GK Updates - 19 June | Banking Quiz

Rajeev Topno appointed as Private Secretary to Prime Minister Narendra Modi

I.Rajeev Topno was appointed as Private Secretary to Prime Minister Narendra Modi. The Appointment Committee of Cabinet (ACC) approved the name of Topno on 18 June 2014.

II.He is a 1996 batch Indian Administrative Service officer (IAS) from the Gujarat cadre. He was a part of Prime Minister’s Office (PMO) under former PM Manmohan Singh. The duration for the post as private secretary is not mentioned.

III.At present he is working as Director in the Prime Minister Office till 28 June 2014.

About Rajeev Topno

Topno was a Kutch District Development Officer during Kutch earthquake of 2001

He was chief executive of Gujarat State Disaster Management Authority (GSDMA)

He joined PMO as only Gujarat-cadre officer in 2009 during the UPA regime.

SEBI board fixes 25% minimum public shareholding for PSUs

The SEBI board has decided to fix the minimum dilution of stake to public in an initial public offer at 25 per cent or ₹ 400 crore whichever is lower.

Offer-for-sale

The board, which met here today, also took decision regarding changes in offer-for-sale mechanism where 10 per cent of the issue size will be reserved for retail investors.

Retail investors may also be offered discount. Retail investors mean those who are bidding for amount less than ₹ 2 lakh.

Securities contract regulation

The board also decided to recommend to the Finance Ministry to amend the securities contract regulation so that all the listed companies, whether they are PSU or a private company, will maintain minimum public shareholding of 25 per cent.

Currently, PSUs have to maintain 10 per cent of minimum public shareholding, while private companies are required to maintain 25 per cent. Now, the PSUs will be given three years to achieve minimum public shareholding of 25 per cent.

Indians' money in Swiss banks rise to over ₹14,000 cr

I.Indians’ money in Swiss banks has risen to over two billion Swiss francs (nearly ₹14,000 crore), despite a global clampdown against the famed secrecy wall of Switzerland banking system.

II.The funds held by Indians with banks in Switzerland rose by over 40 per cent during 2013, from about 1.42 billion Swiss francs at the end of the previous year, as per the latest data released today by the country’s central banking authority Swiss National Bank.

III.In contrast, the money held in Swiss banks by their foreign clients from across the world continued to decline and stood at a record low of 1.32 trillion Swiss francs (about $1.56 trillion or over ₹90 lakh crore) at the end of 2013.

IV.During 2012, the Indians’ money in Swiss banks had fallen by over one-third to a record low level.

V.The total Indian money held in Swiss banks included 1.95 billion Swiss francs held directly by Indian individuals and entities, and another 77.3 million Swiss francs through ’fiduciaries’ or wealth managers at the end of 2013.

VI.The latest data from Zurich-based SNB comes at a time when Switzerland is facing growing pressure from India and many other countries to share foreign client details, while its own lawmakers are resisting such measures.

VII.India has also constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland.

Commercial Tax inspection at Saravana Bhavan outlets

I.The Commercial Taxes Department of Tamil Nadu is conducting “inspection” across outlets of Saravana Bhavan restaurant chain.

II.A senior official of the department said there is, prima facie, some discrepancy in its accounting, and hence the department has chosen to inspect the restaurant chain.

III.“However, we cannot say anything concrete before the conclusion of the exercise,” the official said.

IV.According to the official, the inspection is being conducted in 40 outlets of the restaurant chain from morning.

V.It would go on two-three days, as it requires a few days’ monitoring to ascertain sales and if there is any mismatch with the restaurant chain’s accounting.

Use of Hindi to be promoted in all departments: Centre

I.As the DMK attacked the Centre over “imposition” of Hindi language, the Minister of State for Home Kiren Rijiju today said the new government will promote use of Hindi in all departments and public life.

II.He also said that promotion of Hindi language should not be seen as “undermining” other languages.

III.I have taken a decision that we will give priority to the promotion of Hindi in all communications in various departments and public life because it is our official language,” Rijiju told reporters here.

IV.Asserting that the Centre will give due importance to all languages, he said, “We have to progress with our identity, culture, language and diversity. We have to move together. So, promotion of Hindi language should not be seen as undermining other languages.”

V.Since Hindi is the national language, the Government should promote it, he said, adding, “It does not mean that we are going to discourage the use of regional languages.”

