capsule jan 2015

www.bscacademy.comwww.bsccareer.com

1

BSC

Acad

emySINCE 1993 Indias Premier Banking / SSC Institute

Economy

SINCE 1993 Indias Premier Banking / SSC Institute

Aviation After about a month of uncertainty, troubled low-cost

carrier SpiceJet on 15 Jan informed the BSE that KalanithiMaran and his associates had decided to transfer theownership and management control of the airline to formerpromoter Ajay Singh and a clutch of investors.

When it unveiled brand Vistara last August, TataSingapore Airlines announced it would offerpersonalised service to its customers. UK 890, Vistarasmaiden flight with 148 passengers, was operated on theDelhi-Mumbai route on 9 Jan.

Banking The Reserve Bank of India Governor Raghuram Rajan

took markets and corporate India by surprise on 15 Janwhen he announced a long-awaited cut in the repo rateby 25 basis points to 7.75 per cent with immediate effect.One basis point is one-hundredth of a percentage point.This is the first repo rate cut since May 2013. The cashreserve ratio (CRR) has been kept unchanged at 4 percent of net demand and time liabilities (NDTL) while thereverse repo rate stands adjusted to 6.75 per cent.

Banks can now classify errant borrowers, particularlypromoters of companies that have not repaid dues, asnon-cooperative, making it difficult for them to get freshloans. The rules are applicable for loans over ` 5 cr. Bankswill have to disclose such accounts to the CentralRepository of Information on Large Credits. The newcategory is in addition to the one on wilful defaulters.

Joining Prime Minister Narendra Modis Digital Indiaprogramme, top private lender ICICI Bank has launchedits own digital village project while adopting an entirevillage in Gujarat to provide services ranging fromcashless banking to digitised school teaching. Thevillage adopted by the bank named Akodara, inSabarkantha district of Gujarat.

The private sector lender ICICI Bank has launched anew facility for users as customers will be able to transferfunds via Twitter.

The Reserve Bank of India on 19 Jan asked banks tonotify the base rate, or the minimum lending rate, atleast once in every three months based on cost of funds.At present, the review of the base rate does not have afixed schedule. Banks will, however, not be allowed tochange their methodology during the review cycle.

Amending rules for non-banking financial companies(NBFCs) with regard to their Know Your Customer (KYC)exercise, the Reserve Bank of India, on 2 Jan, relaxed thetime limit during which such due diligence is required.Full KYC exercise will be required to be done at leastevery two years for high-risk individuals and entities,at least every 10 years for low-risk and at least every 8years for medium-risk individuals and entities, takinginto account whether and when client due diligencemeasures have previously been undertaken and theadequacy of data obtained. However, physical presenceof clients may not be insisted on at such periodicupdations.

Decks have been cleared for the merger of ING Vysya

BSC

Acad

emy

2 www.bscacademy.comwww.bsccareer.com


Bank with Kotak Mahindra Bank with the shareholdersof both the banks approving the amalgamation proposalat their respective extraordinary general meetings (EGMs)convened on 7 Jan. The proposed merger will create anew entity that will be the fourth largest private sectorbank in the country after ICICI Bank, HDFC Bank andAxis Bank.

The Govt of India signed an agreement with AsianDevelopment Bank (ADB) on 30 Dec for a $75-mn loanand a $1.8-mn grant that will help improve water resourcemanagement in three towns of Karnataka in the UpperTungabhadra sub-basin.

The Reserve Bank on 16 Jan changed the definition ofnet worth for entities authorised under the Paymentand Settlement Systems Act. The bank said that, Tohave uniformity and clarity in respect of the computationof net worth for an entity authorised under the Paymentand Settlement Systems Act, it is advised that net worthwill consist of paid-up equity capital, free reserves,balance in share premium account and capital reservesrepresenting surplus arising out of sale proceeds ofassets.

The Reserve Bank of India and the European CentralBank (ECB) have signed a memorandum ofunderstanding (MoU) for cooperation in the area ofcentral banking.

The Swiss National Bank (SNB) shocked financialmarkets on 15 Jan by scrapping a three-year-old cap onthe franc, sending the Swiss currency soaring againstthe euro.

Giving more flexibility to finance companies in recast ofloans, the Reserve Bank of India on 17 Jan said multiplerevisions in date of commencement of commercialoperations (DCCO) and repayments within prescribedtime limits will be treated as a single event of restructuring.

Seeking to increase insurance penetration in the country,the Reserve Bank of India on 15 Jan allowed banks to actas brokers for insurers, set up their own subsidiaries andalso undertake referral services for multiple companies.

Highlights

Banks may undertake insurance agency or brokingbusiness departmentally and/or through subsidiary.

They can also act as corporate agents withoutseeking prior approval from the RBI. However, theywill have to comply with IRDA guidelines.

The new guidelines allow banks to act as brokerspermitting them to sell insurance policies of differentinsurance companies.

There are about 87 commercial banks in thecountry with 1.2 lakh branches across the countryand there are 52 insurance companies operating inIndia, of which 24 are in the life insurance businessand 28 are in general insurance business. In addition,GIC is the sole national reinsurer.

Banks are not allowed to undertake insurancebusiness with risk participation departmentally andmay do so only through a subsidiary/JV set up forthe purpose.

Conditions for setting up a subsidiary/joint venture

The banks have been allowed to set up subsidiariesand joint venture companies for undertakinginsurance business with risk participation.

The net worth of the bank should not be less than`1,000 cr.

The CRAR of the bank should not be less than 10per cent.

The level of net non-performing assets should benot more than 3 per cent.

The bank has made a net profit for the last threecontinuous years.

The track record of the performance of thesubsidiaries, if any, of the concerned bank shouldbe satisfactory.

For banks undertaking insurance broking through asubsidiary or JV without risk participation, the net worthof the bank should not be less than ` 500 cr after investingin the equity of such company. Earlier, Reserve Bank ofIndia on 29 Nov 2013 issued draft guidelines on entry ofbanks into insurance business for public comments.

In a departure from the past, the govt on 31 Dec split thepost of Chairman and Managing Director (CMD) for PSUbanks and named MD-and-CEOs of four banks. However,the current structure at countrys largest lender StateBank of India, which is headed by a Chairman and assistedby four Managing Directors, will continue. Henceforth,at PSBs other than SBI, the Chairman will be a part-timeBoard Member who would preside over the BoardMeetings and will not be an Executive Chairman. Theposts of Chairman and MD in the private sector are heldseparately. RBI had set up a committee under thechairmanship of AS Ganguly in 2004-05 to study theissue of bifurcation of the post of CMD in banks.


3

BSC

Acad

emySINCE 1993 Indias Premier Banking / SSC Institute Encouraged by comfortable forex reserves, the ReserveBank of India on 29 Dec relaxed the norms for Indiancompanies investing abroad by doing away with theceiling for raising funds through pledge of shares,domestic and overseas assets. Earlier, the fund raising

for the purpose of overseas investment by Indiancompanies was subject to various limitations.

