Universal Stuf

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<b><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: Arial;">1.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal;">    </span></span></b><b><span style="font-family: "Arial","sans-serif";">RBI issues final norms for payment,
small banks; Floor capital set at Rs 100 crore</span></b><span style="font-family: "Arial","sans-serif";"></span>
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<b><span style="font-family: "Arial","sans-serif";">i. </span></b><span style="font-family: "Arial","sans-serif";">The Reserve Bank of India has issued final norms for
payment banks and small finance banks that would allow mobile firms and
supermarket chains, among others, to enter the banking arena to cater to
individuals and small businesses. The move aims at deepening financial
inclusion and boost saving habits.<span class="apple-converted-space"> </span></span></div>
<a href="https://www.blogger.com/null" name="more"></a><span class="apple-converted-space"><b><span style="font-family: "Arial","sans-serif";">ii.</span></b></span><span class="apple-converted-space"><span style="font-family: "Arial","sans-serif";"> </span></span><span style="font-family: "Arial","sans-serif";">The RBI aims to push financial
inclusion by setting up these niche outfits — small finance banks that can have
all-India operations and payments banks, which can accept more deposits.</span><br />
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<span class="apple-converted-space"><b><span style="font-family: "Arial","sans-serif";">iii.</span></b></span><span style="font-family: "Arial","sans-serif";"> The guidelines open up an window of
opportunity for entities which did not bag new bank licences in April.</span></div>
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<span class="apple-converted-space"><b><span style="font-family: "Arial","sans-serif";">iv.</span></b></span><span style="font-family: "Arial","sans-serif";"> Shriram Capital, Janalakshmi
Financial Services, Magma Fincorp and Muthoot Finance, among others, are
expected to throw their hats into the ring to set up small banks.</span></div>
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<span class="apple-converted-space"><b><span style="font-family: "Arial","sans-serif";">v.</span></b></span><span style="font-family: "Arial","sans-serif";"> The Department of Posts, Bharti
Airtel, Vodafone India, Tata Teleservices, Western Union and online digital
payment players such as Paytm, Oxigen and MobiKwik have expressed interest in
floating payment banks.</span></div>
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<b><span style="font-family: "Arial","sans-serif";">vi</span></b><span style="font-family: "Arial","sans-serif";">. Companies will have to apply by January 16, 2015, for
licences in both categories, and the central bank said it would consider more
applications at a later stage.<span class="apple-converted-space"> </span></span><br />
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<b><span style="font-family: "Arial","sans-serif";">Note: </span></b><span style="background: white; font-family: "Arial","sans-serif";">The minimum paid-up
equity capital for both small and payment banks has been pegged at Rs 100 crore.</span><b><span style="font-family: "Arial","sans-serif";"></span></b></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">Who are eligible?</span></b><span style="font-family: "Arial","sans-serif";"></span></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">i</span></b><span style="background: white; font-family: "Arial","sans-serif";">. Eligible promoters
for a small bank include resident individuals/professionals with experience in
banking and finance; and companies and societies. </span></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">ii.</span></b><span style="background: white; font-family: "Arial","sans-serif";"> Existing non-banking
finance companies (NBFCs), microfinance institutions and local area banks can
also opt to convert into a small bank. </span></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">iii.</span></b><span style="background: white; font-family: "Arial","sans-serif";"> The RBI said
proposals from large public sector entities and industrial and business houses,
including NBFCs promoted by them, will not be entertained to set up small banks.</span></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">iv.</span></b><span style="background: white; font-family: "Arial","sans-serif";"> A promoter/promoter
group can have a joint venture with an existing scheduled commercial bank to
set up a payment bank, subject to the stake holding complying with the Banking
Regulation Act.</span></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">Key activities</span></b><span style="font-family: "Arial","sans-serif";"><br style="outline: none;" />
<b>i.</b> <span style="background: white;">The small bank will primarily
undertake basic banking activities of <b>acceptance of deposits and lending to
un-served and</b> under-served sections, including small business units, small
and marginal farmers, micro and small industries and unorganised sector entities.</span></span></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">ii.</span></b><span style="font-family: "Arial","sans-serif";"> <span style="background: white;">Small