VI.Earlier during the day, DMK chief M Karunanidhi opposed the NDA government’s reported directive to officials to give priority to the language in social media.

Homi Bhabha’s bungalow sold for ₹372 cr

I.The J. J. Bhabha bungalow called Meherangir located at Malabar Hills was successfully sold by NCPA for Rs 372 crore after conclusion of a public auction on Wednesday as per the provisions of Bombay Public Trust Act, 1950.

II.As per request of the winning bidder, their identity was not disclosed by NCPA. The minimum reserve price for the bungalow was set at Rs 257 crore and the auction was held between three interested parties.

III.Dr. Jamshed Bhabha, under his last will and testament, bequeathed his estate, including Meherangir to the NCPA.

IV.The proceeds from this auction will be used to help further the cause through modernisation of the theatres, up gradation of the equipment and expand the activities and thereafter fulfill the dreams and legacy of Dr Jamshed Bhabha, said the NCPA management in a press conference held in Mumbai.

V."As India's premier cultural institution that is committed to serve the cause of the performing and allied arts, it is NCPA’s dictum to preserve and promote country's rich and vibrant heritage of Indian and international music, dance, theatre, film, literature and photography as well as presenting new and innovative work in the field of the performing arts," said a press statement issued by the NCPA.

Gujarati industrialist and philanthropist Shrenik Lalbhai dies at 89

I.Noted Jain philanthropist, educationist and businessman, Shrenik Kasturbhai Lalbhai of the Lalbhai family, passed away on Thursday after a prolonged illness. Shrenikbhai, 89, breathed his last in the morning at his residence on the outskirts of Ahmedabad.

II.Shrenikbhai was the second generation of Kasturbhai Lalbhai, a business magnet of the pre-Independence era. Besides being a businessman, he made remarkable contributions towards education and preservation of Jain pilgrimage places.

III.Prime Minister Narendra Modi tweeted a condolence message on his personal Twitter handle on Thursday. “Shri Shrenik Lalbhai left a distinguished mark through his service to society. May his soul rest in peace.”

IV.Modi also spoke with his son Sanjay Lalbhai in Ahmedabad to console the family and offered his condolences. Sanjay Lalbhai currently heads the denim major Arvind Ltd.

V.A widower, Shrenik Lalbhai lost his wife Pannben some years ago. The couple had two children, son Sanjay Lalbhai and daughter Kalpanaben.

VI.After graduating from MIT and completing his MBA degree from Harvard University, his first task was to help the Lalbhai Group come clean on allegations of black marketing and tax evasion from Government agencies in 1948-49. He spent the first five years of his career extracting the family from its tax problems.

Narendra Modi defers Japan visit

The Prime Minister, Narendra Modi writes to Japan PM Abe on postponing his trip to Japan. A spokesman said that the letter was sent in the last 24 hours. The need for changing the dates is necessitated as Indian Budget session in early July.

Zee launches new general entertainment channel

I.Zee Entertainment Enterprises Ltd (ZEEL) has launched its new general entertainment channel in India – Zindagi.

II.Based on the philosophy ‘Vasudhaiva Kutumbakam (the world is my family) philosophy, the Hindi channel, which will be available nationally, aims to unite people in India and across the world with shows produced overseas.

III.The new channel will be kicked off with the collection of the best shows picked from across the border on June 23.

IV.Bharat Kumar Ranga, Chief Content and Creative Officer, ZEEL, said: “The launch of Zindagi is a step to expand the ZEEL Network in India. This channel, a first in its category of GECs, will offer alternative fiction content suitable for Indian sensibilities and produced by content creators from around the world. We believe that culture and talent should not be bound by any barriers.”

V.The share of general entertainment channel category had increased from 34 per cent in 2008 to 40 per cent in 2013, he said, adding that extensive research conducted across cities in India for Zindagi had revealed that audiences were ready for alternative content.

Amul marketing campaign wins award at Global Dairy Congress

I.The Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets the Amul brand of milk and dairy products, has won the World Dairy Innovation Awards-2014 for best marketing campaign ‘Eat Milk with Every Meal’.

II.The finalists and winners were announced at the Eighth Global Dairy Congress held at Istanbul, Turkey, on Tuesday. K. M Jhala, Chief General Manager, GCMMF, received the award.

III.Packaging Amul Kool in PET bottles was a finalist for the best innovation in brand extension, a GCMMF official said on Thursday.

