1. RBI launches new RTGS system
i. The
Reserve Bank of India today launched the new Real Time Gross Settlement (RTGS)
system for large-value funds transfer.
ii. The system has
several new functionalities including advance liquidity features, gridlock
resolution mechanism and hybrid settlement facility, facility to accept future
value-dated transactions and options to process multi-currency transactions.
iii. The Real Time Gross
Settlement (RTGS) system is a large-value funds transfer system which banks use
to settle inter-bank transfers for their own accounts as well as for their customers.
iv. “With its advanced
liquidity and queue management features, the new RTGS system is expected to
significantly improve the efficiency of financial markets,” said Rajan.
Note:
i. The
new ISO 20022 compliant RTGS system provides three access options to
participants — thick-client, Web-API (through INFINET or any other approved
network) and Payment Originator module.
ii. Participants can
decide the mode of participation in the system based on the volume of
transactions and the cost of setting up the infrastructure.
2.
Financial inclusion can be better
achieved through self-help groups: Nabard
i. According
to a Nabard (National Bank for Agriculture and Rural Development) report,
though the SHG-BLP (self-help group-bank linkage programme) is a step towards
bringing the ‘unbanked’ poor into the mainstream banking channel, its formal
acceptance as a financial inclusion channel by the central bank is still
awaited.
ii. An SHG is a
homogeneous group, comprising 15-20 members (mostly women), where members first
pool in their savings and give out small loans to needy members.
iii. Once the SHG
successfully undertakes savings and credit operations from its own resources,
it can borrow from a bank (SHG-BLP) to enhance its pool of resources.
iv. The ‘Status of
Microfinance in India’ report observed that a successful programme such as the
SHG-BLP, which could link millions of rural poor to the formal banking system,
could have been the main instrument for financial literacy and financial
inclusion in the country.
v. “There are a number
of plausible ways by which matured SHGs could have been participants in the
financial inclusion initiative, including being agents of providing direct
banking services to the poor at their doorsteps, as a low-cost and efficient
alternative.
Note: The
Government and the RBI hold 99.50 per cent and 0.50 per cent stake,
respectively, in Nabard.
ii. The institution was
promoted in 1982 for ensuring sustainable and equitable agriculture and rural
prosperity through effective credit support, related services, institution
development and other innovative initiatives.
3.
Prime Minister of Hungary Viktor Orban
visited India
i. Viktor Orban, Prime
Minister of Hungary visited India on 16-17 October 2013.
ii. During his visit,
India and Hungry signed several important agreements to further strengthen
cooperation which includes a Memorandum of Understanding (MoU) in the field of
traditional Indian medicine systems.
iii. Earlier this year,
India’s Foreign Minister Salman Khurshid had visited Hungary where he discussed
regional, bilateral and international issues with his Hungarian counterpart
Janos Martonyi.
4.
Infosys wins award for resource management
i. IT bellwether Infosys Ltd Friday announced it has won the
'Corporate Sustainability Stewardship' award for efficient management of
energy, waste and water resources in its production processes and operations.
ii. The
Parivartan sustainability leadership awards, instituted by Sustainability Outlook, a not-for-profit social organisation,
recognise corporates and their executives who contribute in the field of
sustainability every year.
iii. "Our
infrastructure and green initiatives head Rohan Parikh was declared finalist in
the 'sustainability trailblazer' category at the 2013 annual summit of the
sustainable business leadership forum in New Delhi Thursday,
iv. The event also
showcased efforts of organisations in conservation, innovation and leadership
in sustainability
5. BCCI
Anti-Doping tribunal bans Pradeep Sangwan
i. Pacer Pradeep Sangwan
was on Saturday slapped with an 18-month ban from cricket after being found
guilty of consuming a banned anabolic steroid by the BCCI’s Anti-Doping
Tribunal.
ii. The ban on the
23-year-old Delhi cricketer has been imposed with retrospective effect from May
this year when the IPL took place.
iii. The Tribunal has
found that the Player has committed an Anti-Doping Violation under Article 2.1
of the Code for the presence of the Prohibited Substance Stanozolol, an
Anabolic Steroid,” it added.
iv. Sangwan, who played
a stellar role in India’s victorious U-19 World Cup campaign back in 2008
represented Kolkata Knight Riders during the last two editions of the IPL. He
has taken 123 wickets in 38 first-class matches.
v. Sangwan, who hails
from Najafgarh, played two matches in the IPL against Royal Challengers
Bangalore and Sunrisers Hyderabad. He could not get a single wicket during the
two games.
