News Related to RBI/Finance/BankingNews Related to IndiaAppointments - IndiaAppointments - WorldSportz NewzGlobal NewsReports/Lists and IndexesAwards - GlobalAwards - IndiaDays in NewsBooks & AuthorsBRICS SummitObituaries

PM Visits in recent months

Socio Economic Caste Census 2011Housin for all by 2022AMRUT

Union Budget 2015-16News AgenciesImportant World Cup VenuesList of Important DaysGovernors of Indian StatesStock Exchanges and IndexesImportant StadiumsList of Largest Producing CountriesIndian States and CapitalsOrganisations and HQsCurrency and Capitals

Table of Contents

General Awareness MagazineFor RBI Assistant 2015

News Related to Finance/RBI/Banking/Industry

Highlights of RBIs 2nd Bi-Monthly Monetary Policy

Shortterm lending rate (repo) cut by 0.25 per cent to 7.25 per

cent

Cash Reserve Ratio unchanged at 4 per cent

Statutory Liquidity Ratio retained at 21.5 per cent

Inflation expected to rise to 6 per cent by January 2016

Growth forecast lowered to 7.6 per cent for 2015-16 from 7.8 per cent projected in April

RBI Estimates Current Account Deficit at 1.5% in FY16

Reserve Bank of India (RBI) on 16 July 2015 permitted Cooperative Banks with Core Banking Solution (CBS) to issue

ATM cards/ATM-cum-debit cards in tie with a sponsor banks. The decision was taken by the RBI in an attempt to

move towards a less-cash economy and with an aim to inculcate the habit of using electronic payment channels among

bank customers.

Following are the criteria to become a sub-member of NFS:

Core Banking Solution (CBS) fully implemented

Licence for conducting banking business Introduction from sponsor bank (a bank having ATM network

connectivity)

Connectivity with National Payment Corporation of India (NPCI)

The decision is in addition to the earlier decision of the RBI taken on 16 April 2015 to allow State Cooperative

Banks (StCBs) to install offsite/ mobile ATMs as per their need and potential in their area of operation.

However, they were allowed to install mobile ATMs only with prior permission of the RBI and subject to satisfying the

following criteria:

CRAR not being less than 9 per cent

No default in maintenance of CRR/SLR during the preceding financial year

Net NPA being less than 5 per cent

The bank should have a track record of regulatory compliance and no monetary penalty should have been imposed on

the bank on account of violation of RBI directives/guidelines during last two financial years

The Reserve Bank of India (RBI) on 15 July 2015 constituted a committee to work out a five-year (medium-term) action

plan for financial inclusion. The 14-member panel will be headed by RBI executive director Deepak Mohanty. The

Committee will work to spread the reach of financial services to unbanked population.

The terms of reference of the Committee are as under:

Policy Repo Rate 7.25%

Reverse Repo Rate 6.25%

Marginal Standing Facility Rate 8.25%

Bank Rate 8.25%

CRR 4%

SLR 21.5%

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

1

To review the existing policy of financial inclusion including supportive payment system and customer

protection framework taking into account the recommendations made by various committees set up earlier.

To study cross country experiences in financial inclusion to identify key learnings, particularly in the area of

technology-based delivery models, that could inform our policies and practices.

Reserve Bank of India (RBI) on 16 July 2015 directed banks to ensure that their overall direct lending to farmers

should not fall below the average of last three years. The direction was given by RBI against the backdrop of

government expressing concern over adverse impact of any reduction in direct credit, given the adverse weather

conditions. Further, the RBI warned the banks that direct lending below the target set for priority sector lending will

attract usual penalties. The apex bank also said that banks should also continue to maintain efforts to reach the level

of 13.5 percent direct lending to beneficiaries who earlier constituted the direct agriculture sector.

The RBI has asked banks to consider the due date on which the customer is supposed to pay the minimum amount

towards credit card dues while calculating the 90-day period beyond which the customer will be considered an NPA

if there is no payment made.

The Reserve Bank signed a special currency swap agreement with the Central Bank of Sri Lanka that will allow the

latter to draw up to USD 1.1 billion. Under the arrangement, the Sri Lankan bank can draw up to USD 1.1 billion for a

maximum period of six months. This special arrangement is in addition to the existing Framework on Currency Swap

Arrangement for the SAARC member countries. In March, RBI had signed a Currency Swap Agreement with the Central

Bank of Sri Lanka for USD 400 million under the existing SAARC Currency Swap Framework within the overall limit of

USD 2 billion.

India and World Bank on 16 July 2015 signed Financing Agreement for assistance of 250 million US dollars for Andhra

Pradesh Disaster Recovery Project. It is a loan for an implementation period of 5 years and Andhra Pradesh

Government will be the implementing agency of project

The Competition Commission of India (CCI) on 17 July 2015 imposed penalty of 671.05 crore rupees upon four Public

Sector Insurance Companies. These companies and their penalties are National Insurance (162.80 crores rupees),

New India Assurance (251.07 crores rupees), Oriental Insurance (100.56 crores rupees) and United India Insurance

(156.62 crores rupees).

With bilateral trade extremely low, India and Russia have initiated steps to remove hindrances and boost commerce

by signing an agreement in the area of customs and moving to liberalise business visas. The two countries have fixed

a target of $30 billion to be achieved by 2025.

Supported by a healthy monsoon and new investments, the Asian Development Bank (ADB) has retained its India

economic growth forecast for 2015-16 at 7.8 percent. This growth forecast is the same level as projected in March this

year by ADB in its flagship publication Asian Development Outlook (ADO).

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

2

For 2016-17, the growth forecast remains unchanged at 8.2 percent with expectations of strong services sector growth

bolstering overall performance.

Mid-tier IT services company Mindtree has acquired two companies based in the US and UK. The Bengaluru-based

company, in a regulatory filing to BSE, said that it has signed a definitive agreement to acquire 100 per cent equity

interest in Bluefin Solutions Limited ('Bluefin'), a UK-based IT solutions provider specialising in SAP HANA solutions, in

an all-cash transaction for 42.3 million (Rs. 419 crore).

Government cleared the utilisation of India's capital contribution to SAARC Development Fund (SDF) for promoting

cross-border infrastructure projects, trade and growth. The Cabinet approved the proposal to permit utilisation of

India's capital contribution to SDF for Economic and Infrastructure Windows, an official statement said. So far, India's

capital contribution was only for the Social Window of SDF.

The Competition Commission of India (CCI) on 17 July 2015 approved the proposed deal related to a Joint Venture

Aegon Religare Life Insurance Company where Religare Enterprises will now exit this joint venture.

Indias first air freight station in the private sector has come up at Irungattukottai near Chennai. The first AFS in the

country was set up in 2007 inside Central Warehousing Corporation in the city. Set up by the city-based Indev Logistics

at a cost of 50 crore, the AFS will reduce congestion at the gateway airports and the carrier operators can choose the

AFS as a final destination for cargo delivery

The Reserve Bank of India (RBI) on 1 June 2015 allowed cross holding in long-term infrastructure bonds. With this,

now banks would be able to cross hold these bonds among themselves for financing infrastructure and affordable

housing loans, which earlier was not permitted.

Maharashtra continued to dominate the mutual fund landscape in the country with an assets base of Rs 1.21 lakh

crore at the end of April in equity-oriented schemes, followed by Delhi in the second place.

Cult bike maker Harley-Davidson has tied up with fashion portal Myntra to sell its casual merchandise through an

exclusive online store.

The decision of the Parliament to increase the rate of service tax from 12.36 to 14 percent became operational on 1

June 2015. Now, the new rate subsumes the education cess (2 percent on the service tax amount) which was earlier

levied separately. The decision to increase the rate was taken to facilitate smooth transition to the Goods Service Tax

(GST) regime which is proposed to be implemented from 1 April 2016. Once implemented, GST will subsume service

tax, excise and other indirect taxes.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

3

After the Her Ghar loan product, countrys largest bank State Bank of India launched Her Ghar Her Car loyalty scheme

offering reduced interest on car loans. Under this scheme, Her Ghar borrowers can go in for a Her Car loan at reduced

rates of 10 per cent per annum... Her Ghar Her Car is an addition to products available with SBI wherein concession in

rates have been introduced with the objective of reaching out to women in the country and empowering them to take

decisions that can change the course of their family and society at large.

SBI launched mCASH for money transfer. State Bank of India customers can transfer money to anyone without knowing

their Bank account details irrespective of whether the recipient bank is SBI or not.

Recipient will receive the intimation of the transfer request through SMS/Email and has to either download

the State Bank mCASH app or visitwww.onlinesbi.com to enter his/her Bank account details, IFSC code and

Email ID/Mobile to receive the transfer-money.

FMCG company Emami Ltd. has entered into an agreement with Sanjeev Juneja to acquire his hair and scalp-care

business under the Kesh King and allied brands. The total consideration has been pegged at Rs.1,651 crore.

