Current Affairs Update – 16th September, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 16th September, 2015. These are important for the upcoming IBPS PO V Exam.

Finance/RBI –

RBI grants small finance banks licence to 10 entities

  • Reserve Bank of India has granted in-principle licence for small finance banks to ten entities.
  • The name of the applicants that have been granted the licence include- Au Financiers, Capital Local Area Bank , Disha Microfin, Equitas Holdings, ESAF Microfinance and Investments, Janalakshmi Financial Services, RGVN (North East) Microfinance, Suryoday Micro Finance, Ujjivan Financial Services and Utkarsh Micro Finance.
  • The in-principle approval granted by RBI will be valid for a period of 18 months.
  • Small Finance Banks will be similar to the existing commercial lenders and will undertake basic banking activities of accepting deposits and lending to unserved and under-served sections. The maximum loan size and investment limit exposure to single and group obligators cannot be more than 10 per cent and 15 per cent of its capital funds, respectively.

Here is what they will and won't be allowed to do:

  • Undertake basic banking activities of acceptance of deposits and lending
  • Can lend only for financial inclusion including small business units, small and marginal farmers, micro and small industries and unorganised sector entities
  • Allowed to distribute mutual fund products, insurance products and pension products

  • Not allowed to set up subsidiaries to undertake non-banking financial activities
  • Other financial and non-financial services activities of the promoters should not be mingled with the working of the bank

RBI gives flexibility to banks for equity investment

  • Giving more flexibility, the Reserve Bank today allowed banks to invest in equities of financial service ventures including stock exchanges and depositories without any prior approval.
  • The RBI said the investment flexibility will be limited to banks that have capital adequacy ratio (CRAR) of 10% or more and also made net profit in the previous fiscal.
  • While making such investments banks will have to adhere to other conditions, which include limit on holding in investee company.
  • Earlier banks were required to get a prior approval of the RBI for such investments which are subject to prudential limits.

Bank CEOs can avail loan below base rate, says RBI

  • Bank CEOs and directors will now be able to avail personal loans from their own bank below the base rate- the floor rate below which banks do not lend to their customers.
  • The Reserve Bank of India on Wednesday said that has banks are permitted to offer loans below base rate to their whole time directors and CEOs.
  • Base rate - the rate that bank charge to their prime customers- was introduced in 2010 with the aim to enhance transparency in lending rates of banks. State Bank of India, country largest bank, has pegged its base rate to 9.70%.
  • RBI also clarified that the rate charged to the CEO and directors should not be lower than the rate that is charged to their own employees. The loan and advances availed by the CEO and directors should be part of the compensation and remuneration policy approved by the board of director.

Spice Digital launches m-wallet SpiceMudra, focus on remittances

  • Spice Digital, a subsidiary of Spice Connect, has launched mobile wallet 'SpiceMudra' which will focus on domestic remittances. The launch of wallet comes after the company received licence from the Reserve Bank of India to operate semi-closed pre-paid payment instruments (PPI) in May.
  • Speaking to ET, Sakat Agarwal, Global CEO of Spice Connect said "Spice Digital has 3000 retail outlets across India that facilitate remittance service using Spice Mudra. Eventually we plan to scale up the business to facilitate bill payments, mobile recharge and ticket booking."
  • In the last quarter, several banks and e-commerce companies have launched mobile wallets such as Freecharge wallet from Snapdeal and Lime wallet from Axis Bank.

EPFO raises maximum insurance cover to Rs 6 lakh

  • Retirement body Employees Provident Fund Organisation (EPFO) on Wednesday substantially increased the maximum amount assured under its Employees' Deposit Linked Insurance Scheme (EDLI) to Rs 6 lakh from the existing Rs 3.6 lakh.
  • The decision, taken at the 208th Central Board of Trustees (CBT) meeting in Hyderabad, will benefit 40 million contributing members of the EPFO.
  • The release mentioned last year the government paid around Rs 180 crore to about 30,000 beneficiaries.
  • In another major relief, the trustees also decided to remove the condition of continuous employment of one year under current employer before being eligible for insurance benefits.

India –

Pentagon established first-ever country special cell IRRC to speed up defence ties with India

  • The abbreviation IRRC was in news in September 2015. IRRC stands for India Rapid Reaction Cell and was established in January 2015 by Pentagon to exclusively focus on advancing Defence Trade and Technology Initiative (DTTI).
  • IRRC is Pentagon’s first-ever country special cell and is headed by Keith Webster, Director of International Cooperation Office of the Under Secretary of Defence for Acquisition, Technology and Logistics.
  • The cell was established as part of Joint Statement issued during the visit of the US President Barack Obama to India as chief guest of the Republic Day 2015 parade. Obama is the first US president to become the chief guest of the RD parade.

Union Cabinet approved Shyama Prasad Mukherji Rurban Mission for overall development of rural areas

  • Union Cabinet chaired by Prime Minister Narendra Modi on 16 September 2015 approved the Shyama Prasad Mukherji Rurban Mission (SPMRM).
  • The Mission approved with an outlay of 5142.08 crore rupees is a bid to transform rural areas to economically, socially and physically sustainable spaces.
  • The mission aims to create 300 Rurban growth clusters over the next 3 years, across the country.
  • Main elements of Rurban Mission
  • Development of Rurban growth clusters, which have latent potential for growth, in all States and UTs to trigger overall development in the region. These clusters are essentially Smart Villages.
  • Rural growth clusters would be developed by provisioning of economic activities, developing skills & local entrepreneurship and providing infrastructure amenities.
  • Further, these clusters would be well delineated areas with planned layouts, which would be duly notified by the State/UTs. These plans would be finally integrated with the District Plans/Master Plans as the case may be.