IV.According to the Global Dairy Congress, the judging panel considered almost 160 entries from 30 countries in 17 categories.

V.Since 2007, the World Dairy Innovation Awards have been held at the Global Dairy Congress and are designed to celebrate excellence and innovation across every category of the global dairy industry.

VI.R. S. Sodhi, Managing Director, GCMMF, said expansion, innovation and brand-building are the three pillars of Amul's strategy to achieve growth. “We are glad that our efforts are being recognised at the global level.”

Spain’s King Felipe VI launches new reign

I.Spain’s new King Felipe VI launches his reign before parliament today, sparking a day of celebration in the flag-filled streets of Madrid for a people smarting from their World Cup humiliation.

II.“Long live Spain! Long live the king!” cried early crowds outside parliament, where Felipe, a tall, 46-year-old former Olympic yachtsman, will be sworn in hours after he legally assumed the throne at midnight.

III.As police helicopters hovered above, officers closed city-centre avenues and snipers deployed on roofs in a 7,000-strong security operation for the royal festivities.

IV.Felipe leads a royal family tarnished by scandal after the 39-year reign of his 76-year-old father Juan Carlos, who signed his act of abdication with tears in his eyes at the Royal Palace the day before.

V.Now he must try to rally a people stricken by a 26 per cent jobless rate and strained by secessionist stirrings in the northeastern region of Catalonia, which wants an independence vote on November 9.

India-born scientist named winner of 2014 World Food Prize

I.India-born plant scientist Sanjaya Rajaram has been named the winner of the $250,000 World Food Prize for his breakthrough achievement in increasing global wheat production by more than 200 million tonnes following the Green Revolution.

II.Rajaram’s contributions in successfully cross-breeding winter and spring wheat varieties, which were distinct gene pools and had been isolated from one another for hundreds of years, led to him developing plants that have higher yields and a broad genetic base.

III.More than 480 high-yielding wheat varieties bred by Rajaram have been released in 51 countries on six continents and have been widely adopted by small- and large-scale farmers alike.

IV.“Rajaram’s work serves as an inspiration to us all to do more, whether in the private or public sector,” said US Secretary of State John Kerry at an event where he delivered the keynote address.

V.“When you do the math, when our planet needs to support two billion more people in the next three decades, it’s not hard to figure out: This is the time for a second green revolution,” Kerry said.

VI.Rajaram followed Nobel Peace Prize Laureate Norman E Borlaug at the International Maize and Wheat Improvement Center, CIMMYT, leading its Wheat Program from 1976 to 2001.

VII.World Food Prize Foundation President and the former US Ambassador to Cambodia Kenneth M Quinn said the 2014 World Food Prize Laureate is an individual who worked closely with Dr Borlaug in Mexico and who then carried forward and extended his work, breaking new ground with his own achievements.

BSNL starts voice SMS service in Punjab

I.Targeting the non-English speaking customers in rural areas, state-run BSNL has launched a voice SMS service in Punjab, which will be extended across the country in a phased manner.

II.The service allows customers to record their voice by dialling a 10 digit code and send it as a message. Similarly, the voice SMS can be retrieved by dialling a short code.

III.The submission and retrieval of voice SMS will be charged 75 paise per minute.

IV.At present, the service allows a BSNL user to send voice SMS to another BSNL user only but the company is also working on a solution that allows BSNL users to send the voice message to customers of other operators.

V.“The service is targeted at those customers who are not able to type messages on their phones as they don’t understand the English letters. With this service, they will now be able to send their message,” BSNL General Manager (sales and marketing) Satish Sharma told PTI.

World Bank Group offers $1.4m to 12 social enterprises in North-East

I.The World Bank Group will give $1.4 million to 12 social enterprises in the North-East, working on access to affordable healthcare services, education, water and sanitation services.

II.The grants were awarded to the 12 social enterprises on Thursday by the India Development Marketplace funded by the World Bank Group (WBG). “Nine organisations received $150,000 each for project implementation over 24 months and an additional three organisations were selected to receive $25,000 each in capacity building funding to provide innovative service delivery solutions in Assam, Mizoram, and Meghalaya,” said Jitesh Khosla, Chief Secretary, Government of Assam, and Onno Ruhl, Country Director, India, World Bank on the occasion.

III.The 12 enterprise were selected from 200 proposals received since February 2014 from organisations already operating in the North-Eastern states, as well as from across the country, a World Bank release said.

