Banking Awareness : Indigenous Bankers

Banking Awareness : Indigenous Bankers

Students, in our previous post we have discussed about Non Institutional Credit Agencies. Today we shall discuss about one of it's constituent, Indigenous Bankers.
Introduction :
Indigenous bankers conduct banking business. According to Indian Central Banking Enquiry Committee (1931) an indigenous banker is defined as "Any individual or private firm receiving deposits and dealing in hundies or lending money". One of the distinguishing features of indigenous bankers is that they provide credit by discounting hundies. Both money lenders and indigenous bankers are part of the unorganized money market. It is an ancient system of finance in India. Until formal system of commercial banking came into existence in the middle of the eighteenth century, major part of banking in India was carried through indigenous banking system.

Characteristics of Indigenous Bankers

Indigenous bankers use their own funds for lending activity. Deposits accepted from the public form only a small part of their working capital. Some of the important characteristics of Indigenous Bankers are :-

1. There are very few formalities in the operations of indigenous bankers. 
2. They are flexible in their working hours. Their establishments are small and economical, which makes them accessible to small and poor borrowers. They provide prompt and personalized services without undue delay.
3. Indigenous bankers rely more on the information they obtain from the borrowers through personal contacts that they maintain. They get information pertaining to the past history, business and financial position of the borrower. They also keep a close watch on the activities of the borrower. 
4. They do not maintain accounts in a systematic manner. They use the vernacular for maintaining accounts. 
5. Their operating costs are lower than those of commercial banks. 
6. They may charge different rates of interest according to the need as well as repayment capacity of the borrowers.

Operations and Functions of Indigenous Bankers
Indigenous bankers occupy a unique position in the financial system of the country. Development of commercial banks in the country might have reduced their importance, but has not eliminated them altogether. They perform the following functions.

1. They accept deposits
2. They deal in hundies and bills of exchange. They buy, sell and discount hundies. 
3. They sanction various types of loan and advances on security such as land, crops, gold, silver, even on the basis of personal security.
4. They transfer funds from one place to another through discounting hundies. 
5. They provide finance to traders, artisans, and small industrialists. They do not lend directly to agriculturists. 

Future of Indigenous Bankers 
Many significant changes have been taken place after 1947. Various types of financial institutions have been set up both in the banking as well as in cooperative sector and also in non-banking sector. Commercial banks were nationalized and have been required to finance priority sector. There has been a great expansion of the network of branches of scheduled commercial banks in the country. These changes and development have reduced the importance of the indigenous bankers significantly. Inspite of growth of the network of financial institutions, the indigenous bankers are making their presence and trying to play its due role even though it is a small one. Indigenous bankers are surviving because of their unique characters that they posses.

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31st July 2014 - Daily Current Affairs updates

31st July 2014 - Daily Current Affairs updates


National Affairs

• 'Upanyas Samrat' Munshi Premchand's  134th birth anniversary today.
• In its first step towards restructuring MGNREGA (Mahatma Gandhi National Rural Employment Gurantee Act), the government has announced that the material-labor expenditure ratio in the scheme would be changed from 60:40% to 49:51%. The government is also planning to monitor the work under the scheme through the use of space technology and provide wages to laborers directly through e-governance tools such as electronic fund management system.
• A new audio-visual museum chronicling the history and treasure troves of the highest office of the country will be opened for the public from tomorrow (1st August 2014)  in Rashtrapati Bhavan.
• The Delhi High Court today directed the city government to stop e-rickshaws from plying on the roads of the national capital "as of now".

International Affairs

• Drug-resistant malaria parasites are now firmly established in border regions in four Southeast Asian countries, imperilling global efforts to control the disease.
• The G7 powers (Britain, France, Canada, Germany, Italy, Japan & US) condemned Russia's actions to destabilize Ukraine and warned of tougher sanctions if it fails to de-escalate tensions in the region. 
• The president of Sierra Leone declared a public health emergency as the Ebola crisis blamed for nearly 700 deaths deepened across West Africa, vowing to quarantine sick patients at home and conduct house-to-house searches for others who may have been exposed.
•  External Affairs Minister Sushma Swaraj and US Secretary of State John Kerry today co-chaired fifth Indo-US Strategic Dialogue during which the two sides discussed "transformative initiatives" in key areas of security and energy

New Appointments

1. General Dalbir Singh Suhag today took charge as India's new army chief, succeeding General Bikram Singh, who has retired.
2. The Supreme Court today appointed a one-member commission headed by its ex-judge S B Sinha to inquire into 2006 Meerut fire tragedy in which around 60 people died and directed the Uttar Pradesh govt to pay an interim compensation of Rs 5 lakh each to the family members of the deceased.

People in News

• Deputy National security Advisor Nehchal Sandhu today resigned and his resignation was accepted by Prime Minister Narendra Modi. 

Sports

• Commonwealth Games 2014
• Sakshi Malik wins silver medal in women's 58 kg wrestling
• Satyawart Kadian wins silver medal in 97 kg men’s Wrestling
• Navjot Kaur wins Bronze medal in 69 kg women’s Wrestling

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30th July 2014 - Daily Current Affairs Updates

30th July 2014 - Daily Current Affairs Updates

National Affairs

• The government has proposed to formulate a new education policy to meet challenges posed by lack of quality, research and innovation in Indian educational institutions, Human resource development minister Smriti Irani said in the Rajya Sabha. This policy provides for national system of education, which envisages a common educational structure of 10+2+3, implying that up to a given level, all students, irrespective of caste, creed, location or sex, have access to education of a comparable quality.
• Assam Chief Minister Tarun Gogoi today directed the Health department to take all possible measures to check the spread of Acute Encephalitis Syndrome (AES) and Japanese Encephalitis (JE), which have jointly claimed 305 lives in Assam this year. 

International Affairs

• The US and European Union have slapped tougher and "wide-ranging" sanctions on Russia, targeting its energy, finance and defence sectors for its continued support of separatists in Ukraine.
• Australia's priority was gaining access to the crash site of downed Flight MH17 in Ukraine, not imposing sanctions on Russia, Prime Minister Tony Abbott said today.

Visitors to India

• US Secretary of State John Kerry arrived lands in India today for a three-day official trip for the annual Indo-US Strategic dialogue and is also expected to lay the groundwork for Prime Minister Narendra Modi's much-awaited September visit to the US. 

Awards & Honors

• NDTV Science Editor Pallava Bagla received the 'ICAR Chaudhary Charan Singh Award 2013' from Prime Minister Narendra Modi for excellence in agriculture reporting.

Deaths

• Theodore Van Kirk, the last surviving crew member of the US B-29 bomber that dropped the world’s first atomic bomb on Hiroshima has died at the age of 93.

Sports

• The 38-year-old South Africa all-rounder Jacques Kallis announced his retirement from all international cricket.
• The Ministry of Youth Affairs and Sports today denied that it recommended the name of Indian hockey legend, Late Major Dhyan Chand for conferring of Bharat Bharat Ratna award in 2013-14. 

Commonwealth Games 2014

1. Indian wrestler Amit Kumar wins Gold Medal in 57 kg weight category.
2. 19-year-old, Indian wrestler Vinesh wins Gold Medal in women's 48 kg weight category.
3. Sushil Kumar wins Gold In 74 kg wrestling event defeating Q Abbas of Pakistan
4. India's Chandrakant Mali wins bronze medal in men's 94kg weightlifting
5. Boxer Mandeep Jangra wins bronze after getting a walkover against Daniel Lewis in 69 kg weight category.
6. India got one more medal in women's 53kg weightlifting after Swati Singh was handed the bronze while Matsha Santoshi was upgraded to silver after 16-year-old Nigerian gold winner Chika Amalaha tested positive for a banned substance.

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Fifa World Cup 2014 Awards ::

Fifa World Cup 2014 Awards ::

• Champion :: Germany
• Runners Up :: Argentina
• 3rd Place :: Netherlands
• 4th Place :: Brazil 
• Golden Boot :: James Rodriguez ( Colombia)
• Silver Boot :: Thomas Muller (Germany)
• Bronze Boot :: Neymar (Brazil)
• Golden Ball :: Leonel Messi (Argentina)
• Silver Ball :: Thomas Muller ( Germany)
• Bronze Ball :: Arjen Robben (Netherlands)
• Golden Gloves :: Manuel Neuer (Germany)
• Young Player :: Paul Pogba (France)
• Fair Play Award :: Colombia
• * HOST COUNTRY : Brazil
• * TEAMS : 32 (from 5 confederations)*
• MATCHES PLAYED : 64
• * TOTAL GOALS SCORED : 171

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Banking Sector Reforms

Banking Sector Reforms

The Banking Industry in India has made a remarkable progress since nationalization of private commercial banks. A number of innovations were made in the field of social banking. Starting with the policy intervention by the Government of India to regulate the flow of bank credit into the priority sectors, poverty alleviation programs were financed by the banking system. In fulfilling these objectives, the profitability of the baking sector has declined after the second phase of nationalization. It has also suffered serious decline in productivity and efficiency. It is possible to defend the low profitability and poor financial conditions of public sector banks by referring to their commitment to social obligations such as, opening rural branches, setting up and subsidizing Regional Rural Banks, financing IRDP and other poverty alleviation programs at concessional rate of Interest. These arguments hold good, to a large extent, to the private sector scheduled commercial banks too. But these banks are making more profits than public sector banks.

