1) How much amount was collected by Indias largest banking group the State Bank of

India (SBI) recently in overseas debt sale through a dual tranche bond programme, which
make it the largest ever offering from a domestic issuer ! $1.25 billion ("he bank raised
#$%& million in %!year money at 'S treasury interest rate plus (&% basis points, while it
priced the )&!year #%&& million issue at ((% bps over the treasury* "he overseas debt sale
programme was completed on )& +pril (&),)

2) -hich country during (&). overtook /auritius as the top gateway of money being
brought in by overseas investors through the foreign direct investment (01I) into Indian
markets 2 The United States (+ccording to the data available with the Indian capital
markets regulator S3BI during +pril (&),, the 'S accounted for the largest chunk of
assets under the 01I mode being invested in the Indian e4uity and debt markets at the end
of (&). with over 5s ,*.$ lakh crore worth funds* "he 'S was followed by /auritius
with over 5s .*.) lakh crore worth 6assets under custody (+'7) of 0IIs and their sub!
accounts as on .) 1ecember (&).)

3) -hich international financial institution on )) +pril (&), completed its first global
rupee bond programme worth # ) billion ! International Finance Corporation (IFC) 2
-ashington 1*7* head4uartered!I07 completed this huge issue in three rounds and the
third and final round of bond issue totalling 5s )( billion (about # )8, million) was
completed on )) +pril* 'nder its global rupee bond programme, I07 has also issued
three!year bonds totalling 5s .& billion and five!year bonds totalling 5s (& billion* "his
issue was launched to strengthen Indias capital markets and attract greater foreign
investment)

4) +ccording to the data released by -orld Bank 9roups International 7omparison
:rogram (I7:) during +pril (&),, India became the third largest economy in the world*
"his was a rapid climb for India as it was ranked at )&th spot in (&&%* However, this I7:
study was not based on evaluation of actual 91:s of countries* ;n which basis was this
ranking done by I7: 2 On !rchasin" o#er arit$ % ("he 91: of various
countries was evaluated on ::: and it was evaluated that the purchasing power parities
!based world 91: amounted to #8&,<,$ billion)

5) -ith the implementation of new 7ompanies +ct from ) +pril (&),, a ma=ority of the
top (&& listed companies will need to change their auditors over the ne>t three years*
+ccording to the new 7ompanies +ct, it is now mandatory for the companies to change
their auditors after how many years 2 1& $ears ("he latest notified section ).8 of the
7ompanies +ct (&). makes it mandatory for audit firms to be changed after every )&
years* "his has been done in a bid to ensure ob=ectivity and prevent the alleged co?y
relations between management and auditors)

') India retained the top spot in the world in foreign e>change remittances from its
migratory workforce during (&).* How much remittance was received by India during
the year ! $(& billion (India was followed by 7hina (#<& billion), :hilippines (#(%
billion), /e>ico (#(( billion), @igeria (#() billion), 3gypt (#)$ billion), :akistan (#)%
billion), Bangladesh (#), billion), Aietnam (#)) billion) and 'kraine (#)& billion) in the
top )& remittance recipient nations in the world* "his data was disclosed in a -orld Bank
report on remittances, which is an annual e>ercise that underscores the point that
remittances are an important source of foreign e>change* ;ne important fact is that
remittance received by India was more than the #<% billion it earned from countrys
flagship software services e>ports)

() -hich two international cement companies announced their merger on $ +pril (&),,
which would now create worlds largest cement manufacturing company 2 )olci* o+
S#it,erland and -a+ar"e o+ France (Holcim and Bafarge would merge to create a new
company which would be called CBafargeHolcimD* It would have cement manufacturing
operations in around 8& countries and sales of around #,, billion* "he deal will give the
group a market value of close to #<& billion)

.) -ho was appointed the new 0inance Secretary on )% +pril (&), 2 /r0ind
1a$ara* (+rvind /ayaram is presently the 3conomic +ffairs Secretary and replaced
Sumit Bose who retired on .) /arch (&),)

2) -hich famous +merican bank came to news during +pril (&), for miscalculating a
measure of the capital on its books which reduced its capital level by #, billion 2 3an4
o+ /*erica (Bank of +merica (Bo+) is the second!largest '*S* bank* It on (E +pril (&),
announced that regulators had suspended its plan to buy back more shares and raise its
dividend after the bank reali?ed it had miscalculated a measure of the capital on its books*
"he bank said fi>ing the mistake reduced a capital level by #, billion, or about three!
4uarters of the e>tra money that the 0ederal 5eserve had approved its returning to
shareholders over the ne>t year*

1&) -hich leading banking luminary was appointed as the special advisor of the interim
:resident of B77I!I:B Sunil 9avaskar on )) +pril (&), 2 5eepa4 are4h, 7hairman
of H107 (:arekh will be a special invitee during the I:B governing council meeting as
his vast e>perience in financial affairs will enable 9avaskar to ensure smooth functioning
if I:B for ne>t two months)
1) 5BI 1eputy 9overnor 5 9andhi during /ay (&), said that the 5BI is proposing to
permit opening of small bank accounts by merely filling up a form without any document
for address or identity proof* "his is being proposed in a bid to increase access to banking
services* However, these proposed small accounts would come with some limitations*
-hat are these limitations
6 These acco!nts #ill ha0e li*itations on credit7debit balances
6 8ill be a0ailable onl$ at core ban4in" sol!tion9enabled branches
6 :o +orei"n re*ittances #ill be per*itted
6 8ill be a0ailable onl$ +or 12 *onths ; +!rther e<tension on application +or
o++iciall$ 0alid doc!*ent
6 The a""re"ate o+ all credits in a +inancial $ear cannot e<ceed =s. 1 la4h
6 The a""re"ate o+ all #ithdra#als and trans+ers in a *onth cannot e<ceed
=s.1&>&&&
6 The balance at an$ point in ti*e sho!ld not e<ceed =s.5&>&&&

2) "he 5eserve Bank of India (5BI) on () /ay (&), eased gold import norms which
were imposed during Fuly (&).* "his was done following representations from =ewellers,
bullion dealers, banks, and trade bodies* -hats the main provision announced under
this 2 Select tradin" ho!ses> in addition to alread$ per*itted ban4s> ha0e been
allo#ed to i*port "old ("he 5BI in Fuly last year had imposed severe restrictions on
gold imports in order to check the burgeoning current account deficit and sliding rupee*
@ow Star trading housesGpremier trading houses (S"HG:"H) have been allowed to import
gold under (&HE& gold import scheme)

3) Shares of state!run banks rose as much as %I after an 5BI panel report said that the
9overnment should reduce the holdings in :S' lenders to below %&I* -ho headed this
panel ! ? :a$a4> e<9Chair*an o+ /<is 3an4 ("he report was released on ). /ay
(&), and had mainly stated that 9overnment should cut its holding in public sector banks
to below %&I, criticising the way in which the lenders are being governed)

4) "he 5eserve Bank of India (5BI) has put on hold its decision to make +adhaar!based
biometric authentication for transactions mandatory* "he Supreme 7ourt had earlier
asked the government not to link +adhaar with any social benefit schemes and subsidies*
-hat was the main reason for this decision of the 5BI 2 )!"e ti*e ta4en +or
/adhaar@s bio*etric a!thentication and hi"h set !p costs (In the testing phase,
biometric authentication took up to .& seconds even on .9 connections, as opposed to %
seconds otherwise* Banks were also worried about huge set!up costs needed to enable the
re4uired infrastructure for biometric authentication)