Non-repatriable investments by NRIs, OCIs and PIOs will be treated as domestic investments and will not be subject

to foreign direct investment caps. NRIs would also include Overseas Citizens of India (OCIs) and Persons of Indian

origin (PIOs).

Multi-lateral lender World Bank approved USD 250 million loan for Jhelum and Tawi Flood Recovery Project for

reconstruction of flood-affected public infrastructure in Jammu & Kashmir.

The World Bank has extended $400 million loan for Tamil Nadu Sustainable Urban Development Project. The loan

and project agreements for the IBRD assistance were signed between the Central Government, Government of Tamil

Nadu and the World Bank.

Snapdeal, an online marketplace and gojavas, a supply-chain company, announced the launch of an industry first

service for customers - 90 minutes reverse pick-ups.

Kotak Mahindra Bank (KMB) and ING Bank have joined hands to cooperate and explore opportunities arising from

cross border business, investment and trade flows across Benelux, Western Europe, Eastern Europe, North America,

Asia and Australia.

The 'Companies Law Committee', chaired by Corporate Affairs Secretary Anjuly Chib Duggal to address issues related

to the new companies law and suggest necessary changes.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

4

The Reserve Bank of India (RBI) on 9 June 2015 issued Draft Framework on Issuance of Rupee linked Bonds Overseas.

It is intended to permit Indian corporate and International Financial Institutions (IFIs) to issue rupee-linked bonds

overseas.

The Reserve Bank of India (RBI) on 8 June 2015 announced Strategic Debt Restructuring (SDR) Scheme which allows

banks and non-banking lending institutions to convert their loans into equity stake. The scheme will benefit all

Scheduled Commercial Banks, excluding Regional Rural Banks (RRBs), all-India term lending and Refinancing

Institutions including Export-Import (EXIM) Bank and National Housing Bank (NHB) and National Bank for Agriculture

and Rural Development (NABARD).

PVR Ltd, Indias largest multiplex chain, on 9 June 2015 agreed to acquire DLF's DT Cinemas for 500 crore rupees. The

board of directors of the company at its meeting approved the acquisition of the cinema exhibition business of DLF

Utilities ltd.

White label operator, Tata Communications Payment Solutions, partnered with FINO PayTech, a payment technology

provider, to set up more ATM services in rural unbanked regions. Tata Communications Payment Solutions, which

operates under the brand name Indicash, will install ATMs at the existing FINO Money Marts, the retail outlets of

FINO PayTech.

Mauritius has regained the position as top source of foreign direct investment (FDI) into India by pushing Singapore to

the second slot in 2014-15.

In a bid to go paperless, SBI Life Insurance introduced Connect Life, a tablet-based service to digitise the entire

documentation process.

RBI extended External Commercial Borrowings window for airlines, affordable housing projects till March 2016.

The Reserve Bank allowed non-resident Indians (NRIs) to invest in chit funds on non-repatriation basis without any

ceiling, a move that will encourage flow of capital into the country.

The government has launched an insurance pool to the tune of Rs 1,500 crore which is mandatory under the Civil

Liability for Nuclear Damage Act (CLND) in a bid to offset financial burden of foreign nuclear suppliers.

India's largest private miner Vedanta Ltd will absorb oil firm Cairn India in a USD 2.3 billion all-share deal to create

India's largest diversified natural resources company.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

5

The Reserve Bank on Friday issued final guidelines for the 6-year and 13-year cash settled interest rate futures (IRF).

IRF is A futures contract with an underlying instrument that pays interest. An interest rate future is a contract between

the buyer and seller agreeing to the future delivery of any interest-bearing asset. The interest rate future allows the

buyer and seller to lock in the price of the interest-bearing asset for a future date.

ADB to Increase India Lending by 50% to $12 Bn by 2018.

Wholesale price index (WPI)-based inflation remained in the negative territory for the seventh straight month in May

2015 at (-) 2.36 percent, largely due to softening of food articles prices and further contraction in prices of

manufactured products.

To strengthen its position in the m-commerce domain, online marketplace Snapdeal announced that it has acquired

Letsgomo Labs, a mobility solutions company.

Gearing up to roll out GST from April 1, 2016, the Finance Ministry set up two committees to suggest tax rates and look

into IT preparedness for the new indirect tax regime. The panel has members from Revenue Department, Central Board

of Excise and Customs, Goods and Services Tax Network (GSTN) and representatives of state governments.

The government approved 16 foreign investment proposals, including those of Torrent Pharmaceuticals and Star India

Private Limited, amounting to Rs 6,750.86 crore.

India and Poland set trade target of 5 billion US dollars by 2018. The decision was taken on 15 June 2015 at the fourth

session of the bilateral Joint Commission on Economic Cooperation, held in Warsaw, capital city of Poland.

India Emerged as UK's Third Largest FDI Source in 2014.

Countrys second-largest private sector lender, HDFC Bank launched a 10-second paperless instant loan plan for its

existing customers. HDFC Bank will now disburse personal loans to its customers in just 10 seconds. With this product,

existing customers will have a pre-approved loan amount available to them 24x7.

Union Ministry of Finance on 22 June 2015 issued draft proposals for facilitating electronic transactions in the

country. E-transactions mean authorization of transfer of money through electronic means and flow of funds directly

from one account to another. The goal of the proposed policy is to provide the necessary incentives to use E-

transactions to replace the use of cash - either in government transactions, or in regular commerce over a period of

time through policy intervention

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

6

Utility service providers could be advised to give a discount to users for small ticket payments through E-

payments, on the lines of BSNL, which provides an incentive of 1 percent of the billed amount if the payment

is done through electronic mode

It envisages adoption national E-payment gateway PayGov India for collection of revenue, fee, penalties etc.

Tax benefits could be provided to merchants for accepting electronic payments, e.g. an appropriate tax rebate

can be extended to a merchant if at least say 50% value of the transactions is through electronic means.

The Board of Financial Benchmarks India Private Limited (FBIL) on 22 June 2015 decided to adopt FBIL overnight

Mumbai Inter-Bank Offer Rate (MIBOR) from 22 July 2015.

The new benchmark rate will replace the current MIBOR benchmark interest rate administered by FIMMDA-

NSE (Fixed Income Money Market and Derivatives Association of India National Stock Exchange).

Online retailer Amazon joined hands with Best Deal TV, a home shopping channel co-founded by Bollywood actor

Akshay Kumar to expand foothold in fashion and apparels segment in India.

National Stock Exchange (NSE) on 22 June 2015 operationalised the Overnight Liquid Transaction facility on its web-

based Mutual Fund Service System (MFSS) platform. The platform was launched on 19 June 2015.

Retirement fund body EPFO notified an order to make Universal Account Number (UAN) mandatory for all employers

covered under the Employees Provident Funds and Miscellaneous Provisions Act 1952.

The Union Government on 19 June 2015 released the Draft Outline of Sovereign Gold Bond Scheme. The government

invited comments till 2 July 2015 on it.

The scheme is aimed at reducing the demand for physical gold and to shift part of the estimated 300 tons of

physical bars and coins purchased every year for investment into demat gold bonds.

The sell would be restricted to resident Indian entities and each entity cannot buy more than 500 grams per

person per year.

The bonds will be issued in denominations of 2, 5 and 10 grams of gold or other denominations.

The bonds will be issued with a nominal rate of interest (which will be linked to international rate for gold

borrowing).

The rate of interest on the bonds will be payable in terms of grams of gold.

The interest will be calculated on 10000 at a certain per cent say 2 or 3 percent. On maturity, the investor

receives the equivalent of the face value of gold in rupee terms.

Union Ministry of Finance on 5 June 2015 constituted a Task Force on Financial Redress Agency (FRA). The 10- member

task force will be headed by Dhirendra Swarup who served as the first chairman of the Pension Fund Regulatory and

Development Authority (PFRDA) in 2004.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

7

Country's largest lender State Bank of India has launched SBI eforex, an Internet- based platform that enables

customers to book their foreign exchange transactions online. The customers will be able to obtain forex rates without

having to visit the branch, the bank said in a statement.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, on 17 June 2015 gave

its approval for the Minimum Support Prices (MSPs) for Kharif Crops of 2015-16 season. The approved MSPs of pulses

per quintal, inclusive of bonus, are: Tur (Arhar) 4625 rupees against 4350 rupees during the 2014-15 season; Moong-

4850 rupees against 4600 rupees; and Urad 4625 rupees against 4350 rupees during the previous season.

Seeking synergies between Swedish and Indian entrepreneurship, Indian mission in Sweden has launched 'India

Unlimited' platform.

The Union Cabinet on 24 June 2015 approved renaming of Solar Energy Corporation of India (SECI) as Renewable

Energy Corporation of India (RECI).

The Union Cabinet on 24 June 2015 gave its approval for signing of a Memorandum of Cooperation (MoC) between

the Department of Industrial Policy & Promotion (DIPP) and the Japan Patent Office (JPO), Ministry of Economy, Trade

and Industry of Japan.

