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Tuesday, July 26, 2016

Current Affairs Update – 26th July, 2016

Hello and welcome to exampundit . Here are the Important Current Affairs of 26th July, 2016. These are important for the upcoming UBI PO PGDBF and RBI Grade B Phase I Exams 2016.

Current Affairs at a Glance – 26th July, 2016
  1. State Bank of India (SBI) has launched an Instant Money Transfer (IMT) Payment System on its ATMs in India. IMT enables a payment up to Rs. 10000 to be made from any SBI bank account to a person using just his/her mobile number as the identifier. The recipient of this payment can withdraw funds instantly from an IMT-enabled ATM of SBI without using a debit card.
  2. Flipkart Ltd on 26 July 2016 acquired online fashion portal Jabong through its unit Myntra in a move to maintain its position as the market leader. However, the financial details of the deal were not revealed.
  3. The Central Government has approved an additional investment of Rs. 16,641 crore for affordable housing for construction of nearly 2.44 lakh houses for urban poor under Pradhan Mantri Awas Yojana (Urban).
  4. State Bank of India, country largest commercial bank entered into an MoU with Indian Oil Corporation (IOC) to engage IOC Kisan Seva Kendras (KSK) as Business Correspondents (BCs) of SBI. The MoU is an initiative as part of the financial inclusion programme of SBI.
  5. Gita Gopinath, a professor of International Studies and Economics at Harvard University and a resident of Weston, MA, has been appointed financial advisor to newly-elected Kerala Chief Minister Pinarayi Vijayan.
  6. The 114-km long Rameswaram-Manamadurai stretch of Southern Railway in Tamil Nadu on 24 July 2016 became India’s first Green Rail Corridor.
  7. The United Nations Department of Field Support (DFS) on 22 July 2016 announced that India provided 100000 US dollar for the Trust Fund in support of victims of sexual exploitation and abuse. With this, India has become the first country in the world to make a contribution to the Trust Fund.
  8. Second phase of the Feed the Future-India Triangular Training Programme was launched on 25 July 2016. The programme was launched in New Delhi by the Ministry of Agriculture and Farmers Welfare and the U.S Agency for International Development (USAID).
  9. Haryana Government on 25 July 2016 notified the "Freight Assistance Scheme" for the exporting Micro, Small and Medium Enterprises (MSMEs) located anywhere in the State.
  10. Noted archaeologist Buddha Rashmi Mani was on 25 July 2016 appointed as Director General of National Museum for three years or till attaining the age of 70 years.
  11. Sanjiv Puri was on 25 July 2016 appointed as the Chief Operating Officer of Kolkata-based ITC Ltd. with immediate effect.





Finance/Industry/Banking –

SBI launches Instant Money Transfer facility at ATMs


  • State Bank of India (SBI) has launched an Instant Money Transfer (IMT) Payment System on its ATMs in India.
  • IMT enables a payment up to Rs. 10000 to be made from any SBI bank account to a person using just his/her mobile number as the identifier. The recipient of this payment can withdraw funds instantly from an IMT-enabled ATM of SBI without using a debit card.
  • SBI said this facility will be more useful for the migrant population who are regularly sending the money to their native places. IMT will also eliminate the middle men who are charging commission for remittances.
  • IMT is a payment system launched in India by Empays Payment Systems. It enables a payment to be made to a mobile phone from a bank account. There is no requirement for the beneficiary to have a bank account. The receiver can obtain the funds immediately from any IMT-enabled ATM.


Flipkart acquires online fashion portal Jabong


  • Flipkart Ltd on 26 July 2016 acquired online fashion portal Jabong through its unit Myntra in a move to maintain its position as the market leader. However, the financial details of the deal were not revealed.
  • This acquisition will strengthen Flipkart Group's position in Fashion and Lifestyle segment to compete with Amazon Fashion in India.


Govt approves additional investment for houses for urban poor


  • The Central Government has approved an additional investment of Rs. 16,641 crore for affordable housing for construction of nearly 2.44 lakh houses for urban poor under Pradhan Mantri Awas Yojana (Urban).
  • In a statement, the Ministry of Housing and Urban Poverty Alleviation said that this was done during the first four months of this financial year and will benefit urban poor in 11 States.
  • The Central government will be providing assistance of Rs. 12,604 crore for construction of these houses. During the last financial year (2015-16), 6,83,724 houses were approved for the urban poor in 18 States with a total investment of Rs. 34,927 crore, the official statement added.


