www.gradestack.com/blogs 1 | P age www.gradestack.com/blogs GK DIGEST for LIC AAO 2016 Exam Dear readers, This GK Digest is a complete docket of important news and events that occurred in last 5 months (September – February 2016). The GK Digest is important and relevant for all competitive exams like - LIC AAO 2016 Exam, Railway Recruitment 2016 Exam, SSC CGL 2016, Insurance and UPSC Exams. Banking, Economics & Financial News RBI in the News 1. RBI Keeps interest rate unchanged - On 2nd February 2016, the Reserve Bank of India in its 6th bi – monthly policy review, key policy interest rates were kept unchanged on the basis of an assessment of the current and evolving macroeconomic situation in the country. Current Policy & Reserve Rates: 1.Repo Rate 6.75% (unchanged) 2.Reverse Repo 5.75% (unchanged) 3.CRR(Cash Reserve ratio) 4.00% (unchanged) 4.SLR (Statutory Liquidity Ratio) 21.50% (unchanged) 5.MSF (Marginal Standing Facility) 7.75% (changed) 6.Bank Rate 7.75% (changed) Basis points - ‘one’ Basis Point is a unit equivalent to 0.01% i.e. 1/100th of a percent. 2. Raghuram Rajan conferred with the Central Banker of the Year Award 2016 - The Reserve Bank of India Governor, Dr. Raghuram Rajan conferred with the Central Banker of the Year Award (Global and Asia Pacific) for 2016 by The Banker, a monthly publication of the Financial Times Group focussing on banking. 3. Urjit Patel reappointed as RBI deputy governor for 3 years - The Government of India re-appointed Dr. Urjit R. Patel as the Deputy Governorof the Reserve Bank of India, for a further period of three years. He is the fourth deputy governor, the other three being HR Khan, R Gandhi and SS Mundra. 4. Reserve Bank of India increased its shareholding in National Housing Bank by contributing Rs 1,000 crore towards the paid capital, thereby increasing its shareholding in theNHB from Rs 450 crore to Rs 1,450 crore. 5. RBI seeks additional ₹26k cr for PSU banks - The RBI has sought an additional ₹26,000 crore from the government by 2018 for capital infusion into Public Sector Undertaking (PSU) banks for implementing Basel-III norms in the banks. The government has already pledged ₹70,000 crore for the purpose by the end of FY19. 6. RBI Governor Dr Raghuram Rajan elected as Vice-Chairman on BIS Board - With this, he became the first Indian to be elected to this position in the Bank for International Settlements (BIS). Note: At present, Jens Weidmann is the Chairman of the Board of Directors. He is also the head of Bundesbank, the German banking regulator. 7. RBI imposes Rs 1 crore fines on State Bank of Travancore - Reserve Bank has imposed a penalty of Rs. 1 crore on an SBI associate bank, State Bank of Travancore, for violation of some of its instructions. 8. Deepak Singhal appointed Executive Director of Reserve Bank of India - The Reserve Bank of India (RBI) appointed Deepak Singhal as the Executive Director (ED). He replaced K K Vohra who will now look after the Deposit Insurance and Credit Guarantee Corporation (DICGC). 2 | P age www.gradestack.com/blogs 9. RBI proposed marginal cost of funds methodology to calculate Base Rate – The Reserve Bank of India (RBI) proposed a new methodology to calculate Base Rate (Base Rate). It is based on marginal cost of funds methodology. The new methodology is aimed at bringing uniformity among BRs of banks so that they will be more sensitive to any changes in policy rates of the RBI like Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), etc. Under the proposed methodology, the components of Base Rate will include cost of funds, negative carry on CRR/SLR, un-allocable overhead costs and average return on net worth. It will be effective from 1 April 2016. Base Rate • It is defined as the minimum interest rate of a bank below which it is not viable to lend. • It was introduced on 1 July 2010 by the RBI. • It replaced the benchmark prime lending rate (BPLR), the interest rate which commercial banks charged their most credit worthy customer. 