The ambitious plan of the govt to achieve financialinclusion for all has taken a step closer to its target with98.4 per cent households in India having bank accounts.Under the Pradhan Mantri Jan Dhan Yojna (PMJDY),unveiled by Prime Minister Narendra Modi on 28 Auglast year, 26 Jan was set as the deadline to open 75 mnbank accounts. The target was later revised to 100 mn.By now, 98.41 per cent households in the country arecovered under the scheme. Banks managed to achievethe stiff target of opening 100 mn bank accounts a monthbefore the deadline of 26 January. RuPay cards havebeen issued to 79.7 per cent of the accounts. The govt isalso working on seeding the Aadhaar number with thebank accounts; 33 per cent of the accounts have alreadybeen synced with the Aadhaar numbers. At present, it isnot mandatory for accounts to be seeded with Aadhaarfor direct benefit transfers (DBT).

Committee The DK Mittal Committee, formed to suggest ways and

means to raise the revenue of Indian Railways, submittedits report to Railway Minister Suresh Prabhu on 30 Dec.

Capital Market Market regulator Securities and Exchange Board of India

(Sebi) has notified a stricter set of insider trading normsto check illicit transactions in shares of listed firms bymanagement personnel and connected persons.

The Securities and Exchange Board of India (SEBI) on30 Dec released a concept paper on the issue and tradingof municipal bonds on exchanges and invited commentsfrom the public. Municipal bonds are instruments issuedby municipal bodies, or by states on these bodies behalf,to raise capital for infrastructure projects.The market for municipal bonds has existed in India since

1998, when Ahmedabad became the countrys first city toissue such bonds.

Corporate Reliance Industries Ltd (RIL) has signed agreements with

Mitsui OSK Lines Ltd (MOL), one of the worlds largestand reputed shipping companies, to handletransportation of liquefied ethane from North Americato India.

Hindustan Unilever Ltd (HUL), fast moving consumergoods (FMCG) company, continued with its upwardmarch on the bourses, with the market value of thecompany crossing the `2 lakh cr mark on 16 Jan.Meanwhile, HUL has surpassed the private sector lenderICICI Bank in overall m-cap ranking, which is at 10thposition with m-cap of `202,692 cr, data shows.

Energy The Union Cabinet on 16 Jan gave approval for a

proposal that allows private bio-diesel manufacturers,their dealers and authorised joint-venture companies ofOil Marketing Companies to sell the fuel directly toconsumers. For this, the Cabinet approved amendingthe Motor Spirit and High Speed Diesel Control orderfor Regulation of Supply, Distribution and Preventionof Malpractices Act of 2005.

Insurance The Insurance Laws (Amendment) Ordinance, which

has suggested structural changes in the way the sectorfunctions, has omitted Section 40A of the earlier InsuranceAct, which talks about commission to insurance agents.So, the Insurance Regulatory and DevelopmentAuthority of India (Irda) is currently working on a revisedcommission structure. Under Section 40A of the earlierAct, no insurance agent would get a commissionexceeding seven and a half per cent of the first yearspremium, and two per cent of each renewal premiumpayable on the policy, whereas the latter grants a deferredannuity in consideration or more than one premium.

Power The state-owned BHEL has bagged a ` 3,810-cr contract

for setting up the 800-MW supercritical thermal powerplant on EPC (engineering, procurement & construction)basis at Kothagudem in Khammam District of Telangana.It will be the newly formed states first thermal powerproject.

BSC

Acad

emy



The PM Narendra Modi has ramped up his target forsolar energy as he bets on renewable energy to helpmeet rising power demand and overcome the frequentoutages that plague Asias third largest economy. Indiagets twice as much sunshine as many European countriesthat use solar power. But the clean energy sourcecontributes less than 1 per cent to Indias energy mix.The PM now wants companies from China, Japan,Germany and the US to lead investments of $100 bnover seven years to boost Indias solar energy capacityby 33 times to 100,000 megawatts (MW). That wouldraise solars share of Indias total energy mix to morethan 10 per cent.

PSUs Four public sector undertakings (PSUs) have signed

joint-venture agreements to set up integrated coalgasification-cum-fertilizer and ammonium nitrate plant atTalcher, Odisha. These four PSUs are GAIL (India)Limited, Coal India Limited (CIL), Rashtriya Chemicals& Fertilizers Ltd (RCF) and Fertilizers Corporation ofIndia Limited (FCIL).

The state-owned Bharat Heavy Electricals Ltd (BHEL)has announced a foray into submarine manufacturing.Better known for its power business, BHEL has tied upwith Mishra Dhatu Nigam and Hindustan Shipyard(HSL), both govt-owned, to form a consortium forbuilding submarines.

Taxation Battling to meet the Budget target of reining in the

Centres fiscal deficit at 4.1 per cent of gross domesticproduct (GDP), the finance ministry decided not to extendexcise duty cuts on automobiles and consumer durablesbeyond 31 Dec. This will make these products costlier.The duty cuts have hit the govts collection by about`2,500 cr a month.

Telecom Japan-based NTT DoCoMo has moved the international

court for arbitration in London to ensure that the TataGroup finds a buyer for the telcos 26 per cent stake intheir Indian joint venture, Tata Teleservices, for at least1.1 bn dollars.

Others The Gujarat-based dairy products giant Amul is planning

to invest `5,000 cr to set up around 10 milk processingplants in the next fiscal in order to achieve the revenuetarget of `50,000 cr by 2020. Among the milk processingplants, two plants will be set up in Delhi, three in UttarPradesh, one each in Kolkata and Maharashtra and therest in Gujarat.

The unemployment rate in the country rose to 4.9 percent in 2013-14, mainly on account of increase injoblessness in rural areas. In 2012-13, it was 4.7 per cent.On the positive side, the unemployment rate dropped inurban areas to 5.5 per cent from 5.7 per cent in theprevious fiscal.

Nation Allaying apprehensions, govt has announced that the

retail price of urea would not be raised from the currentfixed subsidised maximum retail price (MRP) of ` 5,360per tonne.

The Central Govt on 29 Dec reconstituted the NationalDisaster Management Authority (NDMA) bynominating three new members. Bhabha AtomicResearch Centre (BARC) director of health, safety andenvironment DN Sharma has been nominated as a memberof the NDMA. Kamal Kishore, programme advisor of theUnited Nations Development Programme (UNDP), and

Centre The govt has ordered a cut of nearly 20 per cent in its

2014-15 healthcare budget due to fiscal strains, puttingat risk key disease control initiatives. Indias publicspending on health is already among the lowest in theworld. More than `6,000 cr is expected to be slashedfrom the budget allocation of around ` 30,000 cr for thefinancial year ending on Mar 31.

