together we can reach the target
NEFT AND RTGS -A DETAILED GUIDE
Lets try to understand what is NEFT and RTGS and what is the difference between them. NEFT and RTGS are two main mechanisms to transfer money from one bank to another bank in India. Transferring money between two accounts in same bank is pretty straight forword and its a internal matter of the bank, it does not have to deal with other banks and their protocols, however when one bank wants to send the money to another bank in India, there is a defined mechanism it has to be done and hence NEFT and RTGS comes into picture. Both these systems are maintained by Reserve Bank of India. Lets understand both of these
NEFT - National Electronic Fund Transfer
NEFT full form is National Electronic Fund Transfer, and its a system of transfer between two banks on net settlement basis. Which means that each individual transfer from one account to another account is not settled or processed at that same moment, its done in batches . A lot of transactions are settled in one go in each batches. Presently, NEFT services are available from 8:00 am to 6:30 pm on weekdays (Mon - Fri) and from 8:00 am - 12:30 pm on Saturday.
Any NEFT Transfer done between 8 am - 5 pm generally gets settled on the same day, but if you deposit the money after 5 pm, then that will be settled the next working day. In case of Saturday, any money deposited between 8 am - 12 noon can be expected to reach the beneficiary account the same day.
NEFT Transfer Example
For example lets say Ajay has ICICI Bank account and Robert has a bank account in HDFC bank , Now Ajay deposits Rs 10,000 in Vijay account through NEFT transfer at 10:30 am . The money will be then taken out from Ajay's ICICI Account and will be sent to Vijay's HDFC bank the same day, then HDFC bank will credit Vijay's bank account. In case money can not be transferred to the target account (beneficiary account) , the money will be credited back to the source branch within 2 hours of the batch in which it was processed.
RTGS - Real Time Gross Settlement
RTGS full form is Real Time Gross Settlement and its a system of money transfer between two banks in real time basis, which means the moment one bank account transfer the money to another bank account, its settled at that time itself on real time basis between the banks, but the beneficiary bank has to make the final settlement to the bank account within two hours of getting the money. RTGS is the fastest possible money transfer between two banks in India through a secure channel.
Let me give an example, lets say Ajay has a SBI Bank account and Vijay has an Axis Bank account, Ajay transfers Rs 5 lacs to Vijay's account through RTGS transfer, SBI bank instantly transfers Rs 5 lac to Axis Bank, now Axis bank has 2 more hours to deposit it in Vijay's account . Hence in worst case even with RTGS transfer there can be delay of 2 hours.
NEFT and RTGS Charges
NEFT and RTGS transfer charges depends on the Bank. RBI has guidelines for the maximum fees which can be charged, but it finally depends on the bank in question. Note that NEFT and RTGScharges, varies depending on the amount transferred and the timings when its done. While NEFT charges depends purely on the amount transfered, RTGS charges depends on the amount transferred as well as the timings of the day when its done . A RTGS transfer early will cost a little less charges. Note that, Service tax is also applicable to the charges. Below are the charges shows for NEFT and RTGS for retail banking (not for institutional banking)
Information required to make an RTGS & NEFT payment?
For making a payment through NEFT/RTGS, following information has to be furnished.
- Amount to be remitted
- Remitting customer's account number which is to be debited.
- Name of the beneficiary bank.
- Name of the beneficiary.
- Account number of the beneficiary.
- IFSC code of the destination bank branch
Note : MICR code is generally not required for NEFT or RTGS transfer
Points to Note
- Each Bank has their own NEFT and RTGS application form, which you can download from their website
- RBI declared holidays each year when you cant do NEFT and RTGS fund transfer transactions, see 2012 list
- To find out different bank branches which are enabled for NEFT and RTGS transactions, you can see this RBI list
For more : click here
Non-Performing Asset
Loans and advances given by the banks to its customers are an Asset to the bank. Just for the sake of simplicity, we can understand that a loan (an asset for the bank) turns as NPA when the EMI, principal or interest component for the loan is not paid within 90 days from the due date. Thus a Bad Loan is an asset that ceases to generate any income for the bank.