10. Banks are free to fix interest rates on gold deposit scheme: Reserve Bank of India (RBI) has allowed banks to fix their own interest rates on gold deposits under the Gold Monetisation Scheme. Key points – (i) As per the RBI guidelines, Banks are free to set interest rate such as principal and interest on the deposit denominated in gold. (ii) Designated banks will accept gold deposits under the – Short Term Bank Deposit (1-3 years), Medium (5-7 years) and Long term (12-15 years) Government Deposit Schemes. (iii) Short term bank deposits will be applicable cash reserve ratio (CRR) and statutory liquidity ratio (SLR). (iv) There is no bar for maximum gold deposit but the minimum deposit at one time should be raw gold equivalent to 30 grams of 995 fineness standard. (v) The raw gold should be in the form of coins, bars, jewellery excluding stones and other metals Individual banks will determine the provision for premature withdrawal subject to a minimum lock-in period and along with the penalty. 11. RBI declared Priority Sector Lending norms for Regional Rural Banks Key points of the norms: (i) Priority Sector Lending (PSL) target was increased to 75 percent of total outstanding from the existing 60 percent. (ii) The revised target will be effective from 1 January 2016. (iii) Medium enterprises, social infrastructure and renewable energy were included under PSL category. (iv) Agri-Loans: Loans to individual farmers, for the purpose of PSL, was increased to 50 lakh rupees from the present 10 lakh rupees against pledge/ hypothecation of agricultural produce (including warehouse receipts) for a period not exceeding 12 months. (v) Aggregate limit loan was doubled to 2 crore rupees per borrower in the case of loans, among others, to corporate farmers, farmers’ producers organisations/ companies of individual farmers, farmers partnership firms/ co-operatives engaged in agriculture and allied activities. (vi) Housing Loans: The RBI has lowered the quantum of loans that will qualify as PSL. Against the earlier limit of 25 lakh rupees, loans to individuals up to 20 lakh rupees only are considered as PSL as per revised guidelines. Note: As on March 2015, there were 56 RRBs operating in the country with a network of 20059 branches. They cover 644 notified districts in 26 states and the Union Territory of Puducherry. 12. RBI formed Financial Inclusion Fund with 2000 crore rupees corpus: The Reserve Bank of India (RBI) formed a single Financial Inclusion Fund (FIF) with a corpus of 2000 crore rupees. The fund was formed by merging the Financial Inclusion Fund (FIF) and Financial Inclusion Technology Fund (FITF). This fund will support the developmental and promotional activities covered under the financial inclusion initiatives. 3 | P age www.gradestack.com/blogs 13. RBI to Issue Rs. 500, Rs. 1000 Bank Notes with Enhanced Features - The Reserve Bank of India (RBI) will issue Rs. 500 and Rs. 1,000 bank notes with additional features to aid the visually impaired in identification. To help visually impaired person in easy identification of bank notes, RBI decided to add two more features in Rs. 500 and Rs. 1000 bank notes. 14. RBI to issue Rs 5 coin on golden jubilee of 1965 Indo-Pak war - The Reserve Bank of India will shortly put into circulation Rs 5 coins to commemorate golden jubilee of Indo-Pak War 1965. "The coins will be legal tender as provided in The Coinage Act 2011. 15. RBI granted 'in-principle' approval to set up Small Finance Banks & Payment Banks –  Small Finance Banks – The purpose of the small banks will be to provide a whole suite of basic banking products such as deposits and supply of credit, but in a limited area of operation. The aim of small banks is to increase financial inclusion in the country. The small bank shall be registered as a public limited company under the Companies Act, 2013.  Committee on Small Banks - Usha Thorat  RBI granted 'in-principle' approval to the 10 applicants to set up Small Finance Banks. Names of selected applicants  Au Financiers (India) Ltd., Jaipur  Janalakshmi Financial Services Private Limited,  Capital Local Area Bank Ltd., Jalandhar Bengaluru  Disha Microfin Private Ltd., Ahmedabad  RGVN (North East) Microfinance Limited,  Equitas Holdings P Limited, Chennai Guwahati  ESAF Microfinance and Investments Private Ltd.,  Suryoday Micro Finance Private Ltd., Navi Mumbai Chennai  Ujjivan Financial Services Private Ltd., Bengaluru  Utkarsh Micro Finance Private Ltd., Varanasi  The “in-principle” approval granted will be valid for 18 months to enable the applicants to comply with the requirements under the Guidelines and fulfill other conditions as may be stipulated by the RBI.  