GK Updates - 20 May | Banking Quiz

Narendra Modi appointed Prime Minister; swearing-in ceremony on May 26

I.Narendra Modi will be sworn in as India’s 14th Prime Minister at 6 pm on May 26.

II.The Prime Minister-elect was handed his appointment letter by the President Pranab Mukherjee after a highly-charged meeting of the BJP parliamentary party which witnessed Modi breaking down and fighting back tears along with LK Advani and several other MPs.

III.“I came to call on the President. The President has given me a formal letter (of appointment as the PM) and has invited me for oath-taking ceremony on May 26 at 6 pm as we had earlier decided,” Modi told reporters after he emerged from the meeting with the President Pranab Mukherjee.

IV.Later, a President’s House communiqué said as Modi has been elected leader of the BJP parliamentary party and BJP has majority support in the House of the People, the President appointed him the Prime Minister of India and requested him to advise the names of members of the Council of Ministers.

V.“The President will administer the oath of office and secrecy on May 26 at 6 pm at Rashtrapati Bhawan,” President's spokesman Venu Rajamony said.

VI.Modi met the President Pranab Mukherjee on Friday afternoon after he was elected the leader of the BJP parliamentary party and his candidature had been endorsed by all the 29-constituents of the National Democratic Alliance (NDA).

Canara Bank enters S Africa; opens branch in Johannesburg

I.Canara Bank has entered South Africa by opening a branch in Johannesburg as a part of its global expansion plans.

II.The bank has 4,750 branches across India apart from a presence in London, Hong Kong, Shanghai, Bahrain and Moscow.

III.1,027 branches were added only last year across the country and this year we are opening another 1,200 branches as we move the bank away from being just in the south of India,” said Rajiv Dubey, Chairman and Managing Director of Canara Bank at the launch today.

IV.We have big expansion plans abroad besides domestic expansion. We have plans for Durban, Cape Town, Pretoria, and deep into South Africa as well.

V.We will target not only the Indian diaspora and PIOs (Persons of Indian Origin) but also the local population. We are doing this in Hong Kong and London in a big way. Our overseas business has gone up from 2 per cent to 6 per cent in one year and we are confident of hitting the 10 per cent mark.”

VI.Dubey said the bank would use the experience of opening 18 per cent of its branches last year in rural and semi-rural areas of India and South Africa.

McCullum leak revokes match-fixing ghosts during IPL7

I.The spectre of match fixing in cricket has reared its ugly head once again. Like last year, the revelation comes right in the middle of the Indian Premier League season. This time it is current New Zealand captain and CSK player Brendon McCullum who revealed to an anti-corruption unit of the International Cricket Council (ICC) that he was twice offered money by a Kiwi 'Player X,' his hero and friend, in 2008 to underperform in matches. Refuting McCullum's claims, former New Zealand all rounder Chris Cairns has denied being 'Player X'.

II.Cairns says current New Zealand captain Brendon McCullum has lied if he named him to anti-corruption authorities as the former star player who attempted to lure McCullum into match-fixing.

III.The retired allrounder issued a statement saying he believes he is the figure identified only as "Player X" who was named by McCullum and former New Zealand test batsman Lou Vincent as a ringleader of fixing activities.

IV.McCullum's testimony to the ICC's anti-corruption unit was leaked on Sunday to a British newspaper. The Daily Mail said McCullum told investigators he was twice approached in 2008 by a player he considered a friend and hero and invited to become involved in fixing.

V."I believe it is being alleged that I am that player," said Cairns, a high-profile former New Zealand international. "It is well known that the ICC ACSU (anti-corruption security unit) has been investigating allegations of corruption and my name has been linked by others to these allegations. I am being asked whether I am Player X. ... These allegations against me are a complete lie."

VI.Detail of Vincent's evidence to anti-corruption investigators has also been widely published by British newspapers. Vincent is reported to have been involved in spot-fixing in matches in five countries, including England county matches and the Champions Trophy Twenty20 tournament. He is also reported to have told investigators he was taking instructions from a former international star player.

Jitan Ram Manjhi sworn in as Bihar Chief Minister

I.Jitan Ram Manjhi was sworn in as Bihar Chief Minister. Governor D Y Patil administered oath of office and secrecy to the JD-U leader at a function at the Rajbhawan.

II.Manjhi, 69 and an unassuming MLA from Makhdumpur reserved seat in Gaya, has been asked to head the government only till the tenure of this assembly. Manjhi had also lost the recently held Lok Sabha election from Gaya.

III.After his unceremonious exit in November 2005, Manjhi was re-inducted by Nitish in his cabinet in April 2008, after he was cleared of the charges.

