Current Affairs Update – 7 April, 2017

Hello and welcome to exampundit. Here are the important Current Affairs of 7 April, 2017. These are important for the upcoming SBI PO mains, BOB Manipal 2017, NICL AO 2017 and NIACL Assistant 2017.



Current Affairs at a Glance – 7 April, 2017 - Tap to show
  1. The Reserve Bank of India (RBI) has raised the capital requirement for asset reconstruction companies (ARCs) to Rs 100 crore, from the current Rs 2 crore, it has announced.
  2. Private Sector Lender. HDFC Bank Ltd., today announced the launch of its UPI on Chillr. With this launch, HDFC Bank UPI will be available on Chillr, in addition to the bank’s Mobile Banking app.
  3. India is the second-most preferred market (overweight) in the Asia (excluding Japan) region, an investor sentiment survey carried out by Credit Suisse shows. Chinese stocks listed in Hong Kong are the most-preferred, while those listed on the mainland are the third-most preferred, according to the survey. Meanwhile, Pakistan, Malaysia, and Australia were the least preferred markets (underweight). The survey was conducted during Credit Suisse's 20th Asia investment conference held between March 27 and March 30.
  4. The tax department has given banks three more months till June 30 to obtain permanent account number (PAN) or Form-60 from all account holders as it looks to tighten the noose around evaders.
  5. Canara Bank, a public sector bank, has embarked upon an ambitious project of upgrading the bandwidth at all its branches to 2 Mbps in partnership with BSNL.
  6. South Indian Bank has entered into an agreement with Flyworld Money Exchange to facilitate remittances by Indian expatriates in Australia.
  7. Rajya Sabha on 6 April 2017 passed all four supporting legislations of the Goods and Services Tax (GST) Bill 2017. The four bills were passed by the Rajya Sabha by a voice vote as all parties were on board.
  8. The Madhya Pradesh government is all set to launch Deendayal Antyodaya Rasoi Yojana in its districts on the evening of 7 April 2017. The scheme named after late political leader Deendayal Upadhyaya aims to provide food to the poor in urban areas at a subsidised rate.
  9. Israel on 7 April 2017 signed about USD two billion deal with India to supply advanced missile defence systems, bolstering bilateral military ties.
  10. The three-day National Children’s Film Festival (NCFF) was inaugurated by the Union Minister for Information and Broadcasting and Urban Development, M Venkaiah Naidu in Vishakhapatnam on 7 April 2017.
  11. The state cabinet of Maharashtra on 6 April 2017 approved drafting of Bill on the Journalists Protection Act, a law prohibiting attacks on journalists.
  12. World Health Day is being observed on 7 April 2017 with theme 'Depression: Let's Talk.
  13. The jury of the 64th National Film Awards was headed by director Priyadarshan. Sonam Kapoor's critically acclaimed 'Neerja' was today awarded the Best Film at the 64th National Film Awards. Akshay Kumar won his first National Award for Best Actor for his role in 'Rustom'.
  14. The National Basketball Association today announced the setting up of its first basketball school, a network of tuition-based basketball development programmes, in Mumbai.





Financial and Banking News –

RBI raises ARCs' capital requirement to Rs 100 cr


  • The Reserve Bank of India (RBI) has raised the capital requirement for asset reconstruction companies (ARCs) to Rs 100 crore, from the current Rs 2 crore, it has announced.
  • This move was necessitated by the higher amount of cash required to buy bad loans from the current financial year, RBI said in note accompanying its first bi-monthly monetary policy statement of the current financial year presented here on Thursday.
  • The enhancement in capital requirements comes after new norms notified by the RBI in September last said if security receipts (SRs) make more than 50 per cent of the value of the asset under consideration, banks have to continue to provide for these loans as if the loans continue in the books of the bank.
  • These norms were aimed at forcing banks to sell more such non-performing assets (NPAs), or bad loans, at cash.
  • "In view of the enhanced role of ARCs and greater cash-based transactions, it is proposed to stipulate a minimum NOF (Net Owned Fund) of Rs 100 crore for ARCs. The necessary instructions will be issued by end-April, 2017," the RBI said.


