Daily GK 29th October Current Affairs

Published for http://www.jobentra.blogspot.com

1.    RBI hikes Repo Rate by 0.25 percent

i. Along expected lines, the Reserve Bank of India Governor hiked the repo rate by 25 basis points in the October monetary policy review today.

ii. The repo rate is now at 7.75 per cent. He had also raised it by 25 bps in the mid-quarter review in September.

Note: Repo rate is the rate at which banks borrow short term funds from RBI.

iii. Inflation has been on the upswing during the past few months. Wholesale price index (WPI) inflation touched 6.46 per cent in September while consumer price index inflation was at 9.84 per cent. Both these measures have been way beyond the comfort level of the RBI.

MSF rate cut by 25 bps

i. The Governor has also cut the marginal standing facility (MSF) rate by 25 bps to 8.75 per cent.

ii. The corridor between the repo rate and the MSF rate is now back to 100 bps signaling the return to normalcy in currency markets.

Note: The MSF is an emergency window that banks borrow from when faced with a funds crunch.

Holds CRR

i. The RBI has kept cash reserve ratio (CRR) unchanged at 4.0 per cent of deposits and increased the liquidity provided through term repos of 7-day and 14-day tenor from 0.25 per cent of deposits of the banking system to 0.5 per cent with immediate effect.

Five pillars of building growth

The Reserve Bank also said that its developmental measures over the next few quarters will be built on five pillars. These are:

i. Clarifying and strengthening the monetary policy framework

ii. Strengthening banking structure through new entry, branch expansion, encouraging new varieties of banks, and moving foreign banks into better regulated organisational forms.

iii. Broadening and deepening financial markets and increasing their liquidity and resilience so that they can help absorb the risks entailed in financing India’s growth.

iv. Expanding access to finance to small and medium enterprises, the unorganised sector, the poor, and remote and underserved areas of the country through measures to foster financial inclusion.

v. Improving the system’s ability to deal with corporate distress and financial institution distress by strengthening real and financial restructuring as well as debt recovery.

Current Rates:

1. Repo Rate – 7.75%

2. Reverse Repo Rate – 6.75%

3. CRR – 4%

4.SLR – 23%

5. Bank Rate – 8.75%

6. MSF – 8.75%

Important Points:

1. Limit of banks against their cash positions or NDTL to 0.5 per cent for both 7-day and 14-day repos

2. The Reserve Bank on Tuesday scaled down the growth forecast for current fiscal to 5 per cent from the earlier projection of 5.5 per cent.

3. The World Bank slashed India’s economic growth forecast for the current financial year to 4.7 per cent from an earlier projection of 6.1 per cent

4. IMF projected an average growth rate of about 3.75 per cent for India in 2013-14.

2.    P.S. Raghavan appointed as the next Russian Ambassador

i. P.S. Raghvan was appointed as the next Ambassador of India to Russia on 28 October 2013.

ii. At present, Raghvan, the IFS of 1979 batch is serving as the current Secretary in the Ministry of External Affairs (MEA).

iii. He will succeed Ajai Malhotra, who will retire on 30 November 2013. 

3.    Ashok Amritraj gets Soul of India award

i. Tennis player-producer Ashok Amritraj, who has produced 109 Hollywood films, was presented with the 'Soul of India Award' for his outstanding achievements in the film industry.

ii. Leading NRI industrialist Dr Rami Ranger presented the award to the 57-year-old producer at the Indian Journalists Association's Diwali Dinner held at the Bombay Palace here last night.

iii. Mrs Paul, wife of Dr Virendra Paul, formally launched Amritraj's book 'Advantage Hollywood' on the occasion. 

iv. Amritraj has produced 109 Hollywood films. His hits, starting with 'Double Impact' in 1991, have included 'Ghost Rider: Spirit of Vengeance', 'Bandits', 'Machete and Premonition'.

v. The latest, 'Life of Crime', starring Jennifer Aniston and Tim Robbins, closed the Toronto Film Festival and opened the one in Abu Dhabi on October 24.

vi. In addition to his work in the entertainment business, Amritraj spends much of his time on his philanthropic endeavours. He lives in Los Angeles, California, with his wife and two children.