BoB down over 3% on MSCI decision to remove it from global indices

I.Shares of Bank of Baroda today fell by over 3 per cent after Morgan Stanley Capital International (MSCI) said it will remove the stock from its global standard indices from June 2.

II.The bank’s scrip tanked 3.17 per cent to settle at ₹938.45 on the BSE. During the day, the stock fell by 3.48 per cent to ₹935.40.

III.At the NSE, the scrip was down 3.12 per cent to ₹938.85.

IV.On the volume front, 2.88 lakh shares of the company changed hands at the BSE, while over 18 lakh shares were traded on the NSE during the day.

V.Bank of Baroda will be deleted from the MSCI global standard indexes with effect form June 2, the US-based provider of global benchmark indices.

VI.The broader market ended on a flat note, with the BSE 30-scrip index, Sensex, up by 13.83 points at 24,376.88.

Vanlalawmpuii Chawngthu becomes Mizoram's first woman legislator since 1987

I.Vanlalawmpuii Chawngthu, elected as member of the Mizoram Legislature in the bypoll to the Hrangturzo seat on April 11, was sworn-in as a legislator by the state Assembly speaker Hiphei here today.

II.Chawngthu would be the only woman legislator in the 40-member state Assembly and the first single woman legislator in the history of the state.

III.She also happened to be the first woman legislator in the state after a gap of 27 years.

IV.Daughter of a senior Congress leader and former minister C Chawngkunga, she is president of the state PCC youth.

Chartered chopper services launched in West Bengal

I.The West Bengal government today introduced chartered helicopter services from the Behala flying club in Kolkata to six destinations in the state.

II.Announcing this, the state transport minister Madan Mitra said anyone can now hire the two-engine Pawan Hans chopper for travel to Haldia, Gangasagar, Malda, Bolpur, Balurgaht and Durgapur.

RBI allows LLPs to carry out financial commitment abroad

I.The Reserve Bank has allowed Limited Liability Partnership (LLP) firms to carry out financial commitment to/on behalf of joint ventures or wholly-owned subsidiaries of the Indian companies abroad.

II."On a review, it has been decided to notify a Limited Liability Partnership as an 'Indian Party'. Accordingly, an LLP, may henceforth undertake financial commitment to/on behalf of a JV/WOS abroad," the Reserve Bank said in a notification today.

III.An 'Indian party' means a company incorporated in India making investment in a Joint Venture ( JV) or Wholly-Owned Subsidiary (WOS) abroad and includes any other entity in India as may be notified by the RBI.

Biocon chief Kiran Mazumdar-Shaw receives Othmer Gold Medal 2014

I.Biotechnology firm Biocon Chairperson and Managing Director, Kiran Mazumdar-Shaw, has received the 'Othmer Gold Medal 2014' in Philadelphia, USA.

II.Mazumdar-Shaw is the third woman to receive the Othmer Gold Medal and the first Indian to make it to this prestigious group, Biocon said in a statement here.

III.Accepting the award at an event on Thursday, Mazumdar-Shaw said: "As an entrepreneur who is driven by a sense of purpose to make a difference to global healthcare, I take pride in saying that Biocon is contributing to affordable innovation which goes to the core of ensuring a global right to healthcare."

IV.The CHF lauded Kiran Mazumdar-Shaw's pioneering efforts in biotechnology and for scripting a hugely successful entrepreneurial story by drawing on her knowledge of fermentation science to build Biocon, India's first biopharma company, the release stated.

Competition Appellate Tribunal upheld 630 crore rupees penalty on DLF

I.The Competition Appellate Tribunal (Compat) on 19 May 2014 upheld a penalty of 630 crore rupees imposed on real estate firm DLF by the Competition Commission of India (CCI). DLF, as a result, will have to pay the penalty of 630 crore rupees levied by the CCI along with 9 per cent interest.

II.This is the first major ruling of CCI in which its order has been upheld by the Compat. The Compat has given 60 days time to the company for the same.

III.Earlier on 12 August 2011, CCI had imposed the penalty on DLF for abusing its dominant market position with regard to a residential society in Gurgaon. It slapped the penalty on DLF for violating Section 4 of the Competition Act, 2002.

Brazil honoured 100 years of Indian cinema by releasing two postage stamps

I.To pay tribute to the 100 years of Indian cinema, Brazil on 5 May 2014 released two postage stamps designed by an Indian graphic designer. The stamp was released in Brasilia to mark the Indian Cinema Film Festival which is dedicated to contemporary Indian cinemas.

