Current Affairs Update – 4th March, 2015


        Today’s Topics

   •  Banking/Finance
   •  India
   •  Awards
   •  Sports
   •  Days
   •  Obituaries

Banking/Finance/Insurance
RBI reduced Repo rate
by 25 basis points to 7.5 percent

  • The Reserve Bank of India (RBI) on 4 March 2015 reduced the
    repo rate by 25 basis points to 7.5 percent with immediate effect. This is the
    second time since January 2015 that RBI reduced the repo rate by 25 basis
    points.
  • With this, the reverse repo rate under the LAF stands
    adjusted to 6.5 percent, and the marginal standing facility (MSF) rate and the
    Bank rate to 8.5 percent.
  • The RBI reduced the repo rate outside the bi-monetary policy
    review cycle taking into account the following developments:
  • The new Consumer Price Index (CPI) rebased to 2012 was
    released on 12 February 2015. As per this, inflation in January 2015 stood at
    5.1 percent which was well within the target of 8 percent for January 2015.
  • The prices of vegetables and inflation excluding food and
    fuel reached a new low indicating that disinflation is evolving along the path
    set out by the RBI in January 2014 and at a faster pace than earlier envisaged.
  • The recently-released GDP estimates based on base year
    2011-12 by Central Statistical Office (CSO) pictures a steadily recovering
    economy which appears to be right.
  • In Union Budget 2015-16, many important and valuable
    structural reforms has been included. This will help improve supply over the
    medium term and help achieve fiscal consolidation.
  • The rupee remained strong relative to peer countries, thus,
    creating disinflationary impulses.

SEBI Eases Account
Opening Norms for Individual Investors

  • To make it easier for new individual investors, market
    regulator Sebi today announced a ‘Saral’ or simplified account opening form for
    such persons and eased the process for submitting address proof documents.
  • The move comes in the backdrop of the government and the
    regulator making efforts to attract new retail investors to the market
    especially for the disinvestment share sales through Offer For Sale (OFS) and
    other routes.
  • In a circular issued to all stock exchanges and various
    market intermediaries, the Sebi said: “A majority of new investors in the
    securities market begin with participation in the cash segment without
    obtaining various other facilities such as Internet trading, margin trading,
    derivative trading and use of power of attorney.”

Insurance Bill passed
by Lok Sabha
  • The long-pending Insurance bill, a key economic reform
    legislation providing for raising foreign investment cap to 49 per cent, was
    today passed by Lok Sabha with the government insisting that the measure is
    crucial for expanding the penetration of insurance in the country.
  • The controversial Insurance Laws (Amendment) Bill, which
    seeks to replace an ordinance, also provides for imprisonment of up to 10 years
    for selling policies without registration with the regulator IRDA.
  • The proposed legislation will also allow PSU general
    insurers to raise funds from the capital market and provides for increased
    penalty to deter multilevel marketing of insurance products.
  • The bill, one of the key reform legislations, has been
    pending since 2008.

LS Passes Coal Bill
to Replace Ordinance
  • Lok Sabha today passed the Coal Mines bill to allow
    e-auction of coal blocks after the Supreme Court cancelled their allocation
    leading to uncertainty in the coal sector, amid opposition by Left and some
    other opposition parties.
  • The Coal Mines (Special Provisions) Bill, 2015, would
    replace two ordinances issued by the government — the first on October 21 last
    year and the other in December, after the apex court cancelled the allocation
    of 204 blocks.
  • Replying to a debate on the bill, Coal and Power Minister
    Piyush Goyal said its passage would ensure “transparent and honest”
    process of auctioning of coal blocks.
  • Highlighting the necessity of passing the bill, he warned
    that if the Bill is not passed, then there could be a crisis in the coal sector
    with the closure of these mines.

Union Government and
RBI signed an agreement on Monetary Policy Framework
  • Union Government and Reserve Bank of India (RBI) signed an
    agreement on Monetary Policy Framework. The agreement was signed on 20 February
    2015 but was made public on 2 March 2015.
  • The agreement empowers the RBI to go for inflation targeting
    that is common in developed countries and it also empowers RBI to monitor its
    monetary policy framework.
  • As per the agreement, RBI will aim to bring down the
    inflation below six percent by January 2016 and inflation target for 2016-2017
    and subsequent years will be 4 percent +/-2 percentage points.


