Current Affairs Update – 27th November, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 27th November, 2015. These are important for the upcoming Banking and Insurance Exams.

Finance/Banking –

RBI granted in-principle approval to NPCI to function as the central unit for Bharat Bill Payment Systems

  • The Reserve Bank of India on 24 November 2015 decided to grant in principle approval to the National Payments Corporation of India (NPCI) to function as the Bharat Bill Payment Central Unit (BBPCU) in Bharat Bill Payment System (BBPS).
  • The BBPS is an integrated bill payment system which will function as a tiered structure for operating the bill payment system in the country with a single brand image providing convenience of anytime anywhere bill payment to customers.

Role of NPCI as the central unit
  • As the central unit, NPCI will set necessary operational, technical and business standards for the entire system and its participants.
  • Besides, NPCI will undertake clearing and settlement activities.
  • The present scope of BBPS will include utility bill payments, such as, electricity, water, gas, telephone and Direct-to-Home (DTH).

Union Government approved 3120 crore rupees investment for infra boost in 102 AMRUT cities

  • The Ministry of Urban Development on 26 November 2015 approved an investment of 3120 crore rupees investment plans for basic urban infrastructure boost for 102 cities approved under Atal Mission for Rejuvenation and Urban Transformation (AMRUT).
  • The plans will enhance water supply, sewerage network services, storm water drains, non-motorised transport and availability of public spaces in 102 cities, under AMRUT.
  • Besides, an inter-ministerial Apex Committee approved State level Annual Action Plans for 2015-16 with an investment of 438 crore rupees for Haryana (18 AMRUT cities), 573 crore rupees for Chattisgarh (9 AMRUT cities), 416 crore rupees for Telangana (12 AMRUT cities), 588 crore rupees for Kerala (9 AMRUT cities) and 1105 crore rupees for West Bengal (54 AMRUT cities).

Key Highlights:
  • The Apex Committee approved investments in different basic urban infrastructure areas as proposed by respective state governments.
  • Ministry of Urban Development will provide an assistance 1540 crore rupees which is about 50 perecnt of total approved project expenditure.
  • Total investment in water supply projects in 58 mission states will be 2386 crore rupees.

Sewerage projects will demand an investment of 495 crore rupees in 17 cities.

RBI granted in-principle approval to three applicants for setting up TReDS

  • The Reserve Bank of India (RBI) on 24 November 2015 granted in-principle approval to three applicants to set up and operate Trade Receivables Discounting System (TReDS).
  • The three organisations have been asked to set and operate TReDS in accordance to the Guidelines issued on 3 December 2014 under the Payment and Settlement System (PSS) Act 2007.

Organisations to which in-principle approval was granted are
  • NSE Strategic Investment Corporation Limited (NSICL) and Small Industries Development Bank of India (SIDBI), Mumbai
  • Axis Bank Limited, Mumbai
  • Mynd Solutions Pvt. Ltd., Gurgaon, Haryana

RBI permitted Foreign Portfolio Investors to buy Defaulted Bonds

  • The Reserve Bank of India (RBI) on 26 November 2015 permitted the Foreign Portfolio Investors (FPI) to buy fully or partly defaulted bonds in the repayment of principal on maturity or principal installment in the case of amortising bond.
  • The permission was given as part of the drive to promote investments by FPIs in corporate bonds.
  • As part of it following changes were made to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000:
  • The revised maturity period of such NCDs/bonds that are restructured based on negotiations with the issuing Indian company should be three years or more.
  • The FPI that proposes to acquire such NCDs/bonds under default should disclose to the Debenture Trustees the terms of their offer to the existing debenture holders from whom they are acquiring.
  • Such investment should be within the overall limit prescribed for corporate debt from time to time (currently 2443.23 billion rupees).
  • All other existing conditions for investment by FPIs in the debt market remain unchanged.

India –

GRSE handed over ASW Corvette 'Kadmatt' to Indian Navy

  • The second Anti-Submarine Warfare Corvette Kadmatt built by Garden Reach Shipbuilders and Engineers Limited (GRSE) was formally handed over to Indian Navy at Kolkata on 26 November 2015. The Corvette would be joining the Eastern Fleet shortly.
  • The super-sophisticated frontline warship was handed over by Rear Admiral (Retd) AK Verma, Chairman and Managing Director of GRSE to the Commanding Officer of the ship Mahesh C Moudgil.
  • The ship is equipped with total atmospheric control ventilation system making it fully capable to fight in nuclear, biological and chemical warfare environments.

