1.
First Islamic Bank in Eurozone to come up in Luxembourg
i. A host of private investors from GCC countries, including a royal family from the UAE have planned to set up the first full-fledged Islamic bank in the euro zone.
ii. The Eurisbank will come up in Luxembourg during the last quarter of 2014. An announcement to this effect was made on the sidelines of Global Islamic Economy Summit in Dubai.
iii. The Excellencia Investment Management group said that with an initial capital of $80m, the bank would offer retail, corporate and private banking services, and would open branches in Paris, Brussels, the Netherlands and Frankfurt.
iv. In addition to the royal family from the UAE, Eurisbank will be owned by a bank from a GCC country and other private investor.
v. Islamic finance has been slow to develop in Europe, but Luxembourg has successfully marketed itself as a center for issuing and trading Islamic bonds.
2.
RBI to grant self-regulatory status to microfinance associations
i. The Reserve Bank of India (RBI) has confirmed its decision to grant self-regulatory status to associations of non-banking financial firms that deal in microfinance.
ii. Announcing the decision, the RBI said that the move would ensure effective monitoring of non-banking financial companies and microfinance institutions (NBFC-MFIs), and their compliance with set of laws and code of conduct.
iii. The central bank added that the membership of NBFC-MFIs in the self-regulatory organisations (SRO) would be seen as a mark of confidence.
iv. The apex lender said in a statement, "The membership of NBFC-MFIs in the SRO will be seen by the trade, borrowers and lenders as a mark of confidence and removal from membership will be seen as having an adverse impact on the reputation of such removed NBFC-MFIs."
Note: i. The move is based on a suggestion made by RBI-appointed sub-committee of its central board of directors, which was headed by Y H Malegam, to study issues in the sector of microfinance.
ii. The sub-committee had recommended that the central bank should take steps to ensure microfinance companies' compliance with regulations.
3.
Adopt Aadhaar or move to EMV chip/PIN tech for card-based transactions: RBI
i. Banks might adopt Aadhaar as additional authentication or move to EMV (Euro pay MasterCard Visa) chip and pin technology to ensure security in card-based payment transactions, the Reserve Bank of India (RBI) suggested.
ii. The central bank also said that all new card present infrastructures must be enabled with EMV chip and Pin technology as well as Aadhaar acceptance.
iii. In a notification to the banks, the RBI said, "In respect of cards . banks may take a decision whether they should adopt Aadhaar as additional factor of authentication or move to EMV chip and Pin technology for securing the card present payment infrastructure."
iv. Banks are now thus free to decide on whether they should adopt Aadhaar for making additional confirmation or make use of EMV Chip and PIN technology to ensure security of card payment infrastructure.
Note: i. EMV chip and PIN authentication involves card-information stored in a chip that is accessible through a PIN (personal identification number) that replaces the signature of a cardholder.
ii. The notification is based on Gowri Mukherjee-headed working group's recommendation. Mukherjee is the global head of digital marketing at Standard Chartered Bank.
4.
Raheel Sharif to be new Pak Army chief
i. Prime Minister Nawaz Sharif on Wednesday appointed Lt Gen Raheel Sharif as Pakistan’s new Army Chief and Lt Gen Rashid Mehmood as Chairman Joint Chiefs of Staff Committee.
ii. Lt Gen Sharif will replace 61-year-old Gen Ashfaq Parvez Kayani who would hang his boots on Friday after being at the helm of the Army for six years.
iii. The army chief is arguably the most powerful person in Pakistan, with the military having ruled the country for more than half its 66-year history since independence from Britain.
iv. Sharif, 57, received his military commission in 1976 and studied military leadership in Germany, Canada and Britain. He commanded several infantry units, including the Sixth Frontier Force Regiment along the disputed Line Of Control in Kashmir.
5.
President Pranab Mukherjee to inaugurate Hornbill festival
i. President Pranab Mukherjee will arrive in Nagalandon November 30 to inaugurate the 10-day Hornbill Festival and take part in the 50th anniversary celebration of statehood of Nagaland.
ii. The President will inaugurate the 10-day Hornbill Festival and launch the year-long golden jubilee celebration of Nagaland statehood."
iii. The ten-day festivities will not only showcase the rich tradition and culture of the Naga tribes, but also various other events for the young and old alike.
iv. The Hornbill Festival of Nagaland is one of the biggest cultural extravaganzas in the North East. It seeks to revive, protect, sustain, and promote the richness of the Naga heritage and traditions.
v. During the Hornbill Festival, all the Naga tribes come together for celebration of their cultural and traditional plight.It is a time where all these tribes gather up to showcase their age-old traditions and come closer to knowing each other.
