Current Affairs Update – 5th September, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 5th September, 2015. These are Important for the upcoming IBPS PO V Exam.

Finance –

Govt announces ‘One Rank One Pension’ but veterans reject key provisions

  • The government on Saturday said the One Rank One Pension (ORPO) for the ex-servicemen will be implemented with effect from July 1, 2014, which will cost around 10,000 crore to the exchequer per year. The expenditure on arrears would also be around 10,000 to 12,000 crore.
  • Announcing the decision, Defence Minister Manohar Parrikar said though the previous government had said in February 2014 that OROP would be implemented in 2014-15, it did not specify what OROP would be, how it would be implemented or how much it would cost. He added that 500 crore allocated by the then government was not adequate enough.
  • The Congress and the veterans, however, have rejected the government’s announcement. The veterans, who are holding protests here, said the government has rejected six of their demands. Former defence minister AK Antony said the Narendra Modi government has diluted the promise of the UPA government and about 46 per cent of the ex servicemen, who took voluntary retirement, will be hit by the decision.
  • He said the estimated cost to the exchequer to implement OROP would be 8,000 to 10,000 crore at present, and will increase further in future. “Despite the huge fiscal burden, given its commitment to the welfare of Ex-Servicemen, the government has taken a decision to implement the OROP,” he added.

HDFC Bank rolls out its CSR campaign in Odisha

  • HDFC Bank Ltd has rolled out its educational film 'Dhanchayat' in Odisha.
  • 'Dhanchayat' aims to raise awareness about the dangers of borrowing money from the unorganised sector, particularly in rural areas. This film has been launched under the aegis of 'Swachh Banking', the Bank's latest CSR (corporate social responsibility) initiative.
  • 'Swachh Banking' aims to create a better understanding about clean and convenient banking available through the organised sector.
  • Through the film, the bank aims to show the importance of transparency in financial dealings. It also talks of dignity and self-respect of the individual in the borrowing process.
  • HDFC Bank-branded Dhanchayat video vans will travel across East, West, South, North and Central India, covering thousands of villages across the country. The vans will stop at assembly points such as haats, bazaars, melas and village panchayats.
  • In Bhubaneswar, the initiative was flagged off by Debasish Senapati, zonal head (Odisha), HDFC Bank and P K Jena, regional director, Reserve Bank of India (RBI).

India –

Govt to develop Bodh Gaya as spiritual capital

  • Describing Bodh Gaya as the “land of enlightenment”, Prime Minister Narendra Modi today said his government would develop the site as the spiritual capital for it to serve as a civilisational bond between India and the Buddhist world.
  • Describing Buddha as a “crown jewel” of India, which accepts all ways of worship, he said he revered Buddha as a reformer of not only Hinduism but also the world, who gave a new world view and vision which is critical for survival of all.
  • “The message by both of them was about establishing Dharma,” he said, adding that both of them gave great prominence to principles and processes.
  • “Gautama Buddha gave the eight-fold path and the Panchsheel, while Shri Krishna gave invaluable lessons of life in the form of Karma Yoga. These two divine souls had the strength to bring people together, rising above differences.
  • Their teachings are most practical, eternal and are more relevant in this day and age than ever before,” he said.

Sports –

Narang achieves No.1 spot in Asian ranking, Jitu is No.2

  • Having rediscovered his old form, Olympic medallist Gagan Narang of India has achieved the number one spot in men’s 50m rifle prone shooting category in Asia.
  • The 32-year-old Narang has 971 points to his credit while China’s Shengbo Zhao is placed second with 896 points.
  • Pistol King Jitu Rai was placed number two in men’s 50m pistol with 1929 points, behind Jongoh Jin of Korea.
  • Beijing Olympic gold medallist Abhinav Bindra, who is also through to Rio, was ranked fifth in 10m air rifle followed by Narang in seventh position. Gurpreet Singh was positioned fifth in 25m rapid fire pistol.
  • The Indian shooting ace has already booked a quota for next year’s Rio Olympic Games by bagging the bronze medal in the 50m rifle prone event of the ISSF World Cup at Fort Benning, USA, in May. Jitu has also booked the country an Olympic quota with his silver medal at the World Championships last year.
  • Multiple time World Cup winner Narang had won a bronze medal at the London Olympics in 2012.