4.    India and Peru Signed MoUs to Strengthen Bilateral Cooperation

i. India and Peru signed 4 documents/Mous on during the official visit of the Vice President of India, Mohammad Hamid Ansari to Peru on 29 October 2013.

ii. The Vice President of India visited Peru to celebrate the 50th year of establishment of diplomatic ties between the two countries.

iii. India and Peru signed documents in the field of education, defence cooperation, in the fields of Museum Development, Conversation of Movable Cultural Property and Dissemination and Promotion of Cultural Heritage.

iv. The Vice President of India held detailed discussions with the President of the Republic of Peru, Ollanta Humala Tasso and the first Vice President of Peru, Marisol Espinoza and the Minister of Foreign Affairsof Peru, Ms. Eda Rivas Franchini.

5.    Government of India Decided to Appoint Arup Raha as Chief of the Indian Air Force

i. The Government of India on 29 October 2013 decided to appoint Air Marshal Arup Raha as the next Chief of the Air Staff. 

ii. He will take the charge after the retirement of present Chief of the Air Staff NAK Browne on 31 December 2013.

iii. Air Marshal Arup Raha is presently the Vice Chief of Air Staff.

About Air Marshal Arup Raha

i. Arup Raha was commissioned into the IAF on 14 December 1974 in the Fighter Stream of the Flying Branch. During a career spanning over nearly 39 years, he has held various command, staff and instructional appointments. 

ii. He has served as Air Attache at the Embassy of India, Ukraine. Besides various technical courses, Air Marshal Raha has done National Defence College, Staff College, Strategic Nuclear Orientation Course and Junior Commanders’ Course. 

iii. He has commanded Central Air Command and Western Air Command. He is one of the Honorary ADCs to the Supreme Commander.

6.    Panel set up to study division of assets between Telangana, AP

i. The Centre has constituted a high-level committee headed by former CRPF Chief, K Vijay Kumar, to look at the division of assets and the administrative framework which would be required when Telangana is created upon bifurcation of Andhra Pradesh.

ii. The committee, which will visit Hyderabad tomorrow, will interact with professionals, State Government officials and government bodies before preparing its report.

iii. It will also look at various options regarding the division of assets between the new state of Telangana and the residuary one of Andhra Pradesh, official sources said.

iv. The said GoM, which has met twice, has already held detailed discussions regarding the sharing of river waters, power, distribution of assets and demarcation of boundaries.

v. It will also look into the legal and administrative measures required to ensure that both the Telangana and Andhra Pradesh Governments can function efficiently from Hyderabad as their common capital for 10 years.

7.    With $21 b, Mukesh Ambani tops Forbes list of India's richest once again

i. With a networth of $21 billion, Mukesh Ambani has retained his title as India’s wealthiest for the sixth year in a row, while the country’s 100 richest persons saw their collective wealth grow by a modest 3 per cent in a year.

ii. NRI steel tycoon Lakshmi Mittal ($16 billion) also continues to hold the second position, while Sun Pharma’s Dilip Shanghvi has jumped to third place with a 50 per cent surge in his wealth to $13.9 billion, pushing IT czar Azim Premji to fourth place ($13.8 billion).
iii. According to the US-based business magazine Forbes’ annual list of India’s 100 richest, released today, their total wealth grew by a modest 3 per cent from a year ago to $259 billion.

iv. According to the US-based business magazine Forbes’ annual list of India’s 100 richest, released today, their total wealth grew by a modest 3 per cent from a year ago to $259 billion.