India has moved down to 61st place in terms of foreigners money in Swiss banks and it now accounts for a meagre

0.123 per cent of the total global wealth worth USD 1.6 trillion in Switzerlands banking system.

Japan headquartered telecommunications and Internet major SoftBank Corp, Bharti Enterprises Limited and Taiwan-

based Foxconn Technology Group on 22 June 2015 formed a Joint Venture (JV) named SBG Cleantech Limited. This JV

is aimed at promoting the adoption of clean and safe energy in India.

India on 22 June 2015 decided to be a partner country in the major Industrial Fair named INNOPROM 2016 to be held

at Yekaterinburg, Russia in July 2016. India accepted the invitation extended by the Russian Government in December

2014

GMR Airport Developers Limited (GADL) on 17 June 2015 signed a Memorandum of Understanding (MoU) with Oman

Airport Management Company (OAMC) for providing aviation training and consultancy services.

The Reserve Bank of India (RBI) decided to allow Authorised Dealer Category I (AD Category-I) Banks to borrow foreign

currency from International/Multinational Financial Institutions (IFIs/MFIs).

Further, such borrowings should be for the purpose of general banking business and not for capital

augmentation.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

8

Authorised Dealer Category -I Banks (AD CategoryI Banks) is one of the three types of Authorised Money

Changers (AMCs) approved by the RBI under Section 10 of the Foreign Exchange Management (FEMA) Act,

1999.

An AMC is a Full Fledged Money Changer (FFMC) permitted to deal in foreign exchange for specified purposes.

Other two AMCs are: Authorised Dealers Category - II (ADs CategoryII) and Full Fledged Money Changers

(FFMCs).

At present 102 entities are recognised as AD CategoryI Banks including State Bank of India, Canara Bank and

Axis Bank Ltd.

The Reserve Bank of India (RBI) on 25 June 2015 released the Financial Stability Report (FSR) June 2015. It is the

eleventh issue of its half yearly publication. The FSR reflected the collective assessment of the Sub-Committee of the

Financial Stability and Development Council (FSDC) on risks to financial stability, as also the resilience of the financial

system. Besides, the report discussed issues relating to development and regulation of the financial sector

Export-Import (Exim) Bank has extended a line of credit of USD 268.35 million to Tanzania for financing extension

of Lake Victoria pipeline. With this agreement, Exim Bank has now in place 198 LOCs, covering 63 countries in Africa,

Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 12.10 billion, available for

financing exports from India.

The Andhra Pradesh Mining Development Corporation (APMDC) 24 June 2015 signed a Memorandum of

Understanding (MoU) with an Australian firm NSL Mining Resources India Pvt Ltd for beneficiation of low-grade iron

ore in Kurnool and Kadapa districts.

The Reserve Bank of India (RBI) on 9 July 2015 released the final guidelines on Prepaid Payment Instruments for Mass

Transit System (PPI-MTS). The issued guidelines enable the issuance of a separate category of semi-closed prepaid

payment instruments for mass transit systems. The PPI-MTS will enhance commuter convenience and will also

facilitate the migration to electronic payments in line with the countrys vision of moving to a less-cash society. The

PPI-MTS can be used within the mass transit systems and will have a minimum validity of six months from date of issue.

Such PPIs will be reloadable instruments subject to an outstanding limit of 2000 rupees at any point of time.

The Income Tax (IT) Department on 13 July 2015 launched One Time Password (OTP) based e-filing verification system

for taxpayers.

State Bank of India (SBI), the largest bank in India, has partnered online financial product aggregator bankbazaar.com

along with the banks subsidiary SBI CAP Securities.

Retail inflation rose to eight-month high of 5.4 per cent in June on costlier food items, fuel, housing, clothing and

footwear even as prices of sugar and confectionery items eased during the month. The retail inflation measured in

terms of Consumer Price Index (CPI) was at 5.01 per cent in May. The rate of price rise was at 6.77 per cent in June last

year.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

9

HCL Tech to acquire assets of U.S.-based Trygstad

Flipkart offers Rs. 50,000 allowance to employees for adoption

The MUDRA (Micro Units Development and Refinance Agency) card under the Pradhan Mantri MUDRA Yojana (PMMY)

scheme was launched by the Corporation Bank. Hasmukh Adhia, Secretary, Department of Financial Services, Ministry

of Finance, released the card.

Russian Direct Investment Fund (RDIF) on 8 July 2015 signed framework agreements for equity investments in

infrastructure projects in BRICS countries. The agreement was signed at the BRICS summit in Ufa.

The partners in the BRICS member-states include

Indias IDFC (Infrastructure Development Finance Company) group

Brazils BTG Pactual

Chinas Silk Road Fund

The Development Bank of Southern Africa

Wipro acquires Denmark-based design firm Designit for 85 million

Healthcare firm Practo acquires tech start-up Genii

Export-Import Bank of India (Exim Bank) has signed a multilateral agreement to cooperate with New Development

Bank (NDB) along with other member development banks of BRICS nations. New Development Bank (NDB) is promoted

by the BRICS nations -- Brazil, Russia, India, China, and South Africa.

E-commerce has overtaken banking and financial services (BFSI) as the second largest occupier of office space in India

after information technology (IT), said global property consultants CBRE.

Indias GDP crossed the $2-trillion mark in 2014, according to data released by the World Bank in Washington. After

taking 60 years to reach the $1-trillion mark, India added the next trillion in just seven years. The World Bank data also

show that Indias gross national income per person rose to $1,610 (around Rs. 1 lakh) a year during 2014 from $1,560

the previous year. An analysis by The Hindu found that it would take India a little more than a decade to rise from its

current lower middle income category to the upper middle income level.

Countrys largest lender State Bank of India launched an initiative to provide doorstep services and expedite home

loans application process. The initiative known as Project Tatkal will help get the loan within 10 days after receipt of

application form and relevant supporting documents, the bank said in a release.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

10

In a significant step in economic cooperation, Russia's Direct Investment Fund (RDIF) signed an MoU with India's

Infrastructure Development Finance Company (IDFC) for funding of hydro-generation projects.

HDFC Bank, the countrys second largest private sector bank, launched Watch Banking application for Apple Watch in

the first week of July 2015.

Countrys second largest IT services firm Infosys has signed a multi-million euro deal with Deutsche Bank.

Union Government on 1 July 2015 notified dates for compliance window under the Black Money (Undisclosed Foreign

Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act). It gave three months time (till 30 September

2015) for people to declare their undisclosed foreign income and assets to escape prosecution under the new Black

Money Law.

To check offshore tax evasion, India and the US signed an agreement to implement The Foreign Account Tax

Compliance Act (FATCA) that will facilitate exchange of information between the two countries from October 1.

India will be the worlds fastest growing economy, for the second consecutive year in 2016 at 7.5 per cent, International

Monetary Fund said, even as it lowered its current year global economy growth forecast to 3.3 per cent.

Kotak Mahindra Bank's proposal to raise foreign investment limit in the lender to 55 per cent was cleared by the

Foreign Investment Promotion Board (FIPB). After deferring a decision on the proposal in the past, the FIPB cleared

the application during meeting after the Department of Financial Services gave its opinion on the matter, sources said.

FIPB is headed by Finance Secretary Rajiv Mehrishi.

European major Airbus teamed up with diversified Mahindra Group, to establish a joint venture for manufacturing

helicopters for the Indian Armed Forces. The joint venture between Airbus Helicopters and Mahindra Defence aims to

become the first private Indian helicopter manufacturer under the Make in India initiative, the companies said. To be

set up in the coming months, the venture would produce helicopters to meet the countrys military requirements.

Leading mobile wallet MobiKwik on 2 July 2015 tied up with books and stationary retailer WHSmith India to enable

offline shopping at all its retail stores.

Riding on the booming e-commerce space and increasing adoption of non-cash transactions, the combined share of

SBI and its five associate banks in the debit cards space has touched 25 per cent in the financial year 2015.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

11

The UK-based Entrepreneurial Spark and Indias Viridian Ventures on Tuesday announced a joint venture called Viridian

ESpark Accelerator to create programmes for entrepreneurship development, for which the Viridian Venture-led

consortium and its partners plan to invest about $300 million (Rs 1,950 crore) in a phased manner.

BSNL launched a pre-paid card linked mobile wallet service on Friday which allows customers to transfer cash, pay for

services as well as withdraw cash of up to Rs 1 lakh.

BHEL executed the 500 MW, oil-fired Kosti thermal power project on an engineering, procurement and construction

basis. The company designed, manufactured, supplied and installed the power project with four units of 125 MW each.

The Adani Group on signed an agreement with the Tamil Nadu government for setting up a 648 MW solar power plant

in Ramanathapuram district.