As per RBI guidelines, NPA is defined as under:
Non performing asset (NPA) is a loan or an advance where;
i. interest and/ or installment of principal remain overdue for a period of more than 90 days in respect of a term loan,
ii. the account remains'out of order' in respect of an Overdraft/Cash Credit (OD/CC),
iii. the bill remains overdue for a period of more than 90 days in the case of bills purchased and discounted,
iv. the instalment of principal or interest there on remains overdue for two crop seasons for short duration crops,
v. the instalment of principal or interest there on remains overdue for one crop season for long duration crops,
vi. the amount of liquidity facility remains outstanding for more than 90 days, in respect of a securitization transaction undertaken in terms of guidelines on securitization dated February 1, 2006.
vii. in respect of derivative transactions, the overdue receivables representing positive mark-tomarket value of a derivative contract, if these remain unpaid for a period of 90 days from the specified due date for payment.
Asset or Loan Classification Norms
The assets or loans are classified as:-
Standard Assets
Sub-standard Assets
Doubtful Assets
Loss Assets
Now, in order to ensure that banks are not affected due to defaults, RBI has directed the banks to make provisions or set aside money when an account turns bad. Banks should, classify an account as NPA only if the interest due and charged during any quarter is not serviced fully within 90 days from the end of the quarter.
A Loss Asset is considered uncollectible and of such little value for the bank in retaining the account on its book and ideally, such loans should be written off. Thus, Loss assets should be written off. If loss assets are permitted to remain in the booksfor any reason, 100% of the outstanding should be provided for.
Apart from above, there are Guidelines by RBI for provisions under special circumstances.
'Unsecured exposure' is defined as an exposure where the realizable value of the security, as assessed by the bank/approved valuers/RBI's inspecting officers, is not more than 10%, abinitio, of the outstanding exposure.
'Exposure' includes all funded and non-funded exposures.
'Security' are tangible security properly discharged to the bank and do not include intangible securities like guarantees, etc.
Restructuring of assets
i. 'Standard Assets' upon restructuring -> 'Sub-Standard Assets' .
ii. Thus, NPA upon restructuring slips into further lower asset classification categories as per
above table.
iii. Also, an NPA upon restructuring can also be up-graded to the 'standard' category after observation of 'satisfactory performance' during the specified period i.e. on repayment of outstanding amount by the borrower.
Provisioning Coverage Ratio (PCR):
i. The ratio of provisioning to gross non-performing assets
ii. Indicates the extent of funds a bank has kept aside to cover loan losses.
iii. Related News: PSBs' profits would have been wiped out were they asked to maintain 70% PCR
Net NPA = Gross NPA - (Balance in Interest Suspense account + DICGC/ECGC claims
received and held pending adjustment + Part payment received and kept in suspense account +Total provisions held).
for more : click here
6th March Daily Updates
1) Prime Minister Narendra Modi among 30 most influential people on internet: Time Magazine
i. Prime Minister Narendra Modi has been named among the 30 most influential people on the internet by Time magazine in a list which also features US President Barack Obama.
ii. The list, which analysed social-media followings, site traffic and overall ability to drive news, also includes British author of the Harry Potter series J K Rowling and singers Taylor Swift and Beyonce.
iii. Time said the Indian Prime Minister has roughly 38 million followers on social networking sites Twitter and Facebook, putting him ahead of any other leaders in the world except Obama.
2) NPCI linked 15 crore bank accounts with Aadhaar number:
i. National Payments Corporation of India (NPCI) on 6 March 2015 said it has linked 15 crore bank accounts with Aadhaar number.
ii. NPCI is the nodal agency for all retail payment systems under the Jan Dhan scheme.
iii. "NPCI, the umbrella organisation for all retail payments system in India, reached a major milestone of successfully linking 15 crore bank accounts with Aadhaar number," it said in a statement.
3) Former Bihar Chief Minister Ram Sundar Das passed away:
i. Former Bihar Chief Minister and senior JD(U) leader Ram Sundar Das died on 6 March 2015 due to age-related problems.
ii. Das was chief minister of Bihar as the head of the Janata Party government in 1979.
iii. He had defeated Ram Vilas Paswan in the Hajipur (SC) Lok Sabha seat in 2009, but in the parliamentary polls last year, had lost to the latter.
4) RBI eased norms for home loans for up to Rs 10 lakh:
i. Reserve Bank of India (RBI) on 5 March 2015 eased the norms for home loans for up to Rs.10 lakh by allowing banks to include stamp duty and registration charges to the cost of a unit.
ii. These charges form around 15 per cent of the cost of the house and place a burden on borrowers.
iii. As per the current practice, banks do not include stamp duty, registration and other documentation charges in the cost of housing property.
