GK Updates - 28 May | Banking Quiz

Apex court allows RIL’s plea of arbitration in London

I.The Supreme Court today allowed the plea of Reliance Industries Ltd seeking arbitration in London over its dispute with the Centre on the Panna, Mukta and Tapti oil and gas fields.

II.A bench of Justices S S Nijjar and A K Sikri set aside the Delhi High Court order by which it had agreed to hear the Government’s plea against the arbitration proceedings in London.

III.It said that the High Court committed a “jurisdictional error” in agreeing to hear the Government’s plea.

IV.The court said in the production-sharing contract, RIL and the Ministry of Petroleum and Natural Gas had “consciously agreed” for arbitration in London in case of any dispute.

V.Tapti, Panna and Mukta fields were awarded to a joint unincorporated venture of Reliance Industries and Enron Oil and Gas India Ltd in 1994 after biddings.

VI.In 2002, BG Exploration and Production India Ltd acquired the share capital of Enron Oil and Gas India Ltd.

VII.The production-sharing contract was to be operative for a period of 25 years expiring in 2019.

Network18 Group CEO Sai Kumar resigns

I.Network18 Group CEO B Sai Kumar has quit the group, after a 14-year-old stint.

II.The company said as CEO, Kumar charted out the company’s business turnaround and return to profitability.

GDP growth may rise to 5.5% in FY15: Icra

I.Domestic ratings agency Icra today said GDP growth in 2014-15 may touch 5.5 per cent as a pick-up in manufacturing and investment is expected in the second half of the current fiscal.

II.“Indian GDP growth bottomed out in the first half of 2014, and we expect a mild improvement in the pace of growth from 4.6 per cent in 2013-14 to 5-5.5 per cent in 2014-15,” Icra said in a note.

III.A “muted” pickup in sagging manufacturing growth and investment activity in the second half of the fiscal will make it possible for overall GDP growth to move up, it added.

IV.Listing out priorities for the Finance Ministry under Arun Jaitley and the Narendra Modi Government as a whole, it said the growth rate can pick up to 6 per cent given the extent and pace of reform measures.

V.GDP growth in FY13 slipped to 4.5 per cent on account of a slew of issues including a perceived ‘policy paralysis’ under the then Government, slowdown in global markets, high interest rates and a slowdown in investments.

KPMG launches new global data and analytics insights lab in Bangalore

I.KPMG International has launched KPMG Insights Labs, a virtual research and development (R&D) centre in Bangalore, that will serve as a global innovation hub. The aim is to incubate and develop data driven business solutions for KPMG member firms’ clients.

II.The creation of KPMG Insights Labs is the latest step KPMG has taken to expand its portfolio of data and analytics (D&A) solutions and services, with new innovative solutions to help member firms’ clients unlock the value of their data.

III.In November 2013, KPMG International announced the launch of KPMG Capital, a fund created to accelerate innovation in D&A services and solutions. Since December 2013, KPMG member firms in the US, UK and Australia announced a number of acquisitions or partnerships that are designed to offer D&A and digital solutions to clients helping them manage risk and cost, and drive growth.

IV.As the global R&D resource for D&A solutions in India, the Insights Labs will undertake R&D for the assets acquired by KPMG Capital as well as for existing KPMG intellectual property. All of KPMG’s member firms worldwide can access the details, a statement from KPMG noted.

V.The company's Insights Lab, with hub locations in the UK, US and India will provide an environment where new D&A applications can be developed, proof of concept designs demonstrated and verified, and ideas incubated.

Chapter on Sachin Tendulkar added in schoolbooks of Maharashtra

I.State Government of Maharashtra decided to add a chapter on the cricket legend, Sachin Tendulkar in the school syllabus. The chapter on the iconic cricketer Sachin was added to inspire the children. The chapter on Sachin has been included in Marathi and English subject textbooks.

II.The students of Maharashtra will learn about the iconic cricketer in Class IV as part of their curriculum from academic year 2014-15.

III.This is not the first time that a chapter on a cricketer has been added as part of syllabus in the schools of Maharashtra. Previously, the chapters on the names of Chandrakant Gulabrao (Chandu Borde) and Sunil Gavaskar were added in the pages of school syllabus.

India among top 10 global markets for Australian biz

I.India has figured among the top 10 markets for the international business community here, according to Australia’s International Business Survey.

