298 killed as Malaysia plane shot down over Ukraine
i. All 298 people on board a Malaysia Airlines plane
were killed on Thursday after the jet was shot down by “terrorists”
over war-torn eastern Ukraine near the Russian border, nearly four months after
the mysterious disappearance of MH370 in the Indian Ocean.

ii. The Malaysia
Airlines Boeing 777 was flying from Amsterdam to Kuala Lumpur carrying 280
passengers and 15 crew. 

iii. Malaysia
Airlines confirmed that it received notification from Ukrainian Air Traffic
Control that it had lost contact with Flight MH17 at 1415 GMT (8:45 IST) at
30km from Tamak waypoint, approximately 50km from the Russia-Ukraine border. 

iv. “Nearly 300 people died when a
Malaysia Airlines Boeing- 777 crashed in eastern Ukraine,” an advisor to
the Ukrainain Interior Minister, Anton Herashchenko, said. 

v. It was flying at the altitude of 10,000 meters. 280
passengers and 15 crew members died,” he said in a Facebook post. 

vi. “The
aircraft was shot down over Ukraine by terrorists operating a Buk
surface-to-air missile system,” he said. 
vii. Witnesses from the town of Torez in the rebellion-wracked
Donetsk region of Ukraine told RIA Novosti news agency that the plane wreckage
and dead bodies have been found in the area. 

viii. At
least several dozen bodies were found scattered around the crash site of a
Malaysia Airlines passenger plane in eastern Ukraine, witnesses said, adding
the debris of the plane covered an area of about one square kilometer. 

ix. The
plane disappeared from the radar and teams from the emergency services have
reached the scene. 

x. Burning
aircraft wreckage and bodies strewn on the ground were seen at the village of
Grabovo, some 40 kms from the Russian border in an area where pro-Russian
rebels are active. 

xi. Malaysia
Airlines confirmed on Twitter, “Malaysian Airlines has lost contact of
MH17 from Amsterdam. The last known position of the plane was over Ukrainian
issues draft guidelines for setting up small and payment banks
i. The Reserve
Bank of India issued draft guidelines for setting up ‘local feel’ small banks and payment banks which will disburse
small-ticket loans to farmers and businesses.
ii. The Payment banks will cater to
marginalised sections of the society, including migrant labourers, for
collecting deposits and remitting funds.
iii. Such banks can be set up with a
minimum capital of 100 crore rupees
as against 500 crore rupees required
for normal commercial banks.
iv. The proposed small banks will
provide a whole suite of basic banking products such as deposits and supply of
credit, but in a limited area of operation. Foreign investments in these new
category banks would be as per the FDI policy.
3.    RBI to issue new Rs. 20 denomination notes
i. “The RBI will shortly issue rupees 20 denomination
banknotes incorporating rupee symbol, with inset letter E, in the Mahatma
Gandhi Series-2005 bearing the signature of Raghuram G Rajan, Governor,” RBI
said in a release.
ii. These banknotes would bear the year of printing ‘2014’
on the reverse side of the currency.
iii. RBI said that the design of these notes to be issued now
is similar in all respects to the rupees 20 banknotes in Mahatma Gandhi
Series-2005, issued earlier.
iv. “All the banknotes in the denomination
of rupees 20 issued by the Bank in the past will continue to be legal tender.”
RBI increases diamond imports’ credit time to 180 days
i. The Reserve Bank has
relaxed norms governing import of rough, cut and polished diamonds by doubling
the credit time period to 180 days.
ii. … It has been
decided, in consultation with the government, that the Clean Credit i. e.
Credit given by a foreign supplier to its Indian customer/ buyer, without any
Letter of Credit (Suppliers’ Credit)/Letter of Undertaking (Buyers’ Credit)/Fixed
Deposits from any Indian financial institution for import of rough, cut and
polished diamonds, may be permitted for a period not exceeding 180 days from
the date of shipment,” RBI said in a notification.
iii. Earlier, the time
frame was of 90 days.
iv. The RBI also
directed banks to ensure that due diligence is undertaken and
Know-Your-Customer (KYC) Norms and Anti-Money Laundering (AML) Standards,
issued by it are adhered to while undertaking the import transactions.
5.    Sriram, Kannan appointed SBI Managing Directors
i. State Bank of India (SBI) said it has
appointed B Sriram and V G Kannan as Managing Directors and Group executives.
Both come to SBI from group associates, where they held senior positions.
ii. Sriram, previously Managing Director
of State Bank of Bikaner and Jaipur, will be handling international banking,
while Kannan, who was MD and CEO, SBI Capital Markets, will be looking after
associates and subsidiaries division of the country’s top lender, a bank
release said.
6.    SC relieves Gavaskar as interim BCCI chief
i. The Supreme Court on Friday relieved legendary
cricketer Sunil Gavaskar as the interim president of the Board of Control for
Cricket in India (BCCI) in charge of Indian Premier League (IPL) 2014 and said
that he was free to take up any assignment.
ii. The apex court bench headed by Justice T.S. Thakur
relieved Gavaskar noting that the IPL 2014 for which he was appointed interim
president had concluded June 1.
iii. The court’s order came in the wake of a letter by
Gavaskar to the apex court seeking clarity on his position in BCCI after the
conclusion of IPL 2014 which he was entrusted to look after.
7.    Nikesh Arora leaves Google, joins SoftBank Corp
i. In a surprise move, Google’s Chief Business Officer
India-born Nikesh Arora, regarded as among the top lieutenants at the Internet
search giant, is leaving the company after almost 10 years.
ii. Mr. Arora is moving to Japan’s SoftBank Corp as vice
chairman, according to a post by Google CEO Larry Page on his social network
iii. After almost ten
years, Nikesh Arora, our Chief Business Officer, has decided to leave Google to
join one of our partners, SoftBank, as Vice Chairman of SoftBank Corp and CEO
of SoftBank Internet and Media.
8.    Hero MotoCorp named title sponsor of ISL
i. Renowned two-wheeler manufacturer Hero MotoCorp Ltd was
on Friday named as the title sponsor of the much-anticipated Indian Super
League — the first-of-its-kind franchise-based football league in the country.
ii. Hero has signed a three-year deal with ISL. With this
sponsorship, the much-awaited new football league, promoted by IMG-Reliance and
Star India, will be called the ‘Hero Indian Super League’
iii. Speaking on its association with ISL,
Pawan Munjal, Managing Director and Chief Executive Officer of Hero MotoCorp
Ltd, said: “Football is not just the world’s most popular game, it has today
become a phenomenon sweeping across continents.