Current Affairs May 12-13, 2015

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Current Affairs May 13, 2015

1. PM will push China to cut trade deficit. FDI likely to improve in the current fiscal. PM points out specific areas-ranging from pharmaceuticals to information technology and bovine meat- where China has not invested in the past. China, which is India’s largest trade partner, had proposed to invest around $20 billion in industrial parks over next five years.
2. Indian companies may face an attrition of 15-20% for quarter ending June. 2015. Attrition is likely to be more in the tech sector due to the e-commerce boom. A report says 59% of Indian employees are looking to change their jobs in 2015.
3. PM’S Social net plan gets 6.5cr on board. The government appears to be on course to replicate the success of the Jan Dhan scheme with the social security having got nearly 6.5 crore subscriptions for the 3 schemes launch by the government A Report says the response has been encouraging as people have subscribed to the Rs 2 lakhs accident cover, pension plan and life insurance cover.
4. Central Govt. to sell its stake in NTPC and IOC: The Central Government will sell its 10 per cent stake in blue-chip Indian Oil Corporation (IOC) and five per cent in power producer NTPC to mop up about Rs.13,600 crore in this fiscal’s first disinvestment approval. The approvals are part of Rs .41,000 crore disinvestment target for the current financial year.

Current Affairs May 12, 2015

1. RBI advices banks to appoint internal ombudsman. To ensure undivided attention in resolving customer complaints and to boost the quality of customer services, RBI has advised all public sector banks, some private banks and foreign banks to appoint an internal ombudsman.
2. Kolkata based microfinance institution Bandhan financial services has received a fresh infusion of equity. The GIC sovereign fund of Singapore has come in as new share holder by pumping in Rs. 1020 crores. Bandhan, along with IDFC, had been granted in- principle banking licence by RBI in April last year.
3. Mr. K V KAMATH appointed as BRICS bank chief. Mr.Kamath to serve the bank for 5 years, and the bank will be headquartered in Shanghai.China. India’s holding of the bank’s presidency will be followed by Brazil and Russia.
4. RBI prefers weaker rupee. Slowdown in the dollar inflows into debt and equities notwithstanding, RBI’s large dollar purchases continued in March,2015 indicating the central bank prefers a weaker rupee due to a 13% overvaluation in terms of real effective exchange rate.
5. IRDA proposes to tighten registration norms. According to the draft , new companies being registered will need to comply with a provision of “Indian owned and controlled”. Existing companies will have to comply with this within a year of the norms coming into force.