5) UST Global launched mobile app for women's safety:
i. UST Global has launched its mobile app for women's safety.
ii. iSafe has been rolled out for the Thiruvananthapuram City Police.
iii. The app is currently available for Android phones and will soon be available on other platforms.
iv. Through the app, women will be able to send instant alerts to the police control room by using the Panic Button or just by the long press of volume key of their mobile phones.
v. The police then immediately dispatches help via the police CRV (Control Room Vehicle)
6) Flipkart aquired mobile ad network AdIQuity:
i. Flipkart on 6 March 2015 acquired mobile ad network AdiQuity.
ii. The acquisition is aimed at increasing advertising muscle of Flipkart.
iii. The deal amount was not disclosed by both the companies. The deal marked the online retailer's first acquisition in 2015 so far.
7) Hyderabad best city to live in India: Study
i. Leaving behind India's more traditional business centres such as Mumbai and Bangalore, the city of pearls Hyderabad is the best city to live in the country, says a global survey.
ii. According to consultancy firm Mercer's 'Quality of Living Report-2015', notwithstanding its top rank among Indian cities, Hyderabad globally ranks at 138th position in a list of 230 cities around the world in terms of standard of living.
iii. The list is topped by Vienna for the second consecutive year.
1) Kerala Assembly speaker G Karthikeyan passed away:
i. Senior Congress leader and Kerala Assembly Speaker G Karthikeyan passed away in Bangalore, Karnataka. He was 66.
ii. A prominent Congress leader in Kerala, Karthikeyan has entered into politics through Kerala Students Union, the student outfit of Congress.
iii. He had been elected to the state assembly in 1982, 1991, 1996, 2001, 2006 and 2011.
iv. In Congress government headed by A K Antony in 1995, Karthikeyan had been power minister. He had served as civil supplies minister in the Congress government in 2001.
2) Snooker shortlisted for Tokyo 2020 Olympics:
The green baize game of snooker, played with multi-coloured balls, has been short-listed among three sports to be included in the 2020 Olympic Games in Tokyo, according to Captain P.V.K. Mohan, president of the International Billiards and Snooker Federation (IBSF).
3) Saina Nehwal advanced to All England Badminton Final:
i. Saina Nehwal became the first Indian in 14 years to reach the final of the All England Open Badminton Championships by virtue of a straight games win over China's Sun Yu here on 7 March 2015.
ii. The third seed became the first Indian woman to enter the summit clash of the prestigious $500,000 tournament by defeating the tall Chinese 21-13, 21-13 in 50 minutes at the Barclaycard Arena, taking a 2-1 lead in career meetings.
iii. Only two Indians -- Pullela Gopichand (2001) and Prakash Padukone (1980) -- have won the tournament till date.
4) NASA's Dawn spacecraft reached dwarf planet Ceres:
i. NASA's Dawn spacecraft has created history by becoming the first mission to achieve orbit around the dwarf planet Ceres with an aim of providing new insights and capturing images from the distant world.
ii. The spacecraft was approximately 61,000 kilometres from Ceres when it was captured by the dwarf planet's gravity, NASA said.
5) Walmart India appoints Ashwin Mittal as CFO:
i. Walmart India has appointed Ashwin Mittal as chief operating officer and Javier Rojo as real estate and business development head.
ii. Mittal will replace Jill Anderson who will soon repatriate back to Walmart in US, said the company in a statement.
Mahendras's current affair book will be enough for GA section???
1) All England Badminton Championship: Saina Nehwal lost to Carolina Marin
i. Saina Nehwal lost the women's singles final of the $500,000 All England Open Badminton Championships to Spain's Carolina on 5 March 2015.
ii. In her attempt to become the first Indian woman to win the prestigious Super Series Premier event, she took off well to win the opening game and lead in the second.
iii. However, a major turnaround saw the reigning World Champion demonstrate pure skill and class to earn a come-from-behind 16-21, 21-14, 21-7 win in an hour and two minutes.
2) International Women's Day celebrated:
i. International Women's Day was celebrated across the world on 8 March 2015.
ii. The theme for the year 2015 is Make it Happen and it encourages effective action for advancing and recognizing women.
iii. The day represents an opportunity to celebrate the achievements of women while calling for greater equality.
