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www.bankersguru.org HEAD TURNERS THIS WEEK
After the phenomenal response to the previous Week’s Digi Note,
We’ve made some changes by highlighting the different sections and
focus on ‘Urjit Patel’’ and ‘’PMFBY’’.
Digi Note shall only be successful if we understand the purpose of this
exercise, which is to keep you posted of the events in the week.
Best of Luck.
From The Newspapers
THE ECONOMIC TIME
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10–11th January
2.4 million responses to TRAI’s paper
The Telecom Regulatory Authority of India has received an unprecedented 2.4 million responses on its consultation paper about differential pricing for data services by telecom operators
TRAI chairman had extended the December 31 deadline for comments by a week in order to allow lakhs of Free Basics supporters to reframe their comments as simply saying ‘I love Free Basics’ didn’t constitute a response to its questions.
RBI Dy Governor Patel gets second term
Urjit Patel, Deputy Governor of Reserve Bank of India (RBI) in-charge of the monetary policy department, has been re-appointed for a term of three years.
Mr. Patel, who will complete his three-year term on January 10, could become the longest serving deputy governor in recent times.
The government has formed a search panel, which interviewed several candidates in December, including Mr. Patel and two other Executive Directors of RBI.
A Deputy Governor of RBI can be appointed for a period of five years or till the age of 62, whichever is earlier.
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Premji most generous Indian, Mukesh ranks
sixth
Azim Premji, chairman of Wipro, is the most generous Indian of the year for the third time in a row with donations worth Rs. 27,514 crore to the education sector according to Hurun India Philanthropy List 2015.
The top five contributors on the list belonged to the information technology industry. Mr. Premji is followed by Nandan Nilekani and wife, Rohini Nilekani, with donations of Rs. 2,404 crore, while Infosys co-founder N.R. Narayana Murthy stood third with donations of Rs. 1,322 crore.
Bhanumurthy is new COO of Wipro
Wipro has elevated company veteran Bhanumurthy B. M. as the President
and Chief Operating Officer and also appointed another senior leader G. K. Prasanna as the head of a newly formed created unit, Marketing, Innovations and Technology (MIT).
www.bankersguru.org BSE to introduce new contracts on January 11
BSE will introduce a new interest rate futures (IRF) contract offering 7.79 per cent yield on government bonds on January 11.
The contract would mature on January 11, 2026.
An IRF is a contract between a buyer and a seller agreeing to the future delivery of any interest-bearing asset such as government bonds. Banks, primary dealers, mutual funds, insurers, FIIs, corporates and brokers, as well as retail investors trade in this product.
Satyarthi launches book
.
Nobel Peace Prize winner Kailash Satyarthi launched his book “Azad Bachpan Ki or”, dedicated to all the child labourers he has come across so far.
The book is a culmination of Mr. Satyarthi’s long-drawn march against the rights of children employed in various odd jobs.
Telangana becomes first State to make gender
education compulsory
Telangana has become the first State to introduce compulsory gender education at the graduate level.
The books concerning it shall be introduced on a pilot basis in engineering colleges affiliated to the Jawaharlal Nehru Technological University.
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Ford is highest-grossing actor
Harrison Ford is the highest-grossing actor in Hollywood history, thanks to the unprecedented box office success of Star Wars: The Force Awakens.
The 73-year-old actor’s 41 movies have grossed a total of $4.7 billion, with Harrison’s latest Star Wars movie, pulling in a whopping $770 million.
Ford has ousted Samuel L. Jackson from the top spot, with the 67-year-old actor falling to second place.
His 68 movies have taken in a total of $ 4.6 billion.
12thJanuary
China’s new force to offset U.S. edge
China to revamp its nuclear and conventional missile forces
The Second Artillery Force (SAF), the institution that had exercised operational control over the country’s nuclear forces had been upgraded as the PLA Rocket Force (PRF).
