IMPORTANT DAYS IN AUGUST/SEPTEMBER August 15: Independence Day (India ) August 2: Internatinal Day for the Remembrance of the Slave Trade and its Abolition August 29: National Sports Day ( Birthday of Dhyan Chand ) 5 SEPTEMBER: Teacher’s Day (Birth Day of S. Radha krishnan) 8 SEPTEMBER: World Literacy Day 14 SEPTEMBER: World Fraternity and Apology Day 14 SEPTEMBER: Hindi Diwas ( Day) 15 SEPTEMBER: Engineer’s Day 16 SEPTEMBER: World Ozone Day 20 SEPTEMBER: Railway Police Force (RPF) Foundation Day 21 SEPTEMBER: Alzheimer’s Day 24 SEPTEMBER: World Deaf Day and World Heart Day 27 SEPTEMBER: World Tourism Day IMPORTANT ABBERVATIONS ADB Asian Development Bank AIDBs All India Development Banks AIFIs All India Financial Institutions A LM Asset Liability Management AMC Asset Management Company ARCs Asset Reconstruction Companies ATM Automated Teller Machine ATS Automatic Transfer Service
BACS Bankers Automated Clearing System BPL Below Poverty Line BPLR Benchmark Prime Lending Rate BPO Business Processes Outsourcing BR Base Rate CAAP Capital Adequacy Assessment Process
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CACP Commission for Agricultural Cost and Prices CEO Chief Executive Officer CFO Chief Finance Officer CFMS Centralised Funds Management System CFS Committee on the Financial System CFS Consolidated Financial Statements CHAPS Clearing House Automated Payment System CRR Cash Reserve Ratio CSGLA Constituent’s Subsidiary General Ledger Account CSIR Council of Scientific and Industrial Research CSO Central Statistical Organisation CWC Central Warehousing Corporation DPN Derivative Usance Promissory Note DPs Depository Participants DRI Beneficiaries of Differential Interest rate DRT Debt Recovery Tribunals DSA Direct Selling Agent DSCR Debt Service Coverage Ratio DTA Domestic Tariff Area ECB External Commercial Borrowing ECS Electronic Clearing Service EMI Equated Monthly Instalment EPS Earnings Per Share ERP Enterprise Resource Planning ETFs Exchange Traded Funds EU European Union
EXIM Bank Export-Import Bank of India FCP Farmers Club Programme FCRA Forward Contract Regulation Act FD Fixed deposit FDI Foreign Direct Investment FDIC Federal Deposit Insurance Corporation FEMA Foreign Exchange Management Act FERA Foreign Exchange Regulation Act FIP Financial Inclusion Plan FIU-IND Financial Intelligence UnitIndia FOB Free-on-Board FRNs Floating Rate Notes FRO Foreigners Registration Officer FRRO Foreigners Regional Registration Officer FSS Financial Software Systems FTT Foreign Travel Tax GDCF Gross Domestic Capital Formation GFD Gross Fiscal Deficit GIC General Insurance Corporation of India GIPSA General Insurance Public Sector Association GNP Gross National Product HRD Human Resources Development HSBC The Hongkong and Shanghai Banking Corporation Ltd HTM Held to Maturity HUDCO Housing and Urban Development Corporation
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HUF Hindu Undivided Family HYVP High Yielding Variety Programme ICAI Institute of Chartered Accountants of India ICAO International Civil Aviation Organi-sation ICC Integrated Circuit Card ICDP Intensive Cattle Development Programme ICICI Industrial Credit and Investment Corporation of India Limited ICRA Investment Information and Credit Rating Agency ICSID International Centre for Settlement of Investment IDBI Industrial Development Bank of India IDFC Infrastructure Development Finance Company Limited IDR Indian Depository Receipt IDRBT Institute for Development and Research in Banking Technology IFC International Finance Corporation IFCI Industrial Finance Corporation of India Limited IFSC Indian Financial System Code IPG Internet Payment Gateway IPO Initial Public Offering ISO International Standard Organisation IVP Indira Vikas Patra KCC Kisan Credit Card KVP Kisan Vikas Patra KYC Know Your Customer
