Current Affairs India - 28 March 2014

1. The Supreme Court has appointed former Indian batting legend Sunil Gavaskar as the interim President of BCCI till the probe related to IPL spot fixing of last year is completed. The Court also directed that the senior most Vice-President of the Board, Shivlal Yadav, will be looking after the affairs of BCCI.

The apex court has also allowed IPL 7 for the current year and did not ban Chennai Super Kings and Rajasthan Royals from participating in the tournament. It will be a big relief for the Teams, advertisers and sponsors who have already invested huge amount of money in this.

2. India today successfully test-fired its indigenously developed nuclear-capable surface-to-surface Prithvi II missile with a range of 350 km, from a test range at Chandipur, near Balashore in Odissa. The missile is capable of carrying 500-1,000 kg of warheads.

Defence sources said the training launch of Prithvi II, which was inducted into Strategic Force Command (SFC) in 2003, clearly indicate the country-s operational readiness to meet any eventuality besides establishing the reliability of this deterrent component of India-s strategic arsenal.

3. In a major relief to all the Indian banks, the Reserve Bank of India has extended the deadline for implementation of Basel III norms by one year to March 2019. The norm requires all the banks to raise huge amount of capital in order to satisfy the capital requirements.

Indian banks will need approximately Rs 2.6 lakh crore by March 2018 to meet Basel III capital requirement norms. The RBI said also said that it would align with implementation of Basel III in India closer to the internationally agreed date of January 1, 2019.

4. The Reserve Bank eased stand-alone primary dealers' exposure ceiling to a qualified central counter party by keeping the limit outside the existing 25% of net-owned funds today in order to promote centralized clearing of OTC derivative products. The new norms would be effective from 1st April 2014.

Clearing exposure to a qualified central counter party will be kept outside of the exposure ceiling of 25% of its NOF applicable to a single counter party. The ceilings on single or group exposure limit would not be applicable where principal and interest are fully guaranteed by the government.

The guidelines has also asked PDs (primary dealers) to include credit risk exposures to all other categories of non-government securities, including investments in MFs, commercial papers, certificate of deposits, positions in OTC derivatives not settled through QCCP, to compute the extent of credit exposure.

5. Ajay S. Shriram, Chairman and Sr. Managing Director of DCM Shriram Ltd, has been elected as the President of CII for 2014-15. He succeeds S Gopalakrishnan of Infosys.

Sumit Mazumder, Vice-Chairman and Managing Director of TIL Ltd. was elected as the President-Designate of CII for 2014-15 while Naushad Forbes, Director, Forbes Marshall, has been elected as the Vice-President for 2014-15.

6. Veteran director P Ramdas, who introduced the neo-realistic wave in Malayalam cinema during the 1950s through his path breaking movie Newspaper Boy, has passed away today due to age related illness. He was 83. The Kerala Government had honoured him by presenting him with the prestigious -JC Daniel Award- in 2007.