Current Affairs of 5th October

1. Banks told to tighten norms for high value FDs
The Finance Ministry has asked public sector banks to tighten norms, including KYC monitoring for high-value fixed deposits, to check the kind of frauds suspected to have been committed at Dena Bank and OBC.
The ministry would like banks to make a foolproof arrangement for high value fixed deposits, including due diligence of know your customer (KYC) details, sources said.
Banks have been advised to categorise fixed deposits, which may fall under high value criteria, sources said.
At the moment, different banks have varied definitions of high value fixed deposits.
As per the preliminary forensic audit report, a fraud to the tune of Rs. 436 crore in two public sector banks—Dena Bank and Oriental Bank of Commerce—have been committed through multi-layer system. It is suspected that there was some money laundering.
The lenders are also alleged to have indulged in siphoning off the money (Rs 180 crore by OBC and Rs. 256 crore by Dena Bank) received as fixed deposits.
2. BHEL signs MoU with TS Genco as EPC for 6,000 mw
 Bharat Heavy Electricals Limited and Telangana State Power Generation Corporation (TS Genco) have entered into a memorandum of understanding to work together and establish thermal power generation capacity of about 6,000 MW in the new State.
The memorandum was signed between the Chairman and Managing Director of TS Genco D. Prabhakar Rao, and Bharat Heavy Electricals Limited Chairman and Managing Director, B. Prasad Rao, on Saturday in the presence of State Chief Minister K. Chandrashekar Rao.
BHEL will facilitate setting up of 6,000 mw of thermal power plant capacity as an EPC contractor. As one of the largest engineering and manufacturing enterprise in India and a top power plant equipment maker, BHEL’s range of services extend from project feasibility through design, manufacture, supply, erection and commissioning to after sales service.

3. Employees of general insurers may get profit-linked incentive
 The 66,000-odd employees of four state-owned non-life insurers are likely to get profit-linked incentives, effective August 2012, as part of their new wage proposal even though the management and unions are yet to iron out thorny issues on wage hike.
A decision to this effect was taken at a meeting which was held by General Insurance (PSU) Association (GIPSA), which is the group of the four state-run general insurers, in New Delhi on September 29 to discuss the ongoing wage negotiations. The meeting was attended by HR heads of all the companies, a GIPSA official told PTI.
“We agreed that since all the four companies — New India (Mumbai), United India (Chennai), National Insurance (Kolkata) and Oriental Insurance (New Delhi) — together registered a profit of over Rs. 2,000 crore in FY14, the profit-linked incentive can be implemented for their employees,” an association official said.

4. Sharapova beats Kvitova to win China Open
Maria Sharapova outlasted Petra Kvitova 6-4, 2-6, 6-3
to win the China Open on Sunday and return to No. 2 in the rankings.
The fourth-seeded Sharapova won her fourth title of the year and first since capturing her fifth Grand Slam title at the French Open in June.
With the win, she’ll jump over Simona Halep and Kvitova to the No. 2 spot in the rankings, behind Serena Williams. Just five months ago, the Russian was one defeat away from dropping out of the top 10 for the first time since 2011.

5. Hamilton wins wet Japanese Grand Prix
Britain's Lewis Hamilton won a wet Japanese Formula One Grand Prix on Sunday to extend his championship lead over Mercedes team mate Nico Rosberg.
In a race that needed two starts behind the safety car, and was stopped before the full distance due to heavy rain, Rosberg finished second.
Germany's quadruple world champion Sebastian Vettel was third for Red Bull.
The win was Hamilton's eighth of the season and he leads Rosberg by 10 points with four races remaining but double points in the final round in Abu Dhabi.


6. CLT 20: Magnificent Raina ends CSK’s trophy drought with a ton
 Suresh Raina today hit a blistering century pulverising Kolkata Knight Riders into submission as Chennai Super Kings exacted a sweet revenge clinching the Oppo Champions League T20 in style with an eight-wicket victory in a thoroughly one-sided final.
Chasing a competitive total of 181, Raina smashed the daylights out of a depleted KKR attack without Sunil Narine, scoring a breathtaking 109 off 62 balls with the help of six fours and eight sixes. His century came off only 59 balls.
Fitting enough, skipper Mahendra Singh Dhoni finished the match with a flourish as he hit successive sixes off Yusuf Pathan as CSK won with nine balls to spare.
This CSK’s first trophy in three years having last won the IPL and CLT20 in South Africa, back in 2011. CSK lost IPL final to KKR in 2012 and also lost twice in IPL this year.


7. US investors bet on PM Modi, to invest $41 billion in India in 3 years
While much has been made of the US' decision to revoke PM Narendra Modi's visa in 2005, the issue did not figure at all in his discussions with President Barack Obama either over the dinner at White House or the bilateral meet between the two leaders next day. Official sources also said that the success of Modi's trip to the US had paved the way for investments worth $ 41 billion from the US into India in the next few years.
"PM has said he does not hold any grudge against the issue and President Obama too chose not to bring up the issue at the meetings he had with the PM,'' said a government source here, adding that Modi's visit to the country was a "game-changing'' one.

