- Egypt’s President Abdel Fattah el-Sisi took over as the chair of the African Union (AU) following a meeting by heads of state from the continent in Ethiopia’s capital city, Addis Ababa.
- The Abu Dhabi Judicial Department has added Hindi as the third official language to be used in the city’s courts, along with Arabic and English. The move is aimed at helping foreigners to learn about litigation procedures, their rights and duties without a language barrier.
- Prime Minister Narendra Modi inaugurated the 13th International Oil and Gas Conference – PETROTECH-2019 at India Expo Centre in Greater Noida, Uttar Pradesh. The three-day mega event is considered to be India’s flagship hydrocarbon conference. It will showcase the recent market and investor-friendly developments in India’s oil and gas sector.
- Mexican film Roma won best film at BAFTA 2019, while Rami Malek won best actor for playing Freddie Mercury in Bohemian Rhapsody. The British film ‘The Favourite’ dominated the awards overall, picking up seven awards out of 12 nominations.
- Joint Hindu Family Account is account of a firm whose business is carried out by Karta of the Joint family, acting for all the family members
- Manager of a Hindu Undivided Family (HUF) who handles the family business is called Karta. He is usually the eldest male member of the undivided family.
- Know Your Customer (KYC) Norms are imposed by R.B.I. on banks and other financial institutions to ensure that they know their customers and to ensure that customers deal only in legitimate banking operations and not in money laundering or frauds.
- The London Interbank Offered Rate (or LIBOR) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the London wholesale money market (or interbank market).
- Non-Fund Based Limits are those types of limits where banker does not part with the funds but may have to part with funds in case of default by the borrowers, like guarantees, letter of credit and acceptance facility.
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