Tuesday, January 31, 2017

Daily Current Affairs Update - 31 January, 2017

Hello and welcome to exampundit. Here are the important Current Affairs of 31 January, 2017 for General Awareness section in the Banking and Insurance Exams 2017. These are important for the upcoming Syndicate PGDBF and other insurance exams.


Daily Current Affairs at a Glance - 31 January, 2017
  1. Union finance minister Arun Jaitley on Tuesday tabled the Economic Survey 2016-17 in Parliament budget session. The survey projects the economy to grow in the range of 6.75% to 7.25% in the next fiscal year 2017-18 in the post-demonetisation year. The survey prepared by chief economic adviser in the finance ministry Arvind Subramanian said the adverse impact of demonetisation on GDP growth will be transitional. The Economic Survey 2016-17 advocates the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty.
  2. The Bombay Natural History Society (BNHS) has launched climate change programme to assess the status, distribution and conservation of finches and pheasants in the Central Himalayas.
  3. India’s first dedicated space observatory ASTROSAT has captured the rare phenomenon of a 6 billion year old Vampire star preying on a bigger celestial body. The Findings were published in the journal Astrophysical Journal Letters in the fourth week of January 2017.
  4. The Union Government on 30 January 2017 launched nationwide Sparsh Leprosy Awareness Campaign (SLAC). The Campaign was launched on the occasion of Anti-Leprosy Day.
  5. Chad's Moussa Faki Mahamat on 30 January 2017 was elected as the Chairman of the African Union (AU) Commission.



Financial News:

Economic Survey 2016-17 – Highlights


  • Union finance minister Arun Jaitley on Tuesday tabled the Economic Survey 2016-17 in Parliament budget session. The survey projects the economy to grow in the range of 6.75% to 7.25% in the next fiscal year 2017-18 in the post-demonetisation year.
  • The survey prepared by chief economic adviser in the finance ministry Arvind Subramanian said the adverse impact of demonetisation on GDP growth will be transitional. The Economic Survey 2016-17 advocates the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty.

Here are the major highlights from the Economic Survey 2016-17:
  • Gross domestic product (GDP) growth in 2016-17 to dip to 6.5%, down from 7.6% in last fiscal.
  • Economic growth to rebound to 6.75 to 7.5% in 2017-18.
  • Economic Survey sees fiscal windfall from Pradhan Mantri Garib Kalyan Yojana, low oil prices.
  • Farm sector to grow at 4.1% in the current fiscal, up from 1.2% in 2015-16.
  • Fiscal gains from Goods and Services Tax (GST) will take time to realise.
  • Growth rate of industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% last fiscal.
  • The survey prepared by Chief Economic Adviser in the finance ministry Arvind Subramanian said the adverse impact of demonetisation on GDP growth will be transitional.
  • The Economic Survey 2016-17 has advocated the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty. In his budget speech earlier this month, J&K finance minister Haseeb Drabu said he would want to create a social security fund and provide a UBI to all those living below the poverty line through a direct benefit transfer system.

 Download the economic survey PDF from here.


Non-financial news – India and states:

BNHS launches climate change programme in Central Himalayas


  • The Bombay Natural History Society (BNHS) has launched climate change programme to assess the status, distribution and conservation of finches and pheasants in the Central Himalayas.
  • The first study will be funded by Oracle and facilitated by CAF-India.
  • Currently, there are nearly 50 species of pheasants and 62 species of finches in the Indian subcontinent.
  • Several of these species are listed under the ‘Globally Threatened’ category created by the International Union for Conservation of Nature (IUCN).
  • Shrinking habitat as a result of climate change and several biotic factors along with poaching and trapping have pushed both these groups to almost extinction.
  • While species that are capable of adapting to the change will survive, those that are habitat specialist and sensitive to temperature will suffer.


Vampire star caught in the act by Indian space observatory ASTROSAT


  • India’s first dedicated space observatory ASTROSAT has captured the rare phenomenon of a 6 billion year old Vampire star preying on a bigger celestial body. The Findings were published in the journal Astrophysical Journal Letters in the fourth week of January 2017.
  • The findings were made by a team of scientists from IIA, Inter-University Centre of Astronomy and Astrophysics (IUCAA), Tata Institute of Fundamental Research (TIFR), Indian Space Research Organisation (ISRO) and the Canadian Space Agency (CSA).
  • The observation of the entire Vampire star phenomenon was made through the telescope. The data from six filters of UVIT telescope were used to estimate the precise temperature of the companion star. This was possible only due to the excellent capability of the UVIT telescope.
  • The information captured will now provide valuable insights to help scientists in studying the formation of blue straggler stars.


Union Government launches Sparsh Leprosy Awareness Campaign


  • The Union Government on 30 January 2017 launched nationwide Sparsh Leprosy Awareness Campaign (SLAC). The Campaign was launched on the occasion of Anti-Leprosy Day.
  • The Anti-Leprosy Day is observed annually in the memory of Mahatma Gandhi to rememorize his selfless efforts and care for the people affected by leprosy.
  • The Sparsh Leprosy Awareness Campaign aims at communicating the importance of early detection and treatment of leprosy.
  • Under the campaign, nationwide Gram Sabhas will be organised in cooperation and coordination with allied sector of health department/ministries.


