Current Affairs

Agni-1 missile test fired from Wheeler Island off Odisha coast

The indigenous Agni-1 missile was test fired from the Wheeler islands, off the Odisha coast on NOV 8^th 2013.

The user trial of the 12 ton missile was conducted at around 9.30 am from the ITR, Chandipur in Balasore district of Odisha.

Launched from a mobile launcher, Agni-1 surface to surface missile can travel a distance of 700 kilometres. The 15 metre long missile can carry a payload of 1000 kilogram.

Indian Navy inducts first fully indigenous Hawk Advanced Jet Trainers

Indian Navy inducted the first fully indigenous Hawk Advanced Jet Trainers (AJT) manufactured by Hindustan Aeronautics Limited at INS Dega in Vishakhapatnam.

About Hawk AJT

Hawk AJT is a dual seat multi-purpose aircraft powered by a single Rolls Royce Adour Mk.871 engine. The AJT is primarily used for basic, advanced and weapons training of the pilots. The aircraft can be used as a ground attack aircraft or for air defence. It has superb flying characteristics with good stability, and has the capability to be flown at night and can perform a wide range of aerobatic manoeuvres.

RBI permits foreign banks’ subsidiary to acquire private banks

As per the guidelines released by the Reserve Bank of India (RBI), the Wholly-Owned Subsidiary (WOS) of foreign banks are allowed to acquire domestic private sector banks as well as open branches anywhere in the country. In addition, as per the guidelines:

Foreign bank subsidiary are permitted to be listed on local stock exchanges.

As a condition, foreign bank subsidiary will not be permitted to acquire more than 74%, the sectoral limit for overall foreign investment, in the private banks they may acquire.

WOSs will be given near national treatment which will facilitate them to open branches anywhere in the country at par with Indian banks (except in certain sensitive areas where the Reserve Bank’s prior approval would be required).

The initial minimum paid-up voting equity capital or net worth for a WOS would be Rs 500 crore.

As a measure of prevention against the possibility of the Indian banking system being dominated by foreign banks, there are certain measures to contain their expansion if the share of foreign banks exceeds a critical size.

India to host 2018 Men's Hockey World Cup

The International Hockey Federation, FIH has selected India to host the men's World Cup, which is planned for December 2018.

England has been selected as hosts of the 2018 women's World Cup. FIH President Leandro Negre announced that the two nations fought off competition from Malaysia and New Zealand.

Hockey's World Cup is held every four years and is second only to the Olympics in significance.