The date of birth so altered would not
make him ineligible to appear in any School or University or Ministry tweaks norms for fraud reporting by auditors: As
Union Public Service Commission examination in which he had per the Companies (amendment) Bill, while the auditors will
appeared, or for entry into Government service on the date on have to report on every fraud coming to their notice in their
which he first appeared at such examination or on the date on ordinary course of audit work, only frauds beyond a specified
which he entered Government service. threshold need to be reported to the Union Government. For
GST Constitution Amendment Bill gets Cabinet nod: The other frauds, the reporting has to be done to the audit
Union Cabinet on Wednesday approved Constitutional committee of a company. The threshold limit will be defined by
Amendment Bill for Goods & Services Tax (GST). The the Corporate Affairs Ministry subsequently.
Government intends to introduce GST from April 1, 2016. The Finance panel submits report to President: The Fourteenth
Bill needs to be approved by a two-third majority of the Finance Commission, a constitutional body headed by former
house. After this, it needs to be endorsed by at least half of Reserve Bank of India Governor YV Reddy, has submitted its
the State Assemblies (15). The new regime would replace a report to the President of India. The recommendations relate to
number of indirect taxes currently being levied by the Central the period April 1, 2015 to March 31, 2020. Besides spelling
and State Governments. Once the new tax system comes into out the formula for devolution of Central taxes, the Finance
place, there will be three indirect taxes apart from the customs Commission report is said to have made some observations on
duty (only on imported goods). There will be a Central GST, Goods and Services Tax (GST). It has considered the impact of
which will subsume Central Excise Duty, Additional Excise the proposed GST on the finances of the Centre and States

41
and the mechanism of compensation in case of any revenue per cent of their overall investments in Central and State
loss. Government securities.
For infra sector, 5:25 rule comes as a breath of fresh air: RBI SBI launches first homegrown economic index: SBI, will use
has relaxed norms for structuring of existing long- term project its loan book to give indicators on the domestic manufacturing
loans to infrastructure and core industries. The 5:25 scheme activity from the New Year. The SBI Composite Index will have
envisages banks to refinance or sell out their long-term project both monthly and yearly indices. The short-term report, to be
loans after every five years so that both the borrower and the released in the first week of every month, will forecast the
lender do not face any difficulty. For banks to avail such a state of the economy two months down the line. The annual
facility, the loan tenure cannot be more than 25 years. index will make year-on- year forward predictions. Similar
Vistara gets permission to fly: Tata-Singapore Airlines (SIA) economic forecasts published by British lender HSBC, with
joint venture airline Vistara has been granted flying permit in global business survey compiler Markit, are the HSBC India
India by aviation regulator Directorate General of Civil Services Purchasing Managers' Index (PMI), HSBC India
Aviation (DGCA). Manufacturing PMI and the Markit India Business Outlook.
Exports back on growth track in November: Rise in shipments Court tells RBI to get tough with banks: The Supreme Court
of engineering goods, gems & jewellery, pharmaceuticals and has asked the Reserve Bank of India (RBI) to demand
ready-made garments propped up exports (year-on-year) by responsible behaviour from banks while communicating with
7.27 per cent to $25.96 billion in November 2014. Trade customers.
deficit, however, touched an 18- month high of $16.86 billion In Q2, current account deficit rises to 2.1% of GDP: India's
as imports rose 26.79 per cent during the month to $42.82 current account deficit (CAD) - a measure of the country's
billion. Non-oil items such as gold, fertilisers, coal and external vulnerability - widened to $10.1 billion in the second
electronic goods mostly accounted for the rise in imports. Gold quarter of 2014-15 from $7.8 billion in the preceding
imports rose 571.28 per cent to $5.6 billion in November quarter. The CAD rose to 2.1 per cent of the GDP in the
2014 from $835 million in the same month last year as the second quarter against 1.7 per cent in Q1.
government relaxed import restrictions. Coal Ministry proposes minimum floor price of Rs.
ARC gives India positive rating with stable outlook: The 150/tonne for blocks to be auctioned: The Coal Ministry has
Europe-based ARC Ratings SA (ARC) has assigned India 'BBB+' proposed a minimum floor price Rs. 150 per tonne for blocks
sovereign rating which is a shade better than what has been to be put up for auction and Rs. 100 per tonne as the minimum
assigned by the big three global credit ratings agencies. reserve price for allocation to Central and State Government
Global credit rating agencies, Standard & Poor's and Fitch companies.
have a 'BBB-' (stable outlook) the lowest investment grade Financial inclusion: RBI Deputy Governor for 'PPP' model:
rating sovereign rating on India. Moody's too has lowest According to RBI Deputy Governor HR Khan India should adopt
investment grade rating on the country of "Baa3" (stable a "PPP" model for driving its financial inclusion agenda. There
outlook). is a need to "plan" well, pursue what has been planned and
WPI inflation hits zero in Nov: A steep fall in global crude oil ensure there is a "pause" to see if it is working well. This PPP
prices and lower vegetable prices saw wholesale price index- model is different from the commonly-known 'public-private
based inflation reach the 'zero' level in November. It was only partnership' that the Government is looking to encourage in
in July 2009 that there was disinflation. After that, this is the various economic activities.
lowest inflation figure in over five years. Commerce Ministry launches new portal to give exporters
NPCI links 10 cr Aadhaar cards to bank accounts: The info on FTAs: The trade portal will provide exporters with
National Payments Corporation of India (NPCI)- managed information on preferential tariffs and rules of origin in such
National Financial Mapper has crossed the milestone of getting markets.The 'India Trade Portal' will also have other
10 crore bank accounts seeded with Aadhaar numbers. This information of importance to exporters such as technical
allows the Government department/agencies to reach out to barriers faced by trade in different markets. India has signed
beneficiaries of direct benefit transfer schemes. The Mapper a number of FTAs with various countries and regional blocs
rides on the Aadhaar Payment Bridge (APB) system, which over the last few years, but exporters have not been able to
went live on January 2013.Through the APB, the NPCI links the utilise them well because of lack of knowledge about what the
Government departments and other State agencies like oil agreements offered. The portal has been developed by the
marketing companies and their sponsor banks on the one side Federation of Indian Export Organisations (FIEO).
and beneficiary banks & the end beneficiary on the other side. From April 1, Central PSUs to make 20%
October factory output contracts 4.2%: The manufacturing of purchases from small units: The government will make it
sector index fell 7.6 per cent. Manufacturing accounts for over mandatory for all Central public sector undertakings (PSUs) to
75 per cent in the IIP. However, Consumer Price Index (CPI)- make 20 per cent of their purchases from medium, small and
based inflation cooled to 4.4 per cent in November from 5.52 micro enterprises (MSMEs) from April 1, 2015. The Centre had,
per cent in October because of easing food prices. in an order in 2012, issued directions to all Central PSUs to
Indirect tax collections rise a modest 7.1% in Apr- Nov procure a minimum 20 per cent of products and services from
period: The Finance Ministry will be required to achieve 47 MSMEs, 4 per cent of which had to be from enterprises owned
per cent of the Budget target for indirect taxes, comprising by the Scheduled Castes and Scheduled Tribes (SCs/STs).
customs and excise duties and service tax, in just four months White label ATMs can accept international cards: RBI has
(December-March). said white label ATM (WLA) operators can now accept
Life Insurance Council bats for reduction in service tax: Life international cards - credit, debit or prepaid - and also source
insurers have asked for parity with other financial products cash from multiple banks. WLA operators (or non- bank ATM
such as mutual funds and fixed deposits, which do not attract
service tax on maturity. Currently, life insurance products, operators) can accept the cards issued under card payment
attract a service tax of 2 per cent on maturity proceeds for network schemes. The RBI also permitted the facility of
policyholders holding PAN cards and 20 per cent those without Dynamic Currency Conversion for the use of international cards
PAN cards. Life insurers are mandatorily required to invest 50 at WLAs. WLA operators will be restricted to converting the

42
amount requested by the international cardholder to his or her sector banks, however informally it has been kept at 58 per
home currency using a base exchange rate provided by the cent.
authorised dealer. In addition, the RBI has allowed operators Modi takes over project-monitoring panel as investments
to tie up with commercial banks for cash supply at WLAs. worth $300 bn stuck: Prime Minister Narendra Modi has
taken direct control of a project- monitoring body to fast-track
Earlier, the cash supply had to be managed only through a investments worth almost $300 billion and revive
sponsor bank, which limited the scope of cash management for manufacturing in the country.
the operators.RBI has so far authorised seven companies to set Govt notifies draft rules for e-auction of coal mines: The
up WLAs - Tata Communications Payment, Prizm Payment, government has prepared rules for e-auction of 92 cancelled
Muthoot Finance, Vakrangee, BTI Payments, Srei Infra Finance coal mines in the first phase, fixing a floor price of Rs 150 per
and RiddiSiddhi Bullions. tonne for sectors like steel, sponge iron, cement and captive
power.
Panel set up to clarify tax laws: The Government has set up a Banks as insurance brokers' provision goes into cold
High Level Committee to interact with trade and industry to storage: Neither the Insurance Laws (Amendment) Bill, 2008,
ascertain where clarity on tax laws is required. Former Chief mentions it, nor is the finance ministry considering this proposal
Economic Advisor Ashok Lahiri will serve as its Chairman. with any seriousness. Earlier, finance ministry had asked banks
RBI announces norms for trade receivables discounting that they would be required to become insurance brokers so
system: Trade Receivables Discounting System (TReDS), will be that they could distribute products of multiple companies
like an exchange where an MSME that has some receivables
pending from a large corporate will be able to trade the bill. through their branch network.
So, if an MSME has to realise Rs. 100 from a corporate, it can
This move was resisted by banks from those PSBs that were
exchange the bill with one of the participating entities on the
promoters of insurance companies. Following this, the directive
exchange for, say, Rs. 95. The buyer of the bill will then
was not implemented. At present, banks are permitted to sell
recover the Rs. 100 from the corporate concerned. The MSME
will benefit because its credit cycle is shortened and it will get products of only one life, one non-life and one standalone
a better price on the bill due to competition. health insurer.
100 million Aadhaar numbers linked to bank accounts: It
Centre relaxes FDI rules in construction: The minimum built-up
would enable these individuals to digitally receive subsidies
area requirement for FDI in construction projects has been
and benefits under government schemes. Issuance of Aadhaars
reduced to 20,000 square meters from 50,000 sq.m. For
crossed the 720 million-mark as on December 12, 2014.
services plots, the minimum area requirement, earlier at 10
hectares, has been dropped completely. Minimum capital Gems & jewellery, SME, 3 other sectors to come under
'Make in India': The government has identified 25 sectors,
requirement has also been halved to $5 million from $10
including pharmaceuticals, automobiles, textiles, aviation,
million. For encouraging investments in affordable homes, the
mining, chemicals, which have potential to make India a leader
Centre has exempted the conditions of minimum floor area as
in their respective fields.
well as capital requirement if an investee/joint venture
Swachh Bharat: Centre to spend Rs 2 lakh cr in 5 yrs: The
company commits at least 30 per cent of the total project cost
government would set up a 'Swachh Bharat Kosh' to provide
for low-cost housing.
tax and fiscal incentives. Urban India generates about 68.8
United Bank of India names United Breweries a wilful
million tonnes of municipal solid waste per year, which means
defaulter: The defaulter tag comes after the group's grounded
about 1.88 lakh tonnes every day. Solid waste generated in
airline, Kingfisher Airlines and its guarantor UBHL, failed to
rural areas is around 0.4 mt per day. In India, 68 per cent of
repay loans taken by the carrier.
rural households have no access to toilets, 88 per cent of total
Legal recognition of hallmarked jewellery, precious metals
diseases in rural areas is due to lack of clean water, sanitation
in the offing: The Bureau of Indian Standards Act (BIS Act,
and improper solid waste management. The government
1986) will enable hallmarking of precious metals and
proposes to spend Rs 1.34 lakh crore to construct toilets (11.11
jewellery, including gold, by providing 'legal recognition'
through amending the Act. Hallmarking of gold jewellery, crore toilets in rural areas) and about Rs 62,000 crore will be
spent in 4,041 cities. He added 2.47 lakh panchayats will be
which assures customers of its purity, was introduced in 2000;
given Rs 20 lakh each for the next five years to keep their
jewellers are required to get licences from the BIS and get
villages clean.
goods hallmarked by one of 300 BIS-authorised centres.
HSBC manufacturing index at 21-month high: Led by the Retail inflation slows to 4.38% in November: Consumer
Price Index (CPI)-based inflation fell to 4.38 per cent in
consumer goods segment, India's factory output registered its
November from 11.16 per cent in the corresponding period
fastest growth and a 21-month high in November. The
last year, the fourth consecutive monthly fall and the lowest
purchasing managers' index (PMI) for November stood at
53.3, up from 51.6 in October. The PMI is a measure of since the government started releasing data in this regard
(February 2012).
factory production and based on responses of purchasing
Bandhan now closes in on Grameen Bank: Bandhan, the
executives of around 500 manufacturing companies. A score
country's largest microfinance company, is competing closely
above 50 shows expansion, and anything less indicates a
contraction. with Bangladesh's Nobel Prize-winning Grameen Bank to
become South Asia's largest micro credit provider. It is already
Centre invites suggestions from public to help improve
the largest non-deposit taking microfinance institution (MFI) in
banks' performance: With bad debts rising and profit
the world. Grameen Bank, founded by Muhammad Yunus in
margins depleting, the Centre will use suggestions from public
to help improve the performance of public sector banks (PSBs). 1976 (founder and institution were jointly given the Nobel
Peace Prize in 2006), has been operating as a full-fledged
Government is considering reducing its stake in public sector
bank since 1983.
banks to 52 per cent. Currently, regulation prescribes a
Irda asks insurers to disclose guarantee
minimum of 51 per cent government shareholding in public