Appointments – India and World:

Dushyant Chautala appointed President of Table Tennis Federation of India

  • Dushyant Chautala on 30 January 2017 was appointed the President of the Table Tennis Federation of India (TTFI).
  • Chautala is the youngest president of the apex body. His term, which is for four years, extends until 2021.
  • The appointment was made following the Annual General Body meeting.
  • Along with Chautala, M.P. Singh was appointed as the Secretary General, and Arun Kumar Banerjee took over as the Treasurer.
  • In addition, eight Vice-Presidents, four joint secretaries and five out of eight Executive Committee members, were nominated and filled as per the TTFI constitution. The other three vacant slots in the Executive Committee were left to be chosen by the new TTFI chief.


Moussa Faki Mahamat appointed Chairman of African Union Commission


  • Chad's Moussa Faki Mahamat on 30 January 2017 was elected as the Chairman of the African Union (AU) Commission.
  • Mahamat was elected through a voting held at the bloc's headquarters in the Ethiopian capital, Addis Ababa.
  • Mahamat defeated favourites Amina Mohamed of Kenya and Senegal's Abdoulaye Bathily after seven rounds of voting.
  • The Chadian diplomat succeeds South Africa's Nkosazana Dlamini-Zuma, the first woman to lead the AU.








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Major Highlights: Economic Survey 2016-17 | DOWNLOAD PDF


Hello and welcome to exampunditUnion finance minister Arun Jaitley on Tuesday tabled the Economic Survey 2016-17 in Parliament budget session. The survey projects the economy to grow in the range of 6.75% to 7.25% in the next fiscal year 2017-18 in the post-demonetisation year.


Here are the major highlights from the Economic Survey 2016-17:

Gross domestic product (GDP) growth in 2016-17 to dip to 6.5%, down from 7.6% in last fiscal.
Economic growth to rebound to 6.75 to 7.5% in 2017-18.
Economic Survey sees fiscal windfall from Pradhan Mantri Garib Kalyan Yojana, low oil prices.
Farm sector to grow at 4.1% in the current fiscal, up from 1.2% in 2015-16.
Fiscal gains from Goods and Services Tax (GST) will take time to realise.
Growth rate of industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% last fiscal.
The survey prepared by Chief Economic Adviser in the finance ministry Arvind Subramanian said the adverse impact of demonetisation on GDP growth will be transitional.

The Economic Survey 2016-17 has advocated the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty. In his budget speech earlier this month, J&K finance minister Haseeb Drabu said he would want to create a social security fund and provide a UBI to all those living below the poverty line through a direct benefit transfer system.






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EPFO Enforcement Officer - Accounts Officer - EOAO - Admit Card For Exam


Hello and welcome to exampundit. After almost an year, EPFO has finally activated the link to download the call letters for the upcoming EPFO Enforcement Officer - Accounts Officer exams.

:: CLICK TO DOWNLOAD ::


Direct link of Admit Card: CLICK HERE



All the best!

Thanks Sourav Shome for providing the news.


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Key Highlights of Republic Day 2017


Hello and welcome to exampundit. Here are the Important facts about Republic Day 2017.

2017 Republic Day Theme was Skill India and Beti Bachao Beti Padhao.

No. of states participating in the parade - 17

In the tableau category, in total 23 tableau including six from Union Ministries / Departments took part in this year’s Republic Day Parade, out of which first position has gone to Arunachal Pradesh tableau, which depicted the Yak dance, one of the most famous pantomimes of the Mahayana sect of Buddhist tribes of Arunachal Pradesh.

Madras Engineer Group has been adjudged the best marching contingent.


Important Tableau of states and themes:

  1. Himachal Pradesh: Chamba Rumal
  2. Haryana: Beti Bachao – Beti Padhao
  3. Odisha: Dola Jatra
  4. Arunachal Pradesh: Yak Dance
  5. Manipur: Lai Haroba
  6. West Bengal: Sharod Utsav
  7. Punjab: Jago Aaiya
  8. Tamil Nadu: Karakattam
  9. Tripura: Hojagiri



For the first time, a contingent of UAE soldiers marched in the parade. The 149-member Presidential Guard, which was led by a UAE band consisting of 35 musicians, presented a ceremonial salute to President Mukherjee.

The first foreign contingent that marched was France.

Sheikh Mohammed bin Zayed Al Nahyan, the crown prince of Abu Dhabi and a son of the UAE's founding president, is the chief guest at the Republic Day parade this year.

In another first, a contingent of the National Security Guard (NSG), popularly known as the Black Cat Commandos, also participated in the parade. The parade was commanded by Lt General Manoj Mukund Naravane, General Officer Commanding, Delhi Area.

First Time in History - Debut show of Sherpa (a bullet-proof NSG vehicle).


The closing ceremony after 3 days is called Beating Retreat.


If you have anything to add, comment below!





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Important Things to Study for IDBI PGDBF 2017 | General Awareness, Reasoning, English, Maths


Hello and welcome to exampundit. As requested by everyone, here is the preview of the IDBI PGDBF Exam which will be held on 3rd February, 2017. Before we begin, lets have a glance on the pattern of the examination.

Test
 No. of Qs.
 Max. marks
Reasoning
 50
 50
English Language
 50
 50
General Awareness
 50
 50
Quantitative Aptitude
 50
 50



Total duration of the examination will be 120 minutes.

There will be sectional cut-off and negative marking.


So, lets get started!

