CURRENT AFFAIRS 17-18th Sep., 2014

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CURRENT AFFAIRS 18th Sep., 2014

1. Chinese President Xi Jinping on his three day visit to India oversaw the signing of three memoranda of understanding (MoUs) between his country and the Gujarat government for cooperation in various sectors. Companies from the two countries signed business deals worth $3.4 billion.

2. India’s largest no-frills carrier IndiGo signed a Memorandum of Understanding (MoU) with Industrial and Commercial Bank of China Ltd (ICBC). Under the $2.6 billion deal with IndiGo, ICBC, China’s largest commercial bank will finance the airline’s plans to purchase 30 aircraft. P

3. According to the Wealth-X and UBS Billionaire Census 2014, India has retained its sixth position in the number of billionaires residing in the country. It is home to 100 such people, with a collective net worth of $175 billion. On the top 40 list of billionaire countries/territories, the US maintained its position as the first (571 billionaires) followed by China (190) and the UK (130) respectively in the second and third positions.

4. Securities and Exchange Board of India is planning to issue guidelines requiring listed companies to file an integrated document called the annual information memorandum. It must contain disclosures about business and statutory information.

5. Bollywood actor Naseeruddin Shah released his autobiography 'And then One Day: A Memoir'. He had won Padma Shri in 1987 and Padma Bhushan in 2003.

CURRENT AFFAIRS 17th Sep., 2014

1. Reserve Bank of India has begun to review the performance of those appointed to or candidates for the top posts in public sector banks (PSBs). It follows the arrest of S K Jain, chairman and managing director (CMD) of Syndicate Bank over graft charges.

2. Central government has decided to raise the commission to banks for managing Direct Benefit Transfers (DBTs) to two per cent from the one per cent. It will increase the compensation for expenses incurred by banks. DBT money includes subsidy for cooking gas, kerosene and wages paid under the Mahatma Gandhi National Rural Employment Guarantee Scheme.

3. The country’s largest commercial bank, State Bank of India has cut the interest rate on medium-term deposits (one year to less than three years maturity) by 25 basis points to 8.75 per cent. The revision of interest rates was due to abundant liquidity along with slower credit pick-up.

4. Government has signed an agreement with the Asian Development Bank (ADB) for $63.3 million loan to improve urban municipal services in 14 towns in north Karnataka.

5. According to data released by RBI, annual credit growth in the banking system fell to 9.68 per cent. This was the first time since October 2009 (9.01 per cent) that growth in bank credit fell below 10 per cent. Banks attribute it to weak corporate credit pick up despite economic recovery.