Current Affairs Update – 14th June, 2016

Hello and welcome to exampundit. Here are the important Current Affairs of 14th June, 2016. These are important for the upcoming SBI PO and SBI Clerk Mains 2016 Exams.

Current Affairs at a Glance – 14th June, 2016
  1. The Reserve Bank of India (RBI) on 13 June 2016 issued the guidelines on the Scheme for Sustainable Structuring of Stressed Assets. The guidelines were issued with an aim to further strengthen the lenders’ ability to deal with stressed assets and to put real assets back on track.
  2. Singapore Telecommunications (Singtel) and Bharti Airtel have joined hands to deliver high-speed, secure data network coverage to Asia-Pacific, West Asia, Africa, Europe and the US.
  3. India recorded a decadal low in combined public-private investments in 2015, in line with a contraction seen in other emerging economies such as China and Brazil, the World Bank has said.
  4. India and Ghana on 13 June 2016 signed three bilateral agreements to strengthen co-operation in varied fields. The agreements were signed during the first ever visit of President Pranab Mukherjee to Ghana, a nation on West Africa’s Gulf of Guinea.
  5. Ranu Langthasa was unanimously appointed as the chairperson of the North Cachar Hills Autonomous Council (NCHAC) in Assam on 13 June 2016. With this, she also became the first women chairperson to be appointed to the post since the formation of Autonomous Council in 1950s.
  6. Xerox Corp said on Tuesday Ashok Vemuri will become the chief executive of its business process outsourcing unit after the company splits into two publicly traded entities.
  7. Justice Rakesh Ranjan Prasad, the senior-most Judge of the Manipur High Court on 13 June 2016 assumed charge of the Chief Justice of the High Court.
  8. UEFA, the European football's governing body, has ordered 'suspended disqualification' to Russia following crowd disturbances and racist behaviour by fans during the country's 1-1 draw in the opening match of the European Championship against England.
  9. The U.N. General Assembly elected Israel to chair one of its six major committees for the first time on Monday, a decision denounced by the Palestinians and Arab nations.


Finance/Banking –

RBI introduces Scheme for Sustainable Structuring of Stressed Assets


  • The Reserve Bank of India (RBI) on 13 June 2016 issued the guidelines on  the Scheme for Sustainable Structuring of Stressed Assets.
  • The guidelines were issued with an aim to further strengthen the lenders’ ability to deal with stressed assets and to put real assets back on track.

Highlights of the Scheme
  • RBI formulated the Scheme for Sustainable Structuring of Stressed Assets (S4A) as an optional framework for the resolution of large stressed accounts.
  • The S4A envisages determination of the sustainable debt level for a stressed borrower.
  • It also envisages bifurcation of the outstanding debt into sustainable debt and equity/quasi-equity instruments which are expected to provide upside to the lenders when the borrower turns around.
  • In order to make sure that that the entire exercise is carried out in a transparent and prudent manner, S4A envisages that the resolution plan will be prepared by credible professional agencies.
  • An Overseeing Committee, set up by the Indian Banks Association, comprising of eminent experts will independently review the processes involved in preparation of the resolution plan for reasonableness and adherence to the provisions of these guidelines.
  • The scheme is applicable to those projects that have started commercial operations and have outstanding loan of over 500 crore rupees.


Bharti Airtel and Singtel partner to create unified global network


  • Singapore Telecommunications (Singtel) and Bharti Airtel have joined hands to deliver high-speed, secure data network coverage to Asia-Pacific, West Asia, Africa, Europe and the US.
  • Both have combined their resources into one network to provide high speed data connectivity to 325 cities across the world through 370 Points of Presence (PoP). This will form one of the largest Internet Protocol Virtual Private Networks (IP VPN) globally.
  • Together, Singtel's 200 PoPs in 160 cities around the world and Airtel's 170 plus PoPs in 165 cities across India, Africa and West Asia, will form a new network that offers a connectivity backbone to enterprises, which spans several continents: Asia, Europe, Africa and North America.


India's investments at 10-year low in 2015: World Bank


  • India recorded a decadal low in combined public-private investments in 2015, in line with a contraction seen in other emerging economies such as China and Brazil, the World Bank has said.
  • "India recorded a 10-year low in investments, as only six road projects, usually a rich source of PPI over the past 10 years, reached financial closure," the World Bank said in its latest annual report - Private Participation in Infrastructure Database - released here on Monday.
  • The report said global investment in 2015 decreased to $111.6 billion, going below the five-year average of $124.1 billion from 2010 to 2014.
  • "This contraction resulted from lower investments in Brazil, China and India," the World Bank said, adding that global private infrastructure investment in 2015, though on par with the previous year, was 10% lower than the previous five-year average because of falling commitments in China, Brazil, and India.


India –

India, Ghana sign three agreements to strengthen co-operation in varied fields


  • India and Ghana on 13 June 2016 signed three bilateral agreements to strengthen co-operation in varied fields. The agreements were signed during the first ever visit of President Pranab Mukherjee to Ghana, a nation on West Africa’s Gulf of Guinea.