3) Stree Shakti Puraskar and Nari Shakti Puraskar presented:
i. Six illustrious women have been awarded 'Stree Shakti Puraskar' and eight women have been awarded 'Nari Shakti Puraskar' for the year 2015, by the President of India, Pranab Mukherjee, on the International Women's Day (March 8,2015) at Rashtrapati Bhawan.
ii. The awardees were nominated by the state governments, MPs, VIPs as well as on suo-moto basis which were then selected by a national level Screening Committee.
iii. Stree Shakti Puraskar has been conferred:
1 Anyay Rahit Zindagian NGO of Goa has been conferred with Devi Ahilyabai Holkar Award
2 Rani Lakshmibai Award has been presented to Seema Prakash of Madhya Pradesh
3 Astha Sansthan , NGO of Rajasthan has been awarded Rani Rudramma Devi
4 Chandraprabha Bokey from Maharashtra has been conferred Mata Jijabai Award
5 Dr. P Bhanumati of Kerala has been presented with Kannagi Award
6 Sister while Mariola from Rajasthan has been awarded Rani Gaidinliu Zeliang
4) Veteran journalist Vinod Mehta passed away:
i. Veteran journalist and author Vinod Mehta passed away after prolonged illness on 8 March 2015.
ii. Mr. Mehta, 72, who had founded the Outlook Magazine and served as its Editor-in-Chief, last held the post of editorial Chairman of the publication.
iii. An eminent political commentator, Mr. Mehta was served as the editor of several publications, including The Pioneer, The Sunday Observer, The Independent and The Indian Post.
5) Kumar Sangakkara announced retirement from Test cricket:
i. Sri Lanka batsman Kumar Sangakkara on 9 March 2015 announced that he will retire from Test cricket "by the end of August" whe Sri Lankahosts India in a three-match series.
ii. The 37-year-old wicketkeeper has already announced retirement from One-Day International (ODI) and Twenty-20 cricket.
iii. In 130 Tests, Sangakkara has 12,203 runs, which makes him the fifth highest scorer. Only Sachin Tendulkar (15,921), Ricky Ponting (13,378), Jacques Kallis (13,289) and Rahul Dravid (13,288) are above him in the elite list.
6) India-Nepal Combined Exercise Surya Kiran VIII concluded:
i. The 14-day-long 8th India-Nepal Combined Exercise Surya Kiran VIII concluded on 8 March 2015 at Salijhandi in Nepal.
ii. The exercise carried out under the support of Nepalese Army aimed to create a greater understanding between Indian Army & Nepalese Army and develop interoperability in Jungle Warfare and Counter Terrorism operations in mountainous terrain.
7) 'Aapki Beti Humari Beti' scheme launched in Haryana:
i. Haryana chief minister Manohar Lal Khattar on 8 March 2015 launched a scheme for girl child - 'Aapki Beti Humari Beti' - with an aim to combat the problem of declining child sex ratio in the state.
ii. The scheme was announced at a state-level function on the occasion of International Women's Day at Panchkula.
iii. 'Aapki Beti Humari Beti' will be implemented in both rural and urban areas of the state covering first-born girl child of Scheduled Caste (SC) and Below Poverty Line (BPL) families and all second girl child born on or after January 22, 2015 of all families.
iv. Under this scheme, the first girl child born on or after January 22, 2015, in SC and BPL families will be eligible to receive Rs 21,000.
v. Khattar also launched 'Haryana Kanya Kosh' for the welfare and development of girl child and women in the state.
8) Kerala Tourism won Golden Gate award in Germany:
i. Kerala Tourism's popular global multimedia campaign to promote the backwaters has won the Golden Gate award at the Internationale Tourismus-Borse Berlin (ITB-Berlin) - 2015, the world's leading travel trade event.
9) Arun Singh appointed India's ambassador to US:
i. Arun Singh has been appointed as India's ambassador to the U.S. succeeding S. Jaishankar, who was named the Foreign Secretary in January, the External Affairs Ministry announced on 8 March 2015.
ii. Currently India's Ambassador to France, the 1979-batch IFS officer is expected to take up his assignment shortly, the Ministry said
1. Kerala Tourism's campaign' wins silver prize in Golden Gate Award at ITB-Berlin
Kerala Tourism has won silver prize in the prestigious Golden Gate Award at the Internationale Tourismus-Brse Berlin (ITB-Berlin) - 2015. Kerala Tourism received the prize in the category of mulimedia-campaign for its global multimedia 'The Great Backwaters campaign' in the television-commercial medium. This campaign has been conceptualised by Kerala Tourism's creative and marketing agency Stark Communications. Earlier, The Great Backwaters campaign had won the Golden Gate Gold Prize in the Print category at the ITB-Berlin 2014. Kerala Tourism had won the Golden Gate Silver Prize for its hugely successful ad campaign 'Your Moment is Waiting' in the print category.