The PRF has now been upgraded into a full-fledged new service on a par with the Army, Air Force and the Navy.
www.bankersguru.org Sikri takes over as new CCI chief
Devender Kumar Sikri has taken over as the Chairman of Competition Commission of India (CCI).
Mr. Sikri, a 1975 Gujarat cadre IAS officer, replaces Mr Ashok Chawla who demitted office on January 7.
He will have a two-and-a-half year tenure until he turns 65.
Fleming named Pune coach
Former New Zealand skipper Stephen Fleming was named chief coach of the new Pune franchise of the Indian Premier League Twenty20 cricket tournament.
The former Chennai Super Kings coach will renew his long and most successful partnership with his former captain Mahendra Singh Dhoni who was picked in the December draft.
Fifth Ballon d’Or for Messi
Barcelona forward Lionel Messi won his fifth world player of the year crown at the FIFA Ballon d’Or ceremony.
He pipped current holder and three-time winner Cristiano Ronaldo, as well as his Barcelona teammate Neymar, to the award.
Meanwhile, Barca’s Luis Enrique won the coach of the year award at the Ballon d’Or ceremony.
FIFPro World XI: Goalkeeper: Manuel Neuer (Germany, Bayern Munich); Defenders: Dani Alves (Brazil, Barcelona), Sergio Ramos (Spain, Real Madrid), Thiago Silva (Brazil, PSG), Marcelo (Brazil, Real Madrid); Midfielders: Paul Pogba (France, Juventus), Luka Modric (Croatia, Real Madrid), Andres Iniesta (Spain, Barcelona); Forwards: Cristiano Ronaldo (Portugal, Real Madrid), Lionel Messi (Argentina, Barcelona), Neymar (Brazil, Barcelona).
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The Revenant, Mozart in the Jungle rule Golden
Globes
The Revenant and Mozart in the Jungle emerged as the top winners at the star-studded 73rd edition of the Golden Globe awards.
The Revenant, a biographical Western film set in 1823 Montana and South Dakota, bagged three awards — best drama film, best actor in a drama for Leonardo DiCaprio and best director for Alejandro G. Inarritu
The best motion picture comedy or musical award went to The Martian.
Actor Sylvester Stallone was given a standing ovation as he won the best supporting actor in a motion picture for Creed.
Singer David Bowie dies at 69
David Bowie, the innovative and iconic singer whose illustrious career lasted five decades with hits like Fame, Heroes and Let’s Dance, died after a battle with cancer. He was 69.
www.bankersguru.org 13thJanuary No jallikattu in Tamil Nadu this year
In a clear message that animals cannot be bullied into pain and suffering in the name of custom and tradition in the 21st century, the Supreme Court stayed a January 7 notification issued by the Centre allowing jallikattu, despite the ban imposed by the court in 2014 on the sport, which it had called “inherently cruel.”
Referring to an earlier notification issued by the Centre on July 11, 2011, prohibiting jallikattu and upheld by the Supreme Court in 2014. Justice Mishra observed that the “2011 notification was in consonance with the fundamental duties of the state.”
Oil slips towards $30 a barrel
Crude oil slipped towards $30 per barrel to a near 12-year low on Tuesday as heavy oversupply showed no sign of easing, while analysts scrambled to cut their price forecasts and traders bet on further declines.
Prices are down around 16 per cent since the start of the year
www.bankersguru.org Beijing allows RBI to enter forex market
China has allowed a second batch of foreign institutions to enter China’s interbank foreign exchange market.
Six central banks and international financial institutions, including Reserve Bank of India (RBI), Monetary Authority of Singapore and Bank of International Settlements, are now allowed to trade spot products, forwards, swaps, currency swaps and options in China’s domestic foreign exchange market.
Last November, the first seven foreign institutions had been registered to enter the interbank foreign exchange market.
Start Up India schemes get funds for take-off
The government can finally start deploying funds from the Self-Employment and Talent Utilisation (SETU) scheme and the Atal Innovation Mission (AIM) announced in the Union Budget for 2015-16 to promote start-ups and scientific research.