banks will be required to maintain a minimum capital adequacy ratio of 15 per
cent of the loans on a continuous basis.</span></span></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">iii.</span></b><span style="font-family: "Arial","sans-serif";"> <span style="background: white;">In the
draft guidelines, the RBI had suggested that small banks would have a
restricted area of operations (possibly contiguous districts in a homogenous
States). However, in the final guidelines, these restrictions have been
removed. The small bank will be required to extend 75 per cent of its credit to
the priority sector</span></span></div>
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<b><span style="font-family: "Arial","sans-serif";">Payment Banks: </span></b></div>
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<b><span style="font-family: "Arial","sans-serif";">i.</span></b><span style="font-family: "Arial","sans-serif";"> Payments banks can <b>accept deposits</b> — current and
savings bank — from individuals, small businesses and other entities but <b>cannot
provide</b> loans.. However, they cannot accept non-resident Indian deposits. </span></div>
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<b><span style="font-family: "Arial","sans-serif";">ii.</span></b><span style="font-family: "Arial","sans-serif";"> The payment bank will initially be restricted to holding
a maximum balance of Rs1 lakh per individual customer. </span></div>
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<b><span style="font-family: "Arial","sans-serif";">iii.</span></b><span style="font-family: "Arial","sans-serif";"> While the bank can issue ATM/debit cards, it cannot
issue credit cards.</span></div>
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<b><span style="font-family: "Arial","sans-serif";">iv.</span></b><span style="font-family: "Arial","sans-serif";"> It can contract outside liabilities (deposits) but not
exceeding 33.33 times (against 20 times in the draft guidelines) its net worth.</span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: Arial;">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal;">    </span></span></b><b><span style="font-family: "Arial","sans-serif";">Economic growth declines to 5.3% in
July-Sept quarter</span></b><span style="font-family: "Arial","sans-serif";"></span></div>
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<b><span style="font-family: "Arial","sans-serif";">i. </span></b><span style="font-family: "Arial","sans-serif";">Country's economic growth has declined to 5.3 per cent
during July to September, from the previous quarter's 5.7 per cent. </span></div>
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<b><span style="font-family: "Arial","sans-serif";">ii</span></b><span style="font-family: "Arial","sans-serif";">. According to an official release, the manufacturing
sector, which accounts for about 15 per cent of India's gross domestic product
rose by 0.1 per cent during the quarter from the previous period's 3.5 per
cent. Agriculture sector growth declined to 3.2 percent against 3.8 percent.</span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: Arial;">3.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal;">    </span></span></b><b><span style="font-family: "Arial","sans-serif";">India, Mozambique ink MoU for
cooperation in oil, gas sector</span></b><span style="font-family: "Arial","sans-serif";"></span></div>
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<b><span style="font-family: "Arial","sans-serif";">i. </span></b><span style="font-family: "Arial","sans-serif";">India today signed a Memorandum of Understanding, MoU,
with Mozambique for cooperation in the field of oil and gas. The MoU was signed
in the presence of Minister of State for Petroleum and Natural Gas, Dharmendra
Pradhan in New Delhi.<span class="apple-converted-space"> </span></span><br />
<b>ii.</b> It seeks cooperation in the areas of upstream and downstream oil and
gas sector. Participation of Indian energy companies in the project will
facilitate access to Liquefied Natural Gas, LNG for the growing Indian gas
market.<span class="apple-converted-space"> </span><br />
<b>iii.</b> Mozambique has emerged as a significant hydrocarbon rich nation
following offshore gas discoveries in two adjacent offshore blocks. The country
is strategically located near India and is ideally suited for bringing natural
gas at market determined price.</div>
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<b><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: Arial;">4.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal;">    </span></span></b><b><span style="font-family: "Arial","sans-serif";">Anoop Mishra appointed as new
Secretary General of Lok Sabha</span></b></div>
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<b><span style="font-family: "Arial","sans-serif";">i</span></b><span style="font-family: "Arial","sans-serif";">. <span style="background: white;">Former Uttar Pradesh
chief secretary Anoop Mishra was on 26 November 2014 appointed as new Secretary
General of the Lok Sabha. He was appointed by Lok Sabha Speaker Sumitra
Mahajan.<span class="apple-converted-space"> </span></span></span><br />
<b>ii.</b> <span style="background: white;">He will hold the rank and status of
Cabinet Secretary with effect from 1 December 2014 up to 30 November 2016 or
