Current Affairs Update – 3rd June, 2016

Hello and welcome to exampundit. Here are the Important Current Affairs of 3rd June, 2016. These are important for the upcoming SBI PO & SBI Clerk Mains Exams 2016.


Current Affairs at a Glance – 3rd June, 2016
  1. The Reserve Bank of India (RBI) has asked banks to “immediately put in place a cyber-security policy elucidating the strategy containing an appropriate approach to combat cyber threats given the level of complexity of business and acceptable levels of risk”.
  2. The World Bank has dropped the use of developing nation tag for India in its specialised reports and instead classifies it as a "lower-middle-income" economy in South Asia, a top official has said.
  3. HDFC ERGO General Insurance arm of mortgage lender HDFC has acquired L&T General Insurance for Rs 551 crore, the first such consolidation in India's crowded general insurance sector having 27 players.
  4. Online food ordering and delivery platform Swiggy has partnered mobile wallet Mobikwik to provide cashless payment option to its customers.
  5. The Cabinet Committee on Economic Affairs (CCEA) on 1 June 2016 gave its approval for a new broad gauge line between Mau Station of North Eastern Railway and Tarighat Terminal station of East Central Railway. The total length of this new broad gauge line will be 51 kilometers.
  6. India and Tunisia on 2 June 2016 signed Memorandum of Understanding (MoU) for co-operation in Information Technology and promotion of traditional handicrafts.
  7. India on 2 June 2016 announced its plan to double the investment in Clean Energy Research in next five years. At present, India is investing 72 million US dollars in Clean Energy Research and it seeks to double it to 145 million dollars.
  8. The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi on 1 June 2016 approved for Minimum Support Prices (MSPs) for Kharif Crops of 2016-17 season. The prices will come into effect from effective from 1 October 2016
  9. Union Home Secretary Rajiv Mehrishi and US Ambassador to India Richard Verma on Thursday signed a memorandum of understanding (MoU) for exchange of intelligence on terror on a real time basis that include biographic information of known and suspected terrorists .
  10. The United Nations Industrial Development Organisation (UNIDO) and the Ministry of New and Renewable Energy (MNRE) tied up to sensitise industries about the use of solar thermal technologies in heating and cooling applications.
  11. The Telecom Regulatory Authority of India (TRAI) on 1 June 2016 launched DND Services Mobile Application for telecom subscribers to register their complaints against pesky calls and SMSes.
  12. Madhya Pradesh government and Tata Trusts have signed an agreement on implementing interventions in healthcare areas like nutrition, mental health and cancer care in the state.
  13. Nita Ambani, founder-chairperson of Reliance Foundation, has been nominated as an independent candidate to be a member of the International Olympic Committee (IOC) based out of Lausanne in Switzerland, it was announced on Friday. Nita Ambani will be the first woman and the third individual to become a member of the IOC.
  14. Raghavan Seetharaman, Qatar-based Indian banker, on 30 May 2016 was awarded the Green Economy Visionary award.



Finance/Economy/Banking –

Reserve Bank asks lenders to implement cyber security policy


  • The Reserve Bank of India (RBI) has asked banks to “immediately put in place a cyber-security policy elucidating the strategy containing an appropriate approach to combat cyber threats given the level of complexity of business and acceptable levels of risk”.
  • In order to address the need for the entire bank to contribute to a cyber-safe environment, the cyber security policy should be distinct and separate from the broader IT policy or IS security policy so that it can highlight the risks from cyber threats and the measures to address and mitigate these risks, the RBI said in a notification to banks.
  • According to the RBI, the size, systems, technological complexity, digital products, stakeholders and threat perception vary from bank to bank and hence it is important to identify the inherent risks and the controls in place to adopt appropriate cyber-security framework.


India now a 'lower-middle-income' economy for World Bank


  • The World Bank has dropped the use of developing nation tag for India in its specialised reports and instead classifies it as a "lower-middle-income" economy in South Asia, a top official has said.
  • Accordingly, while India will be referred to as a lower-middle-income economy in all of World Bank's analytical reports, it may be referred to as a developing country only in some of the generic communications.
  • The decision to stop using the term developing countries, the World Bank specialist said, has been taken in view of the word having no universal definition, causing countries like Malaysia and Malawi to be come under the same category earlier.
  • As per the classification, Afghanistan, Bangladesh and Nepal are low-income economies, Pakistan and Sri Lanka fall under lower-middle-income, Brazil, South Africa and China under upper middle income, Russia and Singapore under high-income-Non-OECD and the US under high income-OECD.


