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Thursday, April 3, 2014

Daily Current Affairs: 02 April 2014

1) World Autism Awareness Day observed: The World Autism Awareness Day was observed on 2 April. The day was unanimously declared as World Autism Awareness Day by the United Nations General Assembly in 2008 to highlight the need to improve the lives of children and adults who suffer from autism. Autism is a lifelong developmental disability that manifests itself during the first three years of life and results from a neurological disorder that affects the functioning of the brain. The disorder mostly affects children and is prevalent across countries, genders, races and socio-economic backgrounds.

2) New bank licence: RBI grants 'in-principle' approval to IDFC, Bandhan:  Reserve Bank of India( RBI) on Wednesday granted "in-principle" approvals to Mumbai-based infrastructure lender IDFC and Kolkata- based micro-finance Bandhan Financial Services for new bank licences. The RBI will also consider the application of India Post, but the central bank said it would done separately in consultation with the government. This would be the first time in a decade that new banking licences are handed out, since the formation of Yes Bank in 2004. There were 25 companies in the running.

3) Dipika Pallikal inks deal with adidas: India’s number one female squash player Dipika Pallikal has entered into an association with adidas as the sports apparel major signed the world number 11 for its latest women’s campaign ‘all in for #mygirls’

4) Axis launched home loan scheme for below Rs 10K earners: Axis Bank, on the occasion of its 20th anniversary on Wednesday, announced the launch of ‘Asha Home Loan’, a 30-year home loan product for first time home buyers in the lower income segment, seeking affordable EMIs. The home loans are for customers with family incomes of Rs.8,000-10,000 a month and above. Customers can pool their family income instead of depending on their individual income only.

5) Fin Services Secretary Gurdial Singh Sandhu on RBI board: Financial Services Secretary Gurdial Singh Sandhu has been nominated as a director on the Reserve Bank’s central board on Wednesday. “The Central Government has nominated Gurdial Singh Sandhu, Secretary, Department of Financial Services, Ministry of Finance, as a director on the Central Board of Directors of the Reserve Bank of India ...,” the RBI said in a notification.Visit:www.currentaffairs4examz.com

6) Vodafone, Airtel applied for Unified Licence to renew licences: Telecom major Vodafone and Airtel have applied for new telecom permits - Unified Licence - to continue their businesses in some service areas, including Delhi and Mumbai.  "As required under the conditions of auction, laid down in the Notice Inviting Application, Vodafone has applied for Unified Licence in Delhi, Mumbai & Kolkata service areas on 19 February 2014," Vodafone said in a statement.  Bharti Airtel has also applied for new licences in Delhi and Kolkata circles, sources said. The Unified Licences norms bar a telecom operator from holding any kind of stake in competitor.

7) RBI adopts new CPI as key measure of inflation: he Reserve Bank of India (RBI) Governor, Raghuram Rajan, on Tuesday, said that the central bank had adopted the new Consumer Price Index (CPI) (combined) as the key measure of inflation.


8) Karim Massimov named as the Kazakhstan’s new PM after Serik Akhmetov resigned: Karim Massimov, the Chief of Staff of Kazakhstan on 2 April 2014 was named as the new Prime Minister of the country by the President, Nursultan Nazarbayev. His appointment came following the resignation of Serik Akhmetov from the post, which was accepted by the President as per the Constitutional provision. This announcement of acceptance of resignation of Akhmetov was made by the President through a twitter message. Akhmetov was appointed as the Prime Minister of Kazakhstan in September 2012. Earlier, Massimov served as the Kazakh Prime Minister from January 2007 to September 2012 before Akhmetov.

Concept of Post Bank of India still wide open; RBI in favour

Here is an article appeared in Firstpost titled Why RBI’s decision on a Post Bank of India is a slap for Finance Ministry

The RBI’s decision on Wednesday to “consider” the application of Department of Posts for a banking license “separately in consultation with the Government of India” is literally a slap in the face for the finance ministry.

Out of the 25 applicants that were in the fray for a new license, the RBI granted “in-principle” approval for two - IDFC and Bandhan Financial Services - while setting aside the application of the Department of Posts to be decided separately. If the finance ministry had given permission earlier, the RBI could have issued a license to the Department for “Post Bank of India” as well.

