Current Affairs For Bank, IBPS Exams - 28 January, 2014

Current Affairs For Bank, IBPS Exams

In an unexpected move, the Reserve Bank of India RBI raised the repo rate---its key lending rate—by 0.25 percentage points to 8%, raising fears of yet another rise in home loan EMIs.
The surprise hike in the benchmark lending rate came in despite lower inflation rates in December. The central bank cut its growth forecast to less than 5% for 2013-14, but placed its bets firmly on the turnaround in the broader economy in the next financial year.
The central bank, however, made it clear that any action on interest rate movements will be determined by future price data.
Equity markets reacted sharply with the benchmark Sensex falling by over 100 points shortly after the RBI’s rate hike announcement.
Higher borrowing costs will likely hit consumers squeezed by high prices, flat salary hikes and costly mortgage financing rates.
The RBI’s latest move, however, will likely draw strong reactions from business leaders who have been clamouring for an interest rate cut arguing that costly borrowing and high raw material costs have crimped expansion and hiring plans.
India’s wholesale inflation rate eased to a five-month low of 6.16% in December on plunging vegetable prices, giving some reason to smile for the UPA government battling to help the economy fight through a period of low growth and high prices ahead of national elections.

The National Innovation Council (NInC) and the Ministry of Micro, Small and Medium Enterprises announced the creation of the India Inclusive Innovation Fund.
The fund seeks to combine innovation and the dynamism of enterprise to solve the problems of citizens at the bottom of the economic pyramid in India.
The fund, launched by Sam Pitroda, head of the NInC, is an autonomous Rs 500-crore fund, with the Union Government contributing 20 per cent. The balance will come from public sector banks, financial institutions, insurance companies, multilateral/bilateral development agencies, Indian & global corporates.
The fund’s life is for nine years, extendable by up to two years (subject to approval of contributors) and it will focus on healthcare, food and nutrition, agriculture, education, energy, financial inclusion, environment, technology as an enabler, among others.

Considering the increase in the average speed of packing machines, the government has revised the capacity of production and consequently increased the duty applicable to pan masala and tobacco products including gutka, chewing tobacco, unmanufactured tobacco and filter khaini packed in pouches with the aid of packaging machines etc. under the compounded levy scheme.
Beside above, considering the domestic requirement of iron ore pellets, the government has decided to impose an export duty of 5% on iron ore pellets.
Iron ore fines and lumps are leviable to an export duty of 30%. Iron ore pellets are however exempt from export duty. In 2012-13, exports of iron ore pellets were negligible.
However, in April-November 2013, exports of iron ore pellets have risen sharply, causing an apprehension about shortage of iron ore in the country. Iron ore is a critical raw material required for production of steel.

India turned the match on its head in the last two minutes to secure a cherished gold in basketball at the Lusofonia Games 2014.
Tied 67-67 against Angola and with just two minutes on the clock, India left the visitors gasping for breath with some inspiring play as they finished 77-70 at the Shyam Prasad Mukherjee Indoor Stadium in Taleigao.
India deserved every bit of the gold, the country's first involving teams from outside the sub-continent for as long as anyone can remember. They dominated three quarters of the match, and after being down 50-53 going into the final quarter, the hosts overcame weariness, both physical and mental, to emerge champions.
Joginder, India's big-shots player, was the star of the day, accumulating 18 points, 15 of them through three-pointers. Then there was Bhriguvanshi, whose 17 points came at a time when the team needed it the most.
In the women's category, Mozambique were in a league of their own as they thumped Angola 73-49 to clinch the gold medal. India, who lost to both Angola and Mozambique in the group stage, had to settle for the bronze medal, finishing just ahead of bottom-placed Macau.

South Korea's Olympic badminton gold medallist Lee Yong-dae has been hit with a one-year ban for missing doping tests, said the Badminton World Federation (BWF) .
The 25-year-old won mixed doubles gold at the 2008 Games in Beijing and a bronze medal in the men's doubles in London four years later. Another Korean player, Kim Ki-jung, was also banned for one year.
The ban was effective until Jan. 23, 2015, the federation said in a statement, meaning the players would miss the Asian Games in Incheon later this year.

Former Indian cricket captainRahul Dravid announced his association with GoSports Foundation with an aim to contribute towards the development and mentorship of Indian junior Olympic and Paralympic athletes.
Dravid will join the Board of Advisors of sports non-profit organisation and will also institute the 'Rahul Dravid Athlete Mentorship Programme'.
The mentorship will involve Dravid and his team of experts personally advising select high-potential athletes at key phases in their careers, and also providing them access to scientific expertise, performance and injury management, and allied professional services, so as to provide specific and meaningful support to their young careers.
Dravid joins 2008 Olympic gold medallist Abhinav Bindra on the Foundation's Board of Advisors.