Current Affairs Update – 7th January, 2016

Hello and welcome to ExamPundit. Here are the Important Current Affairs Update of 7th January, 2016. These are important for the upcoming LIC AAO, Syndicate Manipal PO and SIBDI Assistant Manager 2016.


Current Affairs at a Glance - 7th January, 2016
  1. Reserve Bank of India has permitted bank branches in International Financial Services Centres (IFSC) to open foreign currency current accounts for entities operating in IFSC. Banking regulator also lifted limit on short term liabilities IBUs could have from banks. The rules have been eased to facilitate investment transactions and give flexibility in operations. These bank branches are termed as IFSC Banking Units (IBUs).
  2. India is projected to grow by a robust 7.8 per cent this year and 7.9 per cent in the next two years, the World Bank forecast today citing strong investor sentiment and the positive effect on real incomes of the recent fall in oil prices.
  3. Delhi Government on 6 January 2016 scrapped the management quota and all other quotas, in private schools for nursery admissions. There will be only 25 percent reservation for economically weaker sections and the rest 75 percent will be made available to the general public.
  4. Bollywood star Priyanka Chopra has bagged the favourite actress in new TV series honour at the 2016 People Choice Awards for her performance of an FBI recruit on American show "Quantico". With this she became the first South-Asian actress to win a People’s Choice Award.
  5. INS Kadmatt, anti-submarine warfare corvette, commissioned
  6. Dr Achyuta Samanta was on 6 January 2016 elected as the General President of the 105th Indian Science Congress Association (ISCA) that is scheduled for 2017-18.
  7. Jammu and Kashmir Chief Minister Mufti Mohammad Sayeed passed away on 7 January 2016 at the AIIMS hospital in New Delhi. He was 79.




Finance/Banking –

RBI relaxes rules for IFSC bank branches


  • Reserve Bank of India has permitted bank branches in International Financial Services Centres (IFSC) to open foreign currency current accounts for entities operating in IFSC.
  • Banking regulator also lifted limit on short term liabilities IBUs could have from banks.
  • The rules have been eased to facilitate investment transactions and give flexibility in operations. These bank branches are termed as IFSC Banking Units (IBUs).
  • IBU can also open current account of non-resident institutional investors to facilitate their investment transactions, RBI said in notification.
  • Earlier, the IBUs were not allowed to open any current or savings accounts. The IBUs cannot raise liabilities from retail customers including high net worth individuals (HNIs).
  • Banks are barred from providing cheque facility to holders of current accounts in the IBUs. All transactions through these accounts must be undertaken via bank transfers, RBI said.
  • On short-term liabilities, RBI said it will not prescribe any limit for raising short-term liabilities from banks. However, the IBUs must maintain Liquidity Coverage Ratio (LCR) applicable to Indian banks on a standalone basis and strictly follow RBI's liquidity risk management guidelines.
  • Further, Net Stable Funding Ratio (NSFR) will also be applicable to the IBUs as and when it is applied to Indian banks.



India to Grow at 7.8% This Year: WB


  • India is projected to grow by a robust 7.8 per cent this year and 7.9 per cent in the next two years, the World Bank forecast today citing strong investor sentiment and the positive effect on real incomes of the recent fall in oil prices.
  • In its latest Global Economic Prospect report – which is released every six months -- the World Bank marginally reduced India's growth rate – 0.2 per cent in 2015 and 0.1 per cent in both 2016 and 2017.
  • However, India continues to be the bright spot of the global economy, as Chinese growth is projected to slow further.
  • The World Bank estimates that China grew at an estimated 6.9 per cent in 2015 (0.3 per cent less than its June projection).
  • According to the report, China is estimated to grow at 6.7 per cent in 2016 and 6.5 per cent each in 2017 and 2018.
  • The growth rate projections is 0.3 per cent in 2016 and 0.4 per cent in 2017.
  • While Russia and Brazil are expected to remain in recession in 2016.


