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RBI cancels certificate of Registration of 4 NBFCs

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the four non-banking financial companies (NBFCs). 
•    RBI has cancelled the certificate of registration in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
•    Company whose certificate of registration has been cancelled are 
•    Neelanjali Engineering Private Limited,
•    Novoflex Tradecom Private Limited '
•    Guide Investments and 
•    Trading Co. Pvt.
•    RBI commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934.
•    The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders.
•    Following India's independence on 15 August 1947, the RBI was nationalized on 1 January 1949.

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RBI to issue 1000 Rupees Banknotes with inset letter 'R'

On 9 May 2016 The Reserve Bank of India announced that it will shortly issue 1000 rupees denomination banknotes with the inset letter 'R' in both the number panels.
•    It will be done in the Mahatma Gandhi Series – 2005
•    It will carry the signature of Dr. Raghuram G. Rajan, Governor, Reserve Bank of India on the obverse.
•    The banknotes of 1000 rupees banknotes will have six angular bleed lines in four sets of 1-2-2-1 lines on the obverse in both, the upper left and right hand edge of the banknotes. 
•    These will facilitate identification of these notes by visually impaired persons.
•    All the banknotes in the denomination of 1000 rupees issued by the Reserve Bank in the past, including 1000 rupees denomination banknotes with ascending size of numerals in the number panels but without bleed lines and enlarged identification mark, will continue to be legal tender.

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Uttarakhand Floor Test: Harish Rawat wins the Test with 33 votes in favour

On 11 May 2016 in the legislative assembly, the Harish Rawat-led government got the majority.
•    Harish Rawat got 33 votes against 28 votes out of 61 qualified members who voted in the assembly.
•    SC said that Harish Rawat can take charge as the Chief Minister of the.
•    President Rule under Article 356 was imposed in Uttarakhand on 27 March 2016 
•    It was done on the recommendation of the Union Cabinet.
•    Conduct of ‘composite floor test’ in the Uttarakhand legislative assembly was ordered by the Supreme Court on 5 May 2016.
•    On 9 March 2005 Apex court passed the order for Jharkhand Assembly.
•    It was done on the line of earlier order for a composite floor test in Uttar Pradesh in 1998.
•    "President's rule" refers to the imposition of Article 356 of the Constitution of India on a State whose constitutional machinery has failed. 
•    In the event that a State government is not able to function as per the Constitution, the State comes under the direct control of the central government

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Saraswat Bank donates Rs 1 crore for drought relief

The Saraswat Bank has donated of Rs one crore towards drought relief work.
•    The Bank has donated Rs 50 lakh each to the Maharashtra Chief Ministers Drought Relief Fund, and to the NAAM Foundation, an NGO started by actors Nana Patekar and Makarand Anaspure, specifically aimed at alleviating the impact of drought, a release issued here said.
•    Gautam E Thakur, Vice Chairman of the bank handed over a cheque of Rs 50 lakh to Maharashtra Chief Minister Devendra Fadnavis.
•    Kishore Rangnekar, Director, handed over another cheque of Rs 50 lakh to Nana Patekar, Founder, NAAM Foundation. 
•    Saraswat Bank is an urban co-operative banking institution based in Maharashtra, India and operating as a co-operative bank since 1918.
•    In 1988, the Bank was conferred with "Scheduled" status by Reserve Bank of India. 
•    The Bank is the first co-operative bank to provide Merchant Banking services. 
•    The Bank got a permanent license to deal in foreign exchange in 1978. 
•    Presently the Bank is having correspondent relationship in 45 countries covering 9 currencies with over 125 banks. In 1992, the Bank completed 75 years. 
•    Platinum Jubilee Celebrations were inaugurated on 14 September 1992 and the Bank also crossed the business level of Rs. 700 Crores. 

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Rohit Sharma unveils India’s first sports expo

On 5th May Cricketer Rohit Sharma inaugurated the Pune International Sports Expo at the Agriculture College Ground. 
•    Gagan Narang was also present on the ceremony.
•    It is the first sports expo being held in the country organised by city-based Steps Sports Entertainment Private Limited 
•    It will be open for public till May 8.
•    It is organised to showcase various products and modern technologies for fitness and sports 
•    It features Indian as well as multinational brands.
•    Various events are held each day to celebrate the accomplishments of Indian sportsmen. 
•    Narang and rohit Sharma shared their experiences and journey so far.
•    Zaheer Khan, Dhanraj Pillai, Sunil Chettri, Prarthana Thombe and Milkha Singh are also going to join on the dais in the coming days.
•    A special event of ‘Bokwa Sessions’ has been organised by fitness expert Paul Mavi, 
•    It is going to have six sessions of ‘Bokwa’ every day.

