Current Affairs Update – 11th Feb, 2015

• ICICI Bank on 10 February 2015 launched India’s first digital Bank on mobile phone, Pockets. This digital e-wallet can be downloaded from Google Playstore.
• Pockets, the digital e-wallet uses a virtual VISA card that enables the users to transact on any website or mobile application in India.

• Users can fund it from any bank account across India and start transacting immediately. It requires no documentation or branch visit
• Users can also choose to add a zero balance Savings Account to the wallet, which will allow them to earn interest on their idle money
• The e-wallet of Pockets is India’s most comprehensive wallet which can be used to pay on all websites and mobile apps in the country
• This e-wallet allows users to instantly send/request money to/from any e-mail id, mobile number, friends on Facebook and bank account
• This e-wallet allows a person to pay bills, recharge mobiles, book movie tickets order food, send physical & e-gifts, split and share expenses with friends by using this e-wallet

• Federal Bank has launched a video conference facility ‘VConnect’ that enables customers to interact with the bank’s relationship managers face-to-face from any part of the world.
• VConnect is accessible through the bank’s Web site.
• The private sector bank, in a statement said, this facility opens up one more touch point for Federal Bank’s customers, especially the NRI clientele, to directly reach out to the bank executives for availing themselves of specialised services on loans, savings, investments and insurance products, and also wealth management and advisory services.
• Although VConnect will initially be available during office hours on all working days (10 am to 5.30 pm IST on week days and 10 am to 2 pm IST on Saturdays), plans are afoot to extend the service 24 X 7.

• Tech Mahindra today said its sister company Mahindra Finance will become equal shareholder if the Reserve Bank clears its payment bank licence, and the company is also in talks with the World Bank Group member IFC for a partnership in the foray.
• The payments bank floated by the Mahindras wants to learn from the best global experiences, where IFC will be of help with experiences from its investee companies from the world over, he said, adding Tech Mahindra is also in talks with mobile operators for a tie-up.
• The Reserve Bank accepted applications from over 40 companies/individuals last week for payment banks.
• Most of the big telecom players who possess huge distribution networks have entered the fray. Reliance Industries tied up with SBI; Airtel with Kotak Bank.

• The statistical boost to GDP is likely to continue in the next financial year as well, as the Indian economy is expected to clock 7.7 per cent growth under the new series, higher than 6.3 per cent projected under the older series, says a report by Standard Chartered.
• According to the global financial services major, strong GDP prints in 2013-14 and 2014-15 are driven more by “statistical factors” after India released a new GDP series on January 30 rather than a pick-up on the ground.
• The RBI will therefore need to reassess its potential growth estimates (6.0-6.5 per cent) in view of the new GDP data and assess any slack in the economy.
• The Reserve Bank on its February 3 policy review left interest rate unchanged saying there was no substantial development on inflation or fiscal fronts to warrant a fresh reduction.
• This stance follows a surprise rate cut by RBI on January 15 to tackle disinflationary pressure.

• Union Government on 10 February 2015 approved a proposal to increase the authorised Share Capital of the National Minorities Development and Finance Corporation (NMDFC) to 3000 crore rupees from 1500 crore rupees. NMDFC works for welfare of minorities.
• The decision was taken in a Union Cabinet meet chaired by Prime Minister Narendra Modi.
• Apart from this, the Cabinet also gave approval to revise the shareholding pattern to 73:26:1 from 65:26:9 among the Centre, States/Union Territories and individuals/institutions, respectively. Further, approval was also given for restructuring of the NMFDC's business model.
• The decision will enlarge the quantum of funds available for economic activities, better coverage and enhanced outreach.

• Star India Pvt. Ltd on 11 February 2015 acquired the Telugu television channel network Maa Television Network Ltd (MTNL) including its brand, assets and four channels for an undisclosed amount.
• With this acquisition, Star India will get access to the Telegu TV market, the second largest regional market in India in terms of revenue potential. The acquisition will come into effect once the policies and procedures in the business of Maa TV are aligned with the policies of Star India.
• However, the management of Maa Television Network will remain with its owners Nimmagadda Prasad, Telugu film personalities Chiranjeevi, Akkineni Nagarjuna and Allu Arvind.