until further orders.</span></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">iii.</span></b><span style="background: white; font-family: "Arial","sans-serif";"> As an accomplished
civil servant of 1978 cadre, Mishra has held several important positions at the
Centre and in Uttar Pradesh.</span><span style="font-family: "Arial","sans-serif";"><br style="border-radius: 0px !important;" />
<b><span style="background: white;">iv.</span></b><span style="background: white;"> He was the Chief Secretary of Uttar Pradesh for a
year with the overall responsibility of the state administration,
superintendence of law and order and developmental and infrastructure schemes
in Uttar Pradesh.</span></span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: Arial;">5.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal;">    </span></span></b><b><span style="font-family: "Arial","sans-serif";">Historian Tapan Raychaudhuri died</span></b></div>
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<b><span style="font-family: "Arial","sans-serif";">i. <span style="background: white;">Tapan</span></span></b><span style="background: white; font-family: "Arial","sans-serif";"> Raychaudhuri, a
distinguished historian of modern India’s economic and social history, died on
26 November 2014 at his home in Oxford, England. He was 88.<span class="apple-converted-space"> </span></span><span style="font-family: "Arial","sans-serif";"><br style="border-radius: 0px !important;" />
<b>ii.</b> <span style="background: white;">Raychaudhuri died of a series of
strokes. He was bedridden for a year before his death. He is survived by his
wife Pratima Raychaudhuri and daughter Sukanya Wignaraja.</span></span></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">iii. </span></b><span style="background: white; font-family: "Arial","sans-serif";">He was an Indian
historian specialising in British Indian history, Indian economic history and
the History of Bengal</span><span style="font-family: "Arial","sans-serif";"></span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: Arial;">6.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal;">   </span><span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal;"> </span></span></b><span style="font-family: "Arial","sans-serif";"><b>Namsai became the 18th district of
Arunachal Pradesh</b></span></div>
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<b><span style="font-family: "Arial","sans-serif";">i.</span></b><span style="font-family: "Arial","sans-serif";"> Namsai on 25 November 2014 officially became the 18th
district of Arunachal Pradesh. The Chief Minister of Arunachal Pradesh Nabam
Tuki made the declaration.</span></div>
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<b><span style="font-family: "Arial","sans-serif";">ii</span></b><span style="font-family: "Arial","sans-serif";">. The Chief Minister exhorted the officials to prepare a
master plan for the new district and the state government would extend all
possible help.</span></div>
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<b><span style="font-family: "Arial","sans-serif";">iii. </span></b><span style="font-family: "Arial","sans-serif";">The State Legislative Assembly passed
the District re-organisation Bill on 20 March 2013 for creation of Namsai
district and notification was issued on 15 July 2013. The formal announcement
was made during the 68th Independence Day celebration on 15th August 2014.</span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: Arial;">7.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal;">    </span></span></b><b><span style="font-family: "Arial","sans-serif";">EU parliament votes to break up Google</span></b></div>
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<b><span style="font-family: "Arial","sans-serif";">i.</span></b><span style="font-family: "Arial","sans-serif";"> European Union lawmakers overwhelmingly backed a motion
on Thursday urging anti-trust regulators to break up Google, the latest setback
for the world's most popular internet search engine.</span></div>
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<b><span style="font-family: "Arial","sans-serif";">ii.</span></b><span style="font-family: "Arial","sans-serif";"> Google has been in the EU's regulatory sights since
2010, and is also grappling with privacy issues, requests to scrub search
results to comply with a court ruling, copyright concerns and tax
controversies.</span></div>
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<b><span style="font-family: "Arial","sans-serif";">iii.</span></b><span style="font-family: "Arial","sans-serif";"> The non-binding resolution in the European Parliament is
the strongest public signal yet of Europe's concern with the growing power of
US tech giants. It was passed with 384 votes for and 174 against.</span></div>
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<b><span style="font-family: "Arial","sans-serif";">iv.</span></b><span style="font-family: "Arial","sans-serif";"> Google declined to comment. European Competition
Commissioner Margrethe Vestager has said she will review the case and talk to
complainants before deciding on the next step.</span></div>
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<b><span style="font-family: "Arial","sans-serif";">v.</span></b><span style="font-family: "Arial","sans-serif";"> Her predecessor rejected three attempts by the company
