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Wednesday, June 07, 2017

Current Affairs Update – 7 June, 2017


Hello and welcome to exampundit. Here are the important Current Affairs update of 7 June, 2017. These are important for the upcoming  RBI Grade B Phase I, Dena Bank PGDBF, NICL AO Mains and other exams in 2017 July and August.



Current Affairs at a Glance - 7 June, 2017
  1. The Reserve Bank of India kept the repo rate and reverse repo rate unchanged at 6.25 per cent and six per cent, respectively, at Wednesday's monetary policy review, keeping in line with what analysts and experts had forecast.  Statutory liquidity ratio (SLR) was cut by 50 basis points to 20 per cent starting June 24, in order to provide more liquidity to banks.  The RBI cut the economic growth projection to 7.3 per cent for the current financial year from 7.4 per cent earlier.
  2. In a bid to check the rising numbers of railway accidents, the NITI Aayog in a report has suggested setting up of an independent outfit, Railway Safety Authority. According to the report, “Fund Deployment Framework for Rashtriya Rail Sanraksha Kosh”, its suggestions were broadly in line with the best global practices.
  3. The Union Government on 6 June 2017 said that Ministries will have to decide on FDI proposals within 60 days of the application and any rejection will need concurrence of the Department of Industrial Policy and Promotion (DIPP).
  4. Telangana government on 4 June 2017 launched the single-women pension scheme across the state. Under the scheme, the state government would be giving a pension of about Rs 1000 per month to single women on humanitarian grounds. This scheme is the first such welfare scheme by any state in the country.
  5. Union Minister for Health and Family Welfare J P Nadda on 6 June 2017 launched the Skill for Life, Save a Life Initiative with an aim to promote skill development in the health sector.
  6. The Union government would be appointing Nyaya Mitras across the country to speed up the hearing of cases that have been pending in the lower courts for the last 10 years.
  7. Sher Bahadur Deuba took the oath as the Prime Minister of Nepal for the fourth time on 7 June 2017. He was elected as the nation’s 40th Prime Minister on 6 June 2017.
  8. The Maharashtra government today appointed senior counsel Ashutosh Kumbhakoni as the new Advocate General of the state.
  9. Cricketing legend Sachin Tendulkar will be joining the likes of Noval Djokovic and David Beckham for a United Nations campaign/initiative titled Super Dads.






Banking & Financial News


RBI keeps repo rate unchanged at 6.25%, lowers FY18 GDP projection to 7.3%


  • The Reserve Bank of India kept the repo rate and reverse repo rate unchanged at 6.25 per cent and six per cent, respectively, at Wednesday's monetary policy review, keeping in line with what analysts and experts had forecast.
  • Statutory liquidity ratio (SLR) was cut by 50 basis points to 20 per cent starting June 24, in order to provide more liquidity to banks.
  • The RBI cut the economic growth projection to 7.3 per cent for the current financial year from 7.4 per cent earlier.

The following are the highlights of the second bi-monthly monetary policy for 2017-18 as announced by the RBI:

  • Repo rate unchanged at 6.25%,
  • Reverse repo unchanged at 6%
  • Statutory Liquidity Ratio cut by 0.5% to 20%
  • Growth forecast for 2017—18 lowered to 7.3% from 7.4%
  • Inflation projected at 2—3.5% for H1, 3.5—4.5% H2, FY18
  • GST roll out not to have material impact on inflation
  • Farm loan waivers risk fiscal slippages and inflationary spillovers
  • 7th Pay Commission allowances, geo political, financial risk pose upside risk to inflation
  • Need to revive private investment, restore banking sector health, remove infrastructure bottleneck
  • RBI to work with government to address stress in bank balance sheet
  • Five MPC members vote in favour of status quo on monetary policy, one had different views

NITI Aayog proposes a new outfit to check rail mishaps


  • In a bid to check the rising numbers of railway accidents, the NITI Aayog in a report has suggested setting up of an independent outfit, Railway Safety Authority.
  • There has been a 97.5 per cent rise in the number of casualities because of accidents between FY16 and FY17. In the last financial year, the number was 241; the previous year, it was 122. Between FY13 and FY17, there were 586 accidents — 1,011 people were killed and 1,634 people injured.
  • According to the report, “Fund Deployment Framework for Rashtriya Rail Sanraksha Kosh”, its suggestions were broadly in line with the best global practices. “Railway systems prepare a systematic analysis of the risks faced and the set of measures needed to mitigate the risks. The independent safety authority reviews and approves the safety case and oversees its implementation.”
  • The report has also asked the railway to restructure the timetable for trains so that sufficient interval was available for daily safety checks.
  • Starting FY18, the government plans to spend Rs 1.19 lakh crore under the Rashtriya Rail Sanraksha Kosh (RRSK) over the next five years. This financial year, it would fund about 37 per cent of the annual budget — or nearly Rs 20,000 crore — for safety works proposed by the railway ministry.
  • Some of the major expenses would be yard remodelling and related works (Rs 3,085 crore), rolling stock (Rs 1,731 crore), level crossings (Rs 705 crore), overbridges and underbridges (Rs 4,512 crore), and track renewals (Rs 9,961 crore).
  • According to railway data, half the total accidents between FY13 and FY17 were caused by derailment and another 40 occurred at level crossing (manned and unmanned).



