Current Affairs 22nd May 2014

Current Affairs 22nd May 2014

Updated : 22-May-2014

Current Affairs 22nd May 2014 - Important Points
Current Affairs 22nd May 2014 - Details
Bharatiya Mahila Bank included in second schedule to RBI Act, 1934
On 21 May 2014, Bharatiya Mahila Bank (BMB) was included in the second schedule of the Reserve Bank of India (RBI) Act, 1934. It was announced by RBI in a notification issued. Total number of scheduled commercial banks in India now are 90. As before the inclusion of BMB total scheduled commercial banks were 89.

The inclusion of BMB in the second schedule of the RBI Act, 1934 means that now it will be eligible for loans from RBI on bank rate and also acquired membership of clearing houses.
Important to note :
Bharatiya Mahila Bank (BMB) started working on 19th November 2013 with a capital of 1000 crore rupees and is the first all-women bank of India. Key objectives are to focus on the banking needs of women and promote economic empowerment. The current loan portfolio of the bank is about 80 to 90 crore rupees. It is a bank that provides loan to the girl child at a concessional rate, which is 1% lower than the normal rates. The current loan portfolio of the bank is about Rs 80-90 crore.
J&K government approved scrapping of New Recruitment Policy, 2011
Jammu and Kashmir (J&K) government on 21 May 2014 scrapped the New Recruitment Policy, 2011.
According to the now-scrapped recruitment policy, which was approved by the state Cabinet vide order No. 257-F of 2011, dated 27.10.2011, issued pursuant to Cabinet decision No. 193/23/2011, dated 19.10.2011, new appointees for Class-III and Class-IV posts were paid fixed monthly salary equivalent to 50 per cent of the basic pay (Pay Band+Grade Pay) for the first two years.
For the next three years or during the remaining period out of total five years, the employee was entitled to receive fixed salary of about 75 per cent of the basic pay. The policy was widely criticised as daily wage labourers were earning more than what a new appointee in the government services.

Earlier in November 2013, High Court of Jammu & Kashmir had stayed the Policy on a Public Interest Litigation filed before the Kashmir Wing of the High Court. However, it cleared the implementation of the Policy in December 2013.
RBI relaxes norms for import of gold by bank under 20:80 Scheme
On 21st May 2014, The Reserve Bank of India (RBI) made easy the gold import norms under the 20: 80 Scheme.
Under the 20:80 Scheme, Star trading houses and premier trading houses, which are registered as nominated agencies by the Directorate General of Foreign Trade (DGFT) now can import gold.
With this move the number of institutions which imports gold will go up and will increase supply of gold. Besides, it will also lead to fall in the prices of gold.
The RBI had imposed severe restrictions on gold imports to combat the Current Account Deficit (CAD) and sliding rupee in July 2014. RBI prescribed a 20:80 formula, which tied imports with exports of gold. The revised guidelines have come into force with immediate effect.
20:80 Scheme for Gold Import :
Under the 20:80 Scheme, an importer has to ensure that at least 20 percent of every lot of imported gold is exclusively made available for exports as finished good and the balance for domestic use. The facility was available to the selected banks only and other entities were barred from imports of gold.
Narendra Kumar Verma selected as MD of ONGC Videsh Ltd
Public Enterprise Selection Board (PESB) chose Mr. Narendra Kumar Verma as Managing Director of ONGC Videsh Ltd (OVL). He succeeded Dinesh K Sarraf who was elevated as Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) in March 2014. As of now he was serving as director exploration at Oil and Natural Gas Corp (ONGC).

Mr. Narendra Kumar Verma is 55 years old and hold masters degree in applied geology and an M Tech degree in petroleum exploration and is MBA in Finance.
About ONGC :
ONGC Videsh Ltd. (OVL) is a Miniratna Schedule "A" Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas. It is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), the flagship national oil company (NOC) of India. The primary business of OVL is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas.
K Rajendra Kumar appointed as new Director General of Police of Jammu and Kashmir
The Jammu and Kashmir government on 21st May 2014, appointed Mr. K Rajendra Kumar as the new director general of police. Mr. K Rajendra Kumar, who is from Andhra Pradesh, is a 1984 batch IPS officer of the Jammu and Kashmir cadre.
The Cabinet, which met here under the chairmanship of chief minister Omar Abdullah, cleared Mr. Kumar's elevation to the post of director general of police (DGP).
Kumar has served in the state police in various capacities, including two crucial stints as chief of police in the valley during the peak years of militancy.
As of now he was serving as special DG. He succeeds Mr. Ashok Prasad.
Mr. Ashok Prasad was repatriated to the centre where he will take up his new assignment as special director in the Intelligence Bureau.
Anandiben sworn-in as first woman Chief Minister of Gujarat
Among the Important Political Current Affairs, A close Narendra Modi associate, Anandiben Patel was sworn in as first woman Chief Minister of Gujarat heading a 21-member ministry on 22nd May 2014. Anandiben Patel is 73 years old and was Revenue, Urban Development and Disaster Management Minister in the Modi Cabinet.
Governor Kamla Beniwal administered oath of office and secrecy.
Along with Patel, six ministers of Cabinet rank and 14 Ministers of State were also sworn in at a ceremony.
She represented India at the Fourth World women's Conference at Beijing. She contested her first assembly election in 1998 from Mandal and was the minister of education in the Keshubhai Patel ministry.
Pre-1971 Bangladesh settlers should be treated as Indians- Meghalaya High Court
In a landmark Judgement, Meghalaya High Court said that the nationals of Bangladesh, who settled in the state before 24 March 1971 should be treated as Indians.
The Court also ordered that they should be enrolled in the voters list. Justice Sudip Ranjan Sen passed the judgement on the basis of a petition filed by 40 refugees from Bangladesh. These petitioners were denied enrolment in the electoral roll by the district administration citing that their citizenship was doubtful.
The court also said: "The petitioners are no more Bangladeshi citizens and there is no scope to order their deportation. In such circumstances, it is the duty of the government of Meghalaya as well as the Government of India to give them proper rehabilitation and not disturb their citizenship."