AIM would focus on inviting aspiring entrepreneurs to solve India’s contemporary socio-economic problems via ‘grand challenges’ that offer substantial awards to incubate and scale up winning ideas.
SETU scheme’s resources would be devoted to strengthening incubators and setting up ‘tinkering labs’ where ideas can be shaped into prototypes before they are ripe for funding.
An overarching supervisory body with about ten members is being formed to oversee the allocation of funds under the schemes to line ministries.
Likely to be chaired by Niti Aayog vice chairman Arvind Panagariya, the panel would include secretaries from the departments of science and technology, biotechnology, industrial policy and promotion as well as the ministry of micro, small and medium enterprises.
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14th January PSLV C31 launch likely on Jan. 20
Preparations are in full swing for the launch of the Polar Satellite Launch Vehicle C-31 from the Satish Dhawan Space Centre (SDSC) at Sriharikota on January 20.
This is aimed at putting the Indian Regional Navigation Satellite System 1E satellite into a geo-synchronous orbit.
The IRNSS 1E is the fifth satellite in the navigation constellation.
Centre clears new crop insurance scheme
The Union government on Wednesday approved the much-talked about new crop insurance scheme in which it has kept the premium amount for farmers at a maximum of two per cent for food grains and oilseeds while capping it up to five per cent for horticulture and annual commercial crops.
Pradhan Mantri Fasal Bima Yojana will bring about a huge change in the lives of farmers.
Pradhan Mantri Fasal Bima Yojana will bring about a huge change in the lives of farmers.
The scheme will be implemented from the kharif season this year.
Government liability on premium subsidy would be shared by the Central and State governments on a 50:50 basis.
The scheme will have a uniform premium of only two per cent to be paid by the farmers for all kharif crops and 1.5 per cent for all Rabi crops.
There is no upper limit on government subsidy.
Smart phones will be used to capture and upload data of crop cutting to reduce the delays in claim payment and remote sensing will be used to reduce the number of crop cutting experiments.
www.bankersguru.org A hero of the Bangladesh liberation war passes
away
Lieutenant-General J.F.R. Jacob, who died in New Delhi, was one of the heroes of the 1971 war with Pakistan.
Lt-Gen. Jacob began his career during World War II in 1942 as a young Army officer.
However, it was in the Indo-Pakistan War of 1971, which resulted in the liberation of Bangladesh, that Lt-Gen. Jacob, as Major-General and Chief of Staff of the Eastern Army Command, achieved his military glory, playing a crucial role in negotiating the surrender of Pakistan in Dhaka He also took part in the Indo-Pakistan war of 1965.
Later, Lt-Gen. Jacob became the Commander-in-Chief of the eastern command.
EPFO may pay 8.9% interest
Nearly 8.7 crore employees are in for some good news with the government likely to declare an 8.9 per cent returns on their provident fund savings for 2015-16, the highest rate in five years.
The Employees Provident Fund Organisation (EPFO) board is expected to meet in early February to recommend an 8.9 per cent returns on employees’ provident fund savings.
www.bankersguru.org 15th-16th January Kamal Haasan, Ghosh on Shyam Benegal panel
Actor-director Kamal Hasan and film-maker Gautam Ghosh were on included in the Shyam Benegal committee set up by the Union government to look holistically into the functioning of the controversy-ridden Central Board of Film Certification, making it a six-member panel.
The Union Information and Broadcasting Ministry had set up the panel on January 1 to take a relook at the functioning of the Board.
WPI contracts 0.7% in December
Wholesale price index (WPI) remained negative for the 14th consecutive month at -0.73 per cent in December 2015.
This is also the fourth consecutive month in which the pace of WPI contraction has slowed over the previous month.
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SBI starts advisory services for startups
State Bank of India (SBI) unveiled a dedicated advisory services branch for start-ups and wealth management service for high net worth individuals (HNIs).