MBFC Mutual Benefit Financial Company MODS Multi-Option Deposit Scheme MPBF Maximum Permissible Bank Finance MRD Market Regulation Department MRTP Monopolies and Restrictive Trade Practices MSME Micro, Small and Medium Enterprise NDA Net Domestic Assets NDC Non-Dues Certificate NDS Negotiated Dealing System NDTL Net Demand and Time Liabilities NFA Net Foreign Assets NGO Non-Governmental Organisation NHB National Housing Bank NIA Negotiable Instruments Act NII Net Interest Income NIM Net Interest Margin NNP Net National Product NSIC National Small Industries Corporation Banking and Economic Abbreviations NSS National Savings Scheme NSSO National Sample Survey Organisation OBE Off-balance Sheet Exposures OBUs Offshore Banking Units OCB Overseas Corporate Bodies OPEC Organisation of Petroleum Exporting Countries OTC Over-The-Counter OTCEI Over-The-Counter Exchange of India Limited OTS One-Time Settlement
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PCA Prompt Corrective Action PCDs Partly Convertible Debentures PD Primary Dealer PFIs Public Financial Institutions PFS Price Stabilisation Fund PIN Personal Identification Number PIO People of Indian Origin PKI Public Key Infrastructure PLIs Prime Lending Institutions PLP Potential Linked Plan PLR Prime Lending Rate PMO Primary Market Operations PMEGP Prime Minister’s Employment Generation Programme PTCs Pass-Through Certificates QIB Qualified Institutional Buyers QIP Qualified Institutional Placement QIS Quantitative Impact Study RCI Refinance Corporation for Industry RCTC Risk Capital and Technology Corporation REPO Repurchase Agreement REPOS Ready Forward Contracts RFID Radio Frequency Identification RLS Retail Loan Schemes RMC Risk Management Committee RMG Risk Management Group RML Reverse Mortgage Loan RNBCs Residuary Non-Banking Companies ROA Return on Assets ROC Registration of Companies RTGS Real Time Gross Settlement
Security Interest SBI State Bank of India SCB State Cooperative Apex Bank SCC Selective Credit Control SDRs Special Drawing Rights SEBI Securities and Exchange Board of India SHGs Self-Help Groups SICA Sick Industrial Companies Act SIDBI Small Industries Development Bank of India SIDC State Industrial Development Corporation SIM Subscriber Identity Module SJSRY Swarna Jayanti Shahari Rojgar Yojana SLBC State-level Banker’s Committee SLR Statutory Liquidity Ratio Banking and Economic Abbreviations SME Small and Medium Enterprises SPNS Shared Payment Network Systems SPOM Self-Programmable One-Chip Microcomputer SPV Special Purpose Vehicle SSIDC State Small Industries Development Corporation SSls Small Scale Industries STF Short-Term Finance
SARFAES Ses and Reconstruction of Fmancial and Enforcement of Blog: www.onl9edu.com FbPage: www.facebook.com/Currentupdates
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BANKING NEWS
Repo rate- 8% Reverse Repo Rate-7% CRR-4% SLR-22% Bank Rate-9% Marginal Standing Facility (MSF)- 9%
Betting big on the government‘s reforms agenda, overseas investors have poured in more than USD 5 billion in the Indian market so far this month taking the total inflow to over USD 25 billion since January 2014.
The soon-to-be-turned private bank IDFC will be headed by its current Executive Chairman Rajiv Lall. Subject to RBI approval, Rajiv Lall will be the Managing Director and Chief Executive Officer of IDFC Bank, which is expected to be formed by October 2015.
SBI Caps (the investment banking arm of State Bank of India) has been asked by the Finance Ministry to undertake a study on the merger and recapitalisation of banks
The Central Bureau of Investigation has registered a case of alleged bribery against the Chairman & Managing Director of Syndicate Bank Sudhir Kumar Jain.
