Current Affairs Update – 4th October, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 4th October, 2016. These are important for the upcoming IBPS PO & Clerk Mains, BOM PO and Other Bank Exams.


Current Affairs at a Glance – 4th October, 2016
  1. The Reserve Bank of India today cut policy rate (repo rate) by 25 basis points to 6.25% from 6.5% citing easing inflation. In its first meeting, the Monetary Policy Committee (MPC) on Tuesday all members of policy decided for 25 basis point rate cut.
  2. State Bank of India (SBI) has signed a memorandum of understanding (MoU) with IIT Kharagpur for collaborative research and running proof of concepts. SBI has a wider programme includes ideation, incubation, experimentation and commercialization of new technology driven products and services for the banking sector.
  3. The Maharashtra government signed a Memorandum of Understanding (MoU) with Korea Land & Housing Corporation (KLHC) of the Republic of Korea.
  4. Jharkhand on 1 October 2016 became India’s first state to implement Direct Benefit Transfer (DBT) in Kerosene. The scheme is being implemented in four identified districts of the State namely Chatra, Hazaribagh, Khunti and Jamtara.
  5. Gujarat and Andhra Pradesh on 2 October 2016 became the first states to declare their urban areas as Open Defecation Free (ODF) on the second anniversary of the Swachh Bharat Mission.
  6. The Nobel Assembly at Karolinska Institutet on 3 October 2016 decided to award the 2016 Nobel Prize in Physiology or Medicine to Yoshinori Ohsumi.
  7. World Space Week is an annual event that is observed from 4 October to 10 October 2016 in various parts of the world including Europe and Asia. 2016 World Space Week is being observed with theme Remote Sensing: Enabling our Future.
  8. MS Sahoo on 1 October 2016 assumed charge as Chairman of Insolvency and Bankruptcy Board of India (IBBI).
  9. Kersti Kaljulaid on 3 October 2016 was elected as the President of Estonia by the parliament.
  10. Film-maker and elephant researcher Prajna Chowta was recently appointed Chevalier de l'Ordre National du Mérite (Knight in the National Order of Merit) by the French Government.
  11. Vinaya Manchaiah, an Indian-American associate professor at Lamar University in Texas, in the first week of October 2016 was named to the 2016 class of the Jerger Future Leaders of Audiology by the American Academy of Audiology.
  12. The 2016 Nobel Prize in Physics was on 4 October 2016 one half awarded to David J Thouless and the other half jointly to F Duncan M Haldane and J Michael Kosterlitz for theoretical discoveries of topological phase transitions and topological phases of matter.





Finance/Industry/Banking –

RBI cuts repo rate by 25 bps to 6.25%


  • The Reserve Bank of India today cut policy rate (repo rate) by 25 basis points to 6.25% from 6.5% citing easing inflation.
  • In its first meeting, the Monetary Policy Committee (MPC) on Tuesday all members of policy decided for 25 basis point rate cut.
  • This was the fourth bi-monthly monetary policy of the RBI. It was first monetary policy statement after Urijit Patel took over as governor on September 04, 2016.
  • On the basis of an assessment of the current and evolving macroeconomic situation MPC decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5% to 6.25% with immediate effect.
  • Consequently, the reverse repo rate under the LAF stands adjusted to 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.75%.
  • RBI in a policy statement said the decision of the MPC is consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5% by Q4 of 2016-17. The medium-term target is four% within a band of +/- 2%, while supporting growth.

SBI signs MoU with IIT- Kharagpur for research and running proof of concepts


  • State Bank of India (SBI) has signed a memorandum of understanding (MoU) with IIT Kharagpur for collaborative research and running proof of concepts. SBI has a wider programme includes ideation, incubation, experimentation and commercialization of new technology driven products and services for the banking sector.
  • IIT Bombay has a similar MoU with SBI and had signed in July. Both parties will identify FinTech start-ups that have products or applications that cater to the financial sector. The bank will provide a platform for testing and piloting such products and check for any specific business linkages. Additionally, the lender said that it may invest in the startups and IIT Bombay’s Society for Innovation and Entrepreneurship (SINE) will help in initial screening for technical competency, product road map and innovation subject.
  • In June, the bank also said that it would set aside Rs 200 crore for a startup fund . At the time,  SBI chairman Arundhati Bhattacharya said that the bank would give assistance of Rs 3 crore to Indian registered companies to develop innovations in the fintech space.
SBI joins a growing list of banks which are offering assistance to fintech companies:
– In June, foreign lender Barclays opened a fintech innovation centre in Mumbai called Rise. This is Barclays’ sixth Rise site globally, following the London, Manchester, New York, Cape Town and Tel Aviv hubs.
– While HDFC Bank selected products from five fintech companies to be deployed in the bank as part of its Digital Innovation Summit.
– In April, ICICI Bank hosted an ‘Appathon’ where the bank gave access to more than 200 APIs from the ICICI Group to developers to create products.

Maharashtra govt inks pact with Korea Land & Housing Corporation


  • The Maharashtra government signed a Memorandum of Understanding (MoU) with Korea Land & Housing Corporation (KLHC) of the Republic of Korea.
  • This MoU is to build a strategic partnership for smart cities, roads and bridges, etc and exchange of knowledge and expertise, state Chief Minister Devendra Fadnavis tweeted.

Jharkhand becomes first state to implement Direct Benefit Transfer in Kerosene


  • Jharkhand on 1 October 2016 became India’s first state to implement Direct Benefit Transfer (DBT) in Kerosene. The scheme is being implemented in four identified districts of the State namely Chatra, Hazaribagh, Khunti and Jamtara.
  • In a statement, Petroleum and Natural Gas Ministry said that under the DBT Scheme, PDS kerosene is being sold at non-subsidised price and the subsidy is being transferred to consumers directly into their bank accounts. This initiative is aimed at rationalising subsidy and plugging the leakages.
  • Aim: The scheme aims at eliminating subsidised Kerosene from the supply chain for targeting the beneficiaries and end pilferage and black-marketing. It also aims at cutting down adulteration of cheap cooking and lighting fuel with diesel.