India spends about 1 per cent of its gross domesticproduct (GDP) on public health, compared to 3 per centin China and 8.3 per cent in the United States.


5

BSC

Acad

emySINCE 1993 Indias Premier Banking / SSC InstituteLt Gen (retd) NC Marwah were also named as members.NDMA is a statutory body under the aegis of Ministryof Home Affairs (MHA) and was established in 2009. Itis governed by a nine-member board chaired by the PrimeMinister of India.

The govt promulgated an ordinance to merge the Personof Indian Origin (PIO) and the Overseas Citizenship ofIndia (OCI) schemes, as per a promise made by PMNarendra Modi in the US and Australia last year.

The amendments to the Citizenship Act will benefitPIOs and will give them benefits like life-long visa andexemption from appearing before the local police stationon every visit.

As announced by the Union Urban DevelopmentMinister M Venkaiah Naidu in Hyderabad on 21 Dec,the Centre would soon launch a `500-cr scheme forconservation of heritage and development of 12 citiesacross the country. The 12 cities are Amritsar, Varanasi,Gaya, Puri, Ajmer, Mathura, Dwarka, Badami, Velankanni,Kanchipuram, Warangal and Amaravati.

The Cabinet Committee on Economic Affairs (CCEA)on 16 Jan approved a ` 10-per quintal increase in the fairand remunerative price (FRP) for sugarcane to `230for the 2015-16 season (Oct-Sep).

Mumbais drinking water woes may soon end as themuch-delayed ` 2,746-cr Damanganga-Pinjal interstateriver link project got the Centres approval on 6 Jan.

The Minister of State for Skill Development andEntrepreneurship Rajiv Pratap Rudy has said that theCentre will roll out a National Skill Development policyby Apr to meet the increasing demand for skilledworkforce in various sectors.

An eco-task force comprising five battalions of territorialArmy will be formed to guard the plantation across Gangaand monitor pollution. The eco-task force will also keepa tab on industrial pollution in the river. The work ofguarding the river will be delegated to Ganga Vahini.

States Corporates from India and abroad pledged to invest an

astonishing `25 lakh cr and signed 21,000 MoUs at theVibrant Gujarat Summit held in Gandhinagar on 12 Jan,matching the hype associated with this biennial eventconceived by Narendra Modi in 2003 as the then ChiefMinister of the state.

The assembly elections in two states Jharkhand andJammu and Kashmir took place in five phases startingon 25 Nov and ending on 20 Dec 2014. Jharkhand: For the first time in 14 years a single

party has formed the govt in the state as theBharatiya Janata Party (BJP) emerged victorious,winning 37 out of total 81 seats. Raghubar Das hasbeen sworn in as the first non-tribal chief ministerof the state.

Jammu & Kashmir: People of the state havemandated a hung assembly. No party or alliance hasso far been successful in forming the govt in thestate and Governors Rule was imposed in the stateon 9 Jan. The Peoples Democratic Party (PDP)emerged the largest party by winning 28 seats whilethe BJP emerged second largest with 25 seats. TheNational Conference had to be content with mere 15seats.

The Punjab Health Department has banned the sale ofloose cigarettes (as single sticks) and loose tobacco,becoming the first State to do so.

The committee headed by the well-known economistVijay Kelkar has recommended autonomous status forVidarbha. It was appointed to study the issue of balanceddevelopment of various regions of Maharashtra. It hasalso recommended shifting of the state secretariat(Mantralaya) to Nagpur, the states second capital, forthe month of Dec every year.

Telangana govt has started pilot project of NationalDigital Literacy Mission (NDLM) in a mandal each infour districts. This national mission in state is beingnamed as Prati Inta e-Sakshatha programme. This pilotproject initiative aims to make one person in everyhousehold e-literate and seeks to cover 30 thousandpersons under it. It is an initiative of InformationTechnology, Electronics and CommunicationsDepartment of Telangana state.

The Kerala govt has launched Sandesh One project todevelop women entrepreneurs. It is a first-of-its-kindpublic-private partnership (PPP) to develop a network oftrained women entrepreneurs.

The Flamingo festival was organised from Jan 9 to 11 atthe Pulicat lake surroundings in the Nellore district ofAndhra Pradesh.

Jharkhand Chief Minister Raghubar Das has announcedto form the State Development Council (SDC) forcomprehensive development of the State.

BSC

Acad

emy



Odisha govt has initiated the process for constitution ofa Legislative Council (Vidhan Parishad) in the state.The states with bi-cameral legislature are Karnataka,Uttar Pradesh, Maharashtra, Bihar, Jammu andKashmir, Andhra Pradesh and Tamil Nadu. TheLegislative Council cannot have members more than one-third of the state assembly. The number, however, alsoshould not be less than 40 (except J&K, which has 36members).

Amid chants of Buddham Sharanam Gachchhami,people from 11 countries on 10 Jan walked through a13km-long forest trail, called Buddha Trail, which LordGautam Buddha had taken to reach Rajgir from BodhGaya around 2,543 years ago. Over 500 pilgrims tookpart in the journey, marking the success of the first-everBuddha Heritage Walk introduced by the Bihar TourismDevelopment Corporation (BSTDC).

Sustainable Energy for All (SE4ALL), an initiative ofthe United Nations, signed a memorandum ofunderstanding with the Gujarat govt, its first with anystate in India, during the Vibrant Gujarat Summit toestablish a framework of collaboration between SE4ALLand the state govt to share best practices, mobilisetechnical assistance, and how to accelerate energyefficiency initiatives especially in cities.

An ordinance issued by Rajasthan Governor KalyanSingh fixed minimum educational qualifications forcontesting polls for panchayat samiti and districtcouncils. The ordinance effecting an amendment to theRajasthan Panchayati Raj Act 1994, has made itmandatory for candidates contesting zila parishad andpanchayat samiti polls to be Class X pass and thosecontesting sarpanch elections to be Class VIII pass.

The Union Govt has extended the Armed Forces (SpecialPowers) Act, 1958 for another one year in Assam. BesidesAssam, govt has declared the area falling within 20km-wide belt along the border of Assam with ArunachalPradesh and Meghalaya as Disturbed Area.

The Armed Forces (Special Powers) Act, 1958confers special powers upon the armed forces in disturbedareas in the states of Arunachal Pradesh, Assam,Manipur, Meghalaya, Mizoram, Nagaland, and Tripura.The Act was introduced in Jammu and Kashmir in 1990.

Defence More than three decades after the project was

sanctioned, home-grown Light Combat Aircraft Tejas

was handed over on 17 Jan to the Indian Air Force byDefence Minister Manohar Parikkar, marking a majormilestone in the countrys military aviation. Air ChiefMarshal Arup Raha, Chief of Air Staff, received the aircraftdocuments. Tejas is a 4.5th-Generation Aircraft that islighter in weight with greater agility and manoeuvrabilityand on course to replace ageing MiG-21 in IAFs combatfleet. The entire project by DRDO and HindustanAeronautics Limited (HAL), including the final inductionin the Air Force and Navy, is estimated to cost over`30,000 cr.