HDFC Bank launches its UPI on Chillr


  • Private Sector Lender. HDFC Bank Ltd., today announced the launch of its UPI on Chillr. With this launch, HDFC Bank UPI will be available on Chillr, in addition to the bank’s Mobile Banking app.
  • Launch of HDFC Bank UPI on Chillr will benefit customers of 44 banks that will now be able to conduct digital transactions seamlessly using the Chillr app. These transactions conducted on Chillr will go through HDFC Bank’s UPI platform.
  • Started as India’s first multi-bank payment app, Chillr has been running on IMPS with 11 banks prior to this launch and has achieved a milestone of monthly transaction value of over Rs. 500 crore. With HDFC Bank UPI on Chillr app, the start-up’s base will expand 3X as customers of over 33 more banks will be able to use it, in addition to existing 11 banks.


India second-most preferred Asian market: Survey


  • India is the second-most preferred market (overweight) in the Asia (excluding Japan) region, an investor sentiment survey carried out by Credit Suisse shows. Chinese stocks listed in Hong Kong are the most-preferred, while those listed on the mainland are the third-most preferred, according to the survey. Meanwhile, Pakistan, Malaysia, and Australia were the least preferred markets (underweight).
  • The survey was conducted during Credit Suisse's 20th Asia investment conference held between March 27 and March 30.
  • Participants choose Asia ex-Japan as the region that will provide the biggest upside for equity investors in 2017, followed by Europe and US. Investors saw US trade policies as the biggest risk to the markets, followed by geopolitical risks.
  • More than half of those polled said the Asia Pacific index will go up more than 10 per cent in 2017, while a third expect the index to remain flat.
  • Overall, the investor sentiment was positive as most participants were in favour of a high-beta portfolio.


Banks get time till June 30 to obtain PAN from account holders


  • The tax department has given banks three more months till June 30 to obtain permanent account number (PAN) or Form-60 from all account holders as it looks to tighten the noose around evaders.
  • Though the deadline for getting the PAN or Form 60 (if PAN is not available) by banks ended on February 28, the tax department on April 5 notified the extension of the time till June 30.
  • In the notification, the Income Tax Department said that in Income-Tax Rules 114B, in the fourth proviso, "for the figures, letters and words '28th day of February' the figures, letters and words '30th day of June' shall be substituted."
  • Rule 114B lists various transactions for which quoting PAN is mandatory.
  • The tax department had in January asked banks, post offices and cooperative banks to document PAN or declaration of Form 60 received from account holders and maintain all records for transactions under Rule 114B of I-T Act.


Canara Bank partners BSNL to upgrade bandwidth at all branches

  • Canara Bank, a public sector bank, has embarked upon an ambitious project of upgrading the bandwidth at all its branches to 2 Mbps in partnership with BSNL.
  • The project was officially inaugurated jointly by Dina Bandhu Mohapatra, Executive Director, Canara Bank, in the presence of P V Bharathi, Executive Director, Canara Bank and other top executives of the Bank and BSNL.
  • Speaking on the occasion Dina Bandhu Mohapatra, that said the bandwidth upgradation of branches is in line with the bank’s policy of promoting digital channels and shall be a game changer for ensuring faster service across the counters.
  • NK Mehta, Director, BSNL, reiterated the commitment of BSNL in providing seamless quality service to the Bank. While M G Ajayan, General Manager (IT) & CIO, Canara Bank, said the bandwidth upgradation activity shall be completed in three months.


South Indian Bank ties up with exchange house in Australia

  • South Indian Bank has entered into an agreement with Flyworld Money Exchange to facilitate remittances by Indian expatriates in Australia.
  • Through this tie-up, NRIs in Australia could enjoy quick and cost-effective remittances to India using the SIB Express facility. Using this facility, NRIs can now remit funds with ease to any commercial bank in India. SIB has a correspondent banking arrangement with National Australia Bank for remittances to India.
  • With this agreement, SIB marks the first remittance arrangement with an exchange house in Australia. The new facility will enable the bank to reach the Indian Diaspora in Australia more efficiently.
  • Customers as well as non-customers can utilise this facility through the Flyworld Money Exchange across Australia or use the online platform provided by the exchange house to make remittances to India, a release said.


Parliament clears decks for GST rollout from July 1


  • Rajya Sabha on 6 April 2017 passed all four supporting legislations of the Goods and Services Tax (GST) Bill 2017. The four bills were passed by the Rajya Sabha by a voice vote as all parties were on board. 


The four legislations are
i. The Central Goods and Services Tax Bill, 2017 (The CGST Bill)
ii. The Integrated Goods and Services Tax Bill, 2017 (The IGST Bill)
iii. The Union Territory Goods and Services Tax Bill, 2017 (The UTGST Bill)
iv. The Goods and Services Tax (Compensation to the States) Bill, 2017 (The Compensation Bill)
  • The passage in the upper house of the Parliament has cleared the decks for the rollout of the historic GST Bill from 1 July 2017 and usher the one-nation-one-tax regime.
  • With this passage in Rajya Sabha, the Bill will be sent to President Pranab Mukherjee for the final nod. The bills will become the law after the President gives his assent to them. The Bill was earlier passed by the Lok Sabha on 29 March 2017.
  • Now, the States can pass the State GST Bill in their assemblies.