Highlights of the agreements
  • The three agreements signed with Ghana included one for visa waivers for holders of diplomatic and official passports and one for setting up a Joint Commission.
  • The commission will periodically review various aspects of the multi-dimensional relationship between the two countries. A mutually convenient date for its first meeting will be decided later.
  • The third agreement was for collaboration in diplomatic training between the Indian Foreign Service Institute and a Ghanaian institute of the same standing.

India- Ghana Relations
  • India is the largest foreign investor in Ghana today, with more than 700 projects. More than 222 of these projects are in the manufacturing sector.
  • Bilateral trade between India and Ghana has increased to 1.2 billion US dollars from 538 million US dollars in 2010.


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Appointments –

Ranu Langthasa appointed as first woman chairperson of NCHAC in Assam


  • Ranu Langthasa was unanimously appointed as the chairperson of the North Cachar Hills Autonomous Council (NCHAC) in Assam on 13 June 2016.
  • With this, she also became the first women chairperson to be appointed to the post since the formation of Autonomous Council in 1950s.
  • The NC Hills Autonomous Council can be described as a state in miniature having all the paraphernalia of a Government like Legislative, Executive and Judiciary.
  • On the 29 April 1952, the Dima Hasao District Council came into being as an autonomous body under the provision of the Sixth Schedule of the Constitution of India.


Xerox names Ashok Vemuri as CEO of post-split BPO business


  • Xerox Corp said on Tuesday Ashok Vemuri will become the chief executive of its business process outsourcing unit after the company splits into two publicly traded entities.
  • Vemuri, who previously headed IT services provider IGATE Corp from September 2013 to October 2015, will join Xerox effective July1.
  • While at IGATE, Vemuri led the company's sale to French rival Cap Gemini SA for $4 billion. He has previously worked at Infosys Ltd in various roles for 14 years.


Justice Rakesh Ranjan Prasad takes charge of Chief Justice of Manipur HC


  • Justice Rakesh Ranjan Prasad, the senior-most Judge of the Manipur High Court on 13 June 2016 assumed charge of the Chief Justice of the High Court.
  • He succeeded Justice Laxmi Kanta Mohapatra who relinquished the office on 9 June 2016.
  • Earlier on 9 February 2016, Justice Prasad was transferred from Jharkhand High Court to Manipur High Court. He was transferred by President of India in exercise of the powers conferred by clause (1) of article 222 of the Constitution of India.
  • Clause (1) of Article 222 of the Constitution empowers the President to transfer a judge from one high court to other high court, which can be done after consultation with the Chief Justice of India.


Sports –

UEFA gives Russia 'suspended disqualification' from Euro 2016


  • UEFA, the European football's governing body, has ordered 'suspended disqualification' to Russia following crowd disturbances and racist behaviour by fans during the country's 1-1 draw in the opening match of the European Championship against England.
  • The UEFA has also slapped a fine of 150,000 Euros at the Russian Football Union.
  • Issuing a warning, UEFA said that Russia would be kicked out of the championship if its fans cause one more incident of stadium trouble during the tournament, Sport24 reported.
  • The European football's governing body also held Russia responsible for the Saturday's incident where the Russian fans forced their way through security barriers and went on to attack England supporters after the full time.


Indian men's 4x400m relay team breaks 18-year-old national record

  • The Indian men's 4x400m relay team on 12 June 2016 created a new national record, clocking 3:02.17 at the International Sprint and Relay Teams Cup at Erzurum, Turkey.
  • The team improved the previous record of 3:02.62 set at the 1998 Asian Games in Bangkok.
  • On the other hand, the Indian women's 4x400m relay team clocked 3:30.16 and jumped to world No 12 in the rankings. In the 2016 South Asian Games, the women's relay team finished the race with a timing of 3:35.44 to win the gold. They also recorded their fastest time of 3:29.08 in the 2016 IAAF World Championships which took place in Beijing.


Lewis Hamilton wins 2016 Canada Grand Prix of Formula 1

  • Mercedes racing driver Lewis Hamilton of Britain on 12 June 2016 won the Formula 1 Canada Grand Prix title.
  • To win the title, he overcame Ferrari driver Sebastian Vettel in the final race held in Montreal, Canada.
  • For Hamilton, the present win in Montreal was the fifth in his career and the second in a row. His previous titles were secured in 2007, 2010, 2012 and 2015.
  • In the 2016 season, it was the second title for him as he already secured the Monaco Grand Prix on 29 May 2016.


World –

UN Assembly elects Israel as committee chair for first time


  • The U.N. General Assembly elected Israel to chair one of its six major committees for the first time on Monday, a decision denounced by the Palestinians and Arab nations.
  • In the secret ballot election in the 193-member world body, Israel received 109 “yes” votes. Nobody voted against Israel but there were 23 abstentions, 14 invalid ballots, and 43 votes for other countries in the Western European and Others group which nominated Israel to chair the assembly committee dealing with legal issues.
  • The legal committee deals with U.N. activities related to international law and the Israeli Ambassador said one of his first tasks will be to advance the Comprehensive Convention on International Terrorism.
  • Israel, the United States and others have for years decried what they see as an entrenched bias in United Nations institutions against Israel and an obsession with the Palestinian issue at the expense of other crises around the globe. They point to numerous resolutions targeting Israel in the Geneva-based Human Rights Council and in the General Assembly.






Regards



Team ExamPundit

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