5) -hat ma=or relief was announced by the 5eserve Bank of India (5BI) on $ /ay (&),
for takers of housing, auto and personal loans 2 It directed all the co**ercial ban4s
not to le0$ an$ penalt$ on pre9pa$*ent o+ loans !nder +loatin" rate sche*e that
co0er ho!sin"> a!to as #ell as personal loans ("he 5BI advised that banks will not be
permitted to charge foreclosure chargesG pre!payment penalties on all floating rate term
loans sanctioned to individual borrowers, with immediate effect* 0loating loan products
include housing, corporate, vehicle and personal loans* "wo years ago, 5BI had barred
banks from levying foreclosure charges or pre!payment penalties on home loans on
floating interest rate basis)

') "he 5eserve Bank of India (5BI) on < /ay (&), issued the guidelines allowing
minors to operate bank accounts independently with a view to promote financial
inclusion and bring uniformity in opening of such accounts in banks* -hat is the
prescribed age for minors to operate bank accounts, as announced by the 5BI in this
guideline 2 /bo0e 1& $ears (+ccording to the guidelines issued by the 5BI, minors
above )& years of age can open and operate independently savings bank account and use
other facilities like +"/ and che4ue books)

() + high!level committee recommended recasting of the Inde> of Industrial :roduction
and (II:) -holesale :rice Inde> (-:I) with an ob=ective to present a more realistic
picture of the economy* -ho is heading this high!level committee which recently
submitted its report ! Sa!*itra Cha!dh!ri, /ember, :lanning 7ommission and :rime
/inisters 3conomic +dvisory 7ouncil ("he committee submitted its report on the II:
and -:I during last week of +pril (&),* "he whole e>ercise of recasting these inde>es
was aimed at making the indices reflect each other)

.) -hich country was ranked as the cheapest among the ma=or world economies in a
latest report by 9ermanys 1eutsche Bank 2 India (+ccording to this recently released
report India is the cheapest ma=or economy on the basis of prices of products comparable
across countries* "he report claimed that a weaker rupee has allowed India to remain the
cheapest ma=or economy despite the highest inflation* +ustralia was ranked as the most
e>pensive ma=or economy while the 'nited States was ranked as the cheapest developed
country* Bra?il was again listed as the most e>pensive among developing countries)

2) I:B franchisee 1elhi 1aredevils during /ay (&), launched a co!branded cricket credit
card in partnership with which commercial bank ! The =atna4ar 3an4 -td("his was
the first time that a commercial bank and a leading cricket franchise came together to
launch a co!branded cricket credit card* "he card brings to its cardholders e>clusive
privileges like meeting and greeting the 1elhi 1aredevils team, personal and original
memorabilia, coaching camps, free match tickets, talk shows, etc*)

