GK Updates - 24 July | Banking Quiz

RBI tweaks G-sec limits for foreign investors

I.The Reserve Bank of India has increased the investment limit available to foreign investors to put their money in government securities by $5 billion.

II.Correspondingly, the central bank also brought down the amount of money that SEBI-registered long-term investors (Sovereign Wealth Funds, Multilateral Agencies, Pension/ Insurance/ Endowment Funds and Foreign Central Banks) can invest in these securities to $5 billion from $10 billion.

$30-billion cap

I.As a result, the overall limit available to foreign investors will remain capped at $30 billion each year.

II.This rejig in the investment sub-limit implies lack of long-term investor interest in government securities.

III.The RBI said that the incremental investment limit of $5 billion, made available to Foreign Institutional Investors, Qualified Foreign Investors and Foreign Portfolio Investors, has to be invested in government bonds with a minimum residual maturity of three years.

IV.This means that such short-term investors cannot invest in securities which mature in less than a three-year time frame.

Doordarshan's Naad Bhed-The Mystery of Sound to be featured in Limca Book of Records

I.The classical music reality show of Doordarshan Naad Bhed-The Mystery of Sound will be featured in Limca Book of Records. This was revealed through a statement issued by Doordarshan on 21 July 2014.

II.The reality show will be featured under Television Chapter in Limca Book of Records for being the first ever National level reality show on Classical Music.

Bahrain introduces new visa policy for Indians

I.The Bahrain Economic Development Board has come out with a new visa policy that enables Indian residents to apply for electronic visas from October this year.

II.Further, from 2015, Indian residents can stay longer in Bahrain as the new visas will be valid for a month and can be renewed for up to three months, officials said in a statement. Additionally, multiple entry visas will also be available.

III.The new visa policy will further enable expatriates who do business in Bahrain, to easily travel in and out of the Kingdom more easily, as well as boosting the tourism industry. Indians make up the largest expatriate population in Bahrain with more than 300,000 residing in the Kingdom. India is also one of Bahrain’s most important trading partners. In 2011, total trade between India and Bahrain exceeded $1.7 billion.

American actor James Garner died at 86

I.American actor James Garner died at the age of 86 in Los Angeles on 19 July 2014. He was best known for playing a detective Jim Rockford in crime series Rockford Files and also famous for his role in western drama, Maverick.

II.Garner starred in films such as The Great Escape (1963), The Americanization of Emily (1964), Grand Prix (1966), Blake Edwards' Victor Victoria (1982), Murphy's Romance (1985) Space Cowboys (2000), and The Notebook (2004).

RBI raises FII sub-limit in govt bonds by $5 bn

I.The Reserve Bank of India (RBI) has raised the foreign institutional investors' (FIIs') sub-limit in government bonds by $5 billion, after the existing $20-billion limit was almost exhausted. The move is expected to stabilise yields, volatile in the recent past.

II.The overall limit for FII investment in government bonds has been kept unchanged at $30 bn. As a result on the rise in the sub-limit, that for long-term investors like insurance and pension funds will be reduced to $5 bn.

III.RBI said the incremental investment limit of $5 bn shall be required to be invested in government bonds with a minimum residual maturity of three years. Besides, all future investment against the limit vacated, when the current investment by these foreign investors runs off either through sale or redemption, shall also be required to be made in government bonds with a minimum residual maturity of three years.

Chief Minister of Tamil Nadu announced launching Web Portal for Industrial Licences

I.The Chief Minister of Tamil Nadu, J Jayalalithaa on 23 July 2014 announced that the process of issuing licenses to the new industries will be done online henceforth. The step was taken in order to simplify the process involved for registration of new industries in the state.

II.J Jayalalithaa explained that the difficulties which were faced while issuing the licenses will be tackled through the web portal; which will also facilitate information about the government services apart from other things.

Mangalore firm designs anti-sexual harassment solution for companies

I.The Mangalore-based i-Point, a company providing learning and development solutions, has designed an anti-sexual harassment education solution for companies.

II.Speaking at a programme on ‘Technology for business growth,’ organised by the Kanara Chamber of Commerce and Industry (KCCI) in Mangalore on Wednesday, Vineeth Bhat of i-Point Consulting Services Pvt Ltd, said that i-Point’s ‘i-Comply ASH’ addresses the employee education aspect with legally-vetted content, interactive technology-based learning design and governance features.

III.He said i-Point has flexible and affordable models for SMEs (small and medium enterprises). The SMEs can leverage these models to create the policy, constitute a complaints committee and educate their employees. This will ensure that the employees are educated and their organisations are compliant with the law, he said.

IV.Highlighting the importance of the programme, Praveen Kumar Kalbhavi, Chairman of the IT sub-committee of KCCI, said that KCCI came out with the idea of hosting a programme on ‘Technology for business growth’ to connect the IT companies and SMEs in the region.

