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www.bankersguru.org HEAD TURNERS THIS WEEK

After the phenomenal response to the previous Week’s DigiNote,

We’vemade some changes by highlighting the different sections and

focus on ‘’H1 Visa’’ and ‘’MCLR’’.

DigiNote shall only be successful if we understand the purpose of this

exercise, which is to keep you posted of the events in the week.

Best of Luck.

From The Newspapers

THEECONOMICTIMES

www.bankersguru.org 20th December

U.S. set to impose special fees for H1 B, L1 visas

A Bill that the U.S. Congress is set to pass on Friday will impose a special fees of $4,000 and $4,500 for H1B and L1 visas respectively.

Indian IT companies will be the worst affected

The new fees will be applicable to companies that have at least 50 employees, and more than 50 per cent of them are on non-immigrant H1 B and L1 visas.

MLAs ‘vote out’ Arunachal Chief Minister

In a bizarre turn of events, the Opposition BJP and rebel Congress MLAs on Thursday got together in a local hotel to “vote out” Arunachal Pradesh Chief Minister NabamTuki and to “elect” a rebel Congress MLA in his place.

the Guwahati High Court intervened to keep a stay on the decisions taken at the rebel “session".

40,000 crore Defence Deal with Russia:

A defence deal potentially worth Rs. 40,000 crore, one of the biggest of its kind to be approved by the Modi government, could be the highlightofPrime Minister’s visit to Russia.

Defence Acquisition Council (DAC) chaired by Defence Minister Manohar Parrikar cleared the purchase of five S-400 Triumf long-range air defence systems from Russia.

www.bankersguru.org PM chooses agenda for DGPs’ meet

‘

In an unprecedented move, Prime Minister Narendra Modi has himself chosen the agenda points for the three-day Directors-General of Police (DGP) conference to be held in Rann of Kutch in Gujarat.

On Mr. Modi’s suggestion, three key agenda points are being included: Disaster management-Bhuj Experience, women safety and tourist police, Inter-State police Coordination and Police Universities.

Sri Lanka to convert its Parliament to

‘Constitutional Assembly’ next year

Prime Minister RanilWickremesinghe will move a resolution in Parliament for converting the House into a ‘Constitutional Assembly’.

This is to start the process of drafting a Constitution to replace the current one, in place since 1978.

www.bankersguru.org Fed raises interest rates, stating ongoing U.S.

recovery

The Federal Reserve hiked interest rates for the first time in nearly a decade , signalling that the U.S. economy had largely overcome the wounds of the 2007-2009 financial crisis.

The U.S. central bank’s policy-setting committee raised the range of its benchmark interest rate in between 0.25 per cent and 0.50 per cent.

Jet Airways CEO Cramer Ball steps down; to join

Alitalia

Jet Airways, India’s second largest airline by market share, announced the resignation of its Chief Executive Officer (CEO) Cramer Ball .

The airline said Mr. Ball stepped down to “pursue a new opportunity in Europe for family reasons.”

Gaurang Shetty, whole-time director at the airline, will become the acting CEO, the airline.

Italian airline Alitalia announced appointment of Mr. Ball as its CEO.

www.bankersguru.org

Marginal Cost of funds based Lending Rate

(MCLR) set to replace the present base rate

system

The Reserve Bank of India issued fresh norms on how banks need to calculate their lending rates.

MCLR guides banks to calculate the lending rate taking into account the marginal cost of funds.

RBI has formulated that MCLR will be a tenor-linked benchmark.

Banks should arrive at the MCLR of a particular maturity by adding the tenor premium sum of marginal cost of funds, cost of maintaining cash reserve ratio operating costs.

New framework will come into effect from April 1, 2016

Like base rate, banks are not allowed to lend below MCLR, except for few categories like loans against deposits, loans to bank’s own employees.

fixed rate loans, which are typically personal loans and auto loans, will not be linked to MCLR.

Banks have been mandated to calculate MCLR for different maturities like 1 day, 1 month, three month, six month, and one year.

Banks are free to include more maturities for MCLR.

Existing borrowers will also have the option to move to the MCLR linked loan at mutually acceptable terms.

U.P. gets a Lokayukta

Finally U.P. has a new anti-corruption ombudsman. Justice (retd.) Virendra Singh was appointed the new Lokayukta in U.P.

The 66-year-old former Allahabad High Court judge will take oath on 3 Jan.