8.    India' s richest woman is new Haryana Minister

i. The country’s richest woman, Savitri Jindal, was Tuesday inducted as a minister in the Haryana cabinet by Chief Minister Bhupinder Singh Hooda.

ii. This is the second time that she has become a minister in the Hooda government. She was earlier a minister of state in the 2005-09 Hooda government.

iii. Ms. Jindal is a legislator from the ruling Congress from Hisar assembly constituency and is the mother of industrial tycoon and high-profile parliament member Naveen Jindal (Lok Sabha member from Kurukshetra).

iv. She was listed by a leading business publication as the country’s richest woman as she lords over a multi-billion rupee steel and power sector empire and is the chairperson of the Jindal Group.

v. Her name also figures in the Top-100 richest people in the world.

9.    Priyanka Chopra, the Bollywood Actress Became the Global Brand Ambassador of Guess

i. Priyanka Chopra, the Bollywood actress became the global brand ambassador of American fashion brand Guess in the last week of October 2013.

ii. She will endorse the brand from 2014. With this, Priyanka Chopra, who started her filmy career with the Tamil film Thamizhan, joined the league of Paris Hilton, Drew Barrymore and Claudia Schiffer as the brand ambassadors of Guess. 

iii. ryan Adams, Canadian rock star and a photographer also shot the first campaign of Priyanka Chopra for Guess in its signature black and white collection. This will be released in November 2013. 

iv. Only other Indian actors who have been signed by the global brands as international brand ambassadors include Shahrukh Khan for Tag Heuer and Aishwarya Rai Bachchan for L'Oreal.

10.  IOC (Indian Oil Corporation) won the 48th Bombay Gold Cup

i. Indian Oil Corporation on 27 October 2013 defeated Air India 5-3 to win the 48th Bombay Gold Cup hockey tournament at the MHA stadium, Mumbai.

ii. Indian Oil Corporation and Air India the teams were level at 2-all till the end of first half. Arman Qureshi scored the first goal for Air India to put AI 1-0 up in the 23rd minute which was neutralised V Raghunath of IOC, scored a goal in the 26th through a penalty corner.

iii. Prabodh Tirkey scored the second goal for Air India and put it 2-1 ahead in the 33rd minute. IOC bounced back and equalised when Deepak Thakur scored for the team in the last minute of the first half.

iv. Sunil was given the man of the tournament award and received a cheque for 5000 rupees from newly appointed chief national coach Terry Walsh at the end of the tournament.

11.  Rajendra Yadav, the Noted Hindi Writer Passed Away at 84

i. Rajendra Yadav, the noted Hindi writer passed away on 28 October 2013 at Mayur Vihar, Delhi because of prolonged illness. He was 84 years old. 

ii. He was a pioneer of Hindi literary movement known as Nayi Kahani in the 60s. 

iii. He re-launched Munshi Premchand's magazine HANS, which he himself had been editing since 1986.

iv. Pret Bolte Hain was his first novel and it was published in the year 1951. This was the first Hindi novel to try to shock orthodox Indian cultural traditions.

v. Pret Bolte Hain written by Rajendra Yadav was adapted into the movie of the same title, Sara Akash, by Basu Chatterjee in 1969.

12.  Vijay Soni a noted Painter and theatre personality dead

i. Vijay Soni, a noted painter and theatre personality died on 27 October 2013 in New Delhi.

ii. The 76 year old Vijay Soni was battling with Parkinson disease for past 12 years. He is survived by his wife Aanita Soni, two daughters and three grandsons. 

iii. Vijay Soni travelled for studying the innovative methods of theatre to America and Europe in 1960s and beginning of 1970s. 

iv. He polished his skill as a theatre director while he was at the Bread and Puppet Theatre, Odin Theatre in Stockholm and the Theatre Laboratory of Jerzy Grotowski at Wroclaw 

13.  Lou Reed, the Renowned Rocker and Solo Performer, Passed Away at 71

i. Lou Reed, the poet of rock ‘n’ roll, passed away on 27 October 2013 at Southampton, New York, United States.

ii. He was 71 years old. He died because of an illness associated to liver transplant which took place recently. 

iii. He remained a crucial solo performer for various years. He started off with his solo career in the year 1972. 

iv. Lou Reed was known popularly for his unique deadpan voice, poetic lyrics as well as for pioneering and coining the term called Ostrich Guitar Tuning.