GK Updates - 25 April | Banking Quiz

Facebook launches Newswire for journalists

i.Facebook has launched FB Newswire, with the aim to make it easier for journalists and newsrooms to find, share and embed newsworthy content from the popular social networking website in their work.

ii.The FB Newswire is a Facebook page of hand-selected and journalist-verified news stories from across Facebook’s platform, according to Andy Mitchell, director of news and global media partnerships at Facebook.

WEF released Global Information Technology Report 2014

i.World Economic Forum (WEF) released 13th Edition of the Global Information Technology Report 2014 on 14 April 2014 in New York. India was ranked 83 among 148 economies in terms of leveraging information and communications technologies for growth and well being.
ii.According to the Report, little progress been made in bridging the gap between the most networked economies of world and the rest of the world. Many large emerging economies continue to struggle to realise their full digital potential and feature lower down the index, while developed economies feature on the top.

Festival of India in China - Launch of Logo, Release of Posters and Webpage

The Secretary, Union Ministry of Culture Shri Ravindra Singh here today launched the logo, posters and webpage for the Festival of India in China which will be celebrated from May 2014 to March 2015. The same were simultaneously launched in Beijing by Shri Ashok K. Kantha Ambassador of India to Beijing.

Barack Obama nominates 3 Indian-Americans to advisory commission

i.US President Barack Obama has announced his intent to appoint three Indian-Americans to his 14-member advisory commission on Asian Americans and Pacific Islanders (AAPIs).
ii.The Indian-Americans include, US Air Force officer Lt Col Ravi Chaudhary, prominent community leader Shekar Narasimhan and popular film and television actor Maulik Pancholy.
iii.N Nina Ahmad of Bangladeshi-origin has also been nominated to the AAPIs.

RBI for two-stage verification for online transactions

i.Worried over rising number of frauds in online banking, the RBI has suggested that banks introduce two-stage authentication to ensure security of transactions.

ii.The RBI report on 'Enabling Public Key Infrastructure (PKI) in Payment System Applications' said banks should also inform customers about risks associated with different types of online banking transaction.

LIC sells shares worth Rs 6,300cr in sensex companies

i.State-owned life insurer LIC lowered its exposure in 15 blue-chip firms during the January- March quarter with sale of shares that are currently worth over Rs 6,300 crore.

ii.At the same time, LIC increased stake in 12 sensex firms by purchasing shares worth over Rs 13,000 crore, as per the shareholding pattern of 30-bluechip companies on the BSE.

Air India seeks to lease 14 Airbus A320 aircraft

i.Air India Ltd is seeking to lease 14 Airbus A320 aircraft, according to a tender document posted on the state-run carrier's website.

ii.Air India has asked for bids for up to six-year-old A320 aircraft on dry lease for a maximum six years, it said. It will soon invite bids for dry lease of up to 14 new A320 aircraft, and select a total 14 planes from both tenders, it said.

Only 10-15% cards used for online transactions: RBI report

Of the 369 million debit and credit cards in the country, 10-15 per cent are used only for online transactions, the Reserve Bank said.

Rs 6,700-cr World Bank loan for freight corridor link

i. The World Bank has approved $1.1 billion (about ₹6,700 crore) as the second tranche of its loan for construction of the 393-km-long electrified double line between Mughalsarai and Bhaupur sections of the eastern dedicated rail freight corridor.

ii. The loan agreement for the second phase is expected to be signed in June, an official release said.

iii. As a preparatory step, the Dedicated Freight Corridor Corporation Ltd (DFCCIL), the special purpose vehicle responsible for implementing the rail freight corridor project, has already shortlisted bidders for the civil construction contract of this segment. The value of the contract is expected to be Rs 3,500-4,000 crore.

Anil Kapoor inaugurates IIFA expo

Tampa Bay (US) Actor Anil Kapoor kicked off International Indian Film Academy (IIFA) expo at the Tampa Convention Centrr.

Indian-born Google+ chief Vivek Gundotra quits

i.Vivek Gundotra, chief of Google’s social networking venture Google+, is leaving the Internet company after nearly eight years

ii.Mr. Gundotra, who was serving as the Senior Vice President (Social) at Google, announced his departure in a post on Google+, a social network that was created about three years ago.

Nokia to name India-born Rajeev Suri as CEO

Nokia, which is set to close the sale of its phone business to Microsoft, will name Rajeev Suri as its next CEO and outline its new strategy with a focus on its networks equipment business.

Nokia to run Chennai plant for now as Microsoft concludes deal

Finnish handset maker Nokia will not transfer its Chennai plant, which has become the focal point of two tax disputes, to Microsoft .

Russia wants to start World War III-Ukraine PM

i.Ukrainian Prime Minister Arseny Yatseniuk accused Russia on Friday of wanting to start World War Three by occupying Ukraine "militarily and politically”.

ii.The world has not yet forgotten World War Two, but Russia already wants to start World War Three," Yatseniuk told the interim cabinet in remarks broadcast live. "Attempts at military conflict in Ukraine will lead to a military conflict in Europe."

Israel halts peace talks with Palestinians

i.Israel broke off Mideast peace talks and brought the U.S.-brokered process to the brink of collapse Thursday, protesting a reconciliation agreement between the Western-backed Palestinian Authority and the militant group Hamas, the Jewish state’s sworn enemy.

ii.Israel’s Security Cabinet made the decision during a marathon emergency meeting convened to discuss the new Palestinian deal. The rival Palestinian factions Hamas and Fatah announced the reconciliation plan Wednesday, meant to end a seven-year rift.

Gujarat HC restores RBI's power to decide NPA period

i.The Gujarat High Court today restored the Reserve Bank of India's power to decide the period after which a bad loan can be called a non-performing asset (NPA). "Section 2(1)(o) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act is held unconstitutional," the bench of Chief Justice Bhaskar Bhattachrya and Justice J B Pardiwala said.

ii.The High Court also observed that the Parliament was wrong in taking the power to decide NPA guidelines away from RBI.

iii.Before the amendment in 2004 to the Act, RBI was the regulator for the banking, non-banking institutions and securitization agencies for deciding the period after which the loans can be treated as NPA. Till 2004, RBI had set the NPA period for banks at 90 days, and at 180 days for NBFCs.