Daily Current Affairs : 12th October 2013

1. World Arthritis Day is observed across the world on 12 October 2013 to raise awareness about Rheumatic and Musculoskeletal Diseases (RMDs). The Day is celebrated each year on 12 October to raise awareness of Rheumatic and Musculoskeletal Diseases amongst the medical community, people with RMDs and the general public. World Arthritis Day was established in 1996 by Arthritis and Rheumatism International (ARI) and is celebrated each year on 12 October. Arthritis means joint inflammation, and it's used to describe different diseases and conditions that affect joints, the tissues that surround joints, and other connective tissues in the body.

2.    IMF-World Bank Annual meeting kick off in Washington D.C. (11-13 Oct). The Board of Governors of the World Bank Group (WBG) and the Boards of Governors of the International Monetary Fund (IMF) normally meet once a year to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

3. India has asked World Bank and other Multilateral Development Banks to create special windows for ensuring finance for infrastructure development which should include provision to help projects that face a sudden scarcity of funds due to volatile capital flows. The aim of such a provision should be to create mechanisms which can increase the flow of infrastructure financing at times when other investments are slowing down.

4.    Goal of Women's Bank is to support women in the country: Usha Ananthasubramanian. The bank will help in supporting women by giving advice and in a sustainable way. When women's income increases, it will improve significantly in the society as well, Usha said. After starting with one branch in each banking region, the bank will expand to 500 branches by the fourth year of operation.  Recently, Finance Minister P Chidambaram identifies Usha Ananthasubramanian, executive director of Punjab National Bank, to be the chief executive of Bhartiya Mahila Bank, which will launch its operations from November with six branches.

5. India will be the top export destination for West Asia and North African countries by 2030. According to HSBC's latest Trade Forecast report. By then, the country will be the UAE's top export destination, accounting for 14 percent of exports. It will also become Saudi Arabia's second largest export destination, accounting for 18.5 percent of exports.

6. The Reserve Bank of India infused liquidity aggregating Rs 19,000 crore into the banking system through a seven-day term repo auction on Friday. This is the maiden term repo auction by the central bank. It announced introduction of this auction, whereby banks pledge excess government securities with the regulator to borrow funds for 7 days and 14 days, on October 7. Against the notified auction amount of Rs 19,000 crore, the central bank infused Rs 19,001 crore into the banking system, at the cut-off rate of 8.80 per cent.

7. Bollywood actor Aamir Khan on 11 October 2013 released Mansoor Khan’s book The Third Curve: The End of Growth as We Know It at the India International Centre in New Delhi. Mansoor's book: The Third Curve describes the co-relation between the compulsions of economic growth and the limits imposed on man by nature. The Book also emphasises on the end of growth. Mansoor Khan is an alumnus of IIT-Mumbai, Cornell University and MIT, Boston and Bollywood film Director. Mansoor Khan, son of film maker Nasir Hussain, made his directorial debut with Qayamat Se Qayamat Tak (1988) which launched the career of his cousin Aamir Khan.

8. The India Post on 11 October 2013 launched instant electronic money transfer service in partnership with Wall Street Exchange, (a company of UAE's Emirates Post Group) in New Delhi. In this regard India Post signed an agreement with Wall Street Exchange for launch of an International Electronic Money Transfer service through Instant Cash product of the Emirates Post Group. The service was launched by P. Gopinath, Secretary, Department of Posts, by receiving the first payment from United Arab Emirates.

The salient features of the service are:

• Recipients will be able to receive their payment at any of the identified 17500 post offices by producing the unique transaction number along with their identity and KYC documents. 
• Money will be available for payment immediately. 
• Safe and secure transactions through established International Financial System of Universal Postal Union.
• The service will be rolled out nationally in a phased manner.
• The service will be provided through the International Financial System (IFS) of Universal Postal Union.

Instant Cash is a wholly owned subsidiary of the Emirates Post Group, and its services are available in 59 countries through more than 60000 locations.

9. Cyclone Phailin set to hit Odisha and Andhra coasts this evening with a wind speed of 240km/hr. The Meteorological office at Bhubaneswar has warned extensive damage to houses, large scale disruption of power and communication lines, disruption of rail and road traffic, potential threat from flying debris, flooding of escape routes and extensive damage to agricultural crops.

Note : If any important news left, you may add on in comment :)