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Banking and Financial Awareness 5 July 2015 - 12 July 2015

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Economy Current Affairs

Under the idea of making India a Digital country, the government on 5 July 2015 has launched four broadband products indigenously developed by which center?: Centre for Development of Telematics (C-DOT)

Explanation: Four broadband was launched with an aim to provide an advanced digital infrastructure for Digital India Initiative launched by the Prime Minister Narendra Modi earlier this week. Centre for Development of Telematics (C-DOT) has launched Two Wi-Fi products - Long Distance Wi-Fi and Solar powered Wi-Fi to address the connectivity problem of rural areas, hilly terrain, highways, dense vegetation and tunnels. Along with a light weight Green Power Source to make the solution self-sustainable. Using this solution, reach of BharatNet can be increased beyond panchayats to the remotest part of country and 100 Gbps optical fibre cable (OFC) link system called "Suteevra", which addresses the telecom operators` requirement of optimizing communication transport backbone in smart cities, IT parks, industrial complexes, inter city traffic and data centres.

Prime Minister Narendra Modi on 7 July 2015 launched maiden drilling by Which Indian PSU in the Satpayev oil block of Kazakhstan where the Indian firm is investing USD 400 million?: ONGC Videsh Ltd

Explanation: The Satpayev block, measuring 1,582 sq km, is located in the North Caspian Sea, in water depths of 6-8 m, and has two prospective areas that hold an estimated 256 million tonnes of oil and natural gas resources. Thus OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), had bought 25 per cent of Satpayev oil block in 2011. It paid USD 13 million as a signing amount to Kazakhstan. In addition, it paid USD 80 million as a one-time assignment fee to KazMunaiGas (KMG). OVL estimates a peak output of 287,000 barrels per day from the Satpayev and Satpayev Vostochni (East) structures.

According to World Bank, India's which  rural employment guarantee programme has been ranked as the world's largest public works programme, providing social security net to almost 15 percent of the country's population?: MNREGA

Explanation: World Bank Group has presented a report 'The State of Social Safety Nets 2015', in which India’s rural employment guarantee programme MNREGA (Mahatma Gandhi National Rural Employment Gurantee Act) has been ranked as the world's largest public works programme. Other points of achievement according to this report are: - India is among the five middle-income countries (China, India, South Africa and Ethiopia) running the world's largest social safety net programmes which reaches over 526 million people. For such programme the combined net spending of 120 nation is to about USD 329 billion between 2010 and 2014. -India's Mid-day meal scheme has been classified as biggest school feeding programme benefiting 105 million beneficiaries. -The World Bank ranked the Janani Suraksha Yojna with 78 million beneficiaries as the top-most social security programme with conditional cash transfers. -The Indira Gandhi National Old Age Pension Scheme as the second-largest unconditional cash transfer social security progamme in the world.

India announced to contribute USD 18 billion to the USD 100 billion foreign-exchange reserves pool that is being set up by five nations of the BRICS grouping to help each other "in case of any problems with dollar liquidity". In this, which country will contribute maximum?: China

Explanation: Brazil, Russia, India, China and South Africa have signed an agreement to set up the USD 100 billion pool, with maximum USD 41 billion coming from China. The Pool will go into force on  30 July 2015. The central banks of Brazil, Russia, India, China and South Africa have signed Operational Agreement on July 7, 2015 in Moscow. The Agreement outlines the terms of mutual support for member states in the framework of the Agreement on BRICS Pool of Conventional Currency Reserves. The agreement on the insurance pool comes ahead of the two-day Summit of the BRICS leaders in Ufa. The Summit could look at the possibility of starting credit facility in local currency by the BRICS Bank. The first head of the Bank is noted Indian banker K V Kamath. The BRICS nations account for nearly USD 16 trillion in GDP and 40 percent of the world's population.

Nearly 5807 gram panchayaths, including block headquarters of which state get rural optical fibre connectivity through Digital India?: Karnataka

Explanation: The Project will be classified under the BharatNet fiber project by Bharath Broadband Network Limited (BBNL). BharatNet fiber is a centre -state collaborative project of BBNL to facilitate the delivery of e-governance, e-health, e-education, e-governance, e-banking and internet services to the rural India under the Digital India programme. Under the project, optical line terminals (OLTs) and optical network terminals (ONTs) have already been set up in several districts. Belgaum has the highest numbers of OLTs (32) and ONTs (274) installed in the state. Total of 117 OLTs and 902 ONTs have been set up across the state till June 6th, 2015.