to settle complaints that it unfairly demoted rival services and stave off a
possible fine of up to $5 billion.</span></div>
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<b><span style="font-family: "Arial","sans-serif";">vi.</span></b><span style="font-family: "Arial","sans-serif";"> The resolution did not mention Google or any specific
search engine, though Google is by far the dominant provider of such services
in Europe with an estimated 90 per cent market share.</span></div>
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<b><span style="font-family: "Arial","sans-serif";">vii.</span></b><span style="font-family: "Arial","sans-serif";"> The lawmakers called on the Commission to consider
proposals to unbundle search engines from other commercial services.</span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: Arial;">8.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal;">    </span></span></b><b><span style="font-family: "Arial","sans-serif"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">Book titled Your Dreams Are Mine
Now: She Showed him What Love was released</span></b><span style="font-family: "Arial","sans-serif";"></span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">i. </span></b><span style="background: white; font-family: "Arial","sans-serif";">The book titled Your
Dreams Are Mine Now: She Showed him What Love was authored by Ravinder Singh
was released on 20 November 2014.<span class="apple-converted-space"> </span></span><span style="font-family: "Arial","sans-serif";"><br style="border-radius: 0px !important;" />
<b>ii.</b> <span style="background: white;">The novel Your Dreams are Mine Now is
a powerful and poignant love story that explores the romantic relationship
between Rupali and Arun. They are complete opposites and have nothing in common
when it comes to their interests and priorities in life.<span class="apple-converted-space"> </span></span></span></div>
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<span class="apple-converted-space"><b><span style="background: white; font-family: "Arial","sans-serif";">iii.</span></b></span><span class="apple-converted-space"><span style="background: white; font-family: "Arial","sans-serif";"> </span></span><span style="background: white; font-family: "Arial","sans-serif";">Rupali is a small
town girl and an idealist, whereas Arun is a Delhi guy with keen interest in
youth politics. A major scandal on the college campus brings them together and
somewhere along the line they fall in love with each other. But their fight
against evil comes at a heavy price which becomes the ultimate test of their
lives.</span><span style="font-family: "Arial","sans-serif";"></span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: Arial;">9.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal;">    </span></span></b><b><span style="font-family: "Arial","sans-serif";">Book titled Black Tornado: The Three
Sieges of Mumbai 26/11 released</span></b></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">i.</span></b><span style="background: white; font-family: "Arial","sans-serif";"> The book titled
Black Tornado: The Three Sieges of Mumbai 26/11 authored by Sandeep Unnithan
was released on 23 November 2014.</span><span style="font-family: "Arial","sans-serif";"><br style="border-radius: 0px !important;" />
<b>ii.</b> <span style="background: white;">Sandeep Unnithan in his book puts
together a blow-by-blow account of the 26 November 2011 terrorist attack in
Mumbai and how the siege of Mumbai was thwarted by India's security forces.</span></span><br />
<b>iii.</b> <span style="background: white;">The 26/11 attack is widely regarded
as the world's first hybrid terrorist attack. The attackers achieved through
this long-drawn siege what Al Qaeda did through the high-visibility
mass-casualty attack on the World Trade Centre of USA on 11 September 2001.<span class="apple-converted-space"> </span></span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: Arial;">10.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal;">  </span></span></b><b><span style="font-family: "Arial","sans-serif";">Crime novelist PD James died at the
age of 94</span></b></div>
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<b><span style="font-family: "Arial","sans-serif";">i.</span></b><span style="font-family: "Arial","sans-serif";"> <span style="background: white;">Crime novelist Phyllis
Dorothy James on 27 November 2014 died at the age of 94 in Oxford, UK. </span></span></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">ii.</span></b><span style="background: white; font-family: "Arial","sans-serif";"> She was best known
for her series of detective novels starring the policeman and poet Adam
Dalgliesh.</span></div>
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<b><span style="background: white; font-family: "Arial","sans-serif";">iii</span></b><span style="background: white; font-family: "Arial","sans-serif";">. Her novels include
The Children of Men, The Murder Room and Pride, and Prejudice spin-off Death
Comes to Pemberley.</span></div>
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Daily GK update 28th November 2014

1. RBI issues final norms for payment, small banks; Floor capital set at Rs 100 crore i. The Reserve Bank of India has issued fina...