Current Affairs : November 2014

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Vijay Kumar Choudhary elected as Bihar assembly Speaker

Senior Janta Dal United (JDU) leader Vijay Kumar Chaudhary has been elected as new Speaker of Bihar legislative assembly.

The pro-tem Speaker and Congress MLA Sadanand Singh had announced election of Mr. Chaudhary as the new Speaker.

He was elected unanimously after all parties supported his candidature including main opposition Bhartiya Janta Party (BJP).

Mr.Chaudhary is a five time MLA and represents Sarai Ranjan assembly constituency of Samastipur district and is a close associate of Chief Minister Nitish Kumar

Previously in Bihar Legislative Assembly, he had severed as JDU Leader of Legislature Party. He also had served as the Minister for Water Resources, Agriculture and Information & Public Relations Departments in the cabinet under Nitish Kumar.

During his stint as a legislator from 1982 to 1995, he had served as the Deputy Chairman of Bihar State Industrial Development Corporation (BSIDC).


R Gandhi committee of RBI recommends conversion of UCBs into regular banks

A Reserve Bank of India (RBI) committee has recommended conversion of Urban Cooperative Banks (UCBs) with business size of 20,000 crore rupees or more into regular banks.

This recommendation was given by the High Powered Committee on UCBs headed by RBI Deputy Governor R Gandhi in its report.


  • Conversion of UCBs will not be compulsory for large UCBs and they can continue the way they operate currently in terms of asset size and balance sheet.
  • Large UCBs can convert themselves into commercial banks in order to minimise the systemic risk.
  • For conversion, smaller UCBs with business size of less than 20,000 crore rupees who are willing to convert to Small Finance Banks can apply to the RBI.
  • Licenses for conversion to operate as UCBs will be issued to well-managed and financially sound cooperative credit societies having a minimum track record of 5-years.
  • With the conversion, UCBs will be allowed to grow and proliferate further to meet the objective of financial inclusion.


  • The High Powered Committee on UCBs was constituted in January 2015 on the recommendation Malegam Committee (Expert Committee on Licensing of New UCBs).
  • Terms and reference of the committee was to examine and recommend on issues of conversion of UCBs into commercial banks. The committee work was to examine permissible business lines and appropriate size of UCBs for conversion purpose.


China’s Yan Bingtao Becomes Youngest Player to Win World Snooker Title

Yan Bingtao, the 14-year-old prodigy from China, has created history by becoming the youngest player to win the men’s title in the IBSF World Snooker Championship. He defeated Pakistan’s Muhammad Sajjad 8-7 in the final match held in Bengaluru, Karnataka.

Earlier, Yan had defeated 12 time World titles holder Pankaj Advani by 6-4 to storm into the men’s semi-finals.