CMSA Scheme launched in Meghalaya for Widows and Pensioners

I.The Chief Minister of Meghalaya, Dr Mukul Sangma on 23 July 2014 launched a mass enrolment drive under the Chief Minister's Social Assistance (CMSA) Scheme for widows and persons with disabilities at Patharkhmah in Ri Bhoi District in Meghalaya.

II.Each beneficiary shall be given a financial assistance of 500 rupees per month under the scheme.

Glitzy opening ceremony kicks off Glasgow Commonwealth Games

I.Sachin Tendulkar and Bollywood music provided the Indian connect as Scotland ushered in the 20th Commonwealth Games with a dazzling and colourful opening ceremony which celebrated the country’s culture and heritage to set the ball rolling for the 11-day sporting extravaganza.

II.Welcoming over 4,500 athletes from 71 Commonwealth nations, the ceremony had its share of sombre moments when silence was observed for the 298 victims of the Malaysian Airlines flight which was shot down over Ukraine last week.

III.A surprisingly subdued Glasgow suddenly sprang to life and exuberance with a three-hour mesmerising show of light and sound and colourful hues which the organisers claimed was watched by more than one billion people.

IV.As per convention, the head of Commonwealth countries Queen Elizabeth II declared the Games Open.

V.“It is my greatest pleasure to declare the 20th Commonwealth Games open,” Her Majesty said under a blue Glasgow sky to signal Scotland’s third CWG and first after 1986 when Duke of Edinburgh played host.

VI.A host of dignitaries, including British Prime Minister, David Cameron, Scottish government’s first minister, Alex Salmond, and Commonwealth Games Federation President, Prince Imran Tunku, also added to the start of Scotland’s biggest sporting event which is estimated to have cost the host country around $one billion.

Federal Bank launches special car loan scheme for women

I.Kerala-based Federal Bank on Thursday launched a special car loan scheme offering concessions on interest rates on loans for women known as ‘SHE CAR’ on Thursday.

II.Under this scheme, women customers are offered a concessional rate of 10.5 per cent for loans repaid in 36 months, 10.75 per cent for a period from 36-48 months and 11 per cent for the period above 48 months. Two-wheelers are offered to women at 11 per cent.

III.A Surendran, GM and Retail Business Head, said, “SHE CAR is the latest of a series of loan products launched by the bank exclusively for women. Federal Bank recognises and respects the growing importance of women in our social and professional world.”

Santanu Mukherjee, new MD of State Bank of Hyderabad

I.Santanu Mukherjee has been appointed the Managing Director of State Bank of Hyderabad (SBH).

II.Mukherjee joined State Bank of Hyderabad as a Probationary Officer and served the Bank in various capacities and also held various important assignments (domestic as well as foreign) in the SBI group.

III.Before his elevation, he was working as Chief General Manager of SBBJ. He had also served as chief executive officer SBI in Paris during 2004 to 2008, according to a release.

Nuclear fog hangs over Modi’s U.S. visit

I.As the Indian administration gears up to launch a civil nuclear cooperation blitz with the U.S. and reiterate its petition to join the Nuclear Suppliers Group during Prime Minister Narendra Modi’s visit to Washington in September, industry experts said that decisions in these complex matters “will not materialise overnight,” and New Delhi may have “painted itself into a corner,” on nuclear liability.

II.Speaking to The Hindu Omer Brown, Legal counsel for Contractors International Group on Nuclear Liability, said that in theory more progress could be made during the high-level visit, yet it is difficult for U.S. corporations to create an insurance pool against the risk of a nuclear accident in India given that foreign inspectors were not permitted to examine the facilities for insurance purposes and could only “train” Indian inspectors to go in and undertake this critical task.

III.With continuing debate around Section 17(b) and Article 46 of India’s nuclear liability law raising thorny questions about channelling liability, Mr. Brown said, “The only way forward is for [India’s nuclear liability] law to be amended.”

IV.Speculation about the liability law resumed this month after Nisha Biswal, the U.S. State Department’s Assistant Secretary of State for South and Central Asia, said in a Congressional testimony regarding the impasse on U.S. nuclear suppliers’ insurance options, “We believe that there may be an opening to address nuclear liability issues either through a legal framework or through other frameworks that can help create more surety… so that it is not unlimited liability as the companies are rightly concerned.”

Hamilton seeks fifth F1 win in Hungary to close gap in title race

I.Lewis Hamilton may trail Mercedes team-mate Nico Rosberg in the Formula One world championship standings but a return to his favoured Hungarian Grand Prix on Sunday gives him the chance to close the gap.

II.The British driver Hamilton has four victories at the 4.381-kilometre Hungaroring, a record he shares with German great Michael Schumacher, and he is looking for a fifth in the last race before the summer break.

III.Hamilton trails Rosberg by 14 points in the standings so a win would cut that deficit in half — at the very least. If Rosberg finishes outside the top four, Hamilton could even reclaim the world championhip lead with victory.