SBI signs MoU with Indian Oil Corporation to empower farmers


  • State Bank of India, country largest commercial bank entered into an MoU with Indian Oil Corporation (IOC) to engage IOC Kisan Seva Kendras (KSK) as Business Correspondents (BCs) of SBI. The MoU is an initiative as part of the financial inclusion programme of SBI.
  • IOC has set up 6,500 KSKs in rural and remote areas which provide access to various agricultural inputs like diesel, seeds, fertilizers, pesticides etc. to the farmers. The MoU with SBI will enable KSKs to make banking facilities available in the remotest parts of the country and also supplement their income by earning revenue on banking transactions.
  • SBI is the largest financial services provider with 62,341 Customer Service Points (CSP) in India which handles over 1 million transactions per day. The initiative will help farmers to avail the facilities of various products and services by SBI CSPs viz. Savings Account, Term Deposit, Recurring Deposit, Micro Credit, Remittances, Social Security Schemes, Aadhaar Seeding through KSKs.
  • The bank also facilitates farmers to buy agriculture inputs by using Rupay Debit Cards issued to them, thus eliminating the need to carry large amounts of cash.


India's first green rail corridor launched between Rameswaram and Manamadurai stretch


  • The 114-km long Rameswaram-Manamadurai stretch of Southern Railway in Tamil Nadu on 24 July 2016 became India’s first Green Rail Corridor.
  • This green corridor was inaugurated by of Southern Railway via videoconferencing from Chennai Central Station.
  • This corridor ensure zero toilet discharge on rail tracks.
  • Trains in the section are equipped with bio-toilets to ensure zero discharge of human waste on the rail tracks.


BSE signs MoU with Mauritius bourse

  • The BSE has entered into a Memorandum of Understanding (MoU) with the Stock Exchange of Mauritius (SEM) identifying broad areas for collaboration, which inter-alia include, investments, products, cyber security and various other initiatives.
  • The MOU was signed during India Mauritius Global Partnership Conference, organized by India Mauritius Trade and Cultural Friendship Forum for promotion of bilateral relations, it said.


Haryana notifies Freight Assistance Scheme for exporting MSMEs


  • Haryana Government on 25 July 2016 notified the "Freight Assistance Scheme" for the exporting Micro, Small and Medium Enterprises (MSMEs) located anywhere in the State.
  • It has given time till September 9 to submit the claim application on the web portal of the Industries and Commerce department for the financial year 2015-16.
  • The decision was taken in backdrop of the additional cost that is borne by the MSMEs exporting unit located in the state due to large distances from the sea ports. This distance results in making their products non-competitive in comparison to the exporting units located in the coastal area.
  • In order to enhance competitiveness of exporting units, this scheme would defray the transportation cost.


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India –

Second phase of the Feed the Future-India Triangular Training Programme launched


  • Second phase of the Feed the Future-India Triangular Training Programme was launched on 25 July 2016. The programme was launched in New Delhi by the Ministry of Agriculture and Farmers Welfare and the U.S Agency for International Development (USAID).
  • The programme will provide specialized agriculture training to 1500 agricultural professional across Africa and Asia.

  • Objectives of Training: To address human and institutional capacity gaps in food & nutritional security in select African and Asian countries.
Key Highlights of the Second Phase
  • Under this 32 Training programme of 15 day-duration will be conducted in India and 12 Training programs of 10 days duration will be conducted in selected African and Asian Countries during 2016-20.
  • The entire expenditure will be met by USAID and National Institute of Agricultural Extension Management (MANAGE), Hyderabad.
  • The training areas will be identified based on demand analysis conducted in participating countries.

The programme covers 17 countries and they are
a) In Asia: Afghanistan, Cambodia, Lao PDR, Myanmar, Mongolia, and Vietnam
b) In Africa: Kenya, Malawi, Liberia, Ghana, Uganda, Rwanda, Democratic Republic of Congo, Mozambique, Tanzania, Sudan, Botswana and Ethiopia
Earlier, a team of faculty of MANAGE visited Cambodia and Vietnam in Asia and Tanzania and Mozambique in Africa as part of Demand analysis.

