CURRENT AFFAIRS 23-24th Oct., 2014

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CURRENT AFFAIRS 24th Oct., 2014

1. SBI Mutual Fund has launched an inflation-indexed bond fund (IIBF). It is aimed at investors with a low to medium risk profile. Under the open-ended debt scheme, SBI Mutual Fund will invest in inflation-indexed securities and a portfolio of predominantly inflation linked bonds (IIBs).

2. Google Inc is committed to spending $1 billion to lease office buildings over the next 13 to 14 years. The company has been looking to expand beyond its headquarters to accommodate its growing ranks of employees

3. China's $50 billion Asian Infrastructure Investment Bank (AIIB) was launched in Beijing at a ceremony attended by delegates from 21 countries including India, Thailand and Malaysia. It aims to give project loans to developing nations. China is set to be its largest shareholder with a stake of up to 50 per cent. The new bank is seen as a challenge to the western nations dominated World Bank and Asian Development Bank.

4. Government has set up a cell to speed work and monitor the setting up of the Chabahar port in Iran. Earlier the Union cabinet decided to set up a special purpose vehicle (SPV), with equity participation from Kandla Port Trust (KPT) and JNPT. The two ports would sign a contract with Iran's Port and Maritime Organisation for undertaking the project.

5. Tihar Jail Authority set up an e-library for women inmates in Tihar jail. The library aims to help the women inmates to sharpen their technical skills and help them find jobs so that they may not revert to criminal activities.

CURRENT AFFAIRS 23rd Oct., 2014

1. RBI is concerned about unhedged firms which could be a vulnerable link if global markets stumble. RBI is calling on banks with detailed questions about how they are compelling corporate clients to hedge their exposure. If this fails, RBI may consider forcing companies to give detailed financial information through their lenders.

2. Microsoft co-founder and philanthropist Paul Allen has pledged $100 million to to combat the Ebola outbreak in West Africa. It would be utilised to fund the development and manufacture of two medevac containment units to allow the US to evacuate medical professionals from hard-hit West Africa.

3. Malala Yousafzai was conferred with the 2014 Liberty Medal for her continued demonstration of courage and resilience in the face of adversity and for serving as a powerful voice for those who have been denied their basic human rights and liberties. She is the youngest recipient of the American award.

4. RBI has asked banks to partially freeze accounts of customers who have not complied with KYC requirements despite repeated reminders and subsequently close such accounts. The account holders can revive accounts by submitting the KYC documents as per instructions in force.

5. The new government has given direction to all ministries and departments regarding RTI that all replies given under RTI by ministries will be posted online, available for access to all and not just to persons seeking the information from next month. The decision will take RTI to next level by increasing the scale of disclosure and transparency in government offices.