Shanghai Cooperation Organisation (SCO) decided to include India as a full member, prompting Prime Minister

Narendra Modi to offer to work with the six-member grouping to enhance connectivity, combat terror and create an

environment for boosting trade by easing barriers. India, which has an Observer status for the past 10 years, will

technically become the member by next year after completion of certain procedures. Beijing-based SCO currently has

China, Russia, Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan as members. Along with India, the process to include

Pakistan as a member was also initiated.

Micro-finance institution Bandhan Financial Services, which got the final licence from Reserve Bank of India to start

universal banking, would formally start operations as a banker from August 23.

Government is likely to infuse additional USD 1.8 billion (about Rs 11,500 crore) in public sector banks this fiscal over

and above USD 1.2 billion earmarked in the Budget.

Bank of Maharashtra and MUDRA Bank have signed an agreement to finance new entrepreneurs and small businesses.

To provide credit facilities to small business, the central government aims to facilitate credit up to Rs 1 lakh crore under

MUDRA (Micro Units Development and Refinance Agency) scheme in the current year.

United Bank of India has topped the list of public sector lenders with maximum bad loans including restructured assets

as a percentage of total advances. According to the data provided by the RBI to the Finance Ministry, United Bank of

India's 21.5 per cent assets are either bad or have been restructured to save them from turning non-performing assets

(NPAs).

Countrys second largest private sector lender HDFC Bank launched 30-min auto and 15-min 2- wheeler loan

schemes, for which customers have to provide only their biometric details.

Any person willing to avail a loan can walk into an auto dealership or any other touch points of the bank and

provide the Aadhaar card number and fingerprint, it said.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

12

If eligible, based on the profile, the loan will then be approved with minimal documentation required from

the customer within record time, it added.

The 30-minute auto loan and 15-minute two-wheeler loan is the latest initiative in HDFC Banks digital banking

offering christened Go Digital.

Bahrain-based GFH Financial Group on 28 June 2015 signed an agreement with Indian conglomerate Adani Group for

developing a Mumbai Economic Development Zone (MEDZ).

The Union Government in June 2015 increased the national floor-level minimum wage (NFLMW) to 160 rupees per

day from 137 rupees per day. The new rate will be effective from 1 July 2015. If states revise their minimum wages as

per the new NFLMW, the decision is expected to benefit millions of workers in the scheduled employments in the

respective state jurisdictions.

In its series of digital initiatives and tie-ups, State Bank of India, countrys largest bank, partnered with online travel

company MakeMyTrip.com to capitalise on the business opportunities of the booming ecommerce and m-commerce

ecosystem.

Sunil Mittal-led Bharti Airtel is now the world's third largest mobile operator with 303 million subscribers.

Telecom operator Bharti Airtel has selected Nokia Networks for the rollout its 3G services in five telecom circles and

network expansion in three zones. Under the four-year contract, Nokia will provide its equipment and services to Bharti

Airtel's infrastructure.

E-commerce major Flipkart has been ranked second among top book sellers of the world, according to a survey.

Flipkart is the only Indian brand to be ranked among the top five, says the survey report 'Top 40 Global Bookstore Mind

Share' (BMS Index).

Lok Sabha on 6 May 2015 passed the Goods and Services Tax (GST) Bill, 2014. The bill also called Constitution (122nd

Amendment) Bill seeks to introduce GST regime in India.

The bill will transform India into a common market, harmonising myriads of state and central levies into a national

goods and services tax which is expected to boost manufacturing and reduce corruption.

Main Highlights of the Bill

It provides for constitution of a Goods and Services Tax (GST) Council by inserting Article 279A in the

Constitution. The Council will recommend to the Union and States on the inclusion and exclusion of goods

and services.

It proposes an additional tax on supply of goods, not exceeding one percent, in the course of inter-State trade

will be levied and collected by the Union for a period of two years and apportioned to the States.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

13

The net proceeds of additional tax on supply of goods, except the proceeds from Union Territories, will not

form the part of Consolidated Fund of India.

It provides for the compensation to the States for loss of revenue arising on account of implementation of

GST for a period of five years.

It subsumes all the Central indirect taxes, levies and Central Sales Tax and State Value Added Tax and Sales

Tax.

It covers all goods and services except alcoholic liquor for human consumption for the levy of GST

Mukesh Ambani-led Reliance Industries leads the pack of 56 Indian companies in the 2015 Forbes Global 2000 list.

The list gives a snapshot of the worlds largest companies, and shows the dominance of the US and China in the current

global business landscape.

ICICI Bank, India's largest private sector bank has launched its first branch in China. The Shanghai branch was

inaugurated by Prime Minister Narendra Modi. The initiative marks a significant milestone for the Bank's international

operations. In March 2003, ICICI Bank had set-up a representative office in Shanghai to develop strong relationships

with Chinese banks and corporates for their India linked banking needs.

HDFC Bank, the countrys second largest private lender, launched medical benefits prepaid card for corporates to

disburse medical benefits to their employees. HDFC Bank has partnered with Apollo Hospitals for this prepaid

product that allows corporates to load the specified allowance onto the card each month, which can be used by

employees for medical expenditure at pan India VISA/ MasterCard outlets, the bank said in a statement.

Federal Bank forayed into credit card segment through the launch of co-branded credit cards in partnership with SBI

Cards, a leading credit card issuer. In the first year, Federal Bank aims to issue as many as 1.5 lakh credit cards to its

customers.

India announced a credit line of $1 billion to Mongolia to expand its economic capacity and infrastructure, as they

decided to upgrade their relationship from Comprehensive to "Strategic Partnership".

Giving the Modi Government 7 out of 10 for its first years performance, industry body Assocham said it still needs

to cover some ground on tax issues and a lot more needs to be done on improving the ease of doing business.

Infosys became the first Indian Company to Join RE100 Renewable Energy Campaign. The Climate Group on 18 May

2015 announced it. RE100 is a global platform for major companies committed to 100% renewable power.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

14

Infosys on 18 May 2015 announced to become carbon neutral by 2018. For this it earmarked an amount of 400 crore

rupees. The company announced to achieve carbon-neutrality on commuting and travel by its nearly 1.8 lakh

employees and in doing so deepens its commitment to sustainability.

GMR Infrastructure Ltd on 18 May 2015 signed a Memorandum of understanding (MoU) with Guizhou International

Investment Corporation (GIIC) for developing Kakinada Special Economic Zone (KSEZ) in Andhra Pradesh.

Reliance Jio Infocomm, a telecom subsidiary of Reliance Industries Limited (RIL), on 18 May 2015 signed a pact with

Chinese telecom equipment manufacturer firm Huawei for sourcing various 4th Generation (4G) devices.

State Bank of India signed a Memorandum of Understanding (MoU) with e-commerce player Amazon to develop

payment and commerce solutions for customers and small businesses. The SBI, country's largest lender, will also

provide loans to SME customers who supply products to Amazon to help them increase their operations.

State Bank of India (SBI), entered into a strategic partnership with digital payments company, PayPal, to facilitate

cross-border trade and payments. The service will be extended to SBI and PayPal users both in India and abroad and

is targeted at small and medium enterprises (SMEs). SBI currently, has over 900,000 SME customers.

State of Bank of India (SBI) entered into a seller financing scheme with e-com major Snapdeal. Under the scheme,

SBI will provide loans to small and medium enterprises at easier interest rates. Data regarding the sellers will be

provided by Snapdeal.

India's National Payments Corporation of India (NPCI), which runs the RuPay payment card network, has received

the Reserve Bank of India's approval to tie up with the Chinese government-supported payment card network China

UnionPay International.

Union finance Ministry on 20 May 2015 constituted Shah Committee to look into the issue of Minimum Alternate

Tax (MAT) on Foreign Institutional Investors (FIIs).

The committee will be headed by Justice A P Shah while the other members are Dr. Girish Ahuja, a chartered

accountant and former Associate Professor of Commerce, Shri Ram College of Commerce, University of Delhi and Dr.

Ashok Lahiri, former Chief Economic Adviser and Executive Director, ADB and currently Chairman of High Level

Committee to interact with Trade and Industry on tax laws.

Further, the committee would examine the matter relating to levy of MAT on FIIs for the period prior to 1 April 2015.

It will also examine all the related legal provisions, judicial/quasi judicial pronouncements and such other relevant

aspects as it may consider appropriate. The committee has been requested to give its recommendations on the above

issue expeditiously.

State-run Bank of India (BoI) and MasterCard launched new products in a bid to enhance the payment experience for

customers with BoI Business Debit MasterCard, Platinum Credit MasterCard and International Travel MasterCard.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

15

The Reserve Bank of India extended the time-frame to spread over the shortfall arising out of sale of bad assets to

securitisation companies/asset reconstruction companies at a price below the net book value, to March 2016.

As an incentive for early sale of NPAs, banks can spread over any shortfall, if the sale value is lower than the net book

value (NBV), over a period of two years. It has been decided to extend this dispensation for assets sold on or after

March 31, 2015 and up to March 31, 2016.

