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Monday, May 01, 2017

Current Affairs Update – 1 May, 2017

Hello and welcome to exampundit. Here are the important Current Affairs update of 1 May, 2017. These are important for the upcoming SBI PO Mains, NIACL Assistant Mains, BOB Manipal, NICL AO Mains and other exams in 2017 July and August.


Current Affairs at a Glance - 1 May, 2017
  1. Country's largest lender State Bank of India has cut its term deposit rates by up to 50 basis points for various maturities. The rates have been revised for medium and long term deposits and for amount below Rs one crore.
  2. The much-awaited Real Estate Act comes into force on Monday with a promise of protecting the right of consumers and ushering in transparency but only 13 states and union territories (UTs) have so far notified rules.
  3. Kerala Tourism inked a pact with Silk Air on Wednesday to jointly promote the destination to attract more tourists from Australia, New Zealand, China, Korea, Japan and Singapore by conducting road shows and other special marketing programs in selected cities.
  4. The eight core industries grew by 5% in March, fastest in three months, on the back of higher coal and steel production. The growth rate of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- was however lower than 9.3% recorded in March last year.
  5. To make the state among the top three start-up destinations in the country, the Odisha government took a step in this direction on Monday, by launching a dedicated portal for start-ups.
  6. The Appointments Committee of the Cabinet has approved the appointment of Shri Anant Narayan Nanda as Secretary, Department of Posts.
  7. Sanjay Pratihar, a scientist at Tezpur University, has been chosen for the the prestigious Indian National Science Academy (INSA) medal for the Young Scientist Award for the year 2017.





Financial & Banking News –

SBI cuts term deposit rates by up to 50 bps for amount below Rs 1 crore


  • Country's largest lender State Bank of India has cut its term deposit rates by up to 50 basis points for various maturities.
  • The rates have been revised for medium and long term deposits and for amount below Rs one crore.
  • According to the new structure, for two to less than three years deposits, SBI will offer a rate of 6.25 per cent as compared to 6.75 per cent earlier, the bank said. For the similar maturity, the deposit rates for senior citizen have been cut to 6.75 per cent from 7.25 per cent.
  • For deposits maturing between three years and 10 years, the rates have been lowered by 25 basis points to 6.50 per cent.
  • The lender will be offering the new rates for fresh deposits and renewals and are applicable from April 29, 2017.
  • The short term deposits, that is, for deposits maturing between seven days to less than two years, the rates have been left unchanged.
  • The bank is offering highest rates of 6.90 per cent for one year to 455 days term deposits.
  • SBI has also not changed its marginal cost of funds based lending rates. Its one-year MCLR is at eight per cent.

Real estate buyers set to become king as RERA comes into force today


  • The much-awaited Real Estate Act comes into force on Monday with a promise of protecting the right of consumers and ushering in transparency but only 13 states and union territories (UTs) have so far notified rules.
  • The government has described the implementation of the consumer-centric Act as the beginning of an era where the consumer is king.
  • Real estate players have also welcomed the implementation of the Act, saying it will bring a paradigm change in the way the Indian real estate sector functions.
  • The government has brought in the legislation to protect home buyers and encourage genuine private players.
  • The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year and all the 92 sections of the Act comes into effect from May 1.
  • Under the rules, it is mandatory for the states and UTs to set up the authority.
  • However, only 13 states and UTs have so far notified the rules. The states that have notified the rules are Uttar Pradesh, Gujarat, Odisha, Andhra Pradesh, Maharashtra, Madhya Pradesh and Bihar.
Key provisions of RERA

  • The promoter of a real estate development firm has to maintain a separate escrow account for each of their projects. A minimum 70 per cent of the money from investors and buyers will have to be deposited. This money can only be used for the construction of the project and the cost borne towards the land.
  • To provide clarity to buyers, developers will have to keep them informed of their other ongoing projects.
  • RERA requires builders to submit the original approved plans for their ongoing projects and the alterations that they made later. They also have to furnish details of revenue collected from allottees, how the funds were utilised, the timeline for construction, completion, and delivery that will need to be certified by an Engineer/Architect/practicing Chartered Accountant.
  • It will be the responsibility of each state regulator to register real estate projects and real estate agents operating in their state under RERA. The details of all registered projects will be put up on a website for public access.