43
scheme details: IRDA has clarified that insurance companies Cabinet approves amendments to Regional Rural Banks Act,
can promote claim settlement guarantee only if they file it 1976: The Union Cabinet, has approved the amendments in the
along with the product during file and use. Regional Rural Banks (RRBs) Act, 1976
Cabinet nod to cut govt stake in PSBs to 52%: Public sector to enhance authorized and issued capital to strengthen their
banks (PSBs) will be able to raise up to Rs 1.6 lakh- crore from capital base and to bring flexibility in the shareholding
markets as the Union Cabinet has allowed the dilution of between Central Government, State Government and Sponsor
government equity in these lenders up to 52 per cent. Other Bank. The term of the non-official directors appointed by the
decisions of Cabinet include setting up of Debt recovery Central Government will be fixed not exceeding three years.
tribunals at Chandigarh, Bengaluru, Ernakulam, Dehradun, RRBs are jointly owned by Government of India, the concerned
Siliguri and Hyderabad. State Government and Sponsor Banks with the issued capital
LS passes Bill for regularisation of e-rickshaws: The Lok shared in the proportion of 50 percent, 15 percent and 35
Sabha has passed the Motor Vehicles Amendment Bill, 2014, percent respectively. As per provisions of the Regional Rural
paving the way for regularisation of e-rickshaws, banned by Banks Act, 1976 the authorized capital of each RRB is Rs. five
the high court on safety grounds. The government has also crore and the issued capital is maximum Rs one crore.
decided to provide low interest loan at 4% p.a. to rickshaw RBI releases final charter of customer rights: The guidelines
pullers belonging to poor, backward, and minority communities cover a right to fair treatment, transparency, suitability,
to buy e-rickshaws. privacy, grievance redressal and compensation. The banking
Taxpayers can approach AAR for tax liabilities on deals regulator has also communicated that the customer should not
above Rs 100 cr: The Central Board of Direct Taxes (CBDT) be subjected to unfair business or marketing practices. In case
has notified that resident taxpayers who plan transactions of a violation of the charter, the affected customer can
valuing Rs 100 crore or above can approach the Authority for escalate the matter through the chief customer relations officer
Advance Rulings (AAR) for determination of their tax liabilities of the service provider concerned, which can be further
under such transaction. escalated to the banking ombudsman, if necessary. In a bid to
HDFC Bank to welcome back its former employees: India's address the mis- selling complaints, RBI has also stated that the
second-largest private-sector lender, HDFC Bank, has decided products offered should be appropriate to the needs of the
to take the idea of hiring back former employees a step customer and should be based on an assessment of the
ahead by introducing a new employee recruitment customer's financial circumstances and understanding. The
programme, Khoj. customers' personal information should be kept confidential
Wi-Fi service launched at New Delhi railway station: Service unless the customer gives a go ahead for it to be shared.
is free for half-an-hour, after which passengers will be Customers have the right to protection from all kinds of
charged Rs 25 for 30 minutes and Rs 35 for an hour. communications, electronic or otherwise, which infringe upon
Karnataka becomes first state to have green growth their privacy. Banks will also be held accountable to facilitate
strategy: A consortium of institutions led by the Bangalore the redress of grievances stemming from its sale of third-party
Climate Change Initiative - Karnataka (BCCI-K) in partnership products.
with Seoul-based Global Green Growth Institute (GGGI), has RBI doubles limit of prepaid instruments to Rs 1 lakh: RBI
conducted a study in Karnataka for green growth strategy has allowed PPIs to issue cards with balance of up to Rs 1 lakh.
which details what can be done in adapting to the climate Earlier, the limit was Rs 50,000. A card can now be issued to
change and how the state can play its part in reducing carbon the dependant or family member only if the account is fully
emissions. KYC compliant. But only one card per beneficiary can be
Disclose asset, income details of chairman, CIC tells Sebi: introduced. For such PPIs, the maximum cash out allowed per
The Central Information Commission (CIC) has directed the month is Rs 25,000 and Rs 10,000 per transaction. Banks can
Securities and Exchange Board of India (Sebi) to reveal the also issue rupee denominated cards to foreign travelers and to
details of assets and liabilities of its chairman, UK Sinha. NRIs by overseas branches of banks in India directly or by
RBI asks banks to use standardised norms for mobile cobranding with the exchange houses/money transmitters. The
banking: To improve the penetration of mobile banking, RBI, maximum amount to be loaded on these cards is Rs 2 lakhs but
has asked banks to provide customers multiple options for easy the cash withdrawal from these cards is restricted to Rs 50,000
registration, reducing the need to visit a branch. The time taken every month. The validity of gift cards has been increased
between registration and activation of mobile banking services from one year to three years.
should be minimal. UP has 3rd highest employable population: As per India
AP to clear farm loans of up to Rs 50,000 in Phase I: There Skills Report 2015, released jointly by Wheebox,
are over 8.2 mn agriculture accounts in operation in Andhra of PeopleStrong and LinkedIn Uttar Pradesh has been ranked
which 4.2 mn accounts have been considered for the waiver in third for having the highest employable population in India.
the first phase. The first phase of loan clearance involves 2.6 The report, places Delhi on top, followed by Odisha, Uttar
million farmers who were grouped into 2.2 million family units. Pradesh, Kerala, Bihar, West Bengal, Maharashtra, Andhra
Crop loans and tied-loans (loans given to cane and tobacco Pradesh, Puducherry and Tamil Nadu.
growers) would get the first priority.

FEBRUARY FINANCIAL AWARENESS


Fiscal deficit exceeds full-year target in 9 months: The period was over Rs. 5.32-lakh crore as against the Budget
Central government's fiscal deficit has exceeded the Budget estimate of Rs. 5.31-lakh crore.
estimate for the full financial year in the first nine months NITI Aayog replaces Planning Commission: 'NITI Aayog', the
(April-December) of the current fiscal year. The fiscal deficit is body which replaces the 'Yojana Aayog' (Planning
the difference between the government's income and Commission), will have a three-tiered structure headed by the
expenditure. Data released by the Controller General of Prime Minister. NITI stands for National Institutions for
Accounts show that the deficit during the April- December Transforming India. The body will have a Governing Council
comprising State Chief Ministers and Lt Governors of Union

44
Territories. Regional Councils will address specific issues and banks off Ganga and its tributaries. A large portion of the
contingencies impacting more than one State or a region. There programme is to be financed in a public-private partnership
will also be a full-time organisational framework headed by mode by leveraging land and other resources in urban areas.
the PM. The three layers will be formed for a specified tenure. RBI asks banks to put up loan details online: RBI has asked
Govt to release new series of CPI: For presenting a more banks to enhance transparency on customer loans. This includes
accurate and realistic price situation, the Government will displaying on their website the interest rate range of loans
release next month a new series of Consumer Price Index (CPI) granted to different categories of individual borrowers in the
with 2012 as Base Year for computing the retail inflation rate. past quarter. The banks should also provide the average
The first series (Revised) would be compiled for January, which interest rates for such loans. The total fees and charges
will be released on February 12. Further, from January 2016 applicable on various types of loans to individual borrowers
onwards, inflation rates would be compiled using the actual should also be displayed on
CPI of the revised series. banks' websites and should be disclosed at the time when a
Shift to new base year lifts GDP growth in FY14 to 6.9%: loan is processed as well. These instructions for enhancing
The Indian economy recorded 6.9 per cent growth in 2013-14, transparency in pricing of credit will come into force from April
almost 50 per cent higher than the 4.7 per cent estimated 1, 2015.
earlier. The growth estimate was revised on account of the Rating Agency S&P to pay penalty for misconduct: Credit
CSO's move to adopt 2011-12 as the base year for Rating Agency Standard & Poor's (S&P) will pay $77 million
computation of national incomes. In January 2010, the base and be barred for one year from rating certain commercial-
year had been fixed as 2004-05. The CSO has decided to backed mortgage securities, as part of a major settlement with
adopt the international practice of presenting industry-wise the US and State Regulators over "Fraudulent misconduct". The
estimates as 'Gross value added at basic prices' (GVA). With case marks the first time that the Securities and Exchange
this move, 'GDP at market prices' will be the basis for commission has ever levied charges against one of the big
ascertaining GDP. The earlier concept, which relied on 'GDP at three credit raters.
factor cost' has been done away with. SEBI does away with mandatory participation norm for
Now, over 98% households have a bank account: As per delisting: To ease the process of delisting, mandatory
the Finance Ministry, the Pradhan Mantri Jan Dhan Yojana has participation of 25 per cent of shareholders holding shares in
enabled over 98 per cent of the households in the country to demat mode would not be applicable if the acquirer and the
have a bank account. merchant banker are able to demonstrate that they have
Bombay High Court ruling on "Brand" treatment: The contacted all the public shareholders about the offer. SEBI has
Bombay High court has ruled in the case of Tata Sons that a also amended regulations to issue debt instruments by
"Brand" is a commodity. The court has upheld the Tax incorporating express provisions for enabling consolidation
department's decision to collect sales tax from the Tatas for and re-issuance of debt securities and call and put options.
the royalty it charges from Group subsidiaries for using the Consolidation and re-issuance of debt securities will lead to
Tata Brand Name. The Group firms pay 0.25% of their creation of a larger floating stock for corporate bonds that
revenues for using the Tat Brand name. are otherwise illiquid. Companies listed on exiting regional
ECB launches 1 trillion bond-buying programme to revive stock exchanges have been given 18 months to comply with the
euro zone economy: The ECB said it would purchase listing norms of nationwide stock exchanges. Till such time the
sovereign debt from this March until the end of September shares of these companies will remain on the dissemination
2016, despite opposition from Germany's Bundesbank and board of nationwide bourses.
concerns in Berlin that it could allow spendthrift countries to Govt for use of RuPAY Cards with cash back offer: The
slacken economic reforms. government, which is striving to take banking to every
Centre launches National Heritage Yojana: The Centre has household in the country and reduce the number of cash
launched the National Heritage Development and transactions, aggressively promoting the use of state- backed
Augmentation Yojana (HRIDAY) under which 12 cities from the RuPay Cards by offering 1% cash-back, in a direct challenge
country have been sanctioned funds for the first phase. Prime to card companies such as Visa and Master Card. RuPay is an
Minister's constituency Varanasi got the highest allocation at Indian domestic card scheme launched by the National
Rs.89.31 Core. The scheme seeks to promote an integrated, Payments Corporation of India that can be used at ATMs, POS
inclusive and sustainable development of heritage sites, terminals and e-commerce websites. Apart from all public
focusing not just on maintenance of monuments but on sector banks, RRBs and Co-operative banks issue RuPay Cards
advancement of the entire ecosystem including its citizens, in an effort to promote financial inclusion.
tourists and local businesses. RBI for regulating payment instructions in bourses: RBI wants
RBI working on comprehensive consumer protection norms an amendment in the Payment and Settlement Systems
for NBFC sector: The central bank will also soon align the (Amendment) Bill to provide for regulation of the clearing and
private placement norms specified for NBFCs with that of the settlement of payment instructions in stock exchanges and
stipulations in the new company law enacted in 2013. Under commodity exchanges.
the new company law, private placement cannot be ICICI Bank launched banking services on Twitter: ICICI Bank,
undertaken with more than 200 persons in a financial year. As India's Largest Private Bank, launched its banking services on
per the RBI specified norms, private placement by NBFCs Twitter, enabling customers to transfer money through the
cannot exceed 49 persons in a year. micro-blogging website. Customers can send up to Rs.5000 per
PM'S green signal to flagship scheme "Housing for All": transaction with a limit of Rs.10000 a day. Online NEFT
Prime Minister gave green signal to the Ministry of Housing charges will apply. Savings account customers can register
and Poverty Alleviation's Flagship Scheme "Housing for all by their twitter accounts with one time passwords and link their
2022". It will cover urban poor living in slums, urban homeless account numbers. Both recipients and senders need to have
and new migrants to urban areas in search of shelter. It would twitter accounts.
cover metros, small towns and all urban areas. The first priority Govt launches Venture Capital Fund Scheme for SCs: The
under the new scheme would be on towns and cities along the Government has launched a $32 million (Rs.200 Crore)