About Golden Gate Award
Golden Gate Award is entitled as Oscar in tourism communication. It is awarded for the ultimate recognition in global tourism communication and presented every year at the ITB-Berlin.
2. Pakistan successfully test-fires nuclear capable Shaheen-III ballistic missile
Pakistan on 9 March 2015 successfully conducted the first test of its surface-to-surface Shaheen-III ballistic missile off the Arabian Sea. The missile, also called White Falcon-III in English has been developed by Pakistan's Space and Upper Atmosphere Research Commission and NESCOM along with its subsidiary NDC.
About Shaheen-III
i. Solid-fuelled multi stage ballistic missile.
ii. Capable of carrying both nuclear as well as conventional warheads.
iii. Range: 2,750 km. Shaheen-III is going to replace Pakistan's less advanced liquid-fueled mid-range nuclear capable Ghauri-III ballistic missile.
3. Rotavac- India's first indigenously developed rotavirus vaccine launched by Government
Prime Minister Narendra Modi on 9 March 2015 launched the first indigenously developed and manufactured Rotavirus vaccine- Rotavac. The vaccine will boost India's efforts to combat infant mortality due to diarrhoea. This is the third such vaccine available globally against Rotavirus.
Development of Rotavac
i. Rotavac vaccine was developed under the joint collaboration between India and the United States in the area of medical research.
ii. It was developed under the public-private partnership (PPP) model that involved Union Ministry of Science and Technology, institutions of the US Government and NGOs in India supported by the Bill and Melinda Gates Foundation.
iii. Union Government had funded the basic research in educational and scientific along with US's National Institute of Health. While the Bharat Biotech India Limited (BBIL) and the Gates Foundation had contributed towards vaccine development and testing.
iv. BBIL was selected for vaccine development by the India-U.S. Vaccine Action Programme (VAP) in 1997-1998 by the standard government procedures.
v. BBIL, the manufacturer of vaccine has given undertaking to keep the cost of the vaccine at US$ 1 per dose, thus making it cheapest vaccine available globally.
About Rotavirus
i. It is a most common causative agent of moderate-to-severe diarrhoea (MSD) among infants below 11 months age group in India.
ii. Spreads from person to person due to bacterial and parasiting agents that are primarily transmitted through contaminated food or water.
iii. In India, diarrhoea caused by rotavirus results kills nearly 80 thousand children under the age of 5 years and up to 10 lakh hospitalizations each year.
4. Union Government releases digital gender atlas for advancing girl education
Union Government has released 'Digital Gender Atlas for Advancing Girls Education' a web-based tool for advancing girls education. It was unveiled by the Department of School Education and Literacy in the Union Ministry of Human Resources Development (HRD) in New Delhi.
Key facts
i. The web based tool has been developed with the support of United Nations Children's Fund (UNICEF) to identify low performing geographical pockets for girls on specific gender related education indicators.
ii. These pockets particularly have been identified from marginalised groups such as scheduled castes (SC's), scheduled tribes (ST's) and Muslim minorities.
iii. The gender atlas has been developed as hands on management tool that will enable to take critical decisions and actions in order to fill the gaps in the low performing geographical pockets.
iv. The atlas has a geographical representation and time series data on various levels of education related parameters in the country. The data from atlas will help states in policy-making and implementation.
v. It will also help in identifying and ensuring equitable education with a focus on vulnerable girls. It includes girls with disabilities.
The atlas uses current available Government data such as Unified District Information System for Education (2011-14), Census 2011 and District Level Health Survey 2007-08.
New trend started so early........ 😃 😃
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Dear readers,
In Banking and Insurance examinations, in Quantitative Aptitude, questions from Number series are frequently asked. Such questions test a candidate's decision-making ability and speed using limited input.
The quiz on Number series provided here, will help you prepare for the upcoming exams. Please try to give answers in the comment box; soon we will publish the correct answers.
Directions (1-5): In the following number series, a wrong number is given. Find out the wrong number.
