Daily GK Update - 22nd August 2015

1. Government Issues Norms for Selection of CEOs and MDs of Smaller PSU Banks

i. After the irk raised due to appointment of two private sector bankers to head Bank of Baroda and Canara Bank the government has issued norms for selection of MDs and CEOs in Mid and Small Public Sector Banks (PSBs) on 20 August 2015.

ii. After the irk raised due to appointment of two private sector bankers to head Bank of Baroda and Canara Bank the government has issued norms for selection of MDs and CEOs in Mid and Small Public Sector Banks (PSBs) on 20 August 2015.

iii. The top post in the PSBs would be filled from the existing pool of executive directors (EDs) or deputy managing directors (DMDs) in state-owned banks with a remaining service period of 2 years. Henceforth the private sector executives would not be the part of the selection process of top management in the public sector banking space.

iv. The section will be done by the interaction of the candidates with three panels of the sub-committee of the Appointments Board, where the candidates will be rated out of 100 marks.

v. 50 marks to be awarded for Annual Performance Appraisal Reports (APARs) of five years and 50 marks assigned on the basis of performance during interaction with the sub-committee.

2. Union Government to sell 10 per cent stake in IOC

i. Union government has announced to sell 10 per cent stake in state owned Indian Oil Corporation (IOC). This disinvestment drive on the stock market through an offer for sale (OFS) will fetch Union Government about 9,500 crore rupees to the exchequer. The 10 per cent stake in IOC comprises 24.27 crore shares.

ii. Presently, Union government holds around 68.57 per cent shares in IOC which is the biggest oil refining and marketing company in the country.

iii. Stake sale of IOC will mark the fourth round of disinvestment drive of Union Government in year 2015. 

iv. Other three rounds of disinvestment are being in carried in Power Finance Corporation (PFC), Rural Electrification Corporation (REC) and Dredging Corporation of India (DCI). So far from these disinvestment drives government has earned around 3,300 crore rupees.

3. Puducherry CM N Rangasamy launched Free Laptop Scheme

i. Puducherry Chief Minister (CM) N Rangasamy on 21 August 2015 launched the much awaited Free Laptop Scheme. The scheme envisages to provide free laptops to all students who have passed Plus Two from Government Higher Secondary Schools in the last two academic years that is 2013-14 and 2014-15.

ii. The state will give free laptops to 11 thousand odd students by incurring an expense of 20 Crore rupees. While launching the scheme, Rangasamy gave away laptops to 180 students who topped in Plus Two Examinations in their respective schools.

iii. The scheme was launched on the occasion of Student's Day in Puducherry. During the launching ceremony, Rangasamy also distributed 5000 rupees each to 10 students who excelled in the National Talent Search Examination.

iv. The cash award was also given to government schools which achieved 100 percent results in urban areas and 90 percent results in rural areas in plus-two board examinations.

4. Uber Cabs tied-up with Bharti Airtel to set up WiFi hotspots in each of its cabs

i. Bharti Airtel Limited on 21 August 2015 tied-up with the Uber Cabs, allowing Uber riders to pay using Airtel’s mobile wallet service Airtel Money. With this partnership, Uber will set up WiFi hotspots in each of its cabs. Uber will pay Airtel for the bandwidth consumed.

ii. As part of this partnership, Uber riders across India can now pay for their trips using Airtel's mobile wallet service Airtel Money. Mumbai will be the first city in India to enjoy free high-speed internet from Uber, powered by Airtel 4G. The service will soon be rolled out for Uber riders pan-India.

iii. Under the terms, Bharti Airtel will offer its 4G MiFi (mobile WiFi) devices to Uber vehicles, while drivers will get subsidised mobile devices and data plans. While, Uber will offer discounts to Airtel customers, including 500 rupees off on their first ride using Airtel Money.

iv. Uber has its operations in more than 60 countries and about 330 cities, of which 18 are in India. The company had launched operations in India less than two years ago and now has about 150000 driver partners.

5. Far left splits from Tsipras as Greece heads to poll

i. Rebels opposed to Greece’s international bailout walked out of the leftist Syriza party on Friday, formalising a split after its leader Alexis Tsipras resigned as prime minister and paved the way for early elections.

ii. Tsipras is hoping to strengthen his hold on power in a snap election after seven months in office in which he fought Greece’s creditors for a better bailout deal but had to cave in and accept more onerous terms.

iii. One day after money began flowing from Greece’s third bailout programme, a much-needed period of political and economic certainty remained as elusive as ever, drawing concerned calls from the Euro Zone that Athens must stick to commitments given under the rescue deal.

iv. The walk-out may allow Tsipras to move Syriza a little closer to the political centre and broaden his appeal among voters, which remains strong despite Greece’s near-brush with financial collapse under his premiership.

6. Government frames policy for e-marketing of handloom products 

i. Government today said it has established a policy framework to promote e-marketing of handloom products through approved e-commerce entities, aiming to popularize the "India Handloom" brand and boost sales of handloom products. 

ii. Under the policy framework, application of any e-commerce entity interested in online marketing of handloom products will be processed by a within three weeks time by a panel. 

iii. Any e-commerce entity willing to work for promotion of online marketing of handloom products in collaboration with the Office of DC (Handlooms) may apply for the same. The application will be scrutinized by a specially constituted Committee.

iv. An e-commerce entity approved by the Office would be required to make priority display of handloom products on its home page, leading to an exclusive section for certified/branded handloom products carrying either 'India Handloom' brand or Handloom mark. 

7. Back as world No. 1, Saina Nehwal signs Rs 25 crore deal

i. It was double delight for Saina Nehwal on Thursday. The World Championships silver medallist regained the No. 1 rank - surging 2,180 points ahead of Carolina Marin  and also struck a landmark deal with management company IOS Sports & Entertainment.

ii. Saina's deal is worth Rs 25 crore over two years. IOS also manages top sportspersons like Suresh Raina, MC Mary Kom, Sushil Kumar and Vijender Singh.

iii. The shuttler was also excited to be back on the top of the world rankings. She secured the No. 1 rank for the first time on April 2 but remained there only for five weeks. However, this time round, the Indian will enjoy a longer reign. With 82,792 points, Saina is 2,180 points ahead of world champion Carolina Marin. Third placed Tzu Ying Tai of Chinese Taipei is over 12,000 points behind the Indian.