HDFC Ergo buys L&T General Insurance for Rs 551 cr


  • HDFC ERGO General Insurance arm of mortgage lender HDFC has acquired L&T General Insurance for Rs 551 crore, the first such consolidation in India's crowded general insurance sector having 27 players.
  • L&T General Insurance reported gross earned premium (GEP) of Rs 483 crore for the last financial year which puts the deal value at 1.14 times of the GEP.
  • L&T General Insurance is a wholly owned subsidiary of infrastructure and engineering major Larsen & Toubro (L&T). The move marks an exit from the insurance business for the infrastructure behemoth.
  • The company received licence to operate general insurance in 2010 and it has not been able to break even since then. It reported Rs 102 crore loss for financial year 2015-16.
  • L&T had invested Rs 705 crore by way of share capital in L&T General Insurance, and the sale means that it is exiting the business at a loss of Rs 154 crore on its  investment.


Swiggy, Mobikwik tie-up for digital payments


  • Online food ordering and delivery platform Swiggy has partnered mobile wallet Mobikwik to provide cashless payment option to its customers.
  • In addition to existing payment options of credit/debit cards, net banking and cash on delivery, the company now offers its users the added convenience of paying for their orders through Mobikwik, Swiggy said in a statement.
  • The company however did not provide the financial details of the tie-up.


Cabinet Committee on Economic Affairs approves Mau-Tarighat Railway line project


  • The Cabinet Committee on Economic Affairs (CCEA) on 1 June 2016 gave its approval for a new broad gauge line between Mau Station of North Eastern Railway and Tarighat Terminal station of East Central Railway.
  • The total length of this new broad gauge line will be 51 kilometers.
  • The estimated cost of the project is 1765.92 crore and expected completion cost is 2109.07 crore rupees with 5 percent escalation per annum.
  • It is estimated that the project will be completed in the next six years during 12th and 13th Plan period.

Key highlights of the project
  • This project will provide alternative, shorter convenient and better transport infrastructure to the area separated by River Ganga.
  • It will ultimately remove the transport difficulties in the area and to boost the socio economic development.
  • The catchment area of project line will serve passenger requirement and will facilitate the people of the area for travelling to different parts of the country.
  • It will provide an alternative route connecting Northern and East Central railway via NE Railway.


India, Tunisia sign MoUs for co-operation in IT, handicrafts sector


  • India and Tunisia on 2 June 2016 signed Memorandum of Understanding (MoU) for co-operation in Information Technology and promotion of traditional handicrafts.
  • The MoUs were signed after the delegation level talks between the two countries in the presence of Vice President Mohammad Hamid Ansari and Tunisian Prime Minister Habib Essid in Tunis.
  • After the meet, the two nations also released a joint press statement saying that the entire gamut of bilateral as well global issues was discussed. The two sides had discussion on bilateral ties focused on economic partnership and adding new areas of collaboration in IT and education.
  • The two sides also decided to enhance co-operation in counter terrorism.


India announces to Double Investment in Clean Energy Research in next five years

  • India on 2 June 2016 announced its plan to double the investment in Clean Energy Research in next five years. At present, India is investing 72 million US dollars in Clean Energy Research and it seeks to double it to 145 million dollars.
  • This announcement was made by the Union Minister for Science & Technology and Earth Sciences Dr Harsh Vardhan who led the Indian delegation at the 7th Clean Energy Ministerial (CEM7) and the inaugural Mission Innovation (MI) Meet.
  • The CEM7 and MI meet was held at San Francisco, the US from 1 and 2 June 2016.


CCEA approved Minimum Support Prices for Kharif Crops for 2016-17 Season


  • The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi on 1 June 2016 approved for Minimum Support Prices (MSPs) for Kharif Crops of 2016-17 season.
  • The prices will come into effect from effective from 1 October 2016.  The higher MSPs would increase investment and production through assured remunerative prices to farmers.
  • The approved MSP is based on recommendations of Commission for Agricultural Costs and Prices (CACP) which takes into account the cost of production, overall demand-supply among others.
  • Above the recommendations of the CACP, the CCEA decided to give a bonus of 425 rupees per quintal for Kharif pulses like Arhar (Tur), Urad and Moong, a bonus of 200 rupees per quintal for Sesamum and a bonus of 100 rupees per quintal for kharif oilseeds like Groundnut-in-shell, Sunflowerseed, Soyabean, and Nigerseed.
  • This is expected to give a strong price signal to farmers to increase acreage and invest for increase in productivity of pulses and oilseeds.


Ministry, UNIDO tie up to create awareness on use of solar thermal tech


  • The United Nations Industrial Development Organisation (UNIDO) and the Ministry of New and Renewable Energy (MNRE) are on a mission to sensitise industries about the use of solar thermal technologies in heating and cooling applications.
  • Highlighting the benefits of using such technology in industries, particularly in terms of reducing carbon emissions, MNRE Director R P Goswami said the ministry extends support of up to 30 per cent of the total cost of solar thermal projects.
  • The workshop, the sixth in the series in the last two months, was organised by the CII, Coimbatore, in association with TEDA, UNIDO and MNRE.
  • The organisers chose to conduct the workshop at Coimbatore in Tamil Nadu considering that it is a major industrial hub.

