Currenct affairs

1- Vedanta will acquire 50-60 % stake in Crain energy India. Crain is second largest private sector Oil explorer in India. It has oil fields in Rajasthan.

2-Anil agarwal is the promoter of Vedanta PLC , a London listed firm.

1-RIL bought infotel at 48,00 crore.

2-Inflation rate( WPI inflation ) for the month of May is 10.16% yoy. Indian official inflation indicator is WPI ( Wholesale price index) but most emerging economies and developed world use CPI ( consumer price index) as their main indicator.

1-Govt will divest 10% stake in both coal india ltd and hindustan copper in capital market via IPO of COAL India LTD and FPO of Hindustan copper.

IPO- Initial public offering

FPO- Follow-on public offer

2- America found huge amount of mineral resources in Afghanistan. Inital estimations are valuing these mineral resources at around One Trillion( 1000 billion) US dollar which is approximately equal to the size of India GDP.
This huge amount of mineral resources will provide great boost to Afghanistan's economy. Current size of Afghanistan GDP in 12 billion US dollar.

3-April industrial output (IIP) growth rate is 17.6% Year on year.

4- April manufacturing production rose 19.4%,Mining output was up 11.4% and power generation was 6%.

5- Fourth quarter FY 09-10 GDP growth rate was 8.6%.

6- Fiat will re-launch small car UNO in India.

7- Newly elected Japan P.M- NAOTO KAN

8- India's foreign secretary- Nirupama Rao

9- Comptroller and auditor general of India - Vinod Rai

1- Finance secretary - Mr. Ashok Chawal

2- IRDA chief- Mr J Harinayaran

3-Chief information commissioner - MR Wajahat habibullah

4-Chief of Economic advisory council to prime minister - MR. C Rangarajan

5- Chief statistician of India- MR. Pronab sen

6- Chairperson of PFRDA(pension fund regulatory and development authority)- MR. R Gopalan

25% Public share holding

According to new ruling of Finance ministry, all companies listed on stock exchange or companies going to list need to have minimum 25% public share holding. Companies having less than 25% public float, need to divest minimum 5% shares every year to reach minimum share holding. Companies who are coming with a issue size of more than 4000 Crore, can initially divest 10 % but later, they have to reach that limit in maximum 3 years.
This will enhance public participation, transparency and trading volume. Brokers, promoters or traders will not able to manipulate share price due to large amount of tradable shares.
This will help government to raise capital from market by divesting its portion in PSUs.
PSU
NTPC- 84.5% Government holds
NMDC- 90% Government holds
NHPC- 86.36% Government holds
OIL INDIA - 78.43% Government holds
SJVN LTD- 89.97% Government holds
POWER FINANCE CORP.- 89.78% Government holds
MMTC- 99% Government holds


In current financial year FY 2010-2011 , Government has raised Rs. 1063 crore, last year FY 09-10, Government raised Rs. 31081 crore from capital market .

Planning commission report on power sector 2009-10

For year 2009-2010, Central government had Power capacity addition target of 3402 MW , but it was only able to achieve 2180 MW . A deficit of 1222 MW .Central government achieved only 60% target.
For private sector, capacity addition target was 6125 MW and it has able to achieve 4287 MW.
For state government, target was 4980 MW , achievement was 3118 MW.
For year 2009-2010, India added 9585 MW of electricity generation capacity.
This all due to delay in environmental clearances, delay in commissioning of power plant and lack of execution capability.
India has total installed capacity of 1.55 lakh (155,000) MW (round figure).
China has total installed capacity of around 9.5 lakh MW (950,000 MW) or 950 GW !

BANKING TERMS

RTGS stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis. This is the fastest possible money transfer system through the banking channel. Settlement in 'real time' means payment transaction is not subjected to any waiting period. Minimum transferred amount though RTGS is INR 100,000.

The RTGS service window for customer's transactions is available from 9.00 hours to 16.30 hours on week days and from 9.00 hours to 12.30 noon on Saturdays for settlement at the RBI end.

EFT and NEFT are electronic fund transfer modes that operate on a deferred net settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place at a particular point of time. All transactions are held up till that time. For example, NEFT settlement takes place 6 times a day during the week days (9.00 am, 11.00 am, 12.00 noon. 13.00 hours, 15.00 hours and 17.00 hours) and 3 times during Saturdays (9.00 am, 11.00 am and 12.00 noon). Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. Contrary to this, in RTGS, transactions are processed continuously throughout the RTGS business hours.

2010 French Open

Rafel Naldal wins 2010 french open . He beats Robin Soderling of Sweden by 6-4,6-2,6-4 .This is fifth French open title for Nadal.
French open is second grand slam of 2010 after Australian open. Two remaining grand slams are Wimbledon and US open.
Women’s French open won by 17th ranked Italy’s Francesca Schiavone. She beats WTA 7th ranked Australia’s Samantha Stosur

Foxconn Technology Group, the world’s largest contract manufacturer of electronics, after several worker commited suiside in its factories, has been forced to increase worker’s salary by more than 100 %.