1. 29, 37, 21, 43, 13, 53, 5
(1) 37
(2) 53
(3) 13
(4) 21
(5) 43
2. 600, 125, 30, 13, 7.2, 6.44, 6.288
(1) 125
(2) 30
(3) 13
(4) 6.44
(5) 7.2
3. 80, 42, 24, 13.5, 8.75, 6.375, 5.1875
(1) 8.75
(2) 13.5
(3) 24
(4) 6.375
(5) 42
4. 10, 8, 13, 35, 135, 671, 4007
(1) 8
(2) 671
(3) 135
(4) 13
(5) 35
5. 150, 290, 560, 1120, 2140, 4230, 8400
(1) 2140
(2) 4230
(3) 560
(4) 290
(5) 1120
Answers:
Qs 1 (5) Qs 2 (3) Qs 3 (3) Qs 4 (2) Qs 5 (5)
Solutions:
1. 29, 37, 21, 43, 13, 53, 5
29 - 8 = 21,
21 - 8 = 13,
13 - 8 = 5
37 +8 = 45
45 + 8 = 53
So wrong number in the series is 43
2. 600, 125, 30, 13, 7.2, 6.44, 6.288
6.288 x 5 - (5x5) = 6.44
6.44 x 5 - (5x5) = 7.2
7.2 x 5 - (5x5) = 11
11 x 5 - (5x5) = 30
30 x 5 - (5x5) = 125
125 x 5 - (5x5) = 600
So wrong number in the series is 13
3. 80, 42, 24, 13.5, 8.75, 6.375, 5.1875
5.1875 x 2 - (2x2) = 6.375
6.375 x 2 - (2x2) = 8.75
8.75 x 2 - (2x2) = 13.5
13.5 x 2 - (2x2) = 23
24 x 2 - (2x2) = 42
42 x2 - (2x2) = 80
So wrong number in the series is 24.
4. 10, 8, 13, 15, 35, 135, 671, 4007
10 x1 - 2 = 8
8 x2 - 3 = 13
13 x3 - 4 = 35
35 x4 - 5 = 135
135 x 5 - 6 = 669
669 x 6 - 7 = 4007
So wrong number in the series is 671
5. 150, 290, 560, 1120, 2140, 4230, 8400
150 x2 - 10 = 290
290 x 2 - 20 = 560
560 x 2 - 30 = 1090
1090 x2 - 40 = 2140
So wrong number in the series is 1120.
1) Kumar Sangakkara created record by scoring four consecutive ODI centuries:
i. Sri Lanka's Kumar Sangakkara on 11 March 2015 became the first player to score four successive one-day international centuries, setting a new record in a World Cup against Scotland in Hobart.
ii. Sangakkara had made 105 not out against Bangladesh, an unbeaten 117 in the game with England followed by 104 against Australia.
iii. The left-hander surpassed six players who had scored three ODI centuries in a row. They were Zaheer Abbas and Saeed Anwar of Pakistan, the South African trio of Herschelle Gibbs, AB de Villiers and Quinton de Kock, and Ross Taylor of New Zealand.
2) Bihar CM Nitish Kumar won trust vote in assembly:
i. Bihar CM Nitish Kumar on 11 MArch 2015 won trust vote on the floor of assembly by 140-0 votes, after the main opposition BJP staged a walkout minutes.
ii. A total of 140 MLAs including supporters of former CM Jitan Ram Manjhi voted in favour of trust motion moved by Nitish Kumar, while no one voted against the motion as the lone opposition party BJP preferred to walkout from the house.
iii. Nitish actually needed only 117 votes to win the trust motion in the assembly having effective strength of 233.
3) Coal scam: Manmohan Singh accused of criminal conspiracy
i. Former PM Manmohan Singh, Aditya Birla Group Chairman Kumar Mangalam Birla and former union coal secretary PC Parakh have been accused of criminal conspiracy and breach of trust in the allocation of a coal mine in 2005 and asked to appear before a Delhi court on April 8.
ii. The court also summoned D Bhattacharya, the MD of Hindalco, the Aditya Birla Group company which was allocated the mine, and Group Executive President Shubhendu Amitabh.
iii. The order was passed by Special CBI Judge Bharat Parashar.
4) David Hale nominated as next US ambassador to Pakistan:
i. United States President Barack Obama has nominated veteran diplomat David Hale as the next ambassador to Pakistan.
ii. Hale is currently serving as the US Ambassador to Lebanon, a position he has held since 2013.
5) India and Seychelles signed four agreements to boost security cooperation:
i. India on 11 March 2015 signed four agreements with the Indian Ocean island nation Seychelles to boost security and maritime partnership.
ii. The agreements were signed during the visit of Prime Minister Narendra Modi to Seychelles.
iii. Modi also launched the Coastal Surveillance Radar Project in Seychelles, describing it as another symbol of the cooperation between the two countries.