Features of the
agreement that empowers RBI to monitor its framework
  • India’s monetary policy framework will be operated by the
    RBI.
  • India’s monetary policy framework will aim to “maintain
    price stability while keeping in mind the objective of growth.
  • If the RBI fails to meet the target, then it will have to
    report to the Union Government the reasons for the failure to achieve the
    target.
  • It will also provide the remedial action to take and
    estimate of the time period within which the target would be achieved.
  • It will put in place a framework of a modern monetary policy
    to meet the challenges of an increasingly complex economy.
  • The RBI’s Governor will determine the country’s key interest
    rates or any measures needed to achieve that inflation target.
  • It binds the Union Government to take proactive measures for
    price control.
  • The agreement will provide a predictable policy stance on
    inflation, helping investors, especially in the debt market.

The agreement was signed in line with the recommendations of
the RBI’s Urjit Patel committee. The committee’s recommendation will smoothen
the monetary policy scene in the country.
At present, the Union Government and the RBI provides
inflation estimates but don’t set any targets for it.
Union Ministry of
Shipping signed agreement with Toyota for Export of Automobile Units
  • Union Ministry of Shipping on 3 March 2015 signed an
    agreement with Toyota for export of automobile units. The export of automobile
    units will be done through Kamarajar Port Limited (KPL).
  • The agreement mainly includes the Original Equipment
    Manufacturers (OEM) commitment to use KPL as their primary port and KPL will
    give volume based discount on the tariff on certain facilities for smooth
    functioning of the operations. The Agreement is for a period of 10 years.

India
President gave assent
to Maharashtra Animal Preservation (Amendment) Bill 1995

  • President Pranab Mukherjee on 2 March 2015 gave his assent
    to the Maharashtra Animal Preservation (Amendment) Bill 1995. This amendment
    bans slaughter of bulls and bullocks in Maharashtra.
  • President gave his assent to the Bill as per the provisions
    in Article 201 of the Constitution of India.

Features of the
amendment
  • If anyone is found selling beef or in possession of it can
    be jailed for five years and fined up to 10000 rupees
  • The new act will however allow slaughter of water buffaloes,
    which provides carabeef, generally seen as inferior quality meat (that makes up
    only 25 percent of the total beef market in the state)

World’s largest and
tallest Indian flag unfurled in Faridabad

  • World’s largest and tallest Indian national flag was
    unfurled on 3 March 2015 at Town Park in Faridabad, Haryana. The flag was
    unfurled by BJP president Amit Shah, Haryana CM ML Khattar and Bollywood actor
    Ranbir Kapoor.
  • The flag has dimension of 96 feet by 64 feet and weighs 48
    kilograms. Flag was hoisted at the height of 250 feet (75 meters). Thus, making
    it the world’s largest and the highest hoisted Indian flag in the world.
  • The unfurling event was organised by Nav Chetna Trust which
    is formed to work on social issues like beti Bachao Beti Padhao Campaign and
    Swachh Bharat Mission.
  • Another such flag is located at the Central Park in
    Connaught Place, New Delhi. This flag is 60 feet in width and 90 feet in length
    and is hoisted at the height of 207 feet.

Maharashtra
Government approved the proposal to issue Aadhar-linked ration cards
  • The state cabinet of Maharashtra on 3 March 2015 approved
    the proposal to issue Aadhar-linked ration cards. The approval was given in a
    bid to curb fake beneficiaries and bring in transparency in the Public
    Distribution System (PDS).
  • Under this two-phased programme of 173.72 crore rupees,
    Aadhar-linked ration cards will be distributed to all the 2.32 crore ration
    card holders in the state in the first phase.
  • In the second phase, all PDS outlets across the state will
    be connected with a mobile terminal technology–enabled biometric network to
    recognise each customer’s details before distributing the food grains.

NBCC, DDA sign pact
for first smart sub-city in East Delhi
  • National Building Construction Corporation Ltd (NBCC) and
    Delhi Development Authority (DDA) on Wednesday signed an MoU for the first
    smart sub-city to come up at Karkardooma in East Delhi.
  • The 30-hectare DDA land will be developed by NBCC as the
    first transit oriented development (TOD) smart city in Delhi — ‘East Delhi Hub
    Project’.