Vidyo, Inc., a visual communications solutions provider has been selected by IndusInd Bank, one of the fastest growing new-generation private sector banks in India for Video Branch, a mobile and desktop-based banking service being deployed across the country. The Reserve Bank of India has said that the proposed Bharat Bill Payment System (BBPS) will function as a tiered structure for operating the country‘s Blog: www.onl9edu.com FbPage: www.facebook.com/Currentupdates
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bill payment system. It will have a single brand image providing convenience of anytime anywhere‘ payment to customers.
The RBI said that it will transfer the surplus amount of Rs. 52,679 crore to the Government. The year before, the central bank said that it had transferred Rs. 33,010 crore to the Government.
Coca-Cola has announced it will pay $2.15 billion for a 16.7 per cent stake in Monster Beverage, cementing a distribution-based link between the two that had added significantly to Coke‘s profits.
Five Indian companies, including Hindustan Unilever and Tata Consultancy Services, are among Forbes‘ list of the world‘s 100 most innovative companies that investors think are most likely to ―generate big, new growth ideas.
People can now deposit up to Rs 1.5 lakh annually in their Public Provident Fund (PPF) with the government notifying changes in the popular savings scheme. The government has issued a notification raising the limit from annual PPF deposit limit from Rs 1 lakh to Rs 1.5 lakh in pursuance of the announcement made by Finance Minister Arun Jaitley.
Non-Banking Financial Companies (NBFC) with asset size of Rs. 100 crore and above have been forbidden to give more than 50 per cent of the value of shares pledged with them (capping the loan to value ratio at 50 per cent). This would be applicable only to loans of Rs. 5 lakh and above.This has been done to minimise volatility in the market
The Department of Economic Affairs, Ministry of Finance is bringing out the twentieth issue of the annual publication India‘s External Debt: A Status Report 2013-14‘. The Report presents a detailed analysis of India‘s external debt position at end-March 2014, based on the data released by the Reserve Bank of India on June 30, 2014.
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The Tata Group has retained its place as the country‘s most valuable brand at USD 21 billion, while the total worth of top-100 Indian brands now stands at USD 92.6 billion. The Indian Cotton Federation (ICF) organised the second All India Cotton Conference on August 12 and 13 at The Residency in Coimbtore. The theme of the conference is ‗Indian Cotton Scenario in the current context 2014-15‘. The Ken-Betwa Link Project, benefiting Madhya Pradesh and Uttar Pradesh, has been taken up for the implementation. The estimated cost of the Phase-I and Phase-II of the Ken-Betwa Link project is Rs.9393 Crore (2008 price level) and Rs.2283 Crore (2012-13 price level) respectively Reserve Bank will issue Rs 1,000 new bank notes under the Mahatma Gandhi Series-2005 with the rupee mark 'R' in inset. The Ministry of Environment and Forests has given environment clearance to Cairn India to raise crude oil production from its prolific Rajasthan block by 50 per cent to 300,000 barrels per day. The government will spend Rs 20,000 crore to provide mobile connectivity in 55,000 villages, which are still untouched by wireless telephony, in the next five years, Telecom Secretary Rakesh Garg said. The retirement fund body also has also fixed the minimum monthly pension for EPFO schemes at Rs. 1,000. This move will immediately benefit 28 lakh pensioners who get less than this amount at present. Mr Jaitley in the Budget had allocated Rs. 250 crore in the current financial year for this purpose.
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NATION Prime Minister Narendra Modi is expected to address the United Nations General Assembly on September 27, giving his first global speech to an audience of nearly 200 world leaders and foreign ministers at the annual gathering of the world body‘s policymaking organ. The board of directors of India‘s largest milk federation, the Gujarat Cooperative Milk Marketing Federation (GCMMF), has unanimously elected Jethabhai Patel, a cooperative leader from North Gujarat as the new Chairman. GCMMF sells milk products under the ‗Amul‘ brand. The Modi Government will give a decisive push to make the GangaHooghly waterway navigable for freight movement by tying up for a World Bank loan that could be as much as $1 billion.
The Centre has urged all the states to provide 33 per cent reservation for women in their police forces to effectively deal with cases of sexual violence and crime against women Union Ministry of HRD has set up Hari Gautam Committee to review the status of UGC.
