Current Affairs July 22, 2015

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1. Govt. extends interest subvention scheme: The government extended the interest subvention scheme to make banks advance crop loans of up to Rs. 3 lakh at the rate of 7 per cent.

2. New Development Bank of BRICS opens in Shanghai: The New Development Bank (NDB) as a dedicated channel of alternate finance was opened in Shangai and said, the NDB would not rival but complement the western backed International Monetary Fund (IMF).

3. European Union to send election observers to Sri Lanka: After a gap of 10 years, the European Union (EU) has decided to send a 70-member delegation of observers to Sri Lanka for the August 17 parliamentary polls.

4. Pipavav Defence inks pact with Russian firm: In a significant step for the country’s ‘Make in India’ programme, Pipavav Defence and Offshore Engineering Company (PDOC) signed an agreement with JSC Ship Repairing Centre Zvyozdochka, Russia, for Medium Refits and Life Certification of 877 EKM Submarines in India.

5. PayPal separates from Ebay: PayPal Holdings, Inc., the digital payments company, has separated from eBay, the e-commerce company that acquired PayPal in 2002. It is now an independent public company trading on the Nasdaq under the ticker symbol ‘PYPL’.

6. HDFC Bank net up 20.7 per cent: HDFC Bank has reported a net profit of Rs.2,695.72 crore for the quarter ended June 30, 2015, an increase of 20.7 per cent compared to Rs.2,233.04 crore recorded in the corresponding period of previous year.

7. For the First time an Indian Cricketer becomes the coach for Australian Cricket team: Australian coaches are a big hit in India. For the first time an Indian Coach has been hired by the Aussies. Formal Tamil Nadu and India Player S Sriram has been roped in by Cricket Australia as the batting consultant of their ‘A’ side for the India series.

8. Coral Reef from TamilNadu coast Mannar used for regeneration in Gujarat: A key marine wealth that disappeared from the face of Gujarat coast has made a spectacular comeback due to the efforts of Zoological Survey of India (ZSI). In what is perhaps the largest coral reef restoration project in the world, ZSI has been successful in regenerating the unique `branching corals' from the southern tip of Gulf of Mannar to Gulf of Kutchch in Gujarat.

9. Infosys outperforms TCS in Q1 growth: Infosys’ revenue grew 4.5% sequentially to $2.2 billion in the June quarter, the highest sequential growth in 15 quarters. TCS grew 3.5% in the same period. Infosys’ volume of business grew 5.4% sequentially, the highest in 19 quarters, and higher than TCS’ 4.8%.

10. Toshiba CEO resigns over $1.2 billion accounting scandal: Toshiba's chief executive and president Hisao Tanaka resigned over an accounting scandal that has rocked the company.

11. Suzuki Finds Child Maruti Now Bulkier Than Itself: Maruti Suzuki has achieved a feat no other Indian company with a foreign parent has ever done. The nation’s No. 1 automaker has outgrown Suzuki Motor in market value.

12. Government plans bond guarantee entity with Rs 5,000-crore corpus: The government plans to set up a guarantor for corporate bonds in an initiative aimed at boosting the market for such debt instruments by giving comfort to investors. The proposed Bond Guarantee Corporation of India, which will have a net worth of around Rs 5,000 crore, is envisaged as a non-government entity with a 51% stake for the private sector.