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Thursday, November 26, 2015

Current Affairs Update – 26th November, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 26th November, 2015. These are Important for the upcoming Bank and Insurance Exams.

Banking/Finance/Industry –

RBI relaxes expat rules for foreign banks

  • Reserve Bank of India (RBI) has allowed foreign banks to deploy up to four expatriates for each branch opened in India and up to six expatriates for their head office functions.
  • The banking regulator said this has been done to review its position since some foreign banks requested it to remove numerical restriction on engagement of expats.
  • These banks had expressed concerns about the numerical restrictions in view of the operational difficulties faced by them in doing business in India.
  • This move is expected to benefit and help foreign banks get global expertise for their Indian operations as well.
  • However, the regulator clarified that the other instructions with regard to the posting of trainee officers and remittance facilities by the expatriate officers in Indian branches remain unchanged.

Union Bank ties up with Maharashtra for OTC tax collection

  • State-run Union Bank of India today tied up with Maharashtra for over-the-counter (OTC) collection of taxes and receipts.
  • The bank has integrated its core banking with the Maharashtra virtual treasury, GRAS (Government Receipt Accounting System), to facilitate OTC tax collection, which will provide one more mode of payment for convenience of tax payers and the state.
  • It will give tax payers the convenience of payment at the branch through their account or by cash with online generation of challans and real time updation of records through GRAS.
  • The state will also be benefited by having a hassle-free revenue collection, daily reconciliation, real-time update of records and providing easy reach to the tax payers.

India to become third-largest air passenger market by 2026: IATA

  • The global air transportation body on Thursday predicted that India will become the third-largest air passenger market by 2026.
  • As per the International Air Transport Association's (IATA) updated passenger growth forecast, India will displace Britain as the third-largest market by 2026.
  • The forecast said China is expected to overtake the United States as the world's largest passenger market by 2029.
  • The forecast projected that globally total passenger numbers will reach seven billion by 2034 with a 3.8% average annual growth in demand taking 2014 as baseline year.
  • Previously, IATA forecast that global air passenger count will reach 7.4 billion by 2034 based on a 4.1% average annual growth rate.
  • The global air transportation body said that the revised result reflect a negative trend in the world economy which is expected to dampen demand for air transport, especially slower economic growth projections for China.

India –

India successfully test-fires nuclear-capable Prithvi-II missile

  • India today successfully test-fired its indigenously developed nuclear capable Prithvi-II missile, which has a strike range of 350 km, as part of a user trial by the army.
  • The missile test was carried out from a mobile launcher from launch complex-3 of the Integrated Test Range (ITR) at Chandipur near here at 1210 hrs.
  • The surface-to-surface Prithvi-II missile is capable of carrying 500 kg to 1,000 kg of warheads and is thrusted by liquid propulsion twin engines. It uses advanced inertial guidance system with manoeuvring trajectory to hit its target.

Days –

National Milk Day observed in India

  • The National Milk Day (NMD) was on 26 November 2015 observed across India to mark 94th birth anniversary of the Father of the White Revolution Dr Verghese Kurien.
  • The idea of observing National Milk Day was first mooted by Indian Dairy Association (IDA) in 2014 on the lines of World Milk Day that is observed on 1 June every year under the aegis of UN Food and Agriculture Organization (FAO).
  • The first NMD was observed on 26 November 2014 by all Indian diary sector majors including National Dairy Development Board (NDDB), IDA along with around 22 state level milk federations.
  • Dr. Verghese Kurien is also known as the Milkman of India and the architect of Operation Flood, the idea that transformed India from a milk-deficit country into the world’s largest milk producer.
  • He founded around 30 institutions of excellence (like AMUL, GCMMF, IRMA, NDDB) which are owned, managed by farmers and run by professionals.

International Day for the Elimination of Violence Against Women observed

  • International Day for the Elimination of Violence Against Women was observed across the world on 25 November 2015. The day is observed to raise awareness about violence against women and discuss solutions that would work for women community.
  • The observance of the International Day for the Elimination of Violence Against Women will be marked by organisation of an event called Orange the world: End violence against women and girls across the world.
  • The event is being organized under the UN Secretary General’s Campaign called UNiTE to End Violence against Women.

Appointments –

Former Infosys CFO Rajiv Bansal joins Ola as CFO

  • Former Infosys chief financial officer Rajiv Bansal will join app-based taxi aggregator Ola in January 2016, a company statement said.
  • Bansal, who has over 21 years experience, 16 of those in Infosys, will be part of Ola's leadership team. Mitesh Shah, who is currently the CFO, will lead Strategic Finance Initiatives as part of Rajiv’s team, going forward, Ola said in a statement.

Sunil Kanoria appointed as President of ASSOCHAM

  • Sunil Kanoria was on 25 November 2015 appointed as the President of The Associated Chamber of Commerce and Industry of India (ASSOCHAM). Kanoria has succeeded Rana Kapoor, Yes Bank Managing Director and CEO.
  • Kanoria has an impeccable record as an expert in the field of finance. He  has been instrumental in bringing over 34000 crore rupees of consolidated assets under SREI which became one of the first NBFCs to get listed on the London Stock Exchange.
  • Kanoria is the Vice Chairman of reputed non-banking finance company SREI Infrastructure Finance Limited.

Mauricio Macri won the Presidential election of Argentina

  • Conservative opposition candidate Mauricio Macri won the presidential election of Argentina with over 51.5 percent of vote in the fourth week of November 2015.
  • As per the results declared by the National Electoral Chamber of Argentina, Macri, the leader of the centre-right Cambiemos [Let's Change] coalition, secured 51.5 percent of votes, while Centre-left Peronist candidate Daniel Scioli conceded defeat with 48.5 percent votes.
  • With this win of Macri, Argentina will see the centre-right leading the government after 12-years of leftist government. In December 2015, he will replace Christina Fernández de Kircher in the Casa Rosada presidential palace

World –

China building world’s largest animal cloning factory

  • Chinese scientists in third week of November 2015 unveiled their plan to develop the world’s largest animal cloning factory. It will be created to save critically endangered species from extinction. 
  • It will mainly focus at cloning cattle, which would help China to keep up with Chinese demand of the meat. 
  • It hopes to produce around one lakh cow embryos annually, which would be five percent of the Chinese market for beef.

Obituaries –

Sitting Rajya Sabha MP from Nagaland Khekiho Zhimomi passed away

  • Sitting Rajya Sabha MP from Nagaland Khekiho Zhimomi passed away on 26 November 2015 following a cardiac arrest at the All India Institute of Medical Sciences in New Delhi. He was 69.
  • He served as the member of Nagaland Legislative Assembly for three times.

Noted Indian-Origin Businessman Banwari Lal Mittal died

  • Nepal's noted Indian-origin businessman Banwari Lal Mittal passed away on 25 November 2015 at Kathmandu, Nepal after protracted illness. He was 79. He is survived by his wife, two sons and a daughter.
  • Mittal was the Founder and Chairman of Shree Airlines of Nepal. Mittal launched Shree Airlines in 1990. Today, Shree Airlines is the largest helicopter operator in Nepal with a fleet of six 24-seat Russian-made MI-17 helicopters and four Eurocopter AS350 B3e helicopters.


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