Need for Banking Sector Reforms

The major causes for poor profitability of public sector banks are therefore to be seen in political and administrative interference to consumer services. The vicious trade union activities, which periodically paralyze the banking system. More over banks are faced with the problem of rising cost of operation, uneconomic branch expansion etc. Because of server reasons profits have been squeezed and some of the public sector banks have been in the red for so many years. What ever be the causes of poor profitability, it is highly important that this state of affairs is rectified through reforms. Now we shall discuss the need for banking sector reforms with the following points.

• Directed Investment : Under statutory liquidity ratio (SLR) and cash reserve ration (CRR), banks had to keep as much as 25% of deposits. These funds have to keep in the form of government securities, which yield a low on interest. RBI had to pay 10.5% of the cash reserve kept by commercial banks with it under CRR and 5% on incremental cash balances. But these rates of interest were far below than the interest rate on one-year deposits. Thus, it led to continuous loss in potential income of banks that in turn, has adversely affected their profitability. Hence, it calls for reforms n this respect. 
• Directed Credit Programs : One of the major objectives of nationalization of banks in 1969 and 1980 was to the extent of the bank credit to the priority sector. The centre and the states directed public sector banks to continue to extend credit to sick industrial units. As a result, public sector banks have suffered badly. Hence, it required remedial measures to avoid or prevent the recurrence of these things. The system of government-directed credit program was hailed as a success during two decades since nationalization but this was achieved at the cost of banks. It was also no proper appraisal of credit applications, no collateral requirements and no post credit supervision and monitoring.
• Poor Capital Base : In banking, no less than in other business enterprise survival and growth depend on capital resources and their efficient use. A bank itself has on obvious responsibility ot its depositors and its shareholders to be capitalized in a prudent manner. In recent years the demand for capital in banking worldwide has raised to unprecedented levels. One argument for the low productivity and profitability of the Indian banks has been that the capital assets ratios of Indian banks are much lower than the international standard. It has been less than one percent in case of most of the Indian banks as against their counter parts in other countries having it more than 4 per cent. This has necessitated the need for improving the capital base. 
• Political Interference : The most serious damage to the banking system and one which contributed most to the decline of portfolio quality was the political and administrative interference in credit decision making. For instance, loan melas organized by the political leaders to direct bank credit to their supporters in rural and urban areas were contrary to the principal of sound banking. As much as 20 percent of agricultural and small industrial credit was infected or contaminated portfolio. 
• Unviable Rural Branches : The public sector banks have opened more number of branches in rural areas and many of them have not been able to attain viability. Hence, there was a need to revolve new guidelines for branch expansion. 
• Organizational Structure : Financing by banks necessitates modified organizational structure, pragmatic operational policies, sophisticated controlled mechanism and skilled personnel  for the overall strength of the banking system. Financing under non-availability of timely credit to meet the credit needs of borrowers have become a usual complaint against the banks. This is often because of lack of coordination between branch managers and the technical officers who are responsible for assessing the viability of schemes / projects. All these problems call for a through recognization of organization structure in the banks.
• Poor Customer Service : A number of complaints levelled against the banks in respect of the quality of customer service. Hence, there is a need to tone up the organizational systems and introduce new management techniques among the commercial banks. 
• Mounting Expenditure : Over the last two decades of Nationalization, there has been mounting expenditure due to the following reasons. 

1. Rapid growth of staff in number and accelerated promotions - this had led to deterioration in the quality of manpower, over manning at all levels etc.
2. Trade unions contributed to the restrictive practices regarding work culture, mechanizaiton and computerization etc.
3. Remuneration and upward revisions are not related to the productivity of the banking system.

• Institutional Overlapping : Institutional overlapping of different financial agencies in the rural areas has been the reason for some confusion as to operational areas, double financing, unhealthy competition, etc. A precise demarcation of geographical boundaries defining the areas with which different financial institutions like the commercial banks, regional rural banks and cooperative banks have to operate is immediate necessity.
• Problem of Recoveries : Mounting overdue and raising bad debts have pushed the public sector banks towards losses. Naturally this will have the effect of curtailing the recycling of funds which inturn affect the profitability of the banks. 

Thus, despite several problems, the commercial banks in India have made remarkable progress. But they were unable to meet the challenges of a competitive environment. Hence, there is a need for reforms in banking sector to overcome the above problems and to build a strong and efficient financial system. With a view to keep financial and banking sector more efficient. 

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29th July 2014 - Daily Current Affairs Updates

29th July 2014 - Daily Current Affairs Updates


National Affairs

• Addressing the 86th foundation day and awards ceremony of Indian Council of Agricultural Research (ICAR) in New Delhi today, Prime Minister Narendra Modi hailed all the farmers of the nation saying, "Everyone who has contributed to the field of agriculture needs to be given a standing ovation. I request you to applaud the farmers who feed the people of India, and not me."

International Affairs

1. After culmination of holy month of Ramzan, Eid-ul-Fitr celebrated across the country today.
2. Today is International Tiger Day 2014. It is an annual event held every 29th July to raise awareness of the problems facing tigers as their population plummet to an all-time low.
3. The EU has agreed to impose asset freezes and travel bans on business figures and entities closely associated with Russian President Vladimir Putin who have benefited from the Ukraine crisis.
4. India has warned its 6,000-odd nationals in Libya to stay away from conflict zones and use all available means to exit the country as rival militias fight for control of the Tripoli International Airport with rockets, artillery and cannons.
5. US Secretary of State John Kerry today said time has come to transform bilateral relationship into a historic partnership that can create a more prosperous future for the world. 
6. China plans to scale up its trade ties with Nepal as a new bridge to improve the connectivity between the two countries through Tibet will open in October this year.
7. The United Nations imposed sanctions on the North Korean shipping company that operates a ship seized by Panama in July 2013 for carrying undeclared military equipment from Cuba ordered all countries to freeze its assets. 
8. The only power plant supplying electricity to the Gaza Strip was knocked out of commission by Israeli shelling.

People in News

• Haryana Power Minister Ajay Singh Yadav resigned today.

Business & Economy

1. India’s largest e-commerce firm Flipkart today said it has raised $1 billion (over Rs 6,000 crore) in fresh funding from a group of investors, the largest so far in the fiercely competitive online shopping segment in the country.

Science & Technology

• NASA's Opportunity rover has now clocked more miles on Mars than any man-made vehicle to reach another celestial body. Since arriving on the Red Planet in 2005, the solar-powered robot has journeyed across 40 kilometres of Martian terrain.

Sports

• ICC warns England's Moeen Ali not to wear wristbands in support of the people of  Gaza during international matches.
• Commonwealth Games 2014
• India's Vikas Thakur wins silver medal in men's 85kg weightlifting.
• Indian shooter Harpreet Singh wins Silver Medal in 25 meter rapid fire pistol event.
• Sanjeev Rajput wins silver and Gagan Narang bronze medal in 50m Rifle 3 positions
• 16-year-old Nigerian weightlifter (53kg category) Chika Amalaha failed a doping test after becoming the youngest-ever female to win a Commonwealth Games gold medal in the sport.

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UPSC Civils Prelims 2014 E-Admit Cards Out

UPSC Civils Prelims 2014 E-Admit Cards Out


Friends, you can download your UPSC Civils Prelim examination 2014 admit cards now from the official website of UPSC www.upsconline.nic.in. There are three options to download your Admit cards. You can download your UPSC Civil Services 2014 e-Admission Certificate by entering your Registration ID or Roll Number or Name from below link upto 24th August 2014. The UPSC Civil Services 2014 Admit Card is available in online mode only and it will not be sent by post or by any other mode of communication to the candidates. All the best.

