Current Affairs Update – 5th April, 2015

Hello and welcome to ExamPundit. Here are the current affairs update of 5th April, 2015.

Finance/Banking
14th Finance
Commission: 6 States get 54% of 1st tranche

  • The Centre has released an aggregate ₹37,420 crore to 29 States for 2015-16 as the
    first instalment of devolution recommended by the 14th Finance Commission.
  • As much as 54 per cent of this amount has gone to just six
    States, with Uttar Pradesh getting the highest share of ₹6,735.81 crore.

Major gainers
  • The other five States that have got a significant share of
    the first instalment are Bihar (₹3,624.37
    crore), West Bengal (₹2,746.91
    crore), Madhya Pradesh (₹2,835.75
    crore), Maharashtra (₹2,075.59
    crore) and Rajasthan (₹2,065.79
    crore).
  • The YV Reddy-headed 14th Finance Commission had earlier this
    year recommended a 10 percentage point hike in the States’ share of the tax
    divisible pool to 42 per cent for each of the award years 2015-20.
  • This would translate into States getting an additional ₹1.78 lakh crore in 2015-16.
  • The total devolution to States in 2015-16 is expected to be ₹5.26 lakh crore, against ₹3.48 lakh crore in 2014-15.

Grant-in-aid
  • For 2015-16, the 14th Finance Commission had also
    recommended a grant-in-aid of ₹48,906
    crore for 11 revenue-deficit States, such as West Bengal, Andhra Pradesh and
    Jammu & Kashmir.
  • In the first instalment of devolution for 2015-16, the
    States with low share are Sikkim (₹137.46
    crore), Goa (₹141.51
    crore), Mizoram (₹172.40
    crore), Manipur (₹231.27
    crore), Meghalaya (₹240.75
    crore) Nagaland (₹186.68
    crore) and Tripura (₹240.62
    crore).
  • While Andhra Pradesh has got ₹1,616.78
    crore, Telangana has got ₹915.85
    crore.
  • Tamil Nadu has been allocated ₹1,510.51
    crore towards the first instalment. Kerala has got ₹937.15 crore and Karnataka has been allocated ₹1,770.46 crore.
  • Odisha has got ₹1,743.46
    crore and Gujarat has been allocated ₹1,159.56
    crore.

Central Bank of India
tops list with highest bad loans among PSU banks

  • Central Bank of India has topped the list of public sector
    banks with maximum bad loans including restructured assets as a percentage of
    total advances.
  • According to the data provided by the RBI to the Finance
    Ministry, Central Bank of India’s 21.5 per cent assets are either bad or have
    been restructured to save them turning non-performing assets (NPAs).
  • The other banks which have significant amount of gross NPAs
    and restructured loans include, United Bank of India (19.04 per cent), Punjab
    & Sind Bank (18.25 per cent) and Punjab National Bank with 17.85 per cent
    as on December 2014.
  • Indian Overseas Bank, State Bank of Patiala, Allahabad Bank
    and Oriental Bank of Commerce all have bad and restructured loans in excess of
    15 per cent.
  • The rising bad loans have become a major concern for the
    Reserve Bank as well as the government.
  • Most of the restructured loans are from the corporate
    sector. The top-30 defaulters are sitting on bad loans of Rs. 95,122 crore,
    which is more than one-third of the gross non-performing assets of PSU banks at
    Rs. 2,60,531 crore as on December 2014.
  • There are four kinds of restructuring. The first and
    foremost is restructuring of advances extended to industrial units,
    restructuring under Corporate Debt Restructuring and restructuring of loans
    extended to MSME as per RBI guidelines.

India
Delhi Chief Minister
Arvind Kejriwal Re-Launches Anti-Corruption Helpline 1031

  • The Arvind Kejriwal-led Aam Aadmi Party marked the
    completion of its 50 days in power in Delhi by re-launching the anti-corruption
    helpline number – 1031. The service can be used by people to lodge complaints
    if they are harassed for bribes by government official.
  • The helpline is a revival of the service which the AAP
    government had launched during its earlier 49-day stint after the 2013 Assembly
    elections.
  • A dedicated helpline for reporting cases of corruption was
    one of the major promises made by AAP in its manifesto for the Assembly
    elections this year.
  • A group of volunteers has been trained to run the 24/7
    helpline and attend the calls in English and Hindi. The executives will also
    direct the callers on how to conduct sting operations. All the calls will be
    divided into two categories – serious and non-serious.

Engineer suicide:
Ex-minister Agri Krishnamoorthy arrested in Chennai
  • The Crime Branch-CID of the Tamil Nadu police has arrested
    former Agriculture minister Agri S S Krishnamoorthy in connection with the
    suicide of senior engineer S Muthukumarasamy in Tirunelveli on February 20.
  • Krishnamoorthy, who was summoned at the CBI CID office in
    the city on Saturday night, was arrested early morning on Sunday, after an
    eight-hour-long interrogation, and was taken to Tirunelveli for further probe.
  • It was on February, Muthukumarasamy jumped in front of a
    train near Tirunelveli. The executive engineer’s suicide had snowballed into a
    major controversy in the state leading to the resignation of agriculture
    minister S S Krishnamurthy on March 7. He was also removed from the party
    posts. The minister’s office allegedly demanded Rs 14 lakh from
    Muthukumaraswamy for the temporary contract posts, which pays a salary of Rs
    9,000 a month.

World
Operation Raahat:
over 600 evacuated

  • In the largest evacuation as part of Operation Raahat so
    far, three Air India flights airlifted 488 people from Sana’a to Djibouti while
    naval patrol vessel INS Sumitra rescued 203 people, including 19 foreign
    nationals from eight countries, from Ash Shihr via Al Muqalla port.
  • India secured a four hour window for evacuation from Sana’a
    on Sunday. Meanwhile, late on Sunday two Air Force C-17s with 452 passengers
    landed in Mumbai while an Air India AI-777 with 352 passengers landed in Kochi.
  • In addition, the civilian liners Kavaratti and Corals, with
    a total capacity of 1100 passengers, have reached Djibouti on Sunday afternoon
    and will join in the evacuation, officials said.
  • Op Raahat is now a global endeavour with nationals from
    several countries evacuated by India; INS Mumbai on Saturday evacuated 179
    people from 17 countries from Aden.

Sports
Serena Williams beats
Carla Suarez Navarro to win Miami Open

  • The 33-year-old raced to a 6-2 6-0 victory in 56 minutes to
    secure her third straight title at Crandon Park.
  • The American won the final 10 games as she outclassed Suarez
    Navarro, who will make her top-10 debut next week.
  • Suarez Navarro, 26, went into the biggest final of her
    career having won just 10 games in four previous meetings with the younger
    Williams sister, and the 12th seed could add only two more.
  • The Spaniard began well, even threatening a break of serve
    at 2-2, 30-30, but Williams slammed the door shut with successive aces and was
    soon 4-2 in front.
  • Sania Mirza and Martina Hingis to play in
    Women’s Doubles final in Miami Tennis Open tonight.

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