Current affairs with explaination

[rama anjaneyulu]

Hi friends important current affairs with explaination.

Head lines :
*"Polling at your fingertips"- SMS based service launched in Meghalaya
*Novak Djokovic clinched 2014 Miami Masters title by defeating Rafel
Nadal in the finals
*CCI imposes a fine of Rs. 1 crore on Google
*RBI grants 'In-Principle' banking licenses to IDFC and Bandhan
*Aamir Khan becomes Election Commission's National Icon
*Interest rate on WMA/ overdraft: 2% above the repo rate
*Australia beat England to win their 3rd successive Women's Cricket
T20 World Cup (2014) title
*Koyal Rana wins Miss India 2014 title
*Sri Lanka beat India to win its maiden Cricket World Cup T20 title
*Sun Pharma to buy Ranbaxy in $3.2 bn deal
*'Know your candidate' tool launched by Google for Lok Sabha Elections 2014
*Justice R.M. Lodha appointed as the next Chief Justice of India
*Gulzar selected for Dadasaheb Phalke Award 2013
*Ratan Tata appointed board member of China-backed Boao Forum
*'World Market Power' Index: India 2nd most powerful nation
*SBI launches Tab banking facilities for Savings a/c, Housing Loan and e-KYC
*RBI raises Rs 20,000 Crores in record auction; India's biggest debt
auction ever
*Air India seeks bridge loan of $500 million
*Justice G Rohini appointed as the first ever woman Chief Justice of
the Delhi High Court
*HDFC Bank's blood donation drive sets Guinness World Record



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"Polling at your fingertips"- SMS based service launched in Meghalaya
April 1, 2014
In order to help voters to locate their respective polling stations,
the Election Commission launched an SMS based service "Polling at your
fingertips" in Shillong, Meghalaya.

SMS service "Polling at your fingertips":

Voters have to type their Elector's Photo Identity Card (EPIC) number
and send it to 98560-66666 and within a few minutes, details of
electoral roll, timing and date of the election and name and address
of the polling station is delivered to the mobile number.
Objective: To help the voters in locating their polling stations and
to reach their actual designated polling stations.
An SMS will be charged at Rs.3.
In case, voters do not receive any response after sending EPIC number,
they should immediately contact their respective deputy commissioner's
offices.

Death penalty of Devinderpal Singh Bhullar commuted to life
imprisonment by the Supreme Court
April 1, 2014
On grounds of delay in deciding mercy plea and medical condition, the
Supreme Court of India commuted the death penalty of 1993 Delhi bomb
blast case convict Devinderpal Singh Bhullar to life imprisonment.
The Chief Justice P Sathasivam bench granted life to Bhullar on the
grounds of inordinate delay in deciding his mercy petition and his
suffering from Schizophrenia.

Some key points from the Judgement made by the Honourable Supreme Court:-

Death penalty can be commuted to life on the ground of inordinate
delay on part of President to decide their mercy pleas.

Death sentence of a condemned prisoner cannot be executed if (s)he is
suffering from mental illness and schizophrenia.

There has to be a minimum 14-day gap between the information given to
condemned prisoner about rejection of mercy plea and the actual
execution date. This will give the condemned prisoner an opportunity
to either challenge the rejection, eat the food he likes, meet family,
relatives and friends.

All condemned prisoners are entitled to free legal aid to draft mercy
petitions and challenge its rejection.

Every person on death row, whether convicted for multiple murder or
terrorism cases, will have a right to approach SC to challenge the
rejection of their mercy petitions on grounds of inordinate delay in
deciding the mercy plea.

Therefore, now inordinate delay clause would be applicable to
terrorism cases also.

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Devinderpal Singh Bhullar

Born: May 26, 1965 in Punjab.
Profession: Professor of Engineering.
Convicted of killing 9 bystanders in a 1993 car bombing intended to
kill politician Maninderjeet Singh Bitta.
His petition for mercy was rejected by the President of India after
eight years (an unnecessary delay).
In January, 2014, the apex court had stopped Bhullar's execution and
had sought a medical report on his mental health.
Bhullar's family had pleaded that the 49-year-old is mentally unfit
and thus should not be hanged.
Schizophrenia- A mental disorder where common symptoms include
delusions, such as paranoia, hearing voices or noises that are not
there, disorganized thinking, lack of emotion, etc.

Novak Djokovic clinched 2014 Miami Masters title by defeating Rafel
Nadal in the finals
April 1, 2014
Novak Djokovic clinched his 4th Miami Masters title by defeating World
No:1 Rafael Nadal by 6-3, 6-3 in the men's singles final.

Other winners of 2014 Miami Masters title

Womens' Singles: Serena Williams (USA) won by defeating Li Na (China).
Men's doubles: United States players Bob Bryan & Mike Bryan won by
defeating Colombian players Juan Sebastián Cabal & Robert Farah.
Women's doubles: Martina Hingis & Sabine Lisicki won by defeating
Ekaterina Makarova & Elena Vesnina.
Miami Masters

Miami Masters is a yearly Tennis tournament for men and women held in
Miami, Florida. It is an ATP World Tour Masters 1000 event for the
men's tour and a Premier Mandatory event for the women's tour, played
on hard court.


CCI imposes a fine of Rs. 1 crore on Google
April 1, 2014
The Competition Commission of India (CCI) has imposed a fine of Rs. 1
Crore on Google for its inability to comply with the directions given
by the Director General (DG) seeking information and documents.

Why Competition Commission of India (CCI) has imposed a fine of Rs. 1
crore on Google?

Competition Commission of India (CCI) is probing Google for
anti-competitive and unfair practices. A case was registered with CCI
by BharatMatrimony and Consumer Unity & Trust Society that Google is
abusing its dominant position in internet advertising market and
pushing its own services and unfairly promoting the services of
companies willing to pay more money to it.

Measures taken by CCI:

CCI has imposed a fine of Rs 1 Crore on Google.
CCI has sent a questionnaire to various web entities, asking their
views on whether Google is unjustly promoting its own services and
abusing its dominant position in the search and advertisement business
to the damage position of other websites and portals in India.
Is this the first time Google has been charged for it alleged
anti-competitive and unfair practices?

No, this is not the first time. Google's alleged anti-competitive
practices are not new.

In 2013, the US Federal Trade Commission keeping a watch on Google's
business practices, shut its antitrust review following an assurance
by Google to make two changes to its search and AdWords business.

In February 2014, Google reached an agreement with European
Commission, inquiring Google's unfair trade practices, that Google
will show results from at least 3 competitors each time Google shows
its own results for searches related to shopping and travel.

Jens Stoltenberg: Next secretary general of NATO
April 1, 2014
The Atlantic Council has appointed Jens Stoltenberg as the next
Secretary General of North Atlantic Treaty Organisation (NATO). Mr.
Stoltenberg will replace Denmark's Mr. Anders Fogh Rasmussen and take
over as leader of the 28-nation military alliance in October 2014.

Jens Stoltenberg was Prime Minister of Norway from 2000-01 and again
from 2005-13. Norway was a founding member of NATO in 1949, and
Stoltenberg is the first Norwegian to serve as Secretary-General

Ban on Smoking in Public places has led to 10 % fall in premature
births and asthma attacks
April 1, 2014
Researchers led by Prof. Jasper Been, from University of Edinburgh,
have found that the Ban on smoking at public places has actually
helped to cut premature births and asthma attacks by 10%. As per a
previous study, laws banning smoking in public places viz. bars,
restaurants, offices and other work places, have already been proven
to protect adults from health threats associated with passive smoking.

This was the first comprehensive international to study the effects of
the anti-smoking laws in different countries and states and its impact
on children of the areas of study.

Objective of the Study: The research would help in accelerating the
introduction of anti-smoking legislation in nations where it is not
introduced yet.

As per the Research:

Smoke-free laws led to a decline of premature births from the
gestational age by 5%.
Number of children being admitted to hospital due to severe childhood
asthma attacks has also dropped by 10 %.
Only 16% of the world's population is covered by comprehensive smoke-free laws
40% of children worldwide are regularly exposed to second-hand smoke.
Passive smoking can cause babies to be stillborn or born prematurely
and is linked to birth defects, asthma and lung infections.


RBI grants 'In-Principle' banking licenses to IDFC and Bandhan
April 4, 2014
RBI has granted "in-principle" banking licences to Infrastructure
Development Finance Company (IDFC) and microfinance lender Bandhan
Financial Services Ltd. The declaration was made by RBI after nod from
the Election Commission. RBI had sought a go-ahead from the Election
Commission prior to declaring the awardees, as the model code of
conduct is in place in the run up to the elections. These are the
first licences to be awarded by RBI since 2003-04.

RBI constituted Bimal Jalan panel scrutinized the applications for new
bank licences. The exercise took a long time (around four years) as
there was a debate over the issue: whether corporate houses and
entities with exposure to real estate should be given licences. 25
applicants, including Reliance Capital, Aditya Birla Nuvo, L&T
Finance, etc. were amongst the applicants who were left disappointed
with the decision by RBI.

Prior to this in-principal approval, India has 27 public sector banks,
22 private sector banks and 56 RRBs (Regional Rural Banks).

What is the 'in-principle' approval by RBI?

The in-principle approval by RBI is valid for ONLY 18 months. During
this 18 month-period IDFC and Bandhan Financial Services Ltd will have
to meet all RBI rules and guidelines in order to secure a permanent
licence to start banking activities.

Timeline:

1994: Private Sector allowed to set up banks; 9 licenses issued
2004: Two more Bank Licenses issued (YES Bank got one and Kotak
Mahindra Bank was allowed to convert itself into a bank from a finance
company).
2011: FY-2011 Budget mentioned the need for more licenses in private sector
2011: (August) Draft Guidelines issued
2013: (February) Final Guidelines issued
2013: (July) RBI invites applications; 25 aspirants apply
2014: (April) RBI issues in-principle licenses to 2 applicants
(Infrastructure Development Finance Company (IDFC) and microfinance
lender Bandhan Financial Services Ltd.)

Highlights from the bi-monthly Monetary Policy Review by RBI
April 3, 2014
The key highlights of the bi-monthly monetary policy review by RBI are
as follows:

Repo Rate (RR) under the Liquidity Adjustment Facility (LAF) unchanged at 8.0%
Reverse Repo Rate (RRR) under the LAF unchanged at 7.0%
Marginal Standing Facility (MSF) rate unchanged at 9.0%
Bank Rate unchaged at 9.0%
Cash Reserve Ratio (CRR) of scheduled banks unchanged at 4.0% of the
Net Demand and Time Liability (NDTL);
Increase in liquidity provided under 7-day and 14-day term repos from
0.5% of NDTL to 0.75%
Reduction in liquidity provided under overnight Repos under the LAF
from 0.5% of bank-wise NDTL to 0.25% with immediate effect.
Key proposals by RBI:

Banks should not impose financial penalty on the consumers in case of
non-maintenance of minimum balance by customers in their saving
accounts.
Banks should also limit the liability of customers in electronic
banking transactions in cases where banks are not able to prove
customer negligence.
Banks should not levy penal charges for non-maintenance of minimum
balances in any inoperative account.
Allow borrowers to prepay floating rate term loans without any penalty.
The above steps proposed by the RBI are intended towards Consumer
protection, as Customer Protection is an integral aspect of financial
inclusion.

Proposal: "Do not impose financial penalty on the consumers in case of
non-maintenance of minimum balance by customers in their Savings
accounts"

Currently, there is no accord amongst various banks whilst charging
the customers for non-maintenance of minimum balance in their savings
accounts. RBI has proposed that in place of charging penalties to
customers for non-maintenance of a minimum balance in their ordinary
savings bank accounts, banks should limit the services available on
such accounts, to those available to basic accounts. When the balances
improve to the minimum required level, banks should restore the
services.

Why Customer might actually end-up paying more, if this proposal comes
into force?

If such a policy comes into force, then albeit customers may not be
required to pay for non-maintenance of a minimum balance in their
Savings Account but in place they might have to pay additional charges
for use of other services in such cases, such as an account statement
or ATM withdrawals or cheque book issuance. This could result in an
increase in the charges paid by customers in the alternative.

Example: Let's assume that Person 'A' has a Savings Bank account with
ABC Bank. Let the minimum balance to be maintained by a customer in
his Savings Bank account with ABC Bank is Rs 10,000. If the ABC bank
earns 4% on this Savings Account (i.e. Rs 400/- yearly), implies ABC
Bank is providing various services viz. cheque book for a year, ATM
transactions, bank statements for mere Rs 400/- to the customer 'A'.

Now, the Break-even for the bank to provide these services is quite
high (~ Rs 25,000/-).

So, if Banks don't charge penalty for non-maintenance of a minimum
balance in ordinary savings bank accounts, it would mean that customer
will be charged for these services for a year, which is quite high.
Since Banks are there to make profits and not to give services for
free, means that if banks stop charging for non-maintenance of minimum
balance, they are authorized to charge on transactions and in turn the
customer ends up paying more.

"Charkilo": First-ever miniature planet with rings discovered
April 1, 2014
Astronomers from Niels Bohr Institute have discovered a miniature
planet "Charkilo" with two rings of ice and pebbles between Saturn and
Uranus in the Kuiper Belt.

Miniature planet "Charkilo"

A Giant asteroid i.e. a celestial body known as a Centaur or Minor Planet.
Located between Saturn and Uranus.
Originated in the Kuiper belt.
Diameter: 250 km.
Centers of the two rings are 14 km and the gap between them is 9 Km.
Have two rings of ice particles and pebbles.
The Rings of the celestial body are not more than few hundred meters
thick and are only three and seven km wide. Kuiper Belt is a
collection of thousands of dwarf planets and comets in orbit beyond
Neptune on the edge of our solar system.