Download your Admit Card of Civil Services (Preliminary) Examination 2014 from here

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Banking Awareness : Lead Bank Scheme

Banking Awareness : Lead Bank Scheme


After the Nationalization of commercial banks, government took the initiative for extending banking facilities in rural areas. Prof D. R. Gadgil, chairman of National Credit Study Group, recommended the adaptation of an "area approach" to evolve plans and programs for the development of an adequate  banking and credit structure in rural areas. As a sequel to this "area approach", recommended by pof Gadgil study group, the Lead Bank Scheme was introduced in December 1969. Under this scheme, a particular district is allotted to every nationalized commercial bank. The allotment of districts to the various banks was based on such criteria as the size of the banks, the adequacy of their resources for handling the volume of work. The lead banks initially conduct basic surveys in their respective lead districts and prepare district credit plans designed for the purpose of estimating credit needs of the concerned district so that physical and manpower resources available may be utilized properly. The district credit plans are linked with the development programs and are based on integrated development of the concerned district with special emphasis on the development of rural and backward areas. Since the introduction of lead bank scheme notable progress has been achieved by commercial banks in respect of branch expansion, deposit mobilization and credit deployment. Undoubtedly, the scheme is major step towards banks fulfilling their new social objectives and holds promise for making banks as effective instrument for bringing about economic development of the allotted districts.


Objective of Lead Bank Scheme 
Under this scheme, lead banks were expected to act as leaders to bring about a coordination of cooperative banks, commercial banks and other financial institutions in their respective lead districts. The main objectives of lead bank are as follows :

1. To identify places suitable for branch expansion.
2. To mobilize the savings of the people in the district.
3. To identify the potential areas for agricultural and small industry development. 
4. To identify the major bottlenecks in the appropriate agencies to take remedial action.
5. To estimate the current requirements of credit.

Functions of Lead Bank Scheme

• The following are some of the major functions of a lead bank :
• To survey the resources and potential for banking development by identifying unbanked centers in the allotted districts. 
• To identify the industrial and commercial units which do not have bank accounts or depend mainly on money lender. 
• To setup branches in a phased manner.
• To recruit and train banking staff for counseling the small borrowers and farmers in the priority sectors and also inspection of the end-use of bank credit.
• To identify and study local problems.
• To evolve an integrated credit plan by examining the marketing facilities for agricultural produce and industrial output. 
• To keep contacts and liaison regularly with Govt. and semi Govt. agencies. 
• To provide assistance to the primary lending agencies.

Impact of Lead Bank Scheme

The following important advantages were expected to flow from the scheme.

1. The entire country is supervised under lead bank scheme and steps are taken to revamp credit management and improving the quality of loan asset. 
2. The commercial banks and cooperative banks' expansion supervision and guidance have become effective. 
3. A dynamic relationship between commercial banks cooperative banks and Govt. authorities at the district level is evolved. 
4. There have been quarterly reviews of the progress of the action plans with a view to help the bank management's as well as the Reserve Bank to asses the performance of banks. 
5. Several problems in the development of the district would be identified and the lead bank would induce the appropriate agencies to take remedial action. 
6. There will be enforcing operational and monitoring mechanisms to check over dues so as to reduce the NPA. 
7. The lead bank action plans have been helpful in improving in house keeping, customer services and also profitability of bank.

Working of Lead Bank Scheme 

The lead banks had carried out surveys in virtually all the 338 districts of the country by June 1974. As at the end of June 1978, banks has prepared district credit plans in respect of 380 districts of which 363 plans has been launched. The guidelines for the preparation of fourth round of District Credit Plan (DCP) as approved by the High Power Committee on Lead Bank Scheme in March 1987 were issued. On this base the lead banks prepare and implement the annual action plans (AAPs) in all districts of the country. The lead banks have also been given the responsibility to obtain complete details of village wise distribution of physical programmes, subsidy, credit needs etc. from the lead bank scheme for extending the banking habit in every part of the country in mobilizing the savings of the people and reducing regional disparities and also faster development of backward areas. The lead bank does not have the monopoly as such in banking business in the allotted districts, but is expended to function as a consortium leader. The success of lead bank is judged not so much by the banking business or even the development work done by its own offices in the district, but by the total improvement it is able to bring through the banking system. 

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Highlights of Economic Survey 2013-14

Highlights of Economic Survey 2013-14

A day ahead of the Union Budget 2014-15, Indian Finance Minister Arun Jaitley has presented the Economic Survey for the year 2013-14 in Lok Sabha today (9th July 2014). According to this survey, India's economy is expected to grow between 5.4 percent and 5.9 Per Cent in the current fiscal year. A flagship annual document of the Ministry of Finance, the Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.  Below are the highlights of Economic Survey 2013-14.


Major Highlights of the Economic Survey 2013-14

• GDP growth seen at 5.4-5.9% in 2014/15
• Growth rate of 7-8% can occur after 2015/16
• Poor monsoon, external factors pose risk to growth
• Need subsidy reforms for fiscal consolidation
• Raise tax-to-GDP ratio for fiscal consolidation
• CAD to be contained at 2.1% of GDP in 2014-15
• Wholesale inflation expected to moderate by end-2014
• Retail inflation showing signs of moderation
• Reduce spillovers from food to non-food inflation by putting in place a formal monetary policy framework
• Contain revenue shortfall via better mobilisation, reforms
• Move towards simple tax regime, fewer exemptions, GST rate
• Need DTC as clean modern replacement for existing I-T laws
• Cutting capital expenditure not good for economy
• Changes in tax administration required
• Need sharp fiscal correction, new FRBM Act with ‘teeth’
• Government needs to move towards low and stable inflation through fiscal consolidation
• RBI intervention in forex market behind accumulation of reserves “generally”
• Rupee has stabilized, reflecting an overall sense of confidence in forex and capital markets
• Time over-runs in infra project main cause of under achievement in the sector
• Exports still fragile; Iraq crisis a risk
• Industrial growth expected to revive gradually over 2-yearr
• Indian legislation governing business need thorough revamp
• Improve business environment by shifting important decision making from inspectors to higher officers
• Re-examine laws that empower govt to interfere in markets
• Capital controls under FEMA do not support rapidly globalizing economy.
• Banking sector impacted by global and domestic slowdown
• State APMC laws hurdle to modernisation of good economy; have created cartels of buyers who possess market power
• Foodgrains production to go up to 264.4 MT in 2013/14
• Need to review nutrient—based fertiliser subsidy
• Plan to add 88,537 MW power capacity over next 5 yrs
• Allow private companies to mine coal commercially
• Gold & silver imports dropped 40% to $33.4 bn in 2013/14Improvement in fiscal deficit and CAD to feed higher growth
• India’s increase in share in world services exports from 0.6% in 1990 to 3.3% in 2013 faster than goods exports
• Despite deceleration, services GDP growth at 6.8% was above the 4.7% overall GDP in 2013/14
• 3 milestones of 2013/14: passage of PFRDA Act, shift of commodity futures trading into FinMin & presentation of FSLRC report
• Poverty ratio declined from 37.2% in 2004/05 to 21.9% in 2011/12. 

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Important Points you should know about Indian Financial System

Important Points you should know about Indian Financial System


The Financial system refers to the borrowing and lending of funds for the demand and supply of funds of all individuals institutions, companies and of the government. The Indian Financial System consists of two parts. Those are,

1. Indian Money Market and 
2. Indian Capital Market

Now let's have a brief review of them.

Money Market :

• Money Market is a Market for 'near money' or it is the market for borrowing and lending of short-term funds.

Instruments of Money Market

T-Bills or Treasury bills are the government bonds, which are used to raise funds form the money market.

• 91 Days Treasury Bills (T-Bills) used by the government to raise funds from the market for short periods nothing but short-term government bond.
• 182 Days T-bills introduced on the recommendation of Vaghul working gropus, are variable interest bills sold through fortnightly auctions. 
• 364 Days T-bills introduced on the recommendation of Vaghul working group. These are long dated bills, whose yields reflects the market conditions. 
• 14 Days T-bills introduced in April 1997 by the RBI at a discount rate equivalent to the rate of interest on Ways and Means Advance (WMA0 to the Government of India.
• Dated Government Securities are also type of Treasury bills recommended by Chakravarty Committee on Monetary System (1988). These are 5 year and 10 year maturity government securities sold on an auction basis.
• Certificate of Deposits : It is the certificate issued by bank / financial institute, who give funds on short-term basis. Commercial Banks are a saving certificate entitling the bearer to receive interest. The maturity of a CoD varies from 3 months to 1 years.
• Commercial Paper : It is an instrument to raise short-term funds by the corporate sector. It can be issued by a listed company with a working capital of almost 5 crore. The CP is issued in multiples of Rs. 25 lakh subject to a minimum issue of Rs. 1 crore. The maturity of CP is between 3 to 6 months.
• Money Market Index : It is an index, which helps investors to decide how much and where to invest in money market through providing information about prevailing market ratio.
• Bankers Acceptance Rate : It is the rate, at which the banker's acceptance is traded in secondary market.
• LIBOR / MIBOR : London Inter-Bank Offered Rate / Mumbai Inter-Bank Offered Rate is the interest rate, at which bank borrows funds from other banks.