Union Government plans to redraw Red Corridor

  • Union Government has decided to reduce the number of Maoist-affected districts by about a fifth.
  • As per reports, about 20 out of 106 districts described as being Maoist-affected and part of the Red Corridor may soon no longer be part of the list.
  • Dropping of these districts from the list will result in drying of the financial aid given to the districts. The aid was being provided to the tune of 30 crore rupees annually for various developmental work.

Highlights
  • The red corridor expands in 106 districts of 10 states of the country. The ten states are Bihar, Jharkhand, Andhra Pradesh, Maharashtra, Odisha, Telangana, West Bengal, Madhya Pradesh, Uttar Pradesh and Chhattisgarh.
  • These districts are described as those affected by Left Wing Extremism (LWE) and constitute the Red Corridor.


World –

India becomes first contributor to UN Trust Fund for sexual abuse victims


  • The United Nations Department of Field Support (DFS) on 22 July 2016 announced that India provided 100000 US dollar for the Trust Fund in support of victims of sexual exploitation and abuse.
  • With this, India has become the first country in the world to make a contribution to the Trust Fund.
  • The UN Secretariat had requested voluntary contributions to the Trust Fund when it was established.


Solar Impulse 2 completes first round-the-world journey


  • The first round-the-world solar powered flight by Solar Impulse 2 was completed on 26 July 2016 after the aircraft landed successfully in Abu Dhabi.
  • The plane has travelled 26744 miles since setting off from Abu Dhabi. The aircraft has racked up 558 hours of flight time.


Appointments –

Harvard Professor Gita Gopinath Appointed Financial Advisor to Kerala Chief Minister Pinarayi Vijayan


  • Gita Gopinath, a professor of International Studies and Economics at Harvard University and a resident of Weston, MA, has been appointed financial advisor to newly-elected Kerala Chief Minister Pinarayi Vijayan.
  • The 38-year-old professor who hails from Kannur, the home district of Chief Minister, told India Today that she looked forward to serving the state in her new role.
  • Gopinath also served as a member of the Eminent Persons Advisory Group on G-20 Matters for India’s Ministry of Finance. In 2011, she was chosen as a Young Global Leader by the World Economic Forum. Before coming to Harvard, she was an assistant professor of economics at the University of Chicago’s Graduate School of Business.


Buddha Rashmi Mani appointed as Director General of National Museum


  • Noted archaeologist Buddha Rashmi Mani was on 25 July 2016 appointed as Director General of National Museum for three years or till attaining the age of 70 years. His appointment was approved by Appointments Committee of Cabinet.
  • He had retired as Additional Director General of the Archaeological Survey of India (ASI) in 2015.


Sanjiv Puri appointed as Chief Operating Officer of ITC Ltd

  • Sanjiv Puri was on 25 July 2016 appointed as the Chief Operating Officer of Kolkata-based ITC Ltd. with immediate effect. He will be responsible for running day-to-day operations of the company as COO, a position created for the first time at ITC.
  • With this appointment, Puri has emerged the front-runner to succeed ITC Chairman YC Deveshwar, who will step down as Executive Chairman of ITC in February 2017. He will continue as Non-Executive Chairman for at least three years thereafter.


Lists –

TCS, Infosys in Forbes 'Super 50' list; Tata Motors, HUL dropped


  • Software majors TCS and Infosys, pharma giants Sun Pharma and Lupin and private sector lenders HDFC Bank and Axis Bank feature in Forbes India's Super 50 List this year, while biggies like Tata Motors and HUL have been dropped.
  • The list, in its second year, also features 14 newcomers, including Infosys, Maruti Suzuki, Bharat Forge, Alembic Pharma, Gillette India, HDFC Bank, Bajaj Finance, Kansai Nerolac and LIC Housing Finance, among others.
  • Companies which have been dropped from the list include Tata Motors, Hindustan Unilever, MRF, Glaxo SmithKline Consumer Healthcare, Pfizer, Dr Reddy's Labs, Glenmark Pharmaceuticals, HDFC and Kotak Mahindra Bank.







Regards



Team ExamPundit

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