Current Affairs Update - 18 Sept, 2014

• ·         Export-Import Bank of China (China Exim Bank) and China Development Bank Corporation (CDB) today signed various agreements with SBI, ICICI Bank and Axis Bank to facilitate trade between the two countries.
• ·         SBI signed an agreement with China Exim Bank for a Line of Credit of $ 1.8 billion for imports of raw material, energy, equipment, mechanical and electronic products, among others from China.
• ·         "State Bank of India and The Export Import Bank of China signed a framework agreement for a Line of Credit of $ 1.8 billion to be offered by The Exim Bank of China.
• ·         Private lender ICICI Bank signed an agreement with China Exim Bank for $ 1 billion to facilitate short-term and long-term credit lines to ICICI Bank for financing purchase and import of Chinese products and services by its clients.
• ·         Axis Bank signed a MoU with CDB to cater to requirements of Chinese companies operating in India.

• ·         Pension regulator PFRDA has set up an expert committee under chairmanship of former SEBI chief G N Bajpai to review the investment guidelines for national pension system (NPS) schemes in private sector.
• ·         This committee will look at the investment guidelines in a “wholesale” manner so as to enable flow of pension monies in new instruments such as long term infrastructure bonds to be floated by banks, infrastructure debt funds and Basel 3 compliant bonds.
• ·         The review of investment guidelines will also help revamp the role of pension fund managers (PFMs) and could allow them to proactively promote pension products, R.V.Verma, PFRDA Chairman, told Business Line here on Thursday.
• ·         Current regulations forbid PFMs from marketing of pension products, Verma pointed out.
• ·         Besides review of investment guidelines for NPS in private sector, the committee has also been asked to recommend measures for bringing other pension/superannuation funds under the regulatory purview of PFRDA.

• ·         India today signed a 5-year trade and economic cooperation agreement with China with a view to improve the trade balance and obtain $20 billion Chinese investment into the country.
• ·         The 'Five year Trade and Economic Development Plan' was signed by Commerce Minister Nirmala Sitharaman and her Chinese counterpart Gao Hucheng in presence of Prime Minister Narendra Modi and visiting President Xi Jinping.
• ·         The agreement lays down a medium term roadmap for promoting balanced and sustainable development of economic and trade relations between China and India, on the principle of equality and mutual benefit.
• ·         Among other things, it seeks to reduce bilateral trade imbalance and strengthen investment cooperation to realise $20 billion investment from China in 5 years.

• ·         In yet another first for Gujarat, Japan’s Mizuho Bank will set up its branch in Ahmedabad by June 2015. Even as Japanese investment continues to pour in to the state, this will be first Japanese bank to come up in Gujarat as of now.
• ·         In this regard, Kashiwagi, India-based Chief Executive Officer of Mizuho Bank of Japan also met Gujarat Chief Minister Anandiben Patel at Gandhinagar on Thursday.
• ·         While briefing the chief minister, Kashiwagi stated that Mizuho Bank, which already have had the license from Reserve Bank of India, will launch its branch at Ahmedabad from June-2015.
• ·         During the meeting, Chief Minister also discussed about the services-partnership of Mizuho Bank in forthcoming Vibrant Gujarat-2015.

• ·         The Reserve Bank of India (RBI) on 17 September 2014 proposed to segregate the post of Chairman and Managing Director (CMD) of Public Sector Undertaking (PSU) banks. It also proposed a separate committee for appointment of directors on the board of PSU banks.
• ·         These proposals are a part of corporate governance reforms in PSU banks and are based on the recommendations of various committees including the PJ Nayak Committee recommendations.
• ·         The proposal of RBI may delay the appointments of Chairman in at least ten PSU banks or may bring changes in the top management of the PSU banks. Already top position of 4 PSU banks is lying vacant which are likely to be filled once government finalises the new norms for appointment of bank chairman.
• ·         At present, the post of CMD in PSU banks is vested with one person only. As a result CMDs of PSU banks enjoy absolute power and often dominate the board during their tenure.
• ·         The only exception among the PSU banks is State Bank of India where the top position is commanded by the chairman and there are four managing directors with clearly defined executive roles.

• ·         India and China today exchanged 12 documents, including one on five years economic and trade development plan.
• ·         An agreement on audio visual co-production, two documents on railways, another document on work plan for drug administration and an MoU on culture were exchanged between the two countries.
• ·         A MoU on peaceful use of outer space and a twinning agreement between Shanghai and Mumbai were also signed.
• ·         Prime Minister Narendra Modi said that Chinese President Xi Jinping has assured that he will take concrete steps to correct the trade imbalance and give more market access and investment in China.
• ·         Modi has invited Chinese investments especially in Infrastructure. China has committed to invest $20 billion in five years.
• ·         Concrete steps on railways were also discussed between Modi and Jinping.
• ·         Modi said that China has agreed to allow new route from Nathula to Kailash Mansarovar. This will also be usable during rains.
• ·         The Prime Minister has expressed concerns over what happened at the borders. Both of them discussed openly and touched on difficult issues, he said, adding that boundary issues will sorted out soon.
• ·         Modi told the Chinese President that clarification on line of control can help. He says that this has been stopped for several years and should begin again.
• ·         The Prime Minister added that in connection with regional connecivity, the BCIM (Bangladesh, China, India and Myanmar) trade corridor was also discussed.