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Ministries to decide on FDI proposals within 60 days: Finance Ministry


  • The Union Government on 6 June 2017 said that Ministries will have to decide on FDI proposals within 60 days of the application and any rejection will need concurrence of the Department of Industrial Policy and Promotion (DIPP).
  • Earlier in May 2017, India had scrapped the 25-year old foreign investment advisory body named Foreign Investment Promotion Board (FIPB). It was scrapped with an aim to attract more FDI by providing quick approvals.
  • In an office memorandum, the Finance Ministry said subsequent to the abolition of FIPB, concerned administrative ministries have been allotted the work of granting approval for foreign investment in the specific sector.
  • The Industry Ministry, in consultation with the administrative ministry, will come out with a detailed guideline for processing of the FDI proposals and ensure a “consistency of treatment and uniformity of approach”.
  • It said, the Standard Operating Procedure will involve the process of inter-ministerial consultation for the examination of FDI proposals, wherever necessary.
  • All pending applications with the FIPB would be transferred to the administrative ministry and oversight of the FIPB portal shall be transferred to the DIPP from Department of Economic Affairs (DEA). This should be done within four weeks.
  • FDI approval decisions in majority of the sectors have been relegated to concerned ministry and those relating to private security agencies would be decided by the Home Ministry. While DEA will be responsible for clearing the proposals of financial services or there is a doubt about the regulator.
  • The memorandum also says that any FDI proposal related to banks will be approved by the Department of Financial Services.
  • The memorandum says that FDI proposals by NRIs/EoUs requiring approval of the government will be dealt with by the Department of Industrial Policy and Promotion (DIPP). In this case, the DIPP will continue to be the administrative ministry for this purpose. DIPP will also be responsible for handling the applications seeking import of capital goods or machinery.

Union Cabinet approves MoU between India and Korea for export credit of USD 9 billion


  • The Union Cabinet, chaired by the Prime Minister Narendra Modi, on 7 June 2017 approved the Memorandum of Understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for export credit of USD 9 billion.
  • The MoU is aimed towards the infrastructural development in India and for the supply of goods and services as part of projects in third countries. Moreover, it is expected to promote India's international exports and will deepen political and financial ties between India and Korea.
  • The export credit will be utilized through lending by EXIM Bank for promoting projects for priority sectors such as smart cities, railways, power generation and transmission in India and for the supply of goods and services from India and Korea as part of projects in third countries.
  • Both the countries will hold mutual consultations to structure the financial assistance, review the existing arrangements and related procedures.
  • EXIM Bank will identify viable projects in India and for the projects in third countries, both the sides will jointly identify viable projects.
  • The export credit of USD 9 billion will be extended by KEXIM by way of Investment Credit. This amount will also be utilized by KEXIM as the financier without the participation of EXIM Bank.

News related to India and states

Telangana becomes 1st Indian state to launch pension for single women


  • Telangana government on 4 June 2017 launched the single-women pension scheme across the state.
  • Under the scheme, the state government would be giving a pension of about Rs 1000 per month to single women on humanitarian grounds. This scheme is the first such welfare scheme by any state in the country.
  • The pension sanction orders were handed over to the beneficiaries by Telangana Deputy Chief Ministers Kadiyam Srihari and Mohammad Mahmood Ali and other Ministers and MLAs constituency-wise at different functions organised across the state.
  • Officials have identified 108302 beneficiaries in 31 districts.
  • In the towns of Chinnakoduru and Nunganuru of Siddipet, Irrigation Minister T Harish Rao handed over pension papers to 836 women.
  • Similarly Transport Minister Mahendar Reddy launched the scheme at Medchal, Vikarabad, Keesara, Rajendranagar, Chevella, Parigi and Kodangal districts.
  • The decision to extend pension to single women was taken following petitions on the plight of single women deserted by their husbands and relatives.
  • While earlier, the government spent only ₹800 crore on pensions to 29 lakh beneficiaries, now it would be spending ₹5,600 Cr per annum and benefiting around 38 lakh people.

