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Banking and Financial Awareness 13 July 2015 - 20 July 2015

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Economy Current Affairs

Which two factors are key to rural deprivation according to the census on 12 July 2015?: Landlessness and dependence on manual casual labour for a livelihood

Explanation: The rural census mapped deprivation on the basis of seven indicators — households with kuchha house; without adult member in working age; headed by a woman and without an adult male in working age; with disabled member and without able-bodied adult; of SC/STs; without literate adults over 25 years; and landless engaged in manual labour. Therefore, more the number of parameters on which a household is deprived, the worse its economic status and extent of poverty. In the recent survey it has been identified that approximately 30% have two deprivations, 13% have three, though mercifully, only 0.01 % suffer from all seven handicaps. As per figures, 59 per cent of households with kuchha houses are landless-labourers, followed by 55% of those with no literate adult above 25 years and 54% each of SC/ST households and female-headed households without adult male members. However at the same time, 47% households without an adult member in working age are landless labourers followed by 45 per cent of those with disabled members and no able-bodied adult members.

What is the name of the scheme which was launched by the prime minister Narendra Modi on 15 July 2015 which would help to create skilled manpower at grass-root level by providing them vocational, technical and skill development education.?: 'Pradhan Mantri Kaushal Vikas Yojana'

Explanation: PM's ambitious Skill India programme, was launched under National Skill Development Mission, that would impart skill training to 24 lakh youth over the next year and trained candidates would be awarded with incentives. The 'Pradhan Mantri Kaushal Vikas Yojana' is launched on first ever World Youth Skills Day. Thus this scheme includes a redesigned Model Skill Loan Scheme, Skill Card for persons certified under Pradhan Mantri Kaushal Vikas Yojana and the new National Policy for Skill Development. The new National Policy for Skill Development policy is the country's first integrated national scheme for developing skills and promoting entrepreneurship at a large scale and was recently approved by the Union Cabinet. Earlier this month, the Union Cabinet chaired by the Prime Minister had cleared an institutional framework for the National Skills Mission, and also approved the first integrated national policy for developing skills and promoting entrepreneurship. However, The previous National Policy on Skill Development was formulated by the Ministry of Labour and Employment in 2009 and provided for a review after five years to align the policy framework with emerging national and international trends.

In a sign that reflects investors confidence in the Centre's 'Make in India' initiative, the foreign direct investment (FDI) into the country has witnessed a what percent jump in the seven-month period till April 2015?: 48 percent

Explanation: As per the Commerce and Industry minister, in 2014-15 Foreign Institutional Investors (FIIs) investment grew by 717 percent to USD 40.92 billion after the initiative was launched on 25th September 2014 last year with an aim to make India a manufacturing hub of the world. The increased inflows of FDI in India especially in a climate of contracting worldwide investments indicate the faith that overseas investors have imposed in the country's economy and the reforms initiated by the government towards ease of doing business.

Union Cabinet decided to upgrade the 400 railways stations under “e-Way” in metros and major cities besides pilgrim centres and important tourist spots. Thus the Open bids are invited from private players through which method?: Swiss Challenge method

Explanation: Under Swiss Challenged Method, Once someone submits a bid, another party can give suggestions to improve and beat that proposal. Thus, through this method government can attain the best job work done with lowest minimum cost. An expert committee will accept the best proposal and the original proposer will get a chance to accept it if it is an improvement on his proposal. In case the original proposer is not able to match the competing counterproposal, the project is awarded to the counter-proposer. Private players are allowed to build the world class amenities in surrounding of railways station like building business centres, shopping outlets, restaurants and Wi-Fi-enabled waiting lounges but land ownership will remain with the railways. "Station will be developed to use land and air rights, no selling of land.

 In a bid to streamline the FDI structure, the government on 16 July 2015 introduced which investment plan cap by clubbing all forms of overseas investments to define sectoral limits?: Composite foreign investment cap

Explanation: The proposal is aimed at simplification of FDI policy with a view to attracting foreign investments and also improving ease of doing business in India. Therefore, after this decision now onwards, all FIIs, NRIs and other foreign investments will be clubbed under constituted under as a composite cap. The ministry has proposed a composite foreign investment cap (FDI + FPI (FII, QFI) + NRI + FVCI) in sectors, including agriculture, tea, mining, broadcasting, media, airports, retail (single brand and multi-brand), e-commerce, asset reconstruction companies, banking, commodity exchanges and insurance. I n 2014-15, investment by foreign institutional investors (FIIs) grew 717 percent to USD 40.92 billion. FDI grew 27 percent to USD 30.93 billion in the previous fiscal.