8. British Prime Minister David Cameron orders spy chiefs to hunt down ‘Jihadi John’
Prime Minister David Cameron has asked his spy chiefs to find Islamic State executioner 'Jihadi John' so that he could dispatch special forces to kill or capture the masked man who beheaded the latest British hostage.
The Prime Minister has stepped up the hunt for British aid worker Alan Henning's murderer, who appears in IS beheading videos and has a British accent.
He summoned the heads of MI5, MI6 and GCHQ — the main British spy agencies — to his Chequers country retreat on Saturday and told them he wanted them to provide him with targets for a special forces raid on the IS kidnappers, The Sunday Times reported.

9. Doval to raise snooping issue with U.S.’
 National Security Adviser A.K. Doval will raise the issue of U.S. snooping in India with his American interlocutors in Washington, a senior official said on Saturday.
India has already protested against U.S. agencies snooping on senior BJP leaders when they were not in power, with External Affairs Minister Sushma Swaraj raising the issue with U.S. Secretary of State John Kerry in August.
Mr. Doval will also discuss details of how India and the U.S. propose to move ahead with the dismantling of safe havens for terrorists, the official said.

10. Delegates from 50 nations gather at Metropolis World Congress
 Over 2,000 delegates including 400 participants from 50 countries will congregate at the XI Metropolis World Congress 2014, which will begin here from October 6.
Andhra Pradesh Governor E S L Narasimhan will inaugurate the Congress on October 7 wherein Union Urban Development Minister M Venkaiah Naidu, Telangana Chief Minister K Chandrasekhar Rao among other personalities will attend it, Telangana Chief Secretary Rajiv Sharma told reporters here today.
President Pranab Mukherjee will address the valedictory function of the event scheduled on October 9, he said.
Former President APJ Abdul Kalam, former Defence Research and Development Organisation (DRDO) Chief V K Saraswat and Nobel Peace Prize winner Rajendra Pachauri are among the personalities who will address the XI Metropolis World Congress, the theme for which is ‘Cities for All’.
Mayors of several member cities like Johannesburg, Barcelona, Berlin, Tehran among others, technocrats, administrators and experts will be part of the discussions at the Congress, Sharma added.


1. Banks told to tighten norms for high value FDs
The Finance Ministry has asked public sector banks to tighten norms, including KYC monitoring for high-value fixed deposits, to check the kind of frauds suspected to have been committed at Dena Bank and OBC.
The ministry would like banks to make a foolproof arrangement for high value fixed deposits, including due diligence of know your customer (KYC) details, sources said.
Banks have been advised to categorise fixed deposits, which may fall under high value criteria, sources said.
At the moment, different banks have varied definitions of high value fixed deposits.
As per the preliminary forensic audit report, a fraud to the tune of Rs. 436 crore in two public sector banks—Dena Bank and Oriental Bank of Commerce—have been committed through multi-layer system. It is suspected that there was some money laundering.
The lenders are also alleged to have indulged in siphoning off the money (Rs 180 crore by OBC and Rs. 256 crore by Dena Bank) received as fixed deposits.
2. BHEL signs MoU with TS Genco as EPC for 6,000 mw
 Bharat Heavy Electricals Limited and Telangana State Power Generation Corporation (TS Genco) have entered into a memorandum of understanding to work together and establish thermal power generation capacity of about 6,000 MW in the new State.
The memorandum was signed between the Chairman and Managing Director of TS Genco D. Prabhakar Rao, and Bharat Heavy Electricals Limited Chairman and Managing Director, B. Prasad Rao, on Saturday in the presence of State Chief Minister K. Chandrashekar Rao.
BHEL will facilitate setting up of 6,000 mw of thermal power plant capacity as an EPC contractor. As one of the largest engineering and manufacturing enterprise in India and a top power plant equipment maker, BHEL’s range of services extend from project feasibility through design, manufacture, supply, erection and commissioning to after sales service.

3. Employees of general insurers may get profit-linked incentive
 The 66,000-odd employees of four state-owned non-life insurers are likely to get profit-linked incentives, effective August 2012, as part of their new wage proposal even though the management and unions are yet to iron out thorny issues on wage hike.
A decision to this effect was taken at a meeting which was held by General Insurance (PSU) Association (GIPSA), which is the group of the four state-run general insurers, in New Delhi on September 29 to discuss the ongoing wage negotiations. The meeting was attended by HR heads of all the companies, a GIPSA official told PTI.
“We agreed that since all the four companies — New India (Mumbai), United India (Chennai), National Insurance (Kolkata) and Oriental Insurance (New Delhi) — together registered a profit of over Rs. 2,000 crore in FY14, the profit-linked incentive can be implemented for their employees,” an association official said.