45
Venture capital Fund to back entrepreneurs from the scheduled No refund for returns selected for scrutiny: The processing of
casts (SC), a social group representing people from socially a return cannot be undertaken after notice has been issued
backward strata in the country. The fund would invest up to under sub-section (2) of Section 143 of the Income-Tax Act,
Rs.15 Crore in backing such entrepreneurs with a six year 1961. It will, however, be desirable that scrutiny of
investment horizon. IFCI, which also runs a separate VC Fund to assessments in such cases be completed expeditiously. Tax
back SMEs, will act as Sponsor, Asset Manager to operate the refunds are issued only after the assessment is completed.
scheme. Finmin agrees for commission on DBT: The Finance Ministry
SEBI notifies Insider Trading Rules: SEBI has notified the has agreed to banks' long outstanding demand for commission
Prohibition of Insider Trading (PIT) regulations, 2015, which will on Direct Benefit Transfer (DBT) transactions. The move will
replace the present two-decade-old, Framework. Under the boost lenders' fee income and make account opening under the
new definition, an insider would now mean a person who is in Pradhan Mantri Jan Dhan Yojana (PMJDY) viable. Earlier, a
possession of or has access to price sensitive information. The task force headed by Nandan Nilekani, former chairman of
new regulations would tighten the screws around company the Unique Identification Authority of India (UIDAI)
officials who communicate information to a select group of recommended a commission of 3.14% to be paid for all DBTs
people. The new rules will come into effect from May 2015. handled by banks and business correspondents. Now the
Axis Bank MD's term extended: The board of Axis Bank has Government is expected to make budgetary provisions for
reappointed Shikha Sharma as Managing Director and CEO of these expenses.
the bank for a further period of three years with effect from Banks unlikely to act as insurance brokers: Most banks that
June 1, 2015. Sharma had joined the bank in 2009 and is set have promoted insurance companies or have existing joint
to complete a second three-year term in May. venture agreements for insurance partnerships are unlikely to
SEBI proposes easier norms for Domestic Mutual Funds: To seek a broking licence whereby they can sell policies of
make it easier for Domestic Mutual Funds (DMF) to manage multiple insurance companies. However, public sector banks
offshore pooled assets, SEBI proposed to drop the "20-25 that have not promoted or entered into joint venture insurance
Rule" which requires a minimum of 20 investors and a cap of partnerships may be keen (to float an insurance broking arm)
25% investment by an individual investor in a particular as they will be able to provide a wider bouquet of products
scheme, for certain foreign entities. Besides, SEBI has from different insurers to their customers.
suggested to do away with the rule that requires appointment ICICI Bank launches contactless credit - debit cards: ICICI
of separate fund managers for managing offshore funds. Bank, India's largest private sector bank launched the
India's GDP growth rate set to surpass China's in 2016-17: "Country's First Contactless Debit and Credit Cards", enabling
The International Monetary Fund (IMF) has become the latest its customers to make electronic payments by just waving the
organisation to predict that India is on track to outpace China
in the next few years and become the world's fastest growing cards near the merchant terminal in lieu of dipping or swiping
large economy. The IMF said India is likely to grow 6.5 per them. These cards are based on the Near Field Communication
cent in 2016-17, higher than 6.3 per cent for China. The (NFC) technology, which provides customers the improved
World Bank had said that India is expected to outpace China convenience of speed. Moreover, these cards require
in 2017-18 with growth of 7 per cent (as against China's 6.9 significantly less time than traditional cards to complete a
per cent) on the back of reform initiatives of the Government. transaction.
Supreme Court ruling on promotion quota for SC/ST bank
officers: Public Sector Banks accord 15% reservation for SC Banks promised zero interference: The Finance Ministry has
and 7.5% for ST candidates. It is done at the initial level of communicated to all the Central Ministries and Departments
recruitment and also for promotion in the clerical cadre. This is that banks have been assured that there will be no
allowed also for promotion from clerical grade to the lowest Government interference in their decision-making process.
rank in the officers grade, commonly known as JMG Scale-I. Govt allowed full FDI in medical devices: The Union Cabinet
But when the promotion comes from Scale-I to higher cadres, has approved liberalizing the FDI Policy for the cash starved
banks have not been making any reservations. Now the medical devices sector. As per the decision, FDI up to 100%
Supreme Court has ordered the Public Sector Banks to provide through the automatic route has been permitted for
for reservations while carrying out promotions from Scale-I to manufacturing of medical devices in the country.
upward to Scale- VI. Banks not reporting credit information of individual
Banks can spread up only if borrower's credit profile members of self-help groups: According to the chief of CRIF
deteriorates: The RBI has advised banks that the spread (or High Mark Credit Information Services, individual members of
the mark up over the base rate) charged to an existing self-help groups (SHG) can become eligible for bigger loans
borrower by banks should not be increased except on account from banks only if the credit history of the intra group
of deterioration in the credit risk profile of the customer or borrowings is captured. As of now, banks report only credit
change in the tenor premium. What this means is that if the information pertaining to the groups and not of individual
credit rating of an existing borrowing unit deteriorates, then, members. An SHG, as defined by the National Bank of
at the time of the annual renewal of loan limit, the spread Agriculture and Rural Development, is a voluntary association
charged over the base rate will be increased. Otherwise, the of 10-20 poor people with mutual affinities same kind of
interest rate remains unchanged. livelihood, similar community, caste who have a common
World Bank Chief on India's reform measures: According to goal of social and economic empowerment. Group members
the World Bank Chief, the measures taken by the Indian save small amounts of money and lend them to each other. On
Government such as the Constitution Amendment Bill for a satisfactory functioning of the SHG, it can get loan from the
Goods and Services Act (GST) would provide an opportunity bank.
to make "Doing Business in India" easier. Centre's move to Govt announces new roadmap for accounting norms: The
gradually eliminate diesel subsidies if made permanent, will corporate Affairs Ministry has announced a revised roadmap
improve the country's fiscal position, reducing the cost of for implementation of the long awaited Indian Accounting
borrowing and public investments. Standards. The revised roadmap, which does not cover

46
banking and insurance companies and NBFCs, envisages a two which has 75 per cent weightage in IIP grew 3 per cent in
phased implementation. The new standards will be mandatory November, compared with a contraction of 2.6 per cent in
for financial years beginning on or after April1, 2016, October. For April-November 2014, IIP recorded 2.2 per cent
together with comparative information for the previous year. growth, higher than 0.1 per cent in same period in the previous
Arvind Panagariya takes charge as NITI Aayog Vice- year. Meanwhile, retail inflation for December 2014 came in
Chairman: NITI Aayog, which replaces the Planning at 5 per cent, higher than the 4.3 per cent in November.
Commission, came into existence on January 1. Panagariya is SEBI frames new norms for Municipal
an Indian-American economist, who has held the post of Chief Bonds: To give a boost to the centre's "small cities" initiative,
Economist at the Asian Development Bank. He has also worked SEBI proposed a new set of norms for listing and trading of
for the World Bank, the IMF, the WTO, and UNCTAD in municipal bonds on stock exchanges so as to channel household
various capacities. investments into urban infrastructure development. According to
Govt amends cost record rules: According to the new norms the Regulator, a municipal authority issuing the bonds will have
notified by the Government, corporates having annual turnover to obtain rating from a credit rating agency registered with
of Rs.35 Crore and above would be required to mandatorily SEBI. Also known as "Muni Bonds" these instruments will have a
maintain cost records. At the same time, the Corporate Affairs minimum tenure of three years.
Ministry has expanded the ambit of cost auditing by individual In a first, Kerala allows mobile towers on govt land,
entities that are into coffee, tea and milk powder business. The buildings: The Kerala Government has decided to allow
requirement of maintaining cost records would be applicable mobile telecom service providers to set up towers on
to certain class of companies that meet the threshold level of government land and buildings. This is the first time that a
Rs.35 Crore. Such entities have been broadly classified into State Government is throwing open its own land, buildings and
regulated and unregulated sectors. offices to mobile companies. It will expand mobile connectivity,
Centre promulgates ordinance for amending Mining Act: The improve the quality of mobile conversations, make access to
amendments to the MMDR Act include auctioning of the mineral the Internet faster and easier, and also facilitate 4G services.
concessions. Also renewals have been done away with and the The government will charge 10 per cent of the market value of
concession period has been increased to 50 years from the the land on which the tower is put up as the lease rent.
current 30 years. At the end of the concession period, the Govt. approves ordinance to ease land acquisition: The
mining lease will be put up for auction again. For the existing ordinance does away with the requirement of written consent
lease holders, the mining lease of existing lease holders has from 70% of land owners for PPP projects in the infrastructure
been extended till March 31, 2030 and for merchant miners it and social infrastructure sectors. Also, social impact assessment
has been extended till March 31, 2020. In order to ensure would not be required for such projects. PPP Projects account
there are no delays, the ordinance empowers the Centre to for 60% of Rs.18 Lakh Crore worth of stalled projects.
prescribe deadlines for various processes and also issue SEBI's proposed curbs on 'wilful defaulters' is advantage
binding directions to States. banks: As per Moody's Investor Service, Market regulator
Govt. splits CMD post in State-Run banks: The Government SEBI's proposal to bar 'wilful defaulters' from accessing capital
has separated the posts of Chairman and Managing Director markets to issue debt and most forms of equity is "credit-
(CMD) in nationalized banks. It has also appointed Managing positive" for Indian banks. In SEBI's proposal, an issuer, its
Directors (MD) for four banks, and they have been designated controlling/key shareholder, group company or director on the
as Chief Executive Officer (CEO). According to the finance list of wilful defaulters would be prohibited from a public issue
Ministry, henceforth, in public sector banks, other than SBI, the of equity shares, debt securities, and preference shares. It
Chairman will be a part-time Board member who would would also be prohibited from controlling any other listed
preside over the board meetings but will not be an executive entity. Currently, wilful defaulters are only prohibited from
chairman. The procedure for selection of part-time chairman issuing convertible debt instruments. They will, however, be
would be announced shortly. The four new MDs and CEOs are- allowed to make a rights issue or a private placement to
(1) P. Sriniwas for United Bank of India, (2) Animesh Chauhan qualified institutional investors. The list itself would be
for OBC, (3) R. Koteeswaran for Indian Overseas Bank and (4) maintained by a central repository authority, although not
Kishore Kumar Sansi for Vijaya Bank. SEBI, and banks would provide wilful defaulters' names to the
Banks need to revisit credit exposure authority.
limits of firms: Reserve Bank of India Deputy Governor Urjit Finmin tells banks and LIC on claim forms: The Finance
Patel has said that banks may have to revisit at an opportune Ministry has asked the public sector banks and LIC to make
time the individual company available on their websites, claim forms for the Rs.30000 life
cover as promised under Jan Dhan Yojna. Also, LIC has been
credit exposure limits, as well as sector exposures as part of asked to settle claims within 15 days of the receipt of the
their learning for the future for better risk management form. The settlement process should not exceed 30 days in any
practices over the business cycle. case.
Post Offices to issue ATM-cum- Debit cards: Post Office Regulator red flags high agent attrition in life- insurance
savings bank accounts can now be operated through ATMs. space: The insurance regulator has raised concerns over the
The Centre has amended the Post office Savings Bank General high rate of agent attrition in the life insurance industry.
Rules accordingly. This facility, however, will be available only Cabinet Nod for Hiking Stake in IFCI: IFCI was set up in 1948
in the post offices that are in Core Banking Solution (CBS) as a Statutory Corporation under the Industrial Finance
platform. Currently, 676 post offices are on CBS. Corporation Act, 1948. Thereafter, IFCI Ltd. Was registered
Industrial output at 5-month high; retail inflation inches up under the Companies Act 1956 on March 31, 1993. The
in Dec: Factory output for November 2014 came in at a five- current shareholding of Government of India in IFCI is 47.93%.
month high of 3.8 per cent on the back of improved Therefore IFCI is not a Government Company under Section
manufacturing performance. This is a clear positive for the
economy given that the Index of Industrial Production (IIP) had 2(45) of the Companies Act 2013. Now the Centre has
contracted 4.2 per cent in October 2014. Manufacturing