Note: Sangwan is only the
second cricketer in the history of IPL after Pakistani speedster Mohammed Asif to have been found guilty
of consuming banned drugs.
6. Ding Junhui won Indian Open Snooker Title 2013
i. Ding
Junhui of China won the 2013 Indian Open Snooker title with a 5-0
victory over Aditya Mehta of India in New Delhi on 18 October 2013.
ii. Ding Junhui, world number four, 26, scored two century breaks as he
earned the 50000 Pounds first prize.
iii. Aditya Mehta, 72nd in the world, became
the first Indian player to make the last four of a major ranking event when he
reached the semi-finals on 17 October 2013 and he was also first Indian ever to
reach the final of the event.
7.
Justice
Abhay Manohar Sapre takes oath as new Chief Justice of Gauhati HC
i. In Assam, Justice Abhay Manohar Sapre today took oath as
the new Chief Justice of Gauhati High Court at Rajbhawan in Guwahati. Governor
J B Patnaik administered the oath to him. Justice Sapre earlier served as the
Chief Justice of Manipur High Court.
8.
Noted Malayalam Music Composer K.
Raghavan Passed away
i. Noted
Malayalam music composer K Raghavan died at Thalassery in Kannur district of
Kerala on 19 October 2013. He was 99.
ii. Raghavan infused the
folk element into Malayalam film music and his rustic melodies replaced the
then prevailing trend of imitations of popular Hindi tunes of the day.
iii. K Raghavan was born
to M. Krishnan and Narayani in 1913 at Thalassery, Kannur of Kerala.
iv. The music mastero,
who is credited with giving a new direction and identity to Malayalam film
music, has scored music for over 60 films in a career spanning for about four
decades.
9.
The Largest Air Traffic Control Tower
of India Inaugurated at Mumbai Airport
i. The largest Air Traffic Control (ATC)
tower of India was inaugurated outside the Chhatrapati Shivaji International
Airport, Mumbai on 18 October 2013.
ii. The tallest ATC tower stands at the
length of 84 metres or around 30 storey building.
iii. The
ATC tower is spread over an area of 2800 square metre area and is also equipped
with state-of-the-art technology such as electronic flight strips that can
reduce the workload of controllers and enhance safety and capacity of the
airport.
iv. It is important to note that India is the 9th largest
aviation market of the world and has the traffic increasing at 10 percent
annually.
v. The designing of the ATC was done by Hong Kong-based
architectural firm HOK as well as the international engineering designer ARUP.
These were chosen after the global competition.
10.
Eminent Telugu Writer Dr. Ravuri
Bharadwaja Passed away
i. Eminent
Telugu writer and Gyanpeeth award recipient, Dr. Ravuri Bharadwaja passed away
in Hyderabad on 18 October 2013. He was 86.
ii. Ravuri Bharadwaja won Gyanpeeth award for the year 2012 for
his well known Telugu novel, Paakudu Raallu, which reflected real life behind the silver screen of the
film industry.
11.
Dhoni powers India to 303/9 in 3rd ODI
against Australia
i. Mahendra
Singh Dhoni led from the front by smashing an unbeaten 139 as India recovered from a poor start to post a massive 303 for
nine against Australia in the third cricket one-dayer of the seven-match
series, in Mohali on Saturday
ii. Dhoni rescued India
after early jitters as he played a responsible and sensible innings that came
off just 121 balls, including 12 fours and five sixes.
iii. The skipper also
shared two significant partnerships -- putting on a solid 72-run stand for the
fifth wicket with Virat Kohli (68) before joining hands with Ravichandran
Ashwin (28) to put up 76 runs for the seventh wicket.
iv. Dhoni, mostly picked
on James Faulkner and Watson. He began an over of Faulkner with two consecutive
fours and then topped it up with a boundary and a six in Watson’s over to
release the pressure.
