Current Affairs For Bank, IBPS Exams - 09 May, 2015

Current Affairs for BANK, IBPS Exams

09 May 2015

MoU Between Indian Army and Bank of India

On 08th May 2015, an MoU was signed between the Indian Army and Bank of India (BOI) on the Defence Salary Package. This is the second MOU signed between them; the first MoU was signed in 2011 and was valid for a period of three years. The revised MoU is tailor made to suit the requirements of serving soldiers, pensioners and families.
Number of additional facilities have been incorporated in the revised MoU after concerted efforts. Army is hoping that this MoU will benefit a large number of serving and retired Army personnel who are having their accounts with BOI; and also provide them an opportunity to access modern banking facilities.
The basic features of the MoU are the same as before. It includes the standard bundle of free / concessional services including free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards etc.

Design, Dimension and Uniformity in Printing of Currency Notes

Notes of different denominations are printed by Presses of Security Printing and Minting Corporation of India Limited (SPMCIL), a wholly owned Central Public Sector Enterprise under the Department of Economic Affairs and Bharatiya Reserve Bank Note Mudran (P) Limited (BRBNMPL), a wholly owned subsidiary of Reserve Bank of India (RBI), as per the specifications/security features introduced as part of 2005 series banknotes.
Under the provisions of the Reserve Bank of India Act, 1934, RBI has the sole right to issue bank notes of denominational value of Rs. 2 and above. All bank notes are guaranteed by the Government of India. All bank notes issued by RBI are genuine and RBI is responsible for maintaining the quality of banknotes in circulation.

Setting up an Autonomous Bank Board Bureau

The Government proposes to set up an autonomous Bank Board Bureau to improve the Governance of Public Sector Banks. The Bureau will search and select heads of Public Sector Banks and help them in developing differentiated strategies and capital raising plans through innovative financial methods and instruments. This would be an interim step towards establishing a holding and investment Company for Banks.

David Cameron wins UK Parliamentary Election

In the 2015 United Kingdom Parliamentary elections, Prime Minister David Cameron led Conservative Party has won the election. Conservative Party by winning 331 seats out of total 650 seats in House of Commons has emerged single largest party in this general election.
Conservative Party received 36.9% vote share of the total national vote. With this win, David Cameron will become Prime Minister for second term. Labour Party has won 232 seats with 30.4% vote share, emerging as largest opposition party. Scottish National Party (SNP) has emerged third largest party in this election by winning 56 seats with 9% of vote share. SNP has won 56 seats of the 59 seats from Scotland.

Google open its first Google campus in South Korea

Google formally opened its first Asian start-up “campus” in Seoul for a new generation of tech entrepreneurs. Opened by President Park Geun-Hye, Campus Seoul is housed in the capital’s upscale Gangnam district which has become a focal point for the Korean start-up community.
As well as providing a space for people to work and network, it offers mentoring and training by Google teams and experienced entrepreneurs, as well as access to other start-up communities in Asia and beyond.
It’s a point that has been touted as tipping for some time, nudged by a highly educated, hard-working community in a country with some of the world’s fastest broadband speeds and highest smartphone penetration rates.
But despite the domestic success of some start-ups, Korean firms have struggled to take their products to the global market.
There are a variety of reasons, including a lack of funding and know-how, well-intentioned but overly regulated government involvement, and the absence of any real role models.
The government has also stepped up, with Park’s administration in 2013 unveiling a 3.3 trillion won fund to nurture start-ups over the next three years.
The Google campuses are not-for-profit projects that the US tech giant says carry the over-arching benefit of widening the Internet eco-sphere. The Seoul outpost is modelled after similar facilities in London and Tel Aviv, and soon to be Warsaw and Sao Paulo.
Basic membership is free and space is provided at very low rates. Google has no financial stake in the start-ups that use the Seoul campus, although it clearly doesn’t hurt to have a close eye on what might become the next Twitter or Uber.