1&) "he iconic +mbassador car of India is almost on its way to become history as its
owner company the 7*J* Birla 9roup!promoted Hindustan /otors (H/) on (, /ay
(&), suspended work at its oldest factory near Jolkota* -here is this famous factory
situated 2 Uttarpara ("he work was suspended due to almost negligible demand for
+mbassador car, which was once the lifeline of whole India* +round (,%&& workers
working in the 'ttarpara plant are facing the risk of losing their =obs* +mbassador was
the first car to be completely made in India some < decades back)
1) "he 5eserve Bank of India (5BI) on . Fune (&), announced its first bi!monthly
monetary policy review after the new government took charge at the 7entre* 5BI
9overnor kept the most important repo rate unchanged at EI and almost all other
important rates were also unchanged* -hich is the only rate which was changed 2
Statutory Bi4uidity 5atio 2 S-= ("he SB5 of scheduled commercial banks was reduced
by %& basis points from (.I to ((*%I* "his reduction is e>pected to infuse li4uidity in
the economy by unlocking around 5s* ,&,&&& crore of bank funds)
2) "he 5BI in its bi!monthly monetary policy announced on . Fune (&), raised the
eligibility limit for foreign e>change remittances from #$%,&&& to 2 $1>25>&&& (It was
earlier possible to remit up to #(,&&,&&& under the liberalised remittance scheme* "his
was reduced to #$%,&&& last year, as a prudential measure when the country was going
through a sudden depreciation of its currency* However, this limit was raised to
#),(%,&&&, thus acknowledging the recent stability on the fore> front* "his effectively
meant that individuals would now be able to spend upto #),(%,&&& abroad)
3) "he 5eserve Bank of India (5BI) in its bi!monthly monetary policy announced on .
Fune (&), allowed both residents and non!residents (e>cept citi?ens of :akistan and
Bangladesh) to take out Indian currency notes up to 5s (%,&&& while leaving the country*
-hat was the limit for this at present 2 =s.1&>&&& (7urrently, only Indian residents were
allowed to take notes up to 5s )&,&&& out of the country)
4) -hich country would become the )8
th
member of 3uro?one and the last Baltic nation
to adopt the euro on ) Fanuary (&)% as announced by the 3uropean 7ommission on ,
Fune (&), 2 -ith!ania (3uropean 7ommission announced that Bithuania has fulfilled
all conditions to =oin the 3uro?one and it recommended that the country would become
the currency blocs )8
th
member on ) Fanuary (&)%* Bithuania would be the last Baltic
nation to adopt the euro, after 3stonia did so in (&)) and Batvia followed suit at the
beginning of (&),)
5) Jotak /ahindra Bank shares slipped after the 5BI asked it to reduce its promoters
shareholding* "he bank is to reduce its promoters shareholding to what level by
September (&), as directed by the 5BI 2 4&A (7urrently, the promoters shareholding
in the bank is ,.*%EI* Hence, the banks promoters are re4uired to shed .*%EI of their
share* In Fune (&)(, the 5BI had asked Jotak /ahindra Bank to reduce the promoters
holding to (&I by (&)E and )&I by (&(& from the then ,%*()I* "his move is to
diversify the promoters shareholding and bring it in sync with the new banking licence
regulations and thereby improve corporate governance* Jotak /ahindra Bank is a
private!sector bank owned by 'day Jotak)
') Indias market capitali?ation during Fune (&), crossed which ma=or milestone after
around , years, mainly on the back of a strong government at the 7entre 2 1.5 trillion
dollar ("he recent spurt in the market has also propelled India to be the )&
th
biggest in
terms of market cap, and the second biggest in the B5I7 group of countries, behind
7hina which is at #.*(. trillion* In rupee terms, Indias market cap is at an all!time high
of 5s E8*E lakh crore* +t the current level, Indias market cap!to!91: ratio is about &*$8*
However, this is much lower than the levels seen during the last bull market of (&&$!&E,
when the ratio was nearly ()
() 7urtains may be down on the ': Stock 3>change (':S3), 'ttar :radeshs only
trading platform, as the deadline issued by the Securities and 3>change Board of India
(S3BI) e>pired on .& /ay (&),* "he S3BI had fi>ed conditions for ':S3 according to
which the annual turnover of the e>change would have to be around 5s* ),&&& crore and
its net!worth should be at!least 5s* )&& crore* In which city is the ':S3 situated 2
Banp!r (Janpur!based ':S3 failed to meet any of the two conditions prescribed by the
S3BI)
.) -hat is the name of :rime /inister @arendra /odis mega!dream pro=ect of Indias
only International 0inancial Services 7entre (I0S7) being conceptualised as a global
financial and I" services hub, which on . Fune (&), announced having achieved financial
closure for its :hase I infrastructure development 2 C!Darat International Finance
Tec9Cit$ (CIFT Cit$) 2 "he 9I0" 7ity is being designed to be at or above par with
globally!benchmarked financial centres like those at Shin=uku ("okyo), Bu=ia?ui
(Shanghai), Ba 1efense (:aris) and Bondon 1ockyards* + consortium of banks agreed to
provide a loan of 5s ),)%$ crore for this pro=ect* "he pro=ect, spread over EE< acres,
including a (<)!acre S3K on the outskirts of 9andhinagar, is e>pected to involve
investments of 5s $E,&&& crore when completed by (&(<)
2) +l Hilal Bank, one of the fastest!growing banks in the '+3, has implemented 0inacle
e!Banking solution* 0inacle e!Banking solution is a leading banking solution of which
Indian I" company 2 In+os$s ("he 0inacle e!Banking solution would enable +l Hilal to
provide a range of Internet banking services to its corporate customers with highest
security* It would also allow the bank to roll out new functionalities on a regular basis
and build upon the e>isting products to provide an enhanced banking e>perience, all at
reduced costs)
1&) :rime /inister @arendra /odi on E Fune (&), unveiled a new book titled CGetting
India Back on Track: An Action Agenda For ReformD* "he book basically carries a
series of papers on different areas for presentation to the new government arguing out the
case for the reforms that would be necessary to get India back on track* -ho are the
editors of this book 2 3ibe4 5ebro$> /shle$ ?. Tellis and =eece Tre0or ("he book has
been published by 7arnegie 3ndowment for International :eace* "he foreword of the
book has been written by 5atan @ "ata and it contains insightful essays by eminent
academicians and public policy e>perts)
1) "he performance ratings of banks operating in India would be put on the public
domain from ne>t year* -hich entity is rating bank services and would share this
information in public domain 2 3an4in" Codes Standards 3oard o+ India % 3CS3I
(B7SBI was set up as an independent and autonomous body in (&&$ by the 5eserve Bank
of India (5BI) to ensure that the common consumer of financial services from the
banking industry gets what heGshe has been promised* B7SBI is rating banks on customer
services on five parameters 2 information dissemination, transparency, customer!
centricity, grievance redressal system and customer feedback* ;f the ,E banks rated for
customer service, only five received high ratingsL (% were rated above averageL )$
averageL and one below average* "he ratings have been shared with the banks* "he
ratings were given based on a survey conducted by B7SBI across <8 cities, involving
.,&&& branches and <,&&& customers)
2) State Bank of India (SBI) on ) Fuly (&), launched si> digital branches across the
nation to serve tech!savvy customers* ;ne of such branches in 1elhi was inaugurated on
this day by 0inance /inister +run Faitley* ;ther % such branches are located in /umbai,
Bangalore, 7hennai and +hmedabad* -hat is the name given to this new range of
branches which will have full digital banking capabilities 2 sbiI:TOUC) ("hese
sbiI@";'7H branches will include instant account opening with personalised debit
cards, instant loan approvals for education, car and home and remote e>pert advisors
available via video links* "he new branches will be located in malls and will be primarily
aimed at youth, who look for digital banking)
3) -ho was re!appointed as the 1eputy 9overnor of the 5eserve Bank of India (5BI) on
. Fuly (&), by the 'nion 9ovt* 2 )ar!n =ashid Bhan ("he appointment has been
made for two years with effect from , Fuly (&), or until further orders, whichever is
earlier* Jhan was appointed deputy governor in Fuly (&)) for a three!year term, which
was set to e>pire on . Fuly* +s deputy governor, Jhan looks after the foreign e>change
department and internal debt management, among others* "he other two 5BI deputy
governors are 'r=it :atel and the recently appointed 5* 9andhi* "he government is yet to
appoint a deputy governor to replace J7 7hakrabarty, who retired on (% +pril (&),)