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India –

India, US ink MoU for exchange of information on terror


  • Union Home Secretary Rajiv Mehrishi and US Ambassador to India Richard Verma on Thursday signed a memorandum of understanding (MoU) for exchange of intelligence on terror on a real time basis that include biographic information of known and suspected terrorists .
  • According to this pact, India and the US will provide each other access to terrorism screening information through the designated contact points, subject to domestic laws and regulations, an official spokesperson said. The agreement would enhance the counter terrorism cooperation between India and the US.
  • Terrorist Screening Center (TSC) is a multi-agency organisation administered by FBI which consolidates several terrorist watch lists maintained by different US government agencies into single terrorist database on terror suspects. The database includes the names of the terror suspects, nationality, date of birth, photos, finger prints (if any) and passport number.


TRAI launches DND Services Mobile Application to register complaints against pesky calls, SMSes


  • The Telecom Regulatory Authority of India (TRAI) on 1 June 2016 launched DND Services Mobile Application for telecom subscribers to register their complaints against pesky calls and SMSes.
  • The new mobile application will help people in easily registering complaints and help the authority in monitoring such activities.
  • The DND services mobile application is an easy alternative for filing pesky calls and SMS complaints.
  • Earlier, subscribers had option of filing complaint by forwarding SMS to 1909 which they received from telemarketers and mention mobile number from which they have received it along with date of receiving.

Key highlights of the application
  • The application is available on Android and will be soon launched for Apple iOS.
  • It will ease filing of complaints and also help us in monitoring action taken by telecom operators on complaints.
  • The mobile app will show SMS in a list form and mobile numbers from the source.


Tata Trusts inks MoU with MP government to boost health indicators


  • Madhya Pradesh government and Tata Trusts have signed an agreement on implementing interventions in healthcare areas like nutrition, mental health and cancer care in the state.
  • This partnership has a focus on high-priority districts of Madhya Pradesh and the aim is to improve the health indicators in these districts in areas of cancer, mental health and nutrition. We hope that the partnership with Tata Trusts will improve the health outcomes of the state considerably.
  • Tata Trusts will set up these initiatives along with strategic and technical advisory support.
  • It will also work with the government in overseeing successful execution of the identified programmes.


Appointments –

Nita Ambani becomes the first Indian woman to be nominated as a member by the IOC


  • Nita Ambani, founder-chairperson of Reliance Foundation, has been nominated as an independent candidate to be a member of the International Olympic Committee (IOC) based out of Lausanne in Switzerland, it was announced on Friday.
  • The election for membership, which officials say is a mere formality, is scheduled at the 129th IOC Session at Rio de Janeiro between Aug 2 and Aug 4. As per the new selection process, Ambani, when elected, will continue to serve as a member of the IOC until she reaches 70 years of age.
  • The list also includes Anant Singh of South Africa, a film producer who was raised in the country's apartheid era and wrote a book on late President Nelson Mandela -- "Long Walk to Freedom". He also produced "Yesterday" that was South Africa's first Oscar nominated movie.
  • Among Indians, Ambani will be the first woman and the third individual to become a member of the IOC after the late Sir Dorabji Tata and Raja Randhir Singh, who is currently an honorary member of the IOC.


Hero appoints Malo Le Masson as global product planning head


  • Hero MotoCorp Ltd (HMCL), the world’s largest two-wheeler manufacturer, yesterday augmented its senior leadership team with the appointment of Malo Le Masson as the head of global product planning.
  • Malo, formerly with Infiniti Premium Car Brand (Nissan Motor Company), will spearhead Hero’s entire product planning for its global markets, including the domestic market in India. The appointment of Malo, close on the heels of Hero MotoCorp making its centre of innovation and technology (CIT) in Jaipur operational, significantly ramps-up its newly-created function of global product planning.
  • The current product strategy team at Hero has been merged with the new entity to create a global product planning function.


Awards & Honors –

Indian banker Raghavan Seetharaman awarded Green Economy Visionary Award


  • Raghavan Seetharaman, Qatar-based Indian banker, on 30 May 2016 was awarded the Green Economy Visionary award.
  • Seetharaman was honoured for his contribution in environment-friendly activities and for promoting green economy for nearly two decades.
  • The banker was presented with the award at the 2016 Union of Arab Banks International Banking Summit held in Rome. Mohammed Jarrah Al-Sabah, Chairman of Union of Arab Banks, presented the award to Seetharaman.


Obituaries –

Tamil actor-director Balu Anand died

  • Famous Tamil actor and director Balu Anand passed away on 3 June 2016 following a cardiac arrest in Coimbataore. He was 62.
  • Anand acted in around 100 films and directed a few Tamil movies.
  • The actor-director is known for movies Anbe Sivam, Annanagar First street, Unakkaga Ellam Unakkaga, Rajadhi Raja, and Raja Kulothunga.
  • Anand has also appeared in several films like Pistha, Anna Nagar Mudhal Theru among others.




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