Shri Jogen Chowdhary to be the first artist in-residence in Rashtrapati Bhavan. According to the Andhra Pradesh Reorganisation Act, 2014, the Government of India has to establish the National Institute of Disaster Management (NIDM) in the Successor State of Andhra Pradesh within a period of 10 years. India and Bhutan agree to strengthen the strategic cooperation in the field of Agriculture & allied sectors between the two countries. Tamil Nadu Chief Minister J Jayalalithaa has announced a series of integrated drinking water schemes and also proposed a ‗Tamil Nadu Innovative Initiative‘ to promote innovation in the State. Blog: www.onl9edu.com FbPage: www.facebook.com/Currentupdates
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The Ministry of Rural Development launched its flagship Shyama Prasad Mukherji Rurban Mission, which is aimed at providing urban amenities in rural areas. Prime Minister, Narendra Modi, laid the foundation stone for Leh-KargilSrinagar transmission system. He also dedicated the 45 MW Nimoo Bazgo Hydroelectric Project to the nation. India successfully conducted trials of its indigenously developed surface-toair ‗Akash‘ missile, which has a strike range of 25 kms, as part of a user trial by the Air Force from the Integrated Test Range at Chandipur The Prime Minister Shri Narendra Modi laid the foundation of a Port- Based Multi-product Special Economic Zone (SEZ) at the prestigious Jawaharlal Nehru Port Trust (JNPT) at Sheva, Navi Mumbai. The Hon‘ble Prime Minister of India, Shri Narendra Modi, commissioned INS Kolkata into the Indian Navy. In a function at Solapur, the Prime Minister dedicated to the nation 765 kV Solapur - Raichur transmission lines, and four laning of Pune - Solapur section of NH-9. Assuring financial independence to the poorest of the poor, Prime Minister Narendra Modi launched the ‗Pradhan Mantri Jan Dhan Yojana‘ to provide bank accounts along with a debit card and an insurance cover of Rs 1 lakh to all. Prime Minister Shri Narendra Modi, dedicated the 1000MW ( 2X500 MW) stage I of Mouda Super Thermal Power Project to the nation in Mouda in Nagpur district of Maharashtra Minister for Information and Broadcasting Prakash Javadekar opened the first edition of northeast film festival in the capital and said the government is committed to mainstream new initiatives in the region. Ministry of Textiles announced that Ministry through DC (Handlooms) has signed a Memorandum of Understanding (MoU) with Flipkart India Pvt. Ltd. to provide online marketing platform to handloom weavers to boost the handloom sector, empower the weavers and boost manufacturing in the country. India and Vietnam agreed to deepen cooperation in defence and oil sectors among others as External Affairs Minister Sushma Swaraj reviewed the entire gamut of bilateral ties with the strategically-important country A Credit Agreement for World Bank (IDA) assistance of US$ 107 million for Second Mizoram State Roads Project (MSRP II) has been signed between the Government of India and the World Bank. Blog: www.onl9edu.com FbPage: www.facebook.com/Currentupdates
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APPOINTMENTS/ RESIGNATIONS
Former UN peacekeeper in Congo Sudesh Kumar, has been handed over the command of the inspector general's office of BSF Meghalaya Frontier. Arvind Gupta, former Indian Foreign Service officer, was appointed as Deputy National Security Adviser (NSA). YES Bank has appointed retired IAS officer Radha Singh as Non-Executive Chairperson of the board of the bank. Justice Dr Manjula Chellur sworn in as the first woman Chief Justice of Calcutta High Court — the oldest high court in the country. IDFC appointed Ravi Shankar as the head of the proposed bank‘s financial inclusion and rural business initiative. AIADMK leader M.Thnbidura unanimously elected Deputy Speaker of the Lok Sabha. He is the first leader to hold the post for a second time. Earlier in 1985, also has the distinction of being elevated to the post. S.M. Swathi, General Manager of Corporation Bank, has been appointed as Executive Director of Bharatiya Mahila Bank. She had assumed office on August 14. Rajni Razdan became the new Chairperson of the Union Public Service Commission (UPSC). She was appointed as Chairperson of UPSC by the President Pranab Mukherjee in accordance with the Article 316 (1) of the Constitution. UPA appointed Governor Sheila Dikshit resigned. Modern-era ‗Don‘ Shah Rukh Khan has become the first Indian actor to be roped in as Ambassador of Interpol‘s initiative ‗Turn Back Crime‘ campaign, aimed at promoting greater awareness on how to prevent crime. The ‗Turn Back Crime‘ campaign is aimed at raising public awareness that organised crime is often involved in seemingly unrelated crimes.