Steel Authority of India Limited (SAIL) and ArcelorMittal on 22 May 2015 signed a Memorandum of Understanding

(MoU) to set up an automotive steel manufacturing facility under a Joint Venture (JV) arrangement in India.

Pharmaceuticals company Lupin will replace Tata Power in the BSE Sensex, the stock exchange said in a statement,

reports fe Bureau in Mumbai.

The Reserve Bank has entered into an MoU with the Central Bank of Seychelles (CBS) on exchange of information and

mutual assistance in the banking sector supervision.

Micro Units Development Refinance Agency (MUDRA) Bank has partnered with 19 state and regional level

coordinators to reach those small entrepreneurs who are often cut off from the banking system because of a limited

branch presence.

Indias largest online marketplace Snapdeal has acquired Hyderabad-based mobile e-commerce platform MartMobi,

a company that has created mobile-specific platform for small and medium-sized businesses, for an undisclosed sum.

ICICI Bank, Indias largest private sector bank, launched a voice recognition service which authenticates customers

based on their speech patterns and allows them to execute banking transactions through the banks call centre. The-

first-of-its kind service, it is available to over 33 million customers of its savings account and credit card. With the voice

recognition technology in place, customers are no longer required to enter their card numbers, PIN and answer

security questions to authenticate themselves. Their voice will now act as the password for banking transactions

through the call centre.

Union Ministry of Finance on 26 May 2015 constituted a Committee on Revisiting and Revitalizing the Public Private

Partnership (PPP) Model of Infrastructure Development under the Chairmanship of Vijay Kelkar. Vijay Kelkar is a

former Finance Secretary and Chairman, National Institute of Public Finance and Policy (NIPFP), New Delhi. The

decision is in tune with the announcement made on 28 February 2015 by the Union Finance Minister Arun Jaitley while

presenting the 2015-16 budget.

RBI has issued draft guidelines on mobility cards that will allow you to travel without cash in metros, buses and taxis

carrying prepaid cards with value up to Rs. 2,000.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

16

In a bid to boost prepaid payment instruments (PPIs) for commuting, RBI has introduced a new category of prepaid

payment instruments that will be issued by the mass transit operators (such as metro or road transport).

With a minimum validity of six months from the issue date, the PPI- MTS will be reloadable with a balance limit of

Rs. 2,000. No cash-out or refund will be permitted from these PPI, the central bank said. At present, for other PPIs the

RBI has permitted to issue cards with balance of up to Rs. 1 lakh.

Country's largest insurer Life Insurance Corporation (LIC) has raised stake in state-owned Canara Bank by about 7.7

per cent through preferential allotment of shares. It has also increased its stake in another public sector lender Bank

of Baroda (BoB) by buying 4.7 crore shares from the open market. With the acquisition, the LIC's stake in BoB

increased by 2.1 per cent to 11.4 per cent.

The Reserve Bank of India on 28 May 2015 released the Draft Guidelines on Net Stable Funding Ratio (NSFR) under

Basel III Framework on Liquidity Standards for banks. The Reserve Bank proposed to make NSFR applicable to all

banks in India from 1 January 2018. The objective of NSFR is to ensure that banks maintain a stable funding profile in

relation to their assets and off-balance sheet activities.

Net Stable Funding Ratio (NSFR) is defined as the amount of available stable funding relative to the amount of required

stable funding.

The Finance Ministry has issued a notification to allow an individual to spend $2.5 lakh abroad in a year. This comes

almost three months after the Reserve Bank of India announced raising the same. Earlier, the limit was $1.25 lakh

dollar, but with forex reserves getting stronger at over $353 billion, a higher limit has been notified.

Government-owned lender State Bank of India launched Online Customer Acquisition Solution (OCAS), an online

platform to apply for home loans, car loans, education loans and personal loans.

The application will help the customers gauge their eligibility and get a quote personalised to their requirement. The

customer will instantly get an e-approval on filling the online form. Thereafter, the Bank officials will contact the

customer and complete all the loan formalities.

In the first year under the Narendra Modi-led NDA rule, India has grown 7.3 per cent as against 6.9 per cent last year.

The Central Statistics Office (CSO), which released the quarterly estimates of Gross Domestic Product (GDP) for the

fourth quarter (January-March) of 2014-15, has revised the growth rate for the previous quarter (Jul-Sep) from 8.2 per

cent to 8.4 per cent.

Indias gross domestic product (GDP) grew at 7.5% during the January-March period, faster than Chinas 7% in the

same period, mainly on account of improvement in services and manufacturing sectors.

Himachal Pradesh has emerged as first the state in the country to start Aadhaar based Payment System (ABPS) and

payments amounting Rs 76.53 crore have been made through this system till date since the scheme was launched on

October 2, 2014.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

17

Reliance Industries has overtaken state-owned Oil and Natural Gas Corp (ONGC) to become the nation's most

profitable company, posting a consolidated net profit of Rs 23,566 crore in the 2014-15 fiscal. ONGC, which posted a

consolidated net profit of Rs 18,334 crore in 2014-15, slipped to number three, behind RIL and Tata Consultancy

Services Ltd, India's largest IT firm, according to earning data of listed firms available on the BSE.

Union Finance Minister Arun Jaitley on 30 May 2015 inaugurated the New Bank Note Paper Line unit of 6000 metric

tonne capacity at Security Paper Mill in Hoshangabad, Madhya Pradesh. With opening of this, India will become self-

reliant in producing Bank Note Paper for big denominations. Earlier, India was considerably dependent on import of

bank note paper for currency of big denominations. He also flagged off the first consignment of one thousand rupees

bank note paper made indigenously to Currency Note Press Nashik.

News Related to India

Amid a controversy over not releasing of caste census data, the government set up an expert group headed by NITI

Ayog Vice-Chairman Arvind Panagariya to collate caste count even as it blamed the states for not being able to

complete the consolidation of different categories.

In a development set to tremendously boost its age-old traditions, Varanasi has joined the global bandwagon of

UNESCO "Cities of Music" under the Creative Cities Network. It has been chosen in the music category under

UNESCO's "field of excellence" plan. The fields of excellence are classified into categories of literature, film, music, craft

and folk art, design, media arts and gastronomy.

Nine cities Glasgow in the UK, Hanover and Mannheim in Germany, Ghent in Belgium, Hamamatsu in Japan,

Brazzaville in the Republic of Congo, Bogota in Columbia, Seville in Spain and Bologna in Italy are a part of UNESCO

"Cities of Music".

A proposal to redevelop about 400 railways stations in metros and major cities besides pilgrim centres and tourist

spots was cleared by the government. The as is where is model would entail a much simpler process for faster

redevelopment, with more focus on vertical expansion. The A-1 and A category stations (about 400) shall be offered

for redevelopment by inviting open bids from interested parties.

Union Agriculture Minister Radha Mohan Singh on 15 July 2015 launched 3 web portals viz. Soil Health Card portal,

Fertiliser Quality Control System (FQCS) portal and Participatory Guarantee System (PGS) India portal.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

18

In a major fillip to industrial infrastructure in the Palakkad region, the Union governments Department of Industrial

Policy and Promotion (DIPP) has approved a proposal from the Kerala Industrial Infrastructure Development

Corporation (Kinfra) to set up the countrys first defence industrial park at Ottappalam.

Jawahar Navodaya Vidyalaya (JNV) of Churachandpur in Manipur on 15 July 2015 won the 18th National Youth

Parliament Competition for Jawahar Navodaya Vidyalayas. It was awarded with the Running Parliamentary Shield and

Trophy by the Secretary, Ministry of Parliamentary Affairs at the prize distribution ceremony held in New Delhi.

The Union Cabinet on 16 July 2015 approved the signing of Memorandum of Understanding (MoU) between India

and Canada in the field of Civil Aviation. The MoU will help in enhancing the experience and technical knowledge in

the field of Civil Aviation between India and Canada.

Identity Proof Not Required to Book Tatkal Ticket From Sept 1: Railways

White-Fi technology or TV White Space Technology was in news in the second week of July 2015 as Microsoft

announced plans to introduce this technology in India to providelast mile connectivity and give a boost to the Digital

India initiative of Prime Minister Narendra Modi.

INS Astravahini, indigenously built Torpedo launch and recovery vessel (TLRV), was on 16 July 2015 decommissioned

after its 31 years service to the nation. The vessel had immensely contributed in the trials of indigenous torpedoes

developed by Naval Science and Technological Laboratory (NSTL).

Global Emergency Response Network to be launched In India. A new decentralized and personalized mobile app

called MUrgency is being set up to create a global emergency response to help people in distress in developing

countries.

Haryana government named Bollywood actress Parineeti Chopra as the brand ambassador for the Beti BachaoBeti

Padhao campaign to promote the cause of girl child.

In a move aimed at boosting Indias defence sector, 200 helicopters will be manufactured in the country with Russian

collaboration as part of intensification and diversification of their strategic ties.