II.India has also emerged as the most challenging of the top 10 countries to do business with.

III.AIBS 2014, a comprehensive study of Australian companies involved in international business, was released recently.

IV.It found that India ranked as the ninth important market currently. The country was also seen as the third important future market, with respondents saying they were planning on doing business in/within the next two years.

V.The survey captured data from more than 1,600 Australian businesses, reflecting the opinions of a wide range of firms from diverse industries operating in over 120 markets.

Free buggies for elderly, pregnant and disabled at key airports

I.Airports such as Delhi, Mumbai, Chennai and Kolkata will have to provide free automated buggies for elder, pregnant and disabled passengers.

II.This is part of first ever comprehensive guidelines on ‘facilities/courtesies to esteemed travelling public at airports’ issued by the Directorate General of Civil Aviation (DGCA). The guidelines lay emphasis on standardised passenger complaint redressal and courteous behaviour of airline and airport staff dealing with passengers. Violation of such guidelines will result in penalty.

III.The guidelines prescribe “Provision of automated buggies free of charge for all senior citizens, expectant mothers and disabled and needy passengers in the terminal building to facilitate their access to boarding gates located beyond reasonable walking distance at all airports having annual aircraft movements of 50,000 or more.” Airport operators will also have to provide small trolleys after security check for carriage of hand baggage up to the boarding gate.

IV.All the airlines and operators have been asked to display the details of their nodal officer and appellate authority at various points inside the airport. These details should have names, contact number and email addresses of the officials concerned. Ground-handling staff of airlines and airport operators should also undergo periodic soft skill training for sensitisation, courtesy, behaviour and procedures for assisting the passengers.

SAARC Countries Leaders visited India

SAARC Countries Leaders visited India on 26 May 2014. They visited India as a part of swearing-in ceremony of Narendra Modi as Prime Minister of India. Prime Minister Narendra Modi had substantive meetings with all eight leaders who visited India after the swearing-in ceremony.

Other Meeting With

Meeting with President Mahinda Rajapaksa of Sri Lanka

Meeting with President Hamid Karzai of Afghanistan

Meeting with Prime Minister of Tshering Tobgay of Bhutan

Meeting with President Abdulla Yameen of Maldives

Meeting with Prime Minister Navinchandra Ramgoolam of Mauritius

Meeting with Prime Minister Sushil Koirala of Nepal

Meeting with Prime Minister Nawaz Sharif of Pakistan

Meeting with Speaker of Bangladesh Parliament Dr. Shirin Sharmin Chaudhury.

Airtel digital TV launches subscription service for Disney blockbusters

I.Airtel digital TV, the direct to home (DTH) service arm of telecommunications company Bharti Airtel, has announced the launch of English Subscription Video on Demand (SVOD) service, Disney Family Movies.

II.Launched with an aim to enable the entire family to shop for popular Disney blockbusters, the new SVOD service will showcase celebrated Disney movies including Hollywood classics, popular animation movies and live action titles like The Lion King, Aladdin, Pirates of the Caribbean series, Tangled, Alice in Wonderland along with award winning Disney PIXAR animation titles like UP, Toy Story, Cars and more.

III.Under its SVOD portfolio, Airtel Digital TV showcases regional, bollywood and now Hollywood movies. To start with, the channel will showcase 20 new movies which will be replenished regularly, at Rs 60 per month, with only one ad break.

Brazil announced measures to make FIFA World Cup 2014 eco-friendly

I.Brazil on 27 May 2014 announced a package of pollution-cutting measures to make FIFA World Cup 2014 more eco – friendly. The measures range from an emissions-trading scheme to a green passport smart-phone application.

II.It is estimated that the carbon emission will rise to 1.4 million tonnes during the FIFA World Cup 2014 scheduled to be held from 12 June to 13 July 2014 in Brazil.

Commercial Taxes Dept sets ₹42,000-cr target in Karnataka

I.The Karnataka Commercial Taxes Department has set a tax collection target of ₹42,000 crore for 2014-15.

II.Addressing presspersons on the sidelines of a meeting with the members of Kanara Chamber of Commerce and Industry (KCCI) in Mangalore on Wednesday, Ajay Seth, Commissioner of Commercial Taxes, Karnataka, said the department is fairly on track in tax collection in the first one-and-half months of the current financial year.

