GK Updates Daily : 30/9/2014

1.    RBI announced fourth Bi-Monthly Monetary Policy Statement, keeps key rate unchanged

i. For the fourth time in a row, RBI kept key interest rates unchanged today maintaining that it will not cut them unless inflation moderates to anticipated levels, disappointing borrowers and the industry in this festive season.

ii. Reserve Bank Governor Raghuram Rajan hoped that inflation will moderate to acceptable level of 6 per cent by January 2016 and maintained that the GDP growth in the current fiscal will be 5.5 per cent, same as projected earlier.

iii. RBI relaxed the 'know your customer' norms by allowing self-certification of documents needed for opening bank accounts.

iv. The short-term lending rate (repo) rate will remain at 8 per cent, and the cash reserve requirement of banks at 4 per cent. The statutory liquidity ratio (SLR) has also been retained at 22 per cent.

v. RBI has reduced the liquidity provided under the export credit refinance (ECR) facility from 32 per cent of eligible export credit outstanding to 15 per cent with effect from October 10.
vi. It has decided to continued providing liquidity under overnight repo at 0.25 per cent at the LAF repo rate and liquidity under 7-day and 14-day term repos of up to 0.75 per cent through auctions

Current Rates are as follows:

1. Repo Rate – 8%

2. Reverse Repo Rate – 7%

3. SLR – 22%

4. CRR – 4%

5. Bank Rate – 9%

6. MSF – 9%

2.    RBI relaxes KYC norms for opening bank accounts

i. The Reserve Bank of India, RBI, today relaxed Know Your Customer, KYC norms by allowing self-certification of documents for opening bank accounts.
ii. RBI has asked banks to allow self-certified copy of the document by mail, or post for opening an account. Banks have also been asked not to seek fresh documents, if a KYC compliant customer desires to open another account in the bank.
iii. The RBI added that if the customers are unable to comply within a reasonable period of time, partial freezing may be introduced for KYC non-compliant customers.
iv. This means that only credits would be allowed in such accounts, but debits would not be allowed. The account holder would have the option to close the account and take back the money in the account.

3.    AP Government signed MoU with Google India for Digital AP project

i. The Andhra Pradesh (AP) Government on 29 September 2014 signed the Memorandum of Understanding (MoU) agreement with Google India for Digital AP project.

ii. Under the memorandum, Google India will work with the AP government to get women and small and medium businesses online and help them gain from the internet economy. It will launch a series of initiatives to transform the State into digital AP in a record time.

4.    ONGC to contribute Rs. 20.75 cr for upkeep of Taj Mahal

i. Hydrocarbon behemoth Oil and Natural Gas Corporation Ltd (ONGC) will contribute Rs. 20.75 crore for the beautification and cleanliness of the Taj Mahal.

ii. A tripartite memorandum of understanding (MoU) for this was signed at the Red Fort in New Delhi on Monday between ONGC, the Archaeological Survey of India (ASI) and the Union Ministry of Tourism.

iii. ONGC has launched a ‘Swachchha Smarak, Swachchha Bharat’ campaign to clean up memorials and heritage places. It also participated in a cleanliness drive at the Red Fort, an official said here on Tuesday.

5.    Muthuraman Vice Chairman of Tata Steel retired

i. B Muthuraman, Vice-Chairman of Tata Steel retired from the Board of the company on 26 September 2014 after attaining the age of 70. He retired as per the company’s retirement policy.

ii. B Muthuraman who was also a chairman of Tata International Ltd, the global trading and distribution arm of the Tata group was replaced by former Union Home Secretary GK Pillai. Pillai was appointed for the post on 26 September 2014.

6.    Bhagat Singh’s last surviving sister Bibi Prakash Kaur died

i. Bibi Prakash Kaur, the last surviving real sister of martyr Bhagat Singh died on 28 September 2014 in Canada. She was 94.
ii. She was paralysed and bed ridden since 2008. Coincidently, she passed away on the 107th birth anniversary of the martyr Bhagat Singh which falls on 28 September every year.’

iii. Bibi Prakash Kaur was born in 1921 and was only 12 years old when Bhagat Singh was hanged to death by British rulers on 23 March 1931.
iv. Prakash Kaur was settled in Canada since 1980 and was residing there with her elder son Rupinder Singh Malhi.

7.    Auto Portal Cardekho acquired Gaadi.com for 11 million US dollar

i. Auto Portal Cardekho on 29 September 2014 acquired Gaadi.com. Cardekho is expected to have paid 11 million US dollar for Gaadi.com.
ii. However, both the companies will continue to run independently and operate as separate businesses in order to drive focus, especially in the pre-owned car business.
iii. The combined Cardekho and Gaadi entity is expected to become the largest online auto classifieds play by revenue and traffic.

8.    Vikas Gowda settles for silver in discus throw

i. Vikas Gowda lost out to his old nemesis and defending champion Ehsan Hadadi of Iran once again as he settled for a silver in men’s discus throw event in the Asian Games in Incheon on Tuesday.

ii. Gowda, who recently won the gold in Glasgow Commonwealth Games, came up with a best effort of 62.58m which he did in his second attempt to fetch the silver at the Incheon Asiad Main Stadium.

iii. Hadadi, who was struggling for form this season but a pre-Games favourite, outperformed Gowda with a best throw of 65.11m to clinch the gold and run away with his hat trick of titles. He has also won gold in 2006 and 2010 Asian Games.

9.    Asian Games: Mary Kom enters women’s flyweight boxing finals

i. M.C. Mary Kom secured a berth in the gold medal bout of the women’s flyweight (48-51kg) after a convincing win in the semi-final of the 17th Asian Games on Tuesday.

ii. The 31-year-old Indian beat Vietnam’s Le Thi Bang by 3—0 decision to enter the final.

10.  Former International cricket umpire Mohammad Ghouse died

i. Former International cricket umpire Mohammad Ghouse died on 29 September 2014 following a brief illness. He was 83.

ii. Mohammad Ghouse made his debut as an umpire in a Ranji Trophy match in 1968-69 and went on to officiate over its 18 seasons.
iii. His first Test as an official was in 1975-76 in the match between India and New Zealand.

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