Hello and welcome to exampundit. Here are the important Current Affairs of 10th June, 2016. These are important for the upcoming SBI PO & SBI Clerk Mains 2016 Exams.
SBI, CaixaBank ink pact to fund Indo-Spanish joint ventures
- State Bank of India (SBI) and Spain's CaixaBank have inked pact to provide loans to Indo-Spanish joint ventures and local enterprises here.
- SBI and CaixaBank have signed a memorandum of agreement to enhance business synergies.
- According to the agreement, they will expand banks' guarantee transaction businesses by jointly providing credit to Indian-Spanish joint ventures and Indian local enterprises, SBI said in a statement.
- The banks will collaborate in areas of mutual interest such as syndicated loan business, guarantee transactions, trade finance and export credit agency finance, infrastructure finance and networking services, among others.
- Through this agreement, both SBI and CaixaBank will gain direct access to their respective markets of operation, said the release.
RBI cancels registration of three NBFCs
- Reserve Bank has cancelled registration of three NBFCs including Escorts Finance and Express Trading & Securities.
- The apex bank has also terminated the registration certificate of Jayant Security and Finance.
- However, the RBI did not cite any reason behind the cancellation of registrations.
- Earlier this month, Escorts Finance had informed the BSE that the RBI had deregistered it.
- At times, companies themselves surrender their licences due to various reasons following which the RBI cancels their registration.
Star Health ties up with Bank of India for bancassurance
- Star Health Insurance and Bank of India entered into a corporate agency agreement to market the insurer's products across the bank's branches in the entire country. This tie-up will enable Star Health to leverage Bank of India's network of all branches and huge customer base across the country.
- Dr S Prakash, Senior Executive Director, Star Health and Allied Insurance, said that the bancassurance channel has the potential to reach out to untapped sections of the market, which is the need of the hour.
- With the alignment of our brands, people and processes, we hope to create huge value for all our customers on a long term basis. Star Health has collected premium of Rs 2,007 crore in the last financial year 2015-2016.
India signs Europe-led clampdown on tax evasion and corruption
- India on 8 June 2016 signed a Europe-led scheme that seeks to clampdown on tax evasion and corruption by committing to automatically exchange information on beneficial ownership.
- With this, Indian joined a group of nearly 40 nations that are signatories of a scheme.
- Under the scheme, the signatories commits to the initiative to automatically exchange information on beneficial ownership. The next stage will be for the development of a global standard for this exchange.
- The scheme was announced in April 2015 by Britain, France, Germany, Italy and Spain.
- The signatories to the scheme will have to provide one another free access to information on who ultimately owns companies.
- Besides India, some of the other countries outside Europe on the list include Afghanistan, Nigeria, Mexico and the UAE. Most European countries except Switzerland are part of this automatic exchange mechanism.
NIIF, Qatar Investment Authority signed MoU to facilitate investment in Indian infrastructure sector
- The National Investment and Infrastructure Fund (NIIF) Ltd. on 5 June 2016 signed a MoU with the Qatar Investment Authority (QIA) to facilitate investment in Indian infrastructure sector.
- The Memorandum of Understanding was signed in Doha during the Prime Minister Narendra Modi’s visit to Qatar.
Features of the MoU
- Its objective is to facilitate QIA to study investment opportunities in the infrastructure sector in India.
- The QIA will develop a framework for exchange of information with regard to such investments opportunities, in order to enable both sides to decide on joint investments.
- The MoU will remain in effect for 12 months during which period, both parties will discuss and agree on the terms, principles, criteria for such investments.
NRDC inks MoA with Andhra Pradesh government to establish smart agribusiness platform networks
- National Research Development Corporation (NRDC) on 9 June 2016 inked a Memorandum of Agreement (MoA) with the AP Food Processing Society of Andhra Pradesh Government to establish Smart Agribusiness Platform Networks of Andhra Pradesh (SAPNAP).
- These networks will strengthen the agribusiness and food processing sector by focusing on creation of enabling ecosystem for accelerated growth of agribusiness by involving all the stakeholders.
- Smart Agribusiness Platform Networks of Andhra Pradesh (SAPNAP)
- It is an initiative to increase food production and food processing units under AP Food Processing Policy 2015-20.
It will have two key development platforms, they are:
(i) Smart Agribusiness Value-chains:
These chains focus on intelligence, analytics, big data, innovations and partnerships.
Farm-to-Fork value chains will be mapped and developed for existing and potential crops, commodities and products
(ii) Smart Agribusiness Incubators and Accelerators:
These focuses on establishing 13 district level incubators which will enable infrastructure and ecosystem for start ups, enterprise development and FPO mentoring.
Abhinav Bindra chosen as India's flagbearer at Rio Olympics
- Olympic champion shooter Abhinav Bindra was on Friday chosen as the flagbearer of the Indian contingent at the Rio Games' opening ceremony on August 5.
- The Indian Olympic Association (IOA) confirmed that they have chosen the 2008 Beijing Olympic gold medallist as the country's flagbearer for the quadrennial extravaganza.
- Bindra will be making his fifth Olympic appearance this year.
- Alongside star boxer Vijender Singh, tennis legend Leander Paes and decorated grappler Sushil Kumar, Bindra's name was under consideration prior to the 2012 London Games too, before the IOA gave the honour to the double Olympic medallist wrestler.
3M India appoints Debarati Sen as new managing director
- 3M India, the Indian arm of US multinational conglomerate 3M Co., announced the appointment of Debarati Sen as managing director (MD) of 3M India Limited and 3M Lanka Pvt. Ltd. with effect from June 1, 2016.
- Debarati Sen takes over from Amit Laroya, who led the company for the past three years and is now moving to 3M Korea.
- 3M India is a publicly traded company on the Bombay Stock Exchange and National Stock Exchange with annual sales of Rs 2,103 crore in FY16.
G Kalyanakrishnan took over as Chief Executive of Nuclear Fuel Complex
- Distinguished scientist G Kalyanakrishnan on 8 June 2016 took over as Chief Executive of Nuclear Fuel Complex (NFC), Hyderabad.
- Kalyanakrishnan succeeds N Saibaba, who has retired on completion of two years of extended period of service.
- Kalyanakrishnan will also be the Chairman of the NFC Board.
Researchers in Assam developed two rice variants, Ranjit Sub-1 & Bahadur Sub-1, for submerged areas
- Researchers at Assam Agricultural University have developed two rice varieties, namely Ranjit Sub-1 and Bahadur Sub-1. These rice varieties were developed to get better yields under submerged conditions in state mainly Barak Valley.
- Most parts of the state including Barak valley is prone to periodical flash floods particularly during the monsoon season.
- These are ideally suited for such submerged areas in the khariff season.
- These new rice variants are improved forms of the Ranjit and Bahadur varieties which the farmers of the state have been using for years.