II.The postage stamps have been designed by Kochi-based graphic designer Satya Raj and were released by India’s Ambassador to Brazil, Ashok Tomar along with Anand Jyothi and Carina Bini Palackapilly, the curators and directors of the festival.

India's gold demand down 26% in Jan-March quarter: WGC

I.Demand for gold in India during the January to March quarter of 2014 stood at 190.3 tonnes against 257.5 tonnes in the same period of 2013, representing a 26 per cent decline.

II.In value terms, it translates into Rs 48,853 crore versus Rs 73,184 crore, a fall of 33 per cent. These are the findings of a report compiled by the World Gold Council.

Jewellery demand

I.The report also found that jewellery demand in the three-month period declined by 9 per cent to 145.6 tonnes compared with 159.5 tonnes during January-March quarter previous fiscal. Demand in value terms fell 18 per cent to Rs 37,378 crore.

II.At 44.7 tonnes against 98 tonnes last year, total investment demand was down by 54 per cent. In value terms, this was Rs 11,475 crore, a drop of 59 per cent.

Recyled gold

I.Total gold recycled in India in the period under study rose marginally to 21.3 tonnes from 21 tonnes in Q1 2013.

II.The expectations for demand during 2014 stand at 900-1,000 tonnes, the report said.

Shipping companies turn to gas carriers to boost profits

I.Indian shipping companies are sharpening focus on gas carriers, as this segment remains a bright spot in the otherwise lethargic shipping market.

II.While shipping rates across all segments have fallen after a brief winter spike during the December-January period, a spurt in demand for hauling gas has kept rates in this segment relatively stronger.

III.Also, this segment holds out significant opportunities for Indian companies in the medium to long term as India is estimated to need at least 15 vessels by 2017 to ship LNG to meet the country’s energy needs. GAIL alone may need at least five such carriers to bring home about six million tonnes of gas every year from 2007 from the US.

IV.Though capital-intensive and time-taking, ship owners are looking at gas carriers to improve margins. Mercator recently forayed into this segment by acquiring a very large gas carrier from Varun Shipping, which is under financial duress.

Bank Unions to strike on May 23 against Nayak report

I.Giving a strike call on May 23 against recommendations of the P J Nayak Committee on corporate governance in public sector banks, various bank employees’ associations said today they would oppose any attempt to privatise state-run banks.

II.Last week, an RBI working committee headed by former Axis Bank chairman P J Nayak had suggested the government to cut its holding in public sector banks to below 50 per cent.

III.“Five national organisations representing 10 lakh bank employees and officers will oppose the Nayak Committee recommendations which are aimed at destroying the character of public sector banking,” Maharashtra State Bank Employees’ Federation general secretary Vishwas Utagi said in a statement.

IV.The five bank associations, namely All India Bank Employees’ Association (AIBEA), All India Bank Officers’ Association (AIBOA), Bank Employees’ Federation of India (BEFI), Indian National Bank Employees’ Federation (INBEF) and Indian National Bank Officers’ Congress (INBOC) plan to hold protest demonstrations across the country on May 23.

New Indian visa service centres open in six US cities

I.The new company to which the Indian Embassy in the US outsourced its visa related work for its diplomatic missions there, will be opening service centres across six cities in America.

II.The service centres in Washington DC, New York, Atlanta, Chicago, Houston and San Francisco, to be operational from May 21, would cater to the requirements of Indian Visa, Overseas Citizens of India (OCI), People of Indian Origin (PIO) and Renunciation of Indian Citizenship support services for people residing in the US and planning to visit India, Cox & Kings Global Services (CKGS) announced yesterday.

III.Early this month, the Indian Embassy in Washington DC had announced that it is appointing Cox & Kings Global Services for the outsourcing of visa and related services in the US.

IV.This is the third company that has been entrusted with the task in less than five years since the Indian Embassy decided to outsource the visa services.

IMF miffed over Mali president’s $40-mn plane

I.The International Monetary Fund is upset over the luxurious $40 million new airplane of Mali’s president despite his impoverished country’s deep dependence on international aid.

II.We are concerned about the quality of recent decisions such as the purchase of the presidential plane worth $40 million and the issuance of a $200-million state guarantee to allow a private company to buy supplies... for the army,” an IMF spokesman said.

III.The spokesman said the money for President Ibrahim Boubacar Keita’s aircraft did not come from $33 million in emergency funding the IMF deployed to the west African country last year.

IV.The funds came from a private Malian bank, as a loan.

