Current Affairs – November, 2014

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

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Kotak mahindra Bank to acquire ING Vaisya Bank

Kotak Mahindra Bank has announced that it would acquire Bengalaru-headquartered ING Vysya Bank in an all-stock deal. The deal will be final after regulatory approvals, including those from the Reserve Bank of India (RBI) and Competition Commission of India (CCI). The management of the banks expects that the new merged entity will be operational by April 1, 2015.

The acquisition will help Kotak Mahindra Bank to widen its reach in South Indian market and also help in acquiring SME customers as ING Vysya Bank was having stronghold in SME customers. After merger the combined banking entity will have a widespread network of 1,214 branches across pan India.

The deal will make Kotak the fourth-largest private bank in the country in terms of total business. The biggest three private banks are ICICI Bank, HDFC Bank and Axis Bank.

Month: Categories: Business, Economy & Banking

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Union Cabinet approves three big power schemes

The Union cabinet has approved three major projects for the power sector. They are Deen Dayal Upadhyaya Gram Jyoti Yojana, Integrated Power Development Scheme and the North Eastern Region Power System Improvement Project.

Integrated Power Development Scheme (IPDS)

  • It aims to strengthen the transmission and distribution (T&D) networks, 100 per cent metering urban areas and smarten it with information technology.
  • In this scheme IT enablement will help in reduction in AT&C losses, establishment energy accounting /auditing system, improvement in billed energy based on metered consumption and improvement in collection efficiency.

Deendayal Upadhyaya Gram Jyoti Yojana(DDUGJY)

  • DDUGJY project is based on the Gujarat model of power reforms for feeder separation of agricultural and domestic usage and strengthening of T&D infrastructure in rural areas.
  • This scheme aims to help in improving in hours of power supply in rural areas, reducing peak load, improving in billed energy based on metered consumption and providing access to electricity to rural households.

North Eastern Region Power System Improvement Project (NERPSIP)

  • NERPSIP is for six north eastern states viz Assam, Manipur, Meghalaya, Mizoram, Tripura and Nagaland. It is meant for strengthening of the Intra State Transmission and Distribution System.
  • This project will be taken up under a new Central Sector Plan Scheme of Ministry of Power (MoP) and implemented with the assistance of World Bank loan and the budget of MoP.
  • Implementation of this project will create a reliable State power grid and improve its connectivity to the upcoming load centres, and thus extend the benefits of the grid connected power to all the consumers.
  • It will also provide the required grid connectivity to such villages and towns of the six states, where development of distribution system at the downstream level has been taking place under previous Government of India’s (Gol) sponsored electrification schemes.

These projects are considered as major step towards meeting the NDA government’s national objective of “Power to All” by enhancing access of consumers to grid connected power supply through improving its availability and reliability.  Power to All aims facilitating inclusive growth.

Month: Categories: Government Schemes & Projects

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