Vikas settles for silver in Asian Championships

  • Indian boxer Vikas Krishan (75kg) fought his heart out but still fell short as he settled for the silver medal after going down to Uzbekistan’s Bektemir Melikuziev in a brutal summit clash of the Asian Championships here today.
  • The 23-year-old Indian lost 0-2 to the reigning Youth Olympic champion in a gruelling fight that left both the boxers with several bruises on their faces.
  • With Vikas’ silver, India finished their campaign with one silver and three bronze medals — L Devendro Singh (49kg), Shiva Thapa (56kg) and Satish Kumar (+91kg) being the third-place finishers. Besides, six Indians also made the cut for next month’s World Championships — the first qualifying event for the Olympics next year.

World –

China, Tajikistan agree to $500-mn currency swap deal

  • China and Tajikistan have agreed to 3.2 billion yuan ($500 million) currency swap deal, Chinese state media reported on Saturday, citing the Central Asian country’s central bank.
  • The deal, signed by the two countries’ central banks on Thursday, lasts for three years, said the official Xinhua news agency.
  • The swap aims to support the balance international payments, the exchange rate of Tajikistan’s currency, and the development of the energy, agrarian and mining sectors, Xinhua cited the National Bank of Tajikistan as saying. ($1 = 6.3549 Chinese yuan renminbi)

G20, OECD announce new corporate governance code

  • To safeguard minority shareholders’ interests and promote capital market as a key platform to raise funds, G20 and OECD today announced new corporate governance principles for listed companies and regulators in all member countries, including India.
  • Consequently, regulators and policymakers across the world, which include SEBI in India, will update their regulations for the listed firms in line with the new code.
  • The new global principles, released here on the sidelines of the G20 Meeting of Finance Ministers and Central Bankers being attended by Finance Minister Arun Jaitley and RBI chief Raghuram Rajan, call for protecting shareholders’ rights and keeping CEO salaries reasonable, while making adequate disclosures for the benefit of investors.
  • The new code calls for enhanced cross-border cooperation among regulators, including through bilateral and multilateral arrangements for exchange of information.
  • It also states that the impediments to cross-border voting by shareholders should be eliminated, while shareholders should be allowed to consult each other.
  • Besides, the new code also contains recommendations for financial disclosures by the companies, behaviour of large institutional investors and the functionalities of the stock markets. It also asks regulators to ensure that conflict of interest in related party transactions are addressed effectively.
  • The new G20/OECD Principles of Corporate Governance were released here by the OECD Secretary General, Angel Gurria, and Turkish Deputy Prime Minister, Cevdet Yilmaz, on the sidelines of the ongoing G20 minister level meetings.

Obituaries –

Music composer Aadesh Shrivastava dies of cancer at 51

  • Music composer Aadesh Shrivastava (51), who was battling a cancer relapse, passed away at Kokilaben Hospital on Saturday at around 12.30am. He had successfully fought multiple myeloma (cancer of the plasma cells) when he was diagnosed for the first time in 2010.
  • The hospital authorities confirmed that he passed away after battling the disease hard for over 40 days. His condition had become very critical in the last few days. Actress-wife, Vijeta Pandit and her music-composer brothers Jatin and Lalit Pandit were constantly by his side.
  • Aadesh is best known for his work in films like Chalte Chalte, Baghban and Kabhi Khushi Kabhie Gham. His last project as a music composer was recently released Welcome Back. It was the third time Aadesh's cancer had relapsed.

World's shortest man Chandra Bahadur Dangi dies aged 75

  • The shortest man in recorded history has died, three years after entering the Guinness world records and before which he had never left his village.
  • Chandra Bahadur Dangi, a Nepalese man who stood 1ft 9" tall (54.6 cm), has passed away on the Polynesian island of Samoa after being ill with pneumonia.
  • The 75-year-old won his place in the record books on February 26 in 2012 after being found to be half an inch shorter than the previous holder, Gul Mohammed from India.
  • Mr Dangi then travelled to London two years later to meet Sultan Kosen from Turkey, the world's tallest man at 8ft 2" (2.48 metres).
  • Guinness World Records said in a statement it was “deeply saddened” to hear of his passing.

Daily Expected Questions on Stock GK:

1. Camp Nou is located in which country?
- Spain

2. Tripoli is the capital city of which country?
- Libya

3. Garadi dance is originated in which state/UT?
- Puducherry

4. What is the currency of South Sudan?
- South Sudanese Pound

5. Vikramshila Gangetic Dolphin Sanctuary is located in which state?
- Bihar


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