What is special about this discovery of "Charkilo"?

Till now, rings have only been observed around giant planets viz.
Jupiter, Uranus, Neptune and especially Saturn. This is the first time
that such a small celestial body (miniature planet "Charkilo" ) with
rings has been observed.


"Tempest Stela of Ahmose": World's Oldest Weather Report
April 6, 2014
Temptest Stela: A 40-line inscription on a 3,500-year-old and
6-foot-tall calcite stone block from Egypt. This is being considered
as one of the oldest weather reports. It describes rain, darkness and
the "the sky being in storm without cessation, louder than the cries
of the masses". It dates back to the reign of the Pharaoh Ahmose, the
first pharaoh of the 18th Dynasty and whose rule is considered as the
start of the New Kingdom, a time when Egypt's power reached its
height.

Linguists Dr Robert Ritner and Dr Nadine Moeller from the University
of Chicago's Oriental Institute affirmed that the unusual weather
patterns described on the slan were result of a volcano explosion at
Thera (the present-day island of Santorini in the Mediterranean Sea).

How this discovery could re-write the chronology of events in the
ancient Middle East?

The evidence from Tempest Stela may shift Pharaoh Chronology. Temptest
Stela describes the outcome of the Thera's volcanic explosion, the
accurate dating of the Temptest Stela itself and reign of Pharaoh
Ahmose. This discovery is a new translation suggests that the Pharaoh
Ahmose of Egypt ruled at a time close to the Thera's volcanic
explosion. The reign of Pharaoh Ahmose is at present considered to
be about 1550 B.C. but with this discovery it could actually be 30-50
years earlier.

Thus, this new discovery would provide an improved understanding of
the role of the environment in the development and destruction of
empires in the ancient Middle East. Now, the fresh chronology will
help clarify how Pharaoh Ahmose rose to power and superceded the
Canaanite rulers of Egypt -the 'Hyksos'.

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Aamir Khan becomes Election Commission's National Icon
April 4, 2014
The Election Commission entered into a partnership with film actor
Aamir Khan as its National Icon. Election Commission has recorded
video and audio campaigns showing Aamir Khan urging Indian Citizens to
vote "ethically". Aamir has also lent his voice to audio spots
prepared for the Election Commission.

As indicated on the Election Commission's National Voters' Pledge,
Aamir also asks Indian citizens to be determined and vote without
fear, pressure or any bribes, etc.

RBI caps Ways and Means Advances limit for the Government at Rs 35,000
Cr. per week for the first half of FY 2015
April 4, 2014
RBI has set the upper limit for the WMA (Ways and Means Advances) for
the central government at Rs 35,000 crore per week for the first half
of the FY 2015. If the government utilises 75% of WMA limit, RBI may
further activate fresh flotation of market loans. The second half
limit will be fixed in September 2014. If the prevailing circumstances
demand, there exists flexibility with the RBI to revise the limits at
any time after discussions with government.

Interest rate on WMA/ overdraft: 2% above the repo rate
Minimum balance required to be maintained by the government with the
Reserve Bank:

On Fridays: Not be less than Rs 100 crore
On the date of closure of government's financial year: Not be less
than Rs 100 crore on
On June 30 (closure of the annual accounts of the RBI): Not be less
than Rs 100 crore on
Other Days: Not less than Rs 10 crore
Duration:

For Central Government: 10 consecutive working days i.e. Overdrafts
beyond 10 consecutive working days will not be allowed.

What is WMA (Ways and Means Advances) and how this facility is utilized?
Via an agreement under Section 21A of the Reserve Bank of India Act,
1934, the RBI acts as a banker to various State Governments in India.
At present all Indian States (except Jammu & Kashmir' and 'Sikkim')
have entered into such agreements with the RBI in order to undertake
general banking business in India (including payments, receipts,
collection, remittance of money, management of public debt and issue
of new loans). 'Jammu & Kashmir' and 'Sikkim' have entered into
agreements with the RBI, ONLY for the limited purpose of managing
their public debt.

The various States maintain a minimum reserve balance with the RBI.
But these minimum balances are not fixed; these minimum balances
depend upon the economy of the state and its budget.

Thus, RBI has with it an account balance for each state and RBI
conducts ordinary banking business for the state without any
remuneration. Since RBI doesn't asks for any remuneration from States,
RBI is doesn't have any obligation to pay any interest on such
balances. RBI keeps on advising the States about their daily cash
balance at the close of each working day.

Now, there are times when these balances maintained by States with RBI
have a temporary mismatch in the cash-flow of receipts and payments of
the State Governments.

To meet these temporary mismatches, Under Section 17(5) of RBI Act,
1934, the RBI provides Ways and Means Advances (WMA) to the States in
order to assist them to overcome these temporary mismatches in the
cash flow of their receipts and payments. Thus, WMA is a mechanism
used by RBI under its credit policy. It is a temporary in character
and used to bridge any gap arising from short periods between
expenditure and receipt of the State Governments. WMA are not a source
of finance but are meant to provide provide a cushion to the States,
so that they can carry on their necessary activities in spite of
mismatches on fiscal transactions.

Time Period of WMA facility: Maximum 90 days i.e. WMA is repayable in
each case not later than 3 months from the date of making the advance.
Note:

i) Section 17(5) of RBI Act allows RBI to make WMA both to the
Central and State Governments.

ii) In a period of natural calamity or disaster, ad hoc WMA limits are
granted to the States to facilitate transactions in government
accounts.



What are the various types of WMA (Ways and Means Advances)?
There are 2 types of WMA - i) Normal and ii) Special

Normal WMA: These are Unsecured Advances i.e. Clean Advances. In this
arrangement, a State Government provides no securities. Normal WMA
facility is based on the State's latest three years' average of
revenue receipts and capital expenditure.
Special WMA: These are Secured advances. In this arrangement, a State
Government takes WMA facility by pledging Government of India dated
securities and Treasury Bills held by the State Governments with. The
operative limit for special WMA for a State is subject to its holdings
of Central Government dated securities upto a maximum of limit
sanctioned. State Governments are permitted Special WMA to the extent
of around 85% to 90% of the market value of their holdings of
Government of India dated securities and Treasury Bills after
providing for margins against price risk, with a higher margin for
securities of residual maturity in excess of 10 years.
What is an Overdraft Facility? What is Maximum duration of an
Overdraft Facility?
Any amount drawn by a State in excess of WMA is called an overdraft.

Maximum Duration of Overdraft:

For Central Government: 10 consecutive working days
For a State: 14 consecutive working days and 36 working days in a quarter.


READ (Read-Engage-Achieve-Dream): Indio-US alliance to improve reading
skills at Indian Schools
April 6, 2014
READ (Read-Engage-Achieve-Dream): It is an alliance between India and
USA to improve the Reading skills of millions of primary school-aged
children in India. It is a US $3.2 Million alliance between the U.S.
Agency for International Development (USAID) and the Indian Center for
Knowledge Societies (CKS). READ will seek to discover and test reading
solutions for improving reading skills for children in Indian Schools.

Indian-origin teenager Suvir Mirchandani shows how printing in
'Garamond Font' could save US Government $400 Million every year
April 6, 2014
Suvir Mirchandani, a 14 year old Indian origin student at a school in
Pennsylvania, has found a way of saving the US government $400 million
dollars (£240 million) per annum. Suvir has shown how by simply
changing the Font US Govt uses for printing official documents, the US
Govt can save $400 million dollars (£240 million) per annum.



Rationale for the finding:

Suvir calculated that if US government uses "Garamond" font instead of
the "Times New Roman", font usually used by Govt, the Garamond font
would use 25% less ink as each character in Garamond is lighter and
thinner. Thus, cost of printing voluminous documents of Government
would be subsequently reduced.

Federal government if used just Garamond then it could save $136
million (£81 million) per year. If State Governments also use the
Garamond font, then an additional $234 million (£140 million) could be
saved annually.
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Climate change may lead India to war: UN report
April 6, 2014
UN's Intergovernmental Panel on Climate Change (IPCC), in its report
evaluating affects of climate change on human health, settlements and
natural resources issued a warning that if no actions are taken to
limit the ill-effects of global warming, Asia may face pressure on
water resources and food-grain production in the future, thereby
mounting the risk of armed conflict amongst India, Pakistan,
Bangladesh and China.

Albeit the report doesn't have any country-specific forecastings, the
region-wise findings in the report have thrown many eye-opening
conclusions for India. As per the Report, if steps are not taken to
control the rise in temperature:

India might lose up to 1.7% of its GDP if the yearly mean temperature
rises by 1 degree Celsius compared to pre-industrialization level.
India might face extreme weather events, viz. flash floods in
Uttarakhand and cyclone Phailin in Odisha.
'Beach tourism' in India, could be affected.
Increase in risk of armed conflict around the world as it aggravates poverty.
Key indications/ findings from the report:

In most parts of the world, coming times experience more extreme
weather events viz. floods, cyclones, cloud bursts, unseasonal
excessive rains and drought, etc.
Amongst the most affected nations in Asia would be: Bangladesh, China,
India, Maldives, Pakistan and Sri Lanka.
Climate change will be an influential factor in designing of national
security policies.
By middle of the 21st century, stern pressure on fresh water resources
in South Asia and China (Himalayan river basins) may develop into a
basis for armed conflict in the region.
Coastal flooding will affect tourism in India.
Fall in food-grain production (wheat in India and Pakistan; wheat and
maize in China)
Sea-level rise will affect coastal cities like Mumbai and Kolkata
Fishing community will be affected, as some marine fauna will face
extinction by 2050
Himalayan Glaciers continue to shrink, affecting water resources downstream
Human health will be affected by climate change, mainly by
exasperating health issues.
UN IPCC Report: Climate Change 2014: Impacts, Adaptation, and Vulnerability

(Source: http://www.ipcc.ch/)






Australia beat England to win their 3rd successive Women's Cricket T20
World Cup (2014) title
April 7, 2014
Australia lifted their 3rd World Twenty20 title by beating Australia
in the finals held at Dhaka , Bangladesh. Australia 106 for 4 beat
England 105 for 8 by six wickets. It was Australia's third T20 triumph
in succession. England medium-pacer Anya Shrubsole was named as the
Women's Player of the Tournament of the ICC World Twenty20. The
22-year-old grabbed 12 wickets at an average of 5.75 in the lead her
team(England) up to the final.

For the ICC Women's Cricket World Twenty20 (2014):

Australia captain: Meghann Moira Lanning
England Captain: Charlotte Marie Edwards
Indian Captain: Mithali Raj

Ukraine crisis: NATO suspends civilian and military co-operation with Russia
April 6, 2014
Following Russia's annexation of Ukraine's Crimea region, NATO
suspended all practical civilian and military co-operation with
Russia. Russia's annexation is being considered as a threat to
European security.

The 28-member NATO bloc gathered in Brussels (Belgium) for their first
meeting since Russia's annexation of Crimea and stalwartly condemned
Russia's 'illegal' annexation of Ukraine's Crimea region. NATO is also
considering options like situating permanent military bases in the
Baltic States, to restore confidence amongst the members in Eastern
Europe.

Why NATO is suspending civilian and military co-operation with Russia?

Russia's annexation of Ukraine's Crimea region was being considered
the solemnest hazard to European security for quite sometime. Russia's
of Ukraine's Crimea region has now fazed nerves in Estonia, Latvia and
Lithuania, which were a part of the Soviet Union during the Cold War.
The Baltic States which were a part of Soviet Union like Ukraine,
whose Crimean territory was recently annexed by Russia, also fear an
annexation in future.

The map below shows the position of Ukraine, Crimea region, Russia and
Baltic States (Estonia, Latvia and Lithuania) in RED.



North Atlantic Treaty Organization (NATO)

Also called the (North) Atlantic Alliance, is an intergovernmental
military alliance based on the North Atlantic Treaty (signed on 4
April 1949). The organization comprises a system of collective defence
through which its member states accord to mutual defense in response
to an attack by any external threat.

Formation: April 4, 1949
Type: Military alliance
Headquarters: Brussels, Belgium
Membership: 28 states
Members: Albania, Belgium, Bulgaria, Canada, Croatia, Czech Republic,
Denmark, Estonia, France, Germany, Greece, Hungary, Iceland, Italy,
Latvia, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal,
Romania, Slovakia, Slovenia, Spain, Turkey, UK, USA
Baltic States

Baltic States or countries are 3 northern European countries east of
the Baltic Sea - Estonia, Latvia and Lithuania, which attained
independence from the Russian Empire in the backwash of World War I.
In the period between the World Wars, the Baltic States also included
Finland.

Membership: Estonia, Latvia and Lithuania

"Walk Again Project": World Cup Soccer 2014, Brazil
April 6, 2014
Wearing a sophisticated mind-controlled exoskeleton, a paralysed
teenager will start off the World Cup Soccer 2014, to be held in
Brazil, with a ceremonial kick.


The Walk Again Project is a nonprofit, international collaboration
whose researchers have created the first real-time Brain-Machine
Interface (BMI) which uses the concurrent electrical activity,
produced by thousands of brain cells located in the primate cortex, to
directly control the movements of a variety of robots, including a
multi-degree of freedom prosthetic arm.

How the Mind-Controlled Exoskeleton made by the Walk Again Project works?

The Patient wears a cap fitted with 32 electrodes that pick up
Electro-Encephalo-Graphy (EEG) signals from the brain. The Computer in
backpack converts brain signals into commands for the exoskeleton.
Battery and hydraulics system in backpack move the exoskeleton's
limbs. The battery can power the exoskeleton for 2 hours. The
Gyroscopes on the exoskeleton keep it balanced. The Sensors on the
foot plates detect footfalls and give sensory feedback to patient
through the sleeve of their shirt.