The Union Government on 30 May 2015 formed a committee under the Chairpersonship of Prime Minister Narendra

Modi to oversee the celebrations of 125th birth anniversary of Dr BR Ambedkar, also called Bhim Jayanti which is

annually celebrated on 14 April.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

19

India and Sweden on 1 June 2015 signed 6 agreements to boost ties and restart the bilateral strategic dialogue. The

agreements were inked in presence of President Pranab Mukherjee, who is on a state visit to Sweden. Pranab

Mukherjee is the first ever Indian head of state to visit Sweden and was in the country from 31 May to 2 June 2015.

List of agreements/MoUs signed

MoU on Cooperation in the field of Sustainable Urban Development

MoU on cooperation in the field of Micro, Small and Medium Enterprises

Agreement on Visa Exemption for diplomatic passports

Letter of Intent on Collaboration in Polar and Ocean Research

Memorandum of Intent (MoI) on cooperation in ageing research and health: It was signed between the Indian

Council of Medical Research (ICMR) and the Swedish Research Council for Health Working Life and Welfare

(FORTE).

MoI between the Central Drugs Standard Control Organization (CDSCO), India and the Swedish Medical

Products Agency (MPA)

India has signed a pact with the UK's prestigious Cambridge University to create a new programme of early-career

fellowships in the field of biotechnology.

The Cabinet Committee on Economic Affairs (CCEA) on 2 July 2015 gave its approval for a new scheme called Pradhan

Mantri Krishi Sinchayee Yojana (PMKSY). The Yojana was approved with an outlay of 50000 crore rupees over a period

of five years, that is, from 2015-16 to 2019-20 and the allocation for the financial year 2015-16 has been kept at 5300

crore rupees.

Objectives of PMKSY

To provide convergence to existing schemes of water management, thus bringing efficiency to the use of

water

Expand cultivable area under assured irrigation (Har Khet ko pani)

Improve on-farm water use efficiency to reduce wastage of water

Enhance the adoption of precision-irrigation and other water saving technologies (More crop per drop)

Government has allocated Rs. 200 crore for three years to set up an online national agriculture market by integrating

585 wholesale markets across India a move that would help farmers realise better prices.

India test-fires Nag anti-tank missile from helicopter platform. HeliNa is a helicopter-launched version of Nag and has

been developed by the Defence Research and Development Organisation (DRDO) under the Integrated Guided Missile

Development Programme (IGMDP). The missile was aimed at hitting targets at varied distances of upto 7 km.

Vyapam scam was in news in July 2015 as Central Bureau of Investigation (CBI) on 12 July 2015 constituted a special

team of 40 officers, under a Joint Director level officer, to probe the multi-crore Vyapam scam of Madhya Pradesh.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

20

Union Government appointed lawyer Rodrigo Oreamuno to arbitrate Vodafone tax case

Union Government on 13 July 2015 decided to cap the subsidy payout on kerosene at 12 rupees per litre. At present,

kerosene is sold through public distribution system at 14.96 rupees per litre against the actual cost of 33.47 rupees.

The difference of 18.51 rupees per litre is termed as under-recovery or revenue loss.

PM Modi launches Skill India Campaign; govt to train 40 crore youngsters by 2022. The new National Policy for Skill

Development policy is the country's first integrated national scheme for developing skills and promoting

entrepreneurship at a large scale and was recently approved by the Union Cabinet. It acknowledges the need for an

effective roadmap for promotion of entrepreneurship as the key to a successful skills strategy.

Minister of Railways Suresh Prabhu on 14 July 2015 inaugurated the broad-gauge railway-line between Gandhidham

and Tuna-Tekra Port in Gujarat by flagging off a goods train.

Union Ministry of Urban Development on 14 July 2015 launched the National Heritage Development and

Augmentation Yojana (HRIDAY) for 12 cities in the country from Amritsar in Punjab. In the initial phase of HRIDAY, 12

heritage cities have been identified which will be rejuvenated and developed. Union Government will provide 500

crore rupees to these 12 cities. Varanasi allocated 89.31 crore rupees.

Defence Acquisition Council approved defence proposals worth 30000 crore rupees

India and Georgia on 13 July 2015 signed a Memorandum of Understanding (MoU) for cooperation in the field of

election management and administration.

The Nashik-Trimbakeshwar Simhastha Kumbh Mela began on 14 July 2015. The year-long festival will end 11 August

2016.

MoD and MSDE signed MoU to increase employability of ex-servicemen

The Union Ministry of Women and Child Development on 1 July 2015 adopted the Digital Guddi-Gudda Board as a

Best Practice under Beti Bachao Beti Padhao (BBBP) scheme. It was named as the best practice on the occasion of

Digital India Week that is being observed from 1 July to 7 July 2015.

The Haryana Government on 1 July 2015 launched the Mhara Gaon- Jagmag Gaon scheme, aimed at providing 24 hour

uninterrupted power supply to rural domestic consumers in a phased manner with their active participation.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

21

eMudhra Limited, a leading certifying firm in the country for digital signatures, launched eSign services.

Ratan Tata Joins Hand With Tripura Govt, Pledges Support to Community Development.

Electronic Nose for environmental monitoring jointly developed by CSIR-NEERI & C-DAC

Union Railway Ministry launched Mobile ticketing app for suburban commuters

Indian Army dedicated Prerna Sthal at Hussainiwala to the nation

Climate Change to be the theme of Science Express in 2015. It is a unique science exhibition mounted on a 16-coach

AC train.

Telangana government and International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) on 7 July 2015

signed Memorandum of Understanding (MoU) to improve profitability of farmers.

Operation Smile, a unique initiative of Ghaziabad Police to track missing children, was in news in second week of July

2015. It came in news after Uttarakhand police under the operation was able to trace at least 44 missing children from

various parts of the state within a week.

Indian Space Research Organisation (ISRO) on 10 July 2015 successfully launched five British satellites into space from

the first launch pad of the Satish Dhawan Space Centre, Sriharikotta. These satellites are three identical DMC3 optical

earth observation satellites and two auxiliary satellites, viz., CBNT- 1 and De-OrbitSail. These all satellites, built by

Surrey Satellite Technology Limited (SSTL) and weighing 1440-kg, were launched aboard the 13th flight (PSLV-C28) of

the Polar Satellite Launch Vehicle (PSLV).

Former President of India Dr. APJ Abdul Kalam on 9 July 2015 launched the Rashtriya Avishkar Abhiyan (RAA) in New

Delhi. The abhiyan aims to inculcate a spirit of inquiry, creativity and love for Science and Mathematics in school

children.

The Centre has declared entire Nagaland as a "disturbed area" as it finds that a "dangerous condition" prevails in the

state and armed forces should assist the civil administration in maintaining law and order.

India will begin to supply up to 500 MW additional power to Bangladesh as soon as the work on SAARC grid is

accomplished in the next one year or so.

NDDB launched mobile application Pashu Poshan to boost dairy farmers' income.

Telangana Government on 6 July 2015 signed a Memorandum of Understanding (MoU) with transportation facilitation

app Uber.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

22

Hilliard Energy Limited has expressed its intent to set up a multi-phase 650 MW solar and wind energy project in

Anantapur district of Andhra Pradesh.

University Grants Commission (UGC) on 2 July 2015 accorded special Heritage Status on 19 Colleges across the country.

These include St Xaviers College, Mumbai and Fergusson College, Pune among others.

India and Bangladesh launched a joint survey to record the "choice of nationality" of 51,584 people in 162 enclaves in

each other's territories ahead of the July 31 integration of the land with the respective mainland under the historic

Land Boundary Agreement (LBA).

Defence PSU Bharat Electronics made Akash inducted into Indian Air Force. BEL, the nodal agency and supplies major

sub-systems, at a ceremony held at Air Force Station, Gwalior, handed over the missile system.

An Earthquake Warning System (EWS) was successfully installed in Uttarakhand, Dehradun in the first week of July

2015. With this, Uttarakhand became first Indian state to install a system that can detect earthquakes and disseminate

warnings.

India and the USA on 30 June 2015 signed a Memorandum of Understanding (MoU) on cooperation to establish the

PACESetter Fund in New Delhi.

PM Modi appoints IIT-JEE topper Kruti Tiwari as brand ambassador of Digital India

Bangalore has been ranked 12th in the list of top 20 technology-rich cities in the world, according to a survey conducted

by global property consultant Jones Lang LaSalle (JLL).

As part of the 'Digital India Week', Centre for Development of Telematics (C-DOT) launched four new products including

solar powered Wi-Fi and long distance Wi-Fi.

Uttar Pradesh State Road Transport Corporation (UPSRTC) has become the first State transport corporation to have a

vehicle tracking system for inter-city buses, which has led to a reduction in accidents and deaths as drivers are wary of

crossing the speed limits.

