DAILY GK UPDATE 11 to 13 OCTOBER

1.    IMF-World Bank Annual meeting kick off in Washington D.C. (11-13 Oct)

i. The Annual Meetings, which generally take place in September-October, have customarily been held in Washington for two consecutive years and in another member country in the third year.

ii. The Board of Governors of the World Bank Group (WBG) and the Boards of Governors of the International Monetary Fund (IMF) normally meet once a year to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

iii. The Annual Meetings are chaired by a Governor of the Bank and the Fund, with the chairmanship rotating among the membership each year. Every two years it elects Executive Directors. Each year any new members are welcomed into the Bank and Fund.

Note: The Inaugural Meeting of the Boards of Governors was held in Savannah, Georgia, USA in March 1946. The first Annual Meetings were held in Washington in 1946.

2.    India asks WB and MDBs to ensure infra dev finance

i. India has asked World Bank and other Multilateral Development Banks to create special windows for ensuring finance for infrastructure development which should include provision to help projects that face a sudden scarcity of funds due to volatile capital flows.

ii. "Special windows need to be created in the World Bank and other Multilateral Development Banks (MDBs) for ensuring finance in support of infrastructure development, including provision of finance for ongoing projects which face a sudden scarcity of funds owing to volatile capital flows," Finance Minister P Chidambaram said during his intervention at the G-20 meeting of finance ministers in Washington on Friday. 

iii. The aim of such a provision should be to create mechanisms which can increase the flow of infrastructure financing at times when other investments are slowing down.

iv. Welcoming the proposal to set up a new and dedicated financing facility called the Global Infrastructure Facility at the World Bank to serve the financing needs for infrastructure, particularly in emerging and developing economies, he said. 

3.    World Arthritis Day Observed on 12 October

i. World Arthritis Day is observed across the world on 12 October 2013 to raise awareness about Rheumatic and Musculoskeletal Diseases (RMDs).

ii. The Day is celebrated each year on 12 October to raise awareness of Rheumatic and Musculoskeletal Diseases amongst the medical community, people with RMDs and the general public.

iii. World Arthritis Day was established in 1996 by Arthritis and Rheumatism International (ARI) and is celebrated each year on 12 October.

iv. Arthritis means joint inflammation, and it's used to describe different diseases and conditions that affect joints, the tissues that surround joints, and other connective tissues in the body.

4.    Life insurance cover for HIV-AIDS patients from April 1

i. The HIV-AIDS patients can look forward to life insurance cover from April 1, 2014.

ii. The Insurance Regulatory and Development Authority (IRDA) will be making in mandatory for insurers to offer insurance cover for people living with HIV/AIDS.

Note: On the health insurance side, IRDA said: “With respect to persons who are HIV negative at the date of commencement of the contract and subsequently found to be HIV positive during the term of the policy, the insurers shall not reject/deny any claim, on such grounds.’’

5.    Goal of Women's Bank is to support women in the country: Usha Ananthasubramanian

i. The goal of all Women's Bank is to support women in the country, said Usha Ananthasubramanian, first CEO of the India’s all women bank.

ii. Usha, citing a research surveyed by a firm in 128 countries, said the status and economic empowerment of women in our country is very low as compared with some other countries. Improving the status and the livelihood of women is the single most important way in improving the standard of living, she said. 

iii. The bank will help in supporting women by giving advice and in a sustainable way. When women's income increases, it will improve significantly in the society as well, Usha said. 

iv. After starting with one branch in each banking region, the bank will expand to 500 branches by the fourth year of operation. 

Note: Recently, Finance Minister P Chidambaram identifies Usha Ananthasubramanian, executive director of Punjab National Bank, to be the chief executive of Bhartiya Mahila Bank, which will launch its operations from November with six branches.

ii. Usha started her career in 1982 at Bank of Baroda as a specialist officer in the planning stream. She holds a dual master's degree - in statistics from the Madras University and in ancient Indian culture from the Mumbai University.

6.    India will be top export destination for West Asia and North African countries by 2030: HSBC

i. India will be the top export destination for West Asia and North African countries by 2030.

ii. According to HSBC's latest Trade Forecast report. By then, the country will be the UAE's top export destination, accounting for 14 percent of exports. It will also become Saudi Arabia's second largest export destination, accounting for 18.5 percent of exports.

iii. The Regional head of commercial banking of HSBC in the Middle East and North Africa, Tim Reid said that it is no surprise that India is a top five trading partner with each nation in the MENA group.

iv. The Trade Forecast report predicts that India will overtake the United States by 2020 as the world's largest importer of goods for infrastructure. 

Note: India is already the top destination for Egypt's exports, accounting for 15.4 percent.

7.    RBI infuses Rs 19,000-cr liquidity

i. The Reserve Bank of India infused liquidity aggregating Rs 19,000 crore into the banking system through a seven-day term repo auction on Friday.

ii. This is the maiden term repo auction by the central bank. It announced introduction of this auction, whereby banks pledge excess government securities with the regulator to borrow funds for 7 days and 14 days, on October 7.

iii. Against the notified auction amount of Rs 19,000 crore, the central bank infused Rs 19,001 crore into the banking system, at the cut-off rate of 8.80 per cent.

iv. To borrow funds for seven days, banks put in bids in the 7.60 per cent to 8.96 per cent range, according to a RBI statement.

v. Banks can borrow up to 0.25 per cent of their deposits under the term repo, provided they have surplus government securities.

vi. While the 14-day term repo of tenor would be conducted every reporting Friday, the 7-day term repo would be conducted on every non-reporting Friday.

8.    The Third Curve: a Book Written by Film Director Mansoor Khan Released

i. Bollywood actor Aamir Khan on 11 October 2013 released Mansoor Khan’s book The Third Curve: The End of Growth as We Know It at the India International Centre in New Delhi.

ii. Mansoor's book: The Third Curve describes the co-relation between the compulsions of economic growth and the limits imposed on man by nature. The Book also emphasises on the end of growth.

About Mansoor Khan

i. Mansoor Khan is an alumnus of IIT-Mumbai, Cornell University and MIT, Boston and Bollywood film Director.

ii. Mansoor Khan, son of film maker Nasir Hussain, made his directorial debut with Qayamat Se Qayamat Tak (1988) which launched the career of his cousin Aamir Khan.

9.    India Post Launched International Money Transfer Service- 'Instant Cash'

i. The India Post on 11 October 2013 launched instant electronic money transfer service in partnership with Wall Street Exchange, (a company of UAE's Emirates Post Group) in New Delhi.

ii. In this regard India Post signed an agreement with Wall Street Exchange for launch of an International Electronic Money Transfer service throughInstant Cash product of the Emirates Post Group.

iii. The service was launched by P. Gopinath, Secretary, Department of Posts, by receiving the first payment from United Arab Emirates.

The salient features of the service are:

i. Recipients will be able to receive their payment at any of the identified 17500 post offices by producing the unique transaction number along with their identity and KYC documents. 

ii. Money will be available for payment immediately. 

iii. Safe and secure transactions through established International Financial System of Universal Postal Union.

iv. The service will be rolled out nationally in a phased manner.

v. The service will be provided through the International Financial System (IFS) of Universal Postal Union.

Note: Instant Cash is a wholly owned subsidiary of the Emirates Post Group, and its services are available in 59 countries through more than 60000 locations.

About India Post
India Post is the largest postal network in the world and has completed 158 years of existence. It has a network of 1.55 lakh Post Offices in the country, of which more than 1.39 lakh are in the rural area. Besides mail, it also provides various financial services like small savings instruments under Post Office Savings Bank and Money Remittance, both domestic and international.