Current Affairs Aug 04, 2015

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1. Centre disowns Indian Financial Code draft: The Modi government stepped back from the controversy surrounding the draft Indian Financial Code (IFC) that seeks to dilute the Reserve Bank’s powers to regulate the foreign exchange and government bond markets and set monetary policy.

2. Made in India TVs from Sony soon: Japanese consumer electronics giant Sony has started manufacturing of LED televisions in India, and the first batch of locally-made products will go on sale in this month. The televisions will be contract manufactured at Sriperumbudur in Tamil Nadu.

3. SC considers appointing receiver for Sahara assets: The Sahara group's inability to raise Rs 10,000 crore, half in cash and half through bank guarantee, to seek release of its chief Subrata Roy and two directors from jail made the Supreme Court think aloud about the possibility of appointing a receiver for the group.

4. ISRO to put US satellite in space for the first time: Many may find it a crowning glory, but Indian Space Research Organization (ISRO) scientists think it's just an acknowledgement long due. The US, which imposed sanctions on India, will take India's help to launch one of its satellites soon.

5. SC snubs Katju, rejects his plea against House: The Supreme Court criticized Markandey Katju(retd judge) for calling Mahatma Gandhi a "British agent" and Netaji Subhash Chandra Bose a "Japanese agent", after the former apex court judge complained against Parliament passing unanimous resolutions against him for slandering two national icons.

6. India Post won't move savings a/cs to its bank: India Post has shortlisted management consultants to advise it on floating a new bank. Instead of migrating existing savings account customers to a bank, the Department of Posts is looking at floating a completely new entity.

7. Time right for rate cut: Finance Minister: The finance ministry is of the view that the conditions are ripe for an interest rate cut, citing decline in global crude oil prices, improvement in the monsoon situation, sharp easing of wholesale prices, moderation in retail inflation and an expected robust farm output.

8. HSBC cautious on political persons: HSBC has been asking all "politically exposed persons" (PEP) having accounts with the bank to disclose their source of fund and income. The bank is also refraining from opening accounts of US-based non-resident Indians and persons of India origin in the wake of the Foreign Account Tax Compliance Act (FATCA) passed by the US government to unearth black money of US residents outside the country.

9. Recapitalisation may Not be a Panacea for PSBs: In the past four years, about 45,500 crore of taxpayers’ money went into a black hole in the name of bank recapitalisation even as public sector banks (PSBs) have been accumulation sticky loans. Bankers agree that tackling nonperforming assets (NPAs) is a major concern for most banks as accumulation of such assets has been dragging their earnings quarter after quarter, especially those of PSBs.