Union Cabinet approved MoU with Bangladesh to set up border haats

  • The Union Cabinet, presided by Prime Minister Narendra Modi, on 6 January 2016 gave its ex-post-facto approval for the Memorandum of Understanding (MoU) between India and Bangladesh.

The approval was given for:
  • MoU and Mode of Operation of Border Haats that was signed on 23 October 2010 with Bangladesh for setting up Border Haats on India-Bangladesh Border.
  • Addendum to the MoU signed on 15 May 2012.
  • To establish new Border Haats after identification of suitable locations in consultation with Government of Bangladesh and concerned State Governments.



India –

INS Kadmatt, anti-submarine warfare corvette, commissioned


  • Chief of Naval Staff Admiral R K Dhowan today said the Indian Navy will in future build all types of ships including those designed for warfare indigenously in line with Prime Minister Narendra Modi's "Make in India" initiative.
  • The Admiral was addressing a gathering here after the commissioning of the second indigenous stealth Anti-Submarine Warfare (ASW) corvette INS Kadmatt, built by M/s Garden Reach Shipbuilders and Engineers Ltd (GRSE) at Naval Dockyard here.
  • The Indian Navy has planned, in another 15 years, to strengthen science and technology and build warships indigenously in association with the Defence Research Development Organisation (DRDO) and public sector shipyards and private companies, he said.
  • Speaking to mediamen, he said 'Kadmatt' will take part in international fleet review scheduled here from February 4-8.


Delhi government scrapped management, other quotas in private schools


  • Delhi Government on 6 January 2016 scrapped the management quota and all other quotas, in private schools for nursery admissions. There will be only 25 percent reservation for economically weaker sections and the rest 75 percent will be made available to the general public.
  • The government also scrapped 62 arbitrary and discriminatory criteria listed by the schools on their websites for admissions.
  • The decision was taken at a Cabinet meeting chaired by Chief Minister Arvind Kejriwal. As per the state government, certain criteria put out by the schools were a violation of Article 14 of the Constitution relating to equality before law.


Wattan Ko Jano initiative: A programme that aims to expose youth from J&K to rest of India

  • Wattan Ko Jano, an initiative being carried out by the Union Ministry of Home Affairs in coordination with the Jammu and Kashmir (J&K) Government, was in news on 6 January 2016.
  • The initiative came in news after more than 240 youth in the age-group of 15 to 24 from J&K met with Prime Minister Narendra Modi in New Delhi.
  • Watan Ko Jano initiative was conceived by the J&K State Rehabilitation Council in 2011. It essentially is a Youth Exchange Programme under which the children of militancy-hit victims, orphanages, and weaker sections of society are identified by Jammu and Kashmir State Rehabilitation Council as beneficiaries under the programme in the state.


Union Government launched Phase-I of River Information System

  • Union Government on 6 January 2016 launched the Phase-I of the River Information System (RIS) of India in New Delhi. It was inaugurated by Nitin Gadkari, the Union Minister of Shipping, Road Transport and Highways.
  • The Phase-I of the RIS, which is first of its kind in India, was launched on the Sagar- Farakka stretch of National Waterway-1 on River Ganges to facilitate safe and accurate navigation.
  • It will be implemented under the overall responsibility of Inland Waterway Authority of India, a statutory body administered by the Ministry of Shipping.
  • In Phase-I, the vessels will be monitored by installing 7 remote (base station site) at the Haldia, Garden Reach (GR) Jetty, Tribeni, Swaroopganj, Kumarpur, Ballia and Farakka at a cost of 26.23 crores rupees.


Awards & Honors –

Priyanka Chopra became First South-Asian Actress To Win People's Choice Awards


  • Bollywood star Priyanka Chopra has bagged the favourite actress in new TV series honour at the 2016 People Choice Awards for her performance of an FBI recruit on American show "Quantico".
  • Priyanka becomes the first Indian actor to register a win at the People Choice Awards. She beat popular Hollywood and TV actresses like Emma Roberts, Jamie Lee Curtis, Lea Michele and Marcia Gay Harden to bag the award.
  • The 33-year-old actress took to Twitter to thank her fans, who voted for her.
  • "Quantico" marks the actress' first Hollywood project. She has received a lot of praise for her portrayal of Alex Parrish, suspected of committing a terrorist attack, in the thriller series.