AWARDS Bharatiya Mahila Bank Ltd. bagged the Core Banking System Initiative Award for the year 2014 at the Asian Banking and Finance - Retail Banking Awards 2014. Chandra Shekhar Ghosh, CMD of Bandhan, has received the ‗Entrepreneur of the Year‘ award from the All India Management Association (AIMA). Blog: www.onl9edu.com FbPage: www.facebook.com/Currentupdates
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Ratan Tata, Chairman Emeritus, Tata Sons Ltd, has been conferred the 18th MMA Amalgamations Business Leadership Award at a function in Chennai. Two Indian-origin academicians have won global prizes in the field of mathematics with one of them being awarded the Fields Medal — known as the ‗Nobel Prize of mathematics‘. Manjul Bhargava won the Fields Medal, while Subhash Khot won the Rolf Nevanlinna Prize, awarded by the International Mathematical Union, at the International Congress of Mathematicians 2014 held in Seoul The President of India, Shri Pranab Mukherjee presented Outstanding Parliamentarian Awards to Shri Arun Jaitley, Dr. Karan Singh and Shri Sharad Yadav for the years 2010, 2011 and 2012 respectively at a function organized by the Indian Parliamentary Group. Bharatiya Mahila Bank Ltd. bagged the Core Banking System Initiative Award for the year 2014 at the Asian Banking and Finance - Retail Banking Awards 2014. Chandra Shekhar Ghosh, CMD of Bandhan, has received the ‗Entrepreneur of the Year‘ award from the All India Management Association (AIMA). Ratan Tata, Chairman Emeritus, Tata Sons Ltd, has been conferred the 18th MMA Amalgamations Business Leadership Award at a function in Chennai.
Seven books of stories, six of poetry, one of novel, one of essays and eight writers for their total contribution to children literature have won the Bal Sahitya Puraskar this year. Shri Ram Vilas Paswan, Minister for Consumer Affairs, Food and Public Distribution has announced the annual awards and commendation certificates for the nineteenth prestigious Rajiv Gandhi National Quality Awards for the year 2012. The Best of All Award has been won by Rail Wheel factory (Ministry of Railways), Bangalore.
SPORTS NEWS THIS MONTH Woman discus thrower Seema Punia, who won a silver for India at the 20th Commonwealth Games, was the flag-bearer for the country during its closing ceremony. In Commonwealth Games 2014 India finished at fifth-place with 64 medals, including 15 yellow metals. Jammu and Kashmir to host Football Federation Cup in August 2015. Blog: www.onl9edu.com FbPage: www.facebook.com/Currentupdates
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England won the 5-match Pataudi Trophy test-series played against India by 3-1. England achieved the feat after defeating India in the fifth and final Test at The Oval by an innings and 244 runs. Ravi Shastri has been appointed Director of the India cricket team for the ODI series against England. Hurdler Siddhanth Thingalaya, representing ONGC, secured his berth for the Asian Games by equaling his own national record in the 110m hurdles on the concluding day of the Federation Cup Senior National Athletics Championships at Netaji Subhas National Institute of Sports, Patiala. Atletico Madrid striker Mario Mandzukic‘s early goal secured a 1-0 win over Real Madrid and a 2-1 aggregate success to clinch the Spanish Super Cup and gain some revenge for last season‘s Champions League final defeat. The President of India Pranab Mukherjee inaugurated the 6th Edition of Kamada Kinkar Mukherjee Rural . In the doubles, Leander Paes continues to be India's top-ranked player at number 12, a loss of one position. In the women's rankings, Sania Mirza maintained her top-five rank as she was unchanged at number 5. Roger Federer has not won a Grand Slam title this year but the 17-time Grand Slam champion topped Forbes magazine‘s list of the 10 top tennis money-makers announced. Indian women cricket captain Mithali Raj has retained the top spot in the latest International Cricket Council (ICC) women‘s rankings for batters. Mobile handset maker HTC Mobiles announced that it has become an official sponsor for Kings XI Punjab, one of the eight cricket teams of Indian Premier League (IPL).
