CURRENT AFFAIRS 21-22nd Feb., 2015

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1. Russia's credit rating was cut to below investment grade by Moody's Investors Service. It ranked the country's debt as junk, citing the conflict in Ukraine and plunging oil prices.

2. European leaders made a deal to extend Greece's bailout by four months. It gave the troubled country a financial lifeline and avoiding a bankruptcy with potentially destabilising consequences for the region. The deal will unlock further aid from its bailout, worth Euro 240 billion, or $273 billion.

3. Prime Minister launched the Soil Health Card scheme nationwide at Suratgarh, Rajasthan. The nationwide scheme will help farmers to scientifically analyse the soil of farms in the country. The scheme aims at helping farmers in improving productivity by appropriate use of nutrients or fertilisers.

4. International Mother Language Day 2015 was celebrated across the world on 21 February 2015. The theme for the year 2015 is Inclusive Education through and with Language - Language Matters.

5. Assam’s Chief Minister Tarun Gogoi advocated for Naturonomics for Assam and other North Eastern (NE) states to usher in a robust economy in the region. Naturonomics means using right blend of nature and economics for sustainable development in the region.

CURRENT AFFAIRS 21st Feb., 2015

1. Reserve Bank of India (RBI) Governor Raghuram Rajan has cautioned against the multi-layered checks in government functioning which often act as hindrance to good governance. By creating a multiple-appellate process, against government or regulatory action the country may end up in the Appellate Raj.

2. Indian-American Rashad Hussain was appointed as Special Envoy and Coordinator for Strategic Counter-terrorism Communication in the United States (US). Hussain is currently the Special Envoy of the US to Organisation of Islamic Countries (OIC) and will hold both the posts.

3. Eminent scientist Tapan Misra was appointed as the Chief of ISRO’s Space Applications Centre (SAC) at Ahmedabad, Gujarat. He succeeded AS Kiran Kumar, who was appointed as Chairman of the Indian Space Research Organization (ISRO) on 12 January 2015.

4. Centre has notified rules for higher foreign direct investment (FDI) in the insurance sector to help foreign companies raise or make fresh investments in Indian companies. According to these rules, foreign equity investment cap of 49 per cent is applicable to all Indian insurance companies. This will comprise both FDI and foreign portfolio investment (FPI).

5. Corporate Affairs Ministry issued 39 new Indian accounting standards (Ind-AS) and notified the roadmap for their adoption by companies in India. Nearly 125 countries in the world currently required the use of International Financial Reporting Standards (IFRS) for all or most of their listed companies and financial institutions.