What are the chapters you need to focus on:

1. Reasoning: [Hard]

  • Puzzles
  • Seating Arrangements
  • Input Output (May be)
  • Inequalities (Easy)
  • Blood Relations
  • Syllogism
  • Directions Test



2. English Language: [Moderate]

  • Sentence Rearrangements
  • Comprehensions
  • Sentence Correction
  • Sentence Improvement
  • Cloze Tests



3. Quantitative Aptitude:[Hard]

  • Data Interpretations - Tabular / Graph
  • Profit & Loss
  • Average
  • Age
  • Time and Work
  • Series (easy)
  • Quadratic Equations




4. General Awareness: [Hard - Moderate]

  • Current Affairs - November 20 - January 24, 2017
    • Banking Terms - Definitions
    • Banking functions - limits
    • Bank products - apps - schemes
    • Banking Committees
    • News related to Defence - ISRO
    • MoUs in January (very important)
    • Appointments - December / January (very important)
    • News related to Republic Day - Guest, First times etc.

As the fighter recommended, you can revise the current affairs in 3 days:



The examination is expected to be on the moderate side.

Give your best shot !

All the best

May the force be with you.


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All About the Psychological Test for ASM in RRB NTPC 2015

Sample Question

Hello and welcome to exampundit. Here are all the information we could gather about the psychological test for Assistant Station Master in RRB NTPC 2015.

What sort of tests you will have to undergo?

  • The Psychological tests have been designed for different categories of job in critical safety categories, viz., Assistant Station Master, Assistant Drivers and Motorman. 
  • You will be given the test battery prescribed for the job you have applied for. 


Type of Questions for Assistant Station Master (ASM)

  1. Odd Figure Test
  2. Similar Figure Test
  3. Short Route Search Test
  4. Shape, Size & Colour Test
  5. Aptitude Test
  6. Number Based Test



Why do Railways use tests? 


  • Tests are often used by employers when people apply for jobs. 
  • The test help the employer decide if someone has the abilities and personality traits needed to do the job. 



How can tests help you? 

  • They help you to understand where your strengths lie. 
  • They have been chosen on the basis of the skills desired for the job. 
  • The tests are carefully designed and are fair to all the applicants. 
  • Taking tests will help you to adjust to the requirement of job.



CATEGORIES FOR WHICH PSYCHOLOGICAL TESTS ARE PRESCRIBED

For direct recruitment, the Psychological Tests are applicable to the following three categories —

  • Assistant Station Master 
  • Assistant Loco Pilot
  • Motorman 



WHAT CAN YOU DO TO GET HIGHER SCORES? 

Before the Session 


  • Don’t stay up all night. Make sure you get a good night’s sleep.
  • Give yourself plenty of time to get to the session so you don’t have to rush.
  • If you wear glasses or a hearing aid, be sure to take them with you.


At the Session


  • Listen carefully to the instructions.
  • Do exactly as you are told.
  • Don’t be afraid to ask questions.




:: Click here to View the PDF ::





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Team ExamPundit

Ask The Mentor - 31 January, 2017


Hello and welcome to exampundit . Here is the Daily Page where you can ask any question related to your Exam, Materials, Career or anything.

If you have any query regarding our Materials, Exam preparation Tip or any Unresolved Problems(which are not copied from other portals), just drop it in the comment box.


5 Professional Knowledge Sectionals for IT Officers - SBI and IBPS - Click Here

6 Banking Awareness Sectionals - Click Here

English Tests for Bank PO Prelims 2017- Click here

In case you have answers for someone else's query, please resolve it asap.

Active Mentors:
  1. Mentor from exampundit [SSC] - S Dixit - For any EP Related or Edkraft
  2. Mentor from Aspirants: Nisha Gautam
  3. Mentor from exampunditAnubhab
  4. Mentor from exampundit[SSC] Gaurav Monga - Explains in Details
  5. Mentor from Aspirants: ℛUÇℋ¶ - Explains in Details
  6. Mentor from Aspirants: the fighter - Reasoning & Puzzle Master
  7. Mentor from Aspirants: raven92 - Explains in Details
  8. Mentor from Aspirants: Chitrarth - Explains in Details
  9. Mentor from Aspirants: Bahubali - Explains in Details and Mind Tricks
  10. Mentor from Aspirants: Ketan - Explains in Details
  11. Mentor from Aspirants: Optimus Prime



Rules for Ask The Mentor Page (In short ATM Page):
1) If you want to share something,
↳ a) if it is not lengthy, post there in ATM Page
     ↳ i) Make sure it is not a quote or story
b) if it is a long passage, mail us at exampundit@gmail.com
2)Everyone here is hoping to have a peaceful job to settle his/her career, so HELP EACH OTHER.



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Monday, January 30, 2017

Daily Current Affairs Update - 28-29-30 January, 2017

Hello and welcome to exampundit. Here are the important Current Affairs for 28, 29 and 30 January, 2017 for General Awareness section in the Banking and Insurance Exams 2017. These are important for the upcoming Syndicate PGDBF and other insurance exams.