Base salaries at Hon Hai’s Shenzhen factories will rise to 2,000 yuan ($293) a month in October from 900 yuan in May ( source : Bloomberg)

Foxconn International Holding’s Hon Hai Precision Industry Co., makes electronics like Apple iPhone ,iPand etc.

Great company

Sergey Brin and Larry Page founded Google Inc. in 1998, they both are former stanford university student. IN 2000 Google has a revenue of $1.9 million and loss of $1.4 million. In 2004 revenue increased to whopping $ 3 billion and net income was around $ 400 million.

According to Latest financial year data of google Inc, revenue was around $ 23.66 billion and net income was $6.5 billion.

Earning per share of $1.46 in 2004 has been increased to $ 20.41 in FY2009-2010.

LIST OF CABINET MINISTERS OF INDIA

Cabinet Ministers
Serial Number	Portfolio	Name of Minister
1.	Prime Minister and also In-Charge of the Ministries/Departments viz: Ministry of Personnel, Public Grievances & Pensions; Ministry of Planning; Ministry of Water Resources; Department of Atomic Energy; and Department of Space	Dr. Manmohan Singh
2.	Minister of Finance	Shri Pranab Mukherjee
3.	Minister of Agriculture and Minister of Consumer Affairs, Food & Public Distribution	Shri Sharad Pawar
4.	Minister of Defence	Shri A.K. Antony
5.	Minister of Home Affairs	Shri P. Chidambaram
6.	Minister of Railways	Km. Mamata Banerjee
7.	Minister of External Affairs	Shri S.M. Krishna
8.	Minister of Steel	Shri Virbhadra Singh
9.	Minister of Heavy Industries and Public Enterprises	Shri Vilasrao Deshmukh
10.	Minister of Health and Family Welfare	Shri Ghulam Nabi Azad
11.	Minister of Power	Shri Sushil Kumar Shinde
12.	Minister of Law and Justice	Shri M. Veerappa Moily
13.	Minister of New and Renewable Energy	Dr. Farooq Abdullah
14.	Minister of Urban Development	Shri S. Jaipal Reddy
15.	Minister of Road Transport and Highways	Shri Kamal Nath
16.	Minister of Overseas Indian Affairs	Shri Vayalar Ravi
17.	Minister of Textiles	Shri Dayanidhi Maran
18.	Minister of Communications and Information Technology	Shri A. Raja
19.	Minister of Petroleum and Natural Gas	Shri Murli Deora
20.	Minister of Information and Broadcasting	Smt. Ambika Soni
21.	Minister of Labour and Employment	Shri Mallikarjun Kharge
22.	Minister of Human Resource Development	Shri Kapil Sibal
23.	Minister of Mines and Minister of Development of North Eastern Region	Shri B.K. Handique
24.	Minister of Commerce and Industry	Shri Anand Sharma
25.	Minister of Rural Development and Minister of Panchayati Raj	Shri C.P. Joshi
26.	Minister of Housing and Urban Poverty Alleviation and Minister of Tourism	Kum. Selja
27.	Minister of Food Processing Industries	Shri Subodh Kant Sahay
28.	Minister of Youth Affairs and Sports	Dr. M.S. Gill
29.	Minister of Shipping	Shri G.K. Vasan
30.	Minister of Parliamentary Affairs	Shri Pawan K. Bansal
31.	Minister of Social Justice and Empowerment	Shri Mukul Wasnik
32.	Minister of Tribal Affairs	Shri Kantilal Bhuria
33.	Minister of Chemicals and Fertilizers	Shri M.K. Alagiri

source : http://www.cabsec.nic.in/

GK,Current affairs and banking awareness for PO

1- 13th finance Commission recommends sanction of a grant of Rs. 50,000 crore. The grant would be used to meet the compensation claims of State Governments for revenue losses on account of implementation of GST between 2010-11 and 2014-15, consistent with the Grand Bargain.

2- According to 13th finance commission ,A target of 68 per cent of GDP for the combined

debt of the Centre and states should be achieved by 2014-15. Currently Debt to GDP ratio of India is estimated at 82% in 2009-2010.

3- Bank rate = 6%

Repo rate = 5.25%

Reverse repo= 3.75%

Cash reserve ratio = 6%

Statutory liquidity ratio ( SLR) = 25%

4- Chairman of 13 th finance commission is Dr. Vijay kelkar.

5-Dr. C Rangarajan , Chairman of Economic advisory council to Prime minister, has been appointed as head of high-level expert committee to suggest measures for efficient management of public expenditure. The committee will sugggest an action plan for abolishing the present system of classifying expenditure into plan and non-plan.

This committee is formed by planning commission and will have 18 members.

6- India's fourth quarter GDP growth rate was 8.6 % for FY 09-10 . This will increase the overall growth rate for FY09-10 from estimated 7.2% to 7.4%

7- GDP growth rate for FY08-09 was 6.7%

8- Base year for national income calculation has been change to 2004-2005 from 1999-2000.

9- Fiscal deficit target for FY 10-11 is 5.5 %, for FY11-12 ,it is 4.5% and for FY12-13 ,it is 4.1%.

10- Defence secretary - Mr. Pradeep Kumar

Cabinet Secretary - Mr. K.M Chandrasekhar

Home secretary - G K Pillai