While prior clearance of their parent company was necessary for the private players who had applied for a license, for the postal department, it was the clearance of the government of India, or more specifically, the finance ministry that was mandatory. Without such a clearance, the RBI could have rejected the application, which it didn't do. Had the government given its clearance, most probably the Post Bank too could have commenced its operations along with the other two licensees.

The Department of Posts has been trying to get the clearance of the finance ministry for some time now, but for some strange reason, the finance ministry has been dragging its feet. According to knowledgeable sources, the RBI was very keen and has even met with the ministry, but nothing fructified. It was clearly a case of the government defeating its own proclaimed aim of financial inclusion. There is no other institution, not even the network of public sector banks, that could help financial inclusion in a way that the the postal department is capable of.

If the Post Bank of India is operationalised, all the 1.54 lakh post offices, out of which about 90 per cent are in rural areas, by default will become a “bank”. These “banks” will be more accessible to the common people, because they have been right there for decades in their neighbourhood: there is a post office for every 7176 people in the country and in rural areas, the coverage is even better - one for every 5682 people. In fact, when the UPA government was struggling to find a way to transfer the wages for NREGA beneficiaries, it was this network that came to its rescue. About 2.2 crore people get their NREGA payments through the post offices.

Financial services are not new to post offices because for several decades, they have been running the post office savings scheme. Besides the extremely high penetration of the post offices, in rural areas, there are about 2.69 lakh agents (Grameen Dak Sevaks) who come home to help people with banking. Almost all these agents are also people from the neighbourhood and are familiar with the beneficiaries.

It is a unique banking eco-system that only Indian Post can claim credit for. It is a model that has evolved over time and is very hard to replicate because it is driven by the sheer needs of people, and nourished by trust and relationships.

This is where the finance ministry’s role is suspect. Why hasn’t it granted the permission to the Department of Posts when the RBI doesn’t have any objections. Who is it trying to protect? Isn’t it its commitment to financial inclusion a sham?

Interestingly, Kapil Sibal, the minister for posts, and even Rahul Gandhi couldn't get a government decision favouring the Postal Bank. Sibal reportedly was very keen while Rahul Gandhi, as usual, had his attention diverted.

As the RBI press release notes, financial inclusion was the stated objective for giving additional banking licenses.

"In the budget speech of the Union Finance Minister for the year 2010-11, it was announced, inter alia, that there was a need to extend the geographic coverage of banks and improve access to banking services and that RBI was considering giving some additional banking licences to private sector players,” the central bank said.

Why was the most eligible candidate excluded?

Anyway the RBI has a mind of its own and has apparently not given into the government’s indifference. It has kept the option of the Postal Bank open and will follow up with the financial ministry. How long will the ministry block it? Will the next government take a favourable decision?

The reasons are certainly more than what meets the eye.


Courtesy: http://www.firstpost.com/india/why-rbis-decision-on-a-post-bank-of-india-is-a-slap-for-finance-ministry-1464349.html

Current Affairs Quiz Questions: 29 & 30 March 2014

1) Earth Hour 2014 was observed across the globe on 29 March 2014. Earth Hour is organized by which organization?
(A) UNESCO
(B) UNICEF
(C) World Wide Fund
(D) Intergovernmental Panel on Climate Change (IPCC)

2) Who won the Malaysian Grand Prix racing 2014?
(A) Sebastian Vettel
(B) Nico Rosberg
(C) Jenson Button
(D) Lewis Hamilton

3) Which country will host the 18th SAARC Summit on November 14, 2014 as decided recently (March 2014)?
(A) India
(B) Nepal
(C) Bhutan
(D) Maldives

4) Which veteran leader was expelled recently from BJP for six years in wake of his decision to contest as an Independent from Barmer?
(A) Jaswant Singh
(B) Arun Jaitley
(C) L K Advani
(D) Murali Manohar Joshi