III.The commercial tax collection was ₹36,773 crore in 2013-14 as against the target of ₹37,000 crore. Seth hoped that the economy would do better during the current financial year.

IV.Earlier, he participated in an interactive meeting on ‘e-uploading of purchase and sales statement’, which was jointly organised by KCCI and the Mangalore branch of the Institute of Chartered Accountants of India (ICAI).

Device to track down snipers developed: DRDO

I.To protect VVIPs from snipers, DRDO says it has developed a laser device which can detect and locate potential assassins hiding behind windows with their hi-tech rifles.

II.We have developed a device called the Optical Target Locater. It is a portable laser-based device for detection of optical and electro optical threats. It can help the agencies looking after VVIP security to locate snipers and spies trying to follow their high-value targets,” DRDO’s Laser Science and Technology Centre (LASTEC) Director Anil Kumar Maini told PTI.

III.He was showcasing the systems developed by the Delhi-based lab on its raising day last week.

IV.The LASTEC Director said the device has been developed and successfully test evaluated for optical targets up to a range of 300 metres.

V.On the functioning of the device, he said a laser beam is released from the equipment which scans the designated area and the moment it hits any device such as a telescope, binocular or the telescopic sight of a sniper rifle, the location of a sniper can be detected.

David Allen, former off-spinner of England and Gloucestershire died

I.David Allen, the former off-spinner of England and Gloucestershire died on 24 May 2014 at the age of 78. His death was announced by West Country County.

II.He was best remembered for his batting feat against West Indies at the Lord's Cricket Ground in 1963. In that match, he played West Indies fast bowler Wes Hall, the then fastest bowler in the world, in the final over to ensure a draw.

How bank customers get short-changed

I.Speakers at the BCSBI (Banking Codes and Standards Board of India) highlighted the importance of understanding bank’s commitment to customers and urged the invitees to seek their rights and not suffer in silence.

II.Addressing a gathering of bank officials and customers of various banks, DG Kale, General Manager (Customer Service Department), Reserve Bank of India, said the Code of Customer Rights aims to provide protection to customers and promote cordial banker-customer relationship.

III.The customer meet was hosted by BCSBI (Banking Codes and Standards Board of India).

Little known facts

RBI’s primary focus has been the common man and the guidelines therefore are aimed at common people, he said and asked the listeners if they were aware that the savings bank account earns interest on a daily basis; that a pensioner is entitled to a penal interest at bank rate plus 2 per cent if there is a delay in pension payment; that the pensioner’s life certificate can be given at any branch of the bank that disburses his/her pension, among other questions.

The response from the crowd was mixed.

Banking Ombudsman for Tamil Nadu and Pondicherry U Chiranjeevi observed that Indian customers by nature do not exert the powers vested in them.

“Banks in the UK paid customers €20 billion last year for not adhering to customer regulations; this does not happen in India. We have powers, but do not exert it to that level,” he said.

Written complaint

Citing a study, the BCSBI Chairman AC Mahajan said, “It has been observed that only one in 25 customers give a complaint in writing. The rest prefer to ignore or rather suffer in silence.”

Urging customers to force banks to improve customer service and not to suffer silently, he said, “The codes takes care of 70 to 80 per cent of customer-related activity. The objective of such an exercise is to promote fair banking practices, increase transparency and above all promote and foster customer confidence in the banking system. Our study shows that the compliance of the codes is just around 60 per cent. We therefore urge you to seek your rights and force banks improve customer service.”

Interestingly, when Mahajan sought to know how many of the invitees were in receipt of a copy of the codes, not more than 40 raised their hands. The BCSBI Chairman immediately put the number to the bank representatives present at the event, and urged the customers to demand a copy of the same.

Customer meets

He said the BCSBI has been pressing the managements of various banks to form a customer service committee and organise a meet at least once a month. “But our survey reveals that 80 per cent of the banks are not holding customer service meets,” he said.

“While banks have a right to sell insurance products to secure the assets on which banks have a charge, they cannot insist upon the customer to buy the product of a particular insurance company. Are you aware of this? Similarly, banks are duty-bound to provide a pass book and not insist on giving you a statement, unless you agree to the same,” he said, highlighting rights of the customer.