Awards & Honors –

UNESCO Fellini medal to be awarded at IFFI for the first time

  • The UNESCO Fellini medal will be awarded in India for the first time at the 46th International Film Festival of India (IFFI) in collaboration with the International Council for Film, Television and Audiovisual Communication (ICFT), Paris.
  • The medal is given to a film that reflects UNESCO’s ideals.
  • The Fellini medal was unveiled at the Cannes Film Festival in May 1995.
  • The medal holds a double significance - to honour Italian director Federico Fellini’s contribution to film as an art form, and to commemorate the centenary of the birth of cinema (1895-1995).

Four Indian films have been chosen to compete for the prestigious award:
  • Kaushik Ganguly's Bengali film Cinemawala
  • Sidharth Siva's Malayalam film Ain
  • Subodh Bhave's Marathi movie Katyar Kaljat Ghusli
  • Malayalam film by Dr Biju Valiya Chirakulla Pakshikal

World –

World Robot Olympiad, 2015 held in Doha; 2016 session to be held in Delhi

  • World Robot Olympiad (WRO), 2015 was held in Doha, Qatar from 6 November to 8 November 2015.  The 2015 session of the event was held with theme Robot Explorers. The event saw participation of students from more than 55 countries.
  • This is the first time in the history of WRO that Indian students were able to win three medals (1Gold & 2 Silver) and one position (Eighth).

Winners in Elementary category (India)
  • a) Storm Divers from Ahmadabad won first rank. Participants included Aaman Shah, Aarav Savla and Shaurya Goenka.
  • b) Thunder Divers from Ahmadabad won second rank. Participants included Vir Gandhi, Ishan Patel and Param Adani.

Winners from Open category (India)
  • Shadow Bots from Delhi won second rank. Participants included Jayant Sharma, Aman Thakur and Rohan Verma.
  • Path Finders from Delhi won eighth rank. Participants included Dhariya Gupta, Ishaan Saini and Laxman Prasad.
  • Besides, the Minister of State (Independent charge) for Culture and Tourism Dr Mahesh Sharma on 26 November 2015 announced that for the first time the 13th World Robot Olympiad will be held in Delhi in November 2016.

Sports –

Australia, New Zealand to play the historic first day-night Test at Adelaide Oval

  • First day-night Test will be played at the Adelaide Oval from 27 November to 1 December 2015 with a pink Kookaburra ball. The third match of the Test series (Trans-Tasman trophy) between Australia and New Zealand will see this inaugural experimental day-night Test.

Major Features of the Day-Night Test match
  • For the first time in 138 years, a Test match will be played with a ball that is not red.
  • For the first time in 138 years, a Test match will be played at night.
  • Test Number 2188 will have a five-day limit, six-ball overs and a pink ball.

Appointments –

P Uday Bhaskar appointed as Chairman of Andhra Pradesh Public Service Commission

  • P Uday Bhaskar was on 26 November 2015 appointed as the Chairman of Andhra Pradesh Public Service Commission (APPSC). The post has been lying vacant for quite some time now.
  • There had been no permanent Chairman of the APPSC since 2014. Sivanarayana, who is one of the member of APPSC, had been the Interim Chairman but he retired in June 2015.
  • Dr Uday Bhaskar is a professor of Civil Engineering and Director of Foreign Universities and Alumni Relations of the Jawaharlal Nehru Technological University Kakinada (JNTU-K).

Obituaries –

Noted litterateur Surendra Upadhyay passed away

  • Noted litterateur and Professor Surendra Upadhyay on 25 November 2015 passed away due to cardiac arrest. He was 74. He was a former chairman of Rajasthan Brijbhasha Academy.
  • Upadhyay served as chairman of Rajasthan Pradesh Congress Committee Intellectual Cell.
  • He has authored at least three dozens of books, mainly short fiction, critic and poetry.


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