India –

Urban areas of Gujarat and Andhra Pradesh declared open defecation free


  • Gujarat and Andhra Pradesh on 2 October 2016 became the first states to declare their urban areas as Open Defecation Free (ODF) on the second anniversary of the Swachh Bharat Mission.
  • Other states that will soon declare all their urban centres as ODF are Kerala, Himachal Pradesh, Maharashtra, Mizoram and a few other Northeast states.
  • The mission launched by PM Narendra Modi, with its urban and rural component handled by the respective ministries, aims to make the country ODF by 2019.
Key highlights

  • All 110 cities and towns in Andhra Pradesh were given the ODF tag by Chief Minister N Chandrababu Naidu at an event in Tirupati.
  • Gujarat gave ODF status to each of its 180 cities and towns at a function in Porbandar attended by Union Minister of Drinking Water and Sanitation Narendra Singh Tomar and Gujarat Chief Minister Vijay Rupani.
  • Gujarat also declared the entire district of Porbandar, the birthplace of Mahatma Gandhi, as ODF to commemorate the 147th birth anniversary of Mahatma Gandhi on 2 October 2016.

Jawhar Sircar resigns as CEO of Prasar Bharati Corporation


  • Jawhar Sircar on 3 October 2016 resigned as the Chief Executive Officer (CEO) of Prasar Bharati Corporation. His resignation came four months ahead of the end of his tenure which was about to end in February 2017.
  • As per rules of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990, chairman or any other member may resign the office by giving notice thereof in writing to the President of India and on such resignation being accepted, the chairman or other member shall be deemed to have vacated his office.


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Appointments –

MS Sahoo assumes charge as Chairman of Insolvency and Bankruptcy Board of India


  • MS Sahoo on 1 October 2016 assumed charge as Chairman of Insolvency and Bankruptcy Board of India (IBBI). The oath of the office was administered by Union Finance and Corporate Affairs Minister Arun Jaitley.
  • He will serve the office will 2021.
  • Sahoo was recently serving as a member of anti-trust regulator Competition Commission of India (CCI) and was earlier a member at capital markets regulator Securities and Exchange Board of India (SEBI).
  • IBBI is a four-member Board. The members of the IBBI are Ajay Tyagi, Amardeep Singh Bhatia, GS Yadav and Unnikrishnan.

Kersti Kaljulaid elected as first female President of Estonia


  • Kersti Kaljulaid on 3 October 2016 was elected as the President of Estonia by the parliament.
  • With this, Kaljulaid will become Estonia’s first female president.
  • Kaljulaid won vote 81-0, with 20 members absent or abstaining. Her selection follows two failed votes and weeks of heated debate.

Days/Observance –

World Space Week observed with theme Remote Sensing: Enabling our Future


  • World Space Week is an annual event that is observed from 4 October to 10 October 2016 in various parts of the world including Europe and Asia. 2016 World Space Week is being observed with theme Remote Sensing: Enabling our Future.
  • This year's theme celebrates Earth Observation from Space for the betterment of the human race.
  • By Resolution 54/68 of 6 December 1999, the United Nations General Assembly proclaimed World Space Week, to celebrate the contributions of space science and technology to the betterment of the human condition.
  • The dates recall the launch of the first artificial satellite, Sputnik I, on 4 October 1957 and its entry into force on 10 October 1967, of the Treaty on Principles Governing the Activities of States in the Exploration and Use of Outer Space including the Moon and Other Celestial Bodies.

Awards & Honors –

David Thouless, F Duncan M Haldane And Michael Kosterlitz won 2016 Nobel Prize In Physics


  • The 2016 Nobel Prize in Physics was on 4 October 2016 one half awarded to David J Thouless and the other half jointly to F Duncan M Haldane and J Michael Kosterlitz for theoretical discoveries of topological phase transitions and topological phases of matter.
  • David J Thouless is a Emeritus Professor at the University of Washington, Seattle, USA. While, F. Duncan M. Haldane is the Eugene Higgins Professor of Physics at Princeton University, USA and J Michael Kosterlitz is the Harrison E. Farnsworth Professor of Physics at Brown University, USA.
  • All three will jointly share the 8 million Swedish kronor prize.

Nobel Prize in Medicine 2016 awarded to Yoshinori Ohsumi


  • The Nobel Assembly at Karolinska Institutet on 3 October 2016 decided to award the 2016 Nobel Prize in Physiology or Medicine to Yoshinori Ohsumi.
  • Ohsumi is bestowed with the prize for his discoveries of mechanisms for autophagy. He discovered and elucidated mechanisms underlying autophagy, a fundamental process for degrading and recycling cellular components.

Wildlife film-maker Prajna Chowta conferred knighthood by France


  • Film-maker and elephant researcher Prajna Chowta was recently appointed Chevalier de l'Ordre National du Mérite (Knight in the National Order of Merit) by the French Government.
  • The official ceremony is expected to be held later in 2016 in Bengaluru.
  • The appointment of Chowta by the President of the French Republic comes in recognition of a life devoted to caring for wild Asian elephants.

Indian-American Vinaya Manchaiah named Future Leader of Audiology


  • Vinaya Manchaiah, an Indian-American associate professor at Lamar University in Texas, in the first week of October 2016 was named to the 2016 class of the Jerger Future Leaders of Audiology by the American Academy of Audiology.
  • Manchaiah is one of only a dozen individuals selected nationwide for the honour.







Regards



Team ExamPundit

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