IBPS Clerk 2014 - GK Power Capsule - II

IBPS Clerk 2014 - GK Power Capsule - II Reading Material - I

1. Former Supreme Court judge CK Prasad is set to be appointed as the next Chairperson of the Press Council of India. Prasad will succeed Justice Markenday Katju as the Chairman of the PCI.

2. The fourth largest private bank (post merger with ING Vysya) received approval from RBI to form a 100% subsidiary to enter general insurance industry, which is currently growing at a Rs. 77,000 crore premium per annum.

3. The bank already has a tie up with Tata AIG General Insurance Company to sell and distribute its products. Kotak also has a Life insurance unit called Kotak Mahindra Old Mutual Life Insurance Ltd, a joint venture between Kotak Mahindra Bank and South Africa-based Old Mutual Public Ltd.

4. Kathak queen Sitara Devi died. She was 94. She was honored with the Legends of India Lifetime Achievement Award 2011 for her contribution to the classical dance genre for over six decades.

5. Adani Group-owned Dhamra Port Company Limited (DCPL) would invest around Rs 7000 crore for expansion of cargo handling facility.
i. Gujarat-based Adani group bought out L&T and Tata Steel's shares in the company in March 2014 at an enterprise value of Rs 5500 crore.
ii . Following the acquisition, the second phase of development was to be initiated within 90 days and completion targeted in 30 months.
iii. This continued expansion will allow Dhamra port to exceed 100 million tonnes of cargo capacity by the year 2020.
Note:The port, situated between Haldia in West Bengal and Paradip in Odisha, was mostly handling cargo like coal and limestone.

6. Nepal has given an Indian company permission to build a 900 megawatt hydropower plant.
i. The two countries will sign an agreement for the $1.04 billion project, which provides Nepal with free electricity and India energy for its power-hungry economy.
ii. The project, which will be built by Satluj Jal Vidyut Nigam (SJVN) Limited, was originally cleared in 2008 but never implemented after Kathmandu lobbied for greater benefits.

7. GMR Infrastructure has received the Securities and Exchange Board of India approval to rise up to Rs. 1,500 crore through rights issue.
i. In a rights issue, shares are issued to existing investors as per their holding at a pre- determined price and ratio.

8. An Indian Railways team is in China to chalk out plans for conducting feasibility study to build the 1,754 km-long Delhi-Chennai high-speed train corridor; world's second largest bullet train line.
i.The proposed corridor could be the second largest in the world after China's 2,298 km-long Beijing-Guangzhou line which was launched last year. Running at a speed of 300 km per hour, it covers the distance in about eight hours.
Note: India is currently considering two corridors for high speed trains. While Japan is conducting feasibility study for the Bullet train project in Mumbai-Ahmadabad corridor, China will do the same for the Delhi-Chennai route which expected to begin by early next year.

9. Imaging and information technology solutions provider Ricoh India on Tuesday said that it has got a deal worth Rs. 1,370 crore from Department of Posts to modernize post offices through automation.
i. Under the project, Ricoh India will supply, install and maintain services of hardware, peripheral devices and operating system.
ii. The primary goal of the Rural ICT project is to improve the quality of service, provide more value added services and achieve ‘financial inclusion’ of un-banked rural population.
Note: “India Post is an iconic organization in India, the largest such network in the world and playing a crucial role in the socio economic development of rural India, touching the lives of common man

10. Three global organizations, the World Toilet Organisation (WTO), WASTE and the Financial Inclusion Improves Sanitation and Health (FINISH), signed a memorandum of understanding (MoU) to end open defecation in India. The agreement is for three years. They share the common goal of making sanitation accessible and affordable to all citizens.

11. International Day for the Elimination of Violence against Women observed across the world on 25 November 2014.
i.The campaign called Orange Your Neighborhood to raise awareness against Gender-Based Violence will be held from 25 November to 10 December 2014.
ii. The campaign is part of Secretary-General Ban Ki Moon's campaign UNiTE to End violence against Women.

12. Lahore-based author Bilal Tanweer on 24 November 2014 won the 2014 Shakti Bhatt First Book Prize for his novel The Scatter Here Is Too Great (Random House India).

13. West Bengal Governor Keshari Nath Tripathi was appointed as Governor of Bihar Housing finance company DHFL announced to name Shah Rukh Khan as its brand ambassador.

