Current Affairs – June, 2014

Latest Current Affairs June, 2014 with Current Affairs, news summary on current events of National and International importance of June, 2014 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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June 25 obeserved as World Vitiligo Day

June 25 was observed as World Vitiligo Day across the world. The day specifically focuses people with vitiligo disease.

The day is observed with an aim to focus on vitiligo through international collaborative research and public awareness programmes about the myths and reality and raise funds needed for research and education.

Vitiligo is a gradually advancing skin condition which causes depigmentation of parts of the skin. It occurs when melanocytes, the cells responsible for skin pigmentation, die or are unable to function. Around 100 million people across the globe suffer from this disease. Most of them face ostracism, discrimination and many lose their homes, families and livelihoods. The disease is still incurable.

RBI permits NBFCs to work as Business Correspondents of banks

With a view to achieve financial inclusion, the Reserve Bank of India has allowed Non-Banking Finance Companies to operate as Business Correspondents (BCs) of banks, permitting them to offer limited services. Banks will be allowed to work with non-deposit taking NBFCs as BCs.

Until now, NBFCs were not allowed to function as BCs, which provide limited services on behalf of banks in unbanked areas.

As per the apex bank, there should be a contractual arrangement between a bank and an NBFC-ND to ensure that potential conflicts of interest are taken care of.

Banks must ensure that the NBFC-ND does not adopt restrictive practices such as offering savings or remittance services only to its own customers or bundling of their services.

The RBI has removed the distance criteria for BCs to provide functional flexibility to banks.

The RBI took into account recommendations of Nachiket Mor Committee while reviewing the existing guidelines on the appointment of BCs.