Yuvayana Current Affairs Digest Pdf - July 2015.pdf

Yuvayana Current Affairs Digest – July 2015
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► The New Development Bank (NDB) created by Brazil, Russia, India, China and South
Africa (BRICS) nations formally started its operations from its headquarters in Shanghai,
China.
Chinese Finance Minister Lou Jiwei, Shanghai Mayor Yang Xiong and the bank’s first President
K V Kamath from India attended the opening ceremony.
About New Development Bank (NDB)
Agreement for establishing NDB was signed during the 6th BRICS Summit being held in
Fortaleza, Brazil in April, 2014.
It was formally launched at the 7th BRICS summit held in Ufa, Russia in July 2015.
Purpose:
To fund infrastructure projects in the emerging economies. It is seen as an alternative
institute to west dominated World Bank and the International Monetary Fund (IMF).
Capital: It will have initial capital of US 50 billion dollars and will be raised to US 100
billion dollars within the next couple of years.
Each members role: They will have an equal say in the bank’s management, regardless
of GDP size and contribute an equal share in establishing a startup capital.
President: Eminent banker Kundapur Vaman Kamath from India is President of Bank for
the first five years i.e. till 2020.
► BCCI constituted IPL working group to study the verdict of the Justice RM Lodha
Committee.
Decision in this regard was taken in the IPL governing council meeting held in Mumbai
after the Lodha committee ruled the suspension IPL franchise Chennai Super Kings
(CSK) and Rajasthan Royals (RR) for two years on the verdict of 2013 IPL Betting
Scandal.
The working group will consist of four members including Rajiv Shukla– IPL chairman
Anurag Thakur– BCCI secretary Anirudh Choudhury- BCCI treasurer and Sourav
Ganguly- former India Cricket team captain.
The working group will be assisted by the BCCI’s legal head Usha Nath Banerjee and
give their recommendations to the Governing Council of BCCI within next 6 weeks.
The IPL spot-fixing scandal came into the light in 2013 after the Delhi Police arrested Rajasthan
Royals cricketers S Sreesanth, Ankeet Chavan and Ajit Chandila.
They were allegedly for indulging in betting and spot-fixing during the 6th edition of IPL. Later
Supreme Court had constituted Committee headed by former Chief Justice of India R M Lodha
to look into this matter.
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