The exoskeleton is made from alloys and polymers to make it light and flexible.


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Koyal Rana wins Miss India 2014 title
April 8, 2014
Koyal Rana from Jaipur won the Miss India 2014 crown at the 51st
edition of the beauty pageant. The runners up were Jhataleka Malhotra
(1st runner-up) from Mumbai and Gail Da'Silva (2nd runner-up) from
Goa. 2013 Miss India winner Navneet Kaur Dhillion and Miss World 2013
Megan Young crowned Rana the new Femina Miss India 2014.

Miss India or Femina Miss India is a national beauty pageant in India
is organised by Femina, a women's magazine published by Bennett,
Coleman & Co. Ltd. The winner of Femina Miss India goes to compete
globally for Miss World, while the first runner up goes to compete
globally in Miss Earth, and the second runner up goes to compete
globally for Miss Supranational.

Name of the title Winners
Miss India World 2014 Koyal Rana
Miss India 2014 1st runner up Jhataleka Malhotra
Miss India 2014 2nd runner up Gail Da'Silva

List of the of sub contest winners:

Miss Multimedia: Irshikaa Mehrotra
Miss Beauty With Purpose: Koyal Rana
Miss Fashion Icon: Jantee Hazarika
Miss Vivacious: Tenneti Joga Bhanu
Miss Healthy Skin: Koyal Rana
Miss Timeless Beauty: Gail Dasilva
Miss Adventurous: Yoshiki Sindhar
Miss Beautiful Hair: Nikhila Nandgopal
Miss Congeniality: Aarpita Kaur
Miss Active: Nikhila Nandgopal
Miss Lifestyle: Sathitya Jagannathan
Miss Talented: Deepti Sati
Miss Body Beautiful: Lopamudra Raut
Miss Rampwalk: Varsha Gopal
Miss Photogenic: Jantee Hazarika
Miss Beautiful Smile: Irshikaa Merhotra
Miss Waterbaby: Mansi Grewal
Miss Iron Maiden: Deepti Sati
Miss Sudoku: Malati Chahar
Miss National Costume: Jhataleka Malhotra

April 7: World Health Day
April 7, 2014
World Health Day was celebrated all over the world on April 7, 2014.
Theme for 2014 was "Vector-Borne Diseases (VBDs)". The campaign for
World Health Day this year is 'small bite: big threat'. Mosquitoes,
flies, ticks and bugs may be a threat to your health - and that of
your family - at home and when travelling.

What are Vectors?

Vectors are organisms that are transmit pathogens and parasites from
one infected person or animal, to another e.g. mosquitoes, bugs,
ticks, freshwater snails, etc.

Which VBDs (Vector Borne Diseases) are of concern especially in India?

As per WHO, VBDs make up for more than 17 % of diseases.
Some VBDs are almost present globally viz. malaria, dengue,
schistosomiasis, Human African trypanosomiasis, Leishmaniasis, Chagas
disease, yellow fever, Japanese encephalitis, Onchocerciasis, etc.
In India, VBDs affecting people include malaria, dengue, Japanese
encephalitis, kala-azar, lymphatic filariasis and chikungunya.
In India, issues related to these VBDs are addressed by the National
Vector Borne Disease Control Programme (NVBDCP), Directorate General
of Health Services, Ministry of Health & Family Welfare, Government of
India.
People suffering from diabetes are more susceptible to VBDs because of
the fact that high blood sugar in their bodies (resulting in high
susceptibility), and lower levels of immunity, makes them more prone
to VBDs.
World Health Day

World Health Day is celebrated every year on April 7, under the
sponsorship of the World Health Organization (WHO), in order to focus
on increasing the life expectancy by adding good health to the lives
of people and promoting healthier living habits. The First World
Health Assembly was held by WHO in 1948 where it was decided to
celebrate April 7 (to mark WHO's founding) of each year, with effect
from 1950, as the World Health Day.

Objective: April 7 every year is seen as an opportunity by the WHO to
draw worldwide attention to a subject of major importance to global
health each year.

World Health Organization (WHO)

Formation: April 7, 1948
Headquarters: Geneva, Switzerland
Head: Margaret Chan
Parent Organization: United Nations Economic and Social Council (ECOSOC)

Themes of World Health Days:

1950:"Know your Health Services".
1951:"Health for your Child and World's Children".
1952:"Healthy surroundings make Healthy people".
1953:"Health is Wealth".
1954:"The Nurse: Pioneer of Health".
1955:"Clean water means better Health".
1956:"Destroy disease carrying Insects".
1957:"Food for All".
1958:"Ten years of Health progress".
1959:"Mental illness and Mental Health in the World of today".
1960:"Malaria eradication - A world challenge".
1961:"Accidents and their prevention".
1962:"Preserve sight- prevent Blindness".
1963:"Hunger= Disease of millions".
1964:"No Truce for Tuberculosis".
1965:"Smallpox - constant alert".
1966:"Man and his Cities".
1967:"Partners in Health".
1968:"Health in the World of Tomorrow".
1969:"Health, Labor and Productivity".
1970:"Early detection of Cancer saves Life".
1971:"A full life despite Diabetes".
1972:"Your Heart is your Health".
1973:"Health begins at Home".
1974:"Better food for a healthier World".
1975:"Smallpox: Point of no return".
1976:"Foresight Prevents Blindness".
1977:"Immunize and protects your Child".
1978:"Down with High Blood pressure".
1979:"A healthy Child: A sure future".
1980:"Smoking or Health: Choice is yours".
1981:"Health for all by year 2000 AD".
1982:"Add life to years".
1983:"Health for all by year 2000 AD: Countdown has begun".
1984:"Children's Health: Tomorrow's Wealth".
1985:"Healthy Youth- Our best Resource".
1986:"Healthy living: Everyone a winner".
1987:"Immunization: A chance for every Child".
1988:"Health for All: All for Health".
1989:"Let's talk Health".
1990:"Our Planet our Earth: Think Globally Act Locally".
1991:"Should Disaster Strike, be prepared".
1992:"Heart beat: A rhythm of Health".
1993:"Handle life with care: Prevent violence and Negligence".
1994:"Oral Health for a Healthy Life".
1995:"Global Polio Eradication".
1996:"Healthy Cities for better life".
1997:"Emerging infectious diseases".
1998:"Safe motherhood".
1999:"Active aging makes the difference".
2000:"Safe Blood starts with me".
2001:"Mental Health: stop exclusion, dare to care".
2002:"Move for health".
2003:"Shape the future of life: healthy environments for children".
2004:"Road safety".
2005:"Make every mother and child count".
2006:"Working together for health".
2007:"International health security".
2008:"Protecting health from the adverse effects of climate change".
2009:"Save lives, make hospitals safe in emergencies".
2010:"Urbanization and health: make cities healthier".
2011:"Anti-microbial resistance: no action today, no cure tomorrow".
2012:"Good health adds life to years".
2013:"Healthy heart beat, Healthy blood pressure".
2014:"Vector-borne diseases".

Sri Lanka beat India to win its maiden Cricket World Cup T20 title
April 7, 2014
Sri Lanka lifted their maiden World Twenty20 title by beating India in
the finals held at Mirpur , Bangladesh. Sri Lanka 132-4 (17.5 overs)
beat India 130-4 (20 overs) by 6 wickets. Sri Lanka finally managed to
break their jinx of losing the finals of global events, having gone
down in the decider of the 50-over World Cup in 2007 and 2011 and T20
World Cup in 2009 and 2012.

Dreams of India to become the first team to hold all three
limited-overs trophies, were shattered by the 52 not out knock from
Sri Lanka's Kumar Sangakkara. Sri Lanka's Kumar Sangakkara and Mahela
Jayawardene both aged 36, had announced their plans to retire from T20
international cricket just before start of the World Twenty20 in
Bangladesh.

India's Virat Kohli, won the World Twenty20 player of the tournament award.


Sun Pharma to buy Ranbaxy in $3.2 bn deal
April 10, 2014
Sun Pharmaceutical Industries Limited acquired Ranbaxy Laboratories
Limited (owned by Japan's Diiachi Sankyo) in an all-share deal with
total equity value of $3.2 billion. Earlier in 2008, Daiichi Sankyo
had bought Ranbaxy Laboratories for $4.6 billion. In the combined
entity, promoters of Sun Pharma will hold close to 56% while Daiichi
Sankyo will hold 9% stake .

Why acquisition of Ranbaxy is an important Strategic deal for Sun Pharma?

Sun Pharma has strong presence in US markets while Ranbaxy has strong
presence in Emerging Markets and Rest of World markets. In India, the
Sun Pharma is strong on Chronic side while the Ranbaxy is strong on
Acute side. The combined entity SUN + Ranbaxy will now be the 5th
largest generics company in the world and the largest Pharmaceutical
Company in India.

The Top 4 names in the World in Generics are: Teva, Actavis, Sandoz and Mylan.

Sun Pharma and Ranbaxy are competitors in Indian as well as US Market.
With the acquisition of Ranbaxy, Sun Pharma plans a phase out sales of
generic drugs branded as 'Ranbaxy Laboratories Ltd products' in the US
market. The Ranbaxy products will be rebranded as Sun Pharma
treatments in the US market.

Sun Pharmaceutical Industries Limited: Indian multinational
pharmaceutical company that sells pharmaceutical formulations and
active pharmaceutical ingredients (APIs) primarily in India and US.

Founder: Dilip Shanghvi
Founded: 1983, Mumbai
CEO: KalyanaSundaram Subramanian
Headquarters: Mumbai, Maharashtra, India
Ranbaxy Laboratories Limited: Indian multinational pharmaceutical
company that was started by Ranbir Singh and Gurbax Singh (RanBaxy
name is a portmanteau of the names of its founders) in 1937 that sells
its products to 125 countries.

Founders: Ranbir Singh and Gurbax Singh
Founded: 1937
Incorporated in: 1961
CEO: Arun Sawhney
Headquarters: Gurgaon, Haryana, India
1952: Bhai Mohan Singh bought the company from his cousins Ranbir and
Gurbax Singh.
1961: Incorporated in India
1967: Parvinder Singh (son of Bhai Mohan Singh) joined and from here
the company saw a huge increase in scale.
Acquisition: In 2008, Japanese pharmaceutical company Daiichi Sankyo
acquired 63.92% stake in Ranbaxy
Highlights of the Sun Pharma - Ranbaxy Merger:

Daiichi Sankyo sold its entire 63.4% share in Ranbaxy to Sun Pharma
Acquisition is an All Stock Transaction (All Share Deal)
Ranbaxy shareholders get 0.8 shares of Sun Pharma
Value of each Ranbaxy Share as per deal = Rs 457
Daiichi will hold 9% in merged entity
Daiichi will have one board member
Daiichi will become second largest shareholder in Sun Pharma
What is a Generic Drug?

A Generic Drug (or Generics): A drug product that is available as a
substitute (as it is conforming in every respect) to brand/reference
listed drug product in strength, route of administration, dose form,
character and performance and meant usage. A Generic Drug is also many
a times referred to any drug which is marketed under its chemical name
free from any advertisement or publicity.

'Know your candidate' tool launched by Google for Lok Sabha Elections 2014
April 9, 2014
As part of the ongoing Lok Sabha Elections 2014 in India, Internet
giant Google has come up with its tool 'Know Your Candidate' which
will assist Citizens of India to get a very basic snapshot information
about their Candidates, incumbent MPs as well as other candidates
contesting from all over India. The tool incorporates publicly
accessible information, such as educational background, financial
details and social media presence about the candidate. The information
has been obtained from Indian organizations such as the Association
for Democratic Reforms (ADR), PRS Legislative Research and Liberty
Institute India.

The tool which will be modified on a regular basis, will furnish
information about all candidates as they get finalized. The
information will be made available at least a week before the voting
day in each constituency. This will assist Voters to assist in
selection the right candidate from their constituency.




www.visuallyimpairedbankers.blogspot.com
Itanagar becomes the 2nd state capital amongst the capitals in NE
India to be put on Rail Map of India
April 8, 2014
Itanagar (Capital of Arunachal Pradesh) became the 2nd state capital
after the Capital of Assam: Dispur (whose nearest Railway Station is
Guwahati, distance: 5-7 km only), amongst the capitals in NE India to
be put on Rail Map of India. The first passenger train which started
from Dekargaon (Assam) at 7 am and covering a distance of 181 km
arrived at Itanagar Railway Station 12:30 pm.

North Eastern India comprises of Seven Sister States + Sikkim
Seven Sister States also called "Paradise Unexplored" are Arunachal
Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura
Click Here for a Detailed Map on North East Frontier Railway :
North-East Frontier Railway Map


"3D Hologram Technology" used to broadcast Narendra Modi's rallies all
over India
April 12, 2014 1 Comment
BJP's prime ministerial candidate Narendra Modi is using the advanced
3D hologram technology, to address around 1,000 rallies in different
States on the same day.

How Narendra Modi's live rallies on a single day at several places is
made possible ?

This has been made possible by the use of 3D-Hologram Technology. BJP
is performing virtual campaigns using 3-D hologram technology in such
a large scale for communication during the election period. With the
use of 3D Hologram Technology, Modi addresses lakhs of people at the
same time, sitting at one place.

Narendra Modi had previously also used this technology. It was used by
him for the first time for his election meetings in 2012 to address
voters over 53 locations in Gujarat simultaneously.

What Is Holography?

Holography is the science of producing holograms. This advanced form
of photography permits the light scattered from an object to be
recorded in 3 dimensions and later reconstructed.

Background:

The 1948 paper by Dennis Gabor, considered as the Father of Holography
and Holographic Technologies, is the foundation for modern Holography.
The interesting thing about his paper was that laser light had not
even been invented till the time Dennis wrote his paper.

