Current Affairs July 25, 2015

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1. Unions’ demand for wage hike may not be met: The Central government is unlikely to accept the demand of labour unions that the minimum national monthly wage rate for formal and informal sector jobs be raised to Rs. 15,000.

2. IDFC gets RBI nod for starting operation: Infrastructure financing firm IDFC Ltd.,, said the Reserve Bank has granted banking licence to IDFC Bank for undertaking banking business in the country. IDFC Bank plans to start operation from October 1 with an initial loan book of around Rs.55,000 crore. The bank proposes to start operations with 20 branches.

3. Black money panel wants capitation fees under anti-graft law: The Special Investigative Team (SIT) on black money has recommended a series of steps to check the flow of black money into educational institutions as well as religious entities and charities, including amendments to the Prevention of Corruption Act to treat schools and colleges accepting donations as public servants.

4. Supreme Court directs all police stations to be under CCTV watch: In a landmark verdict to prevent custodial torture, the Supreme Court directed the Centre and State governments to put police stations and interrogation rooms under surveillance of CCTV cameras.

5. Brookfield may invest $1bn in GVK: Brookfield Asset Management, one of the world's largest investors in infrastructure and real estate, is in talks to acquire a large stake in the debt-laden GVK Power & Infrastructure for as much as $1 billion.

6. Nestle replaces India MD after Maggi row: Maggi controversy has claimed its first victim at Nestle. The Swiss food giant's India MD Etienne Benet is getting transferred to its headquarters in Switzerland. He will be replaced by Suresh Narayanan, Chairman and CEO of Nestle Philippines, who is slated to assume office from next month.


7. Equity schemes add 30 lakh retail accounts in 15months: Equity oriented mutual fund schemes continue to attract investor interest with new retail folios or investor accounts opened by smaller investors surging by over 30 lakh in the last 15 months.