Current Affairs India - 28 November 2014

1. India has signed a Memorandum of Understanding (MoU) with Mozambique for cooperation in the field of oil and gas today. The MoU was signed in the presence of Minister of State for Petroleum and Natural Gas, Dharmendra Pradhan in New Delhi.The deal aims to improve cooperation in the areas of upstream and downstream oil and gas sector.

Mozambique has recently become a hydrocarbon rich nation following offshore gas discoveries in two adjacent offshore blocks.

2. The Reserve Bank of India has issued final guidelines for payments and small banks yesterday with the aim of taking banking business accessible to more people and small businesses. The RBI plans to push financial inclusion by setting up small banks which can have better presence across the country and can accept deposits. This will help more entities to get new bank licences who had missed this opportunity in April this year.

As per the RBI, the minimum paid-up equity capital required for both small and payment banks is Rs. 100 crore. These small banks will take care of basic banking activities including accepting deposits and lending to under-served sections, small business houses, farmers and small industries and unorganised sector entities.

All resident individuals and professionals with experience in banking and finance; and companies and societies, existing non-banking finance companies (NBFCs), microfinance institutions and local area banks can opt for this option to set up a small bank. Large public sector entities and industrial and business houses, including NBFCs promoted by them, will not be entertained to set up small banks.

3. India-s leading stock market Bombay Stock Exchange (BSE) crossed the milestone of Rs 100 lakh crore for the first time after rising to record high level today. Also it has become one of the top 10 largest exchanges in the world in terms of total market capitalization of listed companies.

The BSE is now ranked at 10th position globally with a market cap of over USD 1.6 trillion which is Rs 100 lakh crore in Rupee terms. It is also the largest exchange in the world in terms of number of listed companies. National Stock Exchange (NSE) secured No 11 rank in terms of market capitalization of its listed companies.

New York Stock Exchange (NYSE) is the no 1 exchange in the world with a total market capitalization of USD 19.1 trillion, followed by Nasdaq OMX, Japan Exchange Group of Tokyo, Euronext and Hong Kong Exchanges in the top five.