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Sunday, July 26, 2015

Current Affairs Update – 26th July, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 26th July, 2015. These are Important for the upcoming second phase of RBI Assistant 2015.

Finance/Industry –

India's Holding of US Government Bonds Touch $114 Bn in May

  • India increased its exposure to US government securities by USD 31 billion in the first five months of the year, taking the overall holdings to USD 114 billion in May.
  • This is also the highest level of holding by India in more than a year.
  • Latest data from the US Treasury Department shows that China continued to have the maximum exposure to American government securities with May holdings touching USD 1.27 trillion.
  • In May, India's holding climbed to USD 114 billion from USD 110.3 billion in April. The total exposure has surged by 31 billion in the first five months of 2015.
  • Last December, the holding stood at just USD 83 billion, according to the data.
  • Since May last year, the country has been steadily raising its exposure to the American government securities.
  • Interestingly, the US economy has been sluggish in recent months and its GDP contracted for the 2015 March quarter.

ONGC to invest $8.8 billion in KG oil and gas finds

  • State-owned Oil and Natural Gas (ONGC) plans to invest over $8.8 billion in bringing to production its much-touted KG-basin oil and gas discoveries by 2018-19.
  • The 7,294.6 sq km deepsea KG-D5 block has been broadly categorised into Northern Discovery Area (NDA - 3,800.6 sq km) and Southern Discovery Area (SDA - 3,494 sq km).
  • ONGC plans to develop the discoveries in the block in three clusters - 14.5 million standard cubic meters per day of gas for 15 years from Cluster-1 comprising of D&E finds of NDA in KG-D5 block and G-4 find in the a neighbouring area.
  • Cluster-2A mainly comprises of oil finds of A2, P1, M3, M1 and G-2-2 in NDA which can produce 75,000 barrels per day (3.75 million tonnes per annum).

China’s Leyard to invest Rs 125 cr in MIC Electronics

  • MIC Electronics Ltd on Sunday said its Board has approved China’s Leyard Optoelectric Co Ltd’s proposal to invest Rs 125 crore in the company through purchase of equity shares and convertible preferential share warrants.
  • It further said: “The Board of Directors after examining all aspects related to the offer given by Leyard have unanimously decided to recommend to the members of the company to accept the offer.”
  • The company said that the synergy between Leyard and MIC is expected to create a strong design and manufacturing base of LED (light emitting diode) product in India.

India –

Government approves Rs 1,000 crore for India-Bangladesh rail link

  • The Indian government has sanctioned around Rs.1,000 crore for a 15-km India-Bangladesh railway project, an official said on Sunday.
  • The union government on Saturday communicated to Tripura that it had sanctioned Rs.580 crore to lay the rail tracks and acquire required land in Tripura, Transport Secretary Samarjit Bhowmik said.
  • The external affairs ministry earlier agreed to provide Rs.400 crore to lay the new tracks and to acquire land in Bangladeshi territory.
  • Union cabinet secretary Pradeep Kumar Sinha is looking after the execution of the project after Prime Minister Narendra Modi and Bangladesh Premier Sheikh Hasina discussed it during Modi's Dhaka visit June 6-7.
  • Union cabinet secretary Pradeep Kumar Sinha is looking after the execution of the project after Prime Minister Narendra Modi and Bangladesh Premier Sheikh Hasina discussed it during Modi's Dhaka visit June 6-7.

Govt Orders Blocking Websites Inciting Religious Intolerance

  • In the wake of terror groups using Internet to incite religious intolerance, the government has ordered blocking of at least 40 webpages with inflammatory content relating to a minority community, including posts on social media and popular video-sharing platforms.
  • "Government has issued order under Information Technology (Procedure and Safeguards for Blocking Access of Information by Public) Rules 2009 to block some...Videos that could incite minority community," an official source said.
  • The order to block the online videos, dated June 29, was issued to all Internet service providers, who have now blocked most of such posts. However, a few of them are still accessible and the Internet service providers claim these can not be blocked totally as they have been posted through a 'secure Internet protocol'.
  • "We can not block all videos and websites because they are on https (secured) website. The DoT is well aware of the technical issues regarding this," a top official at one of the Internet service providers said.
  • The DoT issued another order on July 8, directing the ISPs to block the social media accounts and posts, as well as videos posted on popular video-sharing platforms, which were found to be containing content aimed at inciting a particular minority community in the neighbouring country Myanmar.
  • In December also, the government had ordered blocking of 32 websites on national security concerns, as they were allegedly carrying anti-India material from terror groups such as ISIS (Islamic State of Iraq and Syria).

Appointments –

Anand Krishnamurthy appointed CEO & MD of CSB bank

  • The board of directors of Catholic Syrian Bank has appointed Anand Krishnamurthy as the new Managing Director & Chief Executive Officer of Catholic Syrian Bank.
  • Krishnamurthy has been associated with the bank for the past one year and was previously responsible for corporate banking, SME business and the integrated treasury operations of the Bank as its Head of Wholesale Banking and Treasury.
  • Krishnamurthy replaced Rakesh Bhatia who had quit earlier this year citing personal reason. After this, the board of directors had sent a panel of three names to Reserve Bank of India out of which they had maintained that Krishnamurthy was the first choice.
  • Recently, CSB had filed for an Initial Public Offering for Rs 400 crore. Apart from CSB, RBL has also filed for an IPO. Both the lenders have been advised by the Reserve Bank of India over the past few years to gear up for an IPO.
  • The P J Nayak committee report on governance issues of banks, which came out last year, had said the two lenders must list by December 2014.