The 2-day 7th BRICS Summit was held at which city of Russia, which was concluded on 9 July 2015?: Ufa

Explanation: The first-ever summit was held in Yekaterinburg in 2009 and this 7th edition of BRICS Summit which was held on 8 and 9 July 2015 at Ufa, the capital city of the Republic of Bashkortostan was the second in Russia. The Summit comprised the heads of state of 5 BRICS countries – Dilma Rousseff (Brazil), Vladimir Putin (Russia), Narendra Modi (India), Xi Jinping (China) and Jacob Juma (South Africa). The theme of the summit was “BRICS Partnership – a Powerful Factor of Global Development“. The summit concluded with India confirming to host the 8th BRICS Summit in 2016.

Finance Current Affairs

The Jeevan Pramaan scheme, an Aadhaar-based digital life certificate for pensioners, launched by Prime Minister Narendra Modi on 4 July 2015. What is the main objective / benefit of this digital certificate?: Provides proof of a pensioner's existence to authorities for continuity of pension every year

Explanation: At present, 5 million individuals draw pension from the central government alone. A similar number draw pension from state and Union territory governments. Several PSUs also provide pension benefits besides which, over 2.5 million retired personnel draw pension from the Armed Forces. The Aadhar-based digital life certificate - Jeevan Pramaan scheme ,will go a long way in reducing hardship which so many senior citizens have to go through to produce a Life Certificate every year. The software application system will be made available to pensioners and other stakeholders on a large scale at no extra cost. The department of electronics and information technology has developed a software application which will enable the recording of the pensioner's Aadhar number and biometric details from his mobile device or computer, by plugging in a biometric reading device. Key details of the pensioner, including date, time, and biometric information, will be uploaded to a central database on real-time basis, ultimately enabling the pension disbursing agency to access a digital life certificate.

Taking a step towards digitalisation, state-run Union Bank of India on 6 July 2015 launched two new initiatives to speed up the transaction process and enhance the customer service experience. Which are these 2 new initiatives?: IMPS at branches and M-passbooks for its customers

Explanation: With the launch of IMPS at the branches, the bank has become the first lender to launch immediate payment service (IMPS) through branches for its retail and corporate customers by integrating the platform to its core banking solution. Thus, this will allow customers to instantly transfer funds to any account from the branch. The limit has been set at up to Rs 2 lakh per day. The digital passbook or M-passbook feature will enable customers to view account statement on mobile.The bank also launched a missed call facility through which customers can give a miss call to know the account balance along with SMS facility for customers to avail value added services like blocking debit card, balance enquiry and enable or disable user id of internet banking, among others.

The government has notified that they are looking to cap premature provident fund withdrawals at what for EPFO subscribers at any given time till the age of 58?: 75 percent

Explanation: Presently, out of the 1.3 crore annual claims, not less than 65 lakh claims are for full withdrawal. If the proposal is implemented by the Centre, the total number of claims would come down to 50 lakh. The proposal regarding changes in 'The Employees' Provident Fund Scheme' has been sent to the Labour Ministry for approval however as per current rule Employees Provident Fund Organisation (EPFO) subscribers can withdraw the entire amount by showing not employed anywhere for two months.

The government after a gap of two years on 7 July 2015 hiked the minimum wage for workers by Rs 160 a day. What was the previous Minimum wage decided by the government?: Rs.137

Explanation: The government of India has revised the National Floor Level Minimum Wage by Rs.23 and thus the new wages is now Rs.160, which will be applicable from 1 July 2015. The wage was last revised to Rs 137 from Rs 115 per day effective July 1, 2013. Uniform wage structure reduces the disparity in minimum wages across the country, thus the NFLMW is fixed and therefore, needs to be revised from time to time on the basis CPI-IW.