4) -ho headed the committee on "endulkar 7ommittee methodology for estimating
poverty, the report of which was submitted to :lanning 7ommission on ) Fuly (&), 2 C.
=an"araDan (7* 5angara=an, the former chief of :rime /inisters 3conomic +dvisory
7ouncil (:/3+7), submitted the report to planning minister 5ao Inder=it Singh* "he
:lanning 7ommission in /ay (&)( had constituted the e>pert group under the then
:/3+7 chairman 7 5angara=an to review the "endulkar 7ommittee methodology for
estimating poverty, following an uproar over the number of poor in the country* "he
:lanning 7ommissions estimates had drawn flak in September, (&)) when in an affidavit
to the Supreme 7ourt it was stated that households with per capita consumption of more
than 5s* .( in urban areas and 5s* (< in rural will not be treated as poor)
5) -hich public sector financial entity engaged in commercial and development banking
operations is celebrating its %&
th
anniversary (9olden Fubilee) during Fuly (&), 2
Ind!strial 5e0elop*ent 3an4 o+ India % I53I (I1BI was established in )8<, under an
+ct of :arliament as a wholly owned subsidiary of the 5eserve Bank of India (5BI)* In
)8$<, the ownership of I1BI was transferred to the 9overnment of India and it was made
the principal financial institution for coordinating the activities of institutions engaged in
financing, promoting and developing industry in India* I1BI provided financial
assistance, both in rupee and foreign currencies, for green!field pro=ects as also for
e>pansion, modernisation and diversification purposes* 1uring September (&&, the 5BI
incorporated I1BI as a 6scheduled bank under the 5BI +ct, )8.,* 7onse4uently, I1BI,
formally entered the portals of banking business as I1BI Btd* from ) ;ctober (&&,* "he
commercial banking arm, I1BI B+@J, was merged into I1BI in (&&%)
') 1uring Fune (&), it was reported in some newspapers that the 0inance /inistry is
considering doubling the e>emption limit for investments by individuals in financial
instruments to 5s ( lakh in the forthcoming +nnual Budget* "his is being sought so as to
give a ma=or boost to household savings* -hat was the savings rate of India during (&)(!
)., a figure declining continuously since (&&$!&E 2 3&A o+ C5 ("he savings rate of
the country stood at .EI of countrys 91: during (&&E* "here have been demands from
bankers and insurers to hike the ta> e>emption limit from 5s ) lakh per annum to
encourage household savings* "he 1irect "a>es 7ode (1"7) too had recommended that
the combined ceiling for investments and e>penditures be raised to 5s )*% lakh per
annum)
() -hich body, that during Fune (&), submitted its report to the :rime /inister, has
recommended that the :lanning 7ommission should be replaced by a reforms and
solution body as it e>ceeds the scope of its authority by acting as a control commission 2
Independent E0al!ation O++ice % IEO ("he I3;, which was set up by the government
in @ovember (&)&, from 0ebruary this year began independently assessing the
effectiveness of government programmes and institutional policies* It submitted the
assessment report on :lanning 7ommission to :rime /inister during Fune (&),* I3; in
its report stated that since the :lanning 7ommission has defied attempts to reform it to
bring it in line with the needs of a modern economy and the trend of empowering the
States, it is proposed that the :lanning 7ommission be replaced)
.) -hich :S' general insurance company during Fune (&), introduced Cinsurance on
wheelsD concept for faster renewal of policies 2 :ational Ins!rance Co*pan$ -td.
('nder the scheme, a vehicle will be parked at appropriate locations in a city* :eople can
renew their policies from there instead of going to the company office* 7urrently, the
service has been introduced in )%!odd cities of the country)
2) "he delisting process of which pharma ma=or came under market regulator S3BIs lens
for violation of its regulations on fraudulent and unfair trade practices and S3BI issued an
order on (, Fune (&), 2 /straFeneca (S3BI said that it started investigating the matter
after coming across reports that the offer!for!sale (;0S) done by +stra Kenecas
promoters in /ay (&). was a deliberate attempt to subse4uently get the share delisted at
ease* ;n further e>amination, S3BI found that +stra Kenecas two earlier attempts at
delisting ((&&, and (&)&) had been unsuccessful* In its order S3BI directed that the
promoters of +straKeneca shall finally purchase shares from public shareholders in the
delisting offer only after seeking approval of the BS3 and the @S3)
1&) 9lobal e!commerce giant +ma?on during /ay (&), tied up with @*5* @arayana
/urthy, the co!founder of I" services firm Infosys by forming an e!commerce =oint
venture with his private investment firm* -hat is the name of this investment firm of
@arayana /urthy 2 Cata*aran Gent!res (/urthys private investment firm 7atamaran
Aentures, a 5s* <&&!crore fund launched in (&)&, has formed a =oint venture with
+ma?ons +sia unit to create a new entity* "his new entity will help small and medium
businesses in India* 7atamaran Aentures is based in Bangalore)
1) -hat is the definition of affordable housing loans as announced by the 5eserve Bank
of India (5BI) on )% Fuly (&), 2 =s. 5& la4h in *etros and =s. 4& la4h in non9
*etros> "i0en b$ ban4s +ro* the proceeds o+ lon"9ter* bonds (o+ *ini*!* se0en
$ears *at!rit$)
E<planation H "his announcement was made by the 5BI in a bid to boost the housing
sector* "he 5BI also announced that the cost of a house cannot e>ceed 5s* <% lakh and
5s* %& lakh in the metros and non!metros, respectively, to 4ualify as affordable houses*
"here are si> metros in the countryH /umbai, 7hennai, Jolkata, 1elhi, Hyderabad and
Bangalore* 'nder the current regulatory regime, loans given by banks to individuals 2 up
to 5s* (% lakh in metros and 5s* )% lakh in non!metros 2 for purchaseGconstruction of a
dwelling unit, per family, are considered as affordable housing loans* "hese loans fall
under the priority sector lending category for banks* "he 5BI said that it will periodically
review the definition of affordable housing, on account of inflation* "his 5BI move is
e>pected to make housing loans up to 5s* %& lakh cheaper*
2) "he fiscal deficit target for year (&)% ((&),!)%) has been retained at the level
announced by former 0inance /inister :*7hidambaram in his interim budget* -hat is
this level 2 4.1A o+ C5 ("he fiscal deficit which had touched a high of %*$I in (&))!
)(, was brought down to ,*EI in (&)(!). and further to ,*%I in (&).!),)
3) In the 'nion Budget (&),!)%, the govt* announced setting up of a commission to bring
in reforms related to spending for achieving ma>imum output* -hat is the name given to
this commission 2 E<pendit!re 1ana"e*ent Co**ission % E1C
E<planation H "he proposed 3/7 will review the allocated and operational efficiencies
of government e>penditure to achieve ma>imum output and will give its interim report
within this financial year*
4) "he revival of the Jisan Aikas :atra (JA:) was announced in the 'nion Budget (&),!
)% on )& Fuly (&),* "he JA: was discontinued from @ovember (&)) on the
recommendation of which committees recommendations 2 The Sh$a*ala Copinath
Co**ittee
E<planation H "he Shyamala 9opinath 7ommittee, in its report submitted on $ Fune
(&)), had recommended that the JA: be discontinued as it was Cprone to misuse, being a
bearer!line instrumentD* It said the JA: was more popular than the @ational Savings
7ertificate (@S7) because of the ease of transfer and li4uidity*
5) -hat special feature has been proposed for currency notes in the 'nion Budget (&),!
)% presented on )& Fuly (&), 2 These c!rrenc$ notes #ill no# also inte"rate 3raille9
+eat!res to bene+it the 0is!all$9disabled people
') -hat is the proposed name of an integrated 9anga 1evelopment :ro=ect for which 5s*
(&.$ crore were allocated in the 'nion Budget (&),!)% 2 H:a*a*i Can"aI
() -hat is the proposed name of a new (,M$ channel for northeast region that was
announced in the 'nion Budget (&),!)% 2 H/r!n rabhaI
.) 5s* ,(&& crore were set for an ambitious Fal /arg Aikas :ro=ect on river 9anga in the
'nion Budget of (&),!)%* "his pro=ect would be established between which two places
on 9anga covering a distance of )<(& km 2 /llahabad (U) and )aldia (8est
3en"al)
2) -hat is the name given to a dedicated "A channel for farmers that was announced in
the 'nion Budget for (&),!)% and 5s* )&& crore was set aside for its establishment 2
Bisan Tele0ision (Bisan TG)
1&) -hat 91: growth rate range for (&),!)% was estimated in the 3conomic Survey
(&).!),, which was tabled on 8 Fuly (&), in the Bok Sabha 2 5.4 to 5.2A
E<planation H 91: growth slowed to below %I for two consecutive years, i*e* (&)(!).
and (&).!),* "he 3conomic Survey envisages a better performance during (&),!)% on