Univ of Hyderabad professor Rekha Pande named ‘peace ambassador’ by the International Women’s Peace Group, Korea


  • Rekha Pande of the University of Hyderabad has been nominated as the ‘Peace ambassador’ for the South Asia region by the International Women’s Peace Group, Korea.
  • The professor of history has won the recognition for her work on gender issues and religion. The Peace Group works with leading women’s groups for the cessation of war and world peace, a press release from the University said.
  • The mission of the organisation is that, “as mothers, to protect our children from all forms of war and to terminate global conflicts”. It cooperates with women in both national and international communities to establish a world of peace without war.
  • The group believes that all women of the world become one without any social hierarchy. When 3.6 billion women of the world unite as one, a world without war and of peace will come true where our children can live safe and sound.


Appointments –

Achyuta Samanta elected as General President of 105th Indian Science Congress


  • Dr Achyuta Samanta was on 6 January 2016 elected as the General President of the 105th Indian Science Congress Association (ISCA) that is scheduled for 2017-18.
  • Samanta is also currently serving as member of Executive Council of Indian Science Congress Association (ISCA).
  • With this, Samanta becomes the second person from Odisha to be elected as President of the ISC in its 102 years history. On last occasion, Prof Prana Krushna Parija, eminent Odia scientist, was elected as President of the 47th Session of the ISCA in 1960.


Vedanta appointed Samir Cairae as India metals business CEO

  • Vedanta Limited on 6 January 2016 appointed Samir Cairae as Chief Executive Officer (CEO) of Diversified Metals (India).
  • Cairae will report to Tom Albanese, CEO, Vedanta Resources Plc. Cairae will also become a member of Vedanta Executive Committee team.
  • The heads of Vedanta’s aluminium, copper, power and iron ore units will report to Cairae.


A B Khare named CMD of Madras Fertilzers


  • The Centre has appointed A B Khare as the Chairman and Managing Director of the state-run Madras Fertilzers for a five-year term.
  • In August last year, the government headhunter Public Enterprise Selection Board (PESB) had recommended the name of Khare for the post of CMD at Madras Fertilizers Ltd (MFL).
  • Khare will succeed I Vijay Kumar. His name was finalised after interviewing 7 shortlisted candidates.
  • Khare was previously working with state-owned fertiliser firm Rashtriya Chemicals and Fertilizers as Chief General Manager (Commercial).


Sports –

Apurvi Chandela broke world record to win gold at Swedish Cup Grand Prix

  • Indian shooter Apurvi Chandela broke the world record on 5 January 2016 to grab a gold medal in the women's 10 metre air rifle event at the Swedish Cup Grand Prix.
  • Chandela shot 211.2 in the event held at Savsjo Shooting Centre to outshine the feat of Chinese Olympic gold medallist Yi Siling, who held the record with 211.
  • On the other hand, Swedish shooters Astrid Steffensen and Stine Nielsen won the silver and bronze, respectively.


Obituaries –

Jammu and Kashmir Chief Minister Mufti Mohammad Sayeed died


  • Jammu and Kashmir Chief Minister Mufti Mohammad Sayeed passed away on 7 January 2016 at the AIIMS hospital in New Delhi. He was 79.
  • Sayeed who founded the Jammu and Kashmir Peoples Democratic Party (PDP) had been admitted to AIIMS in Delhi with complaints of severe fever and neck pain.


Noted Gujarati writer Labshankar Thakar passed away

  • Noted Gujarati writer and poet Labhshankar Thakar passed away on 6 January 2016 following prolonged illness in Ahmedabad. He was 80.
  • He was a modernist author of Gujarati literature with influence of existentialism challenging traditional literature styles.







Regards



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