31 Dec, 2015
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Banking Awareness 2016,
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- The US Federal Reserve raised interest rates by 0.25 percentage points on 16 December 2015. This was the first interest rate increase by the Fed since which year? – Since 2006
- The signing ceremony of the Asian Infrastructure Investment Bank (AIIB) took place at the Great Hall of the People in Beijing on 29 June 2015. 50 founding members of AIIB, including India, signed on the articles of AIIB that determine each country’s share and the lender’s initial capital. What is India’s stake in AIIB? – 8.52% (India is its second largest shareholder with a stake of 8.52% and voting share of 7.5%. The voting shares are based on the size of each member country’s economy and not contribution to the Bank’s authorised capital. China’s shareholding is 30.34% and it has retained 26.06% of the voting rights with veto powers for certain key decisions)
- The Annual Meetings of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) or the 2015 WBG/IMF Annual Meetings was held between 6 and 12 October 2015 at which city? – Lima (Peru)
- In a victory for Beijing’s campaign for recognition as a global economic power, the International Monetary Fund (IMF) admitted China’s Yuan into its benchmark currency basket on 30 November 2015. With this Yuan will be added to the Special Drawing Rights (SDR) basket alongside the dollar, euro, pound sterling and yen. When Yuan will be officially added to the SDR basket to get reserve currency status? – October 2016
- According to announcement made by international financial transactions agency – Society for Worldwide Interbank Financial Telecommunication (SWIFT), which currency has recently become one of the top five most-used currencies in the world, overtaking the Canadian dollar and the Australian dollar? – Chinese Yuan
- Which African country during June 2015 started the process of demonetization to legally end its virtually worthless local currency which had witnessed hyper-inflation as high as 500 billion per cent in the recent times? – Zimbabwe
- The 10th Ministerial Conference of the World Trade Organization (WTO) concluded on 19 December 2015 with some landmark agreements on a series of trade initiatives. This WTO Conference was held at – Nairobi (Kenya)
The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.
Know, who is Vijay Kelkar and what is PPP !
Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.
Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !
Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.
Know about Sepp Blatter!
Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.
Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.