account of growth in sectors like manufacturing and mining)
11) -hat was the fiscal deficit for (&).!),, as disclosed in the 3conomic Survey (&).!
), 2 4.5A o+ C5
E<planation H 0iscal deficit is the difference between the governments e>penditures and
its revenues* +n important factor in the increase in the 7entres fiscal deficit after (&&E!
&8 has been the sharp increase in subsidies from )*,(I of 91: in (&&$!&E to (*%<I of
91: in (&)(!).* 0or (&).!), the subsidy bill is (*(<I of 91:*
12) "he panel headed by 7* 5angara=an, former 7hairman of :/3+7 (:rime /inisters
3conomic +dvisory 7ouncil), has dismissed the Suresh "endulkar 7ommittee report on
estimating poverty* "he report submitted by 5angara=an to :lanning /inister 5ao Inder=it
Singh recently stated that the number of poor in India was much higher in (&))!)( at
(8*%I of the population* -hat was the poverty figure stated for the same year in the
Suresh "endulkar 7ommittee report, which was severely critici?ed for its findings 2
21.2A (+ccording to the 5angara=an panel, poverty stood at .E*(I in (&&8!)& and slid
to (8*%I in (&))!)(* "his is at variance with the "endulkar methodology under which
poverty was estimated at (8*EI in (&&8!)& and declined to ()*8I in (&))!)(* "his
finding of 7* 5angara=an committee means that . out of )& persons in India are poor* "he
:lanning 7ommission in /ay (&)( had constituted the e>pert group under 7* 5angara=an
to review the "endulkar 7ommittee methodology for estimating poverty)
13) -hich state has the highest number of people below poverty line according to the
new definition of poverty that is part of the new poverty estimates that have been made
by a panel led by 7* 5angara=an 2 Chhattis"arh
E<planation J +ccording to these estimates ,$*8I of 7hhattisgarhs population is below
poverty line* 7hhattisgarh thus tops the list of states with the highest poverty count* ;n
the other had =ust <*.I of 9oas population is below poverty line and it thus tops the list
of states with the lowest poverty count* ;n a national level, the 7* 5angara=an committee
report estimated the number of poor at ,%*,< crore at (&))!)( prices, which is much
higher than the .%*,$ crore estimate by the Suresh "endulkar committee*
14) -hat is the operating ratio of Indian 5ailways as announced in the 5ail Budget (&),!
)% 2 24 paise ("his means 8, paise put of every 5e ) is utili?ed* So the surplus for the
railways is =ust <I)
15) In how many years Indian 5ailways would be made paperless as proposed in the 5ail
Budget (&),!)% 2 5 $ears (0acilities like /obile alerts for wake up calls, arrival alerts
and digital reservation charts at station have also been proposed)
1) -hat is the minimum paid!up capital limit recommended by the 5eserve Bank of India
(5BI) for those entities who wish to set up payments and small banks, as announced in
the draft rules released by it on )$ Fuly (&), 2 =s. 1&& crore
E<planation H +ccording to the draft guidelines, e>isting authorised non!bank pre!paid
instrument issuers (::Is), non!banking finance companies (@B07s), corporate B7s
(business correspondents), mobile telephone companies, super market chains, companies,
real sector co!operatives and public sector entities are eligible for setting up a payments
bank* "he guidelines allow even banks to take e4uity position in a payments bank as
permitted under the Banking 5egulation +ct, )8,8* "he promoters will have to have an
initial minimum capital of at least ,&I* It has prescribed a lock!in period of five years for
promoters holding* "he central bank has sought suggestions and comments on the draft
guidelines by (E +ugust (&),*
2) -hich public!sector undertaking (:S') on (. Fuly (&), became the )$
th
@avratna
status company 2 Container Corporation o+ India -i*ited (CO:CO=)
E<planation H "he /inistry of Heavy Industries and :ublic 3nterprises, 1epartment of
:ublic 3nterprises, 9overnment of India granted @avratna status to 7;@7;5 on (. Fuly
(&),* 7;@7;5 is a :S' engaged in providing comprehensive logistics solutions* It has
the largest network of <( inland container depots (I71s)Gcontainer freight stations in
India* In addition to providing inland transport by rail for containers, it has also e>panded
to cover management of ports, air cargo comple>es and establishing cold!chain* "he
9overnment of India (9oI) holds <)*E&I stake in 7;@7;5 (as per the shareholding
pattern as on .& Fune (&),)*
3) -hich private sector bank has agreed to buy a )%I stake in beleaguered /ulti
7ommodity 3>change of India Btd (/7M), announcement of which pushed the stock
value of /7M by more than )&I on () Fuly (&), 2 Jotak /ahindra Bank
E<planation H "he commodity market regulator, 0orward /arket 7ommission (0/7),
had ordered /7M to reduce its promoter! 0inancial "echnologies (0"s) stake from (< to
(I in 1ecember last year after 0" was found not fit and proper to own stake in any
e>change, following the @S3B crisis* However, since the promoter repeatedly missed the
deadline for reducing its stake, the regulator said it would not allow the e>change to issue
any new contracts beyond +ugust, unless they did so* "he news of Jotak /ahindra
Banks buyout has thus come at the right time* :rominent investor 5akesh Fhun=hunwala
had also ac4uired nearly (I stake in /7M for about 5s* << crore during Fuly (&),*
4) "he Bank 3mployees 0ederation of India (B30I) on )8 Fuly (&), released a list of
),)(8 6wilful corporate loan defaulters on the occasion of the Bank @ationalisation 1ay*
+ll the companies mentioned in the list had defaulted loans over 5s* )& crore* -hat is the
appro>imate aggregate value of these defaulters 2 5s* %,,&&& crore
E<planation H "he purpose of releasing the list by B30I on the Bank @ationalisation 1ay
was to put pressure on the defaulters and bank managements* B30I claimed that a similar
list released by unions about five years ago helped some recovery* "his list claimed that
during the year ended (&).!),, provisioning for @on :erforming +ssets (@:+s)
accounted for 5s* <.,%8) crore out of a total operating profit of 5s* ),($,8<% crore* Banco
/andakini Hydro 3nergy, Su=ana 9roup, Jingfisher, :rogressive 7onstruction, Aiceroy
Hotels, 5egency 7eramics, @av Bharat International, S Jumars @ationwide Btd and
1eccan 7hronicle have been named in the list, among others*
5) -ho was during Fuly (&), chosen as the head of the committee formed to review the
previous ':+ governments decision to raise the price of natural gas that would have led
to a cascading effect on power tariff, urea costs and retail price of piped cooking gas 2
S!resh rabh!
E<planation H Suresh :rabhu is a former 'nion power minister* +n indicative terms of
reference for the committee includes revisiting the @atural 9as :ricing 9uidelines of
(&), (@9:9 (&),) and the 7* 5angara=an formula and the possibility of applying the
same in its present form or with modifications*
') -hich company on (. Fuly (&), became the first Indian company to cross market
capitali?ation value of 5s* % lakh crore 2 Tata Cons!ltanc$ Ser0ices (TCS)
E<planation H /arket capitali?ation is the value of a companys outstanding shares and is
used to determine a companys si?e* "7Ss market capitali?ation crossed % lakh crore
mark on account of appreciation in the price of "7S scrip following good financial
results and record dividend declaration by the company* State!held ;@97s market cap
of around 5s* .*% lakh crore is way behind that of "7S* It is worth mentioning that "7S
market cap is more than the combined market cap of its nearest three rivals 2 Infosys (5s
)*8& lakh crore), -ipro (5s )*.8 lakh crore) and H7B "ech (5s )*&$ lakh crore)*
() "he 'nion 9ovt* on )8 Fuly (&), set up an e>pert committee to look into concerns
raised by cost accountants over some provisions in the new 7ost 5ecords and +udit
5ules* -ho is heading this committee 2 =. S. Shar*a, ;@97s former 7hairman and
/anaging 1irector
E<planation H 0ollowing notification of the 7ompanies (7ost 5ecords and +udit) 5ules
(&),, the 7ouncil of the Institute of 7ost +ccountants of India (I7o+I) had e>pressed
concerns over certain provisions of the rules, particularly coverage of sectors of economy
under the rules* "he other members of the committee will be 5 J Fain, +dditional
Secretary in /inistry of Health and 0amily -elfare, former I7-+I (Institute of 7ost and
-orks +ccountants of India) :resident 7handra -adhwa, and +runa Sethi, +dviser
(7ost), /inistry of 7orporate +ffairs*
.) -hich country on )$ Fuly (&), became worlds first developed nation to repeal carbon
laws that put a price on greenhouse!gas emissions 2 /!stralia
E<planation H +ustralian upper Senate on )$ Fuly voted .8!.( to scrap the carbon ta>
that was introduced by centre!left Babour government :rime /inister Fulia 9illard in