Daily Current Affairs at a Glance - 28-29-30 January, 2017
  1. India Post Payments Bank (IPPB) on Monday kicked off its operations by rolling out pilot services in Raipur and Ranchi. The bank will offer an interest rate of 4.5% on deposits up to Rs25,000; 5% on deposits of Rs25,000-50,000 and 5.5% on Rs50,000-1,00,000, its chief executive officer A.P. Singh said.
  2. In a big relief to people and small businesses, RBI today announced lifting of restrictions on daily withdrawal of money from ATMs and from current accounts but the weekly limit of Rs. 24,000 on savings bank accounts will continue.
  3. The Telangana government has signed a memorandum of agreement with French firm Aerocampus Aquitaine, known for aircraft maintenance skill training, here today to create a world-class aero skill academy.
  4. Industrialist Anil Ambani-led Reliance Defence on Monday said it has signed a contract with the Ministry of Defence for the design and construction of 14 Fast Patrol Vessels for the Indian Coast Guard valued at Rs 916 crore, the company said on Monday.
  5. The Indian Space Research Organisation (ISRO) on 25 January 2017 successfully ground tested its indigenously developed Cryogenic Upper Stage for GSLV Mk III rocket.
  6. The Indian Navy’s annual Theatre Readiness Operational Exercise (TROPEX) began on 24 January 2017 off the Western Seaboard. The exercise will be held till the fourth week of February 2017.
  7. P Vishwanath Shetty, retired judge of Karnataka High Court, was on 28 January 2017 sworn in as the Lokayukta of Karnataka, a seat that had been vacant since December 2015. He succeeds Y Bhaskar Rao, who left the seat in 2015.
  8. The Union Home Ministry on 30 January 2017 announced the appointment of Amulya Kumar Patnaik as the Delhi Police Commissioner.
  9. Award-winning Hollywood film producer and Wimbledon tennis player Ashok Amritraj was on 27 January 2017 appointed as UN in India Goodwill Ambassador for the SDGs.
  10. President of India Pranab Mukherjee appointed Dr Vijay Bhatkar as the Chancellor of Nalanda University with effect from 25 January 2017.
  11. President Pranab Mukherjee on 27 January 2017 appointed Banwarlal Purohit and P B Acharya as acting Governors of Meghalaya and Arunachal Pradesh respectively.
  12. Transparency International on 25 January 2017 released the Corruption Perceptions Index (CPI) 2016. The Index measured the perceived levels of public sector corruption in 176 countries and territories across the world. The CPI 2016 declared India as the 79th cleanest country among the 176 countries surveyed.
  13. France’s Iris Mittenaere on 30 January 2017 was crowned the Miss Universe 2016. The pageant was held at the Mall of Asia Arena, Pasay, Metro Manila, Philippines.
  14. The Supreme Court on Monday appointed a four-member panel to look after the administration of the BCCI. Former Comptroller and Auditor General (CAG) Vinod Rai was appointed as the head of the panel, while noted cricket historian Ramachandra Guha, IDFC official Vikram Limaye, and former Indian women's cricket captain Diana Edulji were made the members of the panel.
  15. 2016 Olympic silver medalist PV Sindhu and Sameer Verma on 29 January 2017 won the men’s singles and the women’s singles titles respectively at the Syed Modi International Badminton Championships.
  16. Roger Federer on 29 January 2017 won the 2017 Australian Open Men’s Singles title.
  17. Serena Williams on 28 January 2017 won the 2017 Australian Open Women’s Singles title.
  18. Anti-Leprosy Day was observed on 30 January 2017 across the country to spread awareness about the disease.



Financial and Banking News:

India Post Payments Bank launched in Raipur and Ranchi, offers up to 5.5% interest rate on deposits


  • India Post Payments Bank (IPPB) on Monday kicked off its operations by rolling out pilot services in Raipur and Ranchi. The bank will offer an interest rate of 4.5% on deposits up to Rs25,000; 5% on deposits of Rs25,000-50,000 and 5.5% on Rs50,000-1,00,000, its chief executive officer A.P. Singh said.
  • The paid up equity of the new bank is Rs800 crore, of which the government has already infused Rs275 crore, he added. “The idea is to have a branch in every district and make 3 lakh postmen come alive in payment bank function,” he said.
  • Also 1,000 ATMs of India Post will be transferred to IPPB, Singh added. Telecom minister Manoj Sinha said that IPPB plans to have 650 branches across the country by September 2017.
  • Terming IPPB as a mechanism for financial inclusion and a milestone, Sinha said the payments bank—the third one to get a permit after Airtel and Paytm and the first one promoted by the government—will not just conduct business but also serve people. India Post Payments Bank is the third entity to receive payments bank permit after Airtel and Paytm.


RBI lifts cash withdrawal limits from ATMs from February 1


  • In a big relief to people and small businesses, RBI today announced lifting of restrictions on daily withdrawal of money from ATMs and from current accounts but the weekly limit of Rs. 24,000 on savings bank accounts will continue.
  • The Reserve Bank also promised to review the weekly limit in the near future depending on the pace of remonetisation. “On a review of the pace of remonetisation, it has been decided to partially restore status quo ante,” RBI said adding, cash withdrawal limit from ATMs stands withdrawn from February 1, 2017.
  • Banks, however, have been asked to fix their own limits, as has been the case before November 8, 2016, the day government scrapped high denomination currency notes of Rs. 500 and 1,000.
  • RBI has also removed all limits on cash withdrawals from current accounts/ cash credit accounts/ overdraft accounts with immediate effect. “The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future,” it said.
  • It further said that banks have been “urged to encourage their constituents to sustain the movement towards digitisation of payments and switching over of payments from cash mode to non-cash mode.”
  • Government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of currency shortage following demonetisation.