Capital Market

• FM refers to all those institutions, which help the private and public enterprise to raise funds.
• In that money market deals with the provision of raising short-term fund with maturity less than 1 year.
• While capital market is concerned with provision of raising long-term funds of maturity 1 year or more.
• Capital market can be classified into Debt Market and Equity Market. 
• In Debt Market, a company can acquire funds only by incurring debt and lender is guaranteed of a fixed repayment e.g., bond.
• In Equity Market, funds can be raised without incurring debt those, who finance the enterprise by purchasing equity instrument like shares. 

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28th July 2014 - Daily Current Affairs updates

28th July 2014 - Daily Current Affairs updates


National Affairs

1. Maharashtra government and UNICEF today launched a fortnight-long campaign to mobilize communities, health personnel and political leaders towards prevention of diarrhoea.
2. Army Chief , General Bikram Singh called on Union Home Minister, Rajnath Singh, in New Delhi.
3. The Delhi High Court on Monday has stayed the Election Commission's show cause notice against former Maharashtra CM Ashok Chavan asking why he shouldn't be disqualified for hiding details of his 2009 poll expenses.
4. 30 people including children suspected of showing symptoms of Cholera were admitted to a primary health centre and nearby medical camps at Tatar village in West Medinipur district, West Bengal. 
5. Taking a cue from Prime Minister Narendra Modi's advise to his ministers on use of social media, the country's largest border guarding force BSF, has asked its personnel to write emails or blogs about the problems and grievances faced by them.

International Affairs

1. Eid-ul-Fitr, the celebration of the culmination of the holy month of Ramzan, will be celebrated tomorrow, Shahi Imam of Fatehpuri Masjid announced today.
2. World Hepatitis Day observed today to raise awareness about Hepatitis that causes inflammation of liver.
3. The U.N. Security Council agreed on a statement late Sunday calling for "an immediate and unconditional humanitarian cease-fire" in the Gaza war between Israel and Hamas at an emergency meeting just after midnight early Monday morning.
4. The US has asked Russia to stop the flow of heavy weapons like rocket launchers and artillery from the country into strife-torn Ukraine.
5. US Secretary of State - John Kerry
6. Russian  Secretary of State - Sergei Lavrov. 
7. Australia announced an additional AUD 5 million in urgent humanitarian assistance to Gaza to provide emergency food and medical supplies for the victims of the war-torn territory today.
8. Foreign Minister of Uganda Sam Kutesa today called on Prime Minister Narendra Modi. He conveyed a message of felicitation to the Prime Minister from Mr Yoweri Museveni, President of Uganda, on his electoral victory, and an invitation to him to visit Uganda.

Business & Economy

• A recent study report named ‘State-wise analysis of power sector: Consumption, demand & investment’ prepared by Assocham’s Economic Research Bureau has showed that Gujarat topped in new investments attracted by the power sector during the period 2004-05 and 2012-13.
• Reliance Power Ltd, an Anil Ambani Group firm, has acquired the entire hydro power portfolio of Jaiprakash Power Ventures for an estimated Rs. 15,000 crore.

New Appointments

• Mr. Ramesh   till recently GM – Vigilance at IDBI Bank joins SHCIL (Stock Holding Corporation Of India Ltd) as MD & CEO

Sports

• Australian Daniel Ricciardo won the Hungarian Formula One Grand Prix for Red Bull.
• Commonwealth Games 2014 
• India end day4 with 6 Gold, 9 Silver & 7 Bronze with a total of 22 medals.
• Satish Sivalingam wins Gold & Ravi Katulu wins silver medal in men's 77kg weightlifting event.
• Jitu Rai hits the bulls eye in 50 m men's pistol event; India's 7th Gold in the championship.
• Gurpal Singh wins silver in 50m pistol men's event.
• Gagan Narang wins silver in Men's 50m Rifle Prone event.

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World Leaders List of All Countries

World Leaders List of All Countries
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~Update us if there is any mistake~


● Afghanistan : Capital - Kabul; President - Hamid Karzai



● Albania : Capital - Tirana; President - Bujar Nishani; Prime Minister - Edi Rama



● Algeria : Capital - Algiers; President - Abdelaziz Bouteflika; Prime Minister - (Acting) Youcef Yousfi



● Angola : Capital - Luanda; President - Jose Eduardo Dos Santos



● Antigua and Barbuda : Capital - St. John's; Governor General-Louise Agnetha Lake-Tack, Prime Minister - Baldwin Spencer



● Argentina : Capital - Buenos Aires; President - Cristina Fernandez De Kirchner



● Armenia : Capital - Yerevan; President - Serzh Sargsian; Prime Minister - Tigran Sargsian



● Aruba : Capital - Oranjestad; Governor-Fredis Refunjol; Prime Minister - Michiel Godfried Eman



● Australia : Capital - Canberra; Governor General-Quentin Alice Louise Bryce; Prime Minister - Anthony John Abbott



● Austria : Capital - Vienna; President - Heinz Fischer; Chancellor-Werner Faymann



● Azerbaijan : Capital - Baku; President - Ilham Aliyev; Prime Minister - Artur Rasizade



● Bahamas, The : Capital - Nassau; Governor General-Arthur Foulkes; Prime Minister - Perry

Gladstone Christie



● Bahrain : Capital - Manama; King-Hamad bin Isa Al Khalifa; Prime Minister - Khalifa Bin Salman Al Khalifa



● Bangladesh : Capital - Dhaka; President - Abdul Hamid; Prime Minister - Sheikh Hasina



● Barbados : Capital - Bridgetown; Governor General-Elliot Belgrave; Prime Minister - Freundel Stuart



● Belarus : Capital - Minsk; President - Aleksandr Lukashenko; Prime Minister - Mikhail Myasnikovich



● Belgium : Capital - City of Brussels; King-Philippe; Prime Minister - Elio Di Rupo



● Belize : Capital - Belmopan; Governor General-Sir Colville Young; Prime Minister - Dean Oliver Barrow



● Benin : Capital - Porto-Novo; President - Thomas Boni Yayi; Prime Minister - Pascal Koupaki



● Bhutan - NDE : Capital - Thimphu; King-Jigme Khesar Namgyel Wangchuck; Prime Minister-Tshering Tobgay



● Bolivia : Capital - Sucre; President - Juan Evo Morales Ayma



● Botswana : Capital - Gaborone; President - Seretse Khama Ian Khama



● Brazil : Capital - Brasília; President - Dilma Rousseff



● Brunei : Capital - Bandar Seri Begawan; Sultan-Sir Hassanal Bolkiah; Prime Minister - Sir Hassanal Bolkiah



● Bulgaria : Capital - Sofia; President - Rosen Plevneliev; Prime Minister - Plamen Oresharski



● Burkina Faso : Capital - Ouagadougou; President - Blaise Compaore; Prime Minister - Luc-Adolphe Tiao



● Burma : Capital - Naypyidaw; President - Thein Sein



● Burundi : Capital - Bujumbura; President - Pierre Nkurunziza



● Cabo Verde : Capital - Praia; President - Jorge Carlos De Almeida Fonseca; Prime Minister - Jose Maria Pereira Neves



● Cambodia : Capital - Phnom Penh; King-Norodom Sihamoni; Prime Minister - Hun Sen



● Cameroon : Capital - Yaoundé; President - Paul Biya; Prime Minister - Philemon Yang



● Canada : Ottawa; Governor General-David Johnston; Prime Minister - Stephen Joseph Harper



● Central African Republic : Capital - Bangui; President - Michel Am-Nondroko Djotodia; Prime Minister - Nicolas Tiangaye



● Chad : Capital - N'djamena; President - Idriss Deby Itno; Prime Minister - Emmanuel Nadingar



● Chile : Capital - Santiago; President - Sebastian Pinera Echenique



● China : Capital - Beijing; President - Xi Jinping; Prime Minister - Li Keqiang



● Colombia : Capital - Bogotá; President - Juan Manuel Santos Calderon



● Comoros : Capital - Moroni; President: Ikililou Dhoinine



● Congo, Democratic Republic of The : Capital - Kinshasa; President - Joseph Kabila; Prime Minister - Augustin Matata Ponyo Mapon



● Congo, Republic of The : Capital - Brazzaville; President - Denis Sassou-Nguesso



● Cook Islands : Capital - Avarua; Prime Minister - Henry Puna



● Costa Rica : Capital - San José; President - Laura Chinchilla Miranda



● Cote D'ivoire : Capital - Yamoussoukro; President - Alassane Dramane Ouattara



● Croatia : Capital - Zagreb; President - Ivo Josipovic; Prime Minister - Zoran Milanovic



