Current Affairs, News & Facts of 28 Nov 2014

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  • Energy pact signed at SAARC.
    • It facilitates trade of electricity among all SAARC nations.
    • SAARC countries also resolved to build an economic federation in 15 years.
    • Agreements on motor vehicle movement and railway linkages are expected to be cleared within three months, and they will be signed by Transport Ministers.
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  • RBI sets Rs100 cr floor capital for small finances, payment banks.
    • It will allow the mobile firms and supermarket chains, among others, to enter the banking arena to cater to individuals and small businesses.
    • The foreign shareholding will be in line with the foreign direct investment (FDI) policy for private sector banks.
    • The objective of setting up of small finance banks will be to further financial inclusion by provision of savings vehicles and supply of credit to small business units, small and marginal farmers, micro and small industries and other unorganised sector entities, through high technology-low cost operations.
    • Individuals/professionals with 10 years of experience in banking and finance and companies and societies will be eligible to set up small finance banks.
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  • Banks to extend loans on long term bonds-RBI.
    • It would provide liquidity to retail investors who are invested in long-term bonds issued by banks for financing infrastructure and affordable housing.
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  • China emphasizes on new silk road initiatives in SAARC sumit.
    • China has the status of observer at the SAARC.
    • China has set up a $40 billion fund for the development of infrastructure under its Silk Road initiative.
    • It is in response to the rebalancing strategy or Asia Pivot of the United States, which Beijing has interpreted as an attempt to contain China’s rise.
    • Silk Road initiative includes an exponential expansion of connectivities through high speed rail, road and cyber links, along with the establishment of energy pipelines along the route, which has several nodes and junctions.
    • One major Silk Road artery will start from the former imperial capital Xian to Urumqi in Xinjiang Province. It will then pass through Central Asia, Iran, Iraq, and Turkey’s Anatolia, and terminate at Venice.
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  • Government not to dilute MGNERGA schemes.
    • The scheme will continue in all the 6,500 blocks.
    • It was alleged that the government will bring changes in the MGNREGA by restricting the area of work and reducing the wage component of the fund allocation.
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  • Centre to remove German from  Kendriya Vidyalyas.
    • It will be replaced by Sanskrit.
    • Students will have the option to continue learning German as an additional subject or a hobby course.
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