• Indian Navy on 9 February 2015 conducted a large scale Humanitarian Assistance and Disaster Relief (HADR) exercise in the Lakshadweep Islands (Karavati, Aggatti, Kalpeni and Androth).
• The HADR exercise was designed to validate Indian Navy’s readiness and capability to handle major cyclone striking the Lakshdweep Islands and disrupting essential services, causing widespread destruction of property, loss of life and dislocation of personnel.
• The exercise saw participation of more than 20 Indian Naval Ships from the Western and Eastern Fleet along with various aircraft of the Indian Navy. The exercise was conducted in an area of about 8000 square miles in the Indian Ocean.

• The British government says it has closed its embassy in Yemen and evacuated all its diplomatic staff amid turmoil there following Shiite rebels seizing power in the Arab world’s poorest country.
• In a statement today, UK Minister for the Middle East Tobias Ellwood said all embassy staff in Yemen’s capital, Sanaa, left early this morning. The statement also calls for all British nationals to “leave immediately.”
• The UK decision comes after the US Embassy there closed and America evacuated its staff.
• Yemen has been in crisis for months, with Shiite Houthi rebels besieging the capital and then taking control.
• Yesterday, U.S. officials said the embassy closure would not affect counterterrorism operations against al-Qaida’s Yemen branch, which America views as the world’s most dangerous branch of the terror group.

• The book Fragile Frontiers: The Secret History of Mumbai Terror Attacks was written by SK Rath. The book was published by Routledge, London and simultaneously published in India and the United States in August 2014.
• The book is about terrorism in South Asia, centering on the 2008 Mumbai attacks.
• This book is a hitherto neglected, intriguing and analytical description of terrorism in South Asia, centering on the diabolic Mumbai Attacks conspiracy of Pakistan's Inter-Services Intelligence; the duplicitous terror policy of the United States; and the lackadaisically self-inflicted capitulation of the Indian State.

• The Union Ministry of Youth Affairs & Sports on 11 February 2015 revised the Rashtriya Khel Protsahan Puruskar Scheme.

1. Identification and nurturing of budding/young talent
2. Encouragement of sports through Corporate Social Responsibility (CSR)
3. Employment of sportspersons and sports welfare measures
4. Sports for Development

• National Games mascot Ammu, the Great Hornbill, has immortalised itself by finding a mention in the Limca Book of Records.
• The mascot found a place in the record books owing to a play, Kalikkunna Kuttikalkkayi Bharatham Kathirikkunnu (India Awaits Children Who Play) in which Ammu is featured.
• According to the Limca Book’s 2015 Special Literature Edition, it is a play about a mascot which had been staged in most number of schools.

• The Union Minister for Social Justice & Empowerment, Thaawar Chand Gehlot on 11 February 2015 distributed the Dr. Ambedkar National Merit Awards. The awards were given away to 84 Students belonging to Scheduled Castes and Scheduled Tribes category.
• The awards were given to Meritorious Students of Secondary and Sr. Secondary School 2014 conducted by State/Central Education Boards/Councils under Dr. Ambedkar National Merit Awards.

• Senior journalist Diptosh Majumdar died on 8 February 2015 after suffering from acute myelocytic leukemia (AML) at a private hospital in Delhi. He was 55.
• Born in 1958, Majumdar began his career as a city reporter at The Statesman, Kolkata. He had over 26 years of experience in journalism during which he covered news related to environment, government, administration and elections throughout the country.
• Majumdar had worked as national affairs editor with CNN-IBN news channel and was part of the core team that launched the channel in 2005.

• Syndicate Bank will hire about 5,000 people in financial year 2015-16 to meet its growth plans. This will include 2,900 officers and 2100 clerical cadre staff, said T.K.Srivastava, Executive Director, Syndicate Bank.
• "We have already placed an indent with the Institute of Banking and Personnel Selection to hire about 5,000 during next financial year," Srivastava said announcing the Bank's December quarter results. The Bank currently has about 29,000 employees managing a total of 3463 branches as of December, 2014. About 800 employees are expected to retire by end-March.
• Syndicate Bank has seen its business per employee increase to Rs. 14.52 crore at the end of December quarter as against Rs. 12.81 crore in the corresponding period last year, a growth of 13.3 per cent. However, the net profit per employee on an annualised basis stood at Rs. 4.37 lakh as against Rs. 5.95 lakh in December quarter last year.