Telangana inks MoU with AEROCAMPUS for aero skills academy


  • The Telangana government has signed a memorandum of agreement with French firm Aerocampus Aquitaine, known for aircraft maintenance skill training, here today to create a world-class aero skill academy.
  • The project deliverables include identifying skill gaps, designing courses and enabling European Aviation Safety Agency and Directorate General of Civil Aviation certifications for the academy and its courses.
  • This partnership focuses on developing skills among the youth as well as experienced professionals. The new academy will offer specialised aeronautical courses in engineering, manufacturing and maintenance domains.
  • The academy proposes to offer long duration basic training programmes for young students and vocational training and short duration courses tailor-made to industry requirements for experienced technicians.
  • The MoU was signed between Jerome Verschave, General Manager, Aerocampus and Jayesh Ranjan, TS Secretary, IT&C, in presence of Advisor to Government, Papa Rao and Florence Forzy Raffard, Councillor for International Economic Affairs, Bordeaux.


Reliance Defence bags Rs 916 crore contract from Indian Coast Guard


  • Industrialist Anil Ambani-led Reliance Defence on Monday said it has signed a contract with the Ministry of Defence for the design and construction of 14 Fast Patrol Vessels for the Indian Coast Guard valued at Rs 916 crore, the company said on Monday.
  • These ships are medium range, high speed vessels, and primarily used for patrol within the exclusive economic zone, costal surveillance, and anti-smuggling, anti-piracy, search and rescue operations. They also support front-line warships in the hour of need.
  • Virtually all the private sector and public sector Shipyards had bid for the project, including Larsen and Toubro, Cochin Shipyard, Goa Shipyard, and Garden Reach Shipbuilders and Engineers.


NEC and Union Ministry of Textiles sign MoU to harness the hidden potential of Cane & Bamboo

  • The North Eastern Council (NEC) on 29 January 2017 signed a Memorandum of Understanding (MoU) with the Development Commissioner (Handicrafts) of the Union Ministry of Textile in Shillong to harness the hidden potential of Cane and Bamboo of North Eastern Region (NER).
  • The MoU was signed by Ram Muivah, Secretary of NEC and Development Commissioner(Handicrafts) Alok Kumar.

Highlights of the MoU
  • It will provide a push for the integrated and inclusive development of Cane & Bamboo Sector of NRE through skilled manpower, marketing support, technology dissemination and institutional support.
  • This will altogether mobilise the masses and promote Bamboo sector as a whole throughout the country. 
  • The NEC and the Development Commissioner (Handicrafts) will promote Cane and Bamboo Technology Centre (CBTC) of Assam and the Bamboo & Cane Development Institute (BCDI) of Tripura as the Centres of Excellence in South East Asia.
  • CBTC will be transformed into a Regional Centre of Excellence and the BCDI will be converted as a separate entity under the name Indian Institute of Bamboo Technology (IIBT).


Non-financial News – India and states:

ISRO successfully tests Cryogenic Engine for Upper Stage of GSLV Mk III

  • The Indian Space Research Organisation (ISRO) on 25 January 2017 successfully ground tested its indigenously developed Cryogenic Upper Stage for GSLV Mk III rocket.
  • The cryogenic upper stage, designated as C25, was tested for 50 seconds at ISRO Propulsion Complex (IPRC) at Mahendragiri in Tamil Nadu demonstrating all the stage operations. It was the first test in a series of two tests.  The second test is planned for flight duration of 640 seconds.
  • This first flight stage for GSLV Mk III D1 mission is in an advanced stage of realisation. It is scheduled to launch GSAT-19 during first quarter of 2017.


Indian Navy’s Theatre Level Exercise TROPEX 17


  • The Indian Navy’s annual Theatre Readiness Operational Exercise (TROPEX) began on 24 January 2017 off the Western Seaboard. The exercise will be held till the fourth week of February 2017.
  • Ships and aircraft of both the Western and Eastern Naval Commands are participating the exercise.
  • The exercise is aimed at testing the combat readiness of the combined fleets of the Indian Navy and the assets of the Indian Air Force, Indian Army and the Indian Coast Guard.
  • It will also strengthen inter-operability and joint operations in a complex environment.
  • The aircraft carrier Vikramaditya, nuclear submarine Chakra, Landing Platform Dock (LPD) Jalashwa, the recently commissioned destroyer Chennai, the P-8I will participate in the exercise.


Karnataka set to celebrate Kambala festival


  • Kambala festival was in news in January 2017 as the Indian state of Karnataka is all set to celebrate the festival. Kambala is an annual buffalo race held traditionally under the patronage of local landlords and households in the state.
  • The buffalo race in Karnataka takes place annually between November and March. The places where the festival takes place are Baradi Beedu, Kolatta, Majalu, Bolantur, Kamalakettu, Puttur and Uppinagadi.
  • The two-day celebration starts with a display of the participating buffaloes with their respective farmers. During the festival, when the fields are wet, the buffaloes are made to race on the tracks, guided by the farmer. Each team consists of two buffaloes and a farmer who controls the buffaloes. Two teams are made to race down two mushy paddy fields to conclude on the fastest team. The winner of the race is awarded with a coconut and other gifts.


