Daily GK Potion – 6th January 2016


  1. Andhra Bank launches IMPS for money transfer
    • Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches in association with the National Payments Corporation of India (NPCI).
    • A multi-channel, multi-dimensional platform, IMPS makes payments possible within fraction of seconds with all the standards and integrity maintained for security.
    • Under the IMPS, a real time instant fund transfer system for inter-bank remittances, the maximum cap of transaction will Rs.2 lakh. The charges will be at the rate of Rs.5 per transaction.
  2. CCI nod for Reliance Capital-Goldman Sachs deal
    • Reliance Capital Asset Management (RCAM) has received the Competition Commission of India’s (CCI) nod for the company’s acquisition of Goldman Sachs’ onshore asset management business in India
    • RCAM had announced this acquisition for Rs.243 crore in cash
    • Reliance Capital is the financial services arm of Anil Ambani-led Reliance Group and is present in insurance, brokerage and wealth management, among other areas.
  3. Govt approves Stand Up India plan for SC, ST, women entrepreneurs
    • The Union Cabinet on Wednesday approved the Stand Up India Scheme to promote at least 2.5 lakh scheduled caste, scheduled tribes, and women entrepreneurs through banks.
    • The Stand Up India Scheme will be a refinance window through Small Industries Development Bank of India (SIDBI) with an initial amount of Rs 10,000 crore.
    • The Scheme is intended to facilitate at least two such projects per bank branch, on an average one for each category of the entrepreneur. It is expected to benefit at least 2.5 lakh borrowers
    • It entails creation of a credit guarantee mechanism through the National Credit Guarantee Trustee Company (NCGTC).
    • Under the Scheme, the margin money of the composite loan would be up to 25%
  4. Govt abolishes export duty on iron ore pellets
    • The government has reduced export duty on iron ore pellets to zero from 5 percent, a move that will make the commodity more competitive amid subdued demand and weakening prices.
    • In 2014, the government had levied a 5 percent export duty on iron ore pellets, which are value-added products of leftover material or low-grade iron ore and are used in steel-making.
  5. Pranav Dhanawade creates record, scores unbeaten 1009 runs in single innings
    • Mumbai school cricketer Pranav Dhanawade became the first player to score 1000 runs in a single inning.
    • Batting for Smt KC Gandhi School, Kalyan, the opening batsman resumed the day from his overnight score of 652 runs and crossed the 1000-run mark after Lunch.
    • His school declared the innings at 1465/3 with Parnav unbeaten at 1009 which he scored off 323 balls and at a strike-rate of 312.38. He played for a total of 395 minutes.
  6. First Company of Ganga Task Force deployed Ganga Gram Yojana launched
    • As a major initiative towards fast track implementation of Namami Gange Programme the first company of Ganga Task force Battalion was deployed at Garhmukteshwar yesterday.
    • The Jawans of the Ganga Task force will be deployed on the banks of the river Ganga to ensure that industry and civilians do not pollute the river
    • Sushri Bharti also launched Ganga Gram Yojana at Village Puth in Hapur district of U.P. 1600 villages situated along the banks of river Ganga will be developed under this scheme
  7. Australia withdraw from U19 World Cup
    • Australia have pulled out of the ICC Under-19 World Cup in Bangladesh due to concerns over player safety.
    • Australia’s senior men’s side postponed their scheduled tour of Bangladesh in October due to security fears and CA have monitored the situation in the country ever since.

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