Eligibility - Resident individuals with 10 years of experience in banking and finance, companies and Societies will be eligible as promoters to set up small banks. Key points  Capital requirement - The minimum paid-up capital requirement for small banks is Rs. 100 crore.  As per the guidelines, the promoters' initial minimum contribution will be at least 40 % of the minimum capital, to be locked in for a period of 5 years.  Small banks will offer both deposits as well as loan products.  They cannot set up subsidiaries to undertake non-banking financial services activities.  The maximum loan size and investment limit exposure to single/group borrowers/issuers would be restricted to 15 per cent of total capital funds.  Loans and advances of up to Rs 25 lakhs, primarily to micro enterprises, should constitute at least 50 per cent of the loan portfolio.  For the first three years, 25 per cent of branches should be in unbanked rural areas.  The foreign shareholding in the bank would be as per the extant FDI policy.  For the initial three years, prior approval will be required for branch expansion.  Payment Banks – The main objective of payment banks is to increase financial inclusion in the country via a primary focus on domestic payments services by providing small savings accounts. Payments banks will be used only for transaction and deposits purposes. Unlike small banks, payments banks cannot lend money.  Committee on Payment Banks - Dr. Nachiket Mor  RBI granted 'in-principle' approval to 11 Payment Banks applicants. 4 | P age www.gradestack.com/blogs List of 11 Payment Banks applicants - 1. Aditya Birla Nuvo Limited 7. Reliance Industries Limited - Joint ventured with SBI 2. Airtel M Commerce Services Limited 8. Sun Pharma - Dilip Shanghvi, Managing Director of 3. Cholamandalam Distribution Services Limited Sun Pharmaceuticals. 4. Department of Posts 9. Paytm – Founder of Vijay Shekhar Sharma 5. Fino PayTech Limited 10. Tech Mahindra Limited 6. National Securities Depository Limited – Director G. 11. Vodafone m-pesa Limited V. Nageswara Rao Key Points:  Capital requirement - The minimum paid-up capital requirement for payments banks is Rs. 100 crore.  The Reserve Bank grants a license for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949.  RBI's “in-principle” nod will be valid for a period of 18 months, during which time the applicants have to comply with the requirements under the Guidelines and fulfill the other conditions as may be stipulated by the Reserve bank.  As per the guidelines, the promoters' initial minimum contribution will be at least 40 % of the minimum capital, to be locked in for a period of 5 years.  The payments bank will need to invest 75 percent of its funds in government securities.  Payments banks can open small savings accounts and accept deposits of up to Rs.1 lakh per individual customer and provide remittance services. Hence, the balance at the close of business on any day should not exceed Rs.1 lakh per customer.  Payments banks can issue debit cards but they are not eligible to provide credit card facilities.  Payments Banks are allowed to set up their own ATMs (automated teller machines).  Payments banks will have to invest in government securities with a maturity of up to 1 year.  Difference between Small & Payment Banks – (i) Small banks can accept all types of deposits like a commercial bank ( savings, current, fixed deposits, recurring deposits etc) on the other hand Payment banks can take deposits only on current & savings account. These cannot offer credit cards, NRI account, & time deposits( FD & RD). (ii) Small banks cannot give depositors money as loan to others ( big industries) , but for small area of operation. Payment banks cannot give loans but can invest in G securities ( as most of the depositors are poor people. so, banks cannot take a risk). (iii) For small banks - - - NBFC's , any individual with 10 years of experience in banking can apply for licenses. For payment banks - - - Indian post, telecom companies can apply for licenses. (iv) Target for small banks are MSME's, business man. For Payment banks, poor people. 16. RBI extends deadline to exchange pre-2005 notes to June 30, 2016 - Reserve Bank extended the deadline for exchanging pre-2005 currency notes of various denominations, including Rs 500 and Rs 1,000, by another six months to June 30, 2016 from earlier date December 31, 2015. 