Timeline:

1948: Dennis Gabor developed the theory of Holography
1960: Pulsed Ruby Laser was developed
1962: White Light Reflection Hologram were developed
1983: Master Card became the first Credit Card to use Holograms
2009: Interactive Holographic displays developed
2010: Development of Moving 3D Holograms
Hologram Properties:

A Hologram when looked from various angles, projects different
perspectives. It normally looks like a glittering picture or smear of
colors and if cut in half, each half comprises of whole views of the
entire holographic image.

How 3D Holographic Projection Technology used in Narendra Modi's campaign works?

The technology used in Narendra Modi's campaign is based on
"Hi-Definition Projection Technology". The technique Narendra Modi is
captured in a 3D Aspect with a Special Hi-Definition Camera on a
specially built Stage and then Projected "As Is" at several remote
locations "At-A-Time". This necessitates the use of a laser,
interference, diffraction, and light intensity recording and suitable
illumination of the recording. The image alters as the position and
orientation of the viewing system alters. The public (audience) at the
other end of the stage experience the presence of Narendra Modi
(projected 'Virtual" person) in front of them and, without even
wearing any kind of 3D glasses.

Holography may be viewed as analogous to sound recording, in which a
sound field created by a vibrating material viz. musical instrument or
vocal cord, is encoded in such a manner that it can be reproduced
afterwards, without the presence of the original vibrating matter.
Similarly, in Holography a light field (produced from a light source
scattered off objects) is recorded and afterwards reconstructed when
the original light field is no longer present, because of the absence
of the original object.

This technique is grounded on "Pepper's ghost", a theatre proficiency
used for centuries in plays and magic tricks for developing illusions.
In the ingenious re-imagining of the Pepper's Ghost technique a
patented foil, completely invisible to the naked eye, is rigged at 45°
all over the stage. The stage reflects back the content from the
projector upwards to the foil which gives a feeling of a real 3D
moving live image on the stage.

Based on Pepper's ghost illusion technique



A Model of Stage setup used in Narendra Modi's virtual rallies



EC: Messages on blogs, social media not to be treated as political
advertisements
April 11, 2014
The Election Commission (EC) held that any political message in the
form of comments, pics, videos or messages on blogs, social media
would not be treated as a political advertisement. Thus, these don't
need any pre-certification and are not subject to any rules or
guidelines released by the Election Commission. Even any such message
in accounts of political parties or candidates also would not be
treated as a political advertisement.

Earlier, EC had brought in social media under its radar for the very
first time ahead of the Lok Sabha polls in order to supervise spending
by political parties. Consequently, the EC was maintaining a close
watch on Facebook, Twitter, Wikipedia, YouTube, etc. and expenditure
on these platforms by political parties.

At the state and district levels, the Election Commission has
established State and District level Media Certification and
Monitoring Committees respectively to keep a watch on the spendings by
political parties and control cases of paid news in the print and
electronic media.

www.visuallyimpairedbankers.blogspot.com
RBI panel headed by Anand Sinha releases Draft Report on 'Pricing of
Credit'; suggests Indian Banks Base Rate (IBBR)
April 11, 2014
RBI panel headed by RBI Deputy Governor Anand Sinha has recommended
bringing a benchmark floating interest rate, especially for home
loans. Panel also suggested Indian Banks Base Rate (IBBR).

Objective: To inspect the matters linked to inequity in pricing of
credit and suggest measures for transparent and suitable pricing of
credit under a floating rate regime.

Why there is a need for change in current credit pricing framework?

Notwithstanding the policy attempts to bring transparency and candour
to the credit pricing framework, there have been certain concerns from
the customer service perspective. These chiefly refer to the downward
stickiness of the interest rates, prejudiced handling of old borrowers
vis-à-vis fresh borrowers, arbitrary modifications in spreads, etc.

Recommendations:

Key recommendations made by the Working Group headed by RBI Deputy
Governor Anand Sinha are:

Banks should be able to prove to the RBI the rationale of their
pricing policy i.e. how the bank decided the pricing of a banking
product.
Banks, peculiarly those whose weighted average maturity of deposits is
on the lower side should move towards calculating the Base Rate on the
basis of incremental cost of funds. More transparency in pricing, less
customer complaints, better asset liability management at banks. The
Bank boards should make certain that the use of a different
methodology in calculating cost of funds should not doesn't leads to
any discrimination amidst borrowers, especially between old and fresh
customers.
Banks should have a Board sanctioned policy delimiting components
which are utilized to decide the spread like specific operating cost,
credit risk premium and tenor premium, competition, business strategy
and customer relationship.
Bank Board should make certain that any price differentiation is
coherent with bank's credit pricing policy factoring Risk Adjusted
Return on Capital (RAROC).
The internal policy of the Bank should explain the rationale for the spread.
Except in cases where the credit profile of a customer goes down, the
spread charged to an existing customer cannot be raised without
properly communicating to the customer at the time of contract. The
same information should be properly exhibited by the banks via
notices/ website.
There may be interest rate reset periodicity for the Floating rate
loan covenant.
A sunset clause for Benchmark Prime Lending Rate (BPLR) contracts
should be there in order that all the contracts thenceforth are linked
to the Base Rate. Banks should ascertain that if any of its customer
shifts from BPLR linked loans to Base Rate loans are (s)he should not
be charged any extra interest rate or any processing fee.
Indian Banks Base Rate (IBBR): The RBI panel asked Indian Banks
Association (IBA) to develop IBBR, a fresh benchmark for floating
interest rate products, which may be compared and released by IBA on a
periodical basis. In the beginning, IBBR may be used for home loans.
IBBR should comply with the standards benchmarks set by the Committee
on Financial Benchmarks. Banks may extend floating rate products
linked to the Base Rate, IBBR or any other floating rate benchmark,
ascertaining that at the time of sanction, the lending rates should be
equal to or above the Base Rate of bank.
Bring in more transparency in banking which enables comparability
amongst banks and informed decision making by customers.
If there is a pre-payment made by a customer, then any gain of
interest reduction on the principal should be given on the day the
money is obtained by the bank without holding off for the next EMI
cycle date to effect the credit.
RBI and Banks should both bestow financial education to customer.
At the point of getting into a contract, the Options of "with exit"
and "sans exit" should be given to Customers in case of Retail loans.
The industry association, IBA, should:
Build up case studies and illustrations of best practices for customer service;
Carry on studies to discover areas of best market conduct practices
for betterment;
Train industry representatives
In Banks the grievances redressal systems should be quick in
responding to customers' demands and the Banks not putting in place
enough measures should be penalized by the RBI.

British physicist Stuart Parkin awarded prestigious Millennium technology prize
April 13, 2014
UK-born physicist Stuart Parkin won the Millennium technology prize
2014. Parkin won this prize for his breakthrough in magnetic disk
drive storage capacity.

Parkin's ground-breaking contribution to the science and application
of spintronic materials has led to an abnormal expansion in the
capacity to store digital information. Parkin employed the process of
Giant Magneto-Resistance (GMR) to produce enormously sensitive devices
that can detect tiny magnetic fields, harbingering the epoch of cloud
computing. In magnetic disk drives information is stored as "bits" (0s
and 1s) mapped by regions of the disk magnetized differently. Thus, if
the detector is more sensitive, then the magnetic regions and fields
need to be more smaller to store the information, which implies more
data can be put on to a hard disk drive - all in digital form. This
discovery led to 1,000-fold betterment in the storage capacity of
magnetic disk drives with cost remaining almost same.

The foundation behind this award has made services like Facebook,
Google, Amazon, etc. possible.

Giant Magneto-Resistance (GMR) and Parkin's accomplishment:

Giant Magneto-Resistance (GMR) was separately discovered by physicists
Albert Fert and Peter Grünberg in the late 1980s and in 2007 they
shared the Nobel Prize for physics for their work on GMR. The
phenomenon develops when atomically thin layers of magnetic and
non-magnetic materials are piled on top of each other. In a plain
organization, a non-magnetic layer (typically copper) is sandwiched
amid two magnetic layers which act like bar magnets pointing either
north or south. On inducing a current in this sandwich, electrons pass
through the layers. The degree of interference they go through is
dissimilar and depends upon an intrinsic quantum mechanical property
of them called "Spin", which can be adjusted to the direction of the
bar magnet or against it. Electrons which have a spin in one direction
will travel in a freer manner. Thus, the flow of the current can be
checked by the proportional placement of the bar magnets of the top
and bottom layers. This phenomenon is called Giant Magneto-Resistance
(GMR), as its value is much larger than the MR value received from
anisotropic MR that come out from normal ferromagnetic materials.

Parkin's accomplishment was to prepare a device based on such
"Spintronic" effects in which tiny magnetic fields from magnetized
regions (that store data within the disk drive) can rotate the
direction of magnetization in one of the layers of the sandwich. This
outcome is a sensor that quickly goes through large alterations in
resistance as it reads the disk drive.



Justice R.M. Lodha appointed as the next Chief Justice of India
April 13, 2014
Justice Rajendra Mal Lodha (64) as the next Chief Justice of India.
President Pranab Mukherjee with exercise of his powers conferred by
clause (2) of Article 124 of the Constitution of India, appointed
Justice Rajendra Mal Lodha, Judge of the Supreme Court, to be the next
Chief Justice of India with effect from April 27, 2014.

Justice R.M. Lodh will have a short tenure of 5 months as the Chief
Justice as he is scheduled to retire on September 27, 2014.

Gulzar selected for Dadasaheb Phalke Award 2013
April 12, 2014
The Union Ministry of Information and Broadcasting announced that the
Veteran poet and film lyricist Gulzar (real name: Sampooran Singh
Kalra) has been chosen for the Dadasaheb Phalke Award for the year
2013. Sampooran Singh Kalra's pen name is Gulzar. Dadasaheb Phalke
Award is India's highest award in cinema, conferred annually by the
government for outstanding contribution to the growth and development
of Indian cinema.

Awards: Padma Bhushan (2004), Sahitya Akademi Award (2002), Academy
Award (2008 - Shared with Music Director A. R. Rahman for "Jai Ho"
from film Slumdog Millionaire). He has won 20 Filmfare Awards.



British Queen confers GBE (Knight Grand Cross) on Ratan Tata
April 13, 2014
Ratan Tata (76), the Chairman Emeritus of Tata Sons and former
chairman of the Tata Group, honoured by Queen Elizabeth with a GBE
(Knight Grand Cross), one of the UK's highest civilian awards. He is
the only Indian among 5 foreigners to be awarded as part of the
'Honorary British Awards to Foreign Nationals' for 2014.

In 2009, Mr. Tata was conferred a KBE (Knight Commander) by the Queen.

In 2008, the Tata Group under chairmanship of Ratan Tata had acquired
the flagging British luxury car brand Jaguar Land Rover (JLR). The
Tata Group has emerged as one of the largest employers in Britain,
employing nearly 60,000 people across Britain. Now in its 18th year,
the Sir Ratan Tata Fellowship works in collaboration with the London
School of Economics.

Ratan Tata appointed board member of China-backed Boao Forum
April 13, 2014
Ratan Tata appointed board member of China-backed Boao Forum. For the
first time a senior Indian business leader inducted as a member of the
Board of Boao Forum for Asia (BFA), an uncommon distinction for an
Indian in the Chinese government-backed influential body.

Ratan Tata's nomination to the board of the BFA is considered as part
of China's attempts to push closer ties with India. Tata is the most
successful Indian business group in China. TCS, Range Rover SUV
(manufactured by TATA-owned Jaguar Land Rover) are a big hit in China.

Boao Forum for Asia (BFA)

A non-governmental and non-profit international organization with a
fixed conference date and a fixed domicile. BFA was officially
introduced on February 27, 2001. Since 2002, BFA has been having its
yearly conference at Boao, Hainan Province, China which now serves as
the permanent site of BFA Headquarters. Each year world's Top
political and business leaders gather at Boao to brain storm on global
political and economic issues.

FICCI (Federation of Indian Chambers of Commerce) is an ordinary
member of the Boao Forum.
Why Boao Forum for Asia (BFA) is important?

BFA has now turned into a high-end platform for dialogues between
leaders of national governments, industrial and business circles, and
academicians of nations in Asia and other continents about the
significant subject matters in Asia and even the whole world. BFA is
dedicated to pushing Asian countries to accomplish common development
via further integration of regional economy. Via its working web with
the political, business, and academic circles, BFA will attend to the
ever-rising economic cooperation amidst its members and within its
members and other entities.

Objective(s):

To base itself on Asia and encourage and deepen the economic exchange,
coordination, and cooperation within Asia and between Asia and other
parts of the world.
To offer a high-end dialog platform for governments, enterprises,
experts, and scholars to collectively talk about economy, society, and
environment and other pertinent subject matters.
Organization Structure:





First time in the Indian History, Shompens cast their votes for Lok
Sabha elections
April 13, 2014
For the first time in the Indian history Shompens cast their votes to
elect for the Lok Sabha constituency of Bay Islands for Lok Sabaha
election 2014. About 60 Shompens cast their votes at polling station
put up in the inner jungle in Great Nicobar Biosphere reserve.

27 polling teams were positioned to man 21 polling stations in Great
Nicobar. Conducting polls in the island is a gainsaying job as many of
the polling stations can be only reached via boats and dinghies under
fierce sea conditions, whilst few are within the thick forest where
even vehicles cannot go.