Kerala Tourism inks pact with Silk Air


  • Kerala Tourism inked a pact with Silk Air on Wednesday to jointly promote the destination to attract more tourists from Australia, New Zealand, China, Korea, Japan and Singapore by conducting road shows and other special marketing programs in selected cities.
  • The MOU was signed by Director, Tourism, P. Bala Kiran and Jagdish Bhojwani, General Manager India, Silk Air, in the presence of Minister for Tourism Kadakampally Surendran.
  • Effective for one year from Wednesday, the pact covers a series of joint activities including brand advertising and promotional campaigns, tactical and digital marketing, familiarisation trips, trade fairs, road shows and product development.
  • The agreement would benefit Kerala Tourism in terms of more tourists from the four significant markets with the help of its wide network and reputation as a quality service provider, the Minister said.




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Core sector industries grew 5% in March


  • The eight core industries grew by 5% in March, fastest in three months, on the back of higher coal and steel production.
  • The growth rate of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- was however lower than 9.3% recorded in March last year.
  • As per the government data released today, coal production increased by 10% in March as against 2.5% a year ago.
  • Steel (alloy + non-alloy) production was up 11% while it had expanded by 7.8% in March 2016.
  • Electricity generation was up by 5.9%. Crude oil and natural gas production was 0.9% and 8.3%, on annual basis.
  • On the other hand, cement production declined by 6.8% in March this and also fertiliser output (-0.8%).
  • There was also decline in production of refinery products (- 0.3%).
  • The core industries, which contribute 38% to the total industrial production, had expanded by 1% in February and 3.4% in March. The expansion was recorded at 5.6% in December.
  • On cumulative basis, the infrastructure industries grew by 4.5% last financial year ended March 2017, higher than 4% recorded in the previous fiscal.

Odisha launches exclusive portal to handhold start-ups


  • To make the state among the top three start-up destinations in the country, the Odisha government took a step in this direction on Monday, by launching a dedicated portal for start-ups.
  • Chief minister Naveen Patnaik launched the portal, www.startupodisha.gov.in, at the state secretariat today. The portal has been developed jointly by the team of MSME Odisha, Team Invest India and National Informatics Centre (NIC). Patnaik also released the compendium of start-up policies with amendments and revised operational guidelines.
  • “Odisha start-up policy is a one-stop platform for start-ups, incubators and investors in the state for registration and availing benefits under the Policy”, Patnaik said at the launch ceremony.
  • He said the portal will act as catalyst in boosting the ecosystem in the state and achieving the 'Mission-1000 Start-Ups' by 2020.
  • The portal is crafted to adhere to the three core principles of ease of usage, transparency and knowledge sharing. It is also seamlessly linked with the Union Ministry of Corporate Affairs and Start Up India so that it reduces duplication of efforts in filling of information.

Appointments –

Anant Narayan Nanda appointed secretary of Postal Department


  • The Appointments Committee of the Cabinet has approved the appointment of Shri Anant Narayan Nanda as Secretary, Department of Posts, vice Shri Boyapati Venkat Sudhakar, IPoS (1981).
  • Nanda is an Indian Postal Service officer of 1982 batch.. He has been appointed in place of Boyapati Venkat Sudhakar, the order said.
  • He graduated from Fakir Mohan University in Balasore and completed in his post-graduation from Utkal University,Bhubaneswar.

Awards & Honors –

Sanjay Pratihar chosen for INSA medal for Young Scientist


  • Sanjay Pratihar, a scientist at Tezpur University, has been chosen for the the prestigious Indian National Science Academy (INSA) medal for the Young Scientist Award for the year 2017.
  • Pratihar of the Department of Chemical Sciences has been awarded for his excellent contribution to multi-metal complexes, theoretical understanding, selective sensing of Hq2+ions and important applications in agriculture, according to a release issued by the university said.
  • The award, consisting of a bronze medal and cash award of Rs. 25,000 will be given to him during INSA’s anniversary meeting scheduled in December.
  • Instituted in 1974 by the Indian National Science Academy, the INSA medal for young scientists are awarded annually to honour talented young Indian scientists in recognition of their outstanding contributions in any branch of science or technology coming within the purview of the Academy.





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