CURRENT AFFAIRS 16th JULY, 2014

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1. Reserve Bank of India, exempts long-term bonds from the mandatory regulatory norms such as the Cash Reserve Ratio (CRR), the Statutory Liquidity Ratio (SLR) and Priority Sector Lending (PSL) if the money raised is used for funding of infrastructure and affordable housing projects. Banks can issue long term bonds with minimum maturity of 7 years till 25 years.

2. BRICS summit on July 15th ended with Fortaleza Declaration which stressed UN's central role in coordinating international action against terrorist activities and its leaders committed to the implementation of the UN Global Counter Terrorism Strategy.

3. India and Russia have commenced naval exercises 'Indra-14' in the Sea of Japan which will help to check piracy, render assistance to ships in distress and counter the threat from submarines.

4. Two major initiatives New Development Bankand Contingency Reserve Fund had its place in Fortaleza Declaration. Shanghai is the location for the headquarters for the BRICS bank and India would assume the first presidency of the bank, which would be named, as per the Indian suggestion, the “New Development Bank”.

5. Supreme Court urged the Centre to create a DNA data bank, particularly in respect of unidentified bodies and the missing persons, who are subsequently found dead. The profiling will help in finding a link between the unidentified bodies and persons who went missing.