DAILY GK UPDATE – 22nd May

1.    Rajiv Mathur takes
over as New CIC
i. Former IB chief Rajiv Mathur on
Thursday took over as the new Chief Information Commissioner in the Central
Information Commission.
ii. He was administered the oath of office by President
Pranab Mukherjee at Rashtrapati Bhavan.

iii. 64-year-old Mr. Mathur succeeds Sushma Singh, who demitted office on Wednesday, as the sixth chief
of the transparency watchdog.
iv. The CIC is
appointed by the President on the recommendation of a committee led by the
Prime Minister, including the Leader of the Opposition in the Lok Sabha and a
Union Cabinet Minister nominated by the Prime Minister. 
2.    Bharatiya Mahila Bank included in Second Schedule of
RBI Act, 1934
i. Bharatiya
Mahila Bank (BMB) was included in the second schedule of the Reserve Bank of
India (RBI) Act, 1934. The inclusion of the BMB in the second schedule was
announced by RBI in a notification issued in Mumbai on 21 May 2014.
ii. With the inclusion
of BMB, total number of scheduled commercial banks in India now stands at 90.
As on 2 May 2014, there were 89 Scheduled commercial banks in India.
iii. The inclusion of
BMB in the second schedule of the RBI Act, 193 means that now it will be
eligible for loans from RBI on bank rate and also acquired membership of
clearing houses.
About Bharatiya
Mahila Bank (BMB)


Bharatiya Mahila
Bank (BMB) is the first all-women bank of India. It started functioning on 19
November 2013 with a capital of 1000 crore rupees. Key objectives are to focus
on the banking needs of women and promote economic empowerment. The current
loan portfolio of the bank is about 80 to 90 crore rupees. It is a bank that
provides loan to the girl child at a concessional rate, which is 1% lower than
the normal rates. 
3.   
RBI
eases gold import norms; nod for select trading houses to procure from abroad 
i. The RBI has
eased gold import norms and allowed select trading houses to procure it from
abroad. In a notification issued from Mumbai, the RBI said that star trading
houses or premier trading houses which are registered as nominated agencies can
now import gold under 20:80 scheme.
ii. Under this scheme, an importer
has to ensure that at least 20 per cent
of every lot of imported
gold is exclusively made available for export
purpose.
iii. Further, the RBI has also allowed
banks to give gold loans to domestic jewellery manufacturers, out of their
eligible domestic import quota of 80 percent.
iv. The RBI, in July last year, had
imposed severe restrictions on gold imports in order to check the escalating
current account deficit and sliding rupee.
v. The central bank said that the
decision to ease the restriction was taken after several representations from
jewellers, bullion dealers, banks, and trade bodies.
4.   
RBI
nod for bank loan tenure upto 10 years to boost export industry
i. In a major
boost for the export industry, the RBI has allowed banks to provide loans with
tenures of up to 10 years.
ii. These loans will help exporters
in ensuring capital flows to fulfill long-term contracts. Existing norms allow
banks to give loans for up to one year only.
iii. RBI has said that banks can
extend this facility to exporters having a minimum of three years’ satisfactory
track record.
iv. This facility will be available
with certain conditions, including irrevocable supply orders in place.

5.    RBI directs all banks to install ‘talking ATMs” from
July 1
i. The Reserve Bank of India on
Wednesday said banks should make all new ATMs installed
from July 1, 2014 as “talking ATMs” with Braille keypads.
ii. Banks should lay down a roadmap for converting all
existing ATMs as talking ATMs with Braille keypads and the same may be reviewed
from time to time by the Customer Service Committee of the Board.
iii. In addition to the above, magnifying glasses should also
be provided in all bank branches for the use of persons with low vision, wherever
they require for carrying out banking transactions with ease.
iv. The branches should display at a prominent place notice
about the availability of magnifying glasses and other facilities available for
persons with disabilities.
6.    N K Verma is new ONGC Videsh MD
i. Narendra Kumar Verma was today
selected to head ONGC Videsh Ltd, India’s flagship overseas oil and gas assets
acquisition firm.
ii. Verma, 55, is currently Director for Exploration in
OVL’s parent company, Oil and Natural Gas Corporation (ONGC).
iii. The Public Enterprises
Selection Board (PESB), which is the government head-hunter, interviewed seven
candidates for the post, which fell vacant after Dinesh K Sarraf was elevated
as Chairman and Managing Director of ONGC.
7.    Flipkart buys Myntra for $300 mn
i. Putting
months of speculation to rest, Sachin Bansal, co-founder of India’s largest
e-commerce firm Flipkart announced that it has acquired Myntra, the country’s
largest e-commerce site for fashion and lifestyle products.
ii. “It has been an open
secret that we are acquiring Myntra, I am going ahead and confirming it now –
It is a 100% acquisition by Flipkart and by joining forces we are creating the
largest e-commerce story in the country” he said.
iii. Flipkart offers over 15 million
products across 70 plus categories. It has 18 million registered users, 3.5
million visitors to its site everyday, 3,000 sellers on its platform with its
technology enabling 5 million shipments per month.
iv. Myntra has partnered with over 650
leading fashion and lifestyle brands in the country to offer the latest in
branded fashion and lifestyle wear. The platform receives over 50 million
visits every month and services 9,000 pin codes across the country.