5) Who will challenge Chess World Champion Magnus Carlsen (Norway) in the World title match to be held during November 2014?
(A) Sergey Karjakin
(B) Vishwanathan Anand
(C) Michael Kasprovic
(D) Levon Aronian

6) Who won the Miami Masters tennis crown 2014?
(A) Novak Djokovic
(B) Rafael Nadal
(C) Roger Federer
(D) Andy Murray

7) Which pistol shooter clinched a silver medal at the ISSF World Cup 2014 in Fort Benning, USA?
(A) Anjali Bhagwat
(B) Shagun Chowdhary
(C) Heena Sidhu
(D) Rahi Sarnobat

8) P Ramdas, who passed away on 28 March 2014, was a film director of yesteryears of which language?
(A) Malayalam
(B) Tamil
(C) Telugu
(D) Hindi

9) Who was appointed as the Secretary General of North Atlantic Treaty Organisation (NATO) recently (Mar 2014)?
(A)  John Ashe
(B) Anders Fogh Rasmussen
(C) Jens Stoltenberg
(D) Marquez Ibidi

10) President Pranab Mukherjee recently cleared the re-promulgation of the SEBI (Securities and Exchange Board of India) Ordinance that had lapsed on?
(A) January 15
(B) February 14
(C) March 23
(D) January 25

Answers
1) Ans. (C) World Wide Fund
2) Ans. (D) Lewis Hamilton
3) Ans. (B) Nepal
4) Ans. (A) Jaswant Singh
5) Ans. (B) Vishwanathan Anand
6) Ans. (A) Novak Djokovic
7) Ans. (C) Heena Sidhu
8) Ans. (A) Malayalam
9) Ans. (C) Jens Stoltenberg
10) Ans. (A) January 15

Useful books available in flipkart for Postal/Sorting Assistant Exam 2014

Friends...Here is the list of some books which will be helpful for Postal/Sorting Assistant Exam 2014 preparation...

1) Guide to Postal Assistant/ Sorting Assistant Exam 2014
Author: Disha Experts
Rs. 156

2) 15 Practice Sets - Department of Posts Postal Assistants / Sorting Assistants Recruitment Exam 1st Edition
Author: Arihant Experts
Rs. 90

3) Department Of Posts (Postal Assistant / Sorting Assistant) Postal Assistant Recruitment Exam Practice Work Book With Study Material
Publisher: Kiran Prakashan (2014)
Rs. 128

4) Department of Posts POSTAL/SORTING ASSISTANT 2014 Recruitment Examination 2014 (Solved 2013 Entrance Paper) (English)
Author: GKP
Rs. 190

5) Department of Posts POSTAL/SORTING ASSISTANT 2014 15 Practice Sets(Solved 2013 Entrance Paper) (Hindi)
Author: GKP
Rs. 119

6) Department of Posts Postal Assistants / Sorting Assistants Recruitment Examination
Author: Manoj Kumar Singh, J. K. Sharma
Rs. 204
Details>> http://goo.gl/zCIPjo


7) Postal Assistants / Sorting Assistants Recruitment Exam 2013-14 1st Edition
Author: Arihant Experts
Rs. 171

8) Department Of Posts: Postal Assistant Sorting Assistant Recruitment Exam 01 Edition
Author: R. Gupta's
Rs. 80
Details>> http://goo.gl/R1kDV7

Other useful books
>> Quantitative Aptitude For Competitive Examinations 24th Edition
Author: R. S. Aggarwal
Language: English
Length: 726 Pages
Publisher: S. Chand Publishing
Rs. 332

>> Objective General English 22nd Edition
Author: Vikas Aggarwal, R. S. Aggarwal
Length: 672 Pages
Rs. 282

>> Manorama Year Book 2014
Language: English
Length: 1040 Pages
Publisher: Malayalam Manorama
Rs. 155
Details>> http://goo.gl/tmqP71

Wednesday, April 2, 2014

RBI grants bank licenses to IDFC, Bandhan Financial; Green Signal also for India Post

>>  Reserve Bank of India said on Wednesday it had granted bank licenses to IDFC Ltd and Bandhan Financial Services that would be valid for 18 months and would be subject to the two financial firms fully complying with central bank regulations.

