Current Affairs of 27 November 2015

1. RBI granted in-principle approval to NPCI to function as the central unit for Bharat Bill Payment Systems
he Reserve Bank of India on 24 November 2015 decided to grant in principle approval to the National Payments Corporation of India (NPCI) to function as the Bharat Bill Payment Central Unit (BBPCU) in Bharat Bill Payment System (BBPS).

The BBPS is an integrated bill payment system which will function as a tiered structure for operating the bill payment system in the country with a single brand image providing convenience of anytime anywhere bill payment to customers.
2. Antonio Costa named as Prime Minister of Portugal
Atonio Costa, the leader of Portugal’s Socialist Party was named Prime Minister of Portugal. He was appointed as PM by President Anibal Cavaco Silva and has tasked him to form a new government due to political instability caused by an inconclusive 2015 general election results. With this, for the first time in history of Portugal Socialist government came to power with the support of Communists parties after dictatorship was overthrown in 1974.

3. RBI granted in-principle approval to three applicants for setting up TReDS
The Reserve Bank of India (RBI)  granted in-principle approval to three applicants to set up and operate Trade Receivables Discounting System (TReDS). 
The three organisations have been asked to set and operate TReDS in accordance to the Guidelines issued on 3 December 2014 under the Payment and Settlement System (PSS) Act 2007.
Organisations to which in-principle approval was granted are 
• NSE Strategic Investment Corporation Limited (NSICL) and Small Industries Development Bank of India (SIDBI), Mumbai
• Axis Bank Limited, Mumbai
• Mynd Solutions Pvt. Ltd., Gurgaon, Haryana
The in-principle approval granted will be valid for a period of 6 months, during which time the applicants have to comply with the requirements under the Guidelines and fulfill the other conditions as may be stipulated by the Reserve Bank. 
On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of in-principle approval, the RBI would consider granting to them a Certificate of Authorisation for commencement of the business of TReDS.

4. RBI permitted Foreign Portfolio Investors to buy Defaulted Bonds
The Reserve Bank of India (RBI)  permitted the Foreign Portfolio Investors (FPI) to 
buy fully or partly defaulted bonds in the repayment of principal on maturity or principal installment in the case of amortising bond.
The permission was given as part of the drive to promote investments by FPIs in corporate bonds. 
As part of it following changes were made to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000:
• The revised maturity period of such NCDs/bonds that are restructured based on negotiations with the issuing Indian company should be three years or more.
• The FPI that proposes to acquire such NCDs/bonds under default should disclose to the Debenture Trustees the terms of their offer to the existing debenture holders from whom they are acquiring. 
• Such investment should be within the overall limit prescribed for corporate debt from time to time (currently 2443.23 billion rupees). 
• All other existing conditions for investment by FPIs in the debt market remain unchanged.

5. ASW Corvette Kadmatt handed over to Indian Navy by GRSE
The second Anti-Submarine Warfare (ASW) Corvette INS Kadmatt has been formally handed over to Indian Navy at Kolkata, West Bengal. It has been built by Garden Reach Shipbuilders and Engineers Limited (GRSE) and would be inducted into the Eastern Fleet shortly.

6. Australia, New Zealand create history by playing first day-night Test
Australia and New Zealand have created history by playing first day-night Test match at the Adelaide Oval Cricket Stadium with a pink Kookaburra ball. The first day-night test match was the third match of the series between Australia and New Zealand played for 2015 Trans-Tasman Trophy. This Test match numbered 2188 has a five-day limit and six-ball overs bowled with bright pink Kookaburra ball to ensure proper visibility in floodlights. This match is being played as per recommendations of the MCC World Cricket Committee to keep the test cricket alive.

7. Eminent Tamil scholar Noboru Karashima passes away
Distinguished Tamil scholar and historian of South India and South Asia, Noboru Karashima from Japan passed away in Tokyo. He was 82. His research has rewritten the economic and social history of medieval South India and had published number of writings on them. He also had played a critical role in developing Indo-Japan cultural ties.

8. Noted litterateur Surendra Upadhyay passed away
Noted litterateur and Professor Surendra Upadhyay on 25 November 2015 passed away due to cardiac arrest. He was 74. He was a former chairman of Rajasthan Brijbhasha Academy.

9. UNESCO Fellini medal to be awarded at IFFI for the first time
The UNESCO Fellini medal will be awarded in India for the first time at the 46th International Film Festival of India (IFFI) in collaboration with the International Council for Film, Television and Audiovisual Communication (ICFT), Paris.The medal is given to a film that reflects UNESCO’s ideals.

10. AMRUT: nod for ₹3,120-cr projects across 5 States
 The Urban Development Ministry on Thursday approved an investment of ₹3,120 crore under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for enhancing water supply, sewerage network services, storm water drains, non-motorised transport and availability of public spaces, in 102 cities.
It gave its nod for State level Annual Action Plans for 2015-16 with an investment of ₹438 crore for 18 AMRUT cities in Haryana, ₹573 crore for nine cities in Chhattisgarh, ₹416 crore for 12 cities in Telangana, ₹588 crore for nine cities in Kerala and ₹1,105 crore for 54 cities in West Bengal
Water supply projects in as many as 58 cities will account for ₹2,386 crore, sewerage projects in 17 cities for ₹495 crore, storm water drains in nine cities for ₹106 crore, urban transport in nine cities for ₹61 crore, and development of parks and green spaces in all 102 cities at a cost of ₹72 crore. The Ministry will provide ₹1,540 crore, which is almost half of the total expenditure approved for the projects.

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