47
approved raising its stake in IFCI Ltd. to 51% by infusing Rs.60 (CBDT) has come up with a new draft of 12 income
Crore in the country's oldest Financial Institution. computation and disclosure standards (ICDS). The Income Tax
Department is looking to prescribe its own set of standards so
For banks, home loan portfolio is losing sheen: The retail as to ensure that income is computed correctly for income tax
loan portfolio of banks is seeing a marginal shift away from purposes.
housing and towards unsecured and consumption- based Number of export documents set to come down: The
lending. Reserve Bank of India data show that the pace of paperwork involved in exporting and importing goods is set to
growth of home loans declined to 16.4 per cent in November come down significantly from the next fiscal year. The move
2014, from 18.1 per cent in the year-ago period. On the will cut down transaction costs and time for industry and also
other hand, growth in consumer durables and other personal improve the country's global ranking in the World Bank's 'ease
loans improved to 46.8 per cent (32.8 per cent in the year- of doing business' index. The Revenue Department is likely to
ago period) and 16.2 per cent (13.3 per cent), respectively. bring down the number of mandatory documents required for
Supreme Court Ruling on Tribunals: The recent trend of exports to three in the new fiscal year from the seven cited in
setting up tribunals in various sectors to lighten the High Courts' the World Bank's report. The reduction in export documents to
burden and speed up decisions suffered a setback when the three will put India at par with countries such as the US,
Supreme Court struck down the National Tax Tribunal Act on Canada, Singapore and Japan.
grounds that "it encroached upon the power of the Judiciary E-rickshaws now get legal status: The President has given his
and the Principle of Separation of Powers". nod to amend the Central Motor Vehicles Act (CMVA). With
Jan Dhan: banks want fund to help cover overdraft this, e-rickshaws and e-carts can be registered by Regional
defaults: Banks have requested the Finance Ministry to quickly Transport Offices, and will have to comply with rules
set up a credit guarantee fund to cover possible delinquencies regarding display of registration marks, size of letters and
in overdrafts they extend to account holders under the numerals of the registration mark, transfer of ownership and
Pradhan Mantri Jan-Dhan Yojana. With two months to go for validity of certificates and fitness. State governments will have
the first set of account holders to become eligible for an to register e-rickshaws as per the amended rules.
overdraft (OD), the matter has assumed urgency. PMJDY was PM launches new domestic lighting scheme: Prime Minister
launched on August 28 last year, as a national mission for Narendra Modi launched a scheme for distribution of LED
financial inclusion. Under the Yojana, banks can provide an OD bulbs, under the domestic efficient lighting programme, and a
of up to Rs. 5,000 after six months of satisfactory National Programme for LED-based Home and Street Lighting.
performance, in terms of operations, savings, and credit Under the scheme, consumers in Delhi will be able to request
history. for LED bulbs under the Domestic Efficient Lighting Programme
Reserve Bank red flags 'quick money' schemes: The Reserve through a new website. Consumers can register for this scheme
Bank of India has cautioned the public against getting taken in either through the website or by sending an SMS to a
by unscrupulous entities peddling multi-level marketing (MLM) designated number. Under the programme, consumers will pay
schemes that promise high returns. Entities running such chain Rs. 130 per LED bulb as compared to market prices, which
marketing or pyramid schemes promise easy or quick money range from Rs. 350 to Rs. 600.
upon enrolment of members. Income under such schemes comes Let Department of Posts run a bank: The panel on leveraging
primarily from enrolling more and more members from whom the post office network headed by former Cabinet Secretary
hefty subscription fees are taken. A portion of the subscription TSR Subramanian, has stated that large banks suffer from
amounts so collected is distributed among the members at the "small customer fatigue". There is considerable empirical
top of the pyramid. Any break in the chain leads to the evidence in this regard as reflected in increasing minimum
collapse of the pyramid, and the members lower down are the balance requirements, high transaction charges and barriers
ones affected most. Acceptance of money under money for cash handling across bank counters. Moreover, for cultural,
circulation, MLM or pyramid structures is a cognisable offence social and historical reasons, large banks find it difficult to
under the Prize Chit and Money Circulation (Banning) Act, motivate their city based employees to work in rural areas.
1978. The panel has suggested for the Department of Posts (also
CBDT notifies new draft of income computation and known as India Post) to set up a new bank to achieve the
disclosure standards: The Central Board of Direct Taxes government's agenda of universal financial inclusion.

MARCH/APRIL FINANCIAL AWARENESS


Global Leader: Union HRD Minister Smriti Irani was named Ministry of Skill Development and Entrepreneurship through the
Young Global Leader from India by the World Economic National Skill Development Corporation (NSDC).
Forum (WEF). Dadasaheb Falke Award: Actor Shashi Kapoor has been
Stockholm Water Prize: Environmental activist Rajendra Singh awarded with this year's Dadasaheb Phalke Award, India's
has been awarded with the prestigious Stockholm Water Prize highest honour in cinema.
this year for his innovative water restoration efforts and Air to Air Missile: India's indigenously developed Beyond
courage to empower communities in Indian villages. Visual Range (BVR) air-to-air missile 'Astra' was successfully
Gandhi Peace Prize 2014: Indian Space Research tested from a Sukhoi-30 fighter aircraft at the Integrated Test
Organisation (ISRO) won Gandhi Peace Prize 2014. The Range located at Chandipur in Odisha.
Indian space agency successfully launched Mars Orbiter Chillr: A mobile application Chillr that allows customers to
Mission (MOM) and at a very cost effective price of 450 crore instantly transfer money to any person in India is a first-of- its
rupees. Also it was its first attempt to launch a Mars Orbiter kind application that is linked directly to customers' bank
mission. accounts and is exclusively for customers of HDFC Bank. The
Pradhan Mantri Kausahal Vikas Yojna: The Union Cabinet maximum transaction limit is Rs.5000/- per day and Rs.
has approved the Pradhan Mantri Kaushal Vikas Yojana 50000/- rupees a month.
(PMKVY) to provide necessary skills training to youth across the Swaraj Bhoomi: Girgaum Chowpatty has been renamed as
country. The PMKVY Scheme will be implemented by the Union Swaraj Bhoomi to honour veteran freedom fighter Bal

48
Gangadhar Tilak. The Girgaum beach was called Chau-pati FDI cap in insurance sector: The Reserve Bank has notified the
because of four channels of water that existed there. decision to raise foreign direct investment (FDI) cap in the
SEBI Board approves IFSC guidelines: Sebi has approved a insurance sector to 49% from existing cap of 26%. As per the
relaxed set of norms for setting up of stock exchanges and notification, FDI up to 26% will be under automatic route and
other capital market infrastructure in International Financial beyond 26% till 49% will be allowed with the approval of
Services Centres. Stock exchanges and clearing corporations Foreign Investment Promotion Board (FIPB).
would be provided concessions for setting up ventures in the Government to reduce holding in PSBs: Government has
IFSC. All existing exchanges would be allowed to set up their decided to bring down its holding in public sector banks (PSBs)
subsidiaries in the IFSC under the relaxed regimes.Gujarat to 52% in a phased manner to ensure that capital needs of
International Finance Tec-City (GIFT City) would be the banks are taken care of.
country's first IFSC, with which top bourses BSE and NSE have Capital Infusion for 9 PSBs: The government has allocated
already signed MoUs for setting up international exchanges Rs.7,900-cr for recap of PSU banks.
there. Digitisation of Women SHGs: NABARD has started a pilot
SEBI approves listing of Municipal Bonds: To help in the project to improve the quality of interface between members
government's 'smart cities' programme, Sebi has approved a and banks for efficient and hassle free delivery of
new set of norms for listing and trading of municipal bonds on banking services. Digitisation will bring transparency,
stock exchanges, while channelizing household investments for credibility to operations of SHGs thereby increasing the
urban infrastructure development. After SEBI approval for such comfort of bankers in credit appraisal, disbursement and
municipal bonds, also known as 'muni bonds', municipal monitoring.
authorities would raise funds including for 15 cr accounts linked to Aadhar: NPCI, the umbrella
setting up of smart cities. organisation for all retail payments system in India, reached a
India overtakes US as 3rd Steel Producer: India has overtaken major milestone of successfully linking 15 crore bank accounts
the US to become the third-largest steel producer in the world with Aadhaar number. NPCI is the nodal agency for all retail
with a production of 14.56 million tones (MT) in first two payment systems under the Jan Dhan scheme.
months of the year. India has been the fourth largest steel New Investment pattern for PFs: The new investment pattern
producer for the past five years, behind China, Japan and the mandates up to 50% Investment in government securities, 45%
US. in debt securities, 15% in equity instruments, 15% in exchange
Asian Development Bank Report: As per Asian Development traded and indexed funds and 5% in real estate assets.
Banks annual publication Asian Development Outlook, 2015 Sec 66A of Information Technology Act: In a landmark
India is all set to overtake China's growth rate by clocking 7.8 judgement, the Supreme Court has struck down a provision in
per cent GDP in 2015-16 and 8.2 per cent during the the cyber law known as Section 66-A of the Information
following fiscal on the back of structural reforms and Technology Act which provides power to arrest a person for
government's 'pro-investment' attitude. posting allegedly 'offensive' content on websites in order to
Rural Banks told to cut jobs: Based on the recommendations protect freedom of expression.
of S.K. Mitra committee on HR policy for RRBs, the Government Pragati: Govt. launched ambitious multi-purpose and
has directed regional rural banks to become slim by cutting multimodal platform PRAGATI (Pro-Active Governance and
jobs and outsource non-core functions such as IT maintenance, Timely Implementation) with the aim of addressing common
cash remittance and housekeeping. Currently, there are 56 man's grievances and concerns. It will also help in
RRBs with 19,400 branches and a collective business volume of simultaneously monitoring and reviewing important
Rs 4.50 lakh crore. programmes and projects of the Government of India as well
India's GDP growth forecast increased: International as projects flagged by state governments. IMF and ADB to
Monetary Fund had increased India's GDP growth forecast to support AIIB: China has received support from International
7.2% for the current financial year. Last year, IMF had Monetary Fund and Asian Development Bank to establish a
forecasted a growth rate of 5.6% for the current financial new multilateral development bank named as Asian
year, and 6.4% for the next financial year. Infrastructure Investment Bank (AIIB), that will provide project
UK annual inflation rate drop to zero: UK annual inflation loans to developing countries and will begin its operations by
rate dropped steeply to zero in February for the first time due the end of 2015.
to falling prices of recreational goods, food, furniture and oil. Indian Railways launched RuPay Card: The card will enable
UK inflation, measured by the Consumer Price Index (CPI) passengers to book their Rail tickets and do shopping using
stood at 0% in February compared to 0.3% in January. RuPay pre-paid debit cards. Card can be availed from either
India's foreign exchange reserves: jumped by USD 4.261 the Union Bank or the IRCTC. RuPay is India's own card
billion to all time high USD 339.991 billion in the week ended payment gateway network and provides an alternative system
20th March. The jump was mainly due to increase in foreign for banks to provide debit card service.
currency assets which was increased by USD 4.539 billion to Bank Board Bureau: The Bank Board Bureau is being set up
USD 314.886 billion in the same week. which would be responsible for appointments at state- run
Central Bank of India with maximum bad loans: According lenders. The Board will work as search committee or
to the data published by the RBI, Central Bank of India has appointments board and will consist of professionals with only
topped the list of public sector banks with maximum bad loans one government representative. The proposed Board would
including restructured assets as a percentage of total have six members with at least three former bankers, two
advances. As per the list, CBI has 21.5% loans as either bad professionals and secretary, department of financial services
assets or has been termed as non-performing assets (NPAs). as the government representative.

MAY FINANCIAL AWARENESS


Bhartiya Mahila Bank MOUs with insurance companies: India Assurance Co. and LIC to provide insurance cover to its
Bhartiya Mahila Bank has entered into MOUs with the New account holders. The insurance covers are being provided