>> The central bank will also consider the application of India Post, but under a separate process to be carried out in consultation with the government.

>> The RBI last year allowed corporate houses to form banks as part of an effort to expand access to financial services in the country. No new Indian bank has been formed since Yes Bank in 2004.

>> The Election Commission on Tuesday allowed the RBI to announce new bank licences even ahead of general elections set to conclude next month, according to a notice in the commission's website.

>> The RBI had sought the commission's approval to issue new bank licences to ensure the process would not clash with the code of conduct ahead of elections, which prevents decisions that may be deemed as political from being taken by government officials or regulators.

>> The central bank said 25 applicants had been considered, and judged under various criteria including analysis of their financial statements, track record of running their business over the past 10 years and potential to run a bank.


>> The RBI Governor Raghuram Rajan had formed a four-member external panel to scrutinize applications for new banking licences, headed by a former RBI governor Bimal Jalan. It started evaluating the applications from November.

Current Affairs daily update: 01 April 2014

1) RBI kept key policy rates unchanged in the first bi-monthly monetary policy: As widely expected, the Reserve Bank of India, on Tuesday, kept the indicative policy rate (repo) unchanged at 8 per cent while taking measures to provide longer term liquidity in the system. Repo rate is the rate at which banks borrow funds from the central bank. “On the basis of an assessment of the current and evolving macro-economic situation, we have decided to keep the policy repo rate unchanged at 8 per cent,” said RBI Governor Raghuram Rajan at a a press conferenceto announce the first bi-monthly monetary policy for 2014-15.

2) SC rules out review of Rajiv case commutation: The Supreme Court on Tuesday declined to review its February 18 ruling in the Rajiv Gandhi assassination case, commuting the death sentence of three convicts — Murugan, Santhan and Perarivalan — to life imprisonment. “We have carefully gone through the review petition. We find no merit in the review petition and the same is dismissed,” a Bench of Chief Justice of India P. Sathasivam and Justices Ranjan Gogoi and Shiva Kirti Singh said in a brief order.


3) Manuel Valls named as New French Prime Minister: France’s president has named 51-year-old Socialist Manuel Valls as the country’s new prime minister. In a prerecorded televised speech, Francois Hollande said Valls, the former interior minister, would lead a “combative government.” Valls, who is consistently voted France’s most popular Socialist in opinion polls, is considered to be part of the right-wing side of the party and is also relatively popular with French conservatives.

4) After 10 years in orbit, INSAT-3E expires: Communications satellite INSAT-3E has completed its life and gone out of service. Built to last 15 years, it has completed ten-and-a-half years in orbit. The third-generation satellite was launched in September 2003 with 36 transponders — 24 C-band and 12 extended C-band transponders — but only 25 of them have been working since 2009.

5) Viswanathan Anand raises to No. 3 in FIDE world chess rankings: Viswanathan Anand ranked World number 3 in the rating list released by FIDE on 1 April 2014. Anand with the Victory at the Candidates Tournament held in Russia in March 2014 has moved five places ahead from 8 to 3 with 2785 Elo points. According the rating list, Magnus Carlsen of Norway with Elo points 2881 ranks no 1 and Levon Aronian of America with 2812 ranks 2.

6) FinMin against raising I-T exemption limit to Rs 3 lakh: The Finance Ministry has rejected the recommendation of the Parliamentary Standing Committee headed by former Finance Minister Yashwant Sinha on raising the income tax exemption limit to Rs 3 lakh. The recommendation was made as part of the Committee’s report on the Direct Tax Code (DTC). Adjusting the slabs will cause tax revenue losses to the tune of Rs 60,000 crore a year to the exchequer, the Ministry has said.

7) RBI to give new bank licences within the next 10-15 days after Election Commission's nod: The Reserve Bank of India is likely to hand out new banking licences within the next 10-15 days after the Election Commission gave its go ahead for the plan despite elections kicking off in a few days. That will set the stage for some such as India Post Bank, L&T Finance Holdings, Infrastructure Development Finance Co and Janalaxmi Financial Services to get the bank licence and unleash competition. There are 25 applicants for the licence, including Reliance Capital, Aditya Birla Nuvo, and Indiabulls Group.