Appointments – India and World:

P Vishwanath Shetty sworn in as Karnataka Lokayukta


  • P Vishwanath Shetty, retired judge of Karnataka High Court, was on 28 January 2017 sworn in as the Lokayukta of Karnataka, a seat that had been vacant since December 2015. He succeeds Y Bhaskar Rao, who left the seat in 2015.
  • Shetty will be responsible for clearing all the pending cases and will work to re-establish the credibility of the anti-corruption ombudsman after the disgraceful exit of his predecessor Y Bhaskar Rao.
  • Rao resigned in December 2015 after investigations showed that his son Y Ashwin was allegedly running threatening raids. Following this, Rao was  arrested, but recently on 28 January 2017, he was granted conditional bail by the special Lokayukta Court.


Amulya Kumar Patnaik appointed Delhi Police Commissioner


  • The Union Home Ministry on 30 January 2017 announced the appointment of Amulya Kumar Patnaik as the Delhi Police Commissioner.
  • Patnaik succeeds Alok Kumar Verma, who has been made the Director of Central Bureau of Investigation (CBI).
  • Patnaik, a 1985 batch Arunachal Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre IPS officer, is currently posted as Special Commissioner of Police (Administration).


Ashok Amritraj appointed as UN in India Goodwill Ambassador for the SDGs


  • Award-winning Hollywood film producer and Wimbledon tennis player Ashok Amritraj was on 27 January 2017 appointed as UN in India Goodwill Ambassador for the SDGs.
  • In this capacity, Ashok Amritraj will work with the United Nations in India to amplify awareness about the Sustainable Development Goals (SDGs).
  • He is an internationally-renowned iconic filmmaker. He has made over 100 films during the span of his 30-year extraordinary career.
  • During his 9-year career, he competed in doubles at the Wimbledon and the US Open.



Dr Vijay Bhatkar appointed as Chancellor of Nalanda University


  • President of India Pranab Mukherjee appointed Dr Vijay Bhatkar as the Chancellor of Nalanda University with effect from 25 January 2017.
  • Dr. Bhatkar will hold the office for a term of three years from the date of his appointment as provided under the Section 11 (3) of the Nalanda University Act, 2010.
  • He is best known as the architect of India's first supercomputer PARAM.


President appointed Banwarilal Purohit & P B Acharya as acting Governors

  • President Pranab Mukherjee on 27 January 2017 appointed Banwarlal Purohit and P B Acharya as acting Governors of Meghalaya and Arunachal Pradesh respectively.
  • At present, Banwarlal Purohit is the Governor of Assam, while Padmanabha Balakrishna Acharya is the Governor of Nagaland.
  • These appointments come in the backdrop of resignation of V Shanmuganathan as Governor of Meghalaya and Arunachal Pradesh.
  • V Shanmuganathan resigned from the office on 27 January 2017 following a controversy, in which he was accused of sexual misconduct.


Reports and Indexes:

India ranked 79 in Transparency International’s Corruption Perceptions Index


  • Transparency International on 25 January 2017 released the Corruption Perceptions Index (CPI) 2016. The Index measured the perceived levels of public sector corruption in 176 countries and territories across the world.
  • While Denmark was adjudged as the most corruption-free country among the surveyed countries, Somalia in Sub Saharan African Region was placed at the bottom of the CPI.
  • The CPI 2016 declared India as the 79th cleanest country among the 176 countries surveyed.
  • Compared to the CPI 2015, which was released by the Transparency International (TI) on 27 January 2016, India bettered its position by 3 ranks. The CPI 2015 placed India at the 76th position.
  • It is prepared by the Transparency International (TI), a global coalition against corruption. The TI is based in Berlin, Germany.


Awards & Honors:

Miss France Iris Mittenaere wins Miss Universe 2016


  • France’s Iris Mittenaere on 30 January 2017 was crowned the Miss Universe 2016. The pageant was held at the Mall of Asia Arena, Pasay, Metro Manila, Philippines.
  • Pia Wurtzbach of the Philippines crowned her successor Iris Mittenaere at the end of the event.
  • Miss Haiti Raquel Pélissier was announced the first runner-up while Miss Columbia Andrea Tovar was named the second runner-up in the pageant.
  • India’s Roshmitha Harimurthy could not even make it to the top 15.


Sports News:

Ex-CAG Vinod Rai appointed head of 4-member BCCI panel by Supreme Court

  • The Supreme Court on Monday appointed a four-member panel to look after the administration of the BCCI. Former Comptroller and Auditor General (CAG) Vinod Rai was appointed as the head of the panel, while noted cricket historian Ramachandra Guha, IDFC official Vikram Limaye, and former Indian women's cricket captain Diana Edulji were made the members of the panel.
  • The Supreme Court rejected the Centre's suggestion to name the sports secretary as part of the panel, while referring to its 2 January judgment that barred government servants and ministers from holding office in the BCCI. According to a TV channel, the Supreme Court trimmed down the list of administrators rom nine to four.
  • BCCI joint secretary Amitabh Chaudhary, who had been performing the duties of the BCCI secretary since Ajay Shirke was removed from the post following the apex court's order of 2 January, will represent the BCCI at the ICC meeting in Dubai in the first week of February.


