Current Affairs Update – 25th May, 2015

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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