Daily GK Update - 2nd January 2014

1. LIC International launches co-branded credit card with UAE's First Gulf Bank
i. India's LIC International and Abu Dhabi -based First Gulf Bank are planning to introduce a unique co-branded credit card in the United Arab Emirates to address concerns of insurance policy holders.
ii. It is first of its kind payment solution. This is the first time that an insurance firm has entered into a strategic alliance with a bank in the gulf country.
iii. LIC International, established in Bahrain in 1989 by LIC of India to facilitate residents in the gulf region, has over 350 million policyholders worldwide.

2. R Koteeswaran takes over as new Indian Overseas Bank CMD 
i. R Koteeswaran has taken over as the Chairman and Managing Director of public sector Indian Overseas Bank.
ii. Prior to this, Koteeswaran was serving Bank of India as its Executive Director
Koteeswaran began his career in 1976 in Bank of Baroda and later joined Bank of India as its Executive Director.
iii. He replaces M Narendra who has superannuated

3. K.K. Paul to be Uttarakhand Governor

i. Krishan Kant Paul will be sworn in as the sixth Governor of Uttarakhand on January 8.

ii. A presidential communiqué said Mr. Paul, Meghalaya Governor, would continue to hold the office of the Governor of Manipur.

iii. The current Uttarakhand Governor, Aziz Qureshi, would be transferred to Mizoram.

iv. Challenging the move of the Narendra Modi government to seek resignations of Governors appointed during the UPA regime.

4. Uttarakhand governor Aziz Qureshi transferred to Mizoram

i. Dr Aziz Qureshi was shunted out and appointed Mizoram governor. 

ii. A statement issued by the President's office said that Qureshi had been given charge of Mizoram for the remainder of his term. He has almost three years of tenure left. 

iii. West Bengal governor K N Tripathi meanwhile has been asked to take additional charge of Meghalaya. 

5. BHEL bags first key power project in Telangana

i. BHEL will set up first Supercritical Thermal Power Plant in newly formed state of Telangana. The company has bagged contract worth Rs. 3,810 crore.

ii. The order is for setting up the 1x800 MW Supercritical Thermal Power Plant on EPC (Engineering, Procurement & Construction) basis at Kothagudem in Khammam District of Telangana. 

iii. To this effect, an advance cheque of Rs. 350 crore was handed over by the Chief Minister of Telangana, K. Chandrasekhar Rao to Chairman & Managing Director.

iv. The project is targeted to be commissioned in 36 months on fast track basis with both BHEL and TSGENCO setting up teams to expedite clearances and execution of the project.

6. Pakistani fishing boat carrying explosives sets itself on fire after being chased by Indian Coast Guard

i. A suspicious fishing boat carrying explosives from Pakistan was intercepted by Indian Coast Guard in Arabian Sea near Indo-Pak maritime boundary but it sank after the crew on board set it on fire. The incident came a month after sixth anniversary of the Mumbai terror attack.

ii. The boat carrying some four people blew up some 365 kms off Porbander coast after a hot chase.

iii. As per the intelligence inputs received on 31st December, a fishing boat from Keti Bunder near Karachi was planning some illicit transaction in Arabian Sea.

iv. Coast Guard Dornier aircraft undertook sea – air coordinated search and located the suspect fishing boat.

7. Government to prioritise drugs, states to revive Jan Aushadhi Pharmacies 
i. To infuse a fresh lease of life into the struggling Jan Aushadhi chain of pharmacy outlets, set up to make affordable generic drugs available to people.
ii. The government plans to focus on select drugs and states, spruce up supply chain and encourage doctors to use generic names of drugs.
iii. Government is considering a proposal to trim the list of drugs being distributed through Jan Aushadhi outlets to 40-50 mass consumption ones from the 320 medicines enlisted to be part of stock at present.