Delhi government approved Victim Compensation Scheme

  • Delhi Government on 15 September 2015 approved Victim Compensation Scheme. It enhanced the upper limit of compensation to rape victims to 5 lakh rupees from existing 3 lakh rupees and to the victims of acid attack to 7 lakh rupees from 3 lakh rupees.
  • The decision was taken during a cabinet meet headed by Chief Minister Arvind Kejriwal.

Main highlights of Victim Compensation Scheme
  • The scheme also includes victims of gang-rape, unnatural sexual offences and burns.
  • Earlier, as per the scheme, victim’s kin were eligible to get a compensation of 3 to 5 lakh rupees for loss of life, but the new scheme has proposed 5 to 10 lakh rupees.
  • The scheme also proposes same amount of compensation for those with loss of any limb resulting in 80 percent permanent disability.

India, Sri Lanka exchanged four agreements to ensure peace and stability in the region

  • India and Sri Lanka on 15 September 2015 exchanged four agreements in various fields including medicare facilities. The agreements were exchanged with an aim to ensure peace and stability in the region.
  • These agreements were exchanged during the visit of Prime Minister of Sri Lanka Ranil Wickremesinghe to India from 14 September to 16 September 2015.

The Four agreements exchanged between the two sides were
  • Exchange of letters on orbit frequency coordination of satellite for SAARC region
  • Exchange of MoU regarding supply of medical equipment to 200 bed ward complex at district hospital, Vavuniya
  • Exchange of letters on establishment of emergency ambulance services in Sri Lanka
  • Exchange of MoU regarding renewed India’s grant assistance for implementation of SDP

Awards & Honors –

Indian-American Swetha Prabakaran chosen for Champions of Change Award in US

  • Swetha Prabhakaran, an Indian American teen, was on 15 September 2015 awarded with the prestigious Champions of Change Award of US at the White House. She is among eleven young women selected by the White House as Champions of Change.
  • Prabhakaran, a junior at Thomas Jefferson High School for Science and Technology in Virginia, founded a non-profit organisation Everybody Code Now! to empower the next generation of youth to become engineers, scientists and entrepreneurs.
  • She was chosen for the award in recognition of her efforts for empowering the community by imparting education of Internet coding through her non-profit Organisation. This organisation has raised thousands of dollars for STEM (Science Technology Engineering and Math) activities in schools.

Natura Brasil selected for 2015 UNEP Champions of the Earth award in entrepreneurial vision category

  • Natura Brasil on 13 September 2015 selected for the 2015 UNEP Champions of the Earth award in the entrepreneurial vision category.
  • It was selected for unparalleled commitment to trailblazing sustainable business models.
  • Natura is a Brazilian brand leader in cosmetics, fragrances and personal care in the direct selling model.

National Geographic selected for UNEP Champions of the Earth award in Science & Innovation category

  • National Geographic Society (NGS) on 14 September 2015 was selected for the UNEP Champions of the Earth award in the Science and Innovation category.
  • NGS is a global nonprofit membership organization driven by a passionate belief in the power of science, exploration and storytelling to change the world. It is headquartered in Washington DC, the USA.

Sports –

China's Hangzhou City Awarded 2022 Asian Games

  • The Chinese city of Hangzhou was today awarded the 2022 Asian Games, organisers and state media said, in another win for China's global sporting ambitions.
  • Hangzhou in eastern China -- best known for the West Lake, a placid and much-painted tourist attraction -- was the only candidate city, a report by the country's official Xinhua news agency said.
  • Its sole candiancy made it a shoo-in for selection by the Olympic Council of Asia (OCA) at its congress in the Turkmenistan capital Ashgabat.
  • An OCA spokesman confirmed the decision to AFP, saying the body, the Chinese Olympic Committee and Hangzhou had already signed the hosting contract at the meeting.
  • The award comes shortly after Beijing won the right to host the 2022 Winter Olympics, having hosted the Summer Games in 2008, and means China will host two major multi-sport events in the same year.

Narsingh Pancham Yadav won bronze at 2015 World Wrestling Championships

  • Narsingh Pancham Yadav on 13 September 2015 won bronze medal at the 2015 World Wrestling Championships held in Las Vegas, the USA. He won the medal in the Men’s 74kg Freestyle category.
  • Though Narsingh lost the semi final game to Unurbat Purevjav (Mongolia), he could defeat Zelimkhan Khadjiev (France) 12-8 in the bronze medal play-off.
  • Narsingh’s win confirmed quota place for India in the 2016 Rio Olympics. This is the first time that an Indian wrestler has earned an Olympic berth with a medal at the World Championship.

American Boxer Floyd Mayweather Jr announced retirement after defeating Andre Berto

  • American Boxer Floyd Mayweather Jr on 12 September 2015 announced retirement from the 19-year-long career in the ring.
  • He took the decision after the win against Andre Berto in the Welterweight World Championships held at the MGM Grand Arena in Las Vegas, the USA.
  • The present win was his 49th overall and he never lost a game since his first match in 1996.
  • With this win, he tied with the late heavyweight champion Rocky Marciano in terms of number of wins in the professional league.

Daily Expected Questions on Stock GK

Barsapara Cricket Stadium is located in which city/state?
- Guwahati, Assam

Nargu Wildlife Sanctuary is located in which state?
- Himachal Pradesh

Vadakkunnathan Temple is located in which state?
- Kerala

Feroze Gandhi Unchahar Thermal Power Plant is located in which state?
- Uttar Pradesh

Who is the Chief Minister of Himachal Pradesh?
- Virbhadra Singh


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