New loan product for pensioners by SBT

State Bank of Travancore (SBT) has launched a special loan campaign for pensioners by revising all its existing loan schemes. The campaign addresses the loan needs of retirees of State and Central Governments; all public sector undertakings; banks; and defence services, drawing their pension through SBT branches. The campaign will extend up to June 30, an official spokesman said, adding that the bank offered full waiver of processing charges for loans sanctioned during this period. Under the scheme, service pensioners drawing pension from SBT branches are entitled to loans of up to ₹7.5 lakh, depending on eligibility.

BCCI re-confirms Srinivasan’s candidature for ICC chief’s post

I.With the Supreme Court refusing to restrain N Srinivasan from taking over as ICC Chairman, the BCCI has sent a final confirmation to the world body intimating that its President-in-exile will be the candidate to head the all-powerful Board.

II.The Tamil Nadu strongman will officially take charge as the first-ever Chairman of the all-powerful ICC Board on June 29 in Melbourne after the completion of its six-day annual conference that starts on June 23.

III.“The BCCI needed to send a re-confirmation of who will be their candidate for the post of Chairman of the ICC Board. The name of Mr Srinivasan was decided in February itself but in keeping with the ICC norm, we needed to send a re-confirmation a week before the start of the Annual Conference. Accordingly, we have sent Srinivasan’s name for the Chairman’s post,” a senior BCCI office-bearer told PTI on condition of anonymity.

IV.According to the agenda, on June 26, which is the fourth day of the annual conference in Melbourne, the full council is expected to approve amendments to the ICC constitution, which were agreed by the ICC board in its February 8 meeting in Singapore, which will confirm Srinivasan’s appointment to head the primary decision-making body.

SEBI revamps pricing norms for preferential issues

I.Market regulator SEBI has tweaked the pricing formula for ‘preferential issues’ with the intent of using a more representative price in such share sales.

II.Henceforth, ‘volume weighted average price’ (VWAP) would be used as a parameter for pricing the preferential issues as against the current requirement of using the ‘closing price’, SEBI decided at a Board meeting here on Thursday.

III.This is also aimed at bringing consistency between various SEBI regulations, especially with the Takeover Code.

IV.Adopting VWAP as a parameter for pricing was in line with the provisions of the SEBI Takeover Code 2011.

V.The SEBI Takeover code 2011 had utilised the VWAP as parameter for computing the offer price to be paid by an acquirer.

PepsiCo wins trademark case over ‘Aquafina’

I.Soft drink giant PepsiCo India Holdings Pvt Ltd has won a legal battle in the Delhi High Court over the trademark ‘Aquafina’ used for its packaged drinking water.

II.A bench of Justice G S Sistani restrained PSI Ganesh Marketing from using “deceptively similar” trademark ‘Aqua Fies’ and causing infringement of rights in the trademark and copyright.

III.The court also awarded damages to the tune of ₹5 lakh to PepsiCo India on account of illegal activities of PSI Ganesh Marketing and ordered destruction of all the infringing goods within 4 weeks.

Anirban Dey quits SAP Labs

I.Anirban Dey, Managing Director of SAP Labs India, has quit the company.

II.He was associated with SAP Labs India since 2008 and was appointed as MD in January 2013, the company said in a press statement.

III.SAP Labs India is the third largest research and development centre outside Germany for SAP, the enterprise software giant.

BTI Payments eyes grocery, telecom shops to install white label ATMs

BTI Payments, a joint venture between Banktech Group and ICICI Ventures, plans to install white label ATMs in grocery stores, telecom shops and photocopying facilities in Tier II and III cities and smaller towns.

Not owned by banks

The company, which holds the RBI licence to install 9,000 white label ATMs, is making elaborate arrangements to install 1,000 units this fiscal. White label ATMs are not owned by banks and are just cash-dispensing machines.

“We have set our eyes on Tier II, III and smaller cities and found that grocery stores, telecom shops and photocopying facilities are the ideal places to install ATMs as a lot of activities revolve around them,” K Srinivas, Managing Director and CEO, BTI Payments, told Business Line.

The company recently installed ATMs in Gubbi and in kirana shops in two more towns in Karnataka which became quite popular. “Banktech ATMs globally are not on main roads, they are inside 7/11 convenience stores or in petrol or railway stations,” Srinivas pointed out.

