Hello and welcome to exampundit . Here are the Important Current Affairs of 24th and 25th July, 2016. These are important for the upcoming UBI PO PGDBF and RBI Grade B 2016 Exams.
RBI fines BoB, PNB, HDFC Bank for regulatory lapses
- The RBI has imposed penalties of Rs 5 crore and Rs 3 crore on PSU lenders Bank of Baroda and Punjab National Bank, respectively and also fined private sector HDFC Bank Rs 2 crore for lapses in adhering to anti-money laundering guidelines.
- "The RBI has imposed a penalty of Rs 50 million on Bank of Baroda (BoB)... Pursuant to the internal audit of the Bank of Baroda, the Reserve Bank of India and investigative agencies in October 2015 were advised by the Bank of certain irregularities observed," BoB said in a BSE filing.
- The public sector lender further said the Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms in respect of certain "anti-money laundering (AML) provisions such as monitoring of transactions, timely reporting to Financial Intelligence Unit (FIU) and assigning of Unique Customer Identification Code (UCIC) to customers".
- BoB said it has implemented a comprehensive corrective action plan to strengthen internal control and ensure that such incidents do not recur.
- Punjab National Bank (PNB) also informed the BSE that the RBI has imposed an aggregate penalty of Rs 3 crore on it.
- "Though the amount of penalty is not material to the size of the Bank, reporting is done in terms of SEBI (LODR) Regulations 2015," PNB said.
Tata AIG launches travel insurance for Axis Bank customers
- Tata AIG General Insurance has launched an integrated travel product, for all Axis Bank customers through the bank’s one stop solution called ‘Happy Holidays Package’.
- The package allows Axis Bank customers, who are travelling abroad to buy Tata AIG travel insurance policy instantly and in a seamless manner from the bank’s mobile application.
- The ‘Happy Holidays Package’ offers multiple travel benefits to globetrotters such as a Multi-Currency Forex Card, that can be loaded with up to 16 currencies; travel insurance policy, tailor-made Travel Insurance plans; TripAssist Services – an emergency assistance service; Free International Calling Cards, and discounts at restaurants in overseas locations.
India’s first Water Metro launched in Kochi
- Pinarayi Vijayan, Chief Minister of Kerala, on 23 July 2016 launched Kochi Water Metro project in Kochi, Kerala. It is the first ever Water Metro project in the country.
- German Development Bank, Kreditanstalt für Wiederaufbau (KfW) is funding 85 million euro for the project. The German bank has inked an agreement with the Kochi Metro Rail Limited for the project worth 747 crore rupees.
- The Water Metro will link various islands to the mainland.
- The metro network through inland waterways will provide last-mile connectivity to islanders and leisure travel to visitors.
- The Water Metro will provide Kochi with 78 modern boats.
Madhav Chitale committee constituted to prepare Guidelines for Desiltation of River Ganga
- Union Ministry of Water Resources, River Development and Ganga Rejuvenation on 22 July 2016 constituted a committee to prepare guidelines for desiltation of river Ganga.
- Madhav Chitale, an Expert Member of National Ganga River Basin Authority (NGRBA) has been appointed as Chairman of the committee. The tenure of the committee would be for a period of three months.
- It will provide guidelines for desiltation of river Ganga from Bhimgauda (Uttarakhand) to Farakka (West Bengal).
- It will establish difference between desilting and sand mining in the river.
CSIR-CMERI develops Solar Power Tree for generation of electricity
- Dr Harsh Vardhan, Union Minister for Science and Technology and Earth Sciences, on 22 July 2016 launched the Solar Power Tree in New Delhi.
- The Solar Power Tree has been developed by the CSIR-Central Mechanical Engineering Research Institute (CSIR-CMERI), a constituent laboratory of Council of Scientific and Industrial Research (CSIR).
- The product harnesses solar energy for producing electricity with an innovative vertical arrangement of solar cells. Therefore, it reduces the requirement of land as compared to conventional Solar Photovoltaic layout.
- As a future prospect, the Solar Power Tree will be developed in a rotatable module, which will have a motorized mechanism to align itself with the movement of the Sun during the day.
- It takes only 4 square feet of land for a 5 KW Solar Power tree. On the other hand, a conventional layout requires 400 square feet of land.
