ENGLISH NEWS - 01.10.2016

DAILY G.A UPDATE : 01.10.2016

In this competitive age, everyone needs to be updated with the current affairs. So, here is the important news for your upcoming exams like IBPS PO, IBPS CLERK, RRB and many more. 

1. U-18 Asia Cup hockey final: India beat Bangladesh 5-4 to claim title 

India defeated hosts Bangladesh by 5-4 in the final match at the under-18 Asia Cup hockey tournament to win the title. 

2. Kotak Mahindra Bank to acquire BSS Microfinance for Rs 139 cr 

Private sector Kotak Mahindra Bank said it will acquire BSS Microfinance for Rs 139.2 crore to reach a wider customer base. 

BSS Microfinance is a non-banking financial company, classified as an NBFC-MFI. 

3. MoneyTap launches credit line app 

Bengaluru-based start-up MoneyTap launched an app-based credit line as a facility for consumers to borrow money up to Rs.5 lakh or even as little as Rs.3,000 at low interest rates for flexible tenure. 

“The “Credit Line” means that bank will issue a limit of upto Rs5 lakh, without any collateral or charging any interest,” MoneyTap said in a statement. 

The fin-tech start-up said that these loans can be repaid in equated monthly instalments (EMIs) over a period of two months to three years. 

The company has partnered with banks such as RBL Bank to facilitate credit line services and claims it to be the first such service in India. The app is available for all salaried employees across metro cities and plans to expand in other cities in the next few months. The company plans to partner with other banks as well. 

4. Somesh Sharma of Rashtradoot Saptahik is new INS chief 

Somesh Sharma of Rashtradoot Saptahik was elected President of the Indian Newspaper Society (INS) for the year 2016-17 its 77th Annual General Meeting. 

5. SBI offers 'Hope Loans' at reduced interest rates 

SBI announced the launch of a special financing scheme 'Hope Loans', under which customers can avail credit facility at lower rates. 

6. Harvard hires Narvekar as endowment manager 

Harvard has brought in a new manager from Columbia University to run its $36-billion endowment, the largest of any university. 

N P Narvekar, 54, was appointed president and CEO of Harvard Management Company, the university stated. He succeeds Stephen Blyth, who resigned in July, citing health reasons, after 18 months on the job.