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Saturday, February 13, 2016

Current Affairs Update – 13th February, 2016

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 13th February, 2016. These are important for the upcoming LIC AAO 2016.


Current Affairs at a Glance - 13th February, 2016
  1. The Reserve Bank of India has addressed the liquidity issues of commercial banks by easing the regulations on the liquidity coverage ratio. On Thursday, it allowed banks to qualify 10% of SLR bonds as Liquidity Coverage Ratio (LCR) from 7% earlier, a requirement mandated under the Basel-III accounting norms from their Statutory Liquidity Ratio (SLR) requirements.
  2. Prime Minister Narendra Modi on Saturday inaugurated the Make In India Centre at the MMRDA Grounds in Mumbai along with Swedish Prime Minister Kjell Stefan Lofven and the Prime Minister of Finland, Juha Petri Sipila.
  3. Jharkhand became the first ever state to auction two limestone blocks through an electronic platform after the passage of the MMDR Act by Parliament.
  4. Manipal University has signed a MoU for academic cooperation with University of Chicago.
  5. Ramesh Abhishek appointed as the Officer on Special Duty in the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry.
  6. Facebook India Managing Director Kirthiga Reddy on February 12, 2016 stepped down from her current role and will relocate to the US.
  7. Australian batsman Adam Voges became the first batsman ever in Test cricket to reach the magical average of 100 thus beating the legendary Don Bradman, whose average was 99.94.
  8. The Disciplinary Committee of the Board of Control for Cricket in India (BCCI) on 12 February 2016 banned Pakistan umpire Asad Rauf for 5 years on charges of corruption and misconduct.
  9. The 3-day long annual World Government Summit (WGS) concluded on 10 February 2016 in Dubai, the UAE. The summit was 4th in the series since the launch of WGS in 2013 by the UAE Government.
  10. Jnanpith awardee and eminent Malayalam poet, lyricist and environmentalist O N V Kurup on Saturday passed away.


Finance/Economy/Industry –

RBI allows 3% more of SLR for LCR


  • The Reserve Bank of India has addressed the liquidity issues of commercial banks by easing the regulations on the liquidity coverage ratio.
  • On Thursday, it allowed banks to qualify 10% of SLR bonds as Liquidity Coverage Ratio (LCR) from 7% earlier, a requirement mandated under the Basel-III accounting norms from their Statutory Liquidity Ratio (SLR) requirements. The move will help banks to use an additional Rs 2.8 lakh crore of their resources for lending.
  • In a circular issued to banks, the central bank said " It has been decided that ...banks will be permitted to reckon government securities held by them up to another 3 per cent of their NDTL-net demand and time liabilities- within the mandatory SLR requirement for the purpose of computing their LCR."
  • Banks have been facing tight market liquidity forcing them to borrow from the Reserve Bank their daily liquidity requirements and have been saying that because of tight liquidity they have not been able to pass on the benefit of interest rate cuts to the borrowers. They have borrowed an average of Rs 1.3 lakh crore from the RBI in January.
  • The additional resources released will come in handy in the fourth quarter when conventionally credit demand is high.


PM Modi inaugurates Make In India Centre in Mumbai


  • Kicking off the 'Make In India Week', Prime Minister Narendra Modi on Saturday inaugurated the Make In India Centre at the MMRDA Grounds here along with Swedish Prime Minister Kjell Stefan Lofven and the Prime Minister of Finland, Juha Petri Sipila.
  • Revolving around the theme of innovation, design and sustainability, the Make In India Centre showcases some of the country's most innovative and trendsetting products and manufacturing processes before the world for the first time after the global launch of the 'Make In India' initiative in September 2014.
  • This will be followed by a formal launch of the flagship event 'Make In India Week' at the NSCI Grounds later this evening which will promote India as the "preferred manufacturing destination" globally.
  • During the week (February 13-18), the event will offer immense access and opportunities to connect with Indian and global industry leaders, the central and state governments and other stakeholders.


Jharkhand became First Ever State to Auction Limestone Block online


  • Jharkhand became the first ever state to auction two limestone blocks through an electronic platform after the passage of the MMDR Act by Parliament.
  • An official at the Union Mines Ministry told PTI that this is the "first ever successful e-auction" of limestone blocks. These blocks have been bagged by cement companies.
  • A total of 43 blocks -- excluding coal and lignite -- have been identified by various states for e-auction, he said.
  • According to the official, with the successful e-auction, the process for auctioning blocks in other states is likely to be expedited.
  • The passage of the Mines and Minerals (Development and Regulation) Act paved the way for auction of mines bearing minerals such as iron ore, bauxite etc other than coal and lignite.


