Current Affairs For Bank, IBPS Exams - 03 February, 2014

Current Affairs For Bank, IBPS Exams

Insurance regulator IRDA has set up a nine-member committee to review the 14 non-legislative recommendations made by the Financial Sector Legislative Reforms Commission (FSLRC).
The committee will also examine the extant legislative and regulatory framework in compliance 14 non-legislative recommendations (NLRs).
The non-legislative recommendations are related with consumer protection, transparency and capacity building, among others.
The Insurance Regulatory and Development Authority (IRDA) said the committee will submit its report by April-end.
The committee members include C.R. Muralidharan, G. Prabhakara, and Mathew Varghese, all ex-Members, IRDA and M.S. Sahoo, ex-Member, SEBI.
The committee will identify the gaps and possible improvements in the extant framework vis-a-vis the 14 NLR. The panel will also suggest changes or modifications to the extant framework in compliance with the 14 NLR.

The moment of reckoning finally dawned on the Karnataka team after 14 long seasons. And while seizing the moment, the Karnataka players ensured that they would not be denied their shot at glory by completing a seven-wicket win over two-time champion Maharashtra at Rajiv Gandhi Stadium to win the Ranji trophy for the seventh time.
With Maharashtra resuming at 272 for six, Karnataka captain Vinay Kumar had preferred pace for most of the morning session, clearly in no mood to give away easy runs. But it was when he brought on 20-year-old leg-spinner Shreyas Gopal that things started happening; the latter did not disappoint his captain, sending back Srikant Mundhe (42, 75b, 3x4), who was beginning to look dangerous, and Akshay Darekar (13) in quick succession.
The last time Karnataka won the national championship was in 1999 when it defeated Madhya Pradesh in the final.
Karnataka collected the winner’s purse of Rs.2 crore and the trophy from BCCI vice-president N. Shivlal Yadav, while runner-up Maharashtra picked Rs. 1 crore.
Lokesh Rahul was named ‘Man-of-the-Match’.

Professional players do not spend too much time worrying about providing entertainment to the galleries. They just try to get the job done as quickly and efficiently as possible.
That was the hard lesson for the capacity crowd at the Indore Tennis Club as the Chinese Taipei challenge ended tamely with India running up a 5-0 victory in double quick time on the final day of the Davis Cup Asia-Oceania group ‘I’ tie.
After that, Yuki Bhambri dismissed Taipei’s doubles specialist Hsien-Yen Peng 7-5, 6-0 in 55 minutes. His two wins in the match helped Bhambri, who had beaten Yang in the first rubber on the opening day, enhance his Davis Cup record to 8-1. His only defeat since making his Cup debut against South Africa in 2009, was at the hands of Farrukh Dustov of Uzbekistan in Namangan in 2012.
This was the third time in a row that Bhambri was winning both his singles rubbers, following the efforts against New Zealand and Indonesia.
The results: India bt Chinese Taipei 5-0 (Saketh Myneni bt Tsung-Hua Yang 6-1, 6-4; Yuki Bhambri bt Hsien-Yen Peng 7-5, 6-0).

Minister for Rural Development Jairam Ramesh said that the wage rate of UPA’s flagship MGNREGA will be increased from April this year due to inflation. The notification will be placed before Parliament in the coming session scheduled to begin this week.
Addressing the 9th MGNREGA Divas, the Minister said MGNREGA wage rate has already been linked to Consumer Price Index and the yearly revision follows from it. Mr. Ramesh acknowledged that there is need for parity in the MGNREGA wage rate and the minimum wage in nearly 14 States including Bihar and Jharkhand, where the rural job wage is lower than minimum wage.
The Minister also encouraged the officials to motivate and help small and marginal farmers to undertake land levelling and irrigation schemes on their land under MGNREGA and lamented that only 10 per cent farmers have so far benefited from this provision.
Minister of State for Rural Development Pradeep Jain Aditya said that MGNREGA has brought about a revolution in rural India and stopped distress migration from rural to urban areas. He noted that this year more than 3 crore 80 lakh families have benefitted so far. While Mr. Jain acknowledged that fighting corruption in its implementation is a big challenge he asserted that it is the responsibility of the State governments.