Shompen Tribe

Believed to be one of the last surviving stone-age tribes and living
in Great Nicobar.
One of the 6 tribes that inhabit the forest in the southern-most tip
of the India.
Classified as primitive tribal group along with the four other tribes
- Jarawa, Andamanese, Onge and the Sentinelese.
Population: Only 229 (2011 census)
Have very limited contact with outsiders and live in about 12
habitations made of bamboo and leaf thatch.
Not as well-known like the Jarawas of the Andaman islands.
While the Jarwas are a negrito tribe, the Shompens are of Mongoloid stock.
Like the Jarawa they are skilled hunter-gatherers but unlike them
raise plantations of various crops and subsist primarily on them,
besides honey and fish.
Main weapons are the bow and arrow.


India leads global remittances with $70 billion in 2013
April 14, 2014
Remittances have turned into a key component of the Balance of
Payments (BoP) of nations. As per the World Bank Report "Migration and
Development Brief", in the year 2013, India lead global remittances as
it received $70 billion during 2013. Out of this $65 billion were
earned from the India's flagship software services exports. India is
followed by China ($60 bn) and Philippines ($25 bn).

Out of $70 bn total global remittances India received during 2013, $65
bn were from India's Software Export Services.

As per the report, in 2013, remittance flows to developing countries
was $404 bn and it is expected to rise 7.8% to $435.5 bn in 2014 and
to $516 bn in 2016. International migrants from nations are
anticipated to send more in remittances to their home lands in 2014,
in spite of more expatriations from some host nations.

These remittance flows act as an antidote to poverty and encourage
prosperity. The increase in remittances to the South Asia region has
slackened, growing by a meek 2.3% to $111 billion in 2013, likened
with an average yearly increase of more than 13% during the previous 3
years. There was a marginal increase in India of 1.7% in 2013.

G-20 pushes USA to ratify IMF reforms by the year end
April 14, 2014
G-20 has conveyed its dashing hopes at the stretched out delay over
International Monetary Fund's (IMF) quota and governance reforms
agreed to in 2010 and the 15th General Review of Quotas (GRQ)
including a new quota formula that would impart emerging economies,
including India, a greater voice at IMF. G-20 has given USA a yearend
deadline to ratify them.

The reforms would double the IMF's resources and enhance the voting
power of emerging economies like the BRICS - Brazil, Russia, India,
China and South Africa.

'World Market Power' Index: India 2nd most powerful nation
April 14, 2014
Multinational Spanish banking outfit Banco Bilbao Vizcaya Argentaria,
as part of its research project on Emerging and Growth-Leading
Economies issued the 'World Market Power' Index. As per this Index,
India is the second most powerful nation, when it comes to competing
on the world market. The Index tracks nations' abilities on the
economic front.

China topped the 'World Market Power' Index list followed by India,
Indonesia, Brazil, Russia, Turkey and Mexico.


World Bank projects 5.7% growth for India in 2014-15
April 15, 2014
The World Bank has projected an economic growth rate of 5.7% in
2014-15 for India. World Bank projected an acceleration of growth
(factor costs) in FY 2014 to 4.8%, further increase to 5.7% in FY 2015

Rationale: This growth rate was projected by the World Bank owing to
enduringly more competitive exchange rate and advancement towards
sanction of crucial investment projects.

The International Monetary Fund (IMF) had earlier forecast that Indian
economy would recover from 4.4% growth in 2013 to 5.4% in 2014. IMF
had also quoted export competitiveness as grounds for potential growth
revival.

The World Bank held that in India the trouble is the banking sector's
growing exposure to company debt. The concern is that this could
finally impact the government's finances via its possession of state
banks and the call for to shore up stressed but systemically important
banks.

Negative zone IIP may pull the Indian economy downwards
April 15, 2014
Indian industry appears to be thwarted with the most recent reports as
IIP in negative zone may pull down the Indian economy. Reports of the
manufacturing sector performing poorly appear to have outraged the
industry.

In February 2014, the low consumption remained to haul the
manufacturing. As per the CSO (Central Statistics Office) IIP (Index
of Industrial Production) for February 2014 was around 1.9% lower than
the February 2013. Reports hint that 13 out of 22 industry groups
coming under manufacturing sector underwent negative growth.

After a span of 6 years, India becomes a net steel exporter in 2013-14,
April 15, 2014
After a span of 6 years, in 2013-14, India became net steel exporter.
India is probable to preserve the momentum in 2014-15 as producers are
expecting to dock more overseas shipment to bridge reduced domestic
consumption. During 2013-14, total Indian steel exports stood at 5.59
Million Tonnes (MT), as against imports of 5.44 MT.

India is now the world's 4th largest steel maker. India had been a net
steel importer since from 2007-08 till 2012-13. Before 2007-08,
India's exports were more than its imports.

How India turned into a net Steel Exporter after a period of 6 years?

The Key reasons were as follows:

Rise in Exports
Decline in Imports
Construction sector and Automobile Industry hit by a slowdown in Economy
The Exports went up by 4.1% and Imports declined by 31.3%. Rise in
Exports were driven by unpredictability of Rupee and uneven
demand-supply situation in India. Imports went down primarily due to
slowdown in the domestic economy.

India's steel consumption rose by barely 0.6% in 2013-14, its lowest
in 4 years, to 73.93 MT, affected by a slower growth of the domestic
economy and lower imports.

India's total steel demand is chiefly from Construction sector (60%)
and Automobile Industry consumes (15%). Both sectors were hit by a
slowdown in the economy.

Sensing poor demand at home, nearly all domestic steel producers, both
public and private, attempted to export smartly and demonstrated
growth in overseas shipments during 2013-14.

www.visuallyimpairedbankers.blogspot.com
Supreme Court: CAG can audit accounts of private telecom companies
April 17, 2014
The Supreme Court bench of Justice K S Radhakrishnan and Justice
Vikramjit Sen ruled that the Comptroller and Auditor General (CAG) in
his capacity can inspect the accounts of private telecom companies.
The court held that such an inspection was essential in order to make
certain that the government, which has granted the private companies
licenses of the precious natural resources, was getting in return its
genuine share as per the revenue sharing agreement between the private
company and Government.

The Supreme Court while upholding the preceding decision by the High
Court, that granted a right of statutory audit to the CAG however,
made certain changes to it.

The Supreme Court bench made clear in its decision that this capacity
to do a revenue audit by CAG will not be a statutory audit or a
special audit but will be restricted to investigating the statements
of account in order to make certain that there was no loss to public
exchequer in the process. Thus, an audit by CAG should only relate to
revenues and not into aspects such as "wisdom and economy in
expenditures".

Background:

2009: TRAI found that a few telecom operators were purportedly
under-reporting income to evade paying revenue share to the
Government. Department of Telecommunication (DoT) hired CAG-empanelled
auditors investigate the revenue books of Bharti Airtel Ltd, Vodafone
India Ltd, Idea Cellular Ltd and Reliance Communications Ltd for the
years 2006-07 and 2007-08.

2012: DoT then issued notices to recover almost Rs 1,600 crore in
unpaid dues from the telecoms after it was found by CAG that they had
purportedly under-reported revenues.

The telecom operators then filed petitions with the Delhi High Court,
seeking a stay on the CAG's decision.

January 2014: Delhi High Court gave a green signal for CAG audit of
the private firms' accounts. The Delhi High Court held that it was the
responsibility of the CAG to audit telecom companies as a part of
their revenue goes to the CFI (Consolidated Fund of India).

The Delhi High Court held that as per the terms of agreements between
Govt and pvt telecom firms, the accounting responsibility on behalf of
the Centre was undertaken by these firms. So, the revenue receipts for
these accounts could be termed as the accounts of the central
government and for this reason, these accounts can be a subject matter
of CAG's audit.

February 2014: The telecom companies' associations, together with the
Association of Unified Telecom Service Providers of India (AUTSP) and
the Cellular Operators Association of India (COAI) appealed in the
Supreme Court, challenging the January 6, 2014 verdict of the Delhi
High Court.

April 2014: Supreme Court upheld the decision of Delhi High Court with
a few changes.

Admiral R.K. Dhowan appointed new Navy chief
April 17, 2014
Almost two months after Admiral D.K. Joshi resigned in February owning
moral responsibility for a series of accidents, Robin K. Dhowan (59)
took over as the new Chief of the Indian Navy. Admiral Dhowan who has
been the acting Navy chief since Joshi's departure, has now been
appointed the Chief of Navy Staff. Admiral Dhawan's tenure will last
25 months and he will retire in May 2016.

SBI launches Tab banking facilities for Savings a/c, Housing Loan and e-KYC
April 17, 2014
For the convenience of its customers, SBI has launched 3 digital
banking facilities. These are:

1) TAB Banking for Savings a/c- Opening Savings a/c at Customer's door
step using tablet PC provided to the Bank's Sales Staff (who visit the
Customer's home). These a/c opening details and docs collected by the
bank's sales staff will be loaded on the CBS (Core Banking Solution)
and the a/c number will be sent to the customer via SMS/e-mail.

2) TAB Banking for Home Loan - In-principle approval for the home loan
at customer's door step using tablet PC provided to the Bank's Home
Loan Sales Team which will capture on the tablet KYC details and
details. The sales team officer will advise the customer about the
approximate housing loan amount eligible and the EMI amount.

The applicant gets in-principle sanction for the wished-for Housing
Loan via email while the actual loan will be processed afterwards
subject to usual formalities.

3) e-KYC - Generates e-KYC (Know Your Customer) identity document.
Fingerprints of the customer will be captured and sent to UIDAI
(Unique Identification Authority of India) for authentication of
identity and address proof. On successful authentication from UIDAI,
the e-KYC service will act in response to display demographic details
like [Name, year/date of birth, Gender, Address, Phone, email (if
available)] and photograph.

These facilities will offer ease and time saving to the customer for
opening accounts with SBI bank.


RBI raises Rs 20,000 Crores in record auction; India's biggest debt auction ever
April 19, 2014
RBI fully sold the Rs 200 billion ($3.31 billion) worth of Government
bonds on Thursday April 17, 2014, executing the India's biggest-ever
auction. Speculations ran in market that Life Insurance Corporation
had bought a major portion of the debt at the auction. On Thursday
April 17, 2014, the Benchmark bond yield ended down 11 basis points at
8.85%, the biggest single-day fall since 20 January, 2014.

This was India's biggest debt auction ever.

What are Government Bonds?

Government bonds or Dated securities are long term Government
securities with original maturity of one year or more. These are
tradable instruments issued by the Central Government or the State
Governments.

The Short term Government securities are called Treasury bills
(maturities of less than one year). In India, the Central Government
issues both, Treasury Bills and Bonds (Dated Securities) while the
State Governments issue only Bonds (Dated Securities). The State Govt
Bonds are called the State Development Loans (SDLs). Practically,
Government securities carry no risk of default and, for this reason,
are called risk-free gilt-edged instruments.

How are the Government Securities issued?

Government securities are issued via "Auctions" conducted by the
Reserve Bank of India. Auctions are conducted on the electronic
platform called the Negotiated Dealing System (NDS) - Auction
platform.

What are the different types of auctions used for issue of securities?

Previous to introduction of "Auctions" as the process of issuance, the
interest rates were administratively fixed by the Government. With the
introduction of auctions, the Rate of Interest (Coupon Rate) gets
fixed via a market based Price Discovery Process.

An auction may be:

a) Yield based Auction- Conducted when a new Government security is issued

b) Price based Auction- Conducted when Government of India
re-issues securities issued earlier.

"Crusader or Conspirator? Coalgate and other Truths" - Book by former
coal secretary P C Parakh released
April 17, 2014
"Crusader or Conspirator? Coalgate and other Truths" authored by
former coal secretary P C Parakh released.

Controversy surrounding the book:

Parekh in his controversial book has alleged that the PM Manmohan
Singh incapable to avert his own junior ministers from blocking a move
towards a more transparent system of bidding for coal blocks. Parekh
has also claimed that the coal scam could have been averted had PM
Singh hard-pressed for reforms, including e-marketing and open auction
of coal blocks, as recommended by Parekh to PM. The book details the
corrupt practices under the UPA and NDA regime.

Excerpts from the book:

"After the Prime Minister approved open bidding in 2004, letters
poured in opposing the move. A few Ministers of States tried to
scuttle the proposal, but the Prime Minister remained silent on their
repeated attempts to stall open bidding."

"The Accidental Prime Minister: The Making and Unmaking of Manmohan
Singh" - Book by Sanjaya Baru, former Media Advisor to PM
April 17, 2014
"The Accidental Prime Minister: The Making and Unmaking of Manmohan
Singh" - a memoir by Indian policy analyst Sanjaya Baru released. Mr.
Baru was Prime Minister Manmohan Singh's Media Advisor from May 2004
until August 2008.

Controversy surrounding the book:

The book proclaims that PM Singh had neither complete control over his
cabinet nor the Prime Minister's Office (PMO). The book instead
alleges that a considerable power was possessed by the Congress
Party's President Sonia Gandhi, to whom PM Singh was entirely
"subservient". Thus, the book paints a incriminating portrait of a PM
who was in office but "not in power", while Congress President Sonia
Gandhi called the shots.

Excerpts from the book:

"There cannot be two centres of power, that creates confusion. I have
to accept that the party president is the centre of power. The
government is answerable to the party" - PM Singh to Sanjaya Baru.

Response from PMO on the book:

The PMO released a statement: "It is an attempt to misuse a privileged
position and access to high office to gain credibility and to
apparently exploit it for commercial gain. The commentary smacks of
fiction and coloured views of a former adviser."


Indian Navy's first aircraft carrier INS Vikrant sold to ship-breaker
for only Rs 60 Crore
April 20, 2014
Indian Navy's first aircraft carrier INS Vikrant has been sold for
mere Rs 60 Crore via an online auction to an Alang ship-breaker. The
decommissioned aircraft carrier played an crucial role in the 1971
Indo-Pak war.

