Current Affairs 3rd April 2014

Current Affairs 3rd April 2014

Updated : 03-Apr-2014

Current Affairs 3rd April 2014 - Important Points
Current Affairs 3rd April 2014 - Details
In-principle approval given to bank licences for IDFC, Bandhan by RBI
The Reserve Bank of India (RBI) on 2nd April 2014 gave in-principle approvals to infrastructure financier IDFC Ltd and microlender Bandhan Financial Services Pvt. Ltd to start new banks. This approval will be valid of 18 months, during these months these companies will have to comply with rules stipulated by RBI.

These new licences will widen the reach of banking industry.
Important to note:
- Mr. Pranab Mukherjee when he was finance minister of India, announced plan to license new banks in the 2010 budget.
- Bandhan is the largest microlender in India in terms of assets and is based in Kolkata.
- IDFC is an infrastructure finance company.
Ukraine effect : NATO suspended all co-operations with Russia
NATO condemning the annexation as illegal on 1 April 2014 suspended all cooperation with Russia over the Crimea crisis.
Also, Russian energy firm Gazprom announced an increase of the price it charges Ukraine for gas from 1 April 2014.
Karim Massimov named as the Kazakhstan's new PM
President of Kazakhstan Mr. Nursultan Nazarbayev named Karim Massimov as new Prime Minister on 2nd April 2014. Karim Massimov has also served as Prime Minister from January 2007 to September 2012.
Important to note :

Former Prime Minister of Kazakhstan Mr. Serik Akhmetov has earlier given resignation which was accepted by President.
Communication Satellite INSAT-3E decommissioned by ISRO
Many of us might have read in text books about INSAT 3E. INSAT 3E has been decommissioned by ISRO. INSAT 3E was a Communication Satellite. It was told by ISRO chairman K.Radhakrishnan.
INSAT 3E gave its services for ten and half years in orbit but has stopped working on 29 March 2014.
In order to prevent collision of the satellite with other working spacecrafts of other countries, the Master Control Facility at Hasan will move the satellite into a higher orbit.
Important to note :
- Full form of ISRO : Indian Space Research Organisation
- The ISRO will be launching the second navigational satellite badged Indian Regional Navigation Satellite System-1B (IRNSS-1B) on 4th April 2014.
- INSAT 3E was launched in September 2003.
Amir Khan became National Icon for Lok Sabha election 2014 of Election Commission
Election Commission has selected Amir Khan as its national icon for the Lok Sabha elections 2014. Good news for his fans :) .
The EC recorded a video and audio campaign which shows Amir Khan urging people to vote ethically. Amir Khan is the fifth National icon selected by EC to campaign for creating awareness among voters about elections. The other four national icons were President A P J Abdul Kalam, cricketer M S Dhoni, badminton star Saina Nehwal and boxer Mary Kom.
Civil Aviation Ministry approved the Tata and Singapore airlines joint venture
Tata's joint venture with Singapore Airlines has got the nod from the Aviation Ministry and has got no-objection certificate which will enable the company to approach the Directorate General of Civil Aviation (DGCA) for securing an air operator’s permit.

This development happened when on 2nd April 2014 Union Ministry of Civil Aviation approved the Tata and Singapore Airlines (SIA) joint venture.
Tata Sons and Singapore Airlines announced the launch of a full-service carrier in India in September 2013. Tata will own 51 percent and the rest will be owned by SIA in the joint venture.
New CPI as key measure of inflation adopted by RBI
A very important current affairs for all my friends preparing for exams is that The Reserve Bank of India on 1st April 2014 adopted the CPI as the key measure of Inflation.
Urjit R Patel Committee report on Revising and Strengthening the Monetary Policy Framework has given this recommendation.
CPI may be better measure as it directly reflects the cost of living.
Important to note :
CPI : Consumer Price Index
Before this RBI was using Wholesale Price Index (WPI) to gauge and measure indicative inflation projections.
New Director General of BSF : D K Pathak
1979 batch IPS officer of Assam-Meghalaya cadre Mr. D K Pathak has been appointed as new Director General of BSF. Till now he was giving services as Special DG.
Former Director General of BSF Mr. Subhash Joshi got retired on 28th February 2014, from then this post was vacant. Appointments Committee of the Cabinet (ACC) headed by Prime Minister Mamohan Singh has approved his name.
Do you know : BSF was established on 1st December 1965 as one of the Central Armed Police Forces.
Read Important Current Affairs.