GK Updates - 10 June | Banking Quiz

Now, submit single proof of address to open bank account

I.Migrant workers and transferred employees need to submit only one documentary proof of address (either current or permanent) while opening a bank account, according to the Reserve Bank of India.

II.In a notification, RBI said, “Henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or while undergoing periodic updation.”

Change in address

“In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within a period of six months,” the notification added.

At present, if the address indicated on the document submitted for identity proof differs from the current address mentioned in the account opening form, banks have to obtain a separate proof of address.

A rent agreement indicating the address of the customer duly registered with the State Government or a similar registration authority, may also be accepted as proof of address.

The RBI further said that in case the proof of address furnished by the customer is not the local address or the address where the customer is currently residing, the bank may take a declaration of the local address on which all correspondence will be made by the bank with the customer.

“No proof is required to be submitted for such address for correspondence/local address,” the RBI said.

Positive confirmation

This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits,” it said.

In case the address changes due to relocation or any other reason, customers may intimate the new address for correspondence to the bank within two weeks of such change, RBI added.

Idea, IOC enter into pact for 24x7 LPG booking

I.GSM operator Idea Cellular has signed a two-year agreement with Indian Oil Corporation Ltd to deploy its enterprise mobility platform to oil marketing company’s LPG customers. The telecom company’s platform would be used to service IOC’s more than 82 million LPG consumers.

II.IOCL, which provides LPG under the ‘Indane’ brand, will extend its ‘Smart Gas Solution’ service to provide end-to-end automation on refill delivery process of IOCL. The process starts from initiating booking request, billing and ends with delivery of LPG cylinder with regular updates to consumers, across the country.

III.The service allows consumers to book LPG over phone or text messages, much in contrast with the traditionally mode of bookings done through distributors. The suite also offers SMS-based delivery status updates, the company said in a statement.

IV.The interactive voice response (IVR) system deployment covers more than 7,000 distributors delivering more than 1.5 million LPG cylinders every day.

V.“This has been one of the major e-governance projects for IOCL and has not only helped us enhance overall transparency in LPG cylinder booking and real-time reporting, helping better stocks and logistic management across country, but also faster problem resolution and better experience for the consumers,” said A.N. Jha, Executive Director (LPG), IOCL.

All ministers to submit property details to PM within 2 months

I. ll ministers in the Narendra Modi Government will have to submit the details of their assets, liabilities and business interests to the Prime Minister within two months.

II.They have also been directed to sever all connections, short of divesting themselves of ownership, with the conduct and management of any business in which they had interests before being appointed as ministers.

Code of conduct

This was stated in the Code of Conduct for Ministers re-issued by the Home Ministry after the new government took charge.

The code, whose observance will be monitored by the Prime Minister, also asked ministers to uphold the political impartiality of civil services and not ask the civil servants to act in any way that would conflict with their duties and responsibilities.

It also asks the minister to “ensure that his family members do not start or participate in business concerns engaged in supplying of goods or services to the government and there should be total prohibition on employment of spouse and dependents with a foreign mission’’.

Statement of assets, liabilities

The details to be disclosed by the Minister will consist of particulars of all immovable property and the total approximate value of shares and debentures, cash holdings and jewellery of himself and family members.

Such a statement of assets and liabilities could be in respect of the financial year for which the income-tax return has already been filed by the minister.

As per the Code of Conduct, after taking office and so long as he remains in office, the minister shall furnish annually by the 31st August to the Prime Minister a declaration regarding his assets and liabilities for the previous financial year.

India's millionaire households hit 175,000 in 2013: Report

I.India had 175,000 millionaire households in 2013, ranking 15th in the world, according to a wealth report which said the total number of millionaire households in the world rose to 16.3 million last year.

II.The Boston Consulting Group’s 14th annual report on the global wealth-management industry ‘Riding a Wave of Growth: Global Wealth 2014’ said global private financial wealth grew by 14.6 per cent in 2013 to reach a total of $152 trillion.

III.The rise was stronger than in 2012, when global wealth grew by 8.7 per cent. The key drivers, for the second consecutive year, were the performance of equity markets.

IV.India ranked 15th last year and had 175,000 millionaire households. Its position improved slightly from 2012 when it had ranked 16 in the world for its number of millionaire households.

V.India is projected to become the seventh wealthiest nation by 2018. The number of ultra—high—net—worth (UHNW) households in India, those with USD 100 million or more, stood at 284 last year.

Madhusudhanachari assumes charge as Telangana Speaker

I.Telangana Rashtra Samiti MLA S Madhusudanachari today assumed charge as the Speaker of Telangana Legislative Assembly.

II.Madhusudanachari was unanimously elected to the post as all parties in the 119-member House supported his candidature.

III.Protem Speaker K Jana Reddy handed over the charge to Madhusudanachari after his unanimous election was formally announced in the House this morning.

IV.He was elected to the Assembly from Bhupalpalli in Warangal district. He had been a member of the TRS since its foundation in 2001 and is a trusted lieutenant of TRS chief K Chandrasekhar Rao.

V.He had previously been an MLA of TDP between 1994 and 1999. He had worked in TDP from 1982 to 1995 and subsequently sailed with NTR-TDP (Lakshmi Parvati) after change of guard in the party.

Ex-PayPal head to lead Facebook Messenger service

I.Facebook announced it has hired the top executive of eBay’s PayPal division to lead the social network’s efforts to boost its mobile messaging.

II.David Marcus, who has been president of PayPal, was named to the new post as Facebook appeared set to focus increasingly on messaging.

III.The California giant said separately it “accidentally” released a version of a new app called “Slingshot,” about which reports have been circulating for several weeks.