Nigerian National Arunma Oteh Appointed World Bank Treasurer

  • World Bank President Jim Yong Kim today announced the appointment of Arunma Oteh as Vice President and Treasurer of the World Bank.
  • Ms. Oteh, a Nigerian national, was most recently the Director General of the Securities and Exchange Commission of Nigeria. Appointed to a five-year term by the President of Nigeria in 2010, she led the transformation of the country’s capital markets industry into a major global presence. She was a member of the Board of the International Organization of Securities Commissions (IOSCO) and the Chairperson of the Africa Middle East Regional Committee of IOSCO.
  • Prior to joining the Securities and Exchange Commission (SEC) of Nigeria, Ms. Oteh was Group Vice President, Corporate Services, at the African Development Bank Group (AfDB). In this role she oversaw a number of departments, including human resources, information and communications technology, and institutional procurement.
  • From 2001 to 2006 she held the role of AfDB Group Treasurer, where she led AfDB’s fundraising and capital market activities across the world. Earlier roles at the AfDB, which she joined in 1992, included trading room management, investment portfolio coverage, and public sector lending. She also held other positions in capital markets and lending during the course of her career at the AfDB.

Days –

Nation Remembers Martyrs on Kargil Victory Day

  • Prime Minister Narendra Modi today led an indebted nation in paying tributes to the martyrs and heroes of the 1999 Kargil war, saying it was not only fought on the border but every village and city contributed to the fight against the enemy.
  • "In Kargil, each of our soldiers proved more than a 100 of the enemy. I salute the brave soldiers who thwarted the evil designs of the enemy without caring for their own lives. The Kargil war was not fought only on the border but every village, every city contributed to it," the Prime Minister said in his radio programme 'Mann ki Baat', coinciding with the 16th anniversary of the Kargil Vijay Divas being celebrated today.
  • Defence Minister Manohar Parrikar, Army Chief General Dalbir Singh Suhag, Air Chief Marshal Arup Raha and Navy Vice Chief P Murugesan also paid tributes to the martyrs by laying wreaths at the Amar Jawan Jyoti in the national capital.
  • As the nation paid solemn tributes to 490 jawans and officers who laid down their lives in the line of duty during the over two month-long conflict, the Army sought to assure the citizens that with its capabilities having grown "exponentially" since the Kargil war, it was confident of protecting the country's frontiers.

Awards & Honors –

PM awards journalists at ICAR function

  • Prime Minister Narendra Modi today presented journalist Gargi Parsai and five others with Chaudhary Charan Singh Award for Excellence in Journalism in Agricultural Research and Development, 2014 at Indian Council of Agricultural Research's 87th foundation day celebrations held here.
  • Parsai, currently working as Associate Editor with "The Hindu" newspaper has been writing on agriculture, food security, water resources and rural development in a career spanning 37 years.
  • The ICAR citation said she has brought to light various issues related to farm research and development, environment and food sector that have made a difference.
  • She had previously won several awards including the Prem Bhatia Award and was invited by former Prime Minister H D Deve Gowda for her views on agrarian crisis.
  • The other journalists who received the award from Modi are Rajya Sabha TV Assistant Editor Arvind Kumar Singh, Economic Times Special Correspondent Madhvi Sally, ETV senior producer Jai Prakash Singh, Dainik Jagran Deupty Bureau Chief (national bureau) Surendra Prasad Singh and Hindustan Principal Correspondent Arvind Kumar Singh, ICAR officials said.

Sports –

Sri Lanka's Tillakaratne Dilshan completes 10,000 ODI runs

  • Tillakaratne Dilshan Sunday became the 11th batsman and the fourth Sri Lankan to compile 10,000 runs in one-day cricket, achieving the feat against Pakistan in Hambantota.
  • The flamboyant 38-year-old reached the landmark in his 319th match when he took a single off Shoaib Malik to move to 55, before being run out on 63.
  • Dilshan now has 10,008 runs, joining compatriots Kumar Sangakkara, Sanath Jayasuriya and Mahela Jayawardene in a coveted list headed by Indian great Sachin Tendulkar's tally of 18,426 ODI runs.

Obituaries –

Former Union Minister Bijoy Krishna Handique Dies

  • Former Union Minister and a six-time Lok Sabha member from Assam, Bijoy Krishna Handique died today at a hospital here.
  • Handique, 82, who was admitted to Jorhat Medical College and Hospital for heart-related problems only yesterday and shifted to ICU, died this afternoon, a hospital spokesman said.
  • The veteran Congress leader, who was born in 1933, leaves behind his wife and three daughters.
  • Handique was the Minister for Mines and Development of North Eastern Region in the UPA-II government.
  • He also held the portfolios of Union Minister of State for Defence, Parliamentary Affairs, Mines, and Chemicals and Fertilizers during the tenure of the UPA-I government.


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