6.
RBI to banks: Charge customers on actual usage of SMS alerts
i. The Reserve Bank of India (RBI) on 26 November 2013 directed the banks to charge customers for the transaction SMS alerts on the basis of usage, instead of imposing a fixed fee.
ii. The RBI in its notification issued to all banks has asked the banks to charge customers based on actual usage of SMS alerts, considering the technology available with banks to considering the technology available with banks and the telecom service providers.
iii. The notification has been done to ensure reasonableness and equity in the charges levied by banks for sending SMS alerts to customers. In its second quarter review of monetary policy 2013-14, the RBI had advised banks to charge for SMS alerts on usage basis.
Note: Earlier, the Reserve Bank of India had set the guidelines for banks to send online alerts to the customers for all types of transactions, irrespective of the amount in March 2011.
7.
Tata Sons withdraws application for banking licence
i. Tata Sons Ltd has withdrawn its application for a new bank licence, according to the Reserve Bank of India.
ii. “The company has indicated that its current financial services operating model best supports the needs of the Tata Group’s domestic and overseas strategy, and provides adequate operating flexibility to its companies, while securing the interests of the group’s diverse stakeholder base,” RBI said in a statement today.
Note: i. A total of 26 companies, including big private corporates such as Tata Sons, Aditya Birla Nuvo, Reliance Capital and L&T Finance Holdings had applied for banking licences on July 1 this year.
ii. The licences are likely to be announced by January by the central bank.
iii. A panel chaired by former RBI Governor Bimal Jalan has been entrusted with scrutinising applications for new bank licences.
iv. The RBI had issued guidelines for licensing of new banks in the private sector on February 22 and issued clarifications in the first week of June.
v. In the past 20 years, the RBI has licensed 12 banks in the private sector in two phases. Ten banks were licensed on the basis of guidelines issued in January 1993.
8.
BSE to launch currency derivatives trading on Friday
i. The Bombay Stock Exchange will launch its platform for trading in currency derivatives from Friday, making it the fourth bourse in the country to offer such trades.
ii. Other stock exchanges present in the currency futures segment are — National Stock Exchange, MCX-SX and United Stock Exchange.
Currency derivative contracts: i. Currency derivative contracts allow investors to take position on change in foreign exchange rates between pairs of two currencies, such as rupee and dollar.
ii. According to BSE, the currency futures trading would be commenced on the contracts on US Dollar-Indian Rupee, Euro-Indian Rupee, British Pound-Indian Rupee and Japanese Yen-Indian Rupee.
iii. However, trading members in the currency derivatives segment would have to make a one-time contribution of Rs 250 towards the ‘Investor Protection Fund’, it said.
iv. As per the guidelines, trading on the segment would take place between 9 a.m. and 5 p.m.
v. At present, NSE has the largest share in currency futures market, followed by MCX-SX.
9.
NALCO Received EEPC Export Award for 2011-12
i. National Aluminium Company Limited (NALCO) on 22 November 2013 received the EEPC (Engineering Export Promotion Council, Eastern Region)’s Gold Trophy.
ii. NALCO has bagged the EEPC Gold Trophy, as Top Exporter in the Large Enterprise Category, for its outstanding export performance during the year 2011-12.
iii. National Aluminium Company Limited (NALCO) is a Navratna PSU and India’s leading manufacturer-exporter of alumina and aluminium.
iv. During the financial year 2011-12, NALCO has achieved sales turnover of 6927 crore Rupees, including the export earnings of 2569 crore Rupees.
v. NALCO also have the Premier Trading House status, and it is the first Indian aluminium company to be registered with London Metal Exchange, for its high quality products.
10.