• ·         Prime Minister Narendra Modi on 17 September 2014 appointed former McKinsey India Chairman Adil Zainulbhai as the Chairman of Quality Council of India (QCI).
• ·         He will serve Quality Council of India for a period of three years from the date of assumption of charge.

• ·         Rajasthan became the first Indian state to ratify the National Judicial Appointments Commission (NJAC) Bill 2014. The Bill was unanimously passed by the Legislative Assembly of Rajasthan on 17 September 2014.
• ·         The Assembly of Rajasthan also adopted the 121st Constitutional Amendment Bill that mentions about National Judicial Appointments Commission (NJAC).
• ·         The Bill seeks to end the two-decade-old collegium system of appointments and transfers of judges to higher judiciary. It lays down the procedure to be followed by the NJAC for recommending persons for appointment as Chief Justice of India and other judges of the Supreme Court, and Chief Justice and other judges of High Courts.

• ·         Goa on 17 September 2014 became a permanent venue for the International Film Festival of India (IFFI).
• ·         To make Goa a permanent venue for IFFI, a Memorandum of Understanding (MoU) was signed between Information and Broadcasting Secretary Bimal Julka and Chief Secretary of Goa State B. Vijayan. The MoU was signed in the presence of Union Information and Broadcasting Minister Prakash Javadekar and Goa Chief Minister Manohar Parrikar.
• ·         The 45th International Film Festival of India will be held from 20 November to 30 November 2014 in Goa. The years’ edition of the festival will have a new section of Konkani and Marathi cinema, along with a separate section on northeastern cinema.

• ·         Union Ministry of Road Transport & Highways on 16 September 2014 decided to roll out Electronic Toll Collection (ETC) programme in the country under the brand name FASTag.
• ·         ETC is a programme of electronically making the payment on highway tolls without stopping the vehicle at the toll plazas.

• ·         International hospitals chain, Columbia Asia today announced commissioning of its first hospital in Gujarat and eleventh in the country. The 110-bed hospital will be equipped to provide tertiary care services.
• ·         At a time when chains of private multi-specialty hospitals coming up across the state, Columbia Asia looks to provide international-quality healthcare services joined with nursing services that follow international protocols to provide care and attention to the patient.
• ·         Speaking to the media in Ahmedabad on Thursday, Tufan Ghosh, chief executive office (CEO), maintained that considering the potential in the India’s healthcare sector, the hospital chain looks at about 18-22 per cent growth in earnings before interest, taxes, depreciation and amortization (EBIDTA) in the coming years.
• ·         Columbia Asia Hospitals is the first hospitals chain in India to utilize 100 per cent foreign direct investment (FDI) in the hospital sector. The company has long-term PE investors in the US.

• ·         Chinese President Xi Jinping will announce the opening of a new and more convenient route for pilgrims to Mansarovar and Mount Kailash via Sikkim, rather than Uttarakhand, in Delhi.
• ·         Prime Minister Narendra Modi expressed his interest in the new route to Mr. Xi during their meeting on the sidelines of the BRICS summit in Fortaleza, Brazil, in July.
• ·         The new route will now traverse through the city of Shigatse to the pilgrimage spot situated at a height of 19,500 feet, part of the Tibetan Autonomous Region.
• ·         The route has a better highway owing to the infrastructure development there.
• ·         The decision is a significant gesture for the pilgrims. The annual pilgrimage takes place by an arrangement with the External Affairs Ministry. Tour operators take pilgrims through the Nepal route.

• ·         Chinese President Xi Jinping on 16 September 2014 appointed Le Yucheng as China's new Ambassador to India. Le Yucheng replaced Wei Wei who previously served as China's envoy to India.
• ·         Prior to his appointment as Ambassador to India, he served as the China's ambassador to Kazakhstan.

• ·         The International Economic Association (IEA) on 16 September 2014 appointed Kaushik Basu as president-elect of the association beginning September 2014. However, he will continue to serve as Senior Vice President and Chief Economist of World Bank.
• ·         This will be the second time that an Indian will be heading this association that produces a large number of research papers and books and organizes round tables on topics of contemporary interest. Amartya Sen became the first Indian to join IEA.
• ·         Kaushik Basu is Senior Vice President and Chief Economist of World Bank. He was appointed as Chief Economist at the World Bank on 5 September 2012.
• ·         He is currently the fourth President of the Human Development and Capabilities Association which was founded by Amartya Sen and a member of the Board of Directors of the Exim Bank of India.

• ·         World's first water-based nuclear battery was developed by Jae W. Kwon’s research group at the University of Missouri (MU). This research titled Plasmon-assisted radiolytic energy conversion in aqueous solutions was published in the journal Nature on 11 June 2014.
• ·         It uses a radioactive isotope called strontium-90 that boosts electro-chemical energy in a water-based solution.
• ·         A nano-structured titanium dioxide electrode with a platinum coating in the battery collects and converts energy into electrons.
• ·         Water acts as a shield and its efficiency is increased by the surface plasmons created in the battery.