GK Updates - 17 June | Banking Quiz

Vodafone India blocks calls from Loop Mobile

I.GSM operator Vodafone India has barred all incoming calls from Loop Mobile, Mumbai’s oldest operator, citing non-payment of interconnect usage charges (IUC).

II.Loop Mobile users, who attempted to make calls to Vodafone India users, got a pre-recorded message when they tried to make calls to Vodafone numbers: “This call cannot be completed due to non-payment of interconnect dues by Loop Mobile. Please get in touch with your telecom service provider”.

III.Further details were not immediately known. Loop Mobile has operations only in Mumbai.

IV."Incoming calls from Loop Mobile are temporarily restricted, due to non-payment of interconnect dues by Loop Mobile,” a Vodafone India spokesperson said.

V.Interconnection involves linking up of one telecom operator to the infrastructure facilities of another. Apart from interconnection, it also includes termination charges that an operator pays another for receiving and delivering the call on its network.

DLF became first real estate developer to receive ISO Quality Certification

I.DLF Home Developers Ltd on 16 June 2014 became the first real estate developer in the country to receive ISO Quality Certification. The ISO Quality Certification was given by British Standard Institute (BSI).

II.The company received the certification for its adherence to delivery schedules of both residential and commercial projects, customer satisfaction and quality of construction.

III.The ISO certification will help the company to improve communication, planning and administration processes and bring about positive cultural change in the organization by achieving the long term objectives of delivering excellent housing services to customers, driving responsible business growth and innovation, improving cost effectiveness and market accessibility.

Union MSME Ministry launched Online Finance Facilitation Centre for SMEs

Union Minister for Micro, Small and Medium Enterprises (MSMEs) Kalraj Mishra on 16 June 2014 launched Online Finance Facilitation Centre (OFFC) for Small and Medium Enterprises (SMEs). OFFC is an initiative of the Confederation of Indian Industry (CII). The Centre was launched with an objective to facilitate access to finance and credit for SMEs.

About Online Finance Facilitation Centre (OFFC)

• The centre will operate as a one-stop-shop by providing collective financing options for SMEs from various major financial institutions

• It will also facilitate the SMEs across the country with documentation and preparation of bankable project proposals.

• The complete Know Your Customers (KYCs) norm will help Banks / financial institutions to render quick delivery.

Delhi became first kerosene-free city in India

Delhi Government on 16 June 2014 announced that Delhi has become the first kerosene-free city in the country. This feat was achieved after implementation of the Delhi: A Kerosene-Free Scheme launched in 2012 under which no subsidized kerosene were being issued in Delhi.

About Delhi: A Kerosene-Free Scheme 2012

Delhi: A Kerosene-Free Scheme 2012 was launched on 21 August 2012 in collaboration of three Oil Marketing Companies and Union Ministry of Petroleum and Natural Gas for which Delhi Government had incurred an expenditure of 62 core rupees.

Under the scheme people holding Juggi Ration Card (JRC), Below Poverty Line (BPL) and Antodaya Ann Yojana (AAY) were provided free gas connection along with LPG filled cylinder, two burner gas stove, regulator and suraksha pipe. The LPG kit were only given to those persons who were using kerosene oil for cooking. Besides, the paper of LPG connection was given to the senior most female member of the family of these ration card holders.

'Upgrade in SME tech can add $770 bn to global economy'

I.In the small and medium enterprise (SME) space in India, a moderate upgrade in the use of technology can not only grow these businesses faster but create a huge number of jobs.

II.This has been found in a recent study done on the global SME sector for Microsoft by the Boston Consulting Group (BCG). It found that in the SME sector 40 per cent of the businesses embrace latest technology, including the use of Cloud services. These were termed “leaders”. Next came the "followers”, another 40 per cent. These had an online presence, a domain name and a web presence but none of them uses cloud services.

III.Of the remaining 20 per cent, classified “laggards”, very few had a domain name and no web presence for their companies. They might be using a computer but for accounting or other purposes.

IV.Discussing the impact of the BCG study, commissioned by Microsoft, with Business Line at a DWEN (Dell Women’s Entrepreneur Network) conference held in Austin last week, Cheryl Kelly, General Manager of Worldwide Small Business Marketing, Microsoft, said the study found that even if you can get 15 per cent of the “followers” and 30 per cent of the “laggards” in the SME segment to catch up with the leaders and use better technological tools such as cloud services, they could potentially boost their revenues and global economy by a whopping $770 billion and create an additional 6 millions jobs worldwide.

