Current Affairs For Bank, IBPS Exams - 19 December, 2013

Current Affairs For Bank, IBPS Exams

19 December 2013

RBI reference rates fixed

The Reserve Bank of India fixed the reference rate of rupee against U.S. dollar at 62.3800 and the euro at 85.2945 as against 61.9176 and 85.2692 on Wednesday.
In a press release issued by RBI, the exchange rates for the pound and yen against the rupee were quoted at 102.1535 and 59.98 per 100 yen, based on reference rates for the dollar and cross-currency quotes at noon.
The reference rate is based on the noon rates of select banks here and the SDR-Rupee rate would be based on this rate.

Rates Unchanged

The Reserve Bank of India (RBI), kept the indicative policy rates (repo) and cash reserve ratio (CRR) unchanged. However, it said that it would act if inflation rates remain at stubbornly high levels.
The RBI kept the repo rate at 7.75 per cent, and kept the CRR, which is the portion of the total deposits the banks have to keep with the central bank as a reserve, at the current level of 4 per cent. Repo rate is the short term rate at which banks borrow funds from the central bank.
RBI Governor said that retail inflation measured by the consumer price index (CPI) has risen unrelentingly through the year so far, “pushed up by the unseasonal upturn in vegetable prices, double-digit housing inflation and elevated levels of inflation in the non-food and non-fuel categories.”
Wholesale inflation has also gone up sharply from second quarter onwards, with upside pressures evident across all constituent components. “High inflation at both wholesale and retail levels risks entrenching inflation expectations at unacceptably elevated levels, posing a threat to growth and financial stability.”
The pick-up in real GDP growth in the second quarter of the current fiscal was driven largely by robust growth of agricultural activity, supported by an improvement in net exports, said Dr. Rajan, adding, the weakness in industrial activity, however, persisting into the third quarter, still lacklustre lead indicators of services and subdued domestic consumption demand suggest continuing headwinds to growth.

Sebi exempts govt from making open offer to IOB shareholders

Capital market regulator Sebi exempted the government from making an open offer to public shareholders for acquiring shares of Indian Overseas Bank after the Rs. 1,200 crore capital infusion that will raise its stake in the state-owned lender to 79 per cent.
The government, promoter of IOB, holds 73.80 per cent stake in the bank. It has proposed to acquire nearly 23 crore additional shares of the bank by way of preferential allotment against the Rs. 1,200 crore infusion.
Once the government purchases these shares, its stake in IOB will rise by little over 5 per cent to 79.01 per cent.
As per the rules, when entities holding 25 per cent or more stake in a company acquire additional 5 per cent or more stake in the firm, they are required to make an open offer so as to provide an exit opportunity to the public shareholders.
In an order , Securities and Exchange Board of India (Sebi) said that even after the proposed hike in government stake in IOB the minimum public shareholding level — which is 10 per cent for public sector units —— would be maintained.
In addition, the market regulator said there would be no change in the management control at IOB.

Most Searched Sportsperson: Sachin Tendulkar

India's cricket legend Sachin Tendulkar, who recently retired from all forms of the game, is the most searched sportsperson and also features among the top-10 most searched Indian personalities of 2013, according to Google.
Besides Tendulkar, the other most searched sportspersons are athletic legend Milkha Singh, India cricket skipper Mahendra Singh Dhoni, Lionel Messi, Roger Federer, Sania Mirza, Rahul Dravid, Chris Gayle, Ravindra Jadeja and Saina Nehwal.
In a survey carried out by Google India, the much scandalised 2013 Indian Premier League (IPL) is the second in the top trending list. This year's IPL was rocked with charges of spot-fixing and betting charges.
Dravid, who led Rajasthan Royals in the IPL, and India's Olympic bronze medallist Saina Nehwal also featured among the top-10 most searched news.

Revised weight category in Rio Olympics

India found itself at the wrong end of the reforms announced by wrestling's world governing body FILA. With the new rules, the country is staring at a nightmarish prospect of having to field just one of Sushil Kumar or Yogeshwar Dutt, both medal winners at London Olympics, for the Rio Games in 2016.
FILA dropped a weight category in freestyle wrestling while rejigging the existing ones. Grapplers will now compete in 57 and 65kg categories instead of the 55, 60 and 66kg classes, like they did at the 2012 London Games.
For India, its three top wrestlers compete in these three categories — Amit Kumar, who won silver at this year's world championships, in 55kg; London Olympics bronze medallist Yogeshwar in 60kg and double Olympic medallist Sushil in 66kg. The revised weight category in freestyle wrestling would be 57, 65, 74, 86, 97 and 125kgs. The changes will come into effect from January 1.
It is expected that 20-year-old Amit, regarded as the best young talent in the country, will move his weight class from 55 to 57kg. Consequently, the toss up for the one remaining lightweight spot (65kg) is between Sushil and Yogeshwar.