5 | P age www.gradestack.com/blogs  Government approves conversion of MUDRA into bank –  Government of India recently converted MUDRA Ltd into MUDRA Bank. MUDRA Bank thus created is a wholly-owned subsidiary of SIDBI, which will be known as MUDRA (SIDBI) Bank.  Along with this, a Credit Guarantee Fund for MUDRA Units (CGFMU) will also be set up. In the Budget of 2015-16, Credit Guarantee Fund has been allocated with funds worth Rs 3000 Crore.  As per budget 2015-16, MUDRA Bank is to be set up with refinance corpus of Rs 20,000 Crore.  Functions / Roles of Mudra Ltd –  The major role of MUDRA Ltd would be in refinancing and developing Micro Enterprises.  It will provide funds to Non-corporate small business sector.  It will also partner with State/Regional level financial intermediaries to provide finance to small/micro business enterprises.  MUDRA Bank will not be the regulator of the micro finance institutions. (As RBI as a regulator for the MFIs registered as the non-banking finance companies)  MUDRA loans are available in three categories – For small business  Loans up to Rs. 50000/– is available under the ‘Shishu’ category  Loans beyond Rs. 50,000 and up to 5 lakh under the ‘Kishor’ category  Loans beyond Rs. 5 lakh and up to Rs. 10 lakh under the ’Tarun’ category  Note: Maximum Loan Mudra Bank can grant is Rs. 10 lakh.  Asian Infrastructure Investment Bank launched by Chinese President  Chinese President Xi Jinping officially launched Asian Infrastructure Investment Bank (AIIB) in Beijing. The opening ceremony of AIIB is attended by representatives of 57 member countries. Key Facts -  With authorised capital of $100 billion and subscribed capital of $50 billion, Beijing-based AIIB will invest in sectors including energy, transportation, urban construction, and logistics as well as education and healthcare.  The bank was formally established in Beijing on December 25, 2015.  The headquarter of AIIB is located in Beijing, China.  Chairman - Chinese Finance Minister, Lou Jiwei,  First President of AIIB- China’s former Finance Minister, Jin Liqun  In all 57 countries have joined as founding members, while the US and Japan have stayed out.  Largest shareholders of AIIB – China – 30.34%, India - , 8.52%, Russia - 6.66%  Their voting shares of – China - 26.06%, India -7.5 %, Russia - 5.92 %.  Based on the shareholding, India is expected to get the Vice-President’s post.  The AIIB will work together with multilateral development banks, including the World Bank and the Asian Development Bank, to facilitate Asian infrastructure construction and sustainable development.  India elected to new AIIB Bank’s First Board - Dinesh Sharma, Additional Secretary of Ministry of Finance elected to the 12-member board.  Union Finance Minister of India Arun Jaitley is the designated governor of the AIIB from the country. 6 | P age www.gradestack.com/blogs SBI Bank in News – 1. SBI launches FlexiPay Home Loan Scheme for SBI is second Indian bank after Indian Overseas Professionals - State Bank of India introduced a new Bank to have branch in South Korea. SBI already had a home loan scheme ‘SBI FlexiPay Home Loan’ for young representative office in Seoul. working professionals/executives. 3. SBI Launches First Dedicated Branch For Startups  Under the scheme, borrowers will get higher loan InCube - The State Bank of India, has launched first amount compared to their loan eligibility under exclusive startup bank branch – SBI InCube in normal home loan schemes and they will also have Bangalore. It is a specialised branch to understand the option of step-up monthly repayments. and address banking needs of startups. 2. SBI opens first branch in South Korea - India’s 4. SBI Card launches SimplyCLICK credit card for online largest lender State Bank of India (SBI) today said it shopping - in association with seven partners including has opened its first branch in Seoul, South Korea. Amazon India, BookMyShow and Cleartrip. ICICI Bank in News – 1. ICICI Bank opens its first branch in South Africa - Housing loan will be provided at the ICICI Bank Base ICICI Bank inaugurated its first full service branch at Rate (known as I-Base) which is currently at 9.70%. Sandton in Johannesburg becoming the first Indian 4. ICICI Bank launched its first branch in China: private sector bank to open a branch in the African India's largest private sector bank, ICICI bank has continent. launched its first branch in Shanghai, China, which was 2. ICICI Bank has launched ‘Smart Vault’ first of its kind inaugurated by Prime Minister Narendra Modi. fully automated digital locker facility in India. 