V.Now $770 billion is roughly the annual GDP of the Netherlands. And 6 million is the population of Denmark!

CIDCO: First phase of Navi Mumbai airport could be ready by Dec 2018

I.The first phase of the new international airport in Navi Mumbai could be ready by December 2018, according to the City and Industrial Development Corporation (CIDCO) of Maharashtra, which has embarked on Rs 20,000-crore worth of infrastructure development for the nodes managed by it in Navi Mumbai.

II.CIDCO Vice-Chairman and Managing Director Sanjay Bhatia has indicated that the first phase of the Rs 14,500-crore airport will be ready by December 2018, when flights will start to take off and land.

III.He has also sent out a communiqué to several stakeholders listing out the various initiatives on the infrastructure front, including the settlement with almost all the villages to ensure smooth land acquisition for the airport, said CIDCO in a press statement.

IV.CIDCO itself is developing a 600 square metre township for the airport.

V.The other key projects that CIDCO has undertaken include the Rs 2,100-crore metro rail project, the Rs 1,412-crore Nerul-Belapur-Uran railway project, the Rs 1,450-crore Balganga Dam to ensure drinking water to the city and several other works such as coastal road and bridges.

VI."We have also initiated steps to resettle project affected people with increased compensation and land allotment of developed plots," added Bhatia.

China’s FDI inflows decline by 6.7% in May

I.Foreign direct investment into China fell 6.7 per cent year-on-year to $8.6 billion in May amid a steady drop in inflows from the US, European Union and Japan.

II.For the January-May period this year, the FDI, which excludes investment in the financial sector, came in at $48.9 billion, up 2.8 per cent from the same period last year, the Ministry of Commerce said today.

III.FDI from Japan slumped 42.2 per cent from a year ago, while that from the US fell 9.3 per cent. Investments from the EU were down 22.1 per cent in the first five months to $2.58 billion, state-run Xinhua news agency reported.

IV.FDI into China’s services sector rose 19.5 per cent year-on-year to $27.5 billion accounting for 56.2 per cent of the total, while that into the manufacturing sector dropped 16.5 per cent to $17.4 billion.

V.From January to May, the top five investors in the Chinese mainland were Hong Kong, Taiwan, Singapore, the Republic of Korea (ROK), and Japan

Erosion: Karnataka awards ₹223-cr tender for construction of sea wall

I.To find a permanent solution to the problem of sea erosion in many parts of the Karnataka coast, the State Government has awarded tenders to two companies to carry out the first phase of work on constructing a sea wall, according to B Ramanath Rai, Dakshina Kannada District in-charge Minister.

II.Inspecting the houses affected by sea erosion at Ullal near Mangalore on Tuesday, he said the Karnataka coast faces severe sea erosion during the monsoon season.

III.The Government has planned a ₹900-crore project to tackle this problem.

IV.Tenders have been awarded to two companies in the first phase to carry out the work on the construction of a sea wall along some stretches of the Karnataka coast at a cost of ₹223 crore.

V.An official from the Karnataka Ports Department informed the Minister that the Kochi-based company RDS and the Mumbai-based company RB Chavan have been awarded the work in the first phase.

VI.The work on the first phase of the project is expected to be completed by 2016, he said.

Amal Thakore appointed AGC Networks CFO

I.BSE-listed AGC Networks has appointed Amal Thakore as Chief Financial Officer (CFO).

II.In this role, Thakore will be responsible for corporate reporting and financial controls at the unified communications major. He had earlier been associated with AGC Networks (formerly AVAYA Global Connect) since its inception in 1987. Thakore is a Chartered Accountant with industry experience of almost 30 years, AGC said.

III.Recently, the Mumbai-headquartered company had appointed Anil Nair as Managing Director and Chief Executive Officer.

ICICI Lombard ties up with redBus.in to offer travel insurance to bus commuters

I.ICICI Lombard General Insurance has partnered with redBus.in to offer domestic travel insurance policy for bus commuters travelling within India. All redBus.in consumers can now secure their bus travel by purchasing the online insurance cover.

II.As part of the insurance benefits, customers would be reimbursed for hospitalisation expenses due to injury suffered during bus travel, personal accident cover as well as provided with daily allowance. The premium for availing the insurance benefits for a one-way journey would be Rs 10 only irrespective of the ticket price or itinerary. To avail the insurance benefit, consumers would need to simply tick the 'Buy Bus travel insurance' option while booking tickets on redBus.in. In terms of the insurance cover, the company will cover hospitalisation expenses up to Rs 20,000 while the cover for personal accident would be Rs 5 lakhs. In addition, it will pay Rs. 500 per day as a daily allowance (except for the first 24 hours) in case of hospitalisation for a maximum of 7 days. ICICI Lombard will also cover total baggage loss, subject to a limit of Rs 2,000.

