Current Affairs India - 30 September 2014

1. The Andhra Pradesh Government has signed the Memorandum of Understanding (MoU) with global tech giant Google-s Indian arm for Digital AP project. As per the agreement, Google India will work with the AP government to get women and small and medium businesses online and help them gain from the internet economy.


2. The Reserve Bank of India, RBI relaxed KYC (Know Your Customer) norms further today by allowing self-certification of documents for opening bank accounts with immediate effect in order to help customers to open a bank account easily.The RBI has asked banks to accpet self-certified copy of the document by mail, or post for opening an account.


Also banks will not insist on physical presence of the customer at the time of periodic updating and they will not seek fresh proof of identity and address at the time of periodic updating in case of no change in status for 'low risk' customers. The RBI added that if the customers are unable to comply within a reasonable period of time, partial freezing may be introduced for KYC non-compliant customers.


3. India-s core sector, consisting of eight core industries, grew by 5.8% in August this year compared to 4.7% in the same month last year due to higher production output in coal, cement and electricity sectors. During April-August period of current financial year, the eight sector growth stood at 4.4% compared to 4.2% growth in the same period last year.


Output of coal, cement, steel and electricity sectors grew by 13.4%, 10.3%, 9.1% and 12.6% respectively, in the same month which pushed the core sector growth higher. The eight core sectors has a combined weight of approx. 38% in the Index of Industrial Production (IIP) and this good core sector growth will improve IIP number for the same month as well.


4. AutoPortal Cardekho.com has acquired another car information related portal Gaadi.com for nearly USD 11 million as a part of consolidation in the online car information or classified sector. This combined entity will be the biggest one in the sector.


Post this acquisition, both the companies will operate independently and as separate businesses in order to drive focus, especially in the pre-owned car business.


5. Global FMCG giant Unilever-s Chief Operating Officer Harish Manwani will retire on 31st December this year after completing 38 years of service in the company. Manwani, who is also the first ever COO of Unilever, will continue as Non-Executive Chairman of Hindustan Unilever Ltd, the Indian arm of the FMCG giant.