CURRENT AFFAIRS 3-4th Jan., 2014

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CURRENT AFFAIRS 4th Jan., 2014

1. The new Ordinance has prohibited multi- layered agent structure for sale of insurance products and also barred offers aimed at inducing people to buy or renew policies through multi-level marketing schemes. The Ordinance also provides that no person can act as an insurance agent for more than one life insurer, one general insurer, one health insurer and one of each of the other mono-line insurers.

2. Prime Minister Narendra Modi assured state-run banks that the government wouldn't interfere in their day-to-day operations and will be given far greater autonomy to deal with non performing assets. It was a major morale booster for bankers who have had to deal with political appointments on boards and provide loans and other favours in the past.

3. Government is planning to use the social media platforms - Facebook and Twitter to generate interest in its disinvestment programme among investors. The government had to meet the Rs 43,425 crore disinvestment target for the current financial year and has so far collected total proceeds of less than Rs 1,800 crore.

4. SEBI and other regulatory agencies suspect that GDR route is being used for bringing back suspected illicit funds stashed abroad. GDR (Global Depository Receipt) is a financial instrument used by listed companies in India, as also in many other countries, to raise funds denominated mostly in US dollar or euros.

5. The Music Academy conferred the title of ‘Natya Kala Acharya’ on renowned Bharatanatyam artist Leela Samson. Ms.Samson is now chairperson of the Central Board of Film Certification.

CURRENT AFFAIRS 3rd Jan., 2014

1. Government has set up NITI Aayog (National Institution for Transforming India) in place of the Planning Commission. The institution will be tasked with the role of formulating policies and direction for the Government. Its Governing Council will comprise State Chief Ministers and Lt. Governors of Union Territories. The Prime Minister will head the Aayog and Arvind Panagariya is the Aayog’s Vice-Chairperson and CEO.

2. Reserve Bank of India has relaxed the client due diligence measures for existing clients of Non-Banking Finance Companies (NBFCs) based on risk categorisation. The full know-your-customer (KYC) exercise will be required to be done at least every 10 years for low-risk and at least every eight years for medium-risk individuals and entities.

3. Government is planning to increase the pool of eligible candidates from private sector to head state-run banks. It may consider a flexible salary structure to attract such outside talent as part of the reforms in banking sector.

4. RBI has directed all authorised entities to disclose or disseminate their own company name in the information made available to the users of their products. The move will ensure transparency in the promotional material and build an enduring relationship with the customers.

5. Insurance Regulatory and Development Authority (IRDA) was renamed as Insurance Regulatory and Development Authority of India. IRDA is an autonomous apex statutory body constituted in 1999 to regulate and develop the insurance industry in India