Eastern Railway to run special trains on Sealdah-Puri route

I.The Eastern Railway will run two pairs of special trains between Sealdah and Puri stations to cater to passengers attending Rathayatra festival.

II.03101 Up Sealdah-Puri Special leaving Sealdah station at 15:40 hours on June 27 and July 5 will arrive at Puri at 1:30 hours on the next days. 03102 Dn Puri-Sealdah Special leaving Puri station at 00:30 hrs on June 29 and July 7 will reach Sealdah at 11:15 hrs on the same days.

III.These trains will have AC 2-Tier, AC 3-Tier and sleeper class coaches.

IV.Eastern Railway will also run one pair of Superfast Special train from Howrah to Guwahati and back to Sealdah station to handle general rush.

‘RBI putting in place better regulations for NBFCs’

I.The Reserve Bank of India is improving the regulatory framework for non-banking finance companies (NBFCs) as the law today is inadequate to deal with several issues, according to R Gandhi, Deputy Governor, RBI.

II.“We need to bring in suitable amendments to the statutory provisions, and the RBI is working with the government for such improvements,” he said. Besides, as enforcement of the law is also challenging, the banking regulator will beef up its State-level committees. “A national-level coordination committee is also being considered,” he said.

III.Delivering the Frank Moraes Oration lecture on the ‘Role of Non-Banks in the Indian Financial Sector: Regulatory challenges,’ organised here by the United Writers’ Association and Frank Moraes Foundation, he said it was the constant endeavour of the RBI to enable prudential growth of the sector for financial stability, and consumer and depositor protection. The need for regulating NBFCs arises primarily because of the high leverage with which they operate. The asset-liability mismatch, if any, can pose serious risks to the investors and depositors, and their capacity to engender havoc to the real sectors of the economy.

IV.In India, there are a number of companies that are registered as finance companies, but are not regulated by the RBI. There are a number of unincorporated entities, which are illegally accepting deposits.

V.There are entities who camouflage deposits in some other names. “To bring in suitable amendments in the law, we need market intelligence. The apex bank is restructuring its organisational set up, especially in its regional offices for gathering market intelligence,” he said.

Vishwanath quits Alstom India Board

I.T. S. Vishwanath, Director and Chairman, Alstom T & D India Ltd has quit from the company’s Board with effect from July 1, 2014.

II.At the meeting of the Board held on June 16, Michel Augonnet, non-executive Director of the Company was elected Chairman of the Board, and will assume office with effect from July 1, 2014, Alstom T&D said in a filing to the BSE.

World Cup: Germany demolishes Portugal

I.Thomas Mueller scored the tournament’s first hat-trick in Germany’s 4-0 route of Portugal in a characteristic display of attacking football even as the hitherto free-scoring World Cup saw its first drawn match on the fifth day.

II.Three-time champions Germany celebrated their record 100th World Cup match, the most for any country, in style by steamrolling Cristiano Ronaldo-led Portugal who played for nearly an hour with 10 men after defender Pepe was sent off for attempting a head-butt on Mueller in the 37th minute.

III.Mueller led a brilliant attacking brand of football with goals in the 12th, 45+1 and 78th minutes while defender Mats Hummels scored the other one in the 32nd minute.

IV.The Group G match at Arena Fonte Nova here, however, did not live up to the pre-game hype of a marquee clash with Germany toying with their opponents and then Pepe’s dismissal making it worse for Portugal.

V.Ballon d’Or winner Ronaldo, who made it to Portugal starting line-up after being bothered by a left-knee injury in the build-up, made little impact on the game. He threatened early with a shot from a break that Germany goalkeeper Manuel Neuer could only block. His other significant involvement was a fine free kick late into the match but Neuer was upto the task.

VI.Germany are now joined by United States on top of the so-called Group of Death after the Americans beat Ghana 2-1 at Natal. US thus avenged their defeat against Ghana in the 2010 World Cup in South Africa in the round of 16.

VII.Elsewhere in Curitiba, Nigeria and Iran delivered the first draw of the World Cup on Monday as they ground out a scrappy 0-0 stalemate in their opening match in Group F.