India-born Mexican citizen Sanjaya Rajaram to be honoured with World Food Prize of 2014

I.India-born Mexican plant scientist, Sanjaya Rajaram will be honoured with the World Food Prize for the year 2014. It was announced by the World Food Prize Foundation on 18 June 2014. The award will be presented to Rajaram in Des Moines, Iowa in October 2014.

II.He won the prize for his outstanding work in the improvement of wheat crop. He is credited with increasing world wheat production by more than 200 million tons during the 25-year-period known as the golden years of wheat – building upon the successes of the Green Revolution. It had a far-reaching impact in alleviating world hunger.

III.Honouring of Dr. Rajaram with World Food Prize coincided with the centennial year of his mentor, Dr. Norman Borlaug and the UN-FAO’s International Year of Family Farming.

IV.The prize was established in 1986 by Dr. Norman Borlaug to focus the world’s attention on hunger and on those whose work has significantly helped efforts to end the hunger. Dr. Charity Kawira Mutegi of Kenya in 2013 and Dr. Aditi Mukherji of India in 2012 received the award.

Militants captured Iraq's largest oil refinery Baiji refinery

I.Militants on 17 June 2014 captured Iraq's largest oil refinery Baiji refinery. The Baiji refinery is located in Salaheddin province, north of Baghdad in Iraq. Militants attacked refinery with machine gun fire and mortars.

II.Baiji is one of three oil refineries in Iraq and only processes oil from the north. The other two are located in Baghdad and the Southern Iraq which are firmly under government control and are operational.

III.While most of Iraq's oil and gas fields are in the centre and the south of the country, militants have seized territory in Iraq's oil-producing Kirkuk province.

Supersonic Akash Missile test-fired by Army in very low Altitude in ITR Balasore

I.Indian Army on 18 June 2014 test-fired surface-to-air Akash missile from an Integrated Test Range (ITR) in Balasore, Odisha. This test was last among the validation trials being carried out by the Army on the first off production models of Akash Supersonic missile. Now it is ready for being induction in Indian army.

II.The missile intercepted fast-moving, small unmanned aerial vehicle named Banshee at an altitude of 30 meters above the sea level. This test-fire at a low altitude has proved its capability against subsonic cruise missile.

Former Captain of Bangladesh Mohammad Ashraful banned for eight years

I.Former Captain of Bangladesh Mohammad Ashraful on 18 June 2014 was banned for eight years by the disciplinary panel set up by the Bangladesh Cricket Board.

II.He was found guilty on four charges of fixing matches in Bangladesh Premier League of 2013. Ashraful has also been ordered to pay a fine of one million taka (12280 US dollar).

III.The 29-year-old was under suspension since June 2013 after he admitted to the ICC's Anti-Corruption and Security Unit that he had indulged in fixing BPL matches.

IV.In addition to Ashraful, the tribunal also banned ex-New Zealand batsman Lou Vincent for three years for not informing authorities he was approached to fix BPL matches and Sri Lanka's Kaushal Lokuarachchi for 18 months for the same offence.

World Cup: Dutch edge past Australia 3-2 in an incredible match

I.Brazil 2014’s scintillating show of attacking football continued with the much fancied Netherlands defeating World Cup minnows Australia 3-2 in an incredible group match to virtually book a second round berth here yesterday.

II.The way the Netherlands overran Spain the other day, it looked like the Australians would be blowned away by the Dutch in the first World Cup match between the two sides.

III.But the Group B match at Estadio Beira-Rio saw none of it and fortunes fluctuated between the two sides throughout the gripping 90 minutes with the Australians producing a gutsy performance belying the expectations from them.

IV.Australia, the lowest FIFA ranking team among the 32 participants, refused to be cowed down by the reputation of the Dutch, who were the last edition losing finalists and who had just ripped to shreds defending champions Spain 5-1.

V.Instead, the Socceroos held their own and at one stage took the lead around the hour mark. For a moment, it looked like Australia will tear apart the form book and pre-tournament predictions by upsetting the Dutch.

VI.It ultimately boiled down to the difference in class between the two sides that decided the outcome of the match with the Dutch far ahead in that aspect.

VII.With today’s loss, their second after the 1-3 defeat at the hands of Chile, Australia are now virtually out of the tournament. The Dutch, on the other hand, are virtually through to the round of 16 after their 5-1 humiliation of Spain.