Union Government launches Skill for Life, Save a Life Initiative


  • Union Minister for Health and Family Welfare J P Nadda on 6 June 2017 launched the Skill for Life, Save a Life Initiative with an aim to promote skill development in the health sector
  • Under this initiative, various courses will be initiated targeting specific competencies for healthcare professionals as well as for general public.
  • Skills for Life, Save a Life Initiative aims to upscale the quantity and quality of trained professionals in the healthcare system.
  • This initiative is a part of a larger plan and program for ensuring Universal Health Coverage.
  • The Ministry initiated the initiative by launching First Responder course for professionals as well as general public that will be conducted in Central and State government training institutes.
  • It will also empower every single citizen of the country to provide first aid and initial care in case of an emergency.
  • Through this initiative, trained and skilled personnel will be able to help save lives in the golden hour during an emergency situation.
  • Through such programs, government aims to create a mass of ‘first responder’ who complements the specialists to fill vacuum of adequate trained professionals.
  • The ministry also launched the logo of Skills for life, Save a life along with the Standardized Professional curriculum for Physiotherapy, Optometry, Dialysis therapy technology, imaging technology, Radiotherapy technology, Operation theatre technology and Medical laboratory training courses.

Government to appoint Nyaya Mitras to accelerate pending cases


  • The Union government would be appointing Nyaya Mitras across the country to speed up the hearing of cases that have been pending in the lower courts for the last 10 years.
  • The same was confirmed by Union Law and Information Technology Minister Ravi Shankar Prasad while addressing a function at the Lucknow bench of the Allahabad High Court to inaugurate the Tele Law Service through Common Service Centers on 6 June 2017.
  • The Minister announced that retired judges will be appointed as Nyaya Mitras to expedite over seven lakh fifty thousand cases that are pending across the country. He further stated that the government is committed to providing justice to the poor people in a fast, smooth and affordable manner.
  • The Nyaya Mitra scheme would be functionalised through retired judges who would be designated as the Nyaya Mitras. Their responsibilities would include offering assistance to litigants who are suffering due to delay in trial.


Appointments


Hoshiar Singh appointed as Registrar of Copyrights Office


  • Hoshiar Singh, a 1994 batch officer of the Indian Telecom Services, was on 7 June 2017 appointed as Registrar of Copyrights for a period of five years. His appointment was approved by the Department of Personnel and Training (DoPT).
  • The Office of Copyrights works under the aegis of Department of Industrial Policy and Promotion.

Sher Bahadur Deuba takes oath as Prime Minister of Nepal


  • Sher Bahadur Deuba took the oath as the Prime Minister of Nepal for the fourth time on 7 June 2017. He was elected as the nation’s 40th Prime Minister on 6 June 2017.
  • The oath taking ceremony was administered by Nepal’s President, Bidya Devi Bhandari at the Rashtrpati Bhawan in Kathmandu. Seven other ministers including three Deputy Prime Ministers have also taken the oath.
  • Deuba, President of Nepal's oldest party- the Nepali Congress, won an overwhelming majority by securing 388 votes out of the total 558 votes cast in the parliamentary vote.

Ashutosh Kumbhakoni appointed as new AG of Maharashtra


  • The Maharashtra government today appointed senior counsel Ashutosh Kumbhakoni as the new Advocate General of the state.
  • His appointment was cleared by Governor C Vidyasagar Rao this evening after the state cabinet recommended Kumbhakoni's name for the key post earlier in the day.
  • The post had fallen vacant after former Advocate General Rohit Deo was appointed as a Bombay High Court judge last week.
  • Deo had been formally appointed as the state AG in December last year. Prior to that, Deo had worked as the acting AG after Shreehari Aney resigned following a controversy over his support for statehood for Vidarbha region.

World News

Sachin Tendulkar joins UN campaign ‘Super Dads’


  • Cricketing legend Sachin Tendulkar will be joining the likes of Noval Djokovic and David Beckham for a United Nations campaign/initiative titled Super Dads.
  • The UNICEF initiative Super Dad highlights the critical role played by fathers in children’s early development. The initiative that was launched on 6 June 2017, few days ahead of the Father’s Day (18 June), will celebrate fatherhood by highlighting the importance of love, play, protection and good nutrition for the healthy development of young children’s brains.
  • Other participants of the Super Dads campaign include Mahershala Ali, the All Blacks, Daniel Cormier, Lewis Hamilton, Hugh Jackman, Thalía and Chris Weidman.







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