8) India to face South Africa in T20 World Cup semis: Unbeaten Team India will play South Africa in the second semi-final of the ICC World T20 on Friday. India had finished on top of Group two while South Africa finished as the second team in Group one.

GK for PA/SA Exam 2014

1   What is the meaning of Hippology ?-The study of  horses
2.  What can be the maximum number of partners in a partnership firm ?-20
3 What is the traditional economy characterized by?- Organization of  production for  self consumption
4   What is meant by agricultural productivity in India?- Production per hectare
5  What  is the full form of  RADAR ?- Radio detection and ranging
6 What is a piece of land surrounded by water on three sides called?- Peninsula
7   What divides Asia from North America?- Berring Strait
8    What  do  “a.m” and p.m stand for- a.m  means ante meridiem or before noon
p.m  means  post meridiem  or after noon
9 What important mathematical notation did India give to the world?- The Zero
10 What did Alessandro Volta invent in 1800?- The electric battery
11 What does the phrase   “Nine days wonder means?- An event which creates a sensation for a time , but in soon forgotten
12 What  is the collective name given to running, walking, jumping, throwing in sports?- Athletics
13 What was the name of the first full length animation film made by Walt Disney?- Snow  white and the seven Dwarfs  in 1937
14  What is  mythomania?- Compulsive tendency to tell  lies        
15 What is idiopathy?- Disease which is not caused
16  What would happen if the earth  were to stop its rotator motion on its Axis ?- No day and night as at present
17  What is the distance between Mercury and Sun?- 58 million KM
18  What is an  ace in Tennis ?- A successful  serve that the opponent fails to touch
19 What was the code name  of for the development of the atom bomb in world war II ?- The Mahattan  Project
20  What is the full form of WHO?- World health organization

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Tuesday, April 1, 2014

Daily Current Affairs: 31 March 2014

1) Petrol price cut by 75 paise a litre; diesel hike put off: The price of petrol was on Monday cut by 75 paise per litre, the first reduction in five months, while the already unpopular monthly hike in diesel rates was put off during the election season.

2) US ambassador to India Nancy Powell resigned: In a sudden development, US ambassador to India Nancy Powell has resigned from her post, days after media speculation that she may be shipped out. "US ambassador to India Nancy J Powell announced in a US mission town hall meeting on March 31 that she has submitted her resignation to President Obama and, as planned for some time, will retire to her home in Delaware before the end of May," an announcement in the US embassy website said.

3) World Twenty20: Sri Lanka beat New Zealand to enter semis: Sri Lanka beat New Zealand by 59 runs in a low-scoring World Twenty20 Super-10 group one match in Chittagong Monday to cruise into the semi-finals. New Zealand were bowled out for their lowest Twenty20 total of 60 in 15.3 overs in the final match of the group played at Zahur Ahmed Chowdhury stadium.

4) Paris Gets First Female Mayor:  It was a victory to savour. As she bid to become the first female mayor of Paris, Spanish-born socialist Anne Hidalgo had to endure taunts from her opponents about her modest origins and lack of Parisian roots. But in the end, voters in the French capital brushed such snobbery aside and defied the national trend by electing the 54-year-old by a convincing margin.


5) Smriti Irani to contest from Amethi against Rahul Gandhi: The BJP has announced on Monday evening that its vice-president Smriti Irani will contest from Amethi Lok Sabha constituency. Congress vice-president Rahul Gandhi is the sitting MP from the constituency. AAP leader Kumar Vishwas had already announced to contest from the same constituency against Rahul Gandhi. The BJP's decision to field Irani from Amethi makes it a three-way blockbuster of a contest for the Lok Sabha seat.

6) President Pranab Mukherjee confers Padma awards: President Pranab Mukherjee on Monday conferred Padma awards on 66 eminent personalities at a ceremony held at Rashtrapati Bhavan. Noted scientist Dr. Raghunath A. Mashelkar received Padma Vibhushan while classical singer Begum Parveen Sultana, actor Kamal Hasan, sportsperson Pullela Gopichand were among those who were honoured with Padma Bhushan. Padma Shri Awardees included sand artist Sudarshan Pattnaik and actress Vidya Balan. Among the dignitaries present on the occasion were the Vice President Mohd. Hamid Ansari, Prime Minister Dr Manmohan Singh and Home Minister Sushil Kumar Shinde.