● Cuba - NDE : Capital - Havana; President - General Raul Modesto Castro Ruz



● Cyprus : Capital - Nicosia; President - Nikos Anastasiadis



● Czech Republic : Capital - Prague; President - Milos Zeman; Prime Minister - Bohuslav Sobotka



● Denmark : Capital - Copenhagen; Queen-Margrethe II; Prime Minister - Helle Thorning-Schmidt



● Djibouti : Capital - Djibouti; President - Ismail Omar Guelleh; Prime Minister - Abdoulkader Kamil Mohamed



● Dominica : Capital - Roseau; President - Charles Savarin; Prime Minister - Roosevelt Skerrit



● Dominican Republic : Capital - Santo Domingo; President - Danilo Medina Sanchez



● Ecuador : Capital - Quito; President - Rafael Correa Delgado



● Egypt : Capital - Cairo - President - Abdel-Fattah el-Sissi; Prime Minister - Ibrahim Mehlab



● El Salvador : Capital - San Salvador; President - Carlos Mauricio Funes Cartagena



● Equatorial Guinea : Capital - Malabo; President - Brig. General Teodoro Obiang Nguema Mbasogo,



● Eritrea : Capital - Asmara; President - Isaias Afworki



● Estonia : Capital - Tallinn; President - Toomas Hendrik Ilves; Prime Minister - Taavi Roivas



● Ethiopia : Capital - Addis Ababa; President - Mulatu Teshome; Prime Minister - Hailemariam Desalegn



● Fiji : Capital - Suva; President - Epeli Nailatikau; Prime Minister - Josaia Voreqe Bainimarama,



● Finland : Capital - Helsinki; President - Sauli Niinisto; Prime Minister - Jyrki Tapani Katainen



● France : Capital - Paris; President - Francois Hollande; Prime Minister - Manuel Valls



● Gabon : Capital - Libreville; President - Ali Ben Bongo Ondimba; Prime Minister - Raymond Ndong Sima



● Gambia, The : Capital - Banjul; President - Yahya Jammeh



● Georgia : Capital - Tbilisi; President - Giorgi Margvelashvili; Prime Minister - Irakli Garibashvili



● Germany : Capital - Berlin - Fed. President - Joachim Gauck; Chancellor-Angela Merkel



● Ghana : Capital - Accra; President - John Dramani Mahama



● Greece : Capital - Athens; President - Karolos Papoulias; Prime Minister - Antonios Samaras



● Grenada : Capital - St. George's; Governor General-Cecile La Grenade; Prime Minister - Keith Mitchell



● Guatemala : Capital - Guatemala City; President - Otto Fernando Perez Molina



● Guinea : Capital - Conakry; President - Alpha Conde; Prime Minister - Mohamed Said Fofana



● Guinea-Bissau : Capital - Bissau; President - Manuel Serifo Nhamadjo; Prime Minister - Rui Duarte De Barros



● Guyana : Capital - Georgetown; President - Donald Ramotar; Prime Minister - Samuel Hinds



● Haiti : Capital - Port-Au-Prince; President - Michel Martelly; Prime Minister - Laurent Lamothe



● Honduras : Capital - Tegucigalpa; President - Juan Orlando Hernandez Alvarado



● Hungary : Capital - Budapest; President - Janos Ader; Prime Minister - Viktor Orban



● Iceland : Capital - Reykjavik; President - Olafur Ragnar Grimsson; Prime Minister - Sigmundur David Gunnlaugsson



● India : Capital - New Delhi; President - Pranab Mukherjee; Prime Minister - Narendra Modi



● Indonesia : Capital - Jakarta; President - Susilo Bambang Yudhoyono



● Iran - NDE : Capital - Tehran; President - Hasan Fereidun Ruhani, Hojjat ol-Eslam



● Iraq : Capital - Baghdad; Supreme Leader-Ayatollah Ali Hoseini-Khamenei; President - Jalal Talabani; Prime Minister - Nuri Al-Maliki



● Ireland : Capital - Dublin; President - Michael Daniel Higgins; Prime Minister - Enda Kenny



● Israel : Capital - Jerusalem; President - Shimon Peres; Prime Minister - Binyamin "Bibi" Netanyahu



● Italy : Capital - Rome; President - Giorgio Napolitano; Prime Minister - Matteo Renzi



● Jamaica : Capital - Kingston; Governor General-Patrick Linton Allen; Prime Minister - Portia Simpson-Miller



● Japan : Capital - Tokyo; Emperor-Akihito; Prime Minister - Shinzo Abe



● Jordan : Capital - Amman; King-Abdallah II; Prime Minister - Abdullah Nsour



● Kazakhstan : Capital - Astana; President - Nursultan Nazarbayev; Prime Minister - Serik Akhmetov



● Kenya : Capital - Nairobi; President - Uhuru Kenyatta



● Kiribati : Capital - South Tarawa; President - Anote Tong



● North, South NDE : Capital - Pyongyang; Supreme leader: Kim Jong-un



● Korea, South : Capital - Seoul; President - Park Geun-Hye; Prime Minister - Chung Hong-Won



● Kosovo : Capital - Pristina; President - Atifete Jahjaga; Prime Minister - Hashim Thaci



● Kuwait : Capital - Kuwait City; Amir-Sabah al-Ahmad al-Jabir al-Sabah; Prime Minister - Jabir Al-Mubarak Al-Hamad Al-Sabah



● Kyrgyzstan : Capital - Bishkek; President - Almazbek Atambaev; Prime Minister - Joomart Otorbaev



● Laos : Capital - Vientiane President - Lt. General Choummali Saignason; Prime Minister - Thongsing Thammavong



● Latvia : Capital - Riga; President - Andris Berzins; Prime Minister - Laimdota Straujuma



● Lebanon : Capital - Beirut; President - Michel Sulayman; Prime Minister - Tamam Salam



● Lesotho : Capital - Maseru; King-Letsie III; Prime Minister - Thomas Motsoahae Thabane



● Liberia : Capital - Monrovia; President - Ellen Johnson Sirleaf



● Libya : Capital - Tripoli; President - Nuri Abu Sahmayn; Prime Minister - Ali Zaydan



● Liechtenstein : Capital - Vaduz; Head of State-Prince Hans Adam II; Prime Minister - Klaus Tschuetscher



● Lithuania : Capital - Vilnius; President - Dalia Grybauskaite; Prime Minister - Algirdas Butkevicius



● Luxembourg : Capital - Luxembourg; Grand Duke-Henri; Prime Minister - Xavier Bettel



● Macedonia : Capital - Skopje; President - Gjorge Ivanov; Prime Minister - Nikola Gruevski



● Madagascar : Capital - Antananarivo; President - Hery Martial Rajaonarimampianina Rakotoari



● Malawi : Capital - Lilongwe; President - Joyce Banda



● Malaysia : Capital - Kuala Lumpur; King-Abdul Halim Mu'adzam Shah; Prime Minister - Najib Razak



● Maldives : Capital - Malé; President - Abdulla Yameen Abdul Gayoom



● Mali : Capital - Bamako; President - Ibrahim Boubacar Keita; Prime Minister - Oumar Tatam Ly



● Malta : Capital - Valletta; President - Marie Louise Coleiro Preca; Prime Minister - Joseph Muscat



● Marshall Islands : Capital - Majuro; President - Christopher Jorebon Loeak



● Mauritania : Capital - Nouakchott; President - Mohamed Ould Abdel Aziz; Prime Minister - Moulaye

Ould Mohamed Laghdaf



● Mauritius : Capital - Port Louis; President - Rajkeswur Kailash Purryag; Prime Minister - Dr.