SBI becomes the first public sector bank to offer wealth management service.
SBI IN Cube will be a one-stop advisory services facility for entrepreneurs but will not offer loans to startups for now.
The wealth management service, SBI Exclusif, will offer a new banking experience to the fast growing number of affluent customers.
Government to hold talks with WIPO
The Commerce and Industry Ministry will hold discussions with the World Intellectual Property Organisation (WIPO), the global body for promotion and protection of intellectual property rights (IPR), before approaching the cabinet for clearance of the national IPR policy.
The agenda of the high-level discussions with WIPO, likely on January 15, include possible measures for IPR awareness creation, enforcement and capacity building.
WIPO director Ms. Louise Van Greunen.
The DIPP, on November 13, 2014, had said it constituted an IPR think tank headed by Justice Prabha Sridevan to draft a national IPR policy.
In the WIPO's Global Innovation Index 2015 that surveyed 141 economies in the world, India’s was ranked 81.
www.bankersguru.org Union Budget likely on February 29
The NDA Government will present Budget 2016-17 in Parliament on February 29.
The budget session could begin from February 23.
As per the Budget Manual of the Finance Ministry, the Union Budget is presented each year on the last working day of February by the Union Finance Minister to the Parliament.
This year being a leap year, it is planned to be presented on February 29.
Although the Indian Constitution does not mention the term ‘Budget’, it provides that the President shall in respect of every financial year cause to be laid before both the Houses of Parliament, the House of People (Lok Sabha) and the Council of States (Rajya Sabha), a statement of the estimated receipts and expenditure of the Government for that year.
This statement known as the ‘Annual Financial Statement’ is the main fiscal or budgetary document of the Government.
The Budget process predates independence. Budget was first introduced on 7th April, 1860.
The NDA Government’s Budget team this year comprises Union Finance Minister Arun Jaitley, Minister of State Jayant Sinha, NITI Aayog Vice Chairman Arvind Panagariya Jaitley and Chief Economic Advisor, Arvind Subramanian.
The official team is led by Finance Secretary Ratan Watal, Economic Affairs Secretary Shaktikanta Das, Revenue Secretary Hasmukh Adhia and Disinvestment Secretary, Neeraj Gupta.
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BG QUIZ
1. Who has been appointed as the COO of WIPRO?
A. A Nemoochwala
B. A Premji
C. Cyrus Mistry
D. None of These
2. Which Crop insurance scheme was launched recently?
A. NIAS
B. MNIAS
C. PMFBY
D. None of These
3. What is the current WPI in December?
A. -1.99 %
B. -0.73 %
C. -2.05 %
D. -0.11 %
4. Which is the 1st Public sector bank to offer Wealth Management services?
A. PNB
B. SBI
C. ICICI
D.BOB
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5. Who has been included in the Shyam Benegal panel for CBFC?
A. Shatrughan Sinha
B. Raj Babar
C. Amitabh Bacchan
D. Kamal Hasan
6. What shall be the interest offered on PF under EPFO?
A. 8.75 %
B. 8.8 %
C. 8.9 %
D. 9.1 %
7. Which War Hero of 1971 War passed away recently?
A. S.Sorabji
B. S.H.F.J Manekshaw
C. J.F.R Jacob
D. None of these
8. When would the PSLV C-21 be launched?
A. 20 Jan
B. 21 Jan
C. 22 Jan
D. 23 Jan
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9. Which country allowed RBI to enter into the Forex market?
A. Japan
B. South Korea
C. North Korea
D. China
10. Which famous Singer Passed away recently?
A. M Jackson
B. A Winehouse
C. M.S. Subalakshmi
D. D Bowie
Answers for the BG Quiz shall be provided in the Next Week’s Digi Note.
We at BG focus on providing the most accurate and precise current events
and financial terms for the forthcoming bank examinations and work tirelessly
to innovate and are always ready for feedback which can be provided to us in
the comments section.
Best of Luck,
Bankers Guru