14. China beats India in November FII inflows: HSBC
i. According to the global financial services major, after two consecutive months of sell-offs, FIIs have warmed up to Asian equities and all markets have received positive flows in November as the region recorded net inflows of $5.3 billion, out of which India attracted $1.4 billion.
ii. Among Asian economies, China regained the top position as the ‘most loved’ market, pushing India down to second position in the region, while Thailand was placed at the third spot.

15. Modi proposes SAARC business traveler card
i. Prime Minister Narendra Modi on Wednesday proposed a SAARC business traveler card 3-5 years for making it easier for traders and merchants in the region to travel and access one another’s markets.

16. State Bank of India to launch Islamic equity fund
i. State-owned bank will launch an Islamic equity fund next month aimed primarily at the country's 170 million Muslims. SEBI recently allowed the government-owned State Bank of India BSE 0.41 % and three mutual funds to launch Sharia funds.
Note: India is only the second country outside the Islamic world where a state-owned bank is offering a Sharia-compliant fund. The U.K. issued sovereign Islamic bonds in June.

17. Kotak Mahindra Bank is the first bank to fully own an insurance business
i. Kotak Mahindra Bank BSE 0.07 % on Tuesday became the first bank to get the Reserve Bank of India's (RBI's) permission to set up a wholly-owned non-life insurance company.
ii. The bank is already the promoter of a life insurance company in partnership with Old Mutual of South Africa.
Note: i. RBI guidelines allow a bank to hold max 50 per cent in insurance joint venture. However, RBI allowed some exceptions, like SBI and ICICI Bank. In both these partnerships, the banks hold 74 per cent.
ii. Kotak General Insurance will be the 29th non-life company in the country. The last non-life insurer to get permission from the regulator was Cigna TTK — a health insurance company.
iii. The last company to set up a full-fledged general insurance business was Liberty Videocon General Insurance.

18. Canara Bank has signed a memorandum of understanding with Micro Energy Credits Corporation to finance bank customers buying energy efficient ‘green’ products such as cook stoves, solar home systems, biogas digesters and water purifiers. The partnership has identified Chitradurga district in Karnataka to promote such green products on a pilot basis.

19. The Lok Sabha today passed the Delhi Special Police Establishment (Amendment) Bill, 2014 by voice vote. As per the new provisions, CBI director will be selected by a panel which will comprise of Prime Minister, Leader of Opposition in the Lok Sabha or the leader of the Single largest party in the House and Chief Justice of India or any Supreme Court Judge.

20. Haryana government reversed the retirement age of government employees from 60 to 58 years. It also reversed the retirement age of Class IV, visually impaired and handicapped employees from 62 to 60 years.

21. United Nations (UN) Women announced the appointment of Indian tennis superstar and youth icon, Sania Mirza, as its Goodwill Ambassador for South Asia. The organization is dedicated to gender equality and women’s empowerment. She became the first South Asian woman to be appointed as a Goodwill Ambassador. The other Goodwill Ambassadors include British actor Emma Watson, Academy Award winner Nicole Kidman, HRH Princess Bajrakitiyabha Mahidol of Thailand, and Indian actor-filmmaker-singer Farhan Akhtar.

22. Boxer Manoj Kumar today received the prestigious Arjuna Award from Sports Minister Sarbananda Sonowal.the 2010 Commonwealth Games gold-medalist, was bestowed with the honor in a function organized in the National capital.

23. Michael Phelps was crowned Male Athlete of the Year at the 2014 USA Swimming Golden Goggle Awards. He was crowned with the title for a fifth time. Earlier, he won the title in 2004, 2007, 2008 and 2012. He was awarded with the title despite being suspended from competition for six months after a drunken driving arrest in September 2014.
24. Ms Deborah, a tribal girl from Andaman and Nicobar Islands has created history in National Level by winning four Gold Medals in the Track Asia Cup Cycling Championship 2014 which concluded at Indira Gandhi Stadium, New Delhi.

25. The SAARC Framework Agreement on Energy (Electricity) Cooperation was signed among the SAARC member countries. Chairperson Sushil Koirala also announced that the 19th SAARC Summit will be held at Islamabad in 2016.

26. SAARC countries today signed a framework agreement on cooperation in power sector but failed to finalise the much-awaited motor vehicle and railway pacts for greater people-to-people contact and movement of goods due to opposition from Pakistan. A time period of three months have been set for approval to the Motor Vehicle and Railway pacts.