An advanced electronic warfare (EW) suite developedby the DRDO was successfully tested on board thecountrys Light Combat Aircraft Tejas-PV1 on 10 Jan.

In a measure aimed at strengthening coastal security,the Union home ministry on 14 Jan began issuingresident identity card (RIC) reader machines to the Navyand Coast Guard to read the RICs issued to residents ofcoastal villages across nine states and four UTs.

The Union Defence Minister Manohar Parrikarcommissioned four Indian Coast Guard (ICG) vessels on19 Jan at port town of Vasco in Goa, which will be mainlyused for patrolling and interception. The ships includetwo fast patrol vessels, namely ICG Amogh and ICGAmey, and two interceptor boats Charlie 413 andCharlie 414, which will also be used for the purpose ofresearch and rescue by the agency.

Others After completing an eventful 2014, ISRO is gearing up

for some satellite launches in 2015. The IRNSS-1D is thefirst, which would put in place Indias own navigationsystem on par with the Global Positioning System (GPS)of the US. The launch campaign for IRNSS-1D has come,which started on Jan 16. Within two months, allcomponents from other ISRO labs have to reachSriharikota. The launch is likely after Mar 15. IRNSS 1Dis the fourth in the series of seven satellites to createthe Indian Regional Navigation Satellite System(IRNSS).

The University Grants Commission (UGC) hasdeveloped guidelines for providing assistance forestablishment of Centre of Endangered Languages inCentral Universities. The Govt of India has initiated aScheme known as Protection and Preservation ofEndangered Languages of India. Under this Scheme,


7

BSC

Acad

emySINCE 1993 Indias Premier Banking / SSC Institutethe Central Institute of Indian Languages (CIIL), Mysoreworks on protection, preservation and documentationof all the mother tongues/languages of India spoken byless than 10,000 people. Under this Scheme, dictionariesand basic grammars in all the endangered languages/

mother tongues are prepared in digital format.

India will soon join the global high-end scientificNeutrino Club as the Centre has given its nod to launcha project for experiments in high-energy physics. TheCabinet Committee on Security had cleared the project,which is to come up at Pottipuram village in Tamil Naduat an investment of ` 1,500 cr.

Moving towards his govts aim to conserve energy, PMNarendra Modi on 5 Jan launched a scheme for LEDbulb distribution under the domestic efficient lightingprogramme in Delhi; and a National Programme for LED-based Home and Street Lighting. The PM described theLED bulb as a Prakash Path (way to light) as helaunched the scheme. The initiative is part of the govtsefforts to spread the message of energy efficiency in thecountry.

Hazarduari Palace in Murshidabad, West Bengal hasbeen declared an Adarsh Monument by theArchaeological Survey of India (ASI) along with threeothers in eastern India. The other three monuments areVaishali-Kolhua in Bihar, Rang Ghar in AssamsSibsagar and the Konark Sun Temple in Odisha.

In accordance with a key announcement made by PrimeMinister Narendra Modi on the Independence Day, theUnion Govt on 1 Jan established NITI Aayog (NationalInstitution for Transforming India) as replacement forthe Planning Commission. The original PlanningCommission was set up in Mar 1950 through a CabinetResolution, which the Modi Govt scrapped in Aug 2014.The new body will be an advisory body or a think tank.The powers to allocate funds might be vested in thefinance ministry.

Composition of NITI Aayog Chairman: Prime Minister Vice Chairman: Noted economist and Columbia

University professor Arvind Panagariya has beenappointed as the first vice-chairman of NITI Aayog

Governing Council: CMs (States) and Lt Governors(UTs)

Regional Council: To be formed on need basis,comprising CMs and Lt Governors of the region

Full-time Members: Economist Bibek Debroy andformer DRDO chief VK Saraswat were appointed asfull-time members

Part-time Members: Maximum two, rotational, fromrelevant institutions

Ex officio Members: Union Ministers RajnathSingh, Arun Jaitley, Suresh Prabhu and RadhaMohan Singh have been appointed ex officiomembers.

Special Invitees: Nitin Gadkari, Smriti Zubin Iraniand Thawar Chand Gehlot are the Special Invitees.

Chief Executive Officer: Appointed by PM for fixedtenure, secretary rank; at present SindhushreeKhullar

Secretariat: As deemed necessarySeven pillars for effective governance

Pro-people: Fulfils aspirations of society as well asindividuals

Pro-activity: In anticipation of and response tocitizen needs

Participation: Involvement of citizenry Empowering: Empowers women in all aspects Inclusion of all: Includes SC, ST, OBC, minorities,

gareeb, gaon, kisan Equality: Equal opportunity for the youth Transparency: Making govt visible and responsive

Objectives of NITI Aayog Fostering cooperative federalism, active

involvement of states Formulation of plans at village level, aggregation at

higher levels Special attention to sections at risk of not benefitting

adequately from economic progress Economic policy that incorporates national security

interests Feedback for constant innovative improvements Partnerships with national and international think

tanks Creating a knowledge, innovation and

entrepreneurial support system Platform for resolution of inter-sectoral and inter-

departmental issues State-of-the-art resource centre for research on good

governance Focus on technology upgradation and capacity

building

BSC

Acad

emy



Kenyas President Uhuru Kenyatta has signed into lawa security bill which would help fight armed groupsoperating in the East African country. The new law givesauthorities sweeping powers to crack down on terrorsuspects and curtail press freedoms.

A new bill to set up military courts in Pakistan to fast-track terror-related cases came into effect on 7 Jan, weeksafter the Peshawar school massacre by the Taliban thatkilled 150 people, including 134 children. The bill, passedoverwhelmingly by the National Assembly and theSenate, has been signed by Pakistan President MamnoonHussain and is aimed at setting up constitutionallyprotected military courts to try terrorists. The militarycourts have to be set up for two years and no appealagainst their punishments will be made to any highercourts.

Stepping up its fight against militancy, Pakistanannounced the formation of a 5,000-strong federalcounter-terrorism force, directed financial bodies to checkfunding to militants and set up a panel for implementingthe plan to deal with the scourge. The govt hasconstituted a federal counter-terrorism force withimmediate effect.

Pakistan plans to ban 10 terror outfits, including 26/11mastermind Hafiz Saeed-led Jamaat-ud-Dawa (JuD) andthe dreaded Afghan-based Haqqani Network, a moveseen by experts as a paradigm shift in the countryssecurity policy in the wake of the Peshawar schoolmassacre.

The move came after the US declared the fugitivechief of the Tehreek-e-Taliban Pakistan Mullah Fazlullahas a Specially Designated Global Terrorist followingSecretary of State John Kerrys visit to Pakistan.