The government on 16 July 2015 approved the creation of which system in which they will contribute Rs 3,419.47 crore through National Clean Energy Fund in the states of Andhra Pradesh, Gujarat, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra and Rajasthan.?: Intra-state transmission system

Explanation: The activities envisaged under the project include establishment of 48 new Grid sub-stations of different voltage levels with total transformation capacity around 17,100 MVA (Mega Volt Ampere) by installing over 7,800 ckt-kms (Circuit Kilometers) of transmission lines in these seven states. The project is proposed to be completed within 3-5 years. The activities envisaged under the project include establishment of 48 new Grid sub-stations of different voltage levels with total transformation capacity around 17,100 MVA (Mega Volt Ampere) by installing over 7,800 ckt-kms (Circuit Kilometers) of transmission lines in these seven states. The project is proposed to be completed within 3-5 years. Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given approval for development of six laning of Eastern peripheral expressway (National Highway No. NE-II) in Haryana and Uttar Pradesh with estimate cost of Rs, 7,558 crore. 

The Reserve Bank of India on 17 July 2015 has directed banks to ensure that their overall direct lending to farmers should not fall below the average of  how many years?: Last three years

Explanation: The farm sector accounts for only around 16% of India's national income, two-thirds of the population depends directly or indirectly on farming for their livelihood. Thus, the directive were made by RBI after when this come in the wake of government expressing concerns over crop losses due to adverse weather conditions in recent months. In an effort to increase direct lending to agriculture, the target for lending to small and marginal farmers has been increased to 7 per cent for 2015-16 and to 8 per cent for 2016-17. Direct lending to the most disadvantaged farmers, the small and marginal farmers, has been around 6 per cent. Direct agriculture constitutes loans to individuals involved in agriculture and allied activities like buying implements and machineries, short term loans to farmers for raising crops, among others.

Finance Current Affairs

Ahead of assembly elections in Bihar, the Election Commission in 9 June 2015 has issued fresh directives which include prohibiting candidates from accepting any donation or loan in excess of what amount?: Rs 20,000 in cash

Explanation: The guidelines have been issued in view of large cash seizures during recent assembly elections in several states. During the 2014 parliamentary elections, the EC and income tax teams had seized more than Rs 275 crore in cash from associates of candidates. Thus, to nail this illegal activity,  starting with the Bihar polls, a candidate will have to maintain a separate account for all donations and loans he/she receives during campaigning for amounts in excess of Rs 20,000. All such donations have to be received only through a crossed account payee cheque or bank draft, like in the case of political parties. According to the fresh guidelines, if a candidate does not intend to use the campaign vehicles for more than two days after obtaining permission from a returning officer, he shall intimate the returning officer to withdraw the permission. In absence of any such intimation, it will be presumed that the candidate has used the permitted vehicles for campaigning and expenditure as per notified rates will be added to his election expenses. EC also directed its all chief electoral officers in states to inform candidates and political parties that candidates shall open a separate bank account for election campaign purposes. Parties have also been directed to make all payments to candidates by account transfer and not in cash.

The Supreme Court on 13 July 2015 dismissed liquor baron Vijay Mallya's plea seeking quashing of criminal proceedings against him in a case pertaining to violation of which rule?: FERA violation

Explanation: Mallya had allegedly paid 200,000 dollars to the British firm for displaying the Kingfisher logo in Formula One World Championships in London and some European countries in 1996, 1997 and 1998. The money was allegedly paid without prior approval from the RBI in violation FERA norms. Thus, the apex court had issued notice to the Enforcement Directorate (ED) on the UB Group chief's plea against the Delhi High Court order turning down his appeal for quashing criminal proceedings in a trial court for alleged "wilful" disobedience of summons issued to him by the ED. 

Multi Commodity Exchange of India (MCX) notified that it will launch a new contract on 14 July 2015 Which will be an international price based contract after receiving permission from the Forward Markets Commission (FMC). What is this Contract?: Gold Global futures contract

Explanation: The existing gold futures contracts traded on MCX have been providing a hedging mechanism to the market participants exposed to changes in gold landed prices, which mirrors the Indian spot market. However, as per the MCX, the new Gold Global contract has been designed keeping in mind the requirements of refiners, exporters, jewellers, including larger bullion physical market participants, involved in import of gold bars and re-export of jewelry. The participants will also get a margin benefit of up to 75 percent if they trade in spreads between Gold Global and other gold contracts at MCX. With its launch, MCX's bullion basket offerings will include one more variant i.E. Gold Global (200 gm) apart from the existing Gold (1 kg), Gold Mini (100 gm), Gold Guinea (8 gm) and Gold Petal (1 gm) thus enabling us to meet the needs of most stakeholders of the bullion value chain.

The Bombay Stock Exchange (BSE) has slapped fines on 530 listed companies for failing to meet a deadline to appointing to whom to boost gender diversity in their boardrooms?: Women Director

Explanation: The Securities and Exchange Board of India (SEBI) last year imposed a quota of at least one female director on the board of every listed firm, and warned of "very serious" consequences if the thousands of companies did not comply by an April 1 deadline. Ahead of SEBI`s April 1 deadline, thousands of companies rushed to recruit women directors, with many installing the wives and mother-in-laws of their top executives. However, it is also worth to mention that the scarcity of women in the boardroom is not unique to India. Nearly one-fifth of the world`s 200 largest companies have no women directors, according to an August 2014 report by Biz Divas.

