1. LS passed Banking Laws Amendment Bill, 2012
Lok Sabha today passed the Banking Laws Amendment Bill, 2012 by voice vote.
Key Points related to Banking Laws Amendment Bill, 2012:-
The Reserve Bank of India has decided to keep all the key rates unchanged in its mid-quarter policy review today.
The RBI has said that liquidity will be managed to support growth.
GDP growth is evolving along the baseline projection of 5.8 per cent for 2012-13.
The headline WPI inflation has edged down to 7.2 per cent in November, however inflation may edge higher over the next two months.
The RBI will update its forecast for FY13 growth and inflation in the quarter ending December 31, 2012.
3. India Developed Indigenous Japanese Encephalitis (JE) Vaccine
First vaccine of the world was developed against Japanese Encephalitis (JE) using the Indian strain of virus. National Institute of Virology (NIV), Pune offered the strain of JE virus to Bharat Biotech. NOTE:- This JE virus was gathered from Kolar in Karnataka. Bharat Biotech had submitted results from final human trials to Drug Controller General of India (DCGI) so that it could have marketing clearance.
4. LS unanimously passed Constitution Amendment Bill
Lok Sabha today unanimously passed the Constitution Amendment Bill providing special provisions for setting up a separate Development Board for the backward areas of the erstwhile Hyderabad-Karnataka region in Karnataka state.
NOTE:- The Bill seeks insertion of Article 371 J in the Constitution, providing equitable allocation of funds for development, promotion of employment and education in the region.
The erstwhile Hyderabad-Karnataka region include the districts of Gulbarga, Bidar, Raichur, Koppal, Yadgir and Bellary.
Both Houses of the Karnataka legislature had passed resolutions to provide special provisions to the region in 2010.
5. Govt to provide cheap loans to more sectors: Anand Sharma
Government is considering to provide cheap loans to some over stressed sectors other than SMEs to provide them a cushion against the global economic slowdown. Commerce and Industry Minister Anand Sharma said that he has discussed the matter with the Finance Minister. He said the government would shortly announce incentives for export sectors which are facing the heat of global demand slowdown.
6. Government of Maharashtra ordered SIT Probe into Multi-Crore Irrigation Scam
Government of Maharashtra ordered a Special Investigation Team (SIT) probe into the matter of multi-crore irrigation scam. The announcement was made in both the legislative houses of the state.
NOTE:- The SIT would be headed by the Dr. Madhavrao Chitale and comprise experts from law and judiciary and finance departments. Its deadline would be finalized by 31 December 2012.
Dr. Chitale is a water expert and has worked for different commissions and at different capacities and served the Union Water Resource Ministry as its Secretary.
7. India Lost the Test Series by 1-2 after Nagpur Test ended as a Draw
The last test match between India and England of the Tournament England Tour to India ended up as a draw and with this India lost the four-test match cricket series against England by 1-2 on 17 December 2012.
NOTE:- With this win England succeeded in ending a 28 year long wait of winning a test series on Indian Soil. Before this the English side under the captaincy of David Gower won the test series in India 1984-85.
8. Syed Modi International India Grand Prix Gold Badminton Championship takes off in Lucknow.
Syed Modi International India Grand Prix Gold Badminton Championship took off in Lucknow today.
9. IOA suspended officials barred from participating in OCA events
Olympic Council of Asia has barred officials of the suspended Indian Oympic Association from participating in OCA events. However, it said "as a special case" Indian atheltes will be allowed to take part in the OCA Games, including the 2014 Asian Games in Incheon under the IOC flag.
NOTE:- The OCA's decision came in the wake of the suspension imposed on IOA by the International Olympic Committee earlier this month.
10. Malaria cases in India to go down by 50 to 75 per cent by 2015, says World Health Organisation.
A report by World Health Organisation (WHO), says, India will see a decrease of 50-75 per cent in malaria cases by 2015. The WHO's World Malaria Report 2012 said, a concerted effort by endemic countries, donors and global malaria partners during the past decade has led to strengthened malaria control around the world.
It, however, warned that a significant slowdown in global funding of anti-malaria campaigns threatens to roll back the gains made against the preventable mosquito-borne disease over the last 10 years.
NOTE:- In the south-east Asia Region, Bhutan, Korea, Nepal, Sri Lanka and Thailand have registered decreases of 75 per cent or more in the malaria incidence rates between 2000 and 2011.
The report said, India, Nepal and Thailand could also potentially move from the control to the pre-elimination phase by continuing their progress.
Lok Sabha today passed the Banking Laws Amendment Bill, 2012 by voice vote.
Key Points related to Banking Laws Amendment Bill, 2012:-
- The Bill was passed after the government agreed to drop Forward Markets Contract Clause which allows banks to enter commodity futures trading.
- The Bill paves the way for the RBI to issue new banking licences to private sector.
- Finance Minister P Chidambaram said, some of the smaller banks in public sector will be merged to make two to three world size banks.
- RBI will continue to be the regulatory authority for the banking sector and the Competition Commission of India will deal only with competitive practices.