For the first time, Pakistan and Russia have signed anenergy deal worth $1.7 bn to lay a gas pipeline fromKarachi to Lahore, a move that may lead to furtherimprovement in their ties.

The Global Arms Trade Treaty (ATT) came into force on24 Dec 2014, after it was adopted by the UN GeneralAssembly in Apr 2013. Now this landmark treaty hasofficially become binding international law, which aimsto regulate the USD 85-bn global arms trade.

It came into force after 60 nations ratified it, as ofDec 23, among the 130 signatories of the treaty. In orderto come into force, the treaty in total needed 50 nationsratification. The first legally-binding multilateral agreement

prohibiting nations from exporting conventionalweapons to countries that may use it for genocide,crimes against humanity or war crimes

Adds a new chapter in collective efforts of nationsto bring responsibility, accountability andtransparency to the global arms trade

Sets robust global standards for cross-bordertransfers of conventional weapons ranging fromsmall firearms to tanks and attack helicopters

Five of the top 10 arms exporters France, Germany,Italy, Spain and the UK have already ratified theATT.

Tamu Lhochhar, the biggest cultural festival of theMahayana sect of Buddhism, was observed by theGurungs in different places of the country, including inthe Kathmandu Valley on 30 Dec with gaiety and fervour.

Greeces Prime Minister Antonis Samaras has dissolvedthe countrys parliament ahead of snap elections to beheld on 25 Jan. The new parliament will reconvene on 5Feb to elect a successor of 85-year-old President KarolosPapoulias. The main reason for worry is that the electionsfrontrunner, the far-left populist Syriza party of AlexisTsipras, wants to wipe out the national debt and cancelthe austerity terms of a 240 bn (188 bn) bailout fromthe EU and the IMF. In a country where unemploymentis still record high at 26% and growth stagnates, Syrizais playing on a recovering economy to get populistsupport and unwind reforms imposed by the Troika (IMF,EU and European Central Bank).

India and Pakistan on 1 Jan exchanged the list of theirnuclear installations under a bilateral agreement that barsthem from attacking each others atomic facilities. This isthe 24th consecutive exchange of such list between thetwo countries, the first one having taken place on Jan 1,1992.

A US federal court in New York on 15 Jan dismissed alawsuit brought against Prime Minister Narendra Modiby a rights group in connection with the 2002 riots in

World


9

BSC

Acad

emySINCE 1993 Indias Premier Banking / SSC InstituteGujarat, saying he enjoyed immunity as the sitting headof a foreign govt. The European Parliament (Europa) has adopted aresolution asking India to allow the return of two Italianmarines accused of killing two Indian fishermen. Taking

exception to the Europas decision, India on 16 Jan saidthe case involving the two Italian marines is sub judice,and is being discussed between India and Italy. TheSupreme Court of India, in its ruling on 14 Jan 2015, hasgranted three months extension to the Italian marine,Massimiliano Latorre, for his stay in Italy on healthgrounds and the other marine, Salvatore Girone, is livingin the Italian Embassy in New Delhi.

Britains infamous Beagle 2 spacecraft has been foundon Mars 11 years after it went missing, searching forextraterrestrial life. Beagle 2, part of the European SpaceAgencys Mars Express mission, had been due to landon Mars on Christmas Day 2003, but went missing on 19Dec 2003. Until now, nothing had been heard from itsince then.

The US Department of Defence will send 400 troops andhundreds of support staff to train moderate rebels againstIslamic State (IS) in Syria.

People born in India have overtaken the Irish to becomethe largest immigrant group in the UK. According tolatest figures released by the Office for NationalStatistics (ONS), India-born migrants now livingpermanently in the UK has risen by 232,000 since 2004 tototal 734,000 in 2013.

The Union Urban Development Ministry, the UnitedStates Agency for International Development (USAID)and the Bill and Melinda Gates Foundation (BMGF) haveagreed to partner in the Swachh Bharat programme,which aims to take sanitation beyond construction oftoilets and offers holistic solutions towards cleanliness.

As per a memorandum of cooperation on 12 Jan, theBMGF will assist in providing sanitation in Uttarakhand,Bihar, Uttar Pradesh, Jharkhand and West Bengal. TheUSAID will provide knowledge exchange andidentification and sharing of best practices for water andsanitation services in 500 cities and towns and providetargeted, demand-driven technical assistance.

India and Bangladesh on 13 Jan inaugurated the thirdborder haat in Srinagar-Purba on the Tripura-Bangladesh border with the aim of enhancing bordertrade between the two countries. This is the first borderhaat for Tripura, which shares an 856-km-long borderwith Bangladesh.

Drawing on Prime Minister Narendra Modis Make inIndia call, the United Kingdom on 10 Jan announced acampaign to forge collaborations with Indian companies.The programme called Great Collaborations will seekgreater cooperation between the companies based inIndia and the UK on a range of sectors.

The World Economic Forums five-day annual jamboreeof the global elite is being held in Davos with presenceof over 2,500 political and business leaders, includingunion ministers Arun Jaitley and Piyush Goyal as wellas more than 100 industry leaders from India. Otherprominent Indian names would include Chief EconomicAdviser Arvind Subramanian, as also Chief Ministers ofMaharashtra and Andhra Pradesh Devendra Fadnavisand Chandrababu Naidu, respectively. Meeting againstthe backdrop of the world economy facing multiplechallenges, the 45th WEF Annual Meeting is discussingThe New Global Context as this years theme.

The UN Security Council failed to adopt a Palestinianstatehood resolution that set a deadline for thewithdrawal of Israeli forces from Palestinian territoriesby 2017.

BSC

Acad

emy



Appointed Shyamala Gopinath: The former Reserve Bank of India

(RBI) deputy governor has been appointed non-executivechairperson of HDFC Bank Ltd for a three-year term.

JY Pillay: The veteran Indian-origin civil servant hasbeen reappointed as the top advisor to SingaporesPresident.

Manjul Bhargava: He is the first person of Indian originto win the coveted international prize for his work inMathematics. He will recruit scientists in the US andacross the world to participate in the Global Initiative ofAcademic Network (GIAN), a short-term teachingprogramme under which scholars abroad will be invitedto teach in India.

Alur Seelin Kiran Kumar: The Central Govt on 12 Janappointed him as the chairman of Indian Space ResearchOrganisation (ISRO).

Deepak Parekh: The global defence and aerospacecompany BAE Systems on 12 Jan appointed HDFCChairman Deepak Parekh as a non-executive Directorand Chairman of its Indian subsidiary.

RK Srivastava: He has taken over as the new chairmanof Airports Authority of India (AAI), replacing SudheerRaheja.

Sutirtha Bhattacharya: He has taken charge as CoalIndias full-time Chairman and Managing Director, apost which had been lying vacant for over six months.

Arvind Panagariya: The eminent free-market economisthas been appointed as the first vice-chairman of theNational Institution for Transforming India (NITI)Aayog.

