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Thursday, June 16, 2016

Current Affairs Update – 16th June, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 16th June, 2016. These are important for the upcoming SBI Clerk and SBI PO Mains 2016 Exams.


Current Affairs at a Glance – 16th June, 2016
  1. As a step to support start-ups in the financial technology (Fintech) space, country's largest lender State Bank of India has set up an Rs 200 crore fund.
  2. The Union Cabinet on 15 June 2016 approved the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016. It was introduced in the Lok Sabha on 11 May 2016.
  3. Ministry of Railways on 15 June 2016 launched two polices related to Parcel Leasing and Parcel Cargo Train Express. These policies were launched by Railway Minister Suresh Prabhu in a programme held in New Delhi.
  4. The Union Ministry of Human Resource Development (HRD) on 16 June 2016 launched the Vidyanjali Mobile App that can be used by anyone to register for volunteer work at government schools.
  5. The Government of Maharashtra on 15 June 2016 decided to use plastic waste, along with tar, to build roads.
  6. International Chamber of Commerce (ICC) on Thursday said it has elected founder and chairman of Bharti Enterprises, Sunil Bharti Mittal, as its chairman in a voting held in Sao Paolo, Brazil. He is the third Indian business leader to hold this position in ICC's near 100 years history.
  7. DBS Bank India in the second week of June 2016 has appointed Niraj Mittal as the Managing Director and Head of Institutional Banking for the country.
  8. The United Nations Entity for Gender Equality and the Empowerment of Women on 15 June 2016 appointed Anne Hathaway as global Goodwill Ambassador.
  9. Senior IAS officer Supriya Sahu on Thursday was been appointed as Doordarshan’s Director General, a post lying vacant for nearly two years.
  10. Canadian poet, novelist and environmental activist Margaret Atwood on 16 June 2016 was awarded the 2016 PEN Pinter Prize.

Finance/Banking –

SBI launches Rs 200 crore fund to invest in financial technology startups


  • As a step to support start-ups in the financial technology (Fintech) space, country's largest lender State Bank of India has set up an Rs 200 crore fund.
  • This fund with a corpus of Rs 200 crore will consider assistance of up to Rs 3 crore to an Indian registered company for promoting their business innovations using IT in India for banking and related technology, SBI Chairman Arundhati Bhattacharya said at a CII event here today. The fund is named as 'IT Innovation Start-up Fund'.
  • This move by SBI comes against the backdrop of a greater thrust from the Goverment of India on developing the start-up ecosystem. Investment in Fintech companies in India has touched $1.2 billion in 2015, compared to $145.1 million in the previous year.
  • Many multinational banks are also looking to invest in early-stage fintech start-ups in India, 4 and these trends are moving at a considerable pace, according to CII-PWC report on Fintech firms.


Union Cabinet approved Bill to fast track recovery of bad loans


  • The Union Cabinet on 15 June 2016 approved the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016. It was introduced in the Lok Sabha on 11 May 2016.
  • The bill seeks to improve ease of doing business and thereby, attract investments into the economy by fast tracking recovery of bad loans.

Primarily, the bill seeks to amend four existing legislations, namely, -
i. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002
ii. Recovery of Debts due to Banks and Financial Institutions (RDDBFI) Act, 1993
iii. Indian Stamp Act, 1899
iv. Depositories Act, 1996

Highlights of the Bill
  • Amendments to the SARFAESI Act, 2002:  The SARFAESI Act allows secured creditors to take possession over a collateral, against which a loan had been provided, upon a default in repayment.
  • This process is undertaken with the assistance of the District Magistrate, and does not require the intervention of courts or tribunals.
  • The Bill provides that this process will have to be completed within 30 days by the District Magistrate.
  • In addition, the Bill empowers the District Magistrate to assist banks in taking over the management of a company, in case the company is unable to repay loans.
  • This will be done in case the banks convert their outstanding debt into equity shares, and consequently hold a stake of 51 percent or more in the company.


Railway Ministry launched Liberalised Policies on Parcel Leasing and Parcel Cargo Train Express


  • Ministry of Railways on 15 June 2016 launched two polices related to Parcel Leasing and Parcel Cargo Train Express. These policies were launched by Railway Minister Suresh Prabhu in a programme held in New Delhi.
  • These policies were launched as part of Rail Budget announcement of the fiscal year 2016-17. It seeks to make the policy related to Parcel more liberalized and customer friendly.

Liberalised Comprehensive Parcel Leasing Policy (CPLP)
  • Duration of parcel leasing scheme has been increased from 3 years to 5 years with a view to bring stability and adequate time for business development.
  • To insulate parcel from budgetary hike it provides for (a) assured leased rates with fixed escalation @10% from 4th year; and (b) realistic assessment of bids.

Liberalised policy on Parcel Cargo Express Trains (PCET)
  • Duration of contract is being increased from 3 years to 6 years to give stability and adequate time for development of business.
  • To insulate parcel from budgetary hike it provides for (a) assured leased rates with fixed escalation @10% from 4th year; and (b) realistic assessment of bids.


India –

Union Government launches Vidyanjali Mobile App for volunteer work at government schools


  • The Union Ministry of Human Resource Development (HRD) on 16 June 2016 launched the Vidyanjali Mobile App  that can be used by anyone to register for volunteer work at government schools.
  • Vidyanjali initiative is in line with the Union HRD Ministry's ongoing efforts under Padhe Bharat Badhe Bharat.
  • Vidyanjali is being launched in pilot phase across 2200 schools in 21 states by HRD Minister.
  • Volunteers can easily register for Vidyanjali by logging on to the MyGov website or app @mygovindia.
  • Volunteers, however, cannot supplement the work of teachers by aiding them in the classroom as the Right to Education Act does not permit this sort of teaching.
  • They will only be allowed to help with non-scholastic activities such as reading and theatre.


