Daily GK Potion – 23rd December 2014

  1. RBI licenses Ford Credit India to run NBFC ops

    • The Reserve Bank of India granted licence to Ford Credit India to start its operations as a non-banking financial company (NBFC).
    • The company said it plans to begin dealer wholesale inventory financing in the first quarter of the next fiscal and consumer retail financing later in 2015.
  2. Gujarat to host Pravasi Bharatiya Divas
    • The 13th edition of the Pravasi Bharatiya Divas (PBD), an event which celebrates the achievements of Indians living abroad, will be held in Gujarat from January 7-9.
    • Gujarat has been chosen as the partner State as 2015 happens to be the 100th year of Mahatma Gandhi’s return to India from South Africa.
    • The event will be inaugurated by Prime Minister Narendra Modi on January 8, and President Pranab Mukherjee will honour prominent Pravasis on January 9.
  3. Singer Joe Cocker dies aged 70 after cancer battle
  4. RBI modifies definition of non-cooperative borrower
    • The Reserve Bank of India issued a new set of norms defining non-cooperative borrowers.
    • There would be disincentives for lenders in the form of higher provisions if they give additional loans to such entities.
    • The framework included setting up a joint lenders’ forum for specific accounts even before these slip into the sub-standard category and narrowing sources of funds for such borrowers by classifying them as non-cooperative borrowers if they are found to be “deliberately stonewalling legitimate efforts of lenders to recover their dues”.
  5. BJP-AJSU alliance wins absolute majority in Jharkhand
    • The BJP has won 37 seats, while AJSU got 5. Together they reached the magical 42 mark in the 81 member Jharkhand Assembly.
    • The new Chief Minister is likely to be Raghubar Das, the vice-president of the state party.
  6. Yes Bank gets $200 million from Asian Development Bank
    • Private sector lender Yes has raised $200 million in an unsecured loan from Asian Development Bank for on lending to small farm households and rural womens’ self help groups (SHG).