Navinchandra Ramgoolam,



● Mexico : Capital - Mexico City; President - Enrique Pena Nieto



● Micronesia, Federated States of : Capital - Palikir; President - Emanuel "Manny" Mori



● Moldova : Capital - ChișInău; President - Nicolae Timofti; Prime Minister - Iurie Leanca



● Mongolia : Capital - Ulan Bator; President - Tsakhia Elbegdorj; Prime Minister - Norov Altankhuyag



● Montenegro : Capital - Podgorica; President - Filip Vujanovic; Prime Minister - Milo Djukanovic



● Morocco : Capital - Rabat; King-Mohammed VI; Prime Minister - Abdelillah Benkirane



● Mozambique : Capital - Maputo; President - Armando Emilio Guebuza; Prime Minister - Alberto

Clementino Antonio Vaquina



● Namibia : Capital - Windhoek; President - Hifikepunye Pohamba; Prime Minister - Hage Geingob



● Nauru : Capital - Yaren District; President - Baron Divavesi Waqa



● Nepal : Capital - Kathmandu; President - Dr. Ram Baran Yadav; Prime Minister: Sushil Koirala



● Netherlands : Capital - Amsterdam; King-Willem-Alexander; Prime Minister - Mark Rutte



● New Zealand : Capital - Wellington; Governor General-Jeremiah Mateparae; Prime Minister - John

Phillip Key



● Nicaragua : Capital - Managua; President - Daniel Ortega Saavedra



● Niger : Capital - Niamey; President - Issoufou Mahamadou; Prime Minister - Brigi Rafini



● Nigeria : Capital - Abuja; President - Goodluck Jonathan



● Norway : Capital - Oslo; King-Harald V; Prime Minister - Erna Solberg



● Oman : Capital - Muscat; Sultan-Qaboos bin Said Al Said; Prime Minister - Qaboos Bin Said Al Said



● Pakistan : Capital - Islamabad; President - Mamnoon Hussain; Prime Minister - Mohammad Nawaz

Sharif



● Palau : Capital - Melekeok; President - Jr. Thomas Esang Remengesau,



● Panama : Capital - Panama City; President - Ricardo Martinelli Berrocal



● Papua New Guinea : Capital - Port Moresby; Governor General-Michael Ogio; Prime Minister - Peter

Paire O'neill



● Paraguay : Capital - Asunción; President - Horacio Cartes Jara



● Peru : Capital - Lima; President - Ollanta Moises Humala Tasso; Prime Minister - Rene Cornejo Diaz



● Philippines : Capital - Manila; President - Benigno Aquino III



● Poland : Capital - Warsaw; President - Bronislaw Komorowski; Prime Minister - Donald Tusk



● Portugal : Capital - Lisbon; President - Anibal Antonio Cavaco Silva; Prime Minister - Pedro Manuel

Passos Coelho Mamede



● Qatar : Capital - Doha; Amir-Tamim bin Hamad Al Thani; Prime Minister - Abdallah Bin Nasir Bin

Khalifa Al Thani



● Romania : Capital - Bucharest; President - Traian Basescu; Prime Minister - Victor-Viorel Ponta



● Russia : Capital - Moscow; President - Vladimir Vladimirovich Putin; Premier-Dmitriy Anatolyevich

Medvedev



● Rwanda : Capital - Kigali; President - Paul Kagame; Prime Minister - Pierre Damien Habumuremyi



● Saint Kitts and Nevis : Capital - Basseterre; Governor General-Cuthbert Montraville Sebastian; Prime

Minister - Dr. Denzil Llewellyn Douglas



● Saint Lucia : Capital - Castries; Governor General- Dame Pearlette Louisy; Prime Minister - Kenny

Davis Anthony



● Saint Vincent and the Grenadines : Capital - Kingstown; Governor General-Sir Frederick Nathaniel

Ballantyne; Prime Minister - Ralph Everard Gonsalves



● Samoa : Capital - Apia; Chief of State-Tui Atua Tupua Tupuola Efi Tamasese; Prime Minister -

Fatiaalofa Aiono Lupesolia'i Sailele Malielegaoi Tuilaepa



● Sao Tome and Principe : Capital - São Tomé; President - Manuel Pinto Da Costa; Prime Minister -

Gabriel Arcanjo Ferreira Da Costa



● Saudi Arabia : Capital - Riyadh; King-Abdallah bin Abd al-Aziz Al Saud; Prime Minister - Abdallah Bin

Abd Al-Aziz Al Saud



● Senegal : Capital - Dakar; President - Macky Sall; Prime Minister - Aminata Toure



● Serbia : Capital - Belgrade; President - Tomislav Nikolic; Prime Minister - Ivica Dacic



● Seychelles : Capital - Victoria; President - James Alix Michel



● Sierra Leone : Capital - Freetown; President - Ernest Bai Koroma



● Singapore : President - Tony Tan Keng Yam; Prime Minister - Lee Hsien Loong



● Slovakia : Capital - Bratislava; President - Ivan Gasparovic; Prime Minister - Robert Fico



● Slovenia : Capital - Ljubljana; President - Borut Pahor; Prime Minister - Alenka Bratusek



● Solomon Islands : Capital - Honiara; Governor General-Frank Ofagioro Kabui; Prime Minister -

Gordon Darcy Lilo



● Somalia : Capital - Mogadishu; President - Hassan Sheikh Mahamud; Prime Minister - Abdiweli Sheikh

Ahmed



● South Africa : Capital - Pretoria, Cape Town, Bloemfontein; President - Jacob Zuma



● South Sudan : Capital - Juba; President - Salva Kiir Mayardit



● Spain : Capital - Madrid; President - Of The Govt. Mariano Rajoy Brey



● Sri Lanka : Capital - Sri Jayawardenepura Kotte, Colombo; President - Mahinda Percy Rajapaksa;

Prime Minister - Dissanayake Mudiyanselage Jayaratne



● Sudan : Capital - Khartoum; President - Umar Hassan Ahmad Al-Bashir, Field Mar



● Suriname : Capital - Paramaribo; President - Desire Delano Bouterse



● Swaziland : Capital - Lobamba, Mbabane; King-Mswati III; Prime Minister - Barnabus Sibusiso Dlamini



● Sweden : Capital - Stockholm; King-Carl XVI Gustaf; Prime Minister - Fredrik Reinfeldt



● Syria : Capital - Damascus; President - Bashar Al-Asad; Prime Minister - Wael Al-Halqi



● Taiwan - NDE : Capital - Taipei; President - Ma Ying-Jeou



● Tajikistan : Capital - Dushanbe; President - Emomali Rahmon; Prime Minister - Qohir Rasulzoda



● Tanzania : Capital - Dodoma; President - Jakaya Mrisho Kikwete; Prime Minister - Mizengo Kayanza

Peter Pinda



● Thailand : Capital - Bangkok; King-Phumiphon Adunyadet



● Timor-Leste : Capital - Dili; President - Taur Matan Ruak; Prime Minister - Kay Rala Xanana Gusmao



● Togo : Capital - Lomé; President - Faure Gnassingbe; Prime Minister - Kwesi Seleagodji Ahoomey-

Zunu



● Tonga : Capital - NukuʻAlofa; King-Tupou VI; Prime Minister - Tu'ivakano, Lord



● Trinidad and Tobago : Capital - Port of Spain; President - Anthony Thomas Aquinas Carmona; Prime

Minister - Kamla Persad-Bissessar



● Tunisia : Capital - Tunis; President - Moncef Marzouki; Prime Minister - Mehdi Jomaa



● Turkey : Capital - Ankara; President - Abdullah Gul; Prime Minister - Recep Tayyip Erdogan



● Turkmenistan : Capital - Ashgabat; President - Gurbanguly Berdimuhamedow



● Tuvalu : Capital - Funafuti; Governor General-Iakopa Italeli Taeia; Prime Minister - Willy Telavi



● Uganda : Capital - Kampala; President -Yoweri Kaguta Museveni; Prime Minister - Amama Mbabazi



● Ukraine : Capital - Kiev; President - Petro Poroshenko; Prime Minister - Arseniy Yatsenyuk



● United Arab Emirates : Capital - Abu Dhabi; President - Khalifa Bin Zayid Al Nuhayyan; Prime Minister

- Muhammad Bin Rashid Al Maktum



● United States of America : Capital - Washington, D.C., President - Barack Obama



● United Kingdom : Capital - London; Queen-Elizabeth II; Prime Minister - David William Donald

Cameron



● Uruguay : Capital - Montevideo; President - Jose "Pepe" Mujica Cordano



● Uzbekistan : Capital - Tashkent; President - Islom Karimov; Prime Minister - Shavkat Mirziyoyev



● Vanuatu : Capital - Port Vila; President - Lolu Johnson Abbil; Prime Minister - Moana Carcasses

Kalosil



● Venezuela : Capital - Caracas; President - Nicolas Maduro Moros



● Vietnam : Capital - Hanoi; President - Truong Tan Sang; Prime Minister - Nguyen Tan Dung



● Yemen : Capital - Sana'a; President - Fd. Mar. Abd Rabuh Mansur Hadi; Prime Minister - Muhammad

Salim Ba Sindwah



● Zambia : Capital - Lusaka; President - Michael Chilufya Sata



● Zimbabwe : Capital - Harare; President - Robert Gabriel Mugabe



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BANKING TERMS - ABBREVIATIONS