3. ICICI Bank has launched ‘ICICI Bank Saral-Rural Housing Loan’ Scheme for weaker sections of society. Other Banking & Financial News - 5. India gets more voting rights in IMF reforms - Udio Wallet integrates a social, community-driven  International Monetary Fund’s (IMF’s) long- aspect with anytime, anywhere accessibility to digital pending 2010 Quota and Governance Reforms P2P (peer-to-peer) transactions via its secure and have finally become effective and came into effect seamless payment structure, creating a ubiquitous on 27 January 2016. ecosystem for both consumers and brands.  India’s voting rights increased by - 0.3% from 9. India to be fastest growing economy at 7.3% in the current 2.3% to 2.6%. 2016: United Nations.  China’s voting rights increased by - 2.2% from 10. Tech Mahindra launches contactless wallet current 3.8% to 6 %. ‘MoboMoney’ - Tech Mahindra has announced the  China will have the 3rd largest IMF quota and launch of ‘MoboMoney’, a first of its kind ‘Tap N Pay’ voting share after the US and Japan. contactless digital payment solution for the Indian 6. Govt revises down 2014/15 GDP growth to 7.2% masses. y/y - Government revised down its annual economic MoboMoney is a prepaid wallet issued in the form of a growth for the fiscal year that ended in March 2015 to NFC (Near Field Communication) contactless tag that 7.2 percent from 7.3 percent reported earlier. could be used to ‘Tap N Pay’ for goods and services. 7. HDFC Bank to sell loans to non-customers through 11. YES Bank commits $5 bn for climate action in India ATMs. - YES Bank, India’s fifth-largest private sector bank, has 8. TranServ launches India’s first social mobile wallet announced mobilisation of $5 billion towards its Udio - TranServ, a leading digital payments company, commitment to climate finance in India. has launched India’s 1st Social Mobile Wallet, Udio. 12. Banks need $140 billion to comply with Basel III norms by FY19: Fitch 7 | P age www.gradestack.com/blogs Indian Banks will need about $140 billion to ensure current share in international trade and national full compliance with the Basel III norms by 2018-19, foreign exchange reserves. Fitch Ratings said. Why IMF Include Yuan in SDR Basket? 13. SBT launches new initiative for faster release of (i) China is the world’s second largest economy and its wages under MGNREGS - State Bank of Travancore share in global trade is rising. (SBT) has launched an electronic fund management (ii) The inclusion of the Renminbi will enhance the system for direct and faster release of wages under the attractiveness of the SDR by diversifying the basket Mahatma Gandhi National Rural Employment and making it more representative. Guarantee Scheme. (iii) Due to various steps taken by the Chinese officials  This scheme has been introduced in the country like relaxing controls on foreign institutional investors for the first time and Kerala has been chosen for buying Chinese securities, easing restrictions on the pilot project. interest rates and the exchange rate, allowing capital to  System (NeFMS) will enable direct and immediate flow freely into and out of the just-launched Shanghai credit of wages into the accounts of the 21 lakh Free Trade Zone and efforts to develop China’s money beneficiaries (90% women) of MNREGS in all and bond market. districts of Kerala. Out of the above, about 50% of (iv) China now has five offshore Yuan trading centres the beneficiaries maintain accounts with SBT. viz., Hong Kong, London, Singapore, Taiwan and 14. BankBazaar.com launches ‘One Loan Two Homes’ Sydney. program - BankBazaar.com, an online financial (v) In 2013, the Yuan overtook the euro as the world’s marketplace, has launched a new ‘One Loan Two second-most used currency in traditional trade Homes’ program to help the flood-affected citizens of finance. Chennai. (vi) Recently, HSBC estimated that the amount of 15. ADB to fund $840-m corridor between Vizag, bonds denominated in Yuan sold outside China has Chennai - The Asian Development Bank will extend a doubled each year since 2008. $625 