49
under PM Jan Dhan Yojana and PM Jeevanjyoti Bima Yojana move will allow some of the EDs in public sector banks to be
schemes. The insurance option is voluntary and comes at a eligible for the post of MD and CEOs for which separate
premium of Rs.12 and Rs.330 respectively. The age eligibility interviews will be conducted.
under the former is 18-70 years and under the later is 18-50 Govt revamps new norms on Non-official Directors: The
years. The enrolment period will be from June 1 to August 31. government has revamped the procedure for appointment of
Cabinet nod to amend Negotiable Instruments Act: The non-official directors on the Boards of Public sector Banks,
Cabinet approved a proposal to amend the Negotiable Insurance Companies and Financial Institutions. Besides,
Instruments Act so as to clarify on jurisdictional issues for trying creating a dedicated web portal, where interested persons
cheques bouncing cases. The main amendment is the stipulation can apply online, the procedure also provides for setting up of
that the offence of rejection/return of cheques under section a high level search committee. The committee will go through
138 of the negotiable Instruments Act will be enquired into the available applications and would recommend names to the
and tried only by a court within whose local jurisdiction the government for approval. The applicant should have at least a
bank branch of the payee, where the payee presents the graduation degree, should be less than 67 years of age and
cheques for payment is situated. have 20 years of work experience. Such directors could be
Guidelines to set up shop in IFSCs: RBI has issued the appointed for maximum six years or two terms.
operational guidelines for Indian and foreign banks to set up RBI concern for Public Sector Bank's Board Members: RBI will
shop in International Financial Service Centres (IFSCs), the first attempt to make the remuneration package of public sector
of which has come up in the Gujarat capital Gandhinagar. bank board members as appealing as that of their private
Public and private sector banks authorized to deal in foreign sector counterparts. RBI also conveyed its decision to do away
exchange will be eligible to set up IFSC Banking Units in IFSCs. with the list of issues that PSU banks place before their board
Only foreign banks having a presence in India will be eligible members, giving the top management more time to deliberate
to set up IBUs and specific permission from the Home-country on strategic issues. At a time when private sector bank
regulator will be required. Eligible banks will be permitted to directors are being paid in Lakhs for every board meeting
establish only one IBU in each IFSC. Parent Banks will be they attend, the payment in public sector banks is in the range
required to provide a minimum capital of $20 million or of Rs.5000 to Rs.10, 000 bands in accordance with the
equivalent in any foreign currency to enable their IBUs to start government guidelines on remuneration. The difference in pay
operations in IFSCs. has made it difficult for PU banks to attract and retain
RBI removes curbs on United Bank of India: RBI has lifted the professional directors on their boards.
restriction on loans to be made by United Bank with a SEBI penalties for no woman on Board: The deadline for
condition that the bank maintains its capital adequacy ratio at appointing at least one woman director expired on March 31.
9.5% and keep credit-deposit ratio at or below 70%. Listed companies that have not appointed a woman director
RRBs come under RuPay Cards: National Payments face a fine of Rs.50, 000. If they do not comply by June 30,
Corporation of India (NPCI), the umbrella organization for all an additional fine at the rate of Rs.1000 a day will be
retail payments system in the country, has enabled all 56 imposed till a woman director is appointed. After September
regional rural banks (RRBs) under its Central Payment Systems 30, the fine will go up to Rs.1.42 Lakh plus Rs.5000 a day till
Network with RuPay cards and access to National Automated the date of compliance.
Clearing House Service. Govt announces relief package for farmers: The Government
Foreign Trade Policy 2015-20 notified: The long- awaited has announced a relief package for the farmers hit by
Five-year Foreign Trade Policy has been notified by the unseasonal rains. The criteria has been reduced from 50% to
Government. The policy has expanded the scope of incentive 33% crop damage enabling more farmers to get
schemes for merchandise and service exports and it also compensation for their loss. The compensation amount has been
targeted to almost double value of exports to $900 billion by increased to 15 times. Banks have been asked to restructure
2020. Further to ensure stability in the policy regime, the farm loans while insurance companies have
Centre has opted for a mid-term review instead of an annual been asked to settle claims of farmers on a priority basis.
review. The Policy also spells out measures for increased PM launches MUDRA Scheme: The Prime Minister has
digitization of exports and imports with the aim to gradually launched "MUDRA" scheme. The Micro Units Development and
move towards a paperless office and self- certification by Refinance Agency Ltd. (MUDRA) has been registered as an
established exporters and importers. NBFC with RBI and has a corpus of Rs.20, 000 Crore and can
MEIS and SEIS replacing multiple schemes introduced: In the lend up to Rs.50,000 and Rs.10 lakh to small entrepreneurs.
new Foreign Trade Policy, the Government has introduced two The Microfinance institutions and NBFCs can avail loans from
new schemes, Merchandise Exports from India Scheme (MEIS) MUDRA for on lending to the borrowers. It will provide
refinance to banks and other institutions at 7% rate of interest.
and Services Exports from India Scheme (SEIS) by replacing
The Government has appointed Jiji Memon as the CEO of
earlier multiple schemes. The MEIS will be targeted for export MUDRA, who was a Chief General Manager of NABARD.
of specified goods to specific markets and SEIS is meant for National Consumer Commission Ruling on ATM fraud: The
exports of notified services. The rate of rewards under MEIS National Commission, said that there was a foul play by a
now ranges from 2% to 5%, from the 2% to 7% range earlier. third person who manipulated the ATM machine and
On the other hand, under SEIS, the rate will range from 3% to unauthorizedly withdrew money. The Commission concluded
5%, from the 5% to 10 % range earlier. that there was deficiency in bank service. The Commission
further ruled that "A bank can not escape its liability by
Govt. mulls new norms for PSB top appointments: The claiming the security systems are foolproof. If there is a flaw or
finance Ministry is seeking to rework the eligibility norms to a loophole in the system, the bank would be liable to make
appoint MD & CEO for five large nationalized banks. The age good the loss caused to the customer".
criteria for eligible candidates are to be relaxed from 55 Sahoo Panel recommendations on ECB: Government
years to 57 years and also to reduce the requirement for appointed Sahoo Panel has recommended that Indian banks
board level experience from three years to one year. The should not be allowed to extend ECBs to domestic corporate

50
houses out of their overseas subsidiaries or branches. This norm estimates, the EPFO's incremental deposits for 2014-15 would
should also be applied for guarantees which mean that Indian be around Rs.80, 000 Crore. During the current fiscal, the
banks based abroad should not be allowed to incremental deposits could be around Rs.1 Lakh Crore as the
extend guarantees for ECBs. The Panel has recommended that body had increased the monthly wage ceiling for coverage
the restrictions on borrowers, lenders, end-uses, amount, under its social security schemes to Rs.15, 000 from Rs.6500 in
maturity, all-in-cost ceiling must be removed. The Panel does September last year.
not want that both lender (Indian bank based abroad) and the Govt proposes change in corruption law for good officials:
borrower (Indian Company) to face forex risk on the same The Centre proposes to differentiate a "Corrupt decision" from
loan transaction. an Erroneous decision" to ensure that its officers take decisions
RBI for interoperable cash deposit machines: RBI is looking to without any fear. The proposal is to amend section 13 of the
the National Financial Switch (NFS) which will make them Prevention of Corruption Act, 1988 which defines what
interoperable and allow customers to deposit cash into their constitutes criminal misconduct by a public servant and
accounts from any bank's machine. ATMs are already part of specifies penal provisions, including jail of up to seven years.
the NFS and now there is proposal from National Payments SEBI proposal for venture capital funds: SEBI proposed to
Corporation of India (NPCI) to link all cash deposit machines to allow venture capital funds to invest up to 25% of their
the NFS. This will allow any other bank customers to put in investible funds in foreign companies that having "Indian
money from any machine. connection". Currently the cap is fixed at 10%. Indian
Panel proposes Small Banks merger with Large Banks: The connection would include companies having front office
Working Group on Consolidation and Restructuring of Public overseas but back office operations in India. Many Indian
Sector Banks has proposed that the small public sector banks entrepreneurs have been setting up their headquarters outside
with assets of less than Rs.2 Lakh Crore should be readied for India with backend or research and development operations in
merger with five large public sector banks. Ahead of the India. Therefore, there is need to allow higher overseas
consolidation, the small PSBs will need to reorient their investment by VCs more than existing 10% limit.
portfolio and improve operational efficiencies over the next GOVT. formulates new project "Life MGNREGA": With an
one year. Any consolidation should be driven by market forces aim to promote self-reliance and improve the skill base of
and decisions taken independently by the board of each bank. MGNREGA workers, the Government has formulated a new
RBI allows banks to tie up with e-commerce companies: RBI project linking the flagship rural job scheme with skill
has allowed banks to enter into joint ventures with ecommerce development programmes. "LIFE-MGNREGA" is likely to be
firms to smoothen payments or appointing them as Business implemented in the middle of July. The project has been
Correspondents for acquiring new customers. Integrating e- formulated in consultation with Deen Upadhyaya Grameen
commerce with their own platforms will allow banks to work Kaushalya Yojana and National rural Livelihood Mission.
around the two factor authentication requirement while doing IFSC Banking Units (IBU) by Indian Banks: RBI has
transactions. Further to ensure reliability of banking formulated a scheme for the setting up of International
transactions in the mobile space, RBI has asked the TRAI to give Financial Services Centre (IFSC) Banking Units (IBUs) by banks
priority to banking transactions over others while messaging. in IFSCs as per Foreign Exchange Management (International
Govt allows EPFO to invest in ETF: The Government has Financial Services Centre) Regulations, 2015. Government of
allowed the EPFO to invest 5% of its corpus in Exchange India has already announced setting up of an IFSC in Gujarat
Traded Funds (ETF) which will result into an inflow of around namely Gujarat International Finance Tec-City (GIFT) in
Rs.5000 Crore into the stock markets during this fiscal. As per Gandhinagar, Gujarat.

JUNE FINANCIAL AWARENESS


New Service Tax rate from June 1: The new service tax rate Mahindra Bank, IndusInd Bank Ltd, Standard Chartered Bank,
of 14% will come into effect from June 1. The service tax is Citibank NA and HSBC. These banks have been selected on
currently levied at the rate 12.36%, including education cess. the basis of their asset size and business mix.
FDI limit in pension sector hiked to 49%: The Indian AXIS Bank opens 24x7 express branch: Axis Bank, India's
government raised the limit of foreign direct investment (FDI) in third largest private bank, opened its first Express Branch, a
the pension sector to 49% in line with the FDI cap raised in the retail banking initiative to deliver superior Omni channel
insurance sector. The hike covers FPI, FII, QFI, FVCI, NRI and digital experience to customers at ITPL, Bengaluru. These
DR. No government approval is required till 26%, but the branches would primarily be opened in metro cities to offer
Foreign Investment Promotion Board (FIPB) approval would be customers round-the-clock banking services for their
needed for investment beyond 26% and up to the cap of convenience and ease and would offer cash withdrawals,
49%. All investments in the pension sector, however, will have instant cash deposits, cheque deposits, etc.
to abide by the pension sector regulator the Pension Fund GDP to grow further after 7-7.5% last year: Economists
Regulatory and Development Authority (PFRDA). polled by Reuters pegged India's 2014-15 economic growth
Private and foreign banks to appoint outsiders as Internal at 7.4 per cent and 7.8 per cent for the current year in terms
Ombudsman: New generation private banks, public sector of standard gross domestic product (GDP). As per new way of
banks and foreign banks with a large retail base have been measuring GDP, India's statistics office has overtaken China as
asked to appoint an outsider as an internal Ombudsman to the world's fast-growing major economy, at an annual 7.5 per
look after consumer grievances. The internal Ombudsman, who cent in the fourth quarter of the fiscal year that ended on
will be designated as chief customer service officer (CSSO), March 31.
will be the first port of call for grievance redressal even FDI Cap hiked:: The Government has decided to increase the
before approaching the banking ombudsman. The public sector limit for foreign investment proposals needing Cabinet nod
banks, the private lenders who will have an internal and also allowed to treat Real Estate Investment Trusts (REITs)
Ombudsman are ICICI Bank, HDFC Bank, Axis Bank, Kotak as eligible financial instruments under the Foreign Exchange

51
Management Act (FEMA). The move is expected to boost pact, is going to benefit 8.5 lakh employees from all the state-
foreign inflows into the country. The latest step is expected to run banks, old generation private banks and some large
help several companies looking to raise funds via REITs, which foreign banks.
are yet to take off. During the April- February period of Banks' Gross NPAs rises to 4.45%: The banking sector's asset
2014-15, the foreign fund inflows have grown by 39%, year- quality further worsened in the last one year, with gross non-
on-year, to $28.81 billion. performing asset (GNPA) ratio inching to 4.45% in March
HDFC among World's top 10 list of consumer finance firms: 2015, compared to 4.1 per cent in March 2014. Stressed
Mortgage lender HDFC has emerged as the only Indian assets ratio, which is GNPA plus restructured standard
company among the world's 10 biggest consumer financial advances for the system, stood at 10.9 per cent, as at the end
services firms, after American Express, Visa and Mastercard. of March, 2015 compared to 10 per cent in March, 2014 and
HDFC is ranked 7th on the list, compiled by business magazine 10.7 per cent in September 2014. GNPAs for public sector
Forbes, where American Express is placed on the top. banks as on March 2015 stood at 5.17 per cent, while the
Public Sector Banks' profiles to improve only in the medium stressed assets ratio stood at 13.2 per cent, which is nearly
term: According to Moody's, improvement in the credit profiles 230 bps more than that for the system. RBI had taken various
of Indian public-sector banks (PSBs) will be achieved only in steps in the last one year to tackle the problem of rising bad
the medium term, given their high levels of impaired loans and loans. For early recognition of stress in the system, banks have
weak capital positions. PSBs represent more than 70% of total been asked to form joint lenders' forum (JLF) to initiate the
banking system assets in India. A longer time-frame is needed resolution mechanism. According to the latest data, the capital
for the credit profiles of public- sector banks to improve, adequacy ratio of the banking system has been steadily
because their asset quality is tied to the slow, multi-year declining and at the end of March 2015, it stood at 12.70 per
recovery of corporate balance sheets, and the lagging cent as against 13.01 per cent in March 2014. The
recognition of associated credit costs. The banks are therefore government has taken a decision to infuse capital in banks that
highly dependent on the Indian government (Baa3 positive) for show better efficiency in terms of return on equity and return
fresh capital. on assets. As a result, only nine public sector banks have
AMFI asks mutual funds to check 'Bonus Stripping' practice: received capital from the government in the previous financial
AMFI has asked Mutual fund houses to check the practice of year.
'bonus stripping', which has come under scanner for possible Mechanism for banks to check frauds: The RBI has put in
misuse of the bonus plans of mutual fund schemes for avoiding place a new framework to check loan frauds including by way
paying taxes. The bonus stripping typically involves an investor of early warning signals at banks and red flagging of
buying a bonus plan of a mutual fund scheme, book a loss on it accounts, while defaulters will have no access to further
and then set it off against capital gains from other sources. banking finance. Besides, the central bank will set up a Central
ICICI Bank launches voice password facility for users: ICICI Fraud Registry that can be accessed by all banks to identify
Bank has launched a service where customers can make borrowers having committed frauds with any bank in the past.
transactions using just their voice, without using other means of The CBI and the Central Economic Intelligence Bureau (CEIB)
authentication like a password. The voice recognition service will also share their databases with banks.
authenticates customers based on their speech patterns & PM launches 'KISAN TV': To mark the completion of his
allows them to execute banking transactions through the bank's government's first year in office, the PM has launched 'Kisan
call centre. Their voice will now act as the password for TV' which would provide information about best agricultural
banking transactions through the call centre. practices. The government has made it a 'must carry' channel
Small banks for merger with large PSBs: A Finance Ministry making it mandatory for cable and Direct to Home (DTH)
appointed Working Group on Consolidation & Restructuring of operators to provide it to their subscribers.
PSBs has recommended Small public sector banks, with assets World's 50 most valued banks in 2014: Among other sector-
of less than Rs.2-lakh crore, should be readied for merger with specific lists, there is no Indian entity on the list of biggest
five large PSBs. PSBs with less than Rs.2 lakh crore assets major banks topped by China's ICBC. For the regional banks,
(loans plus investments) include Andhra Bank, Bank of China Construction Bank tops the chart, while India's SBI is
Maharashtra, Dena Bank, PSB, Vijaya Bank, and United Bank ranked 22nd, ICICI Bank is at 29th place and HDFC Bank is at
of India. The large PSBs, with the capability to acquire include 40th position. For Oil and Gas sector, Reliance Industries is
Bank of Baroda, Bank of India, Canara Bank, PNB and UBI. ranked 15th globally, while ExxonMobil is on the top. In
Ahead of the consolidation, the small PSBs will need to reorient Computer Services, Google tops the list and India's TCS is at
their portfolio and improve operational efficiencies over the 7th place, followed by Coginzant at 9th and Infosys at 10th
next one year. The Working Group has proposed that as a position.
means to improve profitability by leveraging economies of New Data on Indian Exporters released: India's statistical
scale & avoiding duplication, all PSBs should share office will release new data for the first time to identify where
infrastructure, including back-office space, IT backbone & India's exporters are located and what they are selling. This
telecom contracts through a "shared service organisation." move is expected to help the government to make more
The banks will need to raise almost Rs.4.50-lakh crore in informed manufacturing and trade policy decisions in the
Tier 1 capital (which includes Rs.2.40- lakh crore equity context of its 'Make in India' programme and the stiff $900-
capital) by March 2019 under Basel III norms. The Working billion exports target set for 2020.
Group has suggested that over the next one year all PSBs FORD Foundation to be under a watchlist: The Ministry of
focus on four areas - improving risk management capabilities, Home Affairs has ordered to put Ford Foundation, one of the
shifting to profitability-linked performance metrics, leveraging most powerful international funding organizations under a
technology to reduce costs, and developing capital-light watch list in 'National interest and security' of the country and
business models. has also decided to take Greenpeace type of action against
IBA sign wage revision pact: Bank unions have signed the Ford Foundation. Putting it on prior permission list, MHA has
new wage revision agreement with the industry body Indian ordered that all the funds coming from Ford Foundation, US,
Banks Association (IBA) one of the heads of the unions. The for any agency or NGOs in country will first need to be

