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Day To Day Current Affairs - 9th November 2014
1. Cabinet expansion: 21 new ministers join NDA govt,
i. Prime Minister Narendra Modi expanded his team on Sunday by appointing 21 new ministers, four of them in the Cabinet and three others as ministers of state with independent charge.
ii. Manohar Parrikar is the new Defence Minister and Suresh Prabhu will head the Railway Ministry Minister in the expansion-cum-reshuffle of the Narendra Modi ministry after 21 new Ministers were sworn-in on Sunday.
iii. Parrikar, who quit as Goa Chief Minister yesterday to join the Union Cabinet, takes over the charge from Finance Minister Arun Jaitley who held the Defence portfolio as an additional charge.
iv. Interestingly, Jaitley has been given the additional charge of Information and Broadcasting Ministry.
New Minister –
1. Manohar Parrikar – Defence Minister
2. Suresh Prabhu - Railway Minister
3. D V Sadananda Gowda - Law and Justice Minister
4. Ravi Shankar Prasad: Communications and Information Technology
5. Jagat Prakash Nadda: Health & Family Welfare
6. Birender Singh - Minister for Rural Development, Panchayati Raj and Drinking Water and Sanitation
7. Dr. Harsh Vardhan: Science and Technology, Earth Sciences
2. World Bank offers financial help for MSMEs in UP
i. The World Bank today said it will offer financial help to create new infrastructure for Micro, Small and Medium Enterprises ( MSMEs) and improve the condition of existing ones in Uttar Pradesh.
ii. The offer was made to Sanjiv Saran, principal secretary, industries and infrastructure development, by Lead Urban Specialist of World Bank Barjor Mehta.
iii. A three-member team of World Bank, including Mehta and Senior Country Economist at World Bank .
iv. The report has been prepared by consulting agency CRISIL Limited under the aegis of World Bank for Agra-Firozabad sub-region, Kanpur-Lucknow-Unnao-Auraiya sub-region and Allahabad-Varanasi sub-region.
v. The World Bank has offered two options for funding, namely - Development Policy Loan (DPL) and Programme-for -Results instruments.
3. India Ratings lowers growth forecast to 5.6 pc
i. Domestic ratings agency India Ratings today marginally revised down its economic growth estimate for 2014-15 fiscal to 5.6 per cent citing poor industrial performance, and warned that the government will slip on the fiscal deficit front.
ii. The agency pegged the final fiscal deficit print at 4.2 per cent, against the budget promise of 4.1 per cent, despite the 10 per cent spending cut announced last week. In the first six months of the fiscal, fiscal deficit touched 83 per cent of the tar ..
4. Origo Commodities, NABARD tie up for warehouse receipt financing
i. Collateral management firm Origo Commodities today said it has tied up with NABARD to provide 'warehouse receipt financing' to farmers in Andhra Pradesh and Telangana.
ii. Under this facility, farmers are allowed to deposit the crop at a warehouse closest to their farms and obtain pledge financing from banks to the extent of 70-75 per cent of the value of the commodity.
iii. The joint initiative will enable farmers to use the warehousing infrastructure of Primary Agriculture Co-opera ..
iv. This memorandum of understanding (MoU) is going to help farmers to a great extent by realising the right price by offering them options to sell their produce at the right time," NABARD Chief General Manager at Andhra Pradesh and Telangana Regional Office, Jiji Mammen said in a statement.
5. Union Bank to charge own customers beyond 8 ATM transactions
i. After private banks – HDFC Bank and Axis bank – decided to charge own customers for more than five transactions at their ATMs, public sector lender Union Bank of India has also joined the bandwagon.
ii. The Mumbai-based bank will charge own customers for more than eight transactions per month at its ATMs and more than five at other banks ATMs. It will be charging Rs 15 per (excluding tax) from November 15, 2014.
iii. Many public sector banks are still in "wait and watch mode". They would like to see how pricing is firmed up by the private banks and large state-owned banks.
Note: i. HDFC Bank and Axis Bank will charge their own customers for more than five transactions at their Automated Teller Machines starting 1 December.
ii. HDFC Bank will be charging Rs 20 for financial transactions and Rs 8.5 (excluding taxes) for non-financial transactions (balance enquiry, mini statement).
iii. Axis Bank will be charging Rs 20 (excluding taxes) for financial transactions and Rs 9.5 for non-financial transactions
iv. At other bank ATMs, the customers of these banks will be charged beyond three transactions. Earlier five transactions were free at non-home bank ATMs.
v. However, Axis Bank has made ten transactions free for its Prime Plus Savings Account and Prime Salary account holders. These account holders are mandated to have a minimum opening balance of Rs 1 lakh.
6. Govt considering to bring down its equity in Public Sector Banks to 52% percent: FM
i. Finance Minister Arun Jaitley today said that government is planning to unfold disinvestment of its stakes in Public Sector Units, PSUs, to revive the economy.
ii. Addressing a gathering during the 25th India Global Forum in new Delhi, Mr Jaitley said, government is considering to bring down its equity in public sector banks to about 52 per cent so that almost 3 lakh crore rupees can be introduced for financial inclusion.
iii. Mr Jaitley said, the Modi led government is tax friendly and is committed to give exemption to those who are not in position to pay. He said, the goverment will follow a reasonable and rational tax policy to make India a hub of low-cost manufacturing.
7. Nepal, India agree to form task force to install petro pipeline
i. Nepal and India have agreed to form a task force for the installation of a pipeline to transport petroleum products to Nepal from India. A meeting of officials of the two countries in Kathmandu constituted a five-member task force to initiate process for the installation of petroleum products pipeline between Nepal and India.
ii. Joint Secretary at the Ministry of Commerce and Supplies Jeebraj Koirala led the Nepali delegation in the meeting while Additional Secretary of Ministry of Petroleum and Natural Gas Rajiv Kumar led the Indian team. The pipeline will be installed on a 41 kilometer stretch from Raxual of India to Amlekhgunj in Nepal.
8. Indo-Israel joint project LR-SAM successfully test-fired
i. Indo-Israel joint project LR-SAM has been tested successfully in Israel. Long Range Surface-to-Air Missile LR-SAM is a joint project of Israeli Aerospace Industry, Indian Navy and DRDO.
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