Punjab to roll out Atta Dal scheme
i. Following the Centre’s Food Security Programme (FSP) meant for poor and needy and allegedly moulding a part of it for its own benefit by subsidising wheat price, Punjab is starting its newly amended Atta-Dal Scheme from coming December in the state.
ii. Under the scheme wheat has been further subsidised and will be given to the beneficiary at 1 rupee per kilogram instead of 2 rupees given under FSP. 2.5 kilogram Dal would be given at 20 rupees per kg.
iii. Enrolment for making Blue Cards to avail the benefit has already been started and would continue till December 16.
11.
Pakistan Launched Construction of Country's Largest Nuclear Power Project
i. Pakistani Prime Minister Nawaz Sharif on 26 November 2013 launched the construction of the country's biggest Nuclear power project.
ii. The 2200-MegaWatt- Karachi Coastal Power Project, comprising the K-2 and K-3 nuclear plants, is being built at Paradise Beach, located 40 km from the Karachi.
iii. The nuclear power plant is to be built with Chinese technical assistance on the Arabian Sea coast.
iv. Pakistan already has three operational nuclear plants generating a total of around 740 MW of power.
The World Nuclear Association has estimated the cost of the new project at nearly 10 billion Dollars.
12.
Priti Patel won the Asian Trader Editor’s Award
i. Priti Patel, an Indian Origin British MP on 22 November 2013 has been honoured with the prestigious Asian Trader Editor’s Award. She was awarded for her tireless campaigning to support small shops and convenience stores. She was awarded at the Park Plaza Westminster Bridge Hotel in a ceremony held.
ii. Priti has supported the sector by campaigning for tougher punishments for offenders, who commit retail crime, reforms to business rates and cuts to red tape.
iii. She has also warned the Government of the impact on small shops of new tobacco controls being proposed by Europe.
iv. Priti Patel was elected as the first Member of Parliament for the Witham Constituency in May 2010.
v.She was born in London and educated at a comprehensive school in Watford before studying economics at Keele University and completing her postgraduate studies at the University of Essex.
13.
World champion water-skier Sarah Teelow died
i. Sarah Teelow, the world champion water skier of Australia died on 25 November 2013 after a fall during a high-speed endurance race on Australia’s Hawkesbury River.
ii. The 21 year old, Teelow fell from her skis after the start of the 75 mile Bridge to Bridge Water Ski Classic near Sydney.
iii. She was airlifted to the hospital in critical condition, with spinal and head injuries and later she died in the hospital. She is the seventh water-skier to die in an accident in Australia in last five years.
iv. Teelow had won the Formula 2 category at the World Waterski Racing Championships in Spain in September. Teelow was the daughter of two-time world waterski champion, Tania Teelow.
14.
Amar Chitra Katha unveils comics on Kurien
i. Amar Chitra Katha (ACK), well-known publishers of children’s graphic comics is planning to immortalise sports legends Dhyan Chand and K D Jadhav, too, in its series on India’s “Visionaries”.
ii.The popular publication has sold the maximum numbers on legends like Mother Teresa, Jim Corbett, Salim Ali and JRD Tata, Reena Puri, Editor of the Group, told Business Line here on sidelines of a function where ACK unveiled an illustrated graphic comics on life and times of the late Dr Verghese Kurien, Father of White Revolution, on his 92nd birth anniversary on Tuesday.
15.
India beat West Indies by 5 wickets to clinch series 2-1
i. India clinched the ODI series against West Indies 2-1 with a comfortable five-wicket victory in the third and final match, riding on Shikhar Dhawan's sparkling century.
ii. The Indians first restricted West Indies to 263 for five and then overhauled the target with 23 balls to spare to lift yet another ODI trophy at home.
iii. Dhawan stole the limelight with an attacking 119 thatcame off 95 balls, his fifth ODI hundred, while Yuvraj Singh notched up a 74-ball 55 to seal the issue for the home side at the Green Park Stadium which was hosting an international game after a gap of nearly four years.
iv. It was a welcome return to form for Yuvraj, who cautiously put together 129 runs for the third wicket with Dhawan to set the platform for the easy win.
16.
Punjab to host World Cup Kabaddi next week
i. The 4th World Cup Kabaddi, circle style, will be held in Punjab from Saturday next week to 14th of of next month.
ii. This was announced yesterday by Deputy Chief Minister Sukhbir Singh Badal, chairman of the organising committee.
iii.The world cup, is organised by the Punjab government, and it will witness 12 teams in the men section and eight in the women section, vying for the top position.