The countrywide Mobile Number Portability (MNP) has become a reality. This means mobile subscribers can now keep

their existing mobile phone numbers even while shifting between states and circles. The move lays the first stone for

the government's 'One nation, One number' plan and is sure to benefit millions of people across the country.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

23

Punjab Chief Minister Parkash Singh Badal on 2 July 2015 launched the state Portal ePMS (Electronic Projects

Management System) to fast track infrastructural development. The portal was launched during the Digital India week.

Japanese multinational telecom company, SoftBank has expressed its readiness to establish an ambitious 20 Gigawatt

solar power plant in Andhra Pradesh. As part of Make in India initiative, SoftBank will take up manufacturing of solar

panels in the State.

Delhi has built the highest number of community and public toilets under Swachh Bharat Mission, followed by

Chhattisgarh and Maharashtra, while Gujarat topped in the individual household category. Delhi has completed

construction of 5,776 community and public toilet seats since the launch of the mission in October last year, followed

by Chhattisgarh (3,570), Maharashtra (2,520), Chandigarh (2,424) and Karnataka (1,680).

Based on the specific soil health of their small chunks of lands, scientists at the International Crops Research Institute

for Semi-Arid Tropics (ICRISAT) and Government of Telangana would send timely messages to the farmers through the

phablet. Phablet is a smart device bigger than a phone but smaller than a tablet. The Hyderabad-headquartered

ICRISAT launched the Green Phablet, priced at $300 (about Rs. 18,600), for farmers in Telangana.

Prime Minister of India Narendra Modi on 1 July 2015 launched the Digital India Week in New Delhi. The newly created

week is aimed at encouraging peoples involvement and creating awareness among them about various initiatives

launched under the Digital India Programme launched in August 2014. The Department of Electronics & Information

Technology (DeitY) is the nodal agency for implementing the Digital India Programme in close cooperation with other

departments and ministries.

Kerala Tourism has hit the streets of Shanghai with a first-ever roadshow aimed at attracting high-spending Chinese

tourists from the worlds largest outbound tourism market.

Government approved the setting up of an online national agriculture market that will provide more options to farmers

for selling their produce.

The Office of the Registrar General and Census Commissioner, India on 30 June 2015 released the data on disabled

population by type of disability, type of households and sex 2011. There are 207.8 lakh households having disabled

persons in the country constituting 8.3 percent of the total households. The State/Union Territory with maximum

disabled population is Uttar Pradesh and is followed by Maharashtra and Andhra Pradesh. The State/Union Territory

with minimum disabled population is Lakshadweep and is preceded by Daman and Diu and Dadra & Nagar Haveli.

Software major Microsoft in first week of July 2015 agreed to develop Smart MIDC (industrial colony) and support

Digital Village in Maharashtra.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

24

To provide security to those devotees taking part in the 59-day-long annual Amarnath Yatra in Jammu and Kashmir,

Indian Army in first week of July 2015 launched Operation Shiva. The Yatra started on 2 July 2015.

Maharashtra Governments programme Jalyukta Shivar Abhiyan that was launched with an aim to make Maharashtra

a drought-free state by 2019 was in news in first week of July 2015.

The Guinness Book of World Records has recognised a record created in Madhya Pradesh on 'World Hand washing

Day' on October 15, 2014.

India and Belarus on 3 June 2015 inked six agreements to boost ties and relationship based on friendship and mutual

benefit. The agreements were inked in presence of President Pranab Mukherjee, who was on a two-day state visit to

Belarus, viz., from 3 June 4 June 2015.

List of agreements and MoUs

1. Agreement on roadmap for India-Belarus Cooperation

2. Agreement on Protocol amending the agreement between the India and Belarus for the Avoidance of

Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Property

(Capital) of the 27 September 1997

3. MoU on Cooperation in the field of Standardization and Information Support signed between Bureau of

Indian Standards (BIS) and the State Committee for Standardization, Belarus

4. MoU for cooperation on Broadcasting between Prasar Bharati (PB) and the National State Television and

Radio Company, Belarus (Belteleradiocompany)

5. MoU on Bilateral Cooperation between the Securities and Exchange Board of India (SEBI) and the Ministry

of Finance, Belarus

6. MoU for Manufacturing and Marketing of Light Industry Goods (concern "Bellegprom) between the Ministry

of Textiles of India and the Belarusian State concern.

Delhi Metro Received Its First Driver-Less Train From South Korea.

India and the Netherlands on 5 June 2015 signed several agreements to deepen bilateral cooperation. The agreements

were signed in the presence of Prime Minister Narendra Modi and Prime Minister of Netherland Mark Rutte in New

Delhi after the two leaders held discussions on various issues related to the region and the world.

List of Agreements signed between India and Netherlands

Agreement on setting up Joint Working Group on Counter Terrorism , which will hold its first meeting on 19

June 2015.

Agreement on manufacturing of dredgers at the Cochin Shipyard.

Agreement on manufacturing of Measles, and Rubella Vaccine in India, with transfer of technology from

Netherlands.

Agreement on developing coastal roads and metro lines in India.

Agreement on setting up a Joint Working Group on Skill Development.

Agreement on developing joint pilot projects for an electric vehicle ecosystem in India.

Agreement on setting up centres of excellence in areas like horticulture and animal husbandry in India.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

25

Uma Bharti Launched 'Jal Kranti' Campaign in Rajasthan. The Jal Kranti Abhiyan will be celebrated across the country

during 2015-16 to consolidate water conservation and management through a holistic and integrated approach. The

scheme also provides for a 'Sujalam Card' which will provide annual status and information about the quality of

drinking water available for a 'Jal Gram'.

Nestle India decided to take Maggi Noodles off the shelves, after six state governments announced ban in the wake

of finding elevated levels of lead and MSG being found in its samples.

The High Level Committee (HLC) on railway restructuring headed by Dr Bibek Debroy on 12 June 2015 submitted its

final report to the Union Ministry of Railways.

For implementing its recommendations the committee has given the following timetable

ImmediateLiberalization, or the allowing of private entry; changes in the composition of the Railway Board.

0-2 yearsDecentralization to zones/divisions; cleaning up finances between Union government and IR.

2 yearsReform of RPF, schools and medical services; transition to commercial accounting, reform of

production and construction units.

3 yearsChanges in the Railways Act and the Railway Board Act, setting up a Regulator; unified entry into the

Railway services; resolution of social costs.

5 yearsBifurcation between Railway Infrastructure Corporation and rest of IR as train operators; end of the

Railway Budget.

7 yearsTransition of the IR that operates trains to a government-owned SPV.

Union Government on 14 June 2015 launched Mobile Blood Bank Locator App. The app was launched on the occasion

of World Blood Donors Day with an aim to ease access of information regarding the nearest blood bank in the country.

Ministry of Railways on 12 June 2015 decided to run Suvidha trains with dynamic fares from July 2015. The decision

to run Suvidha trains was taken to address the rush during peak travel seasons.

The Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER) Jitendra Singh on

15 June 2015 launched an Augmented Reality (AR) application named Sakaar to highlight the achievements of the

Department of Space.

Indian Railways on 15 June 2015 rechristened train No 19031/19032 Ahmedabad-Haridwar Mail Express also known

as 'Haridwar Mail' as Yoga Express. The name was changed with immediate effect.

Indian mobile handset maker Karbonn on 15 June 2015 announced that it is planning to set up its first mobile handset

manufacturing facility in Hyderabad.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

26

Special Forces of the Indian Army in coordination with the Air Force on 9 June 2015 carried out surgical operations

(cross-border operation) inside Myanmar to target militant groups. In this one of the first-of-its-kind cross-border

operation about 50 militants of groups namely NSCN (kiss) and KYKL were killed. They were hiding along the Nagaland-

Myanmar and Manipur-Myanmar border.

India and Australia will undertake their first joint naval exercise later this year even as the two along with Japan look

at the possibility of a trilateral exercise.

Jind and Karnal districts of Haryana and Muzaffarnagar of Uttar Pradesh were included in National Capital Region on

9 June 2015.

Union Minister of Road Transport and Highways and Shipping Nitin Gadkari on 5 June 2015 inaugurated Indias first-

of-its-kind Tier-I Oil Spill Response Centre (OSRC) for Mumbai Port Trust (MBT), Jawaharlal Nehru Port Trust (JNPT)

and ONGCs facilities at Nhava and Uran.

Tamil Nadu Government and Adani Power Ltd in the second week of June signed a Power Purchase Agreement (PPA)

to set up a 200 MW solar power plant in Ramanathapuram district.

India and Bangladesh on 6 June 2015 inked signed, exchanged, adopted and handed 22 bilateral documents in

Dhaka.

India and Bangladesh on 6 June 2015 signed the historical 1974 Land Boundary Agreement (LBA) which would settle

the 4096-kilometre-long border (Indias longest border with neighbour country) dispute between the two countries.