52
cleared by the ministry. The action has been taken under contribution by companies towards their workers' EPF schemes
Section 46 of the FCRA. would be a portion of 'contributory wages' which will not
Cabinet approves changes to Child Labour laws: In a major include house rent and travel allowances. The concept of
overhaul of child labour laws, the Cabinet approved a 'contributory wages' has been included in the Employees
complete ban on employment of children below 14 years, Provident Funds and Miscellaneous Provisions (Amendment) Bill,
except for some family businesses, entertainment and sports 2015, which will soon be placed before the Cabinet for
activities, while raising the punishment for violations to up to approval. While the unions wanted that 12 per cent PF
three years of jail. Making child labour a cognizable offence, contribution by the employers should be on total take home
the fine has also been increased to up to Rs 50,000 for the salary, the employers were opposed to the idea as it would
employers. The children can be employed only in non- have increased their PF liability and reduced workers' pay.
hazardous family enterprises, TV serials, films, advertisements E-Tourist Visa: Indian Govt. has announced to provide e-
and sporting activities (except circus) with a condition that they tourist visa to 31 more countries, including France and Canada.
would be made to do these jobs after school hours. The e-tourist visa has been launched in Nov. last year for 45
First BRICS Bank Chief: The ICICI Bank Chairman K.V. Kamath countries from nine designated Indian airports.
has been named as the first President of the BRICS Bank, the DBS first MNC bank to go for local arm: DBS has emerged
multilateral funding agency with Brazil, Russia, India, China the first off the block among multinational banks to apply for a
and South Africa. subsidiary license in India. The bank's global chief executive
Simplified Income Tax Return Form: Finance Minister has officer announced the decision to go local in India, citing an
announced extremely simplified Income Tax Return form which opportunity to scale up business using the digital platform
will replace the existing 14-page ITR which sought information coupled with the bank's success in lending to small and medium
like all bank accounts and foreign trip details. enterprises elsewhere in the world. The bank put in an
WHITLEY Awards: Two Indians Dr. Ananda Kumar and Dr. application for subsidiarization with the Reserve Bank of India.
Pramod Patil have been awarded with the prestigious Whitley Bank wants to scale up from being a corporate bank to being
Awards also known as 'Green Oscar' for their contribution to a universal bank.
wildlife conservation. Dr. Ananda Kumar was awarded the CCEA raises FDI approval floor to Rs 3000 crore: The
prize in recognition of his work using innovative communication Cabinet Committee on Economic Affairs (CCEA) has raised the
systems to enable human elephant co-existence in Southern threshold for foreign direct investment requiring its approval to
India whereas Dr. Patil was conferred this award for his work Rs 3,000 crore from the present Rs 1,200 crore. This decision is
to protect the iconic great Indian bustard in the Thar desert. expected to expedite the approval process and result in
Low - value 'Tap and Pay' without PIN: Reserve Bank of increased foreign investment inflow. Presently, investments up
India allowed banks to enable transactions in contactless cards to Rs.1,200 crore are cleared by the Foreign Investment
for values up to Rs 2,000 without requiring a separate PIN Promotion Board of the finance ministry. Those above this limit
authentication. The move is expected to hasten acceptance of require approval of the CCEA as well. This was done in line
`tap and pay' electronic payments at retail outlets, in transport with the govt's effort to boost the Make in India campaign &
services and for toll payments. Banks are free to facilitate increase the flow of foreign investment.
their customers to set lower per- transaction limits. The Govt. allows investing 5% of EPFO corpus in stock markets:
responsibility for authorizing the contactless payment based on In a move that could see over Rs. 7,500 crore of retirement
such card-based limits will lie with the card issuing banks. savings of workers going into the capital markets for the first
Indian Promoter must hold 26% stake in Insurance Joint time, Labour ministry has notified the new investment pattern
Ventures: The Insurance Regulatory and Development for the Employee Provident Fund Organisation (EPFO). The
Authority of India has mandated a minimum 26% equity new pattern allows the retirement fund body to invest 5% of
holding by the Indian promoter in any insurance company to its incremental income in Exchange Traded Funds (ETFs) from
ensure that the local investor does not use the liberal foreign the current financial year. The limit of investment in ETFs,
investment and listing policy to dilute accountability. The starting from 1% with effect from April 1 and reaching 5% by
regulator insists that the mandatory 26% stake to be held by the end of the year, is the lower end of the range
the local promoter will ensure that there is accountability and recommended by the finance ministry that had proposed 5-
that the management does not rest with the foreign company 15% in equities. Worldwide, pension funds have 52% of their
alone in the event of a single block of holding falling below investment in equity with US at 57%, followed by Australia
25%, public shareholding limit - when a company goes for (54%), UK (50%), Canada (48%) and Japan (40%), as per
listing. As a result of this move, the insurance regulator aims to the study by Towers Watson. The EPFO has more than five
control transfer and dilution of ownership in insurance crore subscribers across the country and has a corpus of over
companies to prevent financial investors from flipping Rs 6 lakh crore.
investments for short term gains that may hurt long term NPCI cuts ATM switch charges by 10%: National Payments
prospects. Corporation of India (NPCI) has cut the switching fee for ATM
USTAAD: The Government proposes to launch its first scheme transactions by 10 per cent to 45 paise on the surge in
for minorities - a national crafts programme called 'Ustaad' transaction volumes to 270 million per month from 80 million
linked to the 'Make in India' campaign from Varanasi. per month four years ago. The new rate is effective May 1.
Although most programmes being run for minorities had been Switching fee is charged by the NPCI for routing ATM
initiated by the earlier UPA regime, 'Ustaad' is the first scheme transactions through connectivity between banks' switches. This
being crafted by the Najma Heptullah-headed minority affairs enables customers to use any ATM of a connected bank.
ministry. The scheme will cover centres such as Bhadohi, Limit for withdrawals at Micro ATMs: Banks have firmed up
Murshidabad, Hyderabad and Moradabad etc. It will be the upper limit on withdrawals at micro automated teller
aimed to help make these traditional crafts more compatible machines (ATMs) at Rs.10,000 as part of rules governing small
with modern tastes and markets. transactions, especially under financial inclusion. They will levy
PF Contribution likely on 'Contributory wages': In a breather an interchange fee of Rs.2 for withdrawal up to Rs 2,000 per
to employers, the labour ministry has proposed that transaction. The charge will rise to Rs 15 per withdrawal for

53
amount between Rs.5,001 and Rs. 10,000. Banks will not levy closed' prepaid instruments will be issued by the mass-transit
interchange fee for non- financial transactions at micro ATMs. operators like the Delhi Metro, and will be regulated under the
The switching fees have been waived up. The rates and rules Payment & Settlement Systems Act, 2007. Such instruments
are applicable for cash withdrawals using a card at micro should help in automated fare collection and may also be used
ATMs. Micro ATMs are similar to point of sale (PoS) terminals at other merchants who are allied to or are carried on within
but are called as the handheld devices and are used by the premises of the transit system only. The responsibility of
business correspondents to accept deposits and dispense cash. getting the merchants on board will be of the operator.
IGIA ranked as World's best Airport: Indira Gandhi Minimum validity for the PPI-MTS (prepaid payment instrument
International Airport (IGIA) in New Delhi has been ranked as for mass-transit system) will be six months. The know-your
the world's best airport for the year 2014, under the category customer (KYC) requirements for issuing the instruments have
of handling 25 to 40 million passengers per annum, as per been left for the issuer to decide.
Airports Council International (ACI) report. India crosses a billion telephone numbers in April:
Powers to regulate govt bonds: The Government dropped According to the Telecom Regulatory Authority of India, the
plans for the time being to strip the RBI of its powers to telephone subscriber base was 996.49 million at the end of
regulate government bonds and give them to an independent March, with 969.89 million wireless subscribers. The number of
agency. The Finance Minister withdrew the proposal from the telephone connections in India crossed one billion at the end of
Finance Bill, 2015, and said the government, in consultation April. India is behind China, which had 1.28 billion mobile
with the RBI, will prepare a roadmap to pursue a separate subscribers and 246.94 million fixed-line subscribers at the
debt management agency later in line with the global end of February. Chinese telephone subscribers account for
practice. In his first full year Budget, the Finance Minister, had 94.5 per cent of the country's population, but in India the
proposed to set up a Public Debt Management Agency coverage is 77-80 per cent because of multiple connections
(PDMA) and shift the regulation of government bonds from the and inactive users.
RBI to market regulator Securities and Exchange Board of Chief of National Human Rights Commission: Justice
India (Sebi). The proposal generated lot of controversy, with Cyriac Joseph has been appointed as an interim Chairperson
the RBI raising concerns and questioning the timing of the move. of the National Human Rights Commission. He succeeds KG
The Persi Mistry report of 2007, the Raghuram Rajan Balakrishnan.
Committee report of 2009 have both strongly argued for
separating the debt management functions from the RBI. Soft Bank Group: Nikesh Arora has been appointed as the
RBI issues draft norms for Mass Transport Pre paid cards: President of Japan's multinational telecommunications and
The Reserve Bank issued draft guidelines for pre- paid internet company Softbank Corp. Before that, he was Vice
payment instruments to be used in mass-transit systems which
Chairman of the company and the CEO of SB Group US, Inc.
will also enable shopping inside the transport hubs. The 'semi-