PV Sindhu, Sameer Verma won Syed Modi International Badminton Championships titles

  • 2016 Olympic silver medalist PV Sindhu and Sameer Verma on 29 January 2017 won the men’s singles and the women’s singles titles respectively at the Syed Modi International Badminton Championships.
  • To win the title, while Sindhu defeated Indonesia's Gregoria Mariska in the summit clash in straight games 21-13 21-14, Sammer Verma defeated B Sai Praneeth 21-19 21-16.
  • For Sindhu, it was her maiden women’s singles title at the tournament.
  • Overall, India won three titles out of the five events in the tournament, while the Men’s Doubles title and Women’s Doubles title were won by foreign nationals.
  • India won  the Mixed Doubles title when Pranaav Jerry Chopra and N Sikki Reddy emerged champions by defeating fellow Indians Ashwini Ponnappa and B Sumeeth Reddy 22-20 21-10 in the summit clash.


Roger Federer beats Rafael Nadal to win 18th Grand Slam title


  • Roger Federer on 29 January 2017 won the 2017 Australian Open Men’s Singles title.
  • The 35-year-old Swiss defeated Rafael Nadal 6-4 3-6 6-1 3-6 6-3 to claim his 18th Grand Slam and fifth Melbourne title.
  • He has won 18 Grand Slam singles titles, which is the most in history.
  • He has won five Australian Open titles, seven Wimbledon titles, five US Open titles and one French Open title.
  • He has won record six ATP World Tour Finals and played in the finals at all nine ATP Masters 1000 tournaments.


Serena Williams wins 2017 Australian Open Women’s Singles title

  • Serena Williams on 28 January 2017 won the 2017 Australian Open Women’s Singles title.
  • Serena defeated sister Venus Williams 6-4 6-4 to win her seventh Australian Open and 23rd Grand Slam singles title.
  • Margaret Court of Australia, with 24, is the only player ahead of Serena in terms of Grand Slam singles titles.
  • She holds a total of 23 Grand Slam singles titles that marks the record for the most Major wins by a tennis player in the Open Era.


Wesley So wins 2017 Tata Steel Chess Tournament

  • Wesley So on 29 January 2017 won the 2017 Tata Steel Chess Tournament at Manila, Philippines.
  • So defeated Ian Nepomniatchi of Russia in the 13th and final round to grab the tournament.
  • It is the third straight tournament victory for So, after winning the Sinquefield Cup and London Chess Classic.


Union Government reconstituted committee to identify athletes under TOP Scheme

  • The Union Minister of State (Independent Charge) for Youth Affairs and Sports Vijay Goel on 27 January 2017 reconstituted Target Olympic Podium (TOP) Committee.
  • The primary objective of the reconstituted TOP Committee is to identify and support potential medal prospects for 2020 and 2024 Olympic games under the Target Olympic Podium Scheme.
  • For the reconstituted committee, Abhinav Bindra was appointed as the chairman.


Days & Observance:

Anti-Leprosy Day observed on 30 January 2017

  • Anti-Leprosy Day was observed on 30 January 2017 across the country to spread awareness about the disease.
  • Annually, the day is celebrated in the memory of Mahatma Gandhi to re-memorize his selfless efforts and care for the people affected by leprosy.
  • Leprosy is also known as Hansen's disease (HD).
  • It is a chronic infection caused by the bacteria Mycobacterium leprae and Mycobacterium lepromatosis.


Obituaries:

Russian ambassador to India Alexander Kadakin dies

  • Alexander Kadakin, Russian ambassador to India, passed away on 26 January 2017 following a brief illness. He was 67.
  • Kadakin was one of the longest serving envoys as he had spent a significant part of his life working to promote Russia's ties with India.






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Banking Awareness 2017 - Important Terms and Definitions related to Loans in India

Important Terms and Definitions related to Loans in India

Hello and welcome to exampundit. Here are the Important Terms and Definitions related to Loans in India. This was requested by Souvik. You can request your topics at exampundit@gmail.com.

These are very important for the upcoming Bank and Insurance Exams.

A

1. Acceptance Letter: After you collect your sanction letter, you should, if you accept the terms of contract, communicate your willingness to accept the loan by way of an acceptance letter. You should do it within a particular time-frame which may vary between 1-3 months from the date of the sanction letter.

2. Accrual Basis: A method of accounting that allows revenues and expenses to be accrued, even if cash had not been received or paid during the accrual period.

3. Administrative Fee: The fee you pay for meeting the overheads of the administrative work handled by the housing finance firm. Usually to be paid while giving the acceptance letter.

4. ADR: An acronym for American Depository Receipt. Currently popular because of the rush of Indian firms to issue ADRs. Technically, it is an instrument traded at exchanges in the US representing a fixed number of shares of a foreign company that is traded in the foreign country.

5. Allotment: The acceptance of an application subscribing to the shares of a company. Establishes a contract that underlies an investment through public subscription.

6. Amortisation: Reduction of an amount at regular intervals over a certain time period. Usually, refers to the reduction of debt by regular payment of loan installments during the life of a loan. Also describes the accounting process of writing off an intangible asset.

7. Annual Reducing Method: A method of calculating interest on the reduced principal at the end of every year. However as repayments for all loans are EMI, though the principal is reduced every month, the interest is calculated on the original loan amount for twelve months after which the repayments towards principal are taken into account. Basically, this method will benefit you the least.

8. Annual Rest: A method of calculating EMI in which the appropriation towards interest and principal is made at the end of the financial year.