4. Sharapova beats Kvitova to win China Open
Maria Sharapova outlasted Petra Kvitova 6-4, 2-6, 6-3
to win the China Open on Sunday and return to No. 2 in the rankings.
The fourth-seeded Sharapova won her fourth title of the year and first since capturing her fifth Grand Slam title at the French Open in June.
With the win, she’ll jump over Simona Halep and Kvitova to the No. 2 spot in the rankings, behind Serena Williams. Just five months ago, the Russian was one defeat away from dropping out of the top 10 for the first time since 2011.

5. Hamilton wins wet Japanese Grand Prix
Britain's Lewis Hamilton won a wet Japanese Formula One Grand Prix on Sunday to extend his championship lead over Mercedes team mate Nico Rosberg.
In a race that needed two starts behind the safety car, and was stopped before the full distance due to heavy rain, Rosberg finished second.
Germany's quadruple world champion Sebastian Vettel was third for Red Bull.
The win was Hamilton's eighth of the season and he leads Rosberg by 10 points with four races remaining but double points in the final round in Abu Dhabi.


6. CLT 20: Magnificent Raina ends CSK’s trophy drought with a ton
 Suresh Raina today hit a blistering century pulverising Kolkata Knight Riders into submission as Chennai Super Kings exacted a sweet revenge clinching the Oppo Champions League T20 in style with an eight-wicket victory in a thoroughly one-sided final.
Chasing a competitive total of 181, Raina smashed the daylights out of a depleted KKR attack without Sunil Narine, scoring a breathtaking 109 off 62 balls with the help of six fours and eight sixes. His century came off only 59 balls.
Fitting enough, skipper Mahendra Singh Dhoni finished the match with a flourish as he hit successive sixes off Yusuf Pathan as CSK won with nine balls to spare.
This CSK’s first trophy in three years having last won the IPL and CLT20 in South Africa, back in 2011. CSK lost IPL final to KKR in 2012 and also lost twice in IPL this year.


7. US investors bet on PM Modi, to invest $41 billion in India in 3 years
While much has been made of the US' decision to revoke PM Narendra Modi's visa in 2005, the issue did not figure at all in his discussions with President Barack Obama either over the dinner at White House or the bilateral meet between the two leaders next day. Official sources also said that the success of Modi's trip to the US had paved the way for investments worth $ 41 billion from the US into India in the next few years.
"PM has said he does not hold any grudge against the issue and President Obama too chose not to bring up the issue at the meetings he had with the PM,'' said a government source here, adding that Modi's visit to the country was a "game-changing'' one.

8. British Prime Minister David Cameron orders spy chiefs to hunt down ‘Jihadi John’
Prime Minister David Cameron has asked his spy chiefs to find Islamic State executioner 'Jihadi John' so that he could dispatch special forces to kill or capture the masked man who beheaded the latest British hostage.
The Prime Minister has stepped up the hunt for British aid worker Alan Henning's murderer, who appears in IS beheading videos and has a British accent.
He summoned the heads of MI5, MI6 and GCHQ — the main British spy agencies — to his Chequers country retreat on Saturday and told them he wanted them to provide him with targets for a special forces raid on the IS kidnappers, The Sunday Times reported.

9. Doval to raise snooping issue with U.S.’
 National Security Adviser A.K. Doval will raise the issue of U.S. snooping in India with his American interlocutors in Washington, a senior official said on Saturday.
India has already protested against U.S. agencies snooping on senior BJP leaders when they were not in power, with External Affairs Minister Sushma Swaraj raising the issue with U.S. Secretary of State John Kerry in August.
Mr. Doval will also discuss details of how India and the U.S. propose to move ahead with the dismantling of safe havens for terrorists, the official said.

10. Delegates from 50 nations gather at Metropolis World Congress
 Over 2,000 delegates including 400 participants from 50 countries will congregate at the XI Metropolis World Congress 2014, which will begin here from October 6.
Andhra Pradesh Governor E S L Narasimhan will inaugurate the Congress on October 7 wherein Union Urban Development Minister M Venkaiah Naidu, Telangana Chief Minister K Chandrasekhar Rao among other personalities will attend it, Telangana Chief Secretary Rajiv Sharma told reporters here today.
President Pranab Mukherjee will address the valedictory function of the event scheduled on October 9, he said.
Former President APJ Abdul Kalam, former Defence Research and Development Organisation (DRDO) Chief V K Saraswat and Nobel Peace Prize winner Rajendra Pachauri are among the personalities who will address the XI Metropolis World Congress, the theme for which is ‘Cities for All’.
Mayors of several member cities like Johannesburg, Barcelona, Berlin, Tehran among others, technocrats, administrators and experts will be part of the discussions at the Congress, Sharma added.


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