JULY CURRENT AFFAIRS 2015


1. World Bank approves $650 mn loan for Eastern Freight 9. Greece has become the first developed nation to default on
Corridor in India. International Monetary Fund (IMF)
2. State-owned power equipment maker Bhel said it has debt. It has defaulted on a 1.7 billion dollars payment to IMF.
commissioned Sudan's largest power plant. The Kosti plant is 10. Prof. Sanjeev Galande selected for G D Birla Award for
Bhel's largest oil-fired thermal power plant in the overseas Scientific Research 2014
market. It is also Bhel's first crude oil fired thermal power plant
11. Cuba becomes first nation to eliminate mother-to-child HIV
in Africa and comes on the heels of the successful completion of
and syphilis: WHO
Bhel's 28 MW Nyaborango Hydro project in Rwanda.
12. Haryana government announced to launch a voluntary
3. In its series of digital initiatives and tie-ups, State Bank of scheme 'Mhara Gaon - Jagmag Gaon', aimed at providing
India, countrys largest bank, partnered with online travel 24-hour uninterrupted power supply to rural domestic
company MakeMyTrip.com to capitalise on the business
consumers and improving electricity bill collections in order to
opportunities of the booming e-commerce and m-commerce
reduce "huge" accumulated losses of power utilities.
ecosystem. 13. Dr Anup K Pujari joins as Secretary, MSME
4. Chief Minister Virbhadra Singh here disclosed that a Rs 643 14. NASA unveils prototype of plane to fly on Mars
crore project for augmenting the water supply to the growing
hill city had been approved by the union government. 15. The Prandtlm will be released at about at 100,000 feet
altitude, which will simulate the flight conditions of the Martian
5. Railway Minister Suresh Prabhu Inaugurates Integrated atmosphere, said Al Bowers, NASA Armstrong chief scientist
Security System in Mumbai. The ISS is advanced security
and Prandtlm programme manager.
systems that aims at improving security on Railway premises
16. The socio-economic and caste census (SECC) 2011 painted
and also ensure safety of the people and avert terror attacks a grim picture of rural India, indicating that one out of three
in extreme case. The system has a total of 118 CCTV cameras. families living in villages is landless and depends on manual
6. Matti Makkonen, Father of SMS technology passes away labour for livelihood. The SECC 2011, also the first paperless
7. Abhijeet Gupta wins 19th Commonwealth Chess census conducted on hand-held electronic devices by the
Championship government, said 23.52% rural families have no literate adult
8. The Union Government in June 2015 increased the national above 25 years, suggesting a poor state of education among
floor-level minimum wage (NFLMW) to 160 rupees per day rural masses.
from 137 rupees per day. The new rate will be effective from 17. Country's largest lender State Bank of India launched an
1 July 2015. initiative to provide doorstep services and expedite home
loans application process. The initiative known as 'Project
Tatkal' will help get the loan within 10 days after receipt of

54
application form and relevant supporting documents, the bank water conservation and Integrated water management
said in a release. scheme."Jalyukta
18. R Paul Singh, Indian-American professor has been selected
for 2015 World Agriculture Prize laureate. Shivar Abhiyan is an ambitious program of Chief Minister
19. Darshan Jain, an Indian-American teacher has been Devendra Fadnavis and he has toured almost each and every
selected for prestigious Presidential Award for Excellence in district to visit the project sites," Pankaja Munde, minister for
Mathematics and Science Teaching. water conservation said.
20. Union Government has launched a web portal for online 33. Inshore patrol vessel Rani Durgavati joins Indian Coast
submission of applications for environment clearance by State Guard.
Environment Impact Assessment Authorities (SEIAA) for 34. President Pranab Mukherjee inaugurated a 'Nakshatra
Category B projects. It was launched by Union Minister of Vatika' in the gardens of Rashtrapati Nilayam in Hyderabad,
State for Environment, Forest and Climate Change Prakash one of the Presidential Retreats. He took a round of the
Javadekar in New Delhi on the occasion of Digital India Week. garden and watered a plant representing 'Surya' or the Sun
God.
21. The Guinness Book of World Records has recognised a
record created in Madhya Pradesh on World Hand washing 35. Skipper Mithali Raj scripted a new chapter in the history of
Day in 2014. The mega hand washing event was held on 15 Indian women's cricket as she became the first from the country
October 2014 to create awareness about hygiene by washing and overall second to reach the 5000-run milestone in one-
hands with soap. day internationals.
22. C D Balaji took charge as Director of the Aeronautical 36. State-run IDBI Bank said it has signed an agreement with
Development Agency Mudra Bank for refinancing of loans given to small enterprises.
23. BSNL launched a pre-paid card linked mobile wallet As per the agreement, the Bank will offer credit facilities up to
service which allows customers to transfer cash, pay for Rs 10 lakh to micro enterprises, at a competitive interest rate
services as well as withdraw cash of up to Rs 1 lakh. The wallet under Pradhan Mantri Mudra Yojana (PMMY) and Mudra will
service, Speed Pay, allows a customer to load money even if be providing refinance assistance to the bank for eligible
he does not have a bank account. sanctioned loan cases.
24. Solar Impulse, the aeroplane that is powered only by the 37. Renowned Urdu novelist Abdullah Hussain passed away
sun, has landed in Hawaii after making a historic 7,200km 38. World Bank has ranked the Mahatma Gandhi National
flight across the Pacific from Japan. Rural Employment Gurantee Act (MGNREGA) as the worlds
25. Former Chief Justice of India Y K Sabharwal passed away. largest public works programme. Also Mid-day meal scheme
26. As part of the 'Digital India Week', Centre for (under Ministry of Human Resource Development) has been
classified as biggest school feeding programme. It benefits
Development of Telematics (C-DOT) launched four new
around 105 million beneficiaries. Janani Suraksha Yojna
products including solar powered Wi-Fi and long distance Wi-
Fi. (Under Ministry of Health and Family Welfare) is top-most
social security programme with conditional cash transfers. It has
27. Uttar Pradesh State Road Transport Corporation (UPSRTC) 78 million beneficiaries.
has become the first State transport corporation to have a 39. Infosys signs multi-year agreement with Deutsche Bank.
vehicle tracking system for inter-city buses, which has led to a
reduction in accidents and deaths as drivers are wary of 40. The five major emerging national economies, known by the
crossing the speed limits. acronym BRICS, were a step closer to setting up a $100 billion
28. Tata Teleservices appoints Anuraag Srivastava as CFO. pool of mutual reserves by signing an operational
agreement.
29. United States (US) won the 2015 FIFA Womens World
Cup. It is overall third world cup title of US. In the World Cup The pool would be drawn on by the central banks of Brazil,
final match played at Vancouver, Canada US defeated Japan Russia, India, China and South Africa whenever they suffered a
by 5-2 goals score. shortage of dollar liquidity, helping them maintain financial
The important awards in women world cup : stability, Russias central bank said.
a) Golden Ball Award: Carli Lloyd (US), Amandine Henry 41. Ashok Haldia appointed MD and CEO of PTC India
(France), Aya Miyama (Japan). Financial Services
b) Golden Boot Award: Celia Sasic (Germany), Carli Lloyd 42. India and Kazakhstan launched the first exploratory
(US), Anja Mittag (Germany). drilling at Satpayev oil block owned by Indias ONGC Videsh
c) Golden Glove Award: Hope Solo (US). Limited (OVL) and Kazakhstan company KazMunaiGaz. It was
jointly launched by Prime Minister Narendra Modi and
30. Chile wins Copa America title 2015 of football for first
Kazakhstan premier Karim Massimov in Astana, Kazakh
time. Chile won South Americas most prestigious football
capital. The oil block is an offshore field located in the
trophy, the Copa America title 2015 for the first time. It is Northern Caspian Sea.
Chiles first ever international trophy in Football.
43. Mudhra Limited, a leading certifying firm in the country for
31. Based on the specific soil health of their small chunks of
digital signatures launched first of its kind eSign services in the
lands, scientists at the International Crops Research Institute for country as part of the Digital India Vision.
Semi-Arid Tropics (ICRISAT) and Government of Telangana can
send timely messages to the farmers through the phablet which 44. Satish Pillai, new MD & CEO of CIBIL.
was launched by ICRISAT. It is known as Green Phablet & the 45. Professor Lord Kamlesh Patel has become the first British
price is $300 (about Rs. 18,600), for farmers in Telangana. Asian to be appointed as Director of England and Wales
32. Impressed with the progress of Maharashtra's 'Jal Yukt Cricket Board (ECB).
Shivar Abhiyan,' Rajashtan may also adopt the state's flagship 46. Union Government appoints Sriram Kalyanaraman as MD
and CEO of NHB

55
47. Indian Railways launches Mobile ticketing app for applications to help farmers get prices on shrimp and capture
suburban commuters in Mumbai data on aquaculture through mobile. Moreover, MPEDA also
48. Essar Oil signs pact to sell 49% stake to Russia's Rosneft revamped its website and launched an online registration
49. Indian athletes put up an impressive show at the 2015 portal for exporters.
World Police & Fire Games which concluded by winning more 60. Prince Saud al-Faisal, Worlds longest serving Foreign
than 150 medals. Hosts United Minister passes away
States won by far the most medals, 1,777, including nearly 61. Famous Hollywood actor Umer Sharif passed away
700 golds. Canada finished second with nearly 430 medals.
62. Kagiso Rabada became only the second man in history to
The Indian athletess tally included 89 golds and 50 silvers.
claim a hat trick on debut as South Africa thrashed Bangladesh
50. India bagged the full membership of the Shanghai by eight wickets in a rain-hit first one-day international in
Cooperation Organisation (SCO) along with Pakistan. Dhaka.
51. Russian cosmonaut Gennady Padalka has set a Guinness 63. India and Kyrgyzstan have signed 4 pacts/ agreements to
World Record for spending longest time in space with a total enhance bilateral cooperation between the two nations. These
of 804 days as on July 2015. With this he broke the previous agreements were inked during the two-day visit of Prime
record of 803 days, nine hours and 41 minutes set by Russian Minister Narendra Modi to Kyrgystan as part of his official
cosmonaut Sergei Krikalev (now retired) across six missions visit to 5 Central Asian countries and Russia.
from 1998 to 2005. 64. India and Turkmenistan have signed 7 pacts/ agreements
52. Uttarakhand became first Indian state to install a system to to enhance bilateral cooperation between the two nations.
detect earthquakes and disseminate warnings. The first system These agreements were inked during the two-day visit of
has been installed in its capital Dehradun which will issue Prime Minister Narendra Modi to Turkmenistan as part of his
warnings 1-40 seconds before earthquakes of magnitude 5 or official visit to 5 Central Asian countries and Russia.
more occur.The system is designed and manufactured by 65. Tata Steels West Bokaro Division conferred with Golden
Italian firm, Space Dynamics which already has installed it in Peacock Environment Management Award 2015
Japan, Italy and US.
66. State Bank of India (SBI), the largest bank in India, has
53. State Bank of Travancore (SBT) has launched the SBT NRI partnered online financial product aggregator
Family Card, a prepaid card for resident Indians family bankbazaar.com along with the banks subsidiary SBI CAP
member/dependent/acquaintance of NRIs. Securities. Under this arrangement, the bank will be able to
display its home loan products on bankbazaar.com, generate
54. Export-Import Bank of India (Exim Bank) said it has signed leads and provide door-step delivery, thus improving the
a multilateral agreement to cooperate with New Development response time.
Bank (NDB) along with other member development banks of 67. Miss Oklahoma, Olivia Jordan, won big at the 2015 Miss
BRICS nations. New Development Bank (NDB) is promoted by USA pageant.
the BRICS nations -- Brazil, Russia, India, China, and South
Africa. 68. Green Signals: Ecology, Growth, and Democracy in India
written by Jairam Ramesh
55. PM Modi proposes Das Kadam: Ten Steps for the Future
for BRICS nations 69. In fresh trials, India has test-fired its indigenously
The 10 steps (10 kadam) suggested by PM Modi are: developed Nag anti-tank guided missile, which can hit a target
1. Trade fair upto seven km, from a helicopter at a firing range in Jaisalmer
in Rajasthan. HeliNa is a helicopter-launched version of Nag
2. Railway Research Centre and has been developed by the Defence Research and
3. Cooperation among supreme audit institutions Development Organisation (DRDO) under the Integrated
4. Digital Initiative Guided Missile Development Programme (IGMDP).
5. Agricultural Research Centre 70. India launched its satellite-based air navigation services,
6. State/Local Government's Forum thereby joining a select league comprising the US, Europe
Union (EU) and Japan which have similar systems. Civil Aviation
7. Cooperation amongst cities in field of Urbanisation Minister Ashok Gajapati Raju dedicated the services to the
8. BRICS Sports Council nation in a ceremony in New Delhi. The system - known as
9. Annual Sports Meet Gagan or global positioning system (GPS).
10. BRICS film festival 71. Mumbai Ranji cricketer Hiken Shah suspended by BCCI
56. India will be hosting the 8th BRICS summit in 2016 72. The Supreme Court-appointed Justice R.M. Lodha
57. On World Population Day, Indians numbered Committee on Tuesday suspended Indian Premier League (IPL)
1,274,234,538 at 2.30 p.m. constituting an estimated 17.23 teams Chennai Super Kings (CSK)and Rajasthan Royals (RR)
percent of the overall global inhabitation of humans, as per from the League for two years. The committee also imposed
data available with an independent socio-economic statistical sanctions on Gurunath Meiyappan, and Raj Kundra who were
organisation. the face of these IPL franchises respectively and were found to
have indulged in betting activities.
58. To inculcate scientific temperament among students,
73. Legendary music composer MS Viswanathan passes away.
government has proposed to set up model science labs
74. Noted artist Sayed Haider Raza conferred with Frances
across the country, beginning with the North East region. The de la Lgion d Honneur.
labs aim to ignite passion and nurture spirit of enquiry and
creativity for mathematics and science in students between 6- 75. India and Georgia on 13 July 2015 signed a
18 years of age. Memorandum of Understanding (MoU) for cooperation in the
field of election management and administration. The MoU
59. The Marine Products Export Development Authority
was signed by Chief Election Commissioner of India Nasim
(MPEDA) on 9 July 2015 launched two mobile based

