Current Affairs For Bank, IBPS Exams - 19 May, 2015

Current Affairs for BANK, IBPS Exams

19 May 2015

GMR signed MoU with GIIC to develop SEZ in Andhra Pradesh

GMR Infrastructure Ltd. has signed Memorandum of understanding (MoU) with Guizhou International Investment Corporation (GIIC) for developing Kakinada special economic zone (SEZ) in Andhra Pradesh.
On behalf of GMR Infrastructure Ltd. the MoU was signed by its subsidiary Kakinada SEZ (KSEZ) Pvt. Ltd- President Challa Prasanna in the presence of Prime Minister Narendra Modi and GMR founder Grandhi Mallikarjuna Rao in Beijing, China.
The MoU seeks to set up industrial park for Chinese high-end equipment manufacturing companies in Kakinada SEZ (KSEZ). In this regard, a consortium of three Chinese manufacturing firms- GIIC plans to set up 2,000 acres industrial park.
It should be noted that KSEZ is a port-based multi-product special economic zone, spread over about 10,500 acres.
The fully developed facility by KSEZ and GIIC will in turn generate over 5,000 jobs for both skilled and unskilled workers.
For developing the infrastructure and various facilities of the industrial park GIIC will invest $500 million. In addition, Chinese companies setting up units at the park will invest $ 2-3 billion on their operations over five years.

Reliance Jio signed pact with Huawei for 4G devices

Reliance Jio Infocomm (RJio), a telecom arm of Reliance Industries (RIL) has signed a pact with Chinese telecom equipment manufacturer firm Huawei for sourcing various 4th Generation (4G) devices.
As per agreement, Huawei will supply RJio with 4G devices which include smartphones, tablets and mifi dongles. Apart from Huawei two other Chinese telecom firms are eager to supply 4G devices to RJio.
This agreement will play important role in RJio ambitious plans to launch 4G service by 2015 in around 5,000 towns and cities in India. It seeks to cover over 90 per cent of urban India and over 2.15 lakh villages.
It should be noted that it is mandatory for RJio and other Indian telecom companies to roll out the 4G services who had won broadband wireless access (BWA) spectrum in 2010 by August 31, 2015 as per the licensing agreement.
These services must be rolled out in at least 90 per cent of the service areas, failing which the Department of Telecom (DoT) have the right to withdraw the radiowaves. In this regard, DoT also had announced the procedure to test network roll out of companies that have procured BWA spectrum.

India signed seven agreements with South Korea

India and South Korea on 19th May has signed seven agreements to boost the bilateral ties. These agreements were signed in the presence of India’s Prime Minister Narendra Modi and South Korea President Park Geun-hye in Seoul. These agreements are:

Agreement on Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.
Agreement on Cooperation in Audio-Visual Co-Production
MOU for Cooperation between the National Security Council Secretariat of the Republic of India and the Office of National Security of the Republic of Korea
MOU between the Ministry of Power of the Republic of India and the Ministry of Trade, Industry and Energy of the Republic of Korea concerning Cooperation in the field of Electric Power Development and New Energy Industries.
MOU between the Ministry of Youth Affairs and Sports of the Republic of India and the Ministry of Gender Equality and Family of the Republic of Korea on Cooperation in Youth Matters
Framework of Cooperation in the Field of Road Transport and Highways between the Ministry of Road Transport and Highways of the Republic of India and the Ministry of Land, Infrastructure and Transport of the Republic of Korea
MOU between the Ministry of Shipping of the Republic of India and the Ministry of Oceans and Fisheries of the Republic of Korea on Cooperation in the Fields of Maritime Transport and Logistics

FM asks regulators to speed up work on single DMAT account, uniform KYC norms

Finance minister Arun Jaitley has asked sector regulators to speed up work on a single demat account and uniform know your-customer norms for all financial products. This common account aggregation facility will allow customers to hold bank accounts, stocks and mutual fund holdings, debentures, subscription to insurance policies, pension plans and other investments at one place. A single KYC will also suffice for investors in such a framework.
Addressing the Financial Stability and Development Council, Jaitley asked the regulators to expeditiously put in place the necessary framework. The meeting of the council, attended by financial sector regulators including Reserve Bank of India governor Raghuram Rajan, Securities & Exchange Board of India chairman UK Sinha, Insurance Regulatory & Development Authority chairman TS Vijayan, Pension Fund Regulatory & Development Authority chairman Hemant Contractor and Forward Markets Commission chairman Ramesh Abhishek, took stock of the state of the macro-economy and challenges, including external sector vulnerabilities.
The council observed that macro-economic weaknesses have reduced significantly in recent months on the back of policy initiatives taken by the government, improvement in growth outlook, fall in inflation, recovery in the external sector and political stability, the finance ministry said in a statement.

Harkeert Singh Saini wins Top Civilian Supervisor award

Harkeert Singh Saini, an Indian-American policeman has been awarded the prestigious Top Civilian Supervisor of the Year. He was conferred with award for his efficient services to the Houston Police department in the state of Texas of United States. He received this award from Houston Mayor Anise Parker and Police Chief Charles A McClelland.
Saini hails from Hoshiarpur district of Punjab and is a graduate from Deshbandu College in New Delhi. He had settled in Houston in 1998 and joined Houston Police Department in March 2000. In his 15 years of service he was subsequently promoted as an office supervisor.