Fuly (&)( and was introduced in @ovember (&).* "his ta> imposed + #(% ('S#(.*,%)
ta> per metric tonne of carbon dio>ide on countrys worst greenhouse gas polluters* "he
ta> was devised to penali?e hundreds the countrys biggest polluters* +ustralia is one of
the largest per capita greenhouse gas emitters due to its reliance on coal!burning power
stations to power homes and industry* "he carbon ta> and plans for an eventual emissions
market dominated +ustralian politics for years, gaining momentum in (&&$, when former
Babour :rime /inister Jevin 5udd called climate change Cthe greatest moral challenge
of our timeD and made signature of the Jyoto climate protocol one of his first political
acts after taking office*
2) -hich country became the first in the world to legalise child labour during Fuly (&),
2 3oli0ia
E<planation H -hile most of the world is trying to diminish child labour, Bolivia has
become the first nation to legalise it from age )&* "he 7ongress of this Batin +merican
country had (during early Fuly (&),) approved a legislation legalise child labour from the
age of ten* Aice!:resident +lvaro 9arcia signed it into law on )$ Fuly (&), in the absence
of :resident 3vo /orales, who was travelling* 'nder the legislation, )&!year!olds will be
able to work as long as they are under parental supervision and also attend school* It sets
)( as the minimum age for a child to work under contract* "hey also would have to
attend school* "he bills sponsors say lowering the minimum work age from ), simply
acknowledges a realityH /any poor families in Bolivia have no other choice than for their
kids to work* "he bill offers working children safeguards*
1&) -hich Southeast +sian country on (& Fuly (&), allowed )&&I foreign ownership in
banks 2 The hilippines
E<planation H "he order announced on (& Fuly allows foreign banks to own )&&I stock
of an e>isting domestic bank or to open a fully owned subsidiary incorporated under
:hilippines laws* It replaces a cap of <&I on foreign ownership and abolishes previous
rules that allowed =ust )& foreign banks in the country* "he new law is in preparation for
the economic integration of members of the )&!country +ssociation of South!3ast +sian
@ations (+S3+@) in (&)%*
1) "he 'nion 9ovt* on (< Fuly (&), launched a web portal for enabling government!
citi?en discussions on several issues* -hat is the name of this portal which was
inaugurated by :rime /inister @arendra /odi 2 1$Co0
E<planation H "he main ob=ective of /y9ov is to engage the youth of the country in the
nations development* It presents an opportunity to citi?ens to both discuss and do
constructive work* "here are multiple theme!based discussions on /y9ov where a range
of people would share their thoughts and ideas* "he portal is implemented and managed
by @ational Informatics 7entre (@I7) and the 1epartment of 3lectronics and Information
"echnology (1eitN)*
2) :ublic sector based 7entral Bank during Fuly (&), announced its plans to sell ,I of
its stake to BI7 for 5s* %E) crore* "his stake sale is planned to meet banks capital
re4uirement of 5s* (,&&& crore this fiscal* -ith this proposed sale 'nion 9ovt*s holding
in 7entral Bank would come down to 2 .4A
E<planation H :resently the 'nion 9ovt* holds EEI stake in 7entral Bank* ;nce the
bank gets funds from BI7, it will then approach the government for around 5s* ),%&&
crore of additional capital* "he government has earmarked only 5s*)),(&& crore for fund
infusion into public sector banks this current fiscal, down from 5s*),,&&& crore in the last
fiscal*
3) How many banks were fined by the 5eserve Bank of India (5BI) on (% Fuly (&), for
violating central bank rules in the case of 1eccan 7hronicle Holdings 2 T#el0e
E<planation H "hese )( banks are 2 +ndhra Bank (5s )& lakh), +>is Bank (5s )% lakh),
7anara Bank (5s )& lakh), 7orporation Bank (5s )& lakh), H107 Bank (5s % lakh),
I7I7I Bank (5s ,& lakh), I1BI Bank (5s )% lakh), IndusInd Bank (5s )& lakh), Jotak
/ahindra Bank (5s )& lakh), 5atnakar Bank (5s % lakh), State Bank of Hyderabad (5s
)& lakh) and Nes Bank (5s )& lakh)* "he 5BI had carried out a scrutiny of the loan and
current accounts of 1eccan 7hronicle Holdings Btd*, in certain branches of these banks in
late (&).* +fter this scrutiny it came to the conclusion that some of the violations were
substantiated and warranted imposition of monetary penalty*
4) "he government of :ortugal on , +ugust (&), announced how much relief package
for countrys largest listed bank 2 Banco 3spirito Santo (B3S) to bill out the beleaguered
bank 2 4.2 billion e!ros ($'.5. billion)
E<planation H "his relief package was announced =ust months after :ortugal e>ited an
international bailout and is therefore e>pected to test the 3uro Kones resilience to
another banking crisis* "he rescue of Banco 3spirito Santo would include split of the
bank into a Cgood bankD, renamed @ovo Banco, and a Cbad bankD, which will house
B3S e>posures to the troubled 3spirito Santo business empire as well as its subsidiary*
5) -hich telecom company during Fuly (&), became the first in India to have a
combined subscriber base of over .&& million 2 Bharti +irtel
E<planation H Bharti +irtels subscriber base across mobile, fi>ed line and 1"H services
crossed .&& million recently* 7ompanys latest )&& million subscribers were added in less
than ( years* Bharti +irtel has been ranked as the fourth!largest mobile service provider
globally and second!largest globally outside of 7hina* It started its operations in )88% and
had touched )&&!million customer mark in (&&8 and the (&& million mark in (&)(*
') S*J* Fain, who was arrested by the 7BI on charges of allegedly accepting a bribe of 5s
%& lakh to enhance the credit limit of some companies, was the 7hairman and /anaging
1irector (7/1) of which public!sector bank 2 S$ndicate 3an4
E<planation H He was arrested on ( +ugust (&), by the 7BI and was suspended by the
'nion 9ovt* on , +ugust (&),* Fain was appointed 7/1 of state!owned Syndicate Bank
in Fuly last year for a period of five years* He was one of the youngest 7/1s of a public
sector bank and was due to retire in (&(&*
() -hat is the name of the mission announced by the 'nion 9ovt* on (E Fuly (&),
envisioned to protect the indigenous breeds of cows in the country 2 =ashtri$a Co4!l
1ission
E<planation H 5ashtriya 9okul /ission (59/) was announced as part of BF:s poll
promise to protect the cow and its progeny* "o protect indigenous breeds, such as
:unganur, Aechur and Jrishna Aalley, the 9overnment plans to set up 69okul 9rams
(cow sanctuaries), for which public!private partnerships as well as @9;s will be
involved* "he 9overnment has kept aside 5s* %&& crore for the mission out of the 5s*
),(&& crore allocated for cattle and dairy development during the )(
th
:lan* ;f this 5s*
)%& crore will be spent this fiscal*
.) -hich Indian online retailer, during Fuly (&), raised #)!billion (5s <,&). crore) of
fresh funds in one of the largest funding for any e!commerce company globally 2
Flip4art
E<planation H 0lipkart is the largest online retailer of India with around (( million
registered users and five million shipments in a month* "his massive funding was co!led
by e>isting investors "iger 9lobal /anagement and @aspers* Singapores sovereign
wealth fund 9I7, along with e>isting investors +ccel :artners, 1S" 9lobal, I7;@IO
7apital, /organ Stanley Investment /anagement and Sofina, also participated in the
fund!raising* "he company will utilise the proceeds to make long!term strategic
investments in India* It is estimated that the firm has, so far, raised over #)*$ billion from
investors, including the current transaction*
2) :alghar became the .<
th
and the newest district of /aharashtra on ) +ugust (&),* It
was carved out from which district, which was Indias most populous district 2 Thane
E<planation H "he proposal for a new, smaller and manageable :alghar district was
hanging fire for over two decades* "he proposal was finally cleared by the /aharashtra
7abinet on ). Fune (&),* -ith a population of over )( million, till .) Fuly (&),, "hane
held the distinction of being the most populated district in the country, spread across
8,<&& s4*kms of hills, forests and coastal areas*
1&) -hich city would host the ()
st
7ommonwealth 9ames of (&)E 2 Cold Coast Cit$
(/!stralia)
E<planation H 9old 7oast 7ity is situated in the Oueensland province of +ustralia* "he
city would host the ()
st
7ommonwealth 9ames from , to )% +pril (&)E* "he hosting
rights to 9old 7oast 7ity were awarded in @ovember (&))* It thus would be the fifth
hosting of these games in +ustralia, with the earlier stagings in )8.E (Sydney), )8<(
(:erth), )8E( (Brisbane), and (&&< (/elbourne)*
1) "he 5eserve Bank of India on ), +ugust (&), announced its decision to reduce the
