Daily GK Potion – 13th October 2014

  1. Wipro founder Azim Premji buys Rs 350 crore stake in Chennai based payments-processing technology company Financial Software & Systems (FSS).
  2. Future group and Amazon signs deal to sell good online
    • Future group will start will 45 own labels of apparels.
    • Amazon will handle order fulfillment and customer service for the merchandise on its portal.
  3. Online payment solution provider PayUMoney has acquired mobile based payment application startup Eashmart.
  4. Tata Values Home (TVH), a fully owned subsidiary of Tata Housing Development Company has launched e-commerce platform for home buying.
  5. Online automobile classified platform CarTrade has raised Rs.185 crore from Warburg Pincus, a leading global private equity firm.
  6. Kotak Mahindra Bank launched facebook based money transfer service
    • Using the service one can send money to friends on social media.
    • The sender and receiver may not have bank account in Kotak Mahindra Bank.
    • The sender can initiate fund transfer to any one through mobile phone. The service is implemented using IMPS platform on the National Payments Corporation of India (NPCI) network.
    • The bank has put in limit of Rs. 2500 per transaction and a total of Rs 25,000 a month for sending. A beneficiary may also not get more than Rs 25,000 a month.
    • The sender has to register on the website called ‘KayPay’ wherein he will have to give bank account details and the bank’s MMID, apart from personal credentials.  Once registered, the sender can initiate transactions and if the beneficiary is not registered on KayPay, he will be directed to a page to register for completed a transaction. If the beneficiary is registered on KayPay, the transaction will be executed faster.
    • From security point of view; even if facebook account get compromised, it uses two-factor authentication.
  7. Second ODI between India and West Indies cancelled due the cyclone Hudhud.
  8. Narinder Batra selected as Hockey India President
    • Narinder Batra unanimously elected as President of Hockey India.
    • Mushtaque Ahmad was elected secretary general as the national hockey federation for four-year term.
    • Rajinder Singh from Hockey Jammu and Kashmir selected as treasurer.
  9. Frenchmen Jean Tirole wins the Noble Prize in economic sciences
    • Jean Tirole won Noble Prize for economics for research on market power and regulation.
    • The Royal Swedish Academy of Sciences cited Tirole for clarifying “how to understand and regulate industries with a few powerful firms.”
    • Tirole, 61, works at the Toulouse School of Economics in France.
    • “From the mid-1980s and onwards, Jean Tirole has breathed new life into research on such market failures,” the swedish academy said.
  10. SEBI bars DLF, KP Singh & five top executives from entering securities markets for 3 years
  11. Australia surged to the top of ICC ODI team ranking, India slips to 3rd spot.