Atul Khare: The senior Indian diplomat at the UN hasbeen named by secretary general Ban Ki-moon as thehead of the UN department that provides dedicatedsupport to peacekeeping missions around the world,making him one of the highest- ranking Indian officialsin the world body.

Stephen Constantine: The Englishman was on 16 Janappointed head coach of Indian mens football team,

paving the way for his return at the helm of affairs for thesecond time.

Hari Shankar Brahma: The election commissioner wason 15 Jan elevated as the Chief Election Commissioner.

Deep Kumar Upadhyay: On 16 Jan, Nepal named a veteranNepali Congress leader and former minister as its newambassador to India, a critically important post that hasbeen lying vacant for more than three years.

Ramdev: The BJP govt in Haryana has appointed yogaguru Ramdev as its brand ambassador.

Surendra Kumar Sinha: He was appointed chief justiceof Bangladesh on 12 Jan to become the first Hindu tohold the highest judicial post in the Muslim-majoritycountry.

Pournima Gupte: She has been appointed as a whole-time Member Actuary at the Insurance Regulatory andDevelopment Authority of India (IRDA).

Amitabh Bachchan: The Bollywood actor will be theBrand Ambassador for health sector in Andhra Pradesh.

Modibo Keita: He has been appointed as the new PrimeMinister of Mali by the President Ibrahim BoubacarKeita.

Aziz Qureshi: He has been sworn in as the Governor ofMizoram. He has been transferred from Uttarakhand.

Durga Shakti Nagpal: The 2010-batch IndianAdministrative Service officer who was suspended bythe Uttar Pradesh govt for taking on the sand mafia, hasbeen appointed as officer on special duty (OSD) to theUnion Agriculture Minister for three years.

Pahlaj Nihalani: He has been appointed as thechairperson of the Central Board of Film Certification(CBFC) in an honorary capacity from 19 Jan 2015 for aperiod of three years or until further orders, whichever isearlier.

Arrested Gurmeet Singh: Thailand police have arrested the

alleged killer who was involved in the assassination offormer Punjab Chief Minister Beant Singh and several

Persons in News


11

BSC

Acad

emySINCE 1993 Indias Premier Banking / SSC Instituteothers. He was one of the six militants convicted for the1995 blast which also killed several others.Died BG Verghese: The eminent journalist, a Ramon

Magsaysay award winner and former editor of leadingdailies Hindustan Times and Indian Express, passedaway recently at the age of 87.

Chunibhai Vaidya: The veteran Gandhian and freedomfighter passed away in Ahmedabad on 19 Dec.

Madhavi Sardesai: The Konkani writer and a recentrecipient of Sahitya Akademi award passed awayrecently.

Gaddam Venkat Swamy: The former Union Minister andsenior Congress leader, popularly known as Kaka,passes away on 22 Dec.

K Balachander: The eminent filmmaker and DadasahebPhalke Award winner died in Chennai on 23 Dec.

Nand Chaturvedi: The noted Hindi poet and litterateurdied on 26 Dec. Some of his popular works include YehSamai Mamuli Nahin, Shabd Sansar ki Yayavari acollection of essays Imandar Duniya Ke Liye amongothers.

Kamala Sinha: The former Minister of State (MoS) forExternal Affairs passed away recently. She was a memberof former PM IK Gujrals cabinet.

Vasant Gowariker: The former space agency chief andscientific advisor to the prime minister in 1991-1993,passed away on Jan 2, 2015.

Edward W Brooke: The former US Senator who becamethe first black in US history to win popular election tothe Senate, died on 3 Jan.

Ghelubhai Naik: A legendary social activist and veteranGandhian, he passed away on 16 Jan.

Omar Karami: The former Prime Minister of Lebanondied recently. He served twice as Lebanons PrimeMinister.

Elected Beji Caid Essebsi: He has won Tunisias first free

presidential election, beating rival and incumbentMoncef Marzouki.

Dinesh Oraon: He has been unanimously elected as theSpeaker of Jharkhand Assembly.

Radhakrishna Vikhe Patil: The senior Congress leaderwas appointed as Leader of Opposition (LoP) in theMaharashtra state Legislative Assembly.

John Boehner: In the United States, the Republican wasre-elected and sworn in as Speaker of the US House ofRepresentatives recently.

Tulsi Gabbard and Ami Bera: US Congresswoman TulsiGabbard and her Democratic congressional colleagueAmi Bera have been sworn in for their second consecutiveterm in the United States House of Representatives.Gabbard, the first ever Hindu lawmaker, took her oathon the Gita.

Ranil Wickramasinghe: The United National Party(UNP) leader has been sworn in as Sri Lankas newPrime Minister.

Maithripala Sirisena: He has been sworn in as the 7thPresident of Sri Lanka.

Kolinda Grabar-Kitarovic: She has become the firstfemale president of Croatia, winning by the narrowestof margins.

Resigned Leela Samson: She resigned as Chairperson of Central

Board of Film Certification.

Giorgio Napolitano: The Italian President handed inhis resignation as head of state on 14 Jan.

Retired Mahendra Singh Dhoni: He dropped a bombshell on 30

Dec by announcing his retirement from Test cricket withimmediate effect. He will continue to play for India inOne-Day Internationals and Twenty20 matches.

Visited Sergei Shoygu: The Russian Defence Minister arrived

New Delhi on 20 Jan on a three-day visit to hold talkswith his Indian counterpart Manohar Parrikar and reviewthe ongoing cooperation and future prospects in thecrucial sector.

Mangala Samaraweera: Sri Lankas new ForeignMinister paid an official visit to India on the invitationof his Indian counterpart.

BSC

Acad

emy



Others AB de Villiers: The South African batsman on 18 Jan hit

the fastest century in one-day internationals till date. Heachieved the feat against the West Indies inJohannesburg in the second encounter of the five-matchODI series.

Thomas Piketty: The French economist and the best-selling author of Capital in the 21st Century has turneddown Frances top award, the Legion DHonneur.

Otaram Devasi: He has become the first minister incharge of cow affairs in the Rajasthan govt and Indiasfirst-ever minister for the cow and likes to address himselfas Gaupalan Mantri.

Anirban Lahiri: The talented Indian golfer has beenvoted the 2014 Players Player of the Year for his

successful exploits on the Asian Tour, where he wontwo titles and finished second on the Order of Merit.

Saina Nehwal: The Union Sports Ministry hasrecommended the ace badminton players name forPadma Bhushan award.

Kumar Sangakkara: The Sri Lankan batsman joined anelite group of cricketers on 3 Jan when he became onlythe fifth to make 12,000 runs in Test cricket in his career.

Yingluck Shinawatra: The military junta in Thailand isin process to impeach the ousted Thai prime minister.

Joseph Vaz: Pope Francis declared the Goan priest asaint at a celebration in Sri Lankan capital Colombo on14 Jan.

