1. GDP grows by 7.3%
i. India grew 7.3 per cent during 2014-15, the first financial year presided over by the Modi government, failing to overtake China as the world’s fastest-growing major economy.
ii. During the January-March quarter, however, India grew 7.5 per cent beating China’s 7 per cent. Capital formation remained lower at 28.7 per cent of the GDP against 29.7 per cent during 2013-14.
2. P.K. Sinha appointed Cabinet Secretary
i. Pradeep Kumar Sinha, a 1977 batch IAS officer of Uttar Pradesh cadre, will be the next Cabinet Secretary.
ii. Mr. Sinha, who has been serving as Power Secretary since July 2013, will succeed Ajit Seth whose term ends on June 13, 2015.
3. Singapore to host first ‘International Yoga Day’ on June 21
i. Singapore will host the first edition of ‘International Day of Yoga’ on June 21, 2015 at about 50 locations across the country.
ii. Supporting the 5,000-year-old physical, mental and spiritual practice that aims to transform body and mind, High Commissioner Vijay Thakur Singh launched a web portal for online registration of Singapore participants for the mega event.
iii. The U.N. adopted an India-led resolution declaring June 21 as ‘International Day of Yoga’ in December last year, less than three months after Prime Minister Narendra Modi proposed the idea.
4. Greece crisis dominates G7 Finance Ministers’ meeting
i. Greece’s debt crisis dominated talks of the Group of Seven finance ministers (G7), with the United States and Japan pressing Europe to reach a deal with Athens to avoid rattling the eurozone and the global economy.
5. Sepp Blatter re-elected as FIFA President
i. Despite the chaos and controversy engulfing FIFA, world football’s governing body, its president, Sepp Blatter, has secured a fifth term in charge.
ii. The 79-year-old defeated his rival, the Jordanian Prince Ali Bin al-Hussein, to whoops and cheers from his supporters.
6. RBI proposed to introduce PPI for Mass Transit Systems
i. The Reserve Bank of India (RBI) proposed to introduce a separate category of semi-closed Prepaid Payment Instruments (PPI) for Mass Transit System (PPI-MTS). The PPI-MTS can be used within the mass transit systems and will have a minimum validity of six months from date of issue.
ii. PPI for mass transit systems, which handle a large number of small value cash payments, will facilitate the migration to electronic payments in line with the country’s vision of moving to a less-cash society.
7. RBI released Draft Guidelines on Net Stable Funding Ratio for Banks
i. The Reserve Bank of India has released on its website draft Guidelines on Net Stable Funding Ratio (NSFR) under Basel III Framework on Liquidity Standards for banks.
ii. The objective of NSFR is to ensure that banks maintain a stable funding profile in relation to the composition of their assets and off-balance sheet activities.
iii. The NSFR limits overreliance on short-term wholesale funding, encourages better assessment of funding risk across all on- and off-balance sheet items, and promotes funding stability. The Reserve Bank proposes to make NSFR applicable to banks in India from January 1, 2018.
8. Miscellaneous news
1. Gurnimrat 'Nimmy' Sidhu, head of science at Oaks Park High School in north-east London, is among 12 teachers to win the 'University of Oxford Inspirational Teacher Award' set up to encourage more state-funded schools to connect with the university.
i. India grew 7.3 per cent during 2014-15, the first financial year presided over by the Modi government, failing to overtake China as the world’s fastest-growing major economy.
ii. During the January-March quarter, however, India grew 7.5 per cent beating China’s 7 per cent. Capital formation remained lower at 28.7 per cent of the GDP against 29.7 per cent during 2013-14.
2. P.K. Sinha appointed Cabinet Secretary
i. Pradeep Kumar Sinha, a 1977 batch IAS officer of Uttar Pradesh cadre, will be the next Cabinet Secretary.
ii. Mr. Sinha, who has been serving as Power Secretary since July 2013, will succeed Ajit Seth whose term ends on June 13, 2015.
3. Singapore to host first ‘International Yoga Day’ on June 21
i. Singapore will host the first edition of ‘International Day of Yoga’ on June 21, 2015 at about 50 locations across the country.
ii. Supporting the 5,000-year-old physical, mental and spiritual practice that aims to transform body and mind, High Commissioner Vijay Thakur Singh launched a web portal for online registration of Singapore participants for the mega event.
iii. The U.N. adopted an India-led resolution declaring June 21 as ‘International Day of Yoga’ in December last year, less than three months after Prime Minister Narendra Modi proposed the idea.
4. Greece crisis dominates G7 Finance Ministers’ meeting
i. Greece’s debt crisis dominated talks of the Group of Seven finance ministers (G7), with the United States and Japan pressing Europe to reach a deal with Athens to avoid rattling the eurozone and the global economy.
5. Sepp Blatter re-elected as FIFA President
i. Despite the chaos and controversy engulfing FIFA, world football’s governing body, its president, Sepp Blatter, has secured a fifth term in charge.
ii. The 79-year-old defeated his rival, the Jordanian Prince Ali Bin al-Hussein, to whoops and cheers from his supporters.
6. RBI proposed to introduce PPI for Mass Transit Systems
i. The Reserve Bank of India (RBI) proposed to introduce a separate category of semi-closed Prepaid Payment Instruments (PPI) for Mass Transit System (PPI-MTS). The PPI-MTS can be used within the mass transit systems and will have a minimum validity of six months from date of issue.
ii. PPI for mass transit systems, which handle a large number of small value cash payments, will facilitate the migration to electronic payments in line with the country’s vision of moving to a less-cash society.
7. RBI released Draft Guidelines on Net Stable Funding Ratio for Banks
i. The Reserve Bank of India has released on its website draft Guidelines on Net Stable Funding Ratio (NSFR) under Basel III Framework on Liquidity Standards for banks.
ii. The objective of NSFR is to ensure that banks maintain a stable funding profile in relation to the composition of their assets and off-balance sheet activities.
iii. The NSFR limits overreliance on short-term wholesale funding, encourages better assessment of funding risk across all on- and off-balance sheet items, and promotes funding stability. The Reserve Bank proposes to make NSFR applicable to banks in India from January 1, 2018.
8. Miscellaneous news
1. Gurnimrat 'Nimmy' Sidhu, head of science at Oaks Park High School in north-east London, is among 12 teachers to win the 'University of Oxford Inspirational Teacher Award' set up to encourage more state-funded schools to connect with the university.
2. International Day of United Nations Peacekeepers observed across the world on 29th May, 2015 with the theme ‘Together for Peace’.
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