27. Australia Test cricketer Phillip Hughes passed away today in Sydney in a Sheffield Shield match.

28. Sanskrit to be 3rd language in Classes 6-8 in KV: Centre to SC

29. President of India Pranab Mukherjee penned a book titled The Dramatic Decade: The Indira Gandhi Years, published by Rupa.

30. Biography My Name is Abu Salem released written by S Hussain Zaidi and published by Penguin.

31. Punjab National Bank (PNB) on Wednesday said it will continue giving free transactions to all saving bank account cardholders using PNB ATMs, irrespective of the number of transactions.

32. To provide liquidity to retail investors investing in long-term bonds issued by banks for financing infrastructure and affordable housing, the Reserve Bank of India said banks can extend loans to individuals against these bonds. such loans should be subject to a ceiling, say, Rs. 10 lakh per borrower, and tenure of loan should be within the maturity period of the bonds.The RBI also stated that banks are not permitted to lend against such bonds issued by other banks.

33. Trilochan Sastry, Professor in Quantitative Methods and Information Systems, Indian Institute of Management Bangalore (IIMB), has been awarded the 11th ‘Bharat Asmita’,
an honor instituted by the Pune-based MIT group of institutions.

34. Pakistani actress Veena Malik sentenced to 26 years in jail for blasphemy
i. Pakistani actress Veena Malik, Mir Shakil-ur-Rahman, owner of Geo TV and Jang group, Malik’s husband Asad Bashir Khan and TV host Shaista Wahidi were sentenced to 26 years and also imposed a 1.3 million in jail on 26 November 2014 by an Anti-Terrorism Court (ATC) of the Gilgit region of Pakistan.

35. The Reserve Bank of India has issued final norms for payment banks and small finance banks that would allow mobile firms and supermarket chains, among others, to enter the banking arena to cater to individuals and small businesses. The move aims at deepening financial inclusion and boost saving habits. Shriram Capital, Janalakshmi Financial Services, Magma Fincorp and Muthoot Finance, among others, are expected to throw their hats into the ring to set up small banks.The Department of Posts, Bharti Airtel, Vodafone India, Tata Teleservices, Western Union and online digital payment players such as Paytm, Oxigen and MobiKwik have expressed interest in floating payment banks.Companies will have to apply by January 16, 2015, for licences in both categories.

Key i. The small bank will primarily undertake basic banking activities of acceptance of deposits and lending to un-served and under-served sections, including small business units, small and marginal farmers, micro and small industries and unorganized sector entities.
ii. Small banks will be required to maintain a minimum capital adequacy ratio of 15 per cent of the loans on a continuous basis. In the draft guidelines, the RBI had suggested that small banks would have a restricted area of operations (possibly contiguous districts in a homogenous States). However, in the final guidelines, these restrictions have been removed. The small bank will be required to extend 75 per cent of its credit to the priority sector
i. Payments banks can accept deposits — current and savings bank — from individuals, small businesses and other entities but cannot provide loans.. However, they cannot accept non-resident Indian deposits.The payment bank will initially be restricted to holding a maximum balance of Rs1 lakh per individual customer.While the bank can issue ATM/debit cards, it cannot issue credit cards.It can contract outside liabilities (deposits) but not exceeding 33.33 times (against 20 times in the draft guidelines) its net worth.

36. Country's economic growth has declined to 5.3 per cent during July to September, from the previous quarter's 5.7 per cent.the manufacturing sector, which accounts for about 15 per cent of India's gross domestic product rose by 0.1 per cent during the quarter from the previous period's 3.5 per cent. Agriculture sector growth declined to 3.2 percent against 3.8 percent.

37. India today signed a Memorandum of Understanding, MoU, with Mozambique for cooperation in the field of oil and gas. The MoU was signed in the presence of Minister of State for Petroleum and Natural Gas, Dharmendra Pradhan in New Delhi.

38. Former Uttar Pradesh chief secretary Anoop Mishra was appointed as new Secretary General of the Lok Sabha. He was appointed by Lok Sabha Speaker Sumitra Mahajan.

39. Historian Tapan Raychaudhuri died

40. Namsai officially became the 18th district of Arunachal Pradesh. The Chief Minister of Arunachal Pradesh Nabam Tuki made the declaration. 


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