IV.Although Facebook did not specify the nature of the app, reports have said it would allow for sharing of photos and videos and compete with some startups offering similar services.

V.“Earlier today, we accidentally released a version of Slingshot, a new app we’re working on,” Facebook said.

Supersonic cruise missile BrahMos successfully test-fired from INS Kolkata

I.India on 9 June 2014 successfully test fired the supersonic cruise missile BrahMos from indigenous INS Kolkata off the coast of Karwar in Karnataka. BrahMos missile with a speed of Mach 2.5 to 2.8 is the product of joint collaboration between India and Russia and has a range of 290-km.

II.For the first time, the missile was test-fired from an indigenous warship that will be commissioned in Indian Navy in July 2014. So far BrahMos missile have been deployed on the Russia-built Rajput-class destroyers and Talwar-class frigates on the Navy.

Pope Francis hosted Mideast prayer summit in Vatican City

I.Pope Francis on 8 June 2014 hosted Mideast prayer in Vatican City with the president of Israel and the Palestinian Authority. The summit was hosted to seek peace and a commitment to trying to end one of the longest-running conflicts in the world.

II.The prayer was held in the lush Vatican gardens in the shadow of St. Peter's Basilica, the most religiously neutral place in the tiny city-state. The unusual prayer summit was a feat of diplomatic and religious protocol.

III.Israeli President Shimon Peres and Palestinian leader Mahmoud Abbas concluded the two hour ceremony by planting an olive tree.

PK Mishra appointed as Additional Principal Secretary to Prime Minister

I.PK Mishra on 9 June 2014 was appointed as the additional Principal Secretary to Prime Minister, Narendra Modi. He is a retired IAS officer of 1972 batch of the Gujarat cadre.

His appointment was cleared by the Appointments Committee of the Cabinet.

II.At the time of appointment, Mishra was serving Gujarat State Disaster Management Authority (GSDMA) as Director General. GSDMA was created after Kutch earthquake on 26 January 2001.

III.He also had the additional charge of Chairman of the state-level Environment Impact Assessment (EIA) committee of the Union Ministry of Environment & Forest.

Sunil Dutt joins Reliance Jio as President

I.Former Managing Director of BlackBerry Sunil Dutt has joined Reliance Jio as President.

II.Dutt is an industry veteran with 27 years of extensive experience in the Indian mobile technology and telecom sector.

III.He had quit BlackBerry India last year at a time when the handset maker was in the process of rolling out its flagship product under the new Blackberry 10 series.

IV.When contacted Dutt confirmed that he has joined the Mukesh Ambani-promoted company on Monday.

TN to launch `Amma salt’ tomorrow

I.After low-cost canteens and drinking water, the Jayalalithaa Government in Tamil Nadu is launching “Amma Salt” tomorrow.

II.Chief Minister Jayalalithaa will inaugurate the sale of the “Amma Salt”, a product of Tamil Nadu Salt Corporation Limited (TNSC) under the State Industries Department, according to an advertisement released by the government today.

III.The salt would be available in three varieties — double fortified, refined free flow iodised and low sodium, they said. However, the details related to pricing are not known.

IV.This is the latest in the series of welfare initiatives named after Chief Minister Jayalalithaa, who is addressed as “Amma” (mother) by her supporters.

V.Earlier, the government had launched “Amma Canteen” offering tiffin and lunch at low cost and “Amma Water,” packaged drinking water costing Rs. 10 per one litre bottle.

Govt can cut 1% subsidy bill without causing pain

I.The government can cut down its subsidy bill by up to 1 per cent of the GDP without causing much pain to people, Principal Economic Adviser, Ministry of Finance, Ila Patnaik said on Tuesday.

II.“I don’t think it is (fiscal consolidation) that hard, because when you look at many of the schemes, you have the spending, you have the leakages,” Patnaik said at a book launch at a FICCI event.

III.“You have subsidies...many of which are distortionary, many of which are not well targeted. If there is a political will then one can easily cut down (subsidy) by 1 per cent of GDP without actually bringing a lot of pain to people,” she added.

IV.However, she said, fiscal consolidation is a difficult task on the face of an economic slowdown and high inflation, yet it is not hard to carry out.

V.Patnaik was of the view that emerging economies witness a growth cycle which still needs to be understood in the Indian policy making.

Tennis world reacts to Mauresmo becoming Murray’s coach

I.Wimbledon champion Andy Murray shocked the tennis world when he hired Frenchwoman Amelie Mauresmo as his new coach at the weekend.

II.Murray is the only player in the men’s top 10 to have a female coach and his decision to appoint Mauresmo, a former world number one and Wimbledon winner, will be closely scrutinised over the coming weeks as the Scot prepares to defend his Wimbledon title.

III.The surprise move has provoked differing opinions in the tennis community. A look at the reaction from some of the sport’s leading personalities:

IV.17-time Grand Slam singles champion Roger Federer — “I think it is very interesting. I always enjoyed watching her play and she is a true professional.

Spanish star Jesé Rodriguez tops Google searches for young players

I.Rising Spanish star Jesé Rodriguez has emerged as the most popular young football star on Google among those who would make their debut in the FIFA World Cup which gets under way in Brazil on Thursday.

II.Rodriguez was the third highest goal scorer for his team in the U-20 World Cup tournament in Turkey and was also awarded with the bronze boot.

III.Interestingly, while the seasoned stars ruled the online buzz, the young rising stars of football are also making an impact.

IV.Thibaut Coutois from Belgium stands second on search popularity, Google said in a statement.

V.At the age of 21, he is regarded as one of the finest goal-keepers, whose performance at the World Cup will be closely watched.

VI.Isco, the young soccer star from Spain, stood third.

VII.French star Paul Pogba took the fourth spot among the top searched young stars on Google.