BANKING TERMS - ABBREVIATIONS

• ISCI – International Standard Industrial Classification

• KCC – Kisan Credit Card

• KVIC – Khadi and Village Industries Corporation

• KYC – Know your customer

• LAMPS – Large Sized Adivasi Multipurpose societies

• LERMS – Liberalised Exchange Rate Management System

• LIC – Life Insurance Corporation of India

• MCA – Ministry of Company affairs

• MIS – Management Information System

• MICR – Magnetic Ink Character Recognition

• NABARD – National Bank for Agriculture and Rural Development

• NBFC – Non Banking Finance Companies

• NEFT – National Electronic Funds Transfer

• NPA – Non Performing assets

• NRE – Non Resident External account

• NRI – Non Resident Indian

• NSE – National Stock Exchange

• OLTAS – Online tax accounting system

• OMO – Open market operations

• PACS – Primary Agricultural Credit Societies

• PDO – Public Debt Office

• PIN – Personal Identification Number

• QIB – Qualified Institutional Buyers

• RBI – Reserve Bank of India

• RDBMS – Relational Database Management System

• REC – Rural Electrification Corporation

• RFC – Resident Foreign Currency

• RIDF – Rural Infrastructure Development Fund

• RRB – Regional Rural Bank

• RTGS – Real Time Gross Settlement

• RWA – Risk Weighted Assets

• SBI – State Bank of India

• SCB – Scheduled Commercial Bank

• SDR – Special Drawing Rights

• SEBI – Securities and Exchange Board of India

• SFMS - Structured Financial Messaging Services

• SHG – Self Help Group

• SIDBI – Small Industries Development Bank of India

• SIDC – State Industrial Development Corporation

• SJSRY –Swarna Jayanthi Shahari Rozgar Yojana

• SLR – Statutory Liquidity Ratio

• SLRS – Scheme for Liberation and Rehabilitation of Scavangers

• SMERA – SME rating agency of India Limited

• SSI – Small Scale Industries

• SME – Small and Medium Industries

• SSSBE – Small Scale Service and Business Enterprises

• UTI – Unit Trust of India

• WPI – Wholesale Price Index

• YTM – Yield to maturity

• LAB – Local Area Banks

• ALM – Asset Liability Management

• ANBC – Adjusted Net Bank Credit

• ASBA – Applications supported Bank accounts

• BOE – Bill of Exchange

• CASA – Current and savings accounts

• CBLO – Collateralised Bank Lending Obligations

• CIBIL – Credit Information Bureau of India Limited

• DPG – Deferred Payment Guarantee

• DPN – Demand Promissory Note

• DRAT – Debt Recovery Appellate tribunal

• DRI – Differential Rate of Interest

• DSCR – Debt Service Coverage Ratio

• EDI – Electronic Data Interchange

• EMI – Equated Monthly Instalments

• EPS – Earnings Per Share

• ESOP – Employee Stock Options

• FEDAI – Foreign Exchange Dealers Association of India

• FFMC – Full Fledged Money Changers

• FOB – Free on Board

• LIBOR – London Inter Bank Operations Rate

• MIBOR – Mumbai Inter Bank Operations Rate

• MOU – Memorandum of Understanding

• MCA – Ministry of Company Affairs

• NPV – Net Present Value

• OCB – Overseas Corporate Bodies

• POA – Power of Attorney

• RKBY – Rashtriya Krishi Bima Yojana

• SEBI – Securities and Exchange Board of India

• LAF – Liquidity Adjustment Facility

• IDBI – Industrial Development Bank of India

• BCSBI – Banking Codes and Standards Board of India

• IRDA – Insurance Regulatory Development Authority

• DICGC – Deposit Insurance and Credit Guarantee Corporation

• SPV – Special Purpose Vehicle

• CRISIL – Credit Rating Information Services of India Limited

• ICRA – Investment Information and Credit Rating Agency of India Limited

• CARE – Credit Analysis and Research Limited

• MCX – Multi Commodity Exchange

• CCIL – Clearing Corporation of India Limited

• OTCEI – Over the Counter Exchange of India

• EFT – Electronic Funds Transfer

• ARF – Asset Reconstruction Fund

• MSS – Market Stabilisation Scheme

• CRAR – Capital to Risk Assets Ratio

• FSDC – Financial Stability and Development Council

• SCARDB – State Cooperative Agriculture and Rural Development Banks

• LERMS – Liberalised Exchange Rate Management System

• BOT – Balance of Trade

• CAC – Capital account convertibility

• NDS – Negotiated Dealing System.

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27th July 2014 - Daily Current Affairs Updates

27th July 2014 - Daily Current Affairs Updates


National Affairs

1. Finance Minister Arun Jaitley will address the board of the Reserve Bank in Delhi on August 9 amid expectations that the central bank will complement government actions by reducing rates to boost growth.
2. The government is likely to approach regulator TRAI for details of the villages in Jammu and Kashmir, Uttarakhand and Himachal Pradesh that have no telecom connectivity.  
3. Cracking the whip on those dragging their heels in the matter, Centre has started eviction proceedings against ex-ministers and former MPs who are still occupying government accommodation.  
4. A total of 930 posts of Indian Police Service (IPS) officers are lying vacant across the country with the highest 105 vacancies in Uttar Pradesh.  
5. India has over 40 million HepatitisB infected patients, second only to China and most people with chronic Hepatitis B or C are unaware of it.

International Affairs

1. Philippines welcomes 100 millionth Baby girl; The child, Jennalyn Sentino, was one of 100 babies born in state hospitals all over the archipelago who received the symbolic designation of "100,000,000th baby".
2. British Deputy Prime Minister Nick Clegg joined calls on Sunday for Russia to be stripped of the World Cup in 2018 following the shooting down of flight MH17 over Ukraine.
3. Thirteen people have been killed and about 2.5 million civilians affected as Typhoon Matmo swept through eight provinces of China.

Awards & Honors

• 250 students belonging to weaker section of society awarded 'Ekalavya Gaourav Puraskar- 2014' in Thane.

New Appointments

• Kaptan Singh Solanki was today sworn in as the Governor of Haryana.

Sports

1. Commonwealth Games 2014
2. Rajwinder Kaur wins bronze in women's +78 kg Judo competition
3. Omkar Otari wins bronze in men's 69Kg weightlifting competition
4. Shreyashi Singh wins silver medal in the women's Double Trap shooting event

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IBPS PO 2014 Recruitment Out Apply Online

ctor bank. IBPS PO 2014 is perfectly schedule by IBPS and now its online apply date is start from 22 July 2014.

Last year IBPS also organized this exam and successfully recruit approximate 20,000 PO/MT.  As we know to became PO is dream for lakhs of people but only few of them can achieve this dream.

Age (As on 01.07.2014):     Minimum: 20 years   Maximum: 30 years i.e.    a  candidate  must  have  been  born  not  earlier  than  02.07.1984  and  not  later  than  01.07.1994  (both  dates inclusive)


Educational Qualifications:   A Degree (Graduation) in any discipline from a University recognised by the Govt. Of India or any equivalent qualification recognized as such by the Central Government.

The candidate must possess valid Mark-sheet / Degree Certificate that he/ she is a graduate on the day he / she
registers and indicate the percentage of marks obtained in Graduation while registering online.

Exam Pattern:-

1. Reasoning : 50   Marks
2  English Language:  40 Marks 
3.  Quantitative Aptitude:  50  Marks
4  General Awareness(with special reference to Banking Industry)   :  40   Marks
5  Computer Knowledge:  20 Marks

Application Fee:

Rs. 100/- for SC/ST/PWD candidates.
Rs. 600 /- for all others


Online Registration – 22.07.2014 – 11.08.2014
Payment of Application Fees- Online - 22.07.2014 – 11.08.2014
Payment of Application Fees- Offline - 24.07.2014 – 14.08.2014
Download of Call Letter for Pre-Examination Training (PET) for SC/ST/ Minority Community candidates - 11.09.2014 – 22.09.2014
Pre-Examination Training - 22.09.2014 – 27.09.2014
Download of Call letter for Examination – After 01.10.2014
Declaration of result status of examination (CWE) - November, 2014
Download of call letters for Interview – January 2015
Conduct of Interview – January 2015
Provisional Allotment - April 2015

Click Here To Apply Online

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26th July 2014 - Daily Current Affairs Updates

26th July 2014 - Daily Current Affairs Updates

National Affairs

1. Prime Minister Narendra Modi today launched a web platform "MyGov" (www.mygov.nic.in) which will allow common man and experts from different fields to reach out to the government with their ideas a nd suggestions.
2. India celebrates 15th anniversary of Kargil Vijay Diwas today. This is also an occasion that invokes feelings of both pain and pride for the families of the brave jawans who laid down their lives protecting the territory of India from intruders.
3. Home Minister Rajnath Singh today asked Uttar Pradesh Chief Minister Akhilesh Yadav to ensure communal harmony in the state in the wake of violence in Saharanpur and offered all help to contain the situation. 
4. External Affairs Minister Sushma Swaraj to lead Indian delegation at the Third Nepal-India Joint Commission meeting in Kathmandu.
5. Prime Minister Narendra Modi today hosted a farewell dinner in honor of the outgoing army chief, Gen. Bikram Singh (New Army Chief is Dalbir Singh Suhag from 31st July 2014).