News related to India and states –

MP Govt to launch a Deendayal Antyodaya Rasoi Yojana to provide subsidised food to the poor


  • The Madhya Pradesh government is all set to launch Deendayal Antyodaya Rasoi Yojana in its districts on the evening of 7 April 2017.
  • The scheme named after late political leader Deendayal Upadhyaya aims to provide food to the poor in urban areas at a subsidised rate. It would be launched in 51 district headquarters across the state in the first phase.
  • The yojana will be inaugurated by the state’s Chief Minister Shivraj Singh Chouhan at Gwalior.
  • The scheme involves opening of canteens that will provide a full meal at Rs 5.
  • The meal would include four rotis, one sabzi, and dal.
  • The Thali would be made available from 11 am to 3 pm.
  • Aside from this, wheat and rice would also be made available at the canteens at Rs one each through fair price shops.
  • Local municipal bodies will ensure availability of water and electricity completely free of cost.
  • The funds required for the setting up of these centres would be provided under the Chief Minister’s Urban Infrastructure Scheme.
  • The arrangement is aimed to feed at least 2000 people at a time.


Defence deals over USD 2 billion signed between India and Israel


  • Israel on 7 April 2017 signed about USD two billion deal with India to supply advanced missile defence systems, bolstering bilateral military ties.
  • In a statement, the CEO of the state-owned Israel Aerospace Industries (IAI), Joseph Weiss said that, it will provide advanced medium-range surface-to-air missile systems (MRSAM) to the Indian Army.
  • In addition to this, he also said that it would also supply additional long-range air and missile defence systems (LRSAM) for the first locally produced Indian aircraft carrier.
  • The current contracts represent an enormous expression of confidence by the Government of India in IAI's capabilities and advanced technologies, which are being developed with our local partners as part of the Indian Government’s Make in India’ policy'.
  • MRSAM's current version is operational with the Indian Air Force, Indian Navy and Israel Defence Forces (IDF). The system includes an advanced phased-array radar, command and control, mobile launchers and missiles with advanced RF seekers.


Venkaiah Naidu inaugurates 3-day National Children’s Film Festival

  • The three-day National Children’s Film Festival (NCFF) was inaugurated by the Union Minister for Information and Broadcasting and Urban Development, M Venkaiah Naidu in Vishakhapatnam on 7 April 2017.
  • The festival, termed as the largest film festival for children in the country, is being jointly organised by the Children’s Film Society, India (CFSI) and the state government of Andhra Pradesh. on 7 April 2017. on 7 April 2017.
  • The main aim of the festival is to expose the children to quality cinema and introduce them to elements beyond films.
  • It is the largest film festival for children in the country giving the audience quality and wholesome entertainment. The aim of the film festival is to expose children to quality cinema and to introduce novel elements beyond films.
  • The screening of the films will take place at the Visakhapatnam Urban Development Authority’s Cinema theatre.


UP government orders probe into alleged misuse of money in Gomati River Front Development project

  • The Uttar Pradesh government led by Chief Minister Yogi Adityanath in first week of April 2017 set up a high-level judicial committee to probe the alleged misuse of money and work being carried out on Gomati River Front Development project.
  • An official spokesman said, the three-member committee will be headed by retired judge of Allahabad High Court, Alok Kumar Singh. The committee has been asked to file its report within 45 days.
  • Task of the Alok Kumar Committee: The committee will probe several aspects, including delay in construction work, quality of work, significance of the project in view of environment conservation and irregularities in its implementation.
  • As per reports, Rs 1500 crore was allocated for the Gomati River Front Development project of which 90 per cent of has been spent, while only 60 per cent of work was completed.
  • The project came under scrutiny of CM Yogi after he visited the project site. He expressed dissatisfaction over the alleged misuse of funds and additional demand to complete the project.