7) K R Kamat front-runner for RBI Deputy Governor post:  Raghuram Rajan headed search panel has zeroed in on a successor to RBI Deputy Governor K C Chakrabarty and PNB Chairman K R Kamath is believed to be top in the reckoning. Besides RBI Governor Rajan, Financial Services Secretary Rajiv Takru and other expert members had on last Friday interviewed CMDs of nine public sector banks here, an official privy to the selection process told PTI.

8) Indian Shuttler Sourabh Varma loses Malaysia Grand Prix Gold final: Indian shuttler Sourabh Varma gave a fantastic fight but eventually went down to Indonesian 15th seed Simon Santoso in the men’s singles final of the $120,000 Malaysia Grand Prix Gold on Sunday. Despite leading a large chunk of the match, the eighth seeded Indian went down 21-15, 16-21, 19-21 in a marathon encounter which lasted an hour and nine minutes at the Stadium Perbandaran Pasir Gudang.


9) Slovakia elects Andrej Kiska as president: A non-aligned centrist, Andrej Kiska, swooped in to clinch Slovakia's presidency by a landslide, dealing a heavy blow to the credibility of the prime minister, Robert Fico, before a general election in 2016. Andrej Kiska will be Slovakia’s first president since independence in 1993 without a past in the Communist party.

Current Affairs Questions for exams: 27 & 28 March 2014

1) World Health Organisation (WHO) on 27 March 2014 officially certified India as a polio-free country with no case of the disease being reported in the country for last ............... years?
(A) 5
(B) 2
(C) 3
(D) 7

2) Supreme Court of India on 28 March 2014 appointed which former captain of India as the interim BCCI president replacing N. Sreenivasan for IPL 2014?
(A) Saurav Ganguly
(B) Kapil Dev
(C) Rahul Dravid
(D) Sunil Gavaskar

3) Who won the Abel Prize 2014?
(A) Yakov G. Sinai
(B) Pierre Deligne
(C) Endre Szemerédi
(D) John Milnor

4) Which among the following countries have recently banned video-sharing website YouTube citing spread of audio recordings damaging to the government?
(A) Spain
(B) Turkey
(C) China
(D) Russia

5) Which country has hosted the 3rd Nuclear Security Summit 2014 from 24 to 25 March 2014?
(A) Australia
(B) Germany
(C) Netherlands
(D) Japan

6) Name Indian Air Force's newest and sturdiest aircraft which crashed near Gwalior, killing all five people on board on 28 March 2014?
(A) C-130J
(B) C-17 Globemaster
(C) IAI Astra 1125
(D) HJT-16 Kiran

7) Which team is at No.1 position in the latest ICC T20 team rankings released on 28 March 2014?
(A) West Indies
(B) India
(C) Sri Lanka
(D) South Africa

8) Which zone won the Deodhar Trophy cricket tournament 2014?
(A) North Zone
(B) South Zone
(C) West Zone
(D) East Zone

9) Who was recently elected as the new CII (Confederation of Indian Industry) President?
(A) B Ashok Reddy
(B) Chandrajit Banerjee
(C) S Gopalakrishnan
(D) Ajay S Shriram

10) Recently Reserve Bank of India has extended the timeline for full implementation of the Basel III capital regulations from March 31, 2018 to?
(A) March 31, 2019
(B) April 1, 2020
(C) September 30, 2022
(D) March 31, 2021

Answers
1) Ans. (C) 3
2) Ans. (D) Sunil Gavaskar
3) Ans. (A) Yakov G. Sinai
4) Ans. (B) Turkey
5) Ans. (C) Netherlands
6) Ans. (A) C-130J
7) Ans. (B) India
8) Ans. (C) West Zone
9) Ans. (D) Ajay S Shriram
10) Ans. (A) March 31, 2019