International Affairs

1. South Sudan's food crisis is now the worst in the world, the UN Security Council said, as it called for urgent funding to step up deliveries of desperately-needed aid.
2. The European Union has extended its Ukraine-related sanctions to target top Russian intelligence officials and leaders of the pro-Russia revolt in eastern Ukraine.
3. As India, the United States and Japan on Thursday kicked off rare three-way naval exercises, China has called on the three countries to ensure that the “Malabar” drills in the Pacific Ocean would be “helpful to build mutual trust” in a region grappling with renewed maritime tensions.
4. Nigeria was on alert against the possible spread of Ebola on Saturday, a day after the first confirmed death from the virus in Lagos, Africa's biggest city and the country's financial capital.

New Appointments

1. Justice Sanjay Kishan Kaul was sworn-in as the Chief Justice of the Madras High Court.

Sports

1. India's Prakash Nanjappa wins silver in the men's 10 m Air Pistol event.
2. Indian women shooters Apurvi Chandela and Ayonika Paul win gold and silver in 10m Air Rifle event.

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25th July 2014 - Current Affairs Daily Updates

25th July 2014 - Current Affairs Daily Updates


National Affairs

• External Affairs Minister Sushma Swaraj is on a three day visit to Nepal. This trip will focus on confidence building measures, strengthening bilateral ties and preparing the ground for Prime Minister Narendra Modi's visit to the country.
• India today summoned Pakistan Deputy High Commissioner over delay in trial of Mumbai 26/11 attacks
• The Lok Sabha today passed the Finance Bill 2014 by a voice vote. The bill, which is primarily the legislative proposals of the national budget for this fiscal, notably on taxes, will now go to the Rajya Sabha for approval.
• President Pranab Mukherjee, who completed two years in office today, dedicated the Rashtrapati Bhavan Museum to the nation at a ceremony presided over by Prime Minister Narendra Modi.
• Indian Army celebrates 15 Vijay Divas today which marks the exit of Pakistan Army from Indian territory in 1999.
• Indian Army chief General Bikram Singh today  paid tribute to the martyrs of 1999 Kargil war in J&K's Ladakh region on the occasion of 15th Vijay Diwas.

People in News

• Ukraine's prime minister Arseniy Yatsenyuk has resigned after his governing coalition collapsed, plunging the former Soviet state into political limbo as it struggles to quell a deadly rebellion in the east. 

New Appointments

• The Supreme Court appointed senior advocate R S Cheema as Special Public Prosecutor for trial in coal blocks allocation scam.

Business & Economy

• Closing a seven-year-old front running case at HDFC Mutual Fund, SEBI has barred former equity dealer Nilesh Kapadia and three others from the markets and ordered return of over Rs 1.75 crore worth illegal gains. 

Sports

• Commonwealth Games 2014
• The women lifters Sanjita Khumukcham Chanu and teammate Mirabai Saikhom Chanu, both from Manipur, did India proud by winning for the country its first two medals
• Indian shooter AbhinavBindra wins Gold Medal for the country in 10 meter Air Rifle shooting
• India’s Shushila Likmabam wins Silver medal in 48 kg women’s Judo
• India’s Navjot Chana wins Silver medal in 60 kg Men’s Judo
• India’s Kalpana Thoudam wins Bronze medal in 52 kg Women’s Judo
• Sukhen Dey of India wins gold and Ganesh Mali bags bronze in men's 56kg weightlifting event.
• Indian shooter Malaika Goel wins Silver Medal in 10 meter Air Rifle while world no. 1 HeenaSidhu finishes off at 7th spot

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Intelligence Bureau PA / JIO Exam 2014 Results out

Friends, the Intelligence Bureau (MHA) has released the results of P.A.and JIO-II/Tech written test 2014.
As you know the Intelligence Bureau has conducted a written test on 29th June 2014 for the recruitment of Personal Assistants, General Central Service, Group-B (Non-Gazetted/Ministerial) and Junior Intelligence Officers Grade-II/Technical, General Central Service, Group 'C' (Non - Gazetted / Non-Ministerial). Now it has came out with the list of shortlisted candidates for skill test in stenography (for the post of PA) and trade test followed by interviews (for the post of JIO-II/Tech). You can check your result from below link. All the Best :)



Check your result of IB PA / JIO Exam 2014 from here

Note :The trade test followed by interview for the post of JIO-II/Tech is to be held on August 27-29, 2014 while stenographic skill test for the post of P.A. will be held on August 30, 2014.

You can select your language of Skill Test (English / Hindi) from here 

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23rd & 24th July 2014 - Current Affairs Updates

23rd & 24th July 2014 - Current Affairs Updates

National Affairs

• Delhi Metro Rail Corporation ( DMRC) has slashed fares on Airport Express Line by 40 per cent. The rates were revised earlier this month and will take effect from today (24th July)
• In a sign that shows India has a lot of catching up to do, the country’s ranking in the Human Development Index (HDI) remained unchanged at 135 in 2013, reflecting little improvement in the living standard of its people, says a United Nations Development Programme report.
• Cabinet clears SEBI amendment bill. The Bill seeks to give Sebi sweeping powers like attachment of properties, launch of recovery proceedings, seeking call data records to investigate cases and ordering search and seizure against manipulators and fraudsters.

International Affairs

• The 14th round of Foreign Office Consultations between India and Myanmar was held in New Delhi on 23rd  July 23 2014. The Indian delegation was led by Smt. Sujatha Singh, Foreign Secretary of India, and the Myanmar delegation by U Thant Kyaw, Deputy Minister of Foreign Affairs of Myanmar.
• In order to raise concerns about the repeated ceasefire violations by Pakistan's armed forces in Jammu and Kashmir, Indian Foreign Secretary Sujatha Singh will be meeting her Pakistani counterpart Aizaz Ahmad Chaudhry in Islamabad on 25th August. 
• The President of the World Bank, Dr. Jim Yong Kim, called on the Prime Minister, Narendra Modi on 23rd July. The PM described the meeting as "very fruitful." He tells World Bank President Jim Yong Kim that India requires ideas, knowledge and expertise "rather than dollars".
• Britain's Deputy Prime Minister Nick Clegg will lead a large business delegation on a three-city tour of India in August, focusing on aerospace, retail and education sectors.
• India along with BRICS countries voted in support of a UN Human Rights Council resolution to launch a probe into Israel's offensive on Gaza.  In the 46-member council, 29 countries voted in support of the resolution while 17 nations abstained.
• Annual India-US bilateral Malabar naval exercise kicked off today in the Asia Pacific region. 

Books & Authors

• Prime Minister Narendra Modi released a biography of independent India's first home minister Sardar Vallabhbhai Patel in Braille, prepared by ophthalmologist A Saibaba Goud.
• British-Indian writer Neel Mukherjee's latest novel 'The Lives of Others'  shortlisted for the prestigious Man Booker Prize 2014.

1. He is from Kolkata
2. This is his Second Novel
3. 'The Lives of Others' that is set in 1960s Bengal and revolves around a man's extremist political activism during troubled times

Deaths

• Former Maharashtra minister, senior PWP leader Mohan Patil, 68, passes away after prolonged illness
• Sundaram Sankaran passed away. He worked at the World Bank for over 25 years and served as the US correspondent for Indian dailies.

Business & Ecnomy

• The World Bank Group committed USD 15-18 billion loan to India over the next three years as it supports the country's potential 9 per cent growth rate. 
• CCEA raises FDI cap to 49% from 26% in insurance sector.
• CCEA approves sale of 10 million tonnes of wheat from FCI stock in the open market.
• Indirect tax collections in June recorded 13.5% growth to stand at Rs 44,356 crore, against Rs 39,085 crore last year. The highest-ever growth this year shows signs of economic recovery.
• IMF cuts global growth forecasts for 2014 to 3.4%, below its April forecast of 3.7%. Weaker growth in the U.S., China and several important emerging markets forced the International Monetary Fund to downgrade its forecast for the global economy.
• New Appointments
• Reuven Rivlin (a veteran lawmaker) was sworn in as Israel's 10th president.

Sports

• The 2014 Commonwealth Games (officially the XX Commonwealth Games) have begun in Glasgow, Scotland, after the opening ceremony kicked off the event at Celtic Park on Wednesday. These games are going to b held from 23rd July to 3rd August 2014.
• Sanjita Khumukcham and Mirabai Chanu Saikhom bagged a gold and silver, respectively, in women's 48kg weightlifting at the 20th Commonwealth Games today.

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