Mullah Fazlullah: The US has designated the chief ofTehrik-e-Taliban Pakistan (TTP) as global terrorist andhas imposed sanctions against him.

Places in Newsfestivals of the Govt of India under the Ministry ofCulture, was held 14-17 Jan. More than 600 artistes fromvarious cultural troupes from across the nation and fourneighbouring countries like Bhutan, Nepal, Bangladeshand Myanmar participated in the festival.

Beijing: The first ministerial meeting of the Forum ofChina and the Community of Latin American andCaribbean States (CELAC) was held on 9 Jan with theannouncement that the forums next meeting will be heldin Chile in 2018.

Indonesia: The Singapore-bound Flight QZ8501 ofAirAsia lost contact with air-traffic control over the JavaSea with 162 people on board less than an hour aftertakeoff from Surabaya, Indonesia, on 27 Dec shortly afterrequesting to climb to a higher altitude to avoid badweather. The search teams found the debris of the planeand bodies of passengers from Java sea.

Paris: In the French capital, at least 12 people were killedwhen gunmen armed with Kalashnikovs and a rocketlauncher opened fire in the offices of satirical weeklyCharlie Hebdo on 7 Jan. The satirical newspaper gainednotoriety in Feb 2006 when it reprinted cartoons of theMuslim Prophet that had originally appeared in a Danishdaily causing fury across the Muslim world. Its officeswere fire-bombed in Nov 2011 when it published acartoon of the Prophet.

Guwahati: The 19th National Youth Festival was heldhere from 8th to 12th Jan, 2015 to commemorate the birthanniversary of Swami Vivekananda, the greatest youthicon of India.

Dimapur (Nagaland): The Minister of State for HomeAffairs Kiren Rijiju addressed the opening ceremonyof the national Maati Ke Rang Festival here. The festivalwas held for the first time in the northeast region. Thefestival, which is considered to be one of the largest


13

BSC

Acad

emySINCE 1993 Indias Premier Banking / SSC InstituteAthletics

Indian open-water swimmer Bhakti Sharma on 14 Jan2015 set a world record by swimming 1.4 miles in 52minutes in one degree Celsius temperature in the AntarcticOcean. She is the first Indian woman to achieve this feat.She broke the record of British open-water swimmingchampion Lewis Pugh and American swimmer LynneCox. The 24-year-old is now the first Asian girl andyoungest in the world to have achieved this feat andnow has conquered all the five oceans of the world.

The Indian runner OP Jaisha, Asian Games medallist,made a memorable marathon debut at the 12th edition ofthe Mumbai marathon on 18 Jan by breaking the 19-year-old national mark of Vally Satyabhama to qualifyfor the World Championships in Beijing later this year.

Boxing Indias junior women boxers finished on top of the table

with a rich haul of three gold, an equal number of silverand two bronze medals in the fourth Nations Cup inVojvodina, Serbia on 16 Jan. Soniya, Mandeep KaurSandhu and Muskan were the goldmedallists. The silvermedals were won by Anjali Sharma, Harpreet Kaur Sidhuand Shruti Yadav. The bronze medals were picked byRiya Tokas and Ani Lama.

The Sports Ministry has cleared the name of NationalBoxing Federation of India as Boxing India (BI), whichis already recognised as a permanent member of theInternational Boxing Association (AIBA).

Chess Keralas OT Anilkumar clinched the Chennai Open FIDE

Rating Tournament (Category B) after scoring 8.5 pointsfrom nine rounds. Anilkumar won eight rounds and hada draw result in the third.

Cricket Rohit Sharmas rollicking century went in vain as

Australia survived a few anxious moments before pullingoff a tense four-wicket win over India in a cricket tri-series ODI match, in Melbourne on 18 Jan. England isthe third team of the 2015 Carlton Mid Tri-Series being

played in Australia.

West Indies pulled off the highest successful run chasein the shortest format. It was propelled by Chris Gayles90 off 41 balls against South Africa. The Proteas hadearlier posted 231 powered by their skippers Faf DuPlessis century. The Caribbean side overhauled the totalwith four balls to spare.

South Africa has retained the iconic Reliance ICC TestChampionship mace. It has won a cash award of USD500,000. With 124 rating points, it has an unassailablerating point in the present scenario till the annual cut-offdate of 1 Apr. For the SA team, this completes a hat-trickof winning the mace at the annual cut-off dates. Australiafinished second, whereas England and Pakistan are at3rd and 4th spot.

Football The Bengaluru FC have lifted their maiden Federation

Cup football title. In the summit clash at Margao on 11Jan, they edged past Dempo Sports Club 2-1.

Golf Arjun Atwal ended a four-year title drought as he won

the inaugural $500,000 Dubai Open at the Els Golf Clubon 21 Dec.

Tennis Indias Sania Mirza won her first title of the season and

23rd of her career when she and Bethanie Mattek-Sandsshocked top-seeded Americans Abigail Spears andRaquel Kops-Jones in the summit clash of the SydneyInternational on 16 Jan.

Wimbledon champion Petra Kvitova beat Czech KarolinaPliskova to win the Sydney International womenssingles title on 17 Jan.

Indias doubles star Leander Paes and Rohan Bopannawon ATP titles with their partners in Auckland andSydney respectively. Paes captured the 55th title of hiscareer as he triumphed at the Heineken Open with newpartner Raven Klaasen while Bopanna clinched the ApiaSydney International with Canadas Daniel Nestor.

Sports

BSC

Acad

emy



Continuing her steady progress in the WTA circuit, IndiasAnkita Raina overwhelmed British teenager Katy Dunnein straight sets in a one-sided final to lift her maiden USD25,000 ITF singles title at the Deccan Gymkhana on 27Dec in Pune.

Andy Murray won the ATP World Tennis Championshipin Abu Dhabi as world number one Novak Djokovicwithdrew from the final. Organisers announced thatNovak Djokovic, citing illness, would not participate inthe final at Zayed Sports City against Andy Murray.

In Tennis arena, the living legend, Roger Federer addedanother feather to his cap a record 1000th win in themens professional circuit, a feat only achieved by JimmyConnors and Ivan Lendl in the game. Swiss giant wonthe Brisbane International Finals by defeating MilosRaonic to register his 1,000th career match win.

Spanish tennis ace David Ferrers record of winning anATP title each year since 2010 remained unbeaten as he

grabbed a straight set win over Tomas Berdych in theQatar Open final.

Top seed Stanislas Wawrinka dismantled the challengeof a rampaging Aljaz Bedene with ease as the Swiss WorldNo. 4 retained the Chennai Open title with a straight-setswin in the summit clash in Chennai on 11 Jan.

Top seeds Leander Paes and Raven Klaasen of SouthAfrica were outplayed by Yen-Hsun Lu and JonathanMarray to win the mens doubles title at the ChennaiOpen tennis tournament on 11 Jan.

