Current Affairs For Bank, IBPS Exams - 1 July, 2015

Current Affairs for BANK, IBPS Exams

1 July 2015

::National ::

‘Digital India Week starts fom today

The Department of Electronics and IT (DeitY), which is implementing the government’s ambitious Digital India programme, is expecting commitments of investments to the tune of Rs. 2 lakh crore from domestic and foreign firms at the launch of ‘Digital India Week’ by Prime Minister Narendra Modi on Wednesday.
“Initial indications are that we will get commitments for Rs. 2 lakh crore of investments…,” a source in the Department said.
While Taiwanese firm Delta Electronics is likely to announce the setting up of an electronics manufacturing facility at an investment of half-a-billion dollars, the home-grown mobile phone maker Lava will commit Rs.1,200 crore for opening a factory.
Top industrialists such as Tata Group chairman Cyrus Mistry, RIL chairman Mukesh Ambani, Bharti Enterprises chairman Sunil Mittal and Reliance Group chairman Anil Ambani are also likely to make similar announcements.
The Prime Minister, while sharing the road map for Digital India, will unveil e-governance schemes such as Digital Locker, e-education and e-health.

MNP from July 3

Nationwide mobile number portability, which will allow customers to keep their existing mobile phone numbers while shifting between States and circles, will be operational from July 3, a senior telecom official said.

::International::

Why Greece’s debt crisis happenes

The country has been in a long standoff with its European creditors on the terms of a multibillion-dollar bailout. If the country goes bankrupt or decides to leave the 19-nation eurozone, the situation could create instability in the region and reverberate around the globe.
The country missed a Tuesday deadline to repay roughly 1.6 billion euros, or $1.8 billion, to the International Monetary Fund.
Hours before the deadline for the payment, Prime Minister Alexis Tsipras asked the other nations that use the euro to provide another bailout, which would buy time for Athens to renegotiate its crippling debt load.
Chancellor Angela Merkel of Germany said earlier in the day that no deal with Tsipras's government could be negotiated until after a Greek referendum scheduled for Sunday.
Greek voters will be asked to accept or reject an offer made last week by the country's creditors.
The International Monetary Fund did not use the term default after Greece missed its payment deadline. The fund instead placed the country in so-called arrears.
Credit-rating agencies will not consider Greece to be in default based on missing the IMF payment, for the technical reason that the IMF is not considered a commercial borrower.
But the ratings agency Standard & Poor's did say Tuesday that it would designate Greece as being in default if the country cannot make payments to private creditors, like 2 billion in Greek Treasury bills that are due on July 10.
Regardless of the country's technical status, missing the payment will most likely prove to be a warning that Greece will probably be unable to meet its other obligations in coming weeks to its bond holders and to the European Central Bank.
That might make the central bank less willing to continue emergency loans that have been propping up the Greek banking system for the past several weeks.

What happens next?

Sunday's referendum will test whether Greek citizens want to stay in the eurozone.
New elections could also be held if Greece's financial situation worsens.
Or Greece could test the willingness of Russia or China to help should talks with Europe falter.
Some people are now saying that the real deadline is late July, after all the warnings that Tuesday was the make-or-break day.
July is when Greece owes the European Central Bank a 3.5 billion euro payment. If there is no international bailout program in place by that time, and little chance of such a program being in the works, the central bank at that point would probably have to finally take Greek banks off life support.

::Business ::

What is balanced fund?

Securities and Exchange Board of India (Sebi) chairman U.K. Sinha on Tuesday cleared the air over the misconception that the market regulator was possibly discriminating between existing balanced funds and the ones that were in the pipeline.
“There appears to be a misconception that Sebi is differentiating between large fund houses on one side and small and mid-sized fund houses on the other.
There is no such thing. Balanced funds should be balanced and they should, therefore, have a more equitable distribution between equity and debt
Sebi wants fund houses to launch balanced funds that invest about 50-60% in equities and the rest in fixed income. “But existing balanced funds—that invest 65% to up to 80% in equities—are allowed to continue.
Earlier this year, JPMorgan India Balanced Advantage Fund (JBA) couldn’t be launched as one of the old generation balanced funds, senior fund industry officials had pointed out to us earlier. While many existing balanced funds have a minimum equity exposure of 65%, JBA was not allowed to have equity exposure in excess of 60%.
To remain a balanced fund, it had to change its asset allocation to meet Sebi’s requirements—it now invests 30-60% in equities, another 30-60% in fixed income and 5-10% in arbitrage opportunities. Plus, it added the word “Advantage” to its name.