Karnataka power supply firms sign pact with APGenco

I.The Electricity Supply Companies (ESCOMs) of Karnataka and Andhra Pradesh Power Generation Corporation (APGENCO) have signed a power purchase agreement (PPA) for sharing 230 MW power generated from Priyadarshini Jurala Hydro power project.

II.The project commissioned in April 2011 at a cost of ₹720 crore (₹3 crore per MW) has a built in tariff to be determined at identical rates for both the states by APERC.

III.The project cost is low since the dam related expenditure is incurred by irrigation department, Andhra Pradesh.

Thiruvananthapuram: Vodafone opens ‘ROTO’ store

Vodafone has unveiled its new look retail format by opening a ‘Retail of Tomorrow’ or ‘ROTO’ store at Shasthamangalam here. S Murali, Business Head, Kerala, inaugurated the store that aims to ‘provide unmatched customer experience.’ A ROTO store is designed and equipped to be ‘future ready.’ An attraction is M-Pesa mobile transfer and payment service where customers can send money to any mobile number, any bank account and also make mobile payments.

Kolkata: New Field General Manager of Syndicate Bank

V Ashokan has been appointed as the new Field General Manager of Syndicate Bank at Kolkata from May 14. His area of operations will cover Kolkata, Bhubaneshwar, Patna and Guwahati. Prior to his joining Kolkata as the Field General Manager, he was the Regional Manager at Coimbatore, Tamil Nadu.

Lutron launches energy saving lighting products, solutions

I.Lutron Electronics Co, Inc, has announced the launch of its energy savings products and solutions that function wirelessly in the country.

II.The US-based multinational corporation introduced products that come under TriPak family and function with wireless sensors, thereby helping better manage lighting systems.

III.The product-TriPak can be installed quickly in about 15 minutes and does not need wired systems. Since there is no need for new wiring, it does not disrupt the occupants during installation. Therefore, it is also suitable for heritage buildings and old structures, which need special protection, the company stated.

EU accuses 3 banks of market fixing

I.The European Union’s top competition regulator has accused JPMorgan, HSBC and Credit Agricole of colluding to manipulate the price of financial products linked to interest rates.

II.The European Commission’s Joaquin Almunia said on Tuesday the banks will now have a chance to respond to his preliminary findings. If the Commission ultimately concludes they have broken the law, it can impose a maximum fine of up to 10 percent of their annual turnover.

III.In December 2013, the Commission levied fines totaling 1.04 billion euros ($1.42 billion) on Barclays, Deutsche Bank, RBS and Societe Generale as part of the same case, which covers financial derivatives linked to a benchmark interest rate called Euribor in the period 2005—2008.

Tata's Gateway plans 3 launches in Sept

I.Gateway Hotels, the Tata Group’s upmarket chain, has planned three new property launches in September-October, a busy time for the hospitality sector in India.

II.The three formal openings are in Pune, Gurgaon (near Damdama) and Raipur. According to Tata Gateway's chief operating officer, Pravat S Verma, the majority verdict in favour of the Narendra Modi-led Bharatiya Janata Party would have a positive effect on the sector in the months ahead. “At this moment, sentiment is overriding. It's a slow process and given that the past couple of years have been harsh, things could only improve from the present situation,” he said.

III.A 160-key Pune property would see its formal launch, as will a 112-key one at Raipur and an 80-key property at Gurgaon.

Coal India CMD likely to join TRS govt

I.Coal India Limited (CIL) chairman and managing director S Narsing Rao is rumoured to be quitting his post to work in the new state of Telangana. He is likely to head the chief minister’s office as principal secretary.

II.Rao hails from Medak, the home district of Telangana Rashtra Samithi (TRS) president K Chandrasekhara Rao (KCR) who is all set to become the chief minister early next month following the formation of the two states.

III.Local media channels flashed a report stating KCR met the Governor accompanied by Narsing Rao on the issue of cadre allocation. Phone calls made to Narsing Rao’s mobile went unanswered.

Mumbai Indians beats Rajasthan Royals

I.Mumbai Indians kept their play-off hopes alive with a comfortable 25-run victory over Rajasthan Royals in a one-sided IPL encounter here on Monday.

II.Batting first, MI scored a stiff 178 for three riding on half-centuries from Lendl Simons (62) and Mike Hussey (56). In reply, Royals were never in the chase as they were restricted for 153 for eight. Karun Nair with 48 off 24 balls was the lone ranger for the Royals. Brad Hodge (40) and James Faulkner (31) tried their bit but it was too late by then.

III.It was a collective effort by the MI bowlers led by senior pro Harbhajan Singh, who outshone others with brilliant figures of two for 13 from four overs. Pragyan Ojha also did his bit with two for 30 from his four overs.