CURRENT AFFAIRS 5-6th Dec., 2014

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CURRENT AFFAIRS 6th Dec., 2014

1. A World Bank team of experts visited India to suggest reforms in the Doing Business indicators. The team arrived in India after world bank president accepted PM Modi request for a team to assist India in improving its business environment. The team is currently focussing on Indicators related to laws, especially “Enforcing Contracts” and “Resolving Insolvency”.

2. Prime Minister Narendra Modi has convened a meeting of all Chief Ministers on Sunday to seek their views on restructuring the Planning Commission so that it will remain relevant for another “five decades.”

3. SBICAP Trustee Company Limited (SBICTCL) launched an online Will creation service for all individuals including State Bank of India and non-State Bank of India customers. MyWill Services Online enables interested individuals to create a Will online in an easy, transparent, hassle-free and confidential manner.

4. Government plans to create new hubs for information technology (IT) services, particularly in smaller towns through incentive-driven scheme for BPOs.

5. Reserve Bank of India (RBI) is planning to bring in a model code of conduct for banks to ensure customer rights in line with the earlier charter it had framed. The model code of conduct will include right to fair treatment, right to transparency, fair and honest dealing, suitability, privacy and a right to grievance redressal and compensation.

CURRENT AFFAIRS 5th Dec., 2014

1. India is ranked 30th out of 65 countries in Internet freedom by the Freedom House in its ‘Freedom on the Net 2014’ report. India’s score has improved from 47 out of 100 in 2012-13 to 42 out of 100 in 2013-14 and it was ranked based on the three broad categories- obstacles to access, limits on content and violations of individuals’ rights.

2. Reserve Bank of India asked banks to make the registration process for mobile banking services easy and activate the services at the earliest to expand the reach of mobile banking. It released the operative guidelines for mobile banking transactions.

3. C. Rangarajan, former Governor of the Reserve Bank of India called for institutional focus for providing long-term financing support to infrastructure segment as it is the basic foundation for achieving faster economic growth. He said that the recent announcement of RBI to allow banks to raise infrastructure bonds would only partially solve the problems.

4. Goldman Sachs reports that India was set to overtake China and become the fastest-growing emerging market during 2016-18.Structural reforms and the focus on reviving the economy may increase India’s gross domestic product (GDP) growth to 6.3 per cent in 2015 and 6.8 per cent in 2016.

5. Government's sale offer in SAIL got over-subscribed ensuring at least Rs 1,500 crore to the exchequer. The offer for 20 crore shares of SAIL received robust response from retail investors.