The carrier was sold via an online auction to a ship-breaker following
the dismissal a PIL (Public-Interest Litigation) filed by Kiran
Paigankar (founder of the "Save Vikrant Committee") by the Bombay High
Court. The Court dismissed the PIL stating that the carrier's
tatterdemalion condition did not justify her conservation, also the
requisite funds or government support are also not available.

Timeline: INS Vikrant

Under United Kingdom:

Named: "HMS Hercules"; Builder: Vickers-Armstrong/Harland and Wolff;
Never commissioned
1943: Laid down on November 12, 1943
1945: Launched on September 22, 1945
1957: Sold to India
Under India:

1961: Commissioned on March 4, 1961
1971: Played a crucial role in imposing the naval encirclement on East
Pakistan during the Indo-Pakistan War of 1971.
1997: Decommissioned on January 31,1997
Preserved as a museum ship in Cuffe Parade, Mumbai. But there was a
lack of funding for its proper preservation. INS Vikrant was the only
World War II-era British-built aircraft carrier to be preserved as a
museum.
2010: Maharashtra government had conveyed its unfitness to maintain Vikrant
2012: Museum was closed after Vikrant was viewed as unsafe.
2013: On December 3, 2013, the Indian government adjudicated to
auction the ship, due to its upkeep difficulties.

RBI accepts P. Vijaya Bhaskar Committee's recommendations relating to
Financial Benchmarks; asks establishing an independent body for
recommending benchmark foreign exchange rate
April 19, 2014
RBI has accepted the P. Vijaya Bhaskar Committee's recommendations
relating to Financial Benchmarks. RBI has asked for establishing an
independent body for recommending benchmark foreign exchange rate in
order to avoid any potential manipulation by the bankers.

The Bhaskar Committee had suggested Indian money and currency markets
should move their benchmarks towards transaction-based from poll-based
in an attempt to comb out manipulation.

In 2013, RBI had appointed a committee under the chairmanship of P
Vijaya Bhaskar, Executive Director of RBI, as it wanted to avoid
issues caused by the manipulation of London Interbank Offered Rate
(LIOBOR) and exchange rates all over Europe.

RBI has suggested FIMMDA (Fixed Income Money Market and Derivatives
Association of India) and FEDAI (Foreign Exchange Dealers Association
of India) to act as administrators to the Indian rupee, interest rate,
and foreign exchange benchmarks, respectively. In order to defeat any
potential conflicts of interest in the benchmark fixing procedure
originating from the present governance structure of the FIMMDA and
FEDAI (which are industry nodal agencies), RBI has suggested that an
independent body, either individually or conjointly, may be formed by
the FIMMDA and FEDAI for administration of the benchmarks.

Some key measures that are anticipated to beef up the governance model
for benchmark submission:-

The benchmark submitters have to essentially take part in the polling
process and abide by several provisions specified in the code of
conduct
The benchmark submitters have to introduce place an efficient conflict
of interest policy helping identification of potential and genuine
conflicts of interest
The benchmark submitters also have to lay down an effective
whistle-blowing policy to help early detection of any potential
misconduct in benchmark data presentations
Benchmark submissions are subject to periodic internal audit and,
where appropriate, to external audit
Submissions by way of written communications or via full-bodied
contribution devices which leave an audit trail. This is done in order
to do away with possibilities of errors
Why was P. Vijaya Bhaskar Committee constituted by the RBI?

World over, financial benchmarks viz. LIBOR, EURIBOR, TIBOR, MIBOR
(Mumbai Interbank Offered Rate), etc. are primarily used for pricing,
valuation and settlement purposes in financial contracts. Now since,
the aggregate volume of financial contracts which are valued via these
Financial benchmarks is very huge, therefore these benchmarks need to
be highly reliable as they play a vital role in stability of any
country's financial system.

But, late global developments with respect to manipulation of various
key global benchmark rates, viz. LIBOR, EURIBOR, TIBOR, etc. have
raised questions about the reliability of these financial benchmark
rates, in particular who governs them and how they are governed.

Thus, world over, various international standard setting bodies,
national regulators, central banks, and self regulatory market bodies
have reexamined the subsisting benchmark determining process and have
come out with wide-ranging reform measures and governing principles
for enhancing the robustness and reliability of these crucial
financial benchmarks.

The Challenges undertaken by the Vijaya Bhaskar Committee on Financial
Benchmarks:

Study all key financial benchmarks in India, in reference to
evaluating their present significance/utilization.
Propose changes, if any, for addition of new benchmarks or elimination
of some of the existent benchmarks.
Study international experience in dealing with problems concerning
benchmarks and learn lessons there from them which applicable to
Indian context.
Analyse the governance mechanisms within the organizations calculating
the benchmarks with a view to evaluating conflicts of interest, if
any, and propose measures for removing such conflicts and increasing
transparency.
Analyse the need for regulators' participation in calculation of benchmarks.
Propose worthy mechanisms for handling with transition issues coming
up out of legacy contracts in the case of markets changing to a fresh
benchmark.
Suggest a system of supervisory oversight with regard to institutions
caught up in calculating /broadcasting the benchmarks.
Analyse and suggest on any other associated issues.

Board of Financial Supervision (BFS) clears proposal that RBI will
conduct an independent audit of big corporates declared fraudulent by
banks
April 19, 2014
Following a sequence of investigations by the banks themselves in
high-profile cases viz. Deccan Chronicle, Kingfisher Airlines, etc.
which yielded very little, the RBI has now decided to itself
investigate such high-profile fraud cases. The Board of Financial
Supervision (BFS), chaired by RBI governor Raghuram Rajan, has cleared
a proposal that RBI itself will now conduct an independent forensic
audit of corporates who have taken loan of more than Rs 1,000 Crore
and are declared fraudulent by banks.

Why RBI has taken this decision to itself and independently audit high
profile fraud cases?

In past few years, there has been a huge rise in the number of cases
of bad loans. The Gross NPAs (Non-Performing Assets) - bad loans prior
to making provisions, for year 2013 stood at Rs 24,3210 Crores, up by
35% (Y-o-Y) Year on Year basis. Not only this, the number of cases
referred to the CDR (Corporate Debt Restructuring) has also gone high
in near past.

In order to curb rise in such NPA (Non-Performing Assets), the RBI has
come with strong measures to ascertain that banks in India don't brush
off bad loans under the carpet.

Besides, the number of cases referred to the corporate debt
restructuring (CDR) cell has also risen sharply in recent months.

Will an Independent forensic audit by the RBI put a check on the rise
in stressed assets in the banking system?

The findings from independent forensic audit will allow RBI to
formulate policies that will assist it keep a close watch on the
creditor-borrower relationship, and promptly step in when there's an
abuse in the banking system.

What is Board of Financial Supervision (BFS)? What are the Functions
of Board of Financial Supervision (BFS)?

The Financial Supervision functions are carried out by the Reserve
Bank of India under the guidance of the Board for Financial
Supervision (BFS). Board for Financial Supervision (BFS) is chaired by
the Governor of Reserve Bank.

The chairman is supported by the 4 co-opted directors as members for a
2 year term. There is a Vice chairman of the board who is one of the
Deputy Governors of the Bank. The Board meets typically every month.
The chairman is supported by the 4 co-opted directors as members for a
2 year term. There is a Vice chairman of the board who is one of the
Deputy Governors of the Bank. The Board meet s typically every month.

Some typical functions of Board of Financial Supervision (BFS) are:

Restructuring of the system of bank inspections
Introduction of off-site surveillance,
Strengthening of the role of statutory auditors and
Strengthening of the internal defenses of supervised institutions.


Air India seeks bridge loan of $500 million
April 20, 2014
Air India is in quest of a 'Bridge Loan' of up to $500 Mn to take
delivery of 4 Boeing 787 Dreamliner aircrafts between May and November
2014 from an on-going order. For this, Air India has invited offers
from banks to arrange the bridge financing for a period of 6-12
months. Air India is offering the aircraft as security and will pay
back the loan following its conclusion of a sale and lease-back
arrangement.

What is a "Bridge Loan"?

Bridge Loan (also called Bridge Finance, Bridging Loan, or Gap
Financing) is a short-term (usually less than a year) loan taken to
cover the period between the expiry of one loan and the beginning of
another loan. Bridge loan is arranged mostly to accomplished a
purchase (viz. a new house, aircrafts) before the borrower gets
payment from a sale (of the old house, old aircraft), or before a
long-term loan is made accessible upon completion of its requirements.

Bridge loans are normally more costly than normal financing, to pay
off for the extra risk. The lender also may demand
cross-collateralization and a lower loan-to-value ratio. On the other
hand Bridge Loans are generally arranged rapidly with comparatively
little documentation.

RBI liberalizes hedging limit for investors up to $250,000
April 20, 2014
RBI has liberalized hedging limit for domestic investors to $250,000
from $100,000 on the basis of a simple declaration without any
prerequisite of further documentation.

RBI has now allowed all resident individuals, firms and companies, who
have actual or anticipated foreign exchange exposures to book foreign
exchange forward contracts up to $250,000 on the grounds of a mere
declaration without any prerequisite of further documentation.

The RBI stated that the services being currently provided for SMEs
(Small and Medium Enterprises) which are having an exposure to foreign
exchange risk, shall remain unchanged.

Justice G Rohini appointed as the first ever woman Chief Justice of
the Delhi High Court
April 20, 2014
President Pranab Mukherjee cleared the nomination of Justice G Rohini
(59), the most senior judge of the Andhra Pradesh high court, as the
Chief Justice of the Delhi High Court. Prior to Justice Rohini's
appointment, the Delhi high court had a strength of 40, out of which 9
were women. She will be the 10th woman judge at the Delhi high court.

In February 2014, Collegium of Supreme Court of India, headed by Chief
Justice of India P. Sathasivam nominated Justice Rohini as the Chief
Justice of Delhi High Court. She will charge as the first woman chief
justice of Delhi High Court, 47 years after the court was established
in October 1966.

Justice G. Rohini is expected to stay for a period of 4 years if not
elevated to the Supreme Court. At present, out of 29 judges in the
Supreme Court, only 2 are women.


Cadbury renamed as "Mondelez India Foods Limited."
April 22, 2014
The multinational confectionery company, Cadbury India Ltd, a
subsidiary of Mondelez International Inc, has changed its name to
Mondelez India Foods Limited. This is in line with the gradual
changeover of the name of all subsidiaries of the Nasdaq-listed
$35-billion firm globally.

The company's popular products include Cadbury Dairy Milk, 5 Star,
Gems, Bournville, Perk, Celebrations, Choclairs, Halls, Bournvita,
Tang, Oreo, etc. While the Cadbury branding will be retained on the
products owing to the strong brand equity and recall it enjoys with
customers, the only change consumers will experience is that the new
name "Mondelez India Foods Limited" of the company will appear on the
back of packaging of products.

Bluefin-21 Robotic submarine deployed to solve mystery of lost
Malaysian plane MH370
April 21, 2014
Flight MH370 flying from Kuala Lumpur to Beijing, went missing on
March 8, 2014 with 239 people on board. It lost contact with air
traffic controllers over the South China Sea. The Bluefin-21 robotic
submarine (Underwater Autonomous Vehicle) will explore for wreckage of
the Flight MH370 in an area defined by 4 ping signals from the
flight's Black Box heard a few days ago.

Bluefin-21



The Bluefin-21 is about 5m-long underwater autonomous vehicle that can
produce a sonar map of the sea floor. It is an extremely modular
autonomous underwater vehicle with power to carry multiple sensors and
payloads at a time. It has a high energy capacity to carry extended
operations even at the greatest depths.

Applications

Archaeology & Exploration
Mine Countermeasures (MCM)
Offshore Survey
Oceanography
Search & Salvage
Unexploded Ordnance (UXO)


INSAT-3E expires well before its actual built life
April 20, 2014
Communications satellite INSAT-3E completed its life even before its
expected time and and has become non-operational. Actually, INSAT 3E
was built to last 15 years but, as it ran out of on-board oxidizer, it
could only last for 10.5 years in orbit. In a short span of time, it
will be moved to a graveyard orbit.

The 3rd Generation satellite was launched in September 2003 with 36
transponders out of which 24 C- are band and 12 are extended C- band
transponders. Since 2009, only 25 out of 36 transponders were
operational.

On-board oxidizer along with fuel, keeps a satellite Earth-locked (or
fixed over India) and runs its everyday operations.

INSAT 3E

Defunct communication satellite built by ISRO, 4th satellite in the
INSAT-3 series of ISRO.

Mission duration: 10 years, 5 months, 5 days
Launch date: September 27, 2003 from Kourou, French Guyana
Regime: Geostationary (till 2014)
Disposal: Moved to a graveyard orbit
Services provided by INSAT 3E:

Television
VSAT
Communication
Tele-education providing education to the poor and needy
Tele-medicine administering medical services from the metros to
villages and remote areas
What is a Graveyard Orbit?

A Graveyard Orbit (Junk orbit or Disposal Orbit), is a
super-synchronous orbit that where spacecraft are deliberately
positioned at the end of their operational life. A Graveyard Orbit
lies considerably over the synchronous orbit. For satellites in
geostationary orbit and geosynchronous orbits, the Graveyard Orbit is
a few hundred km over the operational orbit.

Why Satellites are moved to the Graveyard Orbit?

Satellites are moved to the Graveyard Orbit in order to lower the
probability of their collision with operational space-crafts and of
the generation of extra space debris (known as Kessler Syndrome). If
the alteration in velocity needed to execute a de-orbit maneuver is
too high, then a Graveyard Orbit is utilized.

Actually, De-orbiting a geostationary satellite requires a delta-v of
approximately 1,500 m/s (4,900 ft/s), while re-orbiting the satellite
to a Graveyard Orbit needs approximately 11 m/s (36 ft/s). So, it is
easier to re-orbit a Satellite into Graveyard Orbit than de-orbiting
it.