- Finance Minister Government is committed to strengthening the public sector banks and there are no plans to retrench staff. He said plans are also underway to recruit over 84 thousand employees this year.
- The Minister said, 6 thousand Bank branches will be opened each year.
- Mr Chidambaram said, during this fiscal, 15 thousand crore rupees will be infused into the public sector banks. Referring to the non-performing assets of these banks, he said, no doubt it is a matter of concern but not alarming.
The Reserve Bank of India has decided to keep all the key rates unchanged in its mid-quarter policy review today.
- Repo Rate has been kept unchanged at 8 per cent.
- Cash Reserve Ratio has also been kept unchanged at 4.25 per cent.
- Bank Rate has also been kept unchanged at 9 per cent.
- Reverse Repo Rate will remain unchanged at 7 per cent.
- Marginal Standing Facility (MSF) will remain unchanged at 9 per cent.
The RBI has said that liquidity will be managed to support growth.
GDP growth is evolving along the baseline projection of 5.8 per cent for 2012-13.
The headline WPI inflation has edged down to 7.2 per cent in November, however inflation may edge higher over the next two months.
The RBI will update its forecast for FY13 growth and inflation in the quarter ending December 31, 2012.
3. India Developed Indigenous Japanese Encephalitis (JE) Vaccine
First vaccine of the world was developed against Japanese Encephalitis (JE) using the Indian strain of virus. National Institute of Virology (NIV), Pune offered the strain of JE virus to Bharat Biotech. NOTE:- This JE virus was gathered from Kolar in Karnataka. Bharat Biotech had submitted results from final human trials to Drug Controller General of India (DCGI) so that it could have marketing clearance.
4. LS unanimously passed Constitution Amendment Bill
Lok Sabha today unanimously passed the Constitution Amendment Bill providing special provisions for setting up a separate Development Board for the backward areas of the erstwhile Hyderabad-Karnataka region in Karnataka state.
NOTE:- The Bill seeks insertion of Article 371 J in the Constitution, providing equitable allocation of funds for development, promotion of employment and education in the region.
The erstwhile Hyderabad-Karnataka region include the districts of Gulbarga, Bidar, Raichur, Koppal, Yadgir and Bellary.
Both Houses of the Karnataka legislature had passed resolutions to provide special provisions to the region in 2010.
5. Govt to provide cheap loans to more sectors: Anand Sharma
Government is considering to provide cheap loans to some over stressed sectors other than SMEs to provide them a cushion against the global economic slowdown. Commerce and Industry Minister Anand Sharma said that he has discussed the matter with the Finance Minister. He said the government would shortly announce incentives for export sectors which are facing the heat of global demand slowdown.
6. Government of Maharashtra ordered SIT Probe into Multi-Crore Irrigation Scam
Government of Maharashtra ordered a Special Investigation Team (SIT) probe into the matter of multi-crore irrigation scam. The announcement was made in both the legislative houses of the state.
NOTE:- The SIT would be headed by the Dr. Madhavrao Chitale and comprise experts from law and judiciary and finance departments. Its deadline would be finalized by 31 December 2012.
Dr. Chitale is a water expert and has worked for different commissions and at different capacities and served the Union Water Resource Ministry as its Secretary.
7. India Lost the Test Series by 1-2 after Nagpur Test ended as a Draw
The last test match between India and England of the Tournament England Tour to India ended up as a draw and with this India lost the four-test match cricket series against England by 1-2 on 17 December 2012.
NOTE:- With this win England succeeded in ending a 28 year long wait of winning a test series on Indian Soil. Before this the English side under the captaincy of David Gower won the test series in India 1984-85.
8. Syed Modi International India Grand Prix Gold Badminton Championship takes off in Lucknow.
Syed Modi International India Grand Prix Gold Badminton Championship took off in Lucknow today.
9. IOA suspended officials barred from participating in OCA events
Olympic Council of Asia has barred officials of the suspended Indian Oympic Association from participating in OCA events. However, it said "as a special case" Indian atheltes will be allowed to take part in the OCA Games, including the 2014 Asian Games in Incheon under the IOC flag.
NOTE:- The OCA's decision came in the wake of the suspension imposed on IOA by the International Olympic Committee earlier this month.
10. Malaria cases in India to go down by 50 to 75 per cent by 2015, says World Health Organisation.
A report by World Health Organisation (WHO), says, India will see a decrease of 50-75 per cent in malaria cases by 2015. The WHO's World Malaria Report 2012 said, a concerted effort by endemic countries, donors and global malaria partners during the past decade has led to strengthened malaria control around the world.
It, however, warned that a significant slowdown in global funding of anti-malaria campaigns threatens to roll back the gains made against the preventable mosquito-borne disease over the last 10 years.
NOTE:- In the south-east Asia Region, Bhutan, Korea, Nepal, Sri Lanka and Thailand have registered decreases of 75 per cent or more in the malaria incidence rates between 2000 and 2011.
The report said, India, Nepal and Thailand could also potentially move from the control to the pre-elimination phase by continuing their progress.
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