number of mandated free transactions for savings bank account holders at other bank
+"/s located in si> metro cities from five to three per month* "his reduction would
come into effect from which date 2 1 :o0e*ber 2&14
E<planation H "he si> metro cities (/umbai, @ew 1elhi, 7hennai, Jolkata, Bengaluru
and Hyderabad) were chosen first for reducing the number of mandated free transactions
as they are well!served in terms of payment infrastructure* "his reduction in the number
of mandated free transactions will, however, not apply to customers having no!
frillsGsmallGBasic Savings Bank 1eposit +ccount (BSB1+) type of accounts as well as
for transactions done by savings bank account holders at +"/s situated outside these si>
metro cities* Banks are also free to offer free transactions above this mandated limit*
2) "he 5eserve Bank of India (5BI) on < +ugust (&), issued guidelines for asset
reconstruction companies (+57s) to increase their investments in security receipts (S5s)
with the ob=ective of strengthening the asset recovery sector* -hat is the minimum
prescribed percentage of funds that +57s would now have to invest in S5s as directed in
this 5BI guideline 2 15A
E<planation H "his minimum investment re4uirement for +57s was %I at present*
:ublic sector banks sell their bad loans or @:+s (non!performing assets) to these +57s*
Sale of bad loans to +57s gained momentum in (&).!), mainly because banks were able
to obtain better prices for these sales* But this 5BI directive is likely to dissuade +57s
from offering a better price, since they will now have to make a higher upfront payment*
3) "he 5eserve Bank of India (5BI) presented its bi!monthly policy review on % +ugust
(&),* It kept the policy repo rate under the li4uidity ad=ustment facility (B+0) unchanged
at E*&I* It also left the cash reserve ratio (755) of scheduled banks unchanged at ,*&I
of net demand and time liabilities (@1"B)* However, which was the only ma=or rate to be
changed in this policy review 2 The Stat!tor$ -iK!idit$ =atio (S-=)
E<planation H "he SB5 of scheduled commercial banks was reduced by %& basis points
from ((*%I to ((*&I of their @1"B with effect from the fortnight beginning 8 +ugust
(&),*
The *aDor rates a+ter this polic$ re0ie# are as +ollo#sJ
P Short!term lending (repo) rate unchanged at EI
P 7ash reserve ratio (755) unchanged at ,I
P SB5 cut by &*%&I to ((I to unlock banking funds
P Bowers banks SB5 holdings in held!to!maturity category by &*%I to (,I
4) Indian :arliament on )( +ugust (&), passed the bill to empower S3BI to act against
pon?i operators and market manipulators more effectively* -hat is the name of this bill
2 The Sec!rities -a# (/*end*ent) 3ill> 2&14
E<planation H "he bill was passed by the Bok Sabha on < +ugust (&), and the 5a=ya
Sabha passed it on )( +ugust (&),* It empowers S3BI to act against pon?i operators and
market manipulators more effectively through search and sei?ure, attachment orders and
recovery proceedings and with access to call data records* "his marks a dilution from the
direct powers granted to S3BI 7hairman through as many as three ordinances in the past
one year to authorise search and sei?ure operations* 'nder the act constituted (with the
passing of this bill), a special S3BI court would be set up in /umbai to fast track
prosecution proceedings launched by S3BI, as also to clear search and sei?ure operations
proposed by S3BI*
5) Indias capital market regulator S3BI cleared final guidelines for creation and listing
of business trusts for key sectors of real estate and infrastructure on )& +ugust (&),*
"hese guidelines have been cleared to help attract greater foreign and domestic
investments into these sectors* -hat are the names of business trusts associated with real
estate and infrastructure which would be created and listed with these S3BI guidelines 2
5eal 3state Investment "rusts (53I"s) and Infrastructure Investment "rusts (InvI"s)
E<planation H 0inance /inister +run Faitley had outlined the proposal for establishment
of 5eal 3state Investment "rusts (53I"s) and Infrastructure Investment "rusts (InvI"s) in
the 'nion Budget (&),!)% presented on )& Fuly (&),* "he new norms would enable
listing and trading of 53I"s and InvI"s as any other security on the stock e>change
platforms and would also help create new platforms for raising of funds by real estate and
infrastructure companies* +long with foreign investors, domestic institutions like
insurers, pension funds and provident funds would also be allowed to invest in these
trusts*
') In order to solve the ongoing tussle between India and the -"; (-orld "rade
;rganisation), India during +ugust (&), suggested fi>ing of the base year for food
subsidies on the basis of average of last three years* -hat is the year proposed by the
-"; to be taken as the base year 2 12.'9.(
E<planation H India is of the view that taking )8E<!E$ as a base year in (&),!)% is
completely illogical and it has hence suggested a more scientific calculation for base year
calculation* Indian 9overnment had vetoed the adoption of a -"; treaty to simplify,
standardise and streamline the rules for shipping goods across borders, having previously
agreed to its terms at a ministerial conference in Bali (Indonesia) during 1ecember (&).*
India wanted more attention paid to its concerns over -"; limits on stockpiling of food
which will ultimately hit its subsidised food distribution programme, the worlds largest,
targeted at nearly E%& million people*
() S3BI gave its approval to single registration for stock brokers during +ugust (&),*
-hat would be the main benefit for brokers with this approval 2 :o# the bro4ers
#o!ld not need to obtain *!ltiple certi+icates +ro* SE3I +or operatin" in the
di++erent se"*ents o+ eK!it$> eK!it$ deri0ati0es> c!rrenc$ deri0ati0e and debt
E<planation H 'nder the proposed regime, initial certificate of registration as stock
brokerGclearing member will be granted by S3BI and subse4uent permissions to act as
stock brokersGclearing member of other stock e>changesGclearing corporations will be
granted by respective stock e>changeGclearing corporation after following the prescribed
procedure* "he latest S3BI move will also obviate the need for separate certificate for
each category of operations 2 trading member, trading!cum!self clearing member and
professional clearing member*
.) :etroleum /inistry during +ugust (&), accorded its in!principle approval for stake!
sale in ;@97 which may fetch the government about 5s* )E,&&& crore to meet
disinvestment target for the current fiscal* 0or this how much stake!sale in the company is
proposed 2 5A
E<planation H +s per the Budget (&),!)%, the disinvestment target is 5s* %E,,(% crore
including receipts from disinvestment of government stake in the non!government
companies* "he 1epartment of 1isinvestment (1o1) has kickstarted the process of stake
sale in ;@97 and has invited bids for appointing merchant bankers to manage the share
sale*
2) Indian 5ailways during +ugust (&), launched a contact!less smart card enabling
passengers to pay for reserved as well as unreserved travelling train tickets as part of a
pilot pro=ect* -hat is the name of this smart card with lifetime validity 2 LCo9India@
E<planation H "he 69o!India 7ard has been launched to be used at nominated '"S
counters and +utomatic "icket Aending /achines (+"A/s) and nominated :5S counters
for reserved tickets* "he card will enable passengers to pay for tickets for long distance
reserved, unreserved and suburban =ourneys* It is part of a pilot pro=ect to be implemented
on two sectors 2 @ew 1elhi 2 Howrah and @ew 1elhi 2 /umbai* ;n @ew 1elhi 2
Howrah sector this card could be used at < railway stations 2 @ew 1elhi, Janpur,
+llahabad, 1hanbad, +sansol and Howrah whereas on @ew 1elhi 2 /umbai sector the
card could be used at @ew 1elhi, Jota, Aadodara, 5atlam, Surat and /umbai 7entral*
"he card would be of pre!paid nature and can be bought for 5s* $& where passenger can
get a value of 5s* (& balance* +fter that the card can be recharged for 5s* (& or in
multiples of 5s* %& up to 5s* %,&&&* /a>imum recharge value for 69o!India 7ard would
be 5s* )&,&&&*
1&) -hat is the name of the proposed airline of "ata!SI+ +irlines Bimited ("S+B), a
=oint!venture between "ata 9roup and Singapore International +irlines (SI+) 2
LGistara@
E<planation H "he much!anticipated name was announced on )) +ugust (&), by "S+B
amid the release of the aubergine and gold logo of 6Aistara* 6Aistara is derived from the
Sanskrit word, which means limitless e>panse and draws inspiration from the brands
domain 2 the limitless sky* It would be a full service airline service and may take to the
skies in ;ctober (&),*
1) "he 5eserve Bank of India (5BI) on )E +ugust (&), constituted a )%!member inter!
regulatory committee to monitor the growing phenomenon of shadow banking* -ho has