Hungary: Viktor Orban re-elected to a third term as Prime Minister of Hungary
April 22, 2014
Viktor Orban reelected to a third term as Prime Minister of Hungary.
He declared victory in Hungary's parliamentary election, winning a
second consecutive term. Orban's Fidesz party won 44.6% of the vote.

Political Carrier:

-First premiership (1998-2002)
-In opposition (2002-2010)
-Second premiership (2010-2014)
-Third premiership (2014-To Till Date)

Hungary (capital and largest city: Budapest) is a landlocked country
in Central Europe and is recognized today as a developed country.
Hungary is home to the largest thermal water cave system in the world
and the largest natural grasslands in Europe (the Hortobágy).

HDFC Bank's blood donation drive sets Guinness World Record
April 22, 2014
HDFC Bank, the second largest private bank of India, has created a new
Guinness World Record by its annual blood donation drive it organised
in December 2013. This has been recognised as the largest blood
donation drive in a single day ever across the world.

On December 6, 2013, at 709 locations all over India, 1,115 blood
donation camps were put up where 61,902 people participated. This is
the 7th year of campaign run by HDFC Bank.

World Bank to double its lending to developing nations
April 22, 2014
As part of its efforts to end extreme poverty by 2030, the World Bank
Group declared that it will almost double yearly lending capacity to
emerging nations like Brazil, China, India, etc. from USD 15 billion
to USD 28 billion. In next decade, the WB it would be increasing its
lending capacity by USD 100 billion to USD 300 billion for middle
income nations.

IBRD (International Bank for Reconstruction and Development) has
increased its single borrower limit by $2.5 billion for Brazil, China,
Indonesia, India, and Mexico.


Documentary "Gulabi Gang" to be screened at the 14th New York Indian
Film Festival
April 23, 2014
Documentary "Gulabi Gang" to be screened at the 14th New York Indian
Film Festival that will run from May 5 to 10, 2014. Directed by
Nishtha Jain, it is based on the life of Sampat Pal Devi, a child
bride and former government health worker. In 2006, Sampat Pal Devi
formed the Gulabi Gang of pink sari-clad women and it works for rights
of women in destitute Bundelkhand region of Uttar Pradesh and Madhya
Pradesh.

Gulabi Gang Movement

An extraordinary women's movement formed in 2006 by Sampat Pal Devi in
the Banda District of Uttar Pradesh in Northern India. It comprises of
thousands of Indian women activists reported to be active across North
India. The women's group is famous as Gulabi or 'Pink' Gang since the
members wear bright pink saris and carry bamboo sticks. These women
threaten abusive husbands and beat them with bamboo sticks unless
these husbands quit abusing their wives.

This region of Uttar Pradesh is one of the poorest in India and is
stigmatized by social problems viz. a profound patriarchal culture,
unbending caste divisions, female illiteracy, domestic violence, child
labour, child marriages, dowry, etc.

Movies based on the Gulabi Gang

"Pink Saris" movie by Kim Longinotto (2010)
"Gulabi Gang" Documentary by Nishtha Jain (2012)
"Gulaab Gang" Bollywood film starring Madhuri Dixit and Juhi Chawla (2014)


Fitch affirms India's BBB- ratings; outlook stable
April 23, 2014
Ratings agency Fitch affirmed following Ratings/ Outlook for India:

India's Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs): "BBB-"
India's senior unsecured foreign and local currency bonds: "BBB-"
Outlooks on the Long-Term IDRs: "Stable"
India's Ceiling: "BBB-"
Short-Term Foreign Currency IDR: "F3?
Key Rating Drivers for India:

Relatively high real GDP growth (5-year avg is 6.7% compared to median
of 3.2% for other 'BBB' rated peers)
Lost much of its dynamism
Fitch forecasts real GDP growth to rise from 4.7% in FY14 to 5.5% in
FY15 and 6.0% in FY16
Due to the on-going parliamentary elections, course of the Indian
economy is timid
General Government budget deficit of the Centre and the States
combined (7.3% of GDP) much higher than median for other 'BBB'
category peers
India's standards of governance and business environment are
comparatively weak and tighten its investment potential
Inflation is high at a 5-year avg of 10.2% compared with median of
4.2% for other 'BBB' peers
External position is strong, owing to high level of Forex of USD 304
billion (6.1 months of current account receipts cover compared to
median of 4.8 months for other 'BBB' rated peers) and low net external
debt of (4.4% of GDP compared to median of 9.2% for other 'BBB' rated
peers). This renders a thick cushion in case of regenerated pressures
on the rupee and other asset markets
Indian economy is less developed than investment grade peers in many terms
India's avg per capita income (2013 figures) remains low at USD 1,543
compared with median of USD10,778 for other 'BBB' rated peers
UN HDI (Human Development Index) relatively low compared with other
'BBB' rated peers
Owing to rising NPAs (4.2% of total assets in September 2013), the
Profitability and capital position of the banking sector will likely
continue under pressure, particularly for PSBS (Public Sector Banks)

Sachin becomes first Indian to feature on the cover of Wisden
Cricketers' Almanack
April 22, 2014
The 2014 edition of Wiesden Cricketers' Almanack recently published
has retired legend Sachin Tendulkar on its cover. This is the 151st
edition of the Wisden Cricketers' Almanack. Tendulkar also became the
first Indian cricketer to feature on the cover of the 'Almanack'.
Earlier Sachin was chosen to feature on the cover of the 2nd edition
of the 'Wisden India Almanack'. The yellow page shows Tendulkar
walking out of the Wankhede stadium after playing his last innings
against the West Indies in November 2013.

Wisden has made a very interesting comparison of Tendulkar's record
with England Captain Alastair Cook and Australian Captain Michael
Clarke. In December 2013, in Perth (Australia) when for a few moments:

1 Cook + 1 Clarke = 1 Tendulkar (i.e. 200 Test Matches with exactly
15,921 runs and 51 centuries).
Wisden Cricketers' Almanack

Also simply called Wisden or colloquially "the Bible of Cricket" is a
cricket reference book published every year in the UK. In 2012,
Wisden Cricketers' Almanack's Indian edition was launched.


"Kepler-186f" - First Earth-Size Planet In The 'Habitable Zone' of Another Star
April 23, 2014


Source: http://www.nasa.gov/

NASA has discovered the first Earth-size planet in the "habitable
zone" of another star. The newfound planet, called "Kepler-186f", was
first spotted by NASA's Kepler space telescope and circles a dim red
dwarf star about 490 light-years from Earth. Kepler-186f is the
outermost of 5 planets orbiting the star Kepler-186. Kepler-186f
orbits at a distance of 52.4 million km, theoretically within the
habitable zone for a red dwarf.

What is a "Habitable Zone" ?

A Habitable Zone is the range of distance from a star where liquid
water might pool on the surface of an orbiting planet.

Why the discovery of 'Kepler-186f' is being considered a special one?

The discovery of Kepler-186f, in the habitable zone planet comparable
to Earth in size , supports the hypothesis that planets of the size
of Earth subsist in the habitable zone of stars other than our sun and
thus, it is a substantial step towards discovering worlds like our
planet Earth.

LIC trims stake in Infosys to 3.25%; garners ?850 cr
April 23, 2014
LIC, the biggest institutional investor in the stock market, the
State-run insurer Life Insurance Corporation of India (LIC) has
reduced its stake in Infosys, the country's second largest software
services exporter, to 3.25% in the last quarter. The share sale
estimated at over ?850 crore.

LIC sold shares at a time (during the January-March quarter) when FIIs
increased their share in Infosys from 40.65% to 42.10%. Nevertheless,
domestic institutional investors reduced their exposure in Infosys
from 15.35% to 13.66%.

Arvind Mayaram appointed new Finance Secretary
April 23, 2014
Appointments Committee of the Cabinet (ACC) has approved Economic
Affairs Secretary Arvind Mayaram as the new Finance Secretary. Arvind
Mayaram, a 1978 batch Rajasthan cadre IAS officer has been holding
charge as the Economic Affairs Secretary since 2012.

Who is a Finance Secretary?

A Finance Secretary is the senior-most IAS officer in the Finance
Ministry. He coordinates the working of the 5 departments under the
Finance Ministry.

The Ministry of Finance is composed of 5 departments, each headed by a
Secretary who directly report to the Finance Minister:

The Department of Economic Affairs
The Department of Revenue
The Department of Expenditure
The Department of Financial Services
The Department of Disinvestment
Now, "Finance Secretary" (FS) is a tag given to one of the 5
secretaries and it only denotes a first among equals. The other 4
secretaries do not report to the Finance Secretary; their files do not
flow via him.

As a custom, the senior amongst of the 5 is made the Finance Secretary
(FS) (where seniority is defined by the year of entry into the civil
service and not age). Sometimes, none of the 5 is labelled as Finance
Secretary (FS). Most finance secretaries have been IAS officers, but
some of them were not IAS but Career Economists.


"Sandesh Pathak"- A Software application to aid farmers
April 23, 2014
C-DAC Mumbai, IIT-Madras, IIIT Hyderabad, IIT Kharagpur, and C-DAC
Thiruvananthapuram have jointly developed the "Sandesh Pathak"
software application. The application uses TTS (Text-To-Speech)
software to help out farmers by reading out loud SMS messages and
benefiting those who may have difficulty in reading. Thus, when a
farmer receives an SMS message either containing agriculture-related
advice or some other thing, the Sandesh Pathak application will read
aloud the content.

The application is available for download from the Appstore of the
Mobile Seva Project of Government of India. The application takes the
received SMS message as Input and reads the SMS message out aloud.
There is also an option to select the language (5 Indian languages
supported namely: Hindi, Tamil, Marathi, Gujarathi and Telugu) and
speed of the voice as normal, slow, slower, fast and faster.

The Sandesh Pathak application is part of the project launched by the
Indian Government to assist farmers read SMS which may be of the
following types:

Advice to solve farming problems viz. fertilizer, weed management, etc.
Weather forecasts
Updates on latest technology for agriculture, etc.

Asia-Pacific navies sign communication agreement at Western Pacific
Naval Symposium (WPNS)
April 23, 2014
India and 21 other countries adopted an agreement at ameliorating
communication at sea to cut down the possibility of conflict amid
developing friction between a progressively assertive China and its
neighbours. Naval chiefs of these nations participated at the biennial
conference of the Western Pacific Naval Symposium (WPNS) held at
Qingdao, China. Rear Admiral S N Ghormade, represented Indian Navy at
the meet.

The member nations adopted an agreement for:

Preventing miscommunication amongst naval vessels that could lead to
enmities in the Pacific Ocean.
How naval ships should communicate and manoeuvre when they
accidentally come into contact in sea lanes surrounding China, Japan
and Southeast Asia
Western Pacific Naval Symposium (WPNS)

Established in 1987 with objective to encourage cooperation amongst
the navies of its member nations, fortify mutual understanding and
trust, and collectively safeguard regional maritime security. WPNS
constitutes navies whose nations border the Pacific Ocean region.

The WPNS has 21 member states:

Australia
Brunei
Cambodia
Canada
Chile
China
France
Indonesia
Japan
Malaysia
New Zealand
Papua New Guinea
Peru
Philippines
Republic of Korea
Russia
Singapore
Thailand
Tonga
US
Vietnam
India is an observer at WPNS and China is one of the WPNS' founding members.

Stem Cells possess bizarre property property of "Auxeticity", never
seen before at cellular level
April 23, 2014
As per a study by the scientists from University of Cambridge, Human
stem cells show a bizarre property "Auxeticity" that was never before
viewed at the cellular level. Auxeticity has never been seen before at
a cellular level.

What is Auxeticity?

Nearly all materials compress when they are elongated, e.g. an elastic
band gets thinner when elongated. Now, the reverse is also true i.e.
compressing a material expands it e.g., if we compress a tennis ball,
the circumference of the ball gets bigger.

Now, "Auxeticity" has the opposite effect: "Compress a material and it
will contract, stretch the material and it will expand". Therefore,
Auxetic materials act as fantabulous shock absorbers or sponges, a
concept that is being researched for several purposes.

What are Stem Cells?

Stem cells are a class of uniform cells that are capable to separate
into specialized cell types. These are "master cells" that have the
ability to become nearly any of the 200 or so various cells in the
body. Embryonic stem cells are derived from early stage embryos and
regarded as the "gold standard" for research on stem cells. Generally,
stem cells come from 2 key sources:

Embryos shaped during the blastocyst phase of embryological
development (embryonic stem cells)
Adult tissue (Adult or somatic stem cells)
Both types are in general qualified by their potency/ potential to
separate into diverse cell types (viz. bone, muscle, skin, etc.).


State Bank of India launches a Twitter Handle
April 24, 2014
State Bank of India has now launched a Twitter Handle. Earlier, SBI
had launched its accounts on Facebook and Youtube. The aim is to
target a huge customer base as well as potential customers. There will
be all day round tweets about the SBI's products, services, new
products launched, banking related education to customers, etc.

By making Twitter handle, the bank anticipates this to associate
itself in a better manner with the tech-savvy youth.

CBI sets up 'Sport Integrity Unit' to probe frauds in Sports
April 24, 2014
In order to control 'fixing' in sports, the CBI (Central Bureau of
Investigation) has established a committed 'Sport Integrity Unit' to
investigate into cases of fraud, fixing and illegal betting in any
sporting event.

Objectives of this Sport Integrity Unit include:

Investigating into matters related to sports fraud
Battling malpractices in sports
Coordinating with sports federations and law enforcement agencies
Engaging with Ministry of Youth Affairs and Sports so so as to come up
with a law dealing with corruption in sports
'Sport Integrity Unit' would make India one of the very few countries
in the world to have a committed unit set up as a part of its federal
investigative agency to look into sports fraud. Presently, the US FBI
(Federal Bureau of Investigation), Australian Federal Police and some
European nations only have a dedicated unit to check sports frauds.