INTERNATIONAL US Secretary of State, John Kerry, called on Finance Minister, Arun Jaitley, at the latter's North Block office. Kerry, who arrived in India for an official visit, has already pressed New Delhi to drop its opposition to global trade reforms. Prime Minister Narendra Modi sailed on a visit to the Himalayan nation. During the two-day visit to Nepal, Modi holded talks with his counterpart Sushil Koirala and meet with other political leaders. Prime Minister Narendra Modi reached Japan amid "great expectations" that the five-day trip will open new vistas in bilateral ties and Strategic and Global Partnership to a higher level. Blog: www.onl9edu.com FbPage: www.facebook.com/Currentupdates
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The U.S. House approved a lawsuit against President Barack Obama over alleged abuse of executive power. China has inaugurated its second railway line in Tibet, built at a cost of $2.16 billion, close to Indian border in Sikkim, enhancing mobility of its military in the remote and strategic Himalayan An Indian-origin student, who scored a perfect five in his main subjects with 100 per cent marks across the board, is being hailed as the brightest student in Britain. Asanish Kalyanasundaram achieved the highest possible grades in maths, physics, chemistry, biology and critical thinking as part of the five main subjects required at A Levels in Britain. SOME IMPORTANT POINTS FDI limits in India: Defence 49% Pension 49 Insurance Raised to 49% Print Media 26% Civil Aviation 49% Public Sec. Banks 20% Private Sec. Banks 74% Multi Brand 51% Single Brand 100% Tourism 100% India Ranking in Different Index: Human Development Index 2014 – 135 Global Environment Performance Index 2014 – 155 Global Peace Index 2014 – 143 Global Innovation Index 2014 – 76 World Prosperity Index 2013 – 106. Global Corruption Index 2013 – 94 Global Competitiveness Index 2013 -60 for 2013 New governors appointed in India 1. Kalyan Singh – new Governor of Rajasthan Blog: www.onl9edu.com FbPage: www.facebook.com/Currentupdates
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2. Vajubhai Rudabhai Vala – new Governor of Karnataka 3. Chennamaneni Vidyasagar Rao – new Governor of Maharashtra 4. Mridula Sinha – new Governor of Goa 5. Ram Naik: new Governor of Uttar Pradesh. He replaces B.L. Joshi 6. Balramji Dass Tandon: new Governor of Chhattisgarh. 7. Keshari Nath Tripathi: new Governor of West Bengal. 8. Om Prakash Kohli: new Governor of Gujarat. 9. Padmanabha Balakrishna Acharya: new Governor of Nagaland. 10. Kaptan Singh Solanki: new Governor Haryana. He replaces Jagannath Pahadia New Cabinet Ministers: Rajnath Singh: Home Minster Sushma Swaraj: External Affairs & Overseas Indian Affairs Arun Jaitley: Finance Corporate Affairs & Defence M. Venkaiah Naidu: Urban Development Housing and Urban Poverty Alleviation & Parliamentary Affairs Nitin Jairam Gadkari: Road Transport and Highways Shipping + Rural Development, Panchayati Raj & Drinking Water and Sanitation D.V. Sadananda Gowda: Railways Uma Bharati: Water Resources, River Development and Ganga Rejuvenation Dr. Najma A. Heptulla: Minority Affairs Ramvilas Paswan: Consumer Affairs, Food and Public Distribution Kalraj Mishra: Micro, Small and Medium Enterprises Maneka Gandhi: Women and Child Development Ananthkumar: Chemicals and Fertilizers Ravi Shankar Prasad: Communications and Information Technology & Law and Justice Ashok Gajapathi Raju: Civil Aviation Anant Geete: Heavy Industries and Public Enterprises Harsimrat Kaur Badal: Food Processing Industries Narendra Singh Tomar: Mines & Steel Labour and Employment Jual Oram: Tribal Affairs Radha Mohan Singh: Agriculture Thaawar Chand Gehlot: Social Justice and Empowerment Smriti Zubin Irani: Human Resource Development Dr. Harsh Vardhan: Health and Family Welfare Sumitra Mahajan: new Lok Sabha Speaker Blog: www.onl9edu.com FbPage: www.facebook.com/Currentupdates