56
Zaidi and Tamar Zhvania, Chairperson, Central Election developed by National Informatics Centre, are part of the
Commission, Georgia. existing schemes. These are:
76. The Income Tax (IT) Department launched One Time a. The Participatory Guarantee System portal.
Password (OTP) based e-filing verification system for b. The Soil Health Card portal.
taxpayers. This OTP will help in ending the practice of sending
paper acknowledgement, called ITR-V, through post to the I-T c. The Fertiliser Quality Control System portal.
Central Processing Centre (CPC) based in Bengaluru. 92. The Union Cabinet, chaired by the Prime Minister Shri
NarendraModi, has approved the signing of Memorandum of
77. The Union Ministry of Defence (MoD) and Union Ministry of Understanding (MoU) between India and Canada in the field
Skill Development and Entrepreneurship (MSDE) signed a of Civil Aviation.
Memorandum of Understanding (MoU) to facilitate strategic
partnership on skill development and entrepreneurship. 93. IBM announced the graduation of the first group of
students from Tanmatra, an innovative, cross-industry women's
78. Lt General Man Mohan Singh Rai appointed as Vice-Chief
leadership development program conducted in collaboration
of Indian Army with The Indian Institute of Management, Bangalore ( IIM-B)
79. Former BSFI president Pashupatinath Roy died. and Catalyst India WRC.
80. Operation Talaash for missing Dornier ends. 94. Haryana government named Parineeti Chopra as its Brand
81. Prime Minister Narendra Modi launched the 'Skill India Ambassador for 'Beti Bachao Beti Padhao.'
Mission' in the national capital. The Prime Minister will formally
95. India inks $250-million loan pact with World Bank for
launch the National Skill Development Mission, unveil the new
Andhra Pradesh Disaster Recovery project.
National Policy for Skill Development and Entrepreneurship
2015 and roll out on all-India flagship scheme. Narendra 96. Union Cabinet gives nod to redevelop 400 major railway
Modis ambitious Skill India Mission targets 40.2 crore workers stations.
by 2022 . 97. Neeraj Kumar appointed chief security advisor for ICC
82. A collaboration in aerospace and defence manufacturing World T20 2016.
and potential integrated systems development opportunities 98. India and Myanmar have announced plans to strengthen
has been inked between Tata Advanced Systems Ltd (TASL) their defence cooperation during a joint consultative
and Boeing. The deal will include unmanned aerial vehicles. commission (JCC) meeting held
83. Minister of Railways Suresh Prabhu on 14 July 2015
inaugurated the broad-gauge railway-line between in New Delhi. This meeting was chaired by Union External
Gandhidham and Tuna-Tekra Port in Gujarat by flagging off Affairs Minister Sushma Swaraj and Myanmars Foreign
a goods train. The rail line is Indias first railway-line built with Minister Wunna Maung Lwin.
private sector participation under Non-Government Railway 99. European Union (EU) has approved a short-term loan of
(NGR) Policy 2012 of Indian Railways. 7.16 billion euros to Greece after it was backed by the 28
member states. This loan will allow Greece to pay its huge
84. Maharashtra assembly passed Guarantee of Public debt to European Central Bank (ECB) and the International
Services Bill, 2015. The features of the Bill are: Monetary Fund (IMF) till new bailout plan is ratified.

with less efforts and cost. 100. Reserve Bank of India has signed a special currency swap
will pave way for curbing corruption, bringing agreement with the Central Bank of Sri Lanka (CBS). Under this
transparency and empowering citizens. agreement, Sri Lankan bank can draw up to 1.1 billion dollars
for a maximum period of 6 months.
-bound
manner and at nominal charges. 101. Indias first air freight station in the private sector has
come up at Irungattukottai near Chennai.
102. Veteran Telugu playback singer V Ramakrishna passes
government employee will be penalized for default, which away
ranges between 500 rupees to 5000 rupees.
103. The Competition Commission of India (CCI) has imposed a
85. Andromeda acquires apnapaisa.com in stock and cash
deal. penalty of Rs 671 crore on four public sector insurance
companies-National Insurance Co, New India Insurance Co,
86. Krishnapatnam Port receives Golden Peacock award for Oriental Insurance Co and United India insurance company for
environment management indulging in anti-competitive practices.
87. Iconic musician Joan Sebastian passed away 104. Jules Bianchi: F1 driver dies from Suzuka crash injuries
88. Reserve Bank of India (RBI) has constituted a committee to 105. Kerala Tourism has won 2015 Pacific Asia Travel
prepare a 5 year action plan to spread the reach of financial
Association (PATA) award in the Heritage & Culture
services across country to unbanked population. The committee category for its Muziris Heritage Project.
will be headed by RBI executive director Deepak Mohanty
and comprise total of 14 members 106. Indian-origin doctor Shiv Pande receives honorary
fellowship in UK
89. Varanasi chosen as 'city of music' by UNESCO
107. India and Russia have signed a customs and liberalize
90. Jaitley choose Amritsar to launch the "National Heritage business visas agreement to boost trade between both
City Development and Augmentation Yojana " (HRIDAY) for 12 countries to remove the hindrances and boost commerce. This
cities in the country.
pact will help to rapid clearances of imported goods at the
91. The Centre launched three new websites for farmers aimed land and sea ports and addresses the issues related to the
at making organic farming certification, fertiliser quality checks non-tariff barriers.
and disbursal of soil health cards easier. The portals,

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108. Nelson Mandela International Day was observed across 122. Bandhan Bank, to be formally inaugurated by President
the world on 18 July 2015 to honour the Pranab Mukherjee on August 23, has appointed Ashok Lahiri,
former South African President and Nobel Peace Prize former chief economic adviser, Government of India, as its
laureate Nelson Mandela (1918-2013) chairman. Chandra Shekhar Ghosh, Founder of Bandhan
109. Godfather actor Alex Rocco dies at 79 Financial Services Ltd, was appointed as the Managing
Director and Chief Executive Officer of the bank.
110. Uruguayan soccer legend Alcides Edgardo Ghiggia died
123. The seventh BRICS (Brazil, Russia, India, China and South
111. Amelie Mauresmo inducted into the International Tennis Africa) summit was held from 8 to 9 July 2015 in the Russian
Hall of Fame city of Ufa in
112. BRICS bank launched in China as alternative to World Bashkortostan. It was held under the theme BRICS Partnership
Bank, IMF a Powerful Factor of Global Development. The summit was
113. Union Government has launched National Career attended by the Prime Minister Narendra Modi and Dilma
Counselling Portal in a bid to modernize all government-run Rousseff, Vladimir Putin, Xi Jinping and Jacob Zuma president
employment exchanges. It was launched by Prime Minister of Brazil, Russia, China and South Africa respectively. New
Narendra Modi under the aegis of National Career Service Delhi will be hosting the 8th summit in 2016.
(NCS) project of Union Ministry of Skill Development and 124. Launching the Rashtriya Avishkar Abhiyan (RAA) on 9 July
Entrepreneurship. 2015, former President A P J Abdul Kalam said it can work if
114. Union Government has appointed Bhanu Pratap Sharma four qualities of uniqueness are preserved, namely, great aim,
as Chairperson Food Safety and Standards Authority of India quest of knowledge, hard work and perseverance. The
(FSSAI). primary aim of RAA, developed by HRD ministry, is to
115. Indian Railways and Odisha Government signed MoU for inculcate a spirit of inquiry, creativity and love for science and
Dasappla-Bolangir Railway Line mathematics in school children.
116. The Vice President of India Shri M. Hamid Ansari 125. China on 6 July 2015 named a former Finance Minister
released a book entitled Locale, Everyday Islam and Jin Liqun as its choice to head the Beijing-backed Asian
Modernity authored by Shri M. Raisur Rahman. Infrastructure Investment Bank (AIIB), which is being seen as a
rival to the U.S. and Europe-dominated banking institutions.
117. CA Atul Kumar Gupta along with his team has made an
endeavor to acquaint the common man apart from the 126. The Union home ministry has declared whole of
professionals, regarding the dynamic indirect taxation system, Nagaland as a "disturbed area" for a further period of one
through mobile application TAXO. It is a platform where the year from June 30, 2015. The state was declared as
general public can get an insight into the basic fundamentals disturbed area under Section 3 of the Armed Forces
of Indirect Taxation. (Special Powers) Act, 1958.
118. Model-actor Milind Soman, who turns 50 has won the 127. Punes Fergusson College, founded in 1885, has been
Ironman title at a triathlon held in Zurich in Switzerland on July accorded the special heritage status by the University Grants
19 in which over 2,000 participants this year included seven Commission (UGC).
Indians. The triathlon, organised by World Triathalon 128. World Boxing Organization (WBO) has stripped of the
Corporation, includes a 3.8-km swim, 180.2-km cycle ride and Welterweight World title 2015 won by Floyd Mayweather in
42.2-km run and is widely regarded as the worlds toughest May 2015. Decision in this regard was taken by WBO after
race, which has to be completed in 16 hours by participants Mayweather failed to pay the 200,000 dollar sanctioning fee
for an Ironman title. to WBO prior to the deadline of 3 July 2015.
119. ISRO on 10 July 2015 successfully launched five British 129. India signed a historic uranium deal with Kazakhstan on 6
commercial satellites on board PSLV-C28 from this spaceport July 2015 during Prime Minister Narendra Modis state visit of
in the heaviest commercial mission ever undertaken by it. Kazakhstan. Under the deal, India will receive 5,000 metric
Indian Space tonnes much uranium from Kazakhstan. Kazakhstan is Central
Asias largest economy and the worlds largest producer of
Research Organisation workhorse Polar Satellite Launch uranium.
Vehicle PSLV-C28 placed the five satellites, for a United 130. The MUDRA (Micro Units Development and Refinance
Kingdom-based company named Surrey Space Technology Agency) card under the Pradhan Mantri MUDRA Yojana
Limited, in sun synchronous orbit about 20 minutes after lift-off (PMMY) scheme was launched by the Corporation Bank.
at 9.58 PM from the Satish Dhawan Space Centre. Corporation Bank thus became the first bank in the country to
120. For the first time in India, a system to detect earthquakes launch MUDRA Card.
and disseminate warnings has been installed in Uttarakhand. It 131. Carli Lloyd became the first woman to score a hat-trick in
will issue warnings 1-40 seconds before earthquakes of a World Cup final as she inspired the United States to a 5-2
magnitude 5 occur. The system, made by Space Dynamics, an win over defending champions Japan in the FIFA Women's
Italian firm, has already been installed in Japan, Italy and the World Cup 2015.
U.S. The first system has been installed in Dehradun, and the 132. Reserve Bank on 3 July 2015 said the Foreign Direct
second will be established at Pithoragarh in the Kumaon Investment (FDI) in manufacturing of tobacoo products is
region. prohibited, though activities such as retail and wholesale
121. India and the US on 10 July 2015 signed an agreement trading fall under the sectoral restrictions. Foreign direct
to implement FATCA that will facilitate exchange of investment (FDI) is prohibited in the manufacturing of cigars,
information between the two countries. The Foreign Account cheroots, cigarillos and cigarettes, of tobacco or of tobacco
Tax Compliance Act (FATCA) was signed by Revenue substitutes, RBI said in a notification.
Secretary Shaktikanta Das and US Ambassador Richard 133. Nationwide mobile number portability (MNP) has become
Verma in New Delhi. operational from 3 July 2015. It became operational after

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major private mobile operators like Vodafone, RCom, Airtel, on the manufacture and sale of liquor, with Chief Minister
Uninor and Idea Cellular along with state-run BSNL and MTNL Okram Ibobi Singh tabling a proposal for the same in the
issued statements to launch MNP. Assembly.
134. Guinness Book of World Records has recognized the 138. R Paul Singh, Indian-American professor has been
record created on world hand washing day in Madhya selected for 2015 World Agriculture Prize laureate.
Pradesh on October 15, 2014.Information about the record 139. Greece became the first advanced economy to default
set by Madhya Pradesh is displayed on official website of on an International Monetary Fund (IMF) repayment with its
Guinness Book. failure to repay the roughly $1.8bn to the IMF the largest,
135. Fazle Hasan Abed of Bangladesh has been named as the single missed repayment in the IMFs history. The last country to
winner of the 2015 World Food Prize. He is founder and do so was Zimbabwe in 2001 others are Somalia and Sudan.
chairman of Bangladesh-based non-governmental organisation 140. India on 29 June 2015 observed its ninth National
(NGO) BRAC (originally known as Bangladesh Rural Statistics Day. Theme for the 9th Statistics Day is Social
Advancement Committee) which is worlds largest NGO. Development.
136. The cost of printing one rupee note, which was recently 141. Infrastructure financing firm IDFC on 30 June 2015
re-introduced after a gap of 20 years, is Rs. 1.14, more than appointed Vinod Rai, former Comptroller and Auditor General
its value, an RTI query has revealed. The Union Finance of India (CAG), as independent director. IDFC Full Form is -
Ministry subsequent to a gazette-notification dated December Infrastructure Development Finance Company Ltd.
16, 2014 ultimately re-issued one-rupee notes on March 6, 142. Veteran Writer Vishwanath Tripathi was on 27 June
2015 at Shrinathji Temple (Nathdwara), Rajasthan.
2015 selected for the 28th Moorti Devi Award for the year
137. Nearly 24 years after prohibition was imposed in 2014 for his book Vyomkesh Darvesh.
Manipur, the state, for the first time, is planning to lift the ban

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