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JSW Energy to acquire JSPL’s 1,000MW plant

Sajjan Jindal-led JSW Energy on 4th May 2016 announced to acquire Jindal Steel and Power Ltd's 1,000MW power plant in Raigarh, Chhattisgarh for Rs 6,500 crore.
•    The deal was inked between both the firms on 3rd May, is expected to be completed by June 30, 2018.
•    The enterprise value of the deal is Rs 4,000 crore.
•    It will be increased to Rs 6,500 crore.
•    The transaction also contemplates payment of an interest bearing advance of Rs 500 crore pursuant to the receipt of approvals from the shareholders of JSW Energy and JSPL and the fair trade regulator CCI, it added.
•    JSPL board has approved to divest the 1,000MW power unit of its subsidiary Jindal Power Ltd (JPL) into a special purpose vehicle (SPV).
•    JPL, a subsidiary of JSPL, has a 4x250 MW plant in Raigarh and a 2,400 MW thermal plant in Tamnar, Chhattisgarh.

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ECB decided to end production and issuance of 500 euro banknote

On 4 May 2016 The European Central Bank (ECB) announced to permanently stop producing the 500 euro banknote by the end of 2018.
•    500 euro banknote, like the other denominations of euro banknotes, will always retain its value and can be exchanged at the national central banks of the Euro system.
•    On 20 April 2010, money exchange offices in the United Kingdom stopped selling 500 euro notes because of money laundering.
•    The five hundred euro note is the highest-value euro banknote.
•    It is one of the highest value circulating banknotes in the world, worth around 558 USD, 3634 Chinese Yuan, 62700 Japanese Yen, 544 Swiss Franc or 395 Pound sterling.
•    The note is used in the 23 countries.
•    It is the largest note measuring 160 × 82 mm and has a purple colour scheme.
•    The five hundred euro note contains several security features such as watermarks, invisible ink, holograms and microprinting.

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MoC between Ministry of Women & Child Development and Bill & Melinda Gates Foundation

On 4 May 2016  Union Cabinet approved the signing of Memorandum of Co-operation between Ministry of Women & Child Development (MWCD) and Bill & Melinda Gates Foundation (BMGF).
•    The MoC will be signed for the cooperation in Information and Communication Technology Enabled Real Time Monitoring of Integrated Child Development Services (ICDS).
•    The MoC will cover 162 high malnutrition burden districts of eight states. 
•    Andhra Pradesh, Bihar, Chhattisgarh, Jharkhand, Maharashtra, Madhya Pradesh, Rajasthan and Uttar Pradesh are those 8 states.
•    The phase-I of ISSNIP will roll out ICT-RTM through one Lakh Anganwadi Centers (AWCs) in 162 high burden districts of eight participating States.
•    Technical support at the national and state level for strengthening their capacities to deliver nutrition especially during pre-conception, pregnancy and first two years of life.
•    The Common Application Software (CAS) will be developed by the BMGF with support of their partners. 
•    It will be made available to the Ministry free of cost along with its Source Code for hosting by MWCD with NIC.

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Portal for Contract Labour Payment Management System launched

On 4 May 2016 Piyush Goyal, launched ‘Contract Labour Payment Management System’
•    It is a new portal of Coal India Limited (CIL).
•    This will help the government to curb problems like corruption and exploitation of contractual workers by contractors.
•    It has been planned to make payment to the contractors only after submitting a system generated declaration of compliance.
•    It is an integrated system for all subsidiaries of CIL.
•    The in-house developed application will maintain a comprehensive database of all contract workers in CIL and all its subsidiaries.
•    The portal will be managed by the Central Mine Planning and Development Institute (CMPDI), Ranchi.
•    The system has in-built mechanism to validate minimum wages paid, generate wage slips and employment card.
•    It provides access to all contract workers, through a Workers Identification Number (WIN)
•    It will allow contract workers to register their grievance.
•    The Nodal Officer at different locations in the company will monitor the process.
•    This will enhance proper monitoring of legal compliances under Contract Labour (Regulation & Abolition) Act.

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NASSCOM inks MoU with Facebook to develop a product design initiative

On 5 May 2016 National Association of Software and Services Companies (NASSCOM) signed a partnership agreement with Facebook 
•    This is done to build a product design initiative in India.
•    This initiative is aimed towards encouraging Indian entrepreneurs to become problem solvers and develop solutions.
•    Nasscom Product Council aim at supporting over 500 product start-ups on product design.
•    It focuses on training over 5000 product designers in two years.
•    This is the second time that NASSCOM and Facebook have partnered to promote entrepreneurship and startup initiatives in India. 
•    Earlier in 2015, NASSCOM partnered with Facebook for its initiative called Leaders Building for the Next Billion.
•    Facebook is a corporation and an online social networking service headquartered in Menlo Park, California, in the United States. 
•    Its website was launched on February 4, 2004, by Mark Zuckerberg with his Harvard College roommates and fellow students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes.
•    The founders had initially limited the website's membership to Harvard students, but later expanded it to colleges in the Boston area, the Ivy League, and Stanford University. 
•    It gradually added support for students at various other universities and later to high-school students. 
•    Since 2006, anyone in general who has attained an age of 13 years or more has been allowed to become a registered user of the website, though variations in the minimum age requirement exist depending on applicable local laws.

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