CURRENT AFFAIRS 23rd JULY, 2014

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1. Reserve Bank of India (RBI) has proposed a Trade Receivables Discounting System (TReDS) - a scheme for setting up institutional mechanism to facilitate the financing of trade receivables of Micro, Small & Medium Enterprises (MSMEs). It will help improve the discounting of both invoices as well as bills of exchange.

2. Reserve Bank of India will designate up to six banks as systemically important, or SIBs, for the domestic financial market. It means that those banks will need to have higher capital per loan than their peers to prevent the financial system from collapsing in case of a crisis. State Bank of India, Punjab National Bank, Citibank, Standard Chartered Bank, ICICI Bank and HDFC Bank may be those six banks.

3. The Reserve Bank of India (RBI) allowed banks to decide upon the ceiling limit on the quantum of loans that is granted against gold for non-agricultural end uses. The tenor of loans shall not exceed 12 months, a loan-to-value (LTV) ratio should be at 75 per cent against the pledged gold and interest should be charged at monthly rests.

4. Finance ministry is creating an interim office named officer-on-special duty (OSD) which will be in-charge of setting up the office of the debt management agency. Debt Management Agency will manage central government's borrowing and will be formed by next year through an executive order.

5. Tennis player Sania Mirza was appointed as brand ambassador of Telangana by Chief Minister K Chandrasekhar Rao. As the brand ambassador of Telangana, Mirza is expected to promote the new state’s interests in India and abroad.

6. Commonwealth games 2014 is to held on 24th July in Glasgow in Brazil. India will be expecting a lion's share of medals from shooters, boxers, wrestlers and shuttlers at the 20th Commonwealth Games. Shooter Vijay Kumar will be India's flagbearer in the opening ceremony.