DAILY GK UPDATE - 7th May

1.    Niwatthamrong Boonsongpaisan become the interim PM of Thailand

i. Thailand�s caretaker Cabinet has appointed a new acting Prime Minister after acourt removed Prime Minister Yingluck Shinawatra from office.

ii. Ms. Yingluck and nine Cabinet members were forced from power on Wednesday by the Constitutional Court, which found her guilty of abuse of power.

iii. Shortly after the ruling, her remaining Cabinet announced that Deputy Prime Minister Niwatthamrong Boonsongpaisan would become the interim leader

iv. The judgment marks the latest twist in Thailand�s long-running political crisis. But it does little to resolve the turmoil as it leaves the country in limbo and primed for more violence.

2.    RBI allowed the minors of age above 10 years to open Savings bank accounts

i. Reserve Bank of India (RBI) issued the guidelines to allow the minors of age above 10 years to independently open and operate savings bank accounts and use other facilities like ATM and cheque books.

ii. Till now, banks allowed minors to operate bank accounts only along with a parent or a guardian. All children and teenagers below the age of 18 are considered minors under current rules.
iii. RBI took this initiative to promote the objective of financial inclusion and also to bring uniformity among banks in opening and operating minors� accounts.

Highlights of the guidelines:
� All minors can now open a savings/fixed/recurring bank deposit account through either his/her natural guardian or legally appointed guardian.
� Banks may keeping in view their risk management systems, fix limits in terms of age and amount up to which minors may be allowed to operate the deposit accounts independently.
� The banks can also decide on the minimum documents which are required for opening of accounts by minors.
� Banks are free to offer additional banking facilities like Internet banking, ATM/debit card, cheque book facility, etc, subject to the safeguards that minor accounts are not allowed to be overdrawn and that these always remain in credit.

3.    RBI scraps pre-payment charges on floating rate loans

i. Now you can pre-pay your home loans with that extra money in your hands without doing complex calculations on what your bank might charge you as penalty because you eat into their potential interest earnings.

ii. The RBI has told banks that they can longer charge any pre-payment charges to customers on floating rate term loans.

iii. Customers tend to pre-pay (foreclose) their loans when they find that the interest rates on their term loans have risen. Some customers foreclose their loans with existing banks by switching to banks who offer loans at lower rates.

iv. Some banks charge as much as two per cent of the outstanding amount as penalty for foreclosure.

4.    Vadodara to host meet on business intelligence, forensic auditing

i. In a bid to address the challenges faced by business enterprises and to support them in creating a sustainable future with the help of business intelligence, internal and forensic auditing, the Institute of Internal Auditors (IIA) India has organised a conference in Vadodara on Monday, May 12.

ii. The 4th annual conference titled Towards a Sustainable Tomorrow, is being organised by the Vadodara Audit Club, a part of the Bombay chapter of the Institute of Internal Auditors (IIA).

iii. Established in 1941, the IIA is an international professional association with its global headquarters in Altamonte Springs, Florida, USA, while VAC was established on May 12, 2010, by a group of risk management professionals under the aegis of the Bombay Chapter of IIA, India. Globally, the IIA has more than 180,000 members. VAC is the only presence of IIA in Gujarat.

5.    Virat is number 1 ODI batsman in latest ICC rankings

i. Virat Kohli has retained his position as number one ODI batsman in the latest International Cricket Council, ICC ranking released in Dubai, Ravindra Jadeja figures at number five in the bowlers as well as all-rounders category. 

ii. Virat Kohli has retained his top billing among the batsmen with 881 points. South Africa�s ABDevilliers follows him closely at number two with 872 points. 

iii. India captain Mahendra Singh Dhoni is sixth in the list with 783 points while Shikhar Dhawan is ranked eighth with 723 points.

iv. Among the bowlers, Saeed Ajmal leads the pack followed by Dale Steyn and Sunil Narin while Ravindra Jadeja is at fourth position with 676 points. 

v. Ashwin is at 14th place in the rankings. In the All-rounder�s list, Pakistan�s Mohammed Hafeez is at the top followed by Sri Lanka�s Angelo Mathews. Jadeja is ranked fourth in this list. 
vi. India remain second in the ODI team rankings with 112 points after Australia which is at the top with 115 points. 

6.    Mark Selby won maiden World Snooker title 2014

i. English pro Mark Selby has pocketed his maiden World Snooker Championship title.

ii. At Sheffield, United Kingdom today, he played the match of his career to stun defending champion Ronnie O'Sullivan.

iii. The Leicester-based cueist, who trailed 7-10 overnight, triumphed 18-14 on a dramatic final day at the Crucible to become the new World No.1.

iv. Getting past Neil Robertson in a gruelling semi-final and and then stopping O'Sullivan from bagging his third successive World Snooker crown, Selby, 30, was on cloud nine. A delighted Selby said to beat Ronnie in the final to win his first world title is a dream come true. 

7.    World Kabaddi League launched in capital

i. The World Kabaddi League was launched in New Delhi on Tuesday in the presence of Deputy Punjab Chief Minister Sukhbir Singh Badal and former India hockey captain Pargat Singh. 

ii. Aimed at raising the profile of the sport, the league is all set for inauguration in mid-June at Thyagaraj Sports Complex in New Delhi. 
iii. The Kabaddi league will be played across four continents starting from August to December. 

8.    Saina, Srikanth to lead Indian team in Thomas, Uber Cup

i. London Olympics bronze medallist Saina Nehwal and Thailand Grand Prix champion K Srikanth will spearhead the Indian challenge at the Li-Ning BWF Thomas and Uber Cup Finals to be held at the Siri Fort Sports Complex here from May 18 to 25.

ii. The 24-year-old Saina will lead charge in the Uber Cup competition and world No. 18 Srikanth will be shouldering the responsibility in the Thomas Cup as India went with five singles and five doubles players in both the squads, selected on the basis of world rankings.

iii. With the maximum number of players allowed in the squad being 10, many teams have gone for four singles and six doubles players.

iv. Besides Saina, other singles members in the Uber Cup team include world champion bronze medallist P V Sindhu, National Games champion Arundhati Pantawane, world No. 57 Tanvi Laad, world No. 65 P C Thulasi.