GK Today

GK Today(03-09-2015)

1. Union Government released 2000 crore rupees to EPS-95(Employee Pension Scheme) as contribution for 2015-16

·       -  Employee Pension Scheme (EPS)-95 came into effect on 16 November 1995 and the scheme was launched under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.

·        - It applies to the employees of all factories and other establishments to which the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 applies.

2. NSE seals pact with Stock Exchange of Mauritius for synergy

·        - NSE today announced that it has formalised a memorandum of understanding with the Stock Exchange of Mauritius (SEM) to facilitate co-operation between the two exchanges.

3. Forward Markets Commission to be merged with SEBI with effect from 28 Sept 2015

·        - Union Government on 28 August 2015 notified the merger of commodities market regulator Forward Markets Commission (FMC) with Securities and Exchange Board of India (SEBI).

·       -  Its merging will be effective from 28 September 2015.

·       -  For this purpose, the government repealed the Forward Contracts Regulation Act (FCRA) 1952 and made a way to shift the Regulation of Commodity Derivatives Market to SEBI under Securities Contracts Regulation Act (SCRA) 1956.

4. ABB elevates India head Bazmi Husain as global chief technology officer 

·       -  ABB has elevated Bazmi Husain, managing director of ABB India, as the global chief technology officer, the Swiss-engineering major announced Wednesday. 

·        - Husain, a power and automation expert who has been with ABB for 30 years, will take over the new position in the beginning of 2016. He will be the first Indian on this position. Prior to him, Ravi Uppal had occupied a top position at ABB group level as the president of global markets.

·        - Uppal is now the managing director and chief executive officer of Jindal SteelBSE 1.40 % and Power. 

5. ICICI Lombard in bancassurance tie-up with CSB

·        - ICICI Lombard General Insurance has tied up with Catholic Syrian Bank (CSB) for sale of its products through 431 branches of the bank.

·        - Through the bancassurance tie-up, the company will able to offer general insurance solutions to the bank's customer base in Kerala, Tamil Nadu, Karnataka and Maharashtra.

6. West-Central Railway becomes first zone to eliminate Unmanned Level Crossings

·        - The West-Central Railway (WCR) zone headquartered in Jabalpur, Madhya Pradesh has become the first Railway Zone in Indian Railways to eliminate all unmanned level crossings.

·        - The target was achieved after all 118 unmanned level crossings of WCR zone were eliminated in phase manner by August 31, 2015. 80 crossings were eliminated in the financial year 2014-15 and the remaining 38 crossings were eliminated in August 2015.