Current Affairs 4-5th Mar, 2015

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1. Reserve Bank of India came up with a complementary move after the pro- business budget by cutting the key policy rate by 25 basis points from 7.75 per cent to 7.50 per cent. This is the second time that the central bank has cut the repo rate, that is, the rate at which it provides short-term liquidity to banks.

2. Punjab Chief Minister Parkash Singh Badal has said that organic farming board will be set up in his State to aid and promote chemical-free agricultural practices in the State.

3. Budget has proposed the setting up of a national agriculture market. All the States have already set up Agricultural Produce Marketing Committees (APMC) to regulate the marketing of agricultural commodities. At present, APMCs have been considered an inhibiting factor for establishment of a national agriculture market.

4. British Broadcasting Corporation (BBC) on 4 March 2015 released a documentary film India's Daughter, directed by Leslee Udwin. The film is based on the Delhi gang rape and murder of the 23-year-old female named Nirbhaya that took place on 16 December 2012. Union Government has banned on the telecast of a documentary film.

5. Sunil Sabharwal, an independent Indian-American investor, was re-nominated as an Alternate Executive Director at the International Monetary Fund (IMF) by the United States (US) on 4 March 2015. He was re-nominated for the post by US President Barack Obama.

Current Affairs 4th Mar, 2015

1. India plans to create about 50 “champion” private sector companies in the defence sector that will drive the process of domestic manufacturing in the country. Centre raised the FDI cap in the defence sector to 49 per cent from 26 per cent last year.

2. Finance Ministry has appointed a committee to suggest ways to incentivise use of plastic currency. Finance Minister Arun Jaitley, in his Budget speech, had said that the government will announce incentives to encourage card usage by consumers to curb black money.

3. Insurance Regulatory and Development Authority of India released its final guidelines on insurance marketing firms, which will be a new distribution category for insurance products. Insurance Marketing firms can distribute products of two life insurers, two general insurers and two health insurance companies at any point in time with a minimum capital requirement of Rs. 10 lakh.

4. World’s largest and tallest Indian national flag was unfurled on 3 March 2015 at Town Park in Faridabad, Haryana. Flag was hoisted at the height of 250 feet (75 meters). The flag was unfurled by BJP president Amit Shah, Haryana CM ML Khattar and Bollywood actor Ranbir Kapoor.

5. Government has introduced the Insurance Bill in the Lok Sabha, though a similar Bill is pending in the Rajya Sabha since 2008. The Bill, once enacted, will replace the Insurance Ordinance, which was promulgated on December 24.