Others The 60th National School Games were held in New Delhi

2-8 Jan. The Sports Branch, Directorate of Education,Delhi govt organised the National School Games atChhatrasal Stadium. Around 9,600 players and officialsfrom 34 States and Union Territories and affiliated unitsof SGFI participated in 17 sporting events.

Awards Rajaram Sanjaya (India-born Mexican scientist) Kanwaljit Singh Bakhshi (MP in New Zealand) Essop Goolam Pahad (South African politician) Mahendra Nanji Mehta (Uganda-based

businessman) Professor Nathuram Poori (Founder of Purico

Group) Lord Raj Lumba (Founder of clothing company

Rinku Group) Kamlesh Lulla (Scientist, NASA) Nandini Tandon (Works in life sciences and

healthcare and IT) Rajmal Parakh Duraikannu Karunakaran Shah Bharatkumar Jayantilal Ashraf Palarkunnummal

The 72nd edition of Golden Globe Awards was organisedat Beverly Hills, California. The winners of variousawards are as follows: Best Motion Picture Drama: Boyhood Best Motion Picture Musical/Comedy: The Grand

Budapest Hotel Best Director in Motion Picture-Drama: Boyhood

Romesh Sobti, Managing Director & Chief Executive ofIndusInd Bank, is the Business Standard Banker of theYear for 2013-14.

Googles Larry Page has emerged as the businessperson of the year for 2014, edging past the likes ofAlibaba co-founder Jack Ma and Facebook CEO MarkZuckerberg, according to Fortune magazine.

The prominent Chinese theoretical physicist Yu Min hasbeen awarded State Preeminent Science and TechnologyAward for 2014. He was awarded for his groundbreakingresearch which led to the development of Chinas firsthydrogen bomb in 1967.

The Pravasi Bharatiya Samman 2015 has been awardedto 15 prominent non-resident Indians (NRIs) on theconcluding day of 13th Pravasi Bharatiya Diwas inGandhinagar, Gujarat. Satyanarayan Nadella (Global CEO of tech giant

Microsoft) Donald Rabindernauth Ramaotar (President of

Guyana) Mala Mehta (Founder of Indo-Australian Bal

Bharatiya Vidyalaya in Sydney)


15

BSC

Acad

emySINCE 1993 Indias Premier Banking / SSC Institute Best Actor in Motion Picture-Drama: EddieRedmayne for The Theory of Everything Best Actress in Motion Picture-Drama: JulianneMoore for Still Alice Best Actor in Motion Picture or Musical or Comedy:

Michael Keaton for Birdman Best Actress in Motion Picture Musical or Comedy:

Amy Adams for Big Eyes Best Actor in a Supporting role in Motion Picture: K

Simmons for Whiplash Best Actress in a Supporting role in Motion Picture:

Patricia Arquette for Boyhood Best Original Score Motion Picture: Johann

Johannsson for The Theory of Everything Best Foreign Language Film: Leviathan (Russia)

A British magazine has named RBI Governor and well-known economist Raghuram Rajan as the Governor ofthe Year in the Central Banking Awards for 2015. Theaward is given by the magazine Central Banking.

Distinguished scientist MYS Prasad, who is director ofthe India space agencys Satish Dhawan Space Centre,has been awarded the Vikram Sarabhai Memorial Awardfor 2014-15 awarded by the Indian Science CongressAssociation (ISCA).

Jammu and Kashmir has bagged the National Award fore-Governance for the best district-level initiative in thecountry.

For his Kanakalochanaha collection of short storiesthat touch upon various social issues eroding the system,Prabhu Nath Dwivedi has been named as the winner ofthe Sahitya Akademi Award for Sanskrit, 2014.

The Mangaluru-based Corporation Bank has baggedMSME Banking Excellence Awards 2014 instituted byChamber of Indian Micro, Small and Medium Enterprises(CIMSME).

Amitabh Bachchan has been given the Social MediaPerson of the Year award by the Internet and MobileAssociation of India (IAMAI).

Frank Islam, an eminent Indian-American entrepreneurand philanthropist has been presented with theprestigious Martin Luther King Jr Award in recognitionof his contribution to the legacy of the great leaderthrough his efforts in international service and civilengagement.

UK-based noted economist Lord Meghnad Desai hasbeen selected for Sardar Vallabhbhai Patel VishwaPratibha Award for his contribution to society as aGujarati.

Miscellany The Union Railway Minister Suresh Prabhu flagged off

Indias first compressed natural gas (CNG)-poweredtrain between Rewari and Rohtak in Haryana. The trainis powered by Diesel Electric Multiple Unit (DEMU) andis based on dual fuel system diesel and CNG. This trainis integrated with 1,400 HP engine to run on dual fuelthrough fumigation technology.

Army Day is celebrated on Jan 15 every year in India inrecognition of Lieutenant General KM Cariappas takingover as the first Commander-in-Chief of the Indian Armyfrom General Sir Francis Butcher, the last BritishCommander-in-Chief of India, on Jan 15, 1949.

The Ministry of External Affairs celebrated the WorldHindi Day 2014 on Jan 10, 2014 at a special functionbeing organised at the Foreign Service Institute, Ber Sarai,New Delhi.

The National Consumer Day is observed in India on 24Dec every year as on this day the Consumer ProtectionAct, 1986 had received the assent of the President. TheWorld Consumer Rights Day is observed on 15 Marevery year.

The Indian Patent Controller has rejected US firm Gileadskey patent applications for drug sofosbuvir, used to treathepatitis C (HCV).

12 Jan was observed as National Youth Day in India tomark the birth anniversary of social reformer, philosopherand thinker Swami Vivekananda. The Union Govt in 1984had declared and decided to observe the birthday ofSwami Vivekananda as the National Youth Day everyyear from 1985 onwards.

BSC

Acad

emy



The countrys livestock disease monitoring andforecasting system has received a boost with the settingup of the state-of-the art Biosafety Laboratory inBengaluru to take up detailed studies into disease-causing organisms. The lab, set up by the NationalInstitute of Veterinary Epidemiology and DiseaseInformatics (NIVEDI), was dedicated to the nation byUnion Agriculture Minister Radha Mohan Singh atYelahanka on 10 Jan.

Hyderabad-based Indian Immunologicals Limited (IIL)has launched Raksha Blu, Indias first vaccine for bluetongue disease prevalent among flocks of goats andsheep across the country.

The 102nd session of Indian Science Congress (ISC)was inaugurated by Prime Minister Narendra Modi atthe University of Mumbai.

It is after a gap of 45 years that the ScienceCongress returned to Mumbai. The theme for 102ndISC was Science and Technology for HumanDevelopment.

capsule jan 2015

Documents

fromcashless banking

base rate

private lender icici

kotak mahindra bank

thereverse repo rate

corporate india

minimum lending rate

repo rateby