Hello and welcome to ExamPundit. Here are the important current affairs of 25th May, 2015.


Finance/Banking –

Govt. clears 21 FDI proposals worth Rs. 281 crore


  • The government on May 29 has cleared 21 foreign direct investment (FDI) deals worth Rs. 281 crore.
  • The proposal of pharma firm La Renon Healthcare to invest Rs. 100 crore in a brownfield project was cleared by the FIPB in its meeting on April 30. The inter-governmental panel, chaired by Economic Affairs Secretary, also cleared Blue Dart Express’s proposal to acquire shares in Blue Dart Aviation Ltd. and hike shareholding to 74 per cent from 49 per cent.
  • This would entail investment between Rs. 52.8 crore to Rs. 69 crore. The proposal of Quickjet Cargo Airlines to increase foreign shareholding in the company to 74 per cent from 62.34 per cent has also been cleared.
  • The deal will entail FDI worth Rs. 14.40 crore. Forever Living Imports (India) Pvt Ltd’s Rs 18.30-crore proposal to undertake single brand retailing of ‘Forever’ brand products in India has also been approved by the board.
  • Also the proposal of NBFC company IIFL Holdings Ltd for increasing foreign equity from 54.7 per cent to 100 per cent by way of issuing shares to FIIs was deferred. The Govt. however deferred Kotak Mahindra Bank’s proposal to hike foreign investment limit in the bank to 55 per cent.


ICICI Bank Launches Voice Recognition Technology for Transaction


  • ICICI Bank, India’s largest private sector bank, launched a voice recognition service which authenticates customers based on their speech patterns and allows them to execute banking transactions through the bank’s call centre.
  • The-first-of-its kind service, it is available to over 33 million customers of its savings account and credit card. With the voice recognition technology in place, customers are no longer required to enter their card numbers, PIN and answer security questions to authenticate themselves.
  • Their voice will now act as the password for banking transactions through the call centre.
  • This will benefit all savings bank and credit card customers. The voice recognition technology works on voice prints, which are unique to an individual. It comprises more than 100 characteristics, including voice modulation, speed, accent, and pronunciation, which are impossible to imitate, thereby enhancing security.
  • The bank stores the customer's unique voice print against his account and matches it whenever he calls from his registered mobile number, offering a seamless experience to the customer.

Western Union renews 14yr old tie-up with India Post


  • Global money transfer major Western Union today said it has renewed its 14-year-old partnership with India Post, which is now in the race to become a payments bank. After the renewed agreement, now nearly 10,000 post offices will continue to serve as Western Union agents.
  • The tenure of this renewed agreement was not revelead.
  • After this renewal now people can continue to receive money sent from other locations through post offices.
  • The Department of Posts is among 41 entities and individuals who are in the race to enter the soon to be introduced payments banking domain. It had earlier applied for universal bank licence, but there was some rethink on part of the government.
  • Last week, Reserve Bank Deputy Governor SS Mundra had said the central bank hoped to issue the licences to eligible small and payment candidates by the end of the year. The applications were submitted early February.


Appointments –

Manoj Mishra appointed as CMD of National Fertilizers Limited


  • Director (Finance) at State Trading Corporation (STC) Manoj Mishra was appointed as the Chairman and Managing Director (CMD) of state-run National Fertilizers Limited (NFL) on 24 May 2015 .
  • The post was vacant after the retirement of Neeru Abrol in February, 2014.
  • Mr. Manoj Mishra is currently serving as the Director (Finance) at State Trading Corporation (STC). Mishra is a cost accountant by qualification. He began his career from fertiliser company Kribhco and worked there for 23 years.


Saurabh Kumar appointed as Indian Ambassador to Iran


  • Saurabh Kumar, an IFS officer of 1989 batch, was today appointed as the next Indian Ambassador to Iran.
  • The officer is currently posted as a Joint Secretary in the National Security Council Secretariat.
  • He is expected to take up his assignment soon.
  • Notwithstanding US objections, India had earlier this month signed a crucial agreement with Iran for the development of the strategically important Chabahar port which will give India sea-land access route to Afghanistan bypassing Pakistan.


India –

Facebook's Internet.org Attracts Eight Lakh Users in India


  • Social media giant Facebook has garnered 8 lakh users in India for its Internet.Org initiative that has been in the thick of the net neutrality controversy.
  • As part of the global initiative, Facebook had partnered telecom major Reliance Communications to offer free access to over 30 websites without data charges to users in India.
  • Facebook has faced criticism for launching the platform as it is seen as violating the principle of net neutrality, which is against any priority being accorded to an entity in the Internet traffic flow because of payments to service providers such as telecom companies.
  • About 20 per cent of Internet.Org users were previously not active on mobile data and thus, Internet.Org is bringing new people online, the spokesperson said.
  • Internet.Org service is available for Reliance customers in seven telecom circles of Mumbai, Maharashtra, Gujarat, Andhra Pradesh, Chennai, Tamil Nadu and Kerala.
  • Internet.Org claims to have made Internet available to over 800 million people in nine countries, including India.

World –

China Establishes World's Largest Physical Gold Fund


  • China, the world's biggest gold producer, has set up a gold sector fund involving countries along the ancient Silk Road which is expected to raise $16.1 billion.
  • The fund, led by Shanghai Gold Exchange (SGE), is expected to raise an estimated 100 billion yuan ($16.1 billion) in three phases, state-run Xinhua news agency reported. It is said to be the "largest fund" set up by China.
  • The fund has been set up in northwest Xi'an city during an ongoing forum on investment and trade. China is the world's largest gold producer, and also a major importer and consumer of gold.
  • Among the 65 countries along the routes of the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, there are numerous Asian countries identified as important reserve bases and consumers of gold.
  • About 60 countries have invested in the fund, which will in turn facilitate gold purchase for the central banks of member states to increase their holdings of the precious metal, the report said.

Sports –

Mumbai Indians wins 2015 Indian Premier League

  • Mumbai Indians (MI) on 24 May 2015 won the eighth edition of the Indian Premier League (IPL). In the final clash played at Eden Gardens in Kolkata, Mumbai Indians defeated Chennai Super Kings (CSK) by 41-runs.
  • This was the second title triumph for Mumbai Indians after their maiden win back in 2013.


Awards Include:

  • Man of the Match: Rohit Sharma for his match winning score of 50 in 26 balls
  • Player of the Tournament: Andre Russell
  • Orange Cap awarded to: David Warner
  • Purple Cap awarded to: Dwayne Bravo
  • Emerging Player of the Season: Shreyas Iyer
  • Most Valuable Player: Andre Russell

·


Obituaries –

Actress-Comedian Anne Meara Dies Aged 85


  • Actress and comedian Anne Meara, whose comic work with husband Jerry Stiller helped launch a 60-year career in film and TV, has died. She was 85.
  • Jerry Stiller and son Ben Stiller say Meara died yesterday. No other details were provided.
  • The Stiller family released a statement to The Associated Press today describing Jerry Stiller as Meara's "husband and partner in life."
  • Meara also appeared in dozens of films and TV shows, including a longtime role on All My Children and recurring appearances on Rhoda, Alf, Sex and the City and The King of Queens. She shared the screen with her son in 2006's Night at the Museum.
  • Meara was twice nominated for an Emmy Award for her supporting role on Archie Bunker's Place, along with three other Emmy nods, most recently in 1997 for her guest-starring role on "Homicide." She won a Writers Guild Award for co-writing the 1983 TV movie The Other Woman.
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