Former Defence Secretary appointed CIC

Former Defence Secretary R.K. Mathur has been appointed the Chief Information Commissioner (CIC)

The post had fallen vacant after Vijai Sharma completed his tenure on December 1.

www.bankersguru.org

Beijing issues second ‘red alert’

Beijing issued its second-ever red alert for smog ahead of severe pollution forecast to hit China’s capital, weeks after putting its emergency response plan into action for the first time.

The red alert, the highest tier of a four-colour warning system, will last from Saturday to Tuesday

It will be the second time the highest-level alert has been issued since the city established a pollution warning system in 2013.

21st December U.P. joins Centre’s UDAY scheme

The Centre’s UDAY scheme for reforming debt-laden state electricity distribution companies is gaining attention, with Uttar Pradesh becoming the twelfth State to become part of the scheme.

The State cabinet approved bringing the bankrupt state-electricity utility, burdened with outstanding arrears of about Rs. 32,000 crore, under the UjwalDiscom Assurance Yojana (Uday).

As part of the scheme, States are required to take over 75 per cent of discoms’ debt as on 30th September, 2015, and shift it to their own balance sheet in two years.

www.bankersguru.org

Ancelotti to replace Guardiola

Pep Guardiola will leave Bayern Munich as head coach at the end of the season and be replaced by Carlo Ancelotti.

The 56-year-old Ancelotti will bring a wealth of experience to Bayern having won the Champions League twice with AC Milan in 2003 and 2007, then with Real Madrid in 2014.

Chennaiyin FC beat FC Goa to win ISL

FC Goa fans at the Jawaharlal Nehru Stadium in Fatorda were silenced in a matter of moments as Chennaiyin FC beat FC Goa 3-2 in the Indian Super League

With barely three minutes left Joffre Gonzalez scored off a free-kick in what seemed to be the winner (at 2-1), only for the visitors to hit back with two goals in a single minute to steal the title.

John Stiven Mendoza, the league’s top-scorer, after having earlier missed a penalty, scored the winner in the 90th minute.

www.bankersguru.org

22nd December India welcomes, Madhesis reject Kathmandu

package

Plan to cut service period for gratuity

The government has proposed making gratuity benefits portable for employees moving from one workplace to another, irrespective of the tenure of their stint.

Presently, employees in firms with 10 or more employees are eligible for tax-free gratuity benefits of up to Rs. 10 lakh, but they can only claim these benefits after a minimum of five years of continuous service in the same organisation.

India joins select club to build LNG ships

Cochin Shipyard has received certification to build LNG-transporting ships for any client world-wide, making it the first shipyard in India to get the nod, joining the league of South Korea, Japan and China.

The French company providing the certification, Gaztransport et Technigaz (GTT), is a leader in design engineering and provides membrane-type containment systems for the transportation and storage of LNG.

www.bankersguru.org

SBI to raise Rs. 12,000 cr through Tier-II bonds

State Bank of India (SBI), the country’s largest lender, will raise up to Rs. 12,000 crore by issuing bonds that are Basel-III based.

The funds will be raised in one or more tranches through private placement.

Private placement is a funding round of securities which are sold not through a public offering, but rather through a private offering, mostly to a small number of chosen investors.

FIFA bans Blatter and Platini for eight years

FIFA president Sepp Blatter and UEFA boss Michel Platini were both banned from football for eight years for ethics violations, leaving the global game leaderless as it struggles with various corruption cases.

Blatter was fined 50,000 Swiss francs and Platini, who boycotted the ethics committee hearing as unfair, 80,000.

www.bankersguru.org

23rd-24thDecember

Modi’s visit to reassure Moscow

Government says it protected India’s interests at

WTO talks: Nirmala Sitharaman

India negotiated hard to ensure that the WTO continues to place the interests of developing countries

outcomes of the Conference, referred to as the ‘Nairobi Package,’ contains Ministerial Decisions on public stockholding for food security purposes A Special Safeguard Mechanism (SSM) for developing countries A commitment to abolish export subsidies for farm exports particularly

from the developed countries

SSM is a tool that will allow developing countries to temporarily hike duties to counter import surges and price falls of farm items.

www.bankersguru.org

Panel formed to probe DDCA scam

The Delhi government on issued a notification for setting up a Commission of Inquiry to look into the alleged Delhi and District Cricket Association (DDCA) scam.

The commission will be headed by retired Solicitor General Gopal Subramaniam to probe the alleged irregularities in the cricket body between 1992 and 2015.