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Revolutions in the field of agriculture in India: · Black Revolution – Petroleum Production · Blue Revolution – Fish Production · Brown Revolution – Leather/nonconventional( India)/Cocoa production · Golden Fiber Revolution – Jute Production · Golden Revolution – Fruits/Overall Horticulture development/Honey Production · Green Revolution – Food grains · Grey Revolution – Fertilizer · Pink Revolution – Onion production/Pharmaceutical (India)/Prawn production · Red Revolution – Meat & Tomato Production · Round Revolution – Potato · Silver Fiber Revolution – Cotton · Silver Revolution – Egg/Poultry Production · White Revolution (In India: Operation Flood) Milk/Dairy production · Yellow Revolution – Oil Seeds production · Evergreen Revolution – Overall development of Agriculture . Pradhanmantri Jan-Dhan Yojana 1. Aim of this scheme to bring poor financially excluded people into the banking system by providing banking facilities . 2. The scheme will cover both urban and rural areas of India and all bank accounts opened will be linked to a debit card which would be issued under the Ru-Pay scheme. 3. Every Account Holder in this scheme can claims accident insurance cover of up-to Rs 1 Lakh for his entire family. 4. Scheme Authority decided to open 15 Crore bank accounts at the rate of two bank accounts per household. 5. The bank account has been active for 6 months and has been linked to account holders Aadhar identity , they would become eligible for an overdraft of up to Rs 2,500. 6. Jan Dhan Yojana is to lay the foundation of a cashless economy and is complementary to the Digital India Scheme. Blog: www.onl9edu.com FbPage: www.facebook.com/Currentupdates
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7. Every Bank has allotted no of accounts as target.
Gold Medal Winner Commonwealth Games 2014 Sanjita Khumukchan: Women’s 48 kg weightlifting Sukhen Dey: Men’s 56 kg weightlifting Abhinav Bindra: Men’s 10 metre air rifle shooting Apurvi Chandela: Women’s 10 metre air rifle shooting Rahi Sarnobat: Women’s 25 metre pistol shooting Satish Sivalingam: Men’s 77 kg weightlifting Jitu Rai: Men’s 50 metre pistol shooting Amit Kumar: Men’s freestyle 57 kg wrestling Vinesh Phogat: Women’s freestyle 48 kg wrestling Sushil Kumar: Men’s freestyle 74 kg wrestling Babita Kumari: Women’s freestyle 55 kg wrestling Yogeshwar Dutt: Men’s freestyle 65 kg wrestling Vikas Gowda: Men’s discus throw athletics Dipika Pallikal and Joshana Chinappa: Women’s doubles squash Parupalli Kashyap: Men’s singles badminton
Union Budget 2014-15 Highlights Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh. Exemption limit for investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs 1 lakh. Investment limit in PPF raised to Rs 1.5 lakh from Rs 1 lakh. Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh. Kisan Vikas Patra to be reintroduced, National Savings Certificate with insurance cover to be launched. Long term capial gain tax for mutual funds doubled to 20 pc; lock-in period increased to 3 years. Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme) raised from Rs 6,500 .to Rs 15,000. Minimum pension increased to Rs 1,000 per month. LCD, LED TV become cheaper.
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Cigarettes, pan masala, tobacco, and aerated drinks become costlier.
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