6) Indian Railways inked MoU with LIC for Rs 1.5 lakh crore investments in rail infrastructure:
i. Life Insurance Corporation, the country's biggest insurer, on 11 March 2015 committed to invest Rs 1.5 lakh crore in Indian railways over the next five years.
ii. According to the terms of the memorandum of understanding signed by the two organisations, the railways will use the funds to augment its capacity.
iii. The MoU was signed by Financial Commissioner (Railways) Rajalakshmi Ravikumar and LIC Chairman SK Roy in presence of Union Finance Minister Arun Jaitley and the Minister of Railways Suresh Prabhu.
7) Union Government appointed Nine Executive Directors in Public Sector Banks:
i. The Appointments Committee of the Cabinet (ACC) has approved the appointments of following nine Executive Directors(EDs) in Public Sector Banks(PSBs).
ii. Following 9 Executive Directors (ED) of PSBs were appointed
* K. Sahoo- ED of Allahabad Bank.
* Pawan Kumar Bajaj- ED of Indian Overseas Bank.
* Ravi Shankar Pandey- ED of Syndicate Bank.
* Kishore Piraji Kharat- ED of Union Bank of India.
* C.Lodha- ED of Central Bank of India.
* Charan Singh- ED of UCO Bank
* Venkata Rama Moorthy- ED of Bank of Baroda.
* P. Marathe- ED of Bank of India.
* Harideesh Kumar B- ED of Canara Bank.
12th March Daily Updates
1. India, Mauritius to work to avoid 'abuse' of DTAT
i. India and Mauritius will work together to avoid the "abuse" of double taxation avoidance convention.
ii. the two countries agreed to push negotiations for a long pending revision of the treaty.
iii. Modi is on a two day visit to the island nation of Mauritius addressed the National assembly of Mauritius.
iv. Often corporates have been accused of laundering money through the "Mauritius route" for channelling FDI in India and the two governments have been in negotiations to curb this practice.
v. This is why Prime Minister Modi and Sir Anerood Jugnauth agreed to push forward their negotiations for a long pending revision of Double Taxation Avoidance Treaty (DTAT).
2. New city 'NAINA' to come up over 600 square km near Navi Mumbai airport
i. Maharashtra government would be developing a new city - 'NAINA' - over an area of 600 sq km around the upcoming Navi Mumbai International Airport.
ii. As a part of the smart city mission of the Centre, the state government will develop 30 towns, focusing on "themes" such as education, medical, entertainment, industry, etc.
iii. The State also announced that for the prohibition of slaughter of cows, bulls and bullocks, the Maharashtra Animal Preservation (Amendment) Bill, 1995 had been passed by the state legislature, and with the President's recent assent, it had now come into force.
3. Govt asks PSU banks increase lending to minorities
i. The Union government has advised PSU banks to step up lending to minorities with a view to ensuring that they get loans in proportion to their population.
ii. It was decided to increase the percentage share of lending to each minority community in proportion to their respective share in minority population.
iii. In term of population, Muslims constitute the largest community, followed by Christians. Third largest minority group is that of the Sikhs.
iv. As per the RBI directive, banks have set up a special cell to ensure smooth flow of credit to minority communities.
v. The cell is headed by an officer holding the rank of Deputy General Manager or Assistant General Manager (AGM) or any other similar rank who should function as a 'Nodal Officer'.
4. IPS officer M Akhaya appointed as Chief Vigilance Officer in telecom department
i. IPS officer M Akhaya has been appointed as the Chief Vigilance Officer in the Department of Telecommunications.
ii. The appointment of the CVO, who acts as distant arm of the Central Vigilance Commission to check corruption, comes at a time when bidding for spectrum by telecom companies is underway.
iii. Akhaya, a 1988-batch IPS officer of Odisha cadre, has been appointed for an initial period of three years.
5. EPFO trustees okay raising age limit under pension scheme to 60
i. Retirement fund body EPFO 's trustees decided to raise the age limit from 58 to 60 years for vesting of pension.
ii. The Employees' Provident Fund Organisation's apex decision making body, the Central Board of Trustees (CBT), which is headed by the Labour Minister, took the decisions.
iii. After the amendment to the pension scheme, a formal sector worker can choose to contribute towards it till 60 years of age. This will provide him a benefit of 4 per cent enhanced pension per year.
iv. The CBT also decided to appoint SBI as it new fund manager for a three year term beginning April 1.