Who was named as the first Chief of the Beijing-backed Asian Infrastructure Investment Bank (AIIB)?: Jin Liqun

Explanation: AIIB is a multilateral development bank proposed by the government of China to provide finance to infrastructure projects in the Asia region. Thus, Jin Liqunis a former Finance Minister of China and was named by China as the first Chief of the AIIB on 6 July 2015. The bank was proposed by China in 2013 and launched at a ceremony in Beijing in October 2014. India is one of the founding members of AIIB and has second highest stake in it after China.The bank has 33 founding members alog with India from the Asian region and 17 founding members from outside the region.

Union Govt. on 8 July 2015 in its first-of-its-kind initiative, appointed an executive from the private sector to head a public sector financial institution - National Housing Bank (NHB). What is the name of the executive appointed to head NHB?:Sriram Kalyanaraman

Explanation: Sriram Kalyanaraman became the first person from the private sector to head a public sector financial institution. He was appointed for five years from the date of taking over the charge.

The asset base of mutual fund industry worldwide climbed 5 percent to a record USD 74 trillion in 2014, primarily on account of strong performance of the Asia-Pacific region, led by which two countries?: China and India

Explanation: The industry's profit pool rose 7 percent to USD 102 billion last year, matching its historic peak reached in 2007 before the financial crisis. In 2014, Asia-Pacific region fared better than Americas and Europe in terms of growth in profit, assets under management (AUM) and net inflows. Notably, China and India have contributed to the impressive growth in the region. In the Asia-Pacific, growth of net inflows slowed to 3 percent in 2014 from 4 percent in the preceding year -- owing largely to lower risk appetite in Japan and Australia. However, excluding these two markets, flows in the rest of Asia grew at 4 percent last year.

The Board of Directors of Bandhan bank, which is soon to be opened has announced the chairperson name on 9 July 2015. What is his name?: Ashok K. Lahiri

Explanation: As per the schedule, the bank will start its operations from 23 August 2015 and will be inaugurated by the President of India, Pranab Mukherjee. Thus, Board of Directors of Bandhan bank on 9 July 2015 declared number of person to the key management posts. In this serires Ashok K. Lahiri, a former Chief Economic Advisor (CEA), was named as the first Chairman of Bandhan Bank, Chandra Sekhar Ghosh will be the MD and CEO of the bank. The other directors on board include B Sambamurthy, former CMD of Corporation Bank; CM Dixit, Sr Partner at GD Apte & Co; Krishnamurthy Subramanian, Associate Prof. at Indian School of Business; Snehomoy Bhattacharya, former ED at Axis Bank; Pradip K. Saha, former CGM at SIDBI; Sisir Kr Chakrabarti, former Dy MD at Axis Bank; Bhaskar Sen, former CMD at UBI and PS Raji Gain, CGM NABARD.

The Reserve Bank on 9 July 2015 introduced a new type of pre-paid instrument of up to what amount for Mass Transit Systems to facilitate migration from cash-based payments to electronic ones?: Rs 2,000

Explanation: The Pre-paid Payment Instruments for Mass Transit System (PPI-MTS) will enhance commuter convenience and also facilitate migration to electronic payments in line with the country's vision of moving to a cashless society. The instrument, which will be issued by mass transit operators, will have a minimum validity of six months from the date of issue. The PPIs will be reloadable instruments, subject to an outstanding limit of Rs 2,000 at any point of time. Since this is semi-closed PPIs thus no cash-out or refund will be permitted from these PPIs. It is worth to mention that apart from the mass transit system, the instrument can be used at other merchants whose activities are allied to or are carried on within the premises of the transit system.

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Current affairs 12th July 2015 contain all the latest news and current events from India and Abroad. User can find the 12th 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 Pre-paid Payment Instruments for Mass Transit System, Reserve Bank of India, Jeevan Pramaan scheme, Narendra Modi 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.

12th 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 12th July 2015 is made on the subjects C-DOT, Employees Provident Fund Organisation, Union Bank of India, MNREGA, The State of Social Safety Nets 2015, ONGC Videsh Ltd, Satpayev oil block, Asian Infrastructure Investment Bank, Minimum wage for workers, National Floor Level Minimum Wage, National Housing Bank, Gram panchayaths, Bharath Broadband Network Limited, Bandhan bank, Ashok K. Lahiri, Ufa, BRICS, Mutual fund industry that have recently occurred.

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