Andhra Pradesh will host 2019 National Games

Andhra Pradesh won the bid to host the 2019 National Games after Meghalaya withdrew from the bidding process after a series of meetings

Indian American professor wins top honour for

research on tumours

U.S. President Barack Obama will present the National Medal of Science to Rakesh K. Jain, an Indian American professor at Harvard Medical School and director of the tumour biology laboratory at Massachusetts General Hospital.

www.bankersguru.org

25th-26th December PM goes to Lahore, makes a Christmas date with

history

Sadhana, Hindi film style icon of 1960s, is no

more

Sadhana Shivdasani, the woman who defined elegance and grace for Bollywood and its fans in the 1960s and beyond, died here on Friday following a brief, undisclosed illness.

As an actor she worked in films like Mera Saaya (1966), Woh Kaun Thi (1964), Gaban (1966), Mere Mehboob (1963), Ek Musafir Ek Hasina (1962), Hum Dono (1961), Rajkumar (1964), Waqt (1965), and Ek Phool Do Mali (1969)

www.bankersguru.org

AIIB formally established

The China-backed Asian Infrastructure Investment Bank (AIIB), viewed by some as a rival to the World Bank and Asian Development Bank, was formally established.

It will be operational once its board of directors and executive council have met for the first time at an opening ceremony scheduled for January 16-18.

China will be by far the largest AIIB shareholder at about 30 percent, according to the legal framework signed by 50 founding member countries in late June.

Authorised Capital - $100 billion

Chennai techie lifts Indian Crossword League

trophy

Ramki Krishnan of Chennai emerged the winner of the Indian Crossword League (IXL) 2015 and lifted the National Crossword Champion Trophy.

The 16 finalists were selected on the basis of the final Leader board formed after 10 online weekly rounds.

www.bankersguru.org

BGQUIZ

Q.1. Who has been crowned as Miss Universe 2015?

(1) Pia Alonzo Wurtzbach

(2) Ariadna Gutiérrez

(3) Olivia Jordan

(4) Urvashi Rautela

(5) Susane Ahmed

Ans: (1) Pia Alonzo Wurtzbach

Q.2. Who has been crowned as Miss World 2015?

(1) Sofia Nikitchuk

(2) Maria Harfanti

(3) Lagano Somani

(4) Mireia Lalaguna Royo

(5) Patrica Clerg

Ans: (4) Mireia Lalaguna Royo

Q.3. What is the rank of Tata Motors in top-50 league of the world's biggest companies in terms of their R&D investments?

(1) 100t

(2) 49th

(3) 67th

www.bankersguru.org (4) 82nd

(5) 102nd

Ans: (2) 49th

Q.4. Who has won the 2015 FIFA Club World Cup?

(1) River Plate FC

(2) Sydney FC

(3) Barcelona FC

(4) Melbourne FC

(5) Manchester FC

Ans: (3) Barcelona FC

Q.5. Which country lifted a 40-year-old ban on export of crude oil?

(1) USA

(2) Russia

(3) India

(4) Pakistan

(5) Italy

Ans: (1) USA

Q.6. What was the venue of the 10th Ministerial Conference of the World Trade Organization (WTO)?

(1) Beijing (China)

(2) Rundu (Namibia)

(3) Nairobi (Kenya)

(4) New York (USA)

(5) New Delhi (India)

www.bankersguru.org Ans: (3) Nairobi (Kenya)

Q.7. Recently _______________ Sepp Blatter and UEFA boss Michel Platini have been suspended for eight years from all football-related activities following an ethics investigation.

(1) AFC President

(2) ITO President

(3) UNAF Secretary General

(4) FIFA President

(5) IIAB President

Ans: (4) FIFA President

Q.8. Which of the following won the 2015 Indian Super League (ISL) for football?

(1) Goa FC

(2) Chennaiyin FC

(3) Atletico de Kolkata FC

(4) Kerala Blasters FC

(5) Mumbai City FC

Ans: (2) Chennaiyin FC

Q.9. The government has announced to establish country’s first medical devices park in which state?

(1) Uttar Pradesh

(2) Sikkim

(3) Madhya Pradesh

(4) Gujarat

(5) Andhra Pradesh

www.bankersguru.org Ans: (4) Gujarat

Q.10. Which of the following has declared 2016 as the International Year of Pulses (IYP)?

(1) UN

(2) USA

(3) India

(4) WHO

(5) EU

Ans: (1) UN

We at BG focus on providing the most accurate and precise current events and

financial terms for the forthcoming bank examinations and work tirelessly to

innovate and are always ready for feedback which can be provided to us in the

comments section.

Best of Luck

Bankers Guru

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