According to the agreement, Bangladesh took over 111 enclaves (17160 acres of land) from Indias possession and

India received 51 enclaves (7110 acres of land) from Bangladesh. Enclaves are tiny landlocked territories that each

country has within the borders of the other nation. The enclaves in Assam, West Bengal, Tripura and Meghalaya come

under the bills ambit.

The protocol and instruments of ratification to make the Land Boundary Agreement (LBA) operational was signed by

the foreign secretaries of the two nations in presence of Narendra Modi, the visiting Prime Minister and his Bangladeshi

Prime Minister Sheikh Hasina.

The documents include

1. Exchange of Instruments of Ratification of 1974 Land Boundary Agreement and its 2011 Protocol

2. Exchange of letters on Modalities for implementation of 1974 Land Boundary Agreement and its 2011

Protocol

3. Renewal of Bilateral Trade Agreement

4. Agreement on Coastal Shipping between Bangladesh and India

5. Renewal of Protocol on Inland Water Transit and Trade

6. Bilateral Cooperation Agreement on Cooperation in the field of Standardization was inked between

BangladeshStandards & Testing Institution (BSTI) and Bureau of Indian Standards (BIS).

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

27

7. Agreement on Dhaka-Shillong-Guwahati Bus Service and its Protocol

8. Agreement on Kolkata-Dhaka-Agartala Bus Service and its Protocol

9. Memorandum of Understanding between Coast Guards

10. Memorandum of Understanding on Prevention of Human Trafficking

11. Memorandum of Understanding on Prevention of Smuggling and Circulation Fake Currency Notes

12. Memorandum of Understanding between Bangladesh and India and for Extending a New Line of Credit (LoC)

of 2 billion US dollars by Government of India to Government of Bangladesh

13. Memorandum of Understanding on Blue Economy and Maritime Cooperation in the Bay of Bengal and the

Indian Ocean

14. Memorandum of Understanding on Use of Chittagong and Mongla Ports

15. Memorandum of Understanding for a Project under IECC (India Endowment for Climate Change) of SAARC

16. Memorandum of Understanding on Indian Economic Zone

17. Cultural Exchange Programme for the years 2015-17

18. Statement of Intent on Bangladesh-India Education Cooperation (adoption)

19. Agreement between Bangladesh Submarine Cable Company Limited (BSCCL) and Bharat Sanchar Nigam

Limited (BSNL) for leasing of international bandwidth for internet at Akhaura

20. Memorandum of Understanding between University of Dhaka, Bangladesh and Council of Scientific and

Industrial Research, India for Joint Research on Oceanography of the Bay of Bengal

21. Memorandum of Understanding between University of Rajshahi, Bangladesh and University of Jamia Milia

Islamia, India

22. Handing over of Consent Letter by Insurance Development and Regulatory Authority (IDRA), Bangladesh to

Life Insurance Corporation (LIC), India to start operations in Bangladesh

Indias maiden indigenous aircraft carrier INS Vikrant was on 10 June 2015 undocked at the Cochin Shipyard in Kochi,

Kerala. It is Indias largest and first indigenous aircraft carrier.

India, Japan and Australia on 9 June 2015 held their first ever high-level trilateral dialogue in New Delhi.

ISRO has said it will provide navigational support to the countrys Railways through GAGAN (GPS-aided

geoaugmented navigation) system.

Cabinet has approved stepping up cumulative target under National Solar Mission from 20,000 MW to 1 lakh MW by

2022. It has also approved interest subsidy on housing loans for tenure up to 15 years under EWS/ LIG categories.

The Election Commission of India (ECI) on 16 June 2015 suspended the recognition of National People's Party (NPP)

as a state party in Meghalaya. The NPP is headed by former Lok Sabha Speaker PA Sangma.

Union Cabinet chaired by Prime Minister Narendra Modi on 17 June 2015 approved the agreement between India and

Spain on abolishing visa requirements for the holders of diplomatic passports.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

28

India and Tanzania on 19 June 2015 signed six MoUs in the field of tourism, education and hydrography to deepen

bilateral cooperation. The agreement was inked in presence of Prime Minister Narendra Modi and President of

Tanzania Jakaya Mrisho Kikwete. President of Tanzania is on a five-day tour to India from 17 June to 21 June 2015

List of inked MOU/Project signed/Exchanged with Tanzania

1. MOU on establishing a collaborative program in official statistics: It was inked between the East Africa

Statistical Training Center (EASTC) in Tanzania and the National Statistical System Training Academy (NSSTA)

in India and will include capacity building for Staff of EASTC and other African Countries in Official Statistics.

2. MOU on cooperation in Agricultural Statistics, Computer Applications and Bio-informatics: It was inked

between EASTC and Indian Council of Agricultural Research (ICAR), Indian Agricultural Statistics Research

Institute (IASRI) for capacity building of Staff

3. MOU on Cooperation in the field of Tourism: To enhance bilateral cooperation in Tourism and hospitality

sectors.

4. Loan agreement to operationalise the LoC: The agreement was signed between Exim Bank and Government

of Tanzania on LOC for 268.35 million US dollar for extension of Lake Victoria pipeline project.

5. Agreement for appointing the former as PMC: The agreement was signed between WAPCOS (PSU under M/o

Water) and Government of Tanzania for preparation of DPR for Lake Victoria pipeline project

6. MOU for Cooperation in the field of Hydrography & Protocol on exchange of Hydrographic Data: To promote

development and cooperation in the field of Hydrography through conducting surveys, exchange of data,

capacity building and infrastructure strengthening.

The Food Safety and Standards Authority of India (FSSAI) on 12 June 2015 set up an Expert Group on Salt, Sugar and

Fat in Indian Food Products. The 11-member Expert Group will be headed by Dr. D Prabhakaran, Director, Centre for

Chronic Conditions and Injuries and Vice-President, Public Health Foundation of India.

Government launched the first modernised Anganwadi centre of India at Hasanpur village of Sonepat in Haryana.

The centre was inaugurated by Maneka Gandhi, the Union Minister for Women and Child Development (WCD).

The centre has been set up as part of Nand-Ghar Yojana of Union Government which aims at transforming the

anganwadi centres.

Uttar Pradesh Government on 23 June 2015 renamed the Lucknow Prani Udyan, popularly known as Lucknow zoo, as

Nawab Wajid Ali Shah Prani Udyan, Lucknow.

To aid National Mission for Clean Ganga, the Union Water Resources Minister Uma Bharti on 23 June 2015 launched

Bhuvan Ganga mobile application and a web portal.

To promote Keralas tourism departments Visit Kerala Scheme, Kerala government on 23 June 2015 appointed tennis

legend Steffi Graf as Ayurveda brand ambassador.

The first One-Stop Crisis Centre for women in distress out of the proposed 660 is set to be inaugurated in Chhattisgarh

later this month under the Nirbhaya Fund.

RBI A

ssist

ant 2

015 P

DF7/22/2

015

Down

loade

d fro

m www

.exam

pund

it.in

29

India's first air-conditioned diesel electric multiple unit (DEMU) train launched in Kochi.

Union Agriculture Minister Radha Mohan Singh on 18 June 2015 launched a weather alert service named NOWCAST.

China opens Nathu La as 2nd route for Kailash pilgrims.

HAL has delivered Orbiter Craft Module Structure of Chandrayaan-2 to ISRO Satellite Centre (ISAC). Chandrayaan-2

is a two module configuration spacecraft comprising of the Orbiter Craft and the Lander Craft.

India, Nepal, Bhutan and Bangladesh signed a landmark Motor Vehicles Agreement (MVA) for the Regulation of

Passenger, Personnel and Cargo Vehicular Traffic among the four South Asian neighbours in Thimpu, Bhutan.

State-run equipment maker BHEL has commissioned a 250 MW unit of NTPC's Bongaigaon thermal power plant in

Kokrajhar district in Assam.

Maharashtra declared Blue Mormon as state butterfly.

Prime Minister Narendra Modi on 25 June 2015 launched three urban development schemes- AMRUT, Smart Cities

Mission and Housing for All (Urban) in New Delhi.

Atal Mission for Rejuvenation and Urban Transformation (AMRUT): It is aimed at developing infrastructure

in 500 cities and towns that are having a population of one lakh and above with an outlay of 50000 crore

rupees between 2015-16 and 2019-20.

Smart Cities Mission: It is aimed at developing 100 smart cities across the country with an outlay of 48000

crore rupees between 2015-16 and 2019-20.

Housing for All (Urban): The Central Sector Scheme aimed at providing housing facilities to all eligible people

in urban areas by 2022.

The Union Cabinet cleared the proposal for the setting up of six new Indian Institutes of Management (IIMs) in the

country, which will start offering courses from the coming academic session. The new IIMs will be located at

Visakhapatnam (Andhra Pradesh), Bodh Gaya (Bihar), Sirmaur (Himachal Pradesh), Nagpur (Maharashtra), Sambalpur

(Odisha) a