CURRENT AFFAIRS 9-10th Sep., 2014

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CURRENT AFFAIRS 10th Sep., 2014

1. Cabinet approved the fifth phase of the Unique Identity project 'Aadhaar'. The government re-approved UID Authority of India’s mandate by extending its coverage to four more states, to cover a billion people.

2. Government has decided not to impose anti-dumping duty on solar panels that are being imported. Imports are necessary as the domestic manufacturing had not scaled up to a level to provide the required number for the solar mission. Also, it would help reduce the cost of solar energy.

3. Reserve Bank of India (RBI) has directed that individuals or corporate entities acting as guarantors to loans could also be identified as wilful defaulters for refusing to clear the dues despite having the means to do so. The rule of not sanctioning loans for a wilful defaulter also applies to guarantors who are not directors of the borrowing company or are non-group entities or individuals.

4. A study released at a G20 Labour and Employment Ministerial Meeting in Australia, said that an extra 600 million jobs is needed to be created worldwide by 2030 for the expanding population alone. There might be a global jobs crisis which may hurt the economic growth recovery around the world.

5. Reserve Bank of India (RBI) has allowed managing directors and chief executive officers of private banks (including whole-time director on the board) to hold office till the age of 70. The decision will clear doubts on the eligibility of Aditya Puri -HDFC Bank’s MDand Romesh Sobti -IndusInd Bank’s MD and CEO for re-appointments.

CURRENT AFFAIRS 9th September, 2014

1. SBI is working with MasterCard, the global payment and technology company on making its cards Masterpass-enabled, a technology that allows your card to be converted into a digital one. It has requested RBI to waive it from mandatory PIN entry for certain transactions for implementing this digital card innovation.

2. SBI has also launched a Multi-Currency Foreign Travel Card that will support up to 12 currencies. The card will provide global emergency, such as-cash delivery, medical and lawyer assistance etc- services to its consumer in addition to withdrawal and transaction facility.

3. A committee headed by Shanta Kumar was constituted to reform the Food Corporation of India (FCI) to improve FCI's efficiency and to check food price inflation. The committee has decided to get suggestions from experts, stakeholders and the general public.

4. The proposed telecom super regulator, Communications Commission, will have six members and a chairperson. It will have powers to regulate communications-linked sectors and also look into licensing. It will work to ensure better service and prevent monopoly. The appellate tribunal will have a judicial member, to be appointed by the government in consultation with the Chief Justice of India.

5. According to Moody’s, the global rating agency, the new norms for Basel-III capital instruments will be credit-positive for Indian banks. The new rules make instruments more attractive and broaden the base for additional Tier-1 (AT-I) bonds to include the retail investor. It will also allow banks to have a higher proportion of AT-1 in their Tier-1 capital.

6. Odisha Urban Infrastructure Development Fund (OUIDF) will get a line of credit of nearly $100 million from Asian Development Bank . OUIDF was set up by the state government to carry out infrastructure projects in municipalities. It is awaiting approval from the chief minister’s office to avail the loan facility