India –

Manipal University signs MoU for academic cooperation with University of Chicago


  • Manipal University has signed a MoU for academic cooperation with University of Chicago.
  • University of Chicago is amongst the top ten global Universities in the 2016 Times Higher Education World University rankings and University of Chicago's Pritzker School of Medicine is among the leading medical schools in the US.
  • The MoU includes mutual exchange of undergraduate and graduate medical students for clinical observerships, faculty exchange for educational purposes, joint clerkships in practical field courses and allowing transfer of credits at both the campuses.
  • One significant area of cooperation is in the area of pedagogy covering development of joint internationalised curricula and exchange of academic material and teaching methodology.



Appointments/Resignations –

Ramesh Abhishek appointed DIPP Secretary


  • In a top level bureaucratic rejig, IAS officer Ramesh Abhishek, who was tipped to be SEBI Chairman, has been appointed as the Officer on Special Duty in the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry.
  • He will succeed the current DIPP Secretary Amitabh Kant, when he retires.
  • This could mean that the current SEBI chief UK Sinha may get a one-year extension or SBI Chairperson Arundhati Bhattacharya could get the post.
  • Also, Finance Secretary Ratan P. Wattal has been given a two-month extension till April 30, so that the Budget process does not get disturbed.


Vilas Tonapi appointed as Director of Indian Institute of Millets Research

  • Vilas A. Tonapi on 10 February 2016 was appointed as the Director of Indian Institute of Millets Research (IIMR).
  • At present, Tonapi is serving as the Principal Scientist at Seed Science and Technology of the IIMR.
  • Tonapi earlier served as Head, Division of Seed Science and Technology, Indian Agricultural Research Institute (IARI), New Delhi.
  • Indian Institute of Millets Research(IIMR) is headquarted at Hyderabad.


Facebook India head Kirthiga Reddy steps down


  • Facebook India Managing Director Kirthiga Reddy on February 12, 2016 stepped down from her current role and will relocate to the US.
  • The social networking giant has started looking for a successor to Reddy, who would be moving to Facebook’s headquarters in the US in the next 6-12 months.
  • Reddy said she along with William Easton, Managing Director of Emerging Markets (APAC) and Dan Neary, VP Asia Pacific, have started looking for her successor in India.
  • Facebook yesterday shut down ‘Free Basics’ in India, days after telecom regulator TRAI barred operators from charging discriminatory rates for Internet access based on content.


Sports –

Adam Voges became the first batsman ever in Test cricket to have 100 Average


  • On the second day of the New Zealand-Australia first Test in Wellington on Saturday, Adam Voges became the first batsman ever in Test cricket to reach the magical average of 100 thus beating the legendary Don Bradman, whose average was 99.94.
  • At the end of Day 2, Adam Voges is going strong on 176 and has scored 1204 runs in 14 matches at an average of 100.33.
  • Australia finished the day with 463 for 6 and leads New Zealand by 280 runs.


BCCI banned Pakistan umpire Asad Rauf for 5 years for involvement in 2013 IPL spot-fixing scandal

  • The Disciplinary Committee of the Board of Control for Cricket in India (BCCI) on 12 February 2016 banned Pakistan umpire Asad Rauf for 5 years on charges of corruption and misconduct.
  • The disciplinary committee took this decision after Rauf was found guilty of charges in relation to the Indian Premier League (IPL) betting and spot-fixing scandal of 2013.
  • With this ban, Rauf became ineligible for umpiring or playing or representing cricket in any form or being associated with activities of the BCCI and its affiliates for 5 years.
  • Earlier, on 18 January 2016, Ajit Chandila and Hiken Shah were also banned by the committee in relation to the 2013 scandal.



World –

4th World Government Summit concluded in Dubai


  • The 3-day long annual World Government Summit (WGS) concluded on 10 February 2016 in Dubai, the UAE. The summit was 4th in the series since the launch of WGS in 2013 by the UAE Government.
  • The 2016 WGS was attended by 4500 participants from more than 130 countries to discuss challenges and opportunities before present and future governments worldwide.
  • During the summit, 2016 Best m-Government Service Awards presented. Karnataka’s Mobile One project the award in the One Stop App category at the international level.
  • Edge of Government report was released that captures leading edge case studies of government innovation across the world.


Obituaries –

Jnanpith awardee Poet O N V Kurup passed away


  • Jnanpith awardee and eminent Malayalam poet, lyricist and environmentalist O N V Kurup on Saturday passed away at a private hospital following a cardiac arrest.
  • He was 84 and is survived by wife, a son and daughter.
  • Kurup, who was ailing for some time, was admitted to a private hospital here two days ago and was on ventilator support.
  • He breathed his last at 4.49 PM, hospital sources said.
  • In addition to his valuable contributions to Malayalam literature, he is one of the leading lyricists in Malayalam film, drama and album industry.
  • He was part of many dramas by Kerala People’s Arts Club (KPAC), which has made a major mark in the revolutionary movements of Kerala.
  • “Kalam Marunnu” (1956) was his first film which was also the first film by famous Malayalam composer G Devarajan.





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