Portal 'Railsaver' to Improve Energy Efficiency in Indian Railways
April 23, 2014
Indian Railways launched a web based Electrical Energy Management
System called "RAILSAVER".

RAILSAVER

A web based Portal developed by Centre of Railway Informatics System
(CRIS). The portal will furnish a perfect IT based platform for energy
consumption data. This will assist in systematic collection,
assimilation, interpretation and analysis of data in developing future
schemes for conceptualizing, enforcing and further stepping up energy
conservation attempts in Indian Railways. The portal will help Indian
Railways in cutting down carbon foot print which is very crucial for
dealing with the challenges of global warming.

RAILSAVER is a part of the project for "Improving Energy Efficiency in
Indian Railway System" being carried out by the Indian Railways under
programmatic model of UNDP via Global Environmental Facility (GEF)
funding of US $ 5.2 million.

RAILSAVER conceives of specifying model for energy conservation
go-aheads in Indian Railway by introduction of energy efficient
technologies.



Suresh Reddy to be first Indian Ambassador to ASEAN
April 27, 2014
Suresh Reddy has been appointed as a full-time envoy for ASEAN. Reddy
is at present ambassador in Iraq and has been given credit for
swinging about the Indo-Iraqi links. The Indian mission would be based
out of Jakarta (Indonesia), which houses the ASEAN secretariat.

Even as the ASEAN has been storm-tossed by territorial worries with
China and the future of the regional grouping seems uncertain, India
has firmly adhered to its "centrality" by taken an ASEAN-centric
approach on the subject of the territorial claims in the South China
Sea .

The Prime Minister of India, Dr. Manmohan Singh recently at the East
Asia Summit (EAS) at Brunei, elucidated stating that "stable maritime
environment is essential for meeting the common developmental
aspirations of countries in the South and South East Asian region".

Will not take immediate decision on Lokpal: Centre to Supreme Court
April 27, 2014
The Central Government has communicated to the Supreme Court that it
will not take any immediate decision on the appointment of chairperson
and members of the Lokpal. Thus, the Central Government has nearly
signalled that a decision in this regard might be left to the new
government which is formed after the 2014 general elections.

Solicitor General Mohan Parasaran appearing before a bench headed by
Justice R M Lodha, held that the Government is currently not planning
to take any conclusion on the appointment of Lokpal. After this, the
Supreme Court bench held that there was no need for any interim order
on PIL filed by NGO Common Cause, challenging the selection procedure
for the Lokpal.

"Putnisite" - A new mineral discovered with a unique composition
April 27, 2014

Australian scientists have discovered an entirely new brittle,
translucent, orthorombic crystalline structure, purple and translucent
mineral "Putnisite," in a surface outcrop at Polar Bear peninsula,
Southern Lake Cowan in Western Australia. It occurs as tiny crystals,
smaller than 0.5 mm in diameter, and is found on volcanic rock. It
appears as dark pink spots on green-white rocks and forms almost
perfect cube-shaped crystals. At present it is unclear whether
Putnisite will have any practical applications.


Why discovery of "Putnisite" is different from the world's known 4,000 minerals?

The discovery of "Putnisite" so special and different from from the
world's known 4,000 minerals is its very strange combination of
Strontium(Sr), Calcium(Ca), Chromium(Cr), Sulphur(S), Carbon(C),
Oxygen(O) and Hydrogen(H) elements, forming a kind of panoptic and
distinctive formula "SrCa4Cr83+(CO3)8SO4(OH)16*25H2O". Thus, an
unusual elemental combination is notable for its dissimilarity from
other known families of minerals.



RBI releases Report of Umesh Bellur headed GIRO Advisory Group
April 28, 2014
The Reserve Bank of India (RBI) released, on its website for public
comments, the Report of the GIRO (Government Internal Revenue Order)
Advisory Group. GIRO Advisory Group (GAG) was constituted by the RBI
in October 2013, under the chairmanship of Prof. Umesh Bellur, Indian
Institute of Technology, Bombay to implement a national GIRO-based
Indian Bill Payment System.

The panel has recommended a mechanism for centralised bills payment
system in India, mainly by laying out 2 organisations:

Bharat Bill Payment Services (BBPS)
Bharat Bill Payment Operating Units (BBPOUs)
Bill Payments in India: Issues and challenges

What do Bill payments in India mainly comprise of?

Bill payments form a key portion of all retail payment transactions.
Bills include utility services such as school/university fees,
examination fees, Government payments, pre-paid payment instruments
top-up, mobile phones recharge/top-up etc.

How are Bill payments at present done in India?

Currently, customers make bill payments at Bill Owners Customer Point
(BOCP), cheque drop boxes, bank branches, agent outlets, and via
electronic modes. Options available include:

Direct payment to billers - biller operated payment centres, Internet
Banking / Payment Gateway, ECS (Electronic Clearing Service).
Aggregators and Banks - Internet Banking, Bill Presentments, Standing
Instructions.
Bill Pay Agents - Collection Points, Business Correspondents.
What are the shortcomings observed in the present scenario of bill
collection / payment process?

Absence of Interoperability- Limited or no interoperability, thus each
biller needs to establish and supervise its own collection points
(BOCPs.
Consumer preference for BOCP- A consumer prefers that BOCP where (s)he
feels comfortable by a direct payment and an instant printed receipt
received for the payment. Due to lack of visibility consumer usually
do not trust agents' networks.
Poor Accessibility- BOCPs are generally concentrated in urban centers
and are not easily accessible to people in rural/remote areas.
Lack of coordinated initiative- No industry-driven initiative as of
yet to develop a common interoperable system, which would bring about
comfort of payment to users and cost and functional efficiency to the
Billers.
There is no common website from where all bills can be accessed and
smoothly paid .
Why there is a need for a national 'GIRO-based Indian Bill Payment System'?

Those people who have access to internet banking facility can pay
their bills online, however there are a huge number of consumers who
don't have access to internet banking and thus they cannot pay their
bills online. Such consumers have to physically go at different places
to pay their different bills. Albeit, the ECS (Electronic Clearing
Service) debit volume is growing in India at the rate of 5% per annum
and in 2012-13 it was Rs 176.50 Million, but, still this is very small
when compared with total billing volume in largely populated country
like India. Most of the consumers in India still pay their bills by
physically visiting different customer outlets.

Therefore, there is a requirement for an interoperable, integrated
bill payment system in India which:-

Provides consumers a single point for their various bill payments
Near to place of work or residence
Enables payment of any bill at any place
Allow payments via any mode (cash, cheque, credit card, debit card,
prepaid payment instruments etc.)
Includes bank branches, post offices, business correspondents, retail
agents of aggregators, ATMs (Automated Teller Machine), etc.
Furnishes quick confirmation of payment made via SMS or a payment receipt
Provides facility of payment of bills via internet banking (if
possible a single website), mobile banking and IVRS (Interactive Voice
Response System)
Is efficient and cost effectual substitute to the present systems
Motivates billers to switch over to the new system
Sets up billing standards in India
Increases consumer trust and experience
Reduces the expenditure that billers incur on collection of bills at
their own collection centres
The above issues and challenges can be resolved if we have a
centralised infrastructure for bill payments in India which brings
about interoperability with an all India-standard.

What is the Model for pan-India centralised bill payment in India as
suggested by the Umesh Bellur headed GIRO Advisory Group?

The pan-India centralised bill payments infrastructure would have two
types of entities:

Bharat Bill Payment System (BBPS)- Will set standards and conduct of
centralised payment, clearing and settlement process
Bharat Bill Payment Operating Units (BBPOUs)- Will act as operating unit(s)
The model would thus be a 2-tier structure with a single standard
setting body (BBPS) with payment and settlement
functionalities/responsibilities and multiple operating entities
(BBPOUs).

Bharat Bill Payment System (BBPS)

A 'not-for-profit organization' registered under the Companies Act
1956, like NPCI (National Payments Corporation of India). It shall
have a Steering Group constituting of representatives from the
participating BBPOUs and other stake holders.The Roles and
Responsibilities of BBPS include:

Setting Business standards and processes the BBPOUs, management of
dispute resolution, standards for information exchange.
Marketing and brand positioning of the pan-India Bharat Bill payments system
Accomplishing payment, clearing and settlement of the transactions
executed at several BBPOUs
Act as final dispute resolution escalation point
Set up a single website on behalf of the brand for online payment of bills
Bharat Bill Payment Operating Units (BBPOUs)

A for-profit company registered under the Companies Act 1956 and has
obtained requisite certification from BBPS for participating in the
the centralised bill payments system.

Roles and Responsibilities of BBPOUs:-

Infrastructure development (including APIs as per standards set by BBPS).
Transaction handling
Handling customer grievance / disputes at first place
Provide Value-added services
Ensure confidentiality and privacy standards are in place

US-Japan joint statement highlights importance of trilateral dialogue with India
April 27, 2014
A joint statement between Barack Obama (US) and Shinzo Abe (Japan) in
Tokyo (Japan) has spotlit a trilateral dialogue between Japan, India
and the US for "peace and economic prosperity in the Asia-Pacific and
around the globe". Such a trilateral accord, Japan already has with
Australia and South Korea. The statement marks rising importance of
the India-Japan ties. The next round of the US-India-Japan trilateral
is scheduled for in June, 2014.

US and Japan agreed to strengthen cooperation in the following areas:

Settle maritime disputes in the South China Sea
Policy coordination to address global challenges viz. women's
empowerment, disaster risk reduction, global health, climate change,
counter-terrorism, cyber policy, nuclear security, etc.
Building capacities for maritime safety and security to better enforce
law, fight illegitimate trafficking and weapons proliferation, and
defend marine resources.
Cooperate in the field of disaster risk management especially grounded
on the experience of the Great East Japan Earthquake.
US looks forward to a reformed UN Security Council that includes Japan
as a permanent member.
Strategic move India plans from India-Japan-US alliance:

India is preparing for a meeting of stakeholders from all 3 nations
(India, US and Japan) to begin infrastructure projects in the
North-East states of India and which could be further extended through
Myanmar, Thailand and beyond. The thought behind India's planned move
is to build East-West connectivity to offset China's North-South ties
in South-East Asia.
www.visuallyimpairedbankers.blogspot.com
15th edition of the International Indian Film Academy (IIFA)
April 27, 2014
15th edition of the International Indian Film Academy (IIFA)
informally known as the "Bollywood Oscars," held in US for the first
time. The ceremony was held at the Raymond James Stadium in Tampa
Bay, Florida,US. The 2014 IIFA Awards honoured the best films of 2013,
took place between April 23-26, 2014. Bhaag Milkha Bhaag was awarded
the most awards (14).

Hollywood star John Travolta was also awarded at the ceremony for his
outstanding contribution to International cinema.

Winners
Popular Awards

Best Film: Bhaag Milkha Bhaag
Best Director: Rakeysh Omprakash Mehra- Bhaag Milkha Bhaag
Best Actor In A Leading Role: Farhan Akhtar - Bhaag Milkha Bhaag as
Milkha Singh
Best Actress In A Leading Role: Deepika Padukone - Chennai Express as
Meenalochni Azhagusundaram
Best Actor In A Supporting Role: Aditya Roy Kapur - Yeh Jawaani Hai
Deewani as Avinash "Avi" Arora
Best Actress In A Supporting Role: Divya Dutta - Bhaag Milkha Bhaag as
Ishri Kaur
Male Debutant Star: Dhanush - Raanjhanaa as Kundan Shankar
Female Debutant Star: Vaani Kapoor - Shuddh Desi Romance as Tara
Best Performance In A Comic Role: Arshad Warsi - Jolly LLB as Jagdish
Tyagi (Jolly)
Best Performance In A Negative Role: Rishi Kapoor- Aurangzeb as DCP
Ravikant, HPS
Best Story: Prasoon Joshi - Bhaag Milkha Bhaag
Musical awards

Best Music Direction: Aashiqui 2 - Mithoon, Ankit Tiwari, Jeet Ganguly
Best Lyrics: Tum Hi Ho from Aashiqui 2 - Mithoon
Best Male Playback Singer: Ankit Tiwari for Sunn Raha Hai;- Aashiqui 2
Best Female Playback Singer: Shreya Ghoshal for Sunn Raha Hai - Aashiqui 2
Best Sound Design: Nakul Kamte - Bhaag Milkha Bhaag
Best Background Score: Shankar-Ehsaan-Loy - Bhaag Milkha Bhaag
Technical awards

Best Action: Sham Kaushal & Tony Ching Siu Tung - Krrish 3
Best Special Effects: Keitan Yadav & Haresh Hingorani (Red Chillies
VFX) - Krrish 3
Best Choreography: Remo D'souza - Yeh Jawaani Hai Deewani
Best Cinematography: Binod Pradhan - Bhaag Milkha Bhaag
Best Costume Design: Dolly Ahluwalia - Bhaag Milkha Bhaag
Best Dialogue: Prasoon Joshi - Bhaag Milkha Bhaag
Best Editing: P. S. Bharti - Bhaag Milkha Bhaag
Best Makeup: Vikram Gaikwad - Bhaag Milkha Bhaag
Best Production Design: Wasiq Khan - Goliyon Ki Raasleela Ram-Leela
Best Screenplay: Prasoon Joshi - Bhaag Milkha Bhaag
Best Sound Mixing: Anup Dev - Chennai Express, Debajit Changmai -
Bhaag Milkha Bhaag
Best Sound Recording: Vinod Verma for Lungi Dance - Chennai Express

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