been appointed as the 7hairman of this committee 2 . GiDa$a 3has4ar (E<ec!ti0e
5irector> =3I)
E<planation H Shadow banking refers to banking!like activity by non!banking finance
companies (@B07s) that remain outside the regulatory net* "hey generally operate as
intermediaries between investors and borrowers* "he role of this newly constituted
committee will be to find out the volume of money in shadow banks, who the investors
are and direction of the money flow, etc* +lso real estate dealings will be looked into very
meticulously by the committee* "he )%!member committee comprises of officials of the
5BI, Securities and 3>change Board of India (S3BI), 7entral 3conomic Intelligence
Bureau and the @ational Housing Bank (@HB)*
2) -hat is the name of the new scheme announced by the :rime /inister @arendra /odi
on )% +ugust (&), to help the poor in opening bank accounts, which will come with the
facility of a debit card and an accidental insurance cover of 5s* ) lakh 2 Lradhan
1antri ?an 5han MoDana@
E<planation H "he 'nion 7abinet has already cleared the two!phase financial inclusion
scheme under which bank accounts will be opened for )% crore poor persons with an
overdraft facility of 5s %,&&& and accidental insurance cover of 5s* ) lakh* "he scheme,
to be pushed by the government in a mission mode, seeks to provide two accounts to $*%
crore identified households by +ugust (&)E* "he :rime /inister in his Independence 1ay
address observed that people have mobile phones but not bank accounts and he hoped
that the scheme will help in bringing the benefits of formal banking system to them*
3) "he 5eserve Bank of India (5BI) on (( +ugust (&), released the charter of customer
rights, which seeks to provide the right to be treated with courtesy to both the customer
and the financial services provider* -hat are the important clauses of this charter
9 The c!sto*er sho!ld not be !n+airl$ discri*inated a"ainst on "ro!nds s!ch as
"ender> a"e> reli"ion> caste and ph$sical abilit$ #hen o++erin" and deli0erin"
+inancial prod!cts b$ the +inancial ser0ices pro0ider
9 The 4e$ ris4s associated #ith the +inancial prod!ct as #ell as an$ +eat!res that *a$
especiall$ disad0anta"e the c!sto*er sho!ld be *ade 4no#n to hi*7her b$ the
+inancial ser0ices pro0ider
9 The +inancial ser0ices pro0ider sho!ld pro0ide c!sto*ers #ith prod!ct ter*s and
conditions that are in si*ple lan"!a"e> easil$ !nderstandable> and #ith s!++icient
in+or*ation that the c!sto*er co!ld be reasonabl$ e<pected to *a4e an appropriate
choice o+ prod!ct
9 The +inancial ser0ices pro0ider *a$> ho#e0er> ha0e certain special prod!cts #hich
are speci+icall$ desi"ned +or *e*bers o+ a tar"et *ar4et "ro!p or *a$ !se
de+ensible> co**erciall$ acceptable econo*ic rationale +or discri*inatin" bet#een
c!sto*ers
4) "he 5eserve Bank of India (5BI) announced on ), +ugust (&), that its board has
given approval to create an additional post in the rank of 1eputy 9overnor* 0or this 5BI
has approached the government for re4uired legislative changes* -hich post is this 2
Chie+ Operatin" O++icer (COO)
E<planation H "he 5BI, the central bank of India, is presently headed by a 9overnor and
assisted by four deputy governors looking after different functions of the bank* It now
wants to create a post of 7;; and re!allocate work among the five* "he 5BI has been
deliberating on a broad H5 restructuring e>ercise to align organisational resources and
structures with the needs of the domestic economy and changes in the e>ternal
environment*
5) -ho took over as the fourth 1eputy 9overnor of the 5eserve Bank of India (5BI)
during Fuly (&), 2 S!bhash Sheoratan 1!ndra or S.S. 1!ndra
E<planation H S*S* /undra took the charge as the 1eputy 9overnor of the 5BI on .)
Fuly (&),* "hree other deputy governors of the 5BI are 'r=it :atel, H5 Jhan, and 5*
9andhi* Before taking this responsibility at 5BI, /undra was the 7hairman and
/anaging 1irector (7/1) of the public!sector bank 2 Bank of Baroda (B;B)* /undra
filled the vacancy created by the retirement of J*7* 7hakrabarty in +pril (&),, two
months before his five!year tenure was come to an end*
') ;n (& +ugust (&), the 0inance /inistry ordered a forensic audit to be done at the
branches of two banks in view of the reports of misappropriation of funds worth 5s* ,.<
crore* -hich two banks are involved in this matter 2 5ena 3an4 and Oriental 3an4 o+
Co**erce (O3C)
E<planation H +ccording to media reports, a /umbai!based branch manager of 1ena
Bank mobilised fi>ed deposits (01s), using middlemen, to the tune of 5s (%<*% crore
from seven corporates, while in the case of ;B7, misappropriation of funds to the tune of
5s* )E& crore was reported* In the wake of rising scams in public sector banks, the
0inance /inistry is looking at various steps, including strengthening of risk management,
appointment of bank chiefs for longer tenures, separation of posts and better 4uality of
nominee and independent directors*
() -hich international finance entity launched a #(*%!billion onshore Indian rupee bond
programme on (& +ugust (&), so as to strengthen the capital market and support
infrastructure development in India 2 International Finance Corporation (IFC)
E<planation H I07 is a member of the -orld Bank 9roup* It finances and provides
advice for private sector ventures and pro=ects in developing countries in partnership with
domestic financial institutions and banks* 'nder the rupee bond programme, I07 will use
a combination of rupee!denominated bonds and swaps to raise local currency financing of
up to #(*% billion or 5s* )%,&&& crore over the ne>t five years* :roceeds from the
programme will be used for infrastructure investments in India*
.) -hat is the name of the ambitious e!governance pro=ect of the 'nion 9ovt*, which was
approved by the 'nion 7abinet on (& +ugust (&), and which aims to ensure that
government services are available to citi?ens electronically 2 L5i"ital India@ roDect
E<planation H "he pro=ect, which has a total overlay of 5s ) lakh crore, aims to ensure
that government services are available to citi?ens electronically and help people gain
benefits from the latest information and communication technology* 61igital India
pro=ect envisages bringing all the e>isting initiatives such as the 3bi? pro=ect, 3!kranti,
virtual classroom, e!visas and the @ational ;ptical 0ibre @etwork pro=ect under a single
umbrella* ;ther programmes include implementation of e!office to make 9overnment
departments paperless, encouraging domestic manufacturing of electronic products and
kick starting 5esearch Q 1evelopment and entrepreneurship development fund* "he
pro=ect was unveiled in the Budget (&),!)% and is being directly monitored by :rime
/inister @arendra /odi*
2) -hat is the name of the controversial survey conducted by the "elangana 9overnment
throughout the state on )8 +ugust (&), and due to which various sections of the state
were scared and apprehensive 2 HSa*a"ra B!t!*bh S!r0e$I or HIntensi0e
)o!sehold S!r0e$I
E<planation H "he CIntensive Household SurveyD, completed in one day across
"elangana, was to identify genuine beneficiaries of government welfare measures* "he
surveyors sought to see bank account details and the +adhar card* "he government had
declared holidays under the Shops and 3stablishment +ct* 5esidents of "elangana,
especially capital Hyderabad, who originally came from +ndhra areas were scared with
this survey as they felt that the information collected from them would be used against
them at a later stage* +s various sections of the state populace were apprehensive about
this survey, the matter was taken to the Hyderabad High 7ourt about validity of the
survey* "he High 7ourt on ), +ugust (&), permitted the "elangana government to go
ahead with the survey on the assurance of the states +dvocate 9eneral that the e>ercise
was not mandatory and deni?ens could choose not to answer the 4ueries of enumerators*
"he survey was conducted across the ten districts in the state with the help of four lakh
government employees and a huge team of outsourced enumerators in the state*
1&) Indias capital market regulator S3BI on (( +ugust (&), ordered which @B07 entity
to refund the money raised from some %E*% million customers through collective
investment schemes (7IS) 2 earls /"rotech Corp. -td
E<planation H 1elhi!based :earls +grotech operates from )% regional offices and had
.*.% million field associates in (&))!)(* S3BI found :earls +grotech violating 7IS
regulations by mobili?ing the money without being registered with the regulator* "he
company offered two kinds of plans! a cash!down payment plan and an instalment
payment plan* 'nder the former, it offered to allot land to customers within ($& days of
payment and under the latter within 8& days*