CURRENT AFFAIRS 23-24th Sep., 2014

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CURRENT AFFAIRS 24th Sep., 2014

1. Reserve Bank of India (RBI) panel to look into implementing non-legislative recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) related to capacity building in banks and non-banking financial companies (NBFC) has submitted its report. The committee is chaired byG Gopalakrishna, former executive director of RBI.

2.FSLRC has said 360-degree feedback is important for a transparent and comprehensive performance assessmentexercise and posts of chief learning officer should be created in commercial banks who should develop a ‘learnability index’, a measure of an individual’s ability to learn. This would be applied as an input to judge “promotability”. It also suggested ways to address replacement of talent within banks by developing an internal expert pool and allow free movement of talent within the organisation.

3.The finance ministry has recommended against higher devolution to states from 32% to 50% to the 14thFinance Commission (FC). The FC headed by former Reserve Bank of India governor Y V Reddy recommends the percentage of central taxes to be shared with states and the criteria. Centre has said it had to meet its long-term payment obligations such as higher salary burden after recommendations of the seventh pay commission and compensation to the states if they make any losses after switching to a Goods & Services Tax (GST).

4. Supreme Court has appointed retired judge Michael Kirby of Australia as chairman of a three-member arbitral tribunal to decide the disputes between the government and Reliance Industries on various aspects of the Krishna-Godavari basin gas pricing.

5.MCX Stock Exchange (MCX-SX) has received the Securities and Exchange Board of India (Sebi)’s approval to rename it Metropolitan Stock Exchange of India(mSXI). It is part of the revamp undertaken by the new management which took over MCX from promoter Financial Technologies India.

CURRENT AFFAIRS 23rd Sep., 2014

1.The Health ministry and Department of Pharmaceuticalsare working on a proposal to bring price regulation of medical devices under the National Pharmaceutical Pricing Authority. NPPA currently monitors the prices of medicines. The proposal aims to have a check on the margins and commissions offered by medical device manufacturers, distributors or wholesalers of these products.

2.The government will sell 10% of its stake in RashtriyaIspat Nigam Ltd (RINL) through an offer for sale. Out of which 35 per cent will be reserved for retail investors and 50 per cent for qualified institutional buyers.

3.During the preparatory committee on a trade facilitation agreement (TFA) which is to meet on September 29 at the World Trade Organization's (WTO) headquarters in Geneva, India is going to demand a parallel agreement on public stockholding for food security purposes. Earlier, India had refused to sign the amendments to TFA that had led to a deadlock for the agreement to come into force.

4.Group of 20 finance chiefs and central bankers warn that low interest rates could lead to a potential increase in financial-market risk, as major economies like US depend on monetary stimulus to bolster uneven growth.

5.Andhra Bank launched ‘Andhra Bank Kisaan Vaani’, a new facility which provides latest technical information on agriculture and allied activities to farmers of Andhra Pradesh and Telangana through ‘Green SIM’-based voice message. Green SIM can be used as a regular SIM since it has all the features of the normal SIM in addition to the value-added services. It is developed by Iffco KisaanSanchar Limited (IKSL).