Current Affairs - September 05, 2013

Chief economic adviser Raghuram G Rajan (50), a former International Monetary Fund (IMF) chief economist and Chicago University professor famed for his perceptive warnings about the global financial crisis of 2008, took charge as the 23rd governor of the Reserve Bank of India (RBI) on Wednesday, 04 Sep, 2013.

A PhD from Massachusetts Institute of Technology, has done pioneering work in the areas of banking, corporate finance, and economic development.


Inspiring Fact - Sindhuja Rajamaran, who became the youngest CEO, of a Chennai-based animation company called Seppan, at the age of 14 in India, has given message to youth: pursue your dream with sincerity.


Amazing story about Google when turned 15
Internet search giant Google, which initially sets shop in a garage but now has more than 70 offices in more than 40 global locations, including India, turned 15.

Founders Larry Page and Sergey Brin, who had met at university in 1995, incorporated the firm September 4, 1998. Originally called BackRub, it was eventually named Google.

Google has become synonymous with internet searching and startling fact about Gmail is that one can use it in more than 50 languages.

On this occasion, Google has launched a new version of Android and has named it as Android KitKat after Nestle's popular chocolate and wafer confectionery. KitKat will be Android 4.4.


The long-pending Pension Bill, a key economic legislation assuring minimum returns to subscribers, was approved by the Lok Sabha on Wednesday, 04 Sep, 2013, with the government saying it is based on the principle that "you save while you earn".

Officially, the salient features of the bill are as follows:

-Statutory powers to the Pension Authority to act as a regulator.
-The Pension Bill allows subscribers to invest in stock markets with a cap.
-Allows subscribers to invest in stock markets with a cap.
-Bill will give subscribers individual pension accounts.
-Subscribers will be able to choose fund managers and schemes.
-Bill provides old age income security for government employees.
-Income security plan optional for the unorganised sector.
-Investment risk will be entirely borne by subscribers.
-Subscribers won't be exposed to risk of government default.