Awards
& Honors
Indian-American
physician Rahul Jindal selected for Fulbright Nehru Distinguished Chair

  • Indian-American physician Rahul Jindal was on 3 March 2015
    selected for the prestigious Fulbright-Nehru Distinguished Chair.
  • The Ahmedabad-based HL Trivedi Institute of Transplantation
    Sciences will host Rahul Jindal for the duration of the chair. The Institute
    performs about 400 kidney transplants in a year and has developed innovative
    transplant tolerance models.

Rani Mukerji awarded
by National Institute of Gender Justice for representing the cause of women

  • Bollywood actress Rani Mukerji was on 3 March 2015 awarded
    with the National Award for the Best Representation of the Cause of Safety,
    Security and Protection of Women and Girl Child by National Institute of Gender
    Justice (NIGJ).
  • Rani is the first ever film personality to be felicitated
    with this prestigious award. She was awarded for creating awareness about child
    trafficking in New Delhi.
  • Rani was honoured not only for her incredible work in cinema
    but also for the kind of work she has been doing to create awareness about
    child trafficking.

L. Subramaniam,
Roshan Kumari Receive Hafiz Ali Khan Award
  • Acclaimed Indian violinist L Subramaniam and Kathak exponent
    Roshan Kumari were awarded with prestigious Hafiz Ali Khan Award-2014 by
    renowned Sarod player Ustad Amzad Ali Khan at a function held here.
  • Subramaniam and Kumari of Jaipur Gharana received the 30th
    Hafiz Ali Khan award last evening.
  • The award was instituted by Amzad Ali Khan in 1985 in memory
    of his father Hafiz Ali Khan, a great court musician of the Gwalior Gharana.

Sports
Kirket, a film on
former Indian cricketer Kirti Azad’s life launched
  • Kirket, a Hindi film based on former Indian cricketer Kirti
    Azad’s life was launched on 2 March 2015. 56-year-old, Kirti Azad is the actor
    of the film which is based on his cricket journey.
  • The film seeks to depict the difficulties of Bihar cricket
    and is a genuine story of talented but underprivileged young boys who can do
    wonders if given chance.
  • The film is the brainchild of producer Sonu Jha and is
    expected to be released in 2016.  Vishal
    Tiwari is the co-producer of the film.

Australia crush
Afghanistan by 275 runs
  • David Warner made mincemeat of an inexperienced Afghanistan
    bowling attack with a magnificent 178 as hosts Australia thrashed Afghanistan
    by 275 runs after piling up a tournament record 417 for six in a group league
    match of the cricket World Cup here on Wednesday.
  • Batting first, Australia surpassed India’s 413 for five
    against Bermuda in 2007. Afghanistan were never in the match as they were
    bundled out for 142 in 37.3 overs a few days after their initial high following
    the Scotland victory.

Days
World Wildlife Day
observed globally

  • The World Wildlife Day was observed on 3 March 2015. The
    2015 theme of the day is Wildlife crime is serious, let’s get serious about
    wildlife crime.
  • The day is celebrated as an opportunity to celebrate the
    varied forms of wild fauna and flora and to raise awareness of the multitude of
    benefits that conservation provides to people.

Obituaries
Ornithologist KS
Lavkumar Khachar died at 84

  • Ornithologist and naturalist KS Lavkumar Khachar died on 3
    March 2015. He was 84. Khachar was among the pioneers of nature conservation in
    India.
  • He worked to spread awareness about ornithology, nature and
    wildlife conservation. He had a long association with the Bombay Natural
    History Society (BNHS) and World Wide Fund for Nature (WWF) India.
  • He served as director of the Nature Discovery Centre of the
    Centre for Environment Education (CEE) in 1984. He produced Sixty Indian Birds
    book along with RS Dharmakumarsinhji in 1981.
  • He was awarded several prestigious awards that include The
    Salim Ali-Loke Wan Tho Lifetime Award for Excellence in Ornithology for his
    pioneering work in ornithology and on the Nanda Devi National Park.

DOWNLOAD Today’s PDF

Books For 2015 Banking/Insurance Exams

This post was last modified on July 20, 2019 12:10 pm