Current Affairs For Bank, IBPS Exams - 16 May, 2015

Current Affairs for BANK, IBPS Exams

16 May 2015

SBI launches Contactless card-SBIinTouch

State Bank of India joined its private sector rivals has launched contactless credit and debit cards with near field technology (NFC).
Called the SBIinTouch cards, these contactless debit and credit cards are more secure and hassle-free to use at merchant outlets or ATMs and use the NFC technology which enables users to make payments by waving or tapping the card near the contactless reader instead of swiping or dipping it.

RBI allows transactions upto Rs 2000 without second factor authentication

In a move that will promote 'tap and pay' electronic payments, the Reserve Bank of India (RBI) said that bank can allow customers to transact with contactless card upto Rs 2000 without customers punching a separate PIN for authentication. The 'tap and pay' refers to the use of near-field communication ( NFC) technology, enabling users to make payments by waving or tapping the card near the contactless reader instead of swiping it. Prior to this relaxation, after tapping the card at a point of sale machines, the customer had to punch their PIN number as an additional factor authentication to avoid any chances of fraud. On Thursday, RBI has said that additional factor authentication is not required upto Rs 2000 per transaction and a customer can now just wave the card before the PoS machines to complete the transaction.
The move will boost electronic transactions at retail outlets and also fasten the payments at toll services. The RBI has said that banks should give customers a choice to set a limit lower than Rs 2000 per transaction. RBI has said that issuing bank will be responsibility for authorising the contactless payment based on such card-based limits.
The RBI has also asked to ensure that the contactless cards is a chip card adhering to EMV payment standard, so as to be acceptable across the existing card acceptance infrastructure which are EMV compliant.
Among other things, RBI has asked banks to put in place a robust mechanism for seamless reporting of lost or stolen cards, which a customer can be accessed through multiple channels such as website, phone banking and SMS. Also, it has asked banks conduct velocity checks to decide on how many such small value transactions could be allowed in a day or a week or a month.

Gagan Narang wins bronze medal in ISSF World Cup in 50m Rifle Prone event

Gagan Narang has won the bronze medal in the 50m Rifle Prone Event of the ISSF World Cup at Fort Benning in USA, earning himself a quota place for the 2016 Rio Olympics.
Earlier in the competition, Narang and India's only individual Olympic gold medallist Abhinav Bindra, had failed to qualify for the 10m Rifle final. Narang is third Indian shooter to make the Rio cut after Jitu Rai and Apurvi Chandela.
Chandela had secured the quota place by winning the bronze in the 10m Rifle at World Cup in Korea last month. Pistol ace Jitu Rai had won India's first Olympic quota place at the World Championships in Granada, Spain last year, when he won silver in the 50m Free Pistol event.
Each country can win a maximum of 30 quota places from a total of 15 shooting disciplines (including shotgun events), two each from each discipline.

Vice President Confers Pt. Haridutt Sharma Award to Smt. Anurradha Prasad

The Vice President of India Shri M. Hamid Ansari conferred the “Pt. Haridutt Sharma Award” in the field of Journalism, Writing and Social Services to Smt. Anurradha Prasad, Editor-in-Chief, News-24 Channel. Addressing on the occasion, the Vice President opined that the Media persons should always do news reporting in an impartial and responsible manner with objectivity. He congratulated Smt. Anurradha Prasad for her outstanding contribution in the field of Media and said that she has maintained the dignity of Journalistic profession in her professional career.
Pt. Haridutt Sharma was a renowned journalist and eminent writer. In his memory, this Annual award is given in the field of Journalism, Writing and Social Services for the outstanding contribution in their respective field. The Award consists of Cash prize of Rs. 51000/-, Citation, Trophy, Shawl and Souvenir.

India, China to set up hotline between Army HQs

The omnibus communiqué, which emerged after talks between Prime Minister Narendra Modi and his counterpart Li Keqiang at the Great Hall of the People, said a hotline between the two Army Headquarters would be established and additional points along the frontiers would be opened to enable local border commanders to hold crisis-management meetings.
Annual exchange visits between the two military headquarters and neighbouring military commands would continue. During talks, Mr. Modi “reiterated the importance of clarification of Line of Actual Control (LAC)”. The Prime Minister said the Chinese leadership was “responsive,” when he suggested that “China should take a strategic and long term view of our relations”.