Bill protecting journalists to be introduced in Maharashtra state assembly

  • The state cabinet of Maharashtra on 6 April 2017 approved drafting of Bill on the Journalists Protection Act, a law prohibiting attacks on journalists.
  • The announcement was made by the state’s Chief Minister Devendra Fadnavis himself who confirmed the state government’s plan of introducing the bill in the ongoing session of the state legislature.
  • The bill will be tabled in both the houses of the state legislature on 7 April 2017. The day would also be the last day of the state’s ongoing budget session.
  • A government-prepared draft of the bill was circulated to the journalists and media houses for suggestions and objections at the end of 2016.
  • A final draft was created after the submission of the suggestions and objections.
  • The bill aims to make attacks on journalists a non-bailable offence.


Days –

World Health Day is being observed with theme Depression: Let's Talk


  • World Health Day is being observed on 7 April 2017 with theme 'Depression: Let's Talk. On this occasion, the World Health Organization (WHO) is leading a one-year global campaign on depression which is the leading cause of ill-health and disability worldwide.
  • The goal of the campaign is that more people with depression, everywhere in the world, both seek and get help. Depression is the leading cause of ill-health and disability worldwide.
  • As per a report of WHO, more than 300 million people are now living with depression, which is an increase of more than 18 per cent between 2005 and 2015. At worst, depression can lead to suicide, now the second leading cause of death among 15-29-year olds.


Awards & Honors –

64th National Film Awards announced


  • The jury of the 64th National Film Awards was headed by director Priyadarshan. Sonam Kapoor's critically acclaimed 'Neerja' was today awarded the Best Film at the 64th National Film Awards. Akshay Kumar won his first National Award for Best Actor for his role in 'Rustom'.


Here is the complete list of winners:
  1. Best Popular Film Providing Wholesome Entertainment - Sathamanam Bhavathi
  2. Best stunt choreography - Peter Hein (Pulimurugan)
  3. Best Children’s Film - Dhanak (Hindi)
  4. Best Film on social issue - Pink
  5. Best Direction - Rajesh (Ventilator)
  6. Best Actor - Akshay Kumar (Rustom)
  7. Best Actress - Surabhi Lakshmi (Minnaminungu)
  8. Best Supporting Actress - Zaira Wasim (Dangal)
  9. Best Hindi Movie: 'Neerja'
  10. Best Tamil Film: 'Joker'
  11. Best Gujarati Film: ' Wrong Side Raju'
  12. Best Marathi Film: ' Dashakriya'
  13. Best Bengali Film: ' Bisarjan'
  14. Best Kannada Film: 'Reservation'
  15. Best Child Artist - Adhish Praveen (Kunju Daivam), Saj (Noor Islam), Manohara (Railway Children)
  16. Best Male Playback Singer - Sundara Iyer (Joker)
  17. Best Female Playback Singer - Thume jaake
  18. Best Screenplay (original) - Syam Pushkaran (Maheshinte Prathikaram)
  19. Best Screenplay (adapted) - Sanjay Krishnaji patel (Dashakriya)
  20. Best Editing - Rameshwar Ventilator
  21. Sound designer - Jayadevan (Kaadu Pookunna Neram)
  22. Best production design - 24
  23. Best Costume Designer - Sachin (Marathi film)
  24. Best Environmental film including agriculture - The Tiger who crossed the line
  25. Best Make-up Artist - MK Ramakrishna
  26. Best Music Direction - Babu Padmanabha (Kannada Lama)
  27. Special Mention - Kadvi Hawa Mukthi bhava (Hindi)
  28. Special Jury award for Mohanlal for Pulimurugan, Janatha Garage and Munthirivallikal Thalirkkumbol


Sports News –

NBA Launches International Basketball Schools Network In Mumbai


  • The National Basketball Association today announced the setting up of its first basketball school, a network of tuition-based basketball development programmes, in Mumbai.
  • The school, as part of a multi-year agreement announced today with India On Track (IOT), is open to male and female players between ages 6-18, a media release said here.
  • The new initiative adds an additional layer to the NBA’s existing basketball development efforts, including the Jr. NBA, Basketball without Borders (BWB) and NBA Academies, the release said.
  • Additional schools will be launched by NBA in India and around the world in the coming months, it added.


Misbah-ul-Haq announces international retirement post West Indies series

  • The Pakistan Test captain, Misbah-ul-Haq, on 6 April 2017 announced that he would be retiring from international cricket after the end of the Test series in West Indies.
  • However, the cricketer will continue to play cricket at the domestic level.
  • Pakistan is scheduled to play three Test matches against West Indies, the first of which will start on 21 April 2017 in Jamaica.
  • Misbah had taken over the captaincy of the Test team in the wake of the spot-fixing controversy in 2010 in which Salman Butt, the captain then, was banned for five years alongside Mohammad Asif and Mohammad Amir.






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