6. Rs.3,168 crore for compensation in new capital of A.P.
i. The Andhra Pradesh Budget for 2015-16 has set aside Rs.3,168 crore towards the compensation for taking the consent of farmers, to part with their land for the new capital project.
ii. As per the plan, 50 per cent of the total land is to be used for common infrastructure for the capital city.
iii. About 25 per cent of the land is to be returned to the land owners in the form of developed reconstituted plots.
iv. This would leave about 7,000 acres with the State for constructing the capital complex as well as bringing investments to provide sustainable jobs for the residents of the capital city.
1. Wipro appoints Abid Neemuchwala as COO
i. India's third largest IT services exporter Wipro Ltd. announced the appointment of appointment of former TCS top executive Mr. Abid Ali Neemuchwala as the Group President and Chief Operating Officer of the company.
ii. Mr Neemuchwala was heading the Business Process Services globally.
iii. Apart from this he was also involved in several leadership roles during his 23-year-long career with TCS.
2. Facebook acquires The Find e-commerce search engine
i. Facebook has acquired The Find, a nine-year-old company with a search engine that indexes products across thousands of e-commerce sites.
ii. That probably means the ads Facebook users see will be more relevant to products they've been browsing and buying online, perhaps highlighting local retailers. One of The Find's features is that it attempts to mix online and local stores and says its results are based on "your social profile."
iii. For Facebook, the technology might make the social network a more valuable platform for merchants. While The Find's own website won't survive the acquisition.
3. IMF supports tight stance of Reserve Bank
i. The International Monetary Fund (IMF), chief Christine Lagarde's has supported the tight monetary stance of the Reserve Bank of India (RBI) and says 5-per cent inflation in the country was still high.
ii. Lagarde is on a two-day India visit that began from today.
iii. Ms. Lagarde's itinerary during her two-day visit includes meetings Prime Minister Narendra Modi and key leaders including Finance Minister Arun Jaitley and RBI Governor Raghuram Rajan.
iv. IMF has previously expected a 6 percent growth for India.
4. Assam rolls out scheme to promote double cropping
i. Assam government has launched an ambitious scheme to increase agricultural production by providing facilities and assistance to farmers for double cropping in their lands.
ii. Under the programme 'Momai Tamuli Barbaruah Krishak Bondhu Scheme', facilities and assistance will be provided for double cropping in all the crop areas which have so far been utilised for single cropping only.
iii. Chief Minister Tarun Gogoi launched the scheme at Timtimia village in Jorhat.
5. Indian women win World Hockey League Round 2
i. India won the final of the Hero women's Hockey World League Round 2 with a margin of 3-1 against Poland at the Major Dhyan Chand National Stadium.
ii. Vandana Katariya broke the deadlock in the 15th minute after several close chances were missed.
ii. Poland struck back immediately on resumption in the second quarter, Oriana Walasek deflecting home off the team's first penalty corner.
iv. The Final result: India 3 (Vandana Katariya, Rani, Ritu Rani) bt Poland 1 (Oriana Walasek).
6. Services win fourth Santosh Trophy title
i. Services lifted the Santosh Trophy after edging out hosts Punjab 5-4 via tie-breaker in a nail-biting summit clash at Guru Nanak Stadium in Ludhiana .
ii. During the tie-breaker all the five players including captain Anthony, Vibin, Francis Zonuntulnga, Arun Tudu and Rakesh Singh scored goal for the winners.
iii. Services have won the title for the fourth time besides finishing runners up on five occasions.
7. Srikanth wins Swiss Grand Prix Gold championship
i. Young Indian shuttler K. Srikanth clinched the Swiss Grand Prix Gold championship title after overcoming a strong challenge from Viktor Axelson in a hard-fought men's singles final.
ii. World No. 4 Srikanth showed nerves of steel to prevail over his Danish opponent, ranked sixth in the world, 21-15, 12-21, 21-14 in the thrilling summit clash of the $120,000 event .
iii. Srikanth previously created a major upset in the final of the 2014 China Open Super Series Premier by beating five-time world champion and two-time Olympic gold medallist Lin Dan.
IBPS CWE Clerk ( goa Circle)
At the time of interview, I submitted my state based cast certificate ... they allowed me but told me to reproduce new format in future... weather Bank of Baroda call me or not for this verification ... help me 😞
DELICATE= KJGBGRCA
STUDYING =?