The government on 15 July 2015 has reduced the stipulated period for settlement of various claims like PF withdrawal, pension and insurance by the retirement fund body EPFO to how many days from the existing 30 days?: 20 days

Explanation: The EPFO has been working for the past few years to reduce the claim settlement period. Its ultimate target is to settle all types of claims within three days from receipt of application in future through a massive digitisation programme. Therefore, the reducing of settlement days has been seen the steps towards to achieve the same goal. Hence, the government brought out amendments to Para 72(7) of the Employees' Provident Fund Scheme, 1952, Para 17-A of the Employees' Pension Scheme, 1995 and Para 24 (4) of the Employees' Deposit linked Insurance Scheme, 1976 and thereby reduced the periodicity of settlement of PF, pension and insurance claims from existing 30 days to 20 days. As a result of this amendment EPFO has settled 11.06 lakh claims in June, 38 percent of these were settled within 3 days and 76 percent within 10 days.  The cumulative figure regarding claim settlement for the current fiscal (from April-June 2015) stood at 33.35 lakh claims, out of which 43 percent were settled within 3 days and nearly 79 percent of the claims were settled within 10 days.

SEBI on 13 July 2015 has directed the Alternative Investment Funds (AIF) that they will have to mandatorily disclose their which history as well as the background of sponsor, manager and their promoters in the placement memorandum to SEBI?: Disciplinary History

Explanation: IFs are basically funds established or incorporated in India for the purpose of pooling in capital from Indian and foreign investors for investing as per a pre-decided policy. n addition, informations pertaining to all the associates outside India, where the director, trustee, partner, sponsor, manager of AIF holds either individually or collectively more than 15 percent of paid-up equity share capital or partnership interest will have to be reported to SEBI.  In case these entities hold below the prescribed limit of 15 percent interest, the capital markets watchdog said it will not be necessary for them to make disclosure.

In a step which will benefit those whose payment or transfer gets delayed due to a bank holiday or for any other reason, Reserve Bank of India on 16 July 2015 notified that henceforth banks can levy a penalty on a credit cardholder only if they fail to receive payment in how many days after the due date?: 3 (Three) days

Explanation: After the directives to bank to not to charge penatly for 3 days from the due date, RBI has also notified that banks should also report delayed payment to credit information companies like Cibil only when a credit card account remains 'past due' for more than three days. At present all banks state that late payment charges are applied if payment is not made by due date. The late payment charges vary between Rs 100 to Rs 700 depending on the total payment due. However, banks shall report a credit card account as 'past due' to credit information companies (CICs) or levy penal charges, viz. late payment charges only when a credit card account remains 'past due' for more than three days. The number of 'days past due' and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement. Earlier it was to be classified as NPA if payment was not received within 90 days of next statement date.

According to a leading research company, which India's largest IT services firm, has been recognised as a global leader in card management and transaction processing?: Tata Consultancy Services

Explanation: Eight professional services firms, eight issuer processors and eleven packaged software vendors were reviewed anf then TCS was recognised as a global leader by Celent, a research and consulting firm focused on the application of information technology in the global financial services industry. Celent highlighted differences amongst the companies across multiple dimensions such as total revenue in dollars, importance of the financial services segment, cards-related employees, number of cards clients, particular geographic strength and services focus.

Latest Current Affairs

1 Comment

  1. 5 out of 5 based on 1 Ratings
    Harinder August 03, 2015
    5 out of 5

    sir, Your articles are very good to study. When will you upload Banking and Financial Awareness 21 July 2015 - 31 July 2015?

    Leave a comment

Current affairs 20th July 2015 contain all the latest news and current events from India and Abroad. User can find the 20th July 2015 affairs article which is a detailed analysis and discussion of news stories that have recently occurred. These news articles are made on the topic Tata Consultancy Services, Rural census, FERA violation, Vijay Mallya and many other are best study material for the students which are preparing for the competition exams, government exams, Banking exams, IAS exam and many other.

20th July 2015 Current Affairs is available in Question and Answer format which will also help reader to prepare in Objective format. On Time2study, Current affair category contains the articles for each day and these articles have the detailed background of each topic. Current affairs from India and abroad are teller made to the user and thus one can find very interesting, selected and important topic on Current events to read and prepare the notes for exam. Current affairs 20th July 2015 is made on the subjects Enforcement Directorate, RBI, Election Commission, Pradhan Mantri Kaushal Vikas Yojana, World Youth Skills Day, Gold Global futures contract, MCX, Forward Markets Commission, EPFO, Make in India, foreign direct investment, Foreign Institutional Investors, Composite foreign investment cap, Alternative Investment Funds, Cibil, Intra-state transmission system, National Clean Energy Fund, Reserve Bank of India, direct lending to farmers that have recently occurred.

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