million loan to the proposed $840 million 17. Singapore replaced Mauritius as top source of FDI Visakhapatnam-Chennai Industrial Corridor. into India 16. China’s Yuan included in IMF’s SDR Basket – Singapore replaced Mauritius as top source of Foreign The International Monetary Fund (IMF) decided to Direct Investment (FDI) into India during April- include the Chinese Yuan in the basket of its elite September of 2015-16 financial year. reserve currencies which is used to calculate the value Note: As per the data, between 15 April and 15 of the special drawing rights (SDRs). September 2015, India received 43096 crore rupees as Note: The Yuan, also known as the Renminbi, will FDI from Singapore. In the same period FDI from join the US dollar, euro, Japanese yen and British Mauritius was 23490 crore rupees. pound next year from October 2016. 18. Arvind Subramanian-led panel recommended About Special Drawing Rights (SDR) standard rate for GST at 17-18 % - SDRs are supplementary foreign exchange reserve The Chief Economic Advisor Arvind Subramanian led assets defined and maintained by the International panel submitted its report on Possible Tax rates under Monetary Fund (IMF). Their value is based on a basket Goods and Services Tax (GST) to Finance Minister Arun of key international currencies reviewed by the IMF Jaitley. every five years. The commission recommended standard rate for GST Note: at 17 to 18 percent, the rate at which most products (i) SDR basket help countries defend against exchange would likely be taxed. rate fluctuations. After inclusion of the Yuan, the SDR 19. ONGC joined World Bank’s Zero Routine Flaring by will consist of five currencies viz., US dollar (41.73 2030 Initiative percent weightage), euro (30.93), pound sterling The Oil and Natural Gas Corporation Limited joined (8.09), Japanese yen (8.33) and Chinese Yuan (10.92 Zero Routine Flaring by 2030 Initiative of the World percent). Bank on the sidelines of Conference of Parties-21 (ii) The weightage assigned to each currency in the (COP-21) of UNFCCC in Paris. SDR basket are adjusted to take into account their Note: With this joining, ONGC has become the first oil company from India to join the global initiative 8 | P age www.gradestack.com/blogs that is aimed at curbing routine gas flaring at oil the selection of its member will start in the next six production sites around the world by 2030. months. 20. Farhan Akhtar appointed new brand ambassador of (ii) It will replace existing system Appointments Board IndusInd Bank. in which appointments for top level jobs at PSBs are 21. Finance Minister Arun Jaitley has been chosen as made by an appointments committee led by the 'Finance Minister of the Year, Asia' by London-based Reserve Bank of India (RBI) Governor. publication Emerging Markets. (iii) Composition: The BBB will be a body of ’eminent’ 22. EPFO raises maximum insurance cover to Rs 6 lakh professionals and shall consist of only one government - Employees Provident Fund Organisation (EPFO) official. It will be six members body with at least 3 substantially increased the maximum amount assured former bankers, 2 professionals and secretary, under its Employees' Deposit Linked Insurance department of financial services representing Scheme (EDLI) to Rs 6 lakh from the existing Rs 3.6 government. lakh. (iv)The board will give recommendations for 23. Cabinet allows 100 per cent FDI under automatic appointment of full-time Directors as well as non- route for white label ATMs operations, a move that is Executive Chairman of PSBs. aimed at promoting financial inclusion. 28. Axis Bank has launched the first Contactless Debit, 24. Axis Bank launched “LIME app”, a mobile phone Credit and Multi-Currency Forex Card in association application offering wallet, shopping, payments and with VISA payWave in the country. banking facilities. 