CURRENT AFFAIRS 23-24th Dec., 2014

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CURRENT AFFAIRS 24th Dec., 2014

1. Central Vigilance Commission has decided to constitute a committee of experts to review pending cases for sanction of prosecution against corrupt government officials. The Commission is waiting for over four months for sanction of prosecution against 46 allegedly corrupt officials.

2. Prime Minister Narendra Modi will hold a meeting called "Gyan Sangam" with bankers on January 3 to discuss about reforms in the public sector banks (PSBs). They will also discuss issues like consolidation and restructuring of the PSBs to improve efficiency, capital requirement, risk profiling and debt recovery.

3. Centre plans to introduce Mobile Monitoring System for effective execution of works under the MGNREGA scheme. The system will allow real time monitoring of all projects, workers attendance and work site measurement and thereby plug leakages in implementation of MGNREGA scheme.

4. President's Office announced the Bharat Ratna award to Pandit Madan Mohan Malaviya (posthumously) and former Prime Minister Atal Bihari Vajpayee. Mr. Vajpayee will be the seventh Prime Minister to receive the award.

5. Centre has appointed Sutirtha Bhattacharya, a 1985 Indian Administrative Service (IAS) officer as chairman & managing director (CMD) of Coal India Ltd (CIL). He succeeds S Narsing Rao who resigned from the post in May this year.

CURRENT AFFAIRS 23rd Dec., 2014

1. RBI has tightened norms to deal with non cooperative borrowers. The new rules are applicable for loans over Rs 5 crore. Banks will have to disclose such accounts to the Central Repository of Information on Large Credits. The new category non cooperative borrowers is in addition to the one on wilful defaulters.

2. Regional Rural Banks (Amendment) Bill, 2014 was passed by the Lok Sabha to raise the authorised capital of Regional Rural Banks (RRBs) to Rs 2,000 crore from the capital market. The amendment will strengthen these institutions and deepen financial inclusion. It also assures the combined capital of the Centre, state government and sponsor banks will not come below 51 per cent. At present, there are 56 RRBs.

3. SEBI panel has recommended stronger checks against high commissions paid by the fund houses to their mutual fund distributors to check mis-selling of mutual funds. It has suggested to adopt 'a full trail model' in due course to protect the interest of investors.

4. Insurance sector regulator IRDA has imposed a penalty of Rs 55 lakh on Max Life Insurance Company for violating clauses under outsourcing guidelines.

5. Ministry of Corporate Affairs has accepted the recommendations of National Advisory Committee on Accounting Standards. The new accounting standards called Ind-AS seek to align the reporting requirements of Indian companies with the International Financial Reporting Standards (IFRS)