- By holding the photovoltaic panels at a higher height, it gets more sunrays for one hour in a day on an average. As a result, it is possible to harness 10-15% more power in comparison to a conventional layout on ground.
Scientists decide to launch field trials of oil-degrading bacteria in Kochi
- The Malabar Botanical Garden and Institute of Plant Sciences, Kozhikode, and Bharat Petroleum Corporation Limited (BPCL) in July 2016 joined hands to launch field trials of oil-degrading bacteria in Kochi.
- The scientists will undertake the trail to establish the oil-degrading properties of three new strains of bacteria.
- The oil-degrading properties of these bacteria will pave the way for the development of bioremediation agents to clean up petroleum pollutants from the environment.
Brahmaputra Valley Film Festival 2016 begins in Guwahati
- The fourth edition of the Brahmaputra Valley Film Festival commenced on 22 July 2016 in Guwahati, Assam.
- The festival pays homage to the rich culture of northeast India and is dedicated to the film fraternity of the region.
L&T Finance promotes Dinanath Dubhashi as Managing Director
- L&T Finance Holdings has promoted Dinanath Dubhashi as managing director with effect from July 22 while CMD Y M Deosthalee will continue to serve as its chairman.
- The board of directors of the company at its meeting held on July 22, appointed Dinanath Dubhashi, deputy managing director as the manging director of the company and said that Deosthalee, would continue to serve as the chairman of the company, L&T Finance said in a regulatory filing.
- The company has sought shareholders' approval for the appointment of Dubhashi as Managing Director and Amit Chandra as a nominee director of the company, it said.
Neeraj Chopra becomes first Indian to win gold in World Athletics championships
- Neeraj Chopra, the javelin thrower from India, on 23 July 2016 won gold in the IAAF World Under-20 Championships in Bydgoszcz, Poland. With this, Neeraj, 18, managed to set a new world record (U-20) of 86.48m.
- His 86.48m effort also helped India in bringing its first world record as well as the country’s first-ever gold in any World athletics championships.
- South African Johan Grobler with 80.59m took the silver and Anderson Peters with 79.65m of Granada the bronze.
Feliciano Lopez wins 2016 Swiss Open Gstaad
- Top-seeded Feliciano Lopez of Spain on 24 July 2016 defeated Robin Haase of the Netherlands 6-4, 7-5 to win the 2016 Swiss Open Gstaad.
- It is Lopez’s first title on clay and his fifth overall.
Wrestler Narsingh Yadav fails Dope Test
- Narsingh Yadav, the Indian wrestler qualifier for Rio Olympics, in July 2016 failed a dope test. He was tested positive for a banned substance steroid in an out-of-competition test conducted by the National Anti-Doping Agency (NADA).
- In the samples collected at the National camp in Sonepat, he was tested positive for the methandienone — a banned anabolic steroid.
- A former Commonwealth Games gold-medallist qualified for the Rio Olympics in the 74kg freestyle category ahead of the two-time Olympic medalist Sushil Kumar.
Nepal Prime Minister KP Oli resigns ahead of a no-confidence vote
- Nepal's Prime Minister, Khadga Prasad Oli, on 24 July 2016 resigned from his office. He resigned ahead of a no-confidence vote.
- Oli’s resignation, who was heading Nepal’s eighth government in past 10 years, threw the nation into a fresh political turmoil.
- Oli, 64, who became prime minister of Nepal in October 2015, has been facing a no-trust motion after the Maoists withdrew support from the coalition government.
Annual electronic music festival Tomorrowland begins in Belgium
- One of the biggest electronic music festivals Tomorrowland began on 22 July 2016 in Boom, Belgium.
- The year 2016 also marks Tomorrowland 10th edition.
- More than 350000 tickets for the festival were sold out in an hour of their opening in February 2016.
Awards & Honors –
A Kanyakumari becomes first woman violinist to receive Sangita Kalanidhi Award
- The Madras Music Academy on 24 July 2016 announced that it has chosen versatile violinist A. Kanyakumari for its coveted Sangita Kalanidhi Award for the year 2016.
- Kanyakumari was unanimously named for the award by the Executive Committee of the Academy.
- The violinist is the first woman violinist to get the award in the history of the Music Academy. She will preside over the 90th annual conference of the Academy to be held between 15 December 2016 and 1 January 2017.