29. Meghalaya achieves 100% financial inclusion 25. Gujarat tops in ease of doing business in India: under Pradhan Mantri Jan Dhan Yojna. Gujarat has been placed to top position in World 30. New Bank Note Paper Line unit inaugurated by Bank’s first ever ranking of States on the ease of doing Finance Minister Arun Jaitely in Hoshangabad, business in India. Madhya Pradesh. Top 5 States: Gujarat (71.14%), Andhra Pradesh 31. World Bank has approved an additional loan of 650 (70.12%), Jharkhand (63.09%), Chhattisgarh (62.45%) million dollars for India’s Eastern Dedicated Freight Corridor (DFC) Project. DFC Project aims at the faster and Madhya Pradesh (62.00%). delivery of goods between the northern and eastern 26. ADB (Asian Development Bank) lowered India’s parts of the country. Growth Forecast for 2016 from 7.8% to 7.4% 32. Axis Bank launched Ping Pay service for instant 27. Union Government has decided to set up a Bank money transfer: With the help of this service, Axis Board Bureau (BBB) to monitor key performance bank customer can transfer or ask for cash, through indicators of two dozen public sector banks (PSBs) various social media channels like Whatsapp, It was announced by Union Finance Minister Arun Facebook, Twitter, Email list and phone contact list. The transaction limit is at Rs50,000 per day. Jailtley as part of a seven-pronged revamp plan for PSBs dubbed as Indradhanush (rainbow) plan. Key points – (i) Bank Board Bureau (BBB) will start the functioning from next financial year i.e. from 1st April 2016 and India’s GDP growth rate projected by different organisations for FY16 1. Reserve Bank of India (RBI) – 7.4% 4. IMF – 7.3% 2. United Nation – 7.5% 5. ADB (Asian Development Bank) – 7.4% 3. World Bank – 7.8% 6. Central Statistics Organisation (CSO) – 7.6% 9 | P age www.gradestack.com/blogs CURRENT AFFAIRS New Appointments/ National  New Delhi Police Chief – Alok Kumar Verma  New Telecom Secretary – J. S. Deepak. He replaces  New Chairman of Chairman of The Energy and Rakesh Garg. Resources Institute (TERI) - Ashok Chawla. He  New CEO of NITI Aayog - Amitabh Kant. He replaces replaces B V Sreekantan. Sindhushree Khullar.  New Secretary of Department of Industrial Policy and  New CMD of BHEL - Atul Sobti Promotion (DIPP) - Ramesh Abhishek  New DG of Police of Uttar Pradesh - Javed Ahmed  New Executive Vice-Chairman of The Energy and  New CEO of Wipro - Abid Ali Neemuchwala. Resources Institute (TERI) - Rajendra K Pachauri  New ambassador of Incredible India campaign -  New Chief Justice of Bombay High Court - Justice Amitabh Bachchan Dhirendra Hiralal Waghela  New Chairman of Competition Commission of India -  New DG of Sashastra Seema Bal (SSB) - Archana Devender Kumar Sikri Ramasundaram  New DG of National Centre for Good Governance - Note: She became the first woman to head a Dr Gyanendra D Bandgaiyan paramilitary force.  Sam Pitroda appointed Technical Advisor to Odisha  New DG of CRPF - K. Durga Prasad. government  New DG of BSF - K.K. Sharma.  New CEO of Flipkart - Binny Bansal  New Census Commissioner of India – Sailesh. He  New Tata SIA Airlines Chairman - Bhaskar Bhat. He replaces C Chandramauli. replaced Prasad Menon  Achyuta Samanta elected as General President of  New MD & CEO of Tata Motors Ltd - Guenter 105th Indian Science Congress Butschek  New Chairman of Internet and Mobile Association of  New MD of Corporation Bank - J K Garg India (IAMAI) – Kunal Shah.  New Chief Minister of Bihar - Nitish Kumar.  New Chairman of Central Board of Direct Taxes Senior JDU leader Nitish Kumar was sworn-in as Chief (CBDT) - Atulesh Jindal. He replaces A K Jain. Minister of Bihar for the fifth time.  New Chief Information Commissioner - R K Mathur.  New Mumbai Police Commissioner - Datta He succeeds Vijai Sharma. Padsalgikar. He succeeds Ahmed Javed, who was  New Chief Justice of India - Justice Tirath Singh (TS) appointed as Ambassador to Saudi Arabia. Thakur sworn in as 43rd Chief Justice of India. He  New Chief Commissioner for Persons with succeeded incumbent Justice H L Dattu. Disabilities - Kamlesh Kumar Pandey.  New President of FICCI - Harshavardhan Neotia. He  New Chairman & Managing Director (CMD) of succeeds Jyotsna Suri. National Thermal Power Corporation (NTPC) Limited. - Gurdeep Singh New Lokayukta Appointed  New Lokayukta of Uttar Pradesh – Sanjay Mishra.  New Lokayukta of Delhi - Justice Reva Khetrapa Ambassador (Envoy)  New Australia’s Envoy to India - Harinder Sidhu  New Indian Ambassador to Mexico - Muktesh Kumar Pardeshi.  New Indian Ambassador to Saudi Arabia – Ahmed Javed (Mumbai Police Commissioner)  New Indian ambassador to Pakistan - Gautam Bambawale. He replaced TCA Raghavan.  New Indian ambassador to United Kingdom - Navtej Sarna. He succeeded Ranjan Mathai.  New Indian ambassador to China - Vijay Gokhale. He replaces Ashok Kantha. 10 | P age