Maharashtra Government decides to use plastic waste in building roads


  • The Government of Maharashtra on 15 June 2016 decided to use plastic waste, along with tar, to build roads.
  • The decision is aimed at improving the durability and longevity of asphalt roads and reducing soil pollution caused by plastic.
  • The directive was given in the light of guideline released by the Union Government in November 2015 to deal with the growing problem of disposal of plastic waste in India's urban areas.
  • The guidelines made it mandatory for road developers to use waste plastic along with bituminous mixes for road construction.
  • In the initial phase, municipal corporations with a population of over 5 lakh and municipal councils that have a population of over 2 lakh will execute the directive.
  • The responsible agencies will build roads in 50-km radius by mixing 3 to 6 kg of plastic for every 100 kg of tar used.


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Pan-India Ramayana & Krishna Circuit under Swadesh Darshan Scheme approved


  • 1st Meeting of National Committee on Ramayana Circuit & Krishna Circuit under Swadesh Darshan Scheme was held on 14 June 2016. The meeting was held under the chairmanship of Union Minister of Tourism & Culture Dr Mahesh Sharma.
  • During the meeting proposal to set up 11 Ramayana Circuits and 12 Krishna Circuits were approved.
  • The destinations for these two circuits were earlier approved by the expert committee.

Destinations under Ramayana Circuit
Under Ramayana Circuit, 11 destinations spread across 6 states are proposed. These are:
  • Ayodhya, Nandigram, Shringhverpur & Chitrakoot (Uttar Pradesh)
  • Sitamarhi, Buxar & Darbhanga (Bihar)
  • Jagdalpur (Chattisgarh)
  • Bhadrachalam (Telangana)
  • Hampi (Karnataka)
  • Rameshwaram (Tamil Nadu)
Expert committee also suggested including Chitrakoot (Madhya Pradesh), Nashik & Nagpur (Maharashtra) and Mahendragiri (Odisha) in the proposed circuit.

Destinations under Krishna Circuit
Under Krishna circuit, 12 destinations spread across 5 states are proposed. These are:
  • Dwarka (Gujarat)
  • Nathdwara, Jaipur & Sikar (Rajasthan)
  • Kurukshetra (Haryana)
  • Mathura, Vrindavan, Gokul, Barsana, Nandgaon & Govardhan (Uttar Pradesh)
  • Puri (Odisha)


Appointments –

Sunil Bharti Mittal elected as Chairman of International Chamber of Commerce


  • International Chamber of Commerce (ICC) on Thursday said it has elected founder and chairman of Bharti Enterprises, Sunil Bharti Mittal, as its chairman in a voting held in Sao Paolo, Brazil. He is the third Indian business leader to hold this position in ICC's near 100 years history.
  • Founded in 1919, ICC is the world's largest business organisation, which represents the private-sector's views to national governments and intergovernmental bodies around the world.
  • Sunil Bharti Mittal takes over from Terry McGraw, Chairman Emeritus of S&P Global, who will subsequently become ICC's Honorary Chairman.


DBS Bank appoints Niraj Mittal as institutional banking head


  • DBS Bank India in the second week of June 2016 has appointed Niraj Mittal as the Managing Director and Head of Institutional Banking for the country.
  • Mittal will report to Jeanette Wong, Group Executive and head of institutional banking group in Singapore, and Surojit Shome, CEO of DBS India.
  • Prior to DBS Bank, Mittal served as Managing Director and Head of institutional banking business (North India) at The Royal Bank of Scotland NV (RBS).


Hollywood actor Anne Hathaway appointed as UN Women Goodwill Ambassador


  • The United Nations Entity for Gender Equality and the Empowerment of Women on 15 June 2016 appointed Anne Hathaway as global Goodwill Ambassador.
  • The Academy Award-winning actor will advocate for the adoption and implementation of policies worldwide to bring change at both government and corporate levels.
  • Hathaway has previously served as an advocate for Nike Foundation. She travelled to Kenya and Ethiopia to raise awareness on child marriage.


Supriya Sahu appointed as Doordarshan DG


  • Senior IAS officer Supriya Sahu on Thursday was been appointed as Doordarshan’s Director General, a post lying vacant for nearly two years.
  • A 1991 batch IAS officer, Sahu is currently working in her cadre state Tamil Nadu.
  • The Appointments Committee of the Cabinet approved the proposal for appointment of Sahu as Director General, Doordarshan, an order issued by department of Personnel and Training said.


Awards & Honors –

Margaret Atwood awarded 2016 PEN Pinter Prize


  • Canadian poet, novelist and environmental activist Margaret Atwood on 16 June 2016 was awarded the 2016 PEN Pinter Prize.
  • Atwood will receive her award at a public event at the British Library on 13 October 2016.
  • Atwood was chosen by judges Vicky Featherstone, Zia Haider Rahman, Peter Stothard, Antonia Fraser and President of English PEN and Chair of Judges, Maureen Freely.


Obituaries –

American Literary Translator Gregory Rabassa dies

  • Gregory Rabassa, prominent literary translator, passed away on 14 June 2016 in Branford, Connecticut following a brief illness. He was 94.
  • Rabassa is known for his translations of several well-known Latin American writers, including Gabriel Garcia Marquez, Mario Vargas Llosa, Julio Cortazar, Octavio Paz, Clarice Lispector and Jorje Amado.






Regards



Team ExamPundit

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