B

9. Balloon Mortgage: A balloon mortgage is a financing mechanism where the payments are not fully amortized over the term of the loan. Sometimes the borrower needs to pay only the interest on the loan. As the loan is not fully amortized, the borrower needs to pay a large sum of money at maturity, in some cases the full principal, in order to close the loan. As the closure amount is often large, this is called balloon payment.

10. Balloon Payment: The final payment on a debt, which is larger than the previous sums paid.

11. Borrower category: Defining the status of a borrower as salaried or self-employed.

C

12. Carpet areas: Areas of useable at any floor level as worked out in the plinth area minus the area occupied by the walls.

13. Clear title: It is a title which is free from any reasonable doubt and also free from all encumbrances.

14. Credit Appraisal: It is an assessment of the borrower’s repayment capacity done by the lender before approving the home loan. Old credit history, present income, Income tax returns, bank statements and other personal details are used by the lender to arrive at the credit profile of the applicant and thus the eligibility and eligible amount.

D

15. Down payment: Money paid up front to make up the difference between the purchase price and loan amount.

E

16. Estimation: Estimating the value of the asset, especially if the asset is property that is not newly developed. Same as Valuation.

17. Extent of loan: The extent or percentage of loan a home finance company would disburse, given the value of the property. Same as Exposure.

F

18. Foreclosure: Sometimes if the cash flows are healthy and enough, a borrower may decide to pay up the entire amount of loan before the tenure and close it. This step helps in saving interest but it comes at an extra cost. This is why borrower must check the terms and conditions of the loan to see if the option of foreclosure exists and the charges for the same before taking the loan.

19. Flat rate: Percentage representation of the amount of annual interest on the total loan amount.

20. Flexible installment: Fixing the installment amount to a changeable benchmark.

I

21. Incidental Charges: In case the customer delays the payment of the monthly instalment, a collection team is sent to the customer's house to recover the money. The expenses incurred on such occasions are called Incidental Charges (IC).

22. Instalment to Income Ratio: The Instalment to Income Ratio (IIR) denotes the portion of your monthly instalment on your home loan. Very commonly used by Banks/ HFIs to calculate your loan eligibility, IIR is generally expressed as a percentage. Normally pegged at 40%, the IIR figure can vary on the basis of actual salary details, qualifications, employer / business, years of experience, growth prospects and sources of other income.  

For example, if your IIR is 40 per cent and your gross income is Rs. 10,000 per month, then as per the IIR ratio you will be eligible for a loan where the instalment does not exceed Rs. 4,000 per month (40% multiplied by gross monthly income). Some banks peg IIR at even 55%, which increases your eligibility for a housing loan.


23. IRR: Internal Rate of Return or the IRR is a measure of cost of capital and the earnings from the cash flows to be made on the loan disbursed.

L

24. LTV/ LCR: There is a limit on the maximum loan amount that a person can get for a property irrespective of the loan eligibility. LTV stands for the Loan to Value ratio while LCR stands for the Loan to Cost ratio. Banks/ HFIs use this to signify the loan amount that a person is eligible for on the total cost of the property.

M

25. Marketable title: When the title to the property is clear and the person has the right and capacity to transfer the same then he is said to have a marketable title.

26. Moratorium period: A moratorium period is a time during the loan term when the borrower is not required to make any repayment. It is a waiting period before which repayment by way of EMIs begins. Normally, the repayment begins after the loan is disbursed and the payments have to be made each month. However due to this moratorium period, the payment starts after some time.
Education loans provide this feature. This is because education loans are repaid by the students after they start earning and build their finances.

27. Margin: Under a home loan, Bank/ HFIs fund only around 80% to 85% of the cost of the house. The remaining 20% to 15% has to be borne by the customer himself. This amount paid by the customer out of his own pocket is called the Margin or also the Own Contribution towards the cost of the house. The Margin amount is subject to the eligibility of the individual.

N

28. Obligation of the borrower: The borrower in terms of the agreement will be obligated to keep up the schedule of repayment, to deposit the post dated cheques periodically and to keep the property free from encumbrance.

P

29. Penal interest: If the installments are not received as per the repayment terms, by the end of the month, the borrower will be charged interest on the installments delayed which is called as penal interest.

30. PEMI: The disbursal of a home loan is made according to the completion stage of the property. When your loan is partly disbursed, you cannot start paying your EMI. Instead, you pay simple interest on the part amount drawn by you at the rate that is applicable to you. This is called PEMI.

R

31. Refinance: Loan or any additional loan financed on an existing property.

32. Registration value: It is the value of the property at which the property is registered. Generally the rates for the value for registration is fixed for specific areas by the authorities in many places.

S

33. Sale Agreement: It is an agreement which is entered into between the parties for dealing with the property and which creates a right to obtain a sale deed mentioning the property. Normally it fixes a time for completion, payment of earnest money or part payment of purchase consideration. Generally it is a document that precedes a sale deed and in such cases does not require registration and will also not confer any charge or right on the property. However in some states the sale agreement itself will be registered and will act as a sale deed.

34. Sale Deed: It is an instrument in writing which transfers the ownership of the property or properties in exchange for a price paid/consideration. This is a document that requires to be registered compulsorily.

T

35. Tenure: Period from the date of disbursement of loan to the date of the last EMI payment or the date of closure of loan.


36. Total initial payment: Initial payment made by the customer when the asset is purchased, also includes service charges and advance EMIs if any.



 If you have anything in your head, comment below and we will add.






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