Current Affairs Update – 13th February, 2016

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 13th February, 2016. These are important for the upcoming LIC AAO 2016.

Current Affairs at a Glance – 13th February, 2016

  1. The Reserve Bank of India has addressed the liquidity issues of
    commercial banks by easing the regulations on the liquidity coverage ratio. On Thursday, it allowed banks to qualify 10% of SLR bonds as Liquidity Coverage
    Ratio (LCR)
    from 7% earlier, a requirement mandated under the Basel-III
    accounting norms from their Statutory Liquidity Ratio (SLR) requirements.
  2. Prime Minister Narendra Modi on Saturday inaugurated the Make In India Centre at the MMRDA Grounds in Mumbai
    along with Swedish Prime Minister Kjell Stefan Lofven and the Prime Minister of
    Finland, Juha Petri Sipila.
  3. Jharkhand became the first ever state to auction two limestone blocks
    through an electronic platform after the passage of the MMDR Act by Parliament.
  4. Manipal University has signed a MoU for academic cooperation with University of Chicago.
  5. Ramesh Abhishek appointed as the Officer on Special Duty in the
    Department of Industrial Policy and Promotion
    , Ministry of Commerce and
    Industry.
  6. Facebook India Managing Director Kirthiga Reddy on February 12, 2016 stepped down from her current role and
    will relocate to the US.
  7. Australian batsman Adam Voges became the first batsman ever in Test cricket to reach the magical average of
    100
    thus beating the legendary Don Bradman, whose average was 99.94.
  8. The Disciplinary Committee of the
    Board of Control for Cricket in India (BCCI) on 12 February 2016 banned Pakistan umpire Asad Rauf for 5
    years on charges of corruption and misconduct
    .
  9. The 3-day long annual World Government Summit (WGS) concluded
    on 10 February 2016 in Dubai, the UAE.
    The summit was 4th in the series since the launch of WGS in 2013 by the UAE
    Government.
  10. Jnanpith awardee and eminent
    Malayalam poet, lyricist and environmentalist O N V Kurup on Saturday passed away.

Finance/Economy/Industry –
RBI allows 3% more of SLR for LCR

  • The Reserve Bank of India has
    addressed the liquidity issues of commercial banks by easing the regulations on
    the liquidity coverage ratio.
  • On Thursday, it allowed banks to
    qualify 10% of SLR bonds as Liquidity Coverage Ratio (LCR) from 7% earlier, a
    requirement mandated under the Basel-III accounting norms from their Statutory
    Liquidity Ratio (SLR) requirements. The move will help banks to use an
    additional Rs 2.8 lakh crore of their resources for lending.
  • In a circular issued to banks,
    the central bank said ” It has been decided that …banks will be
    permitted to reckon government securities held by them up to another 3 per cent
    of their NDTL-net demand and time liabilities- within the mandatory SLR
    requirement for the purpose of computing their LCR.”
  • Banks have been facing tight
    market liquidity forcing them to borrow from the Reserve Bank their daily
    liquidity requirements and have been saying that because of tight liquidity
    they have not been able to pass on the benefit of interest rate cuts to the
    borrowers. They have borrowed an average of Rs 1.3 lakh crore from the RBI in
    January.
  • The additional resources released
    will come in handy in the fourth quarter when conventionally credit demand is
    high.

PM Modi inaugurates Make In India Centre in Mumbai

  • Kicking off the ‘Make In India
    Week’, Prime Minister Narendra Modi on Saturday inaugurated the Make In India
    Centre at the MMRDA Grounds here along with Swedish Prime Minister Kjell Stefan
    Lofven and the Prime Minister of Finland, Juha Petri Sipila.
  • Revolving around the theme of
    innovation, design and sustainability, the Make In India Centre showcases some
    of the country’s most innovative and trendsetting products and manufacturing
    processes before the world for the first time after the global launch of the
    ‘Make In India’ initiative in September 2014.
  • This will be followed by a formal
    launch of the flagship event ‘Make In India Week’ at the NSCI Grounds later
    this evening which will promote India as the “preferred manufacturing
    destination” globally.
  • During the week (February 13-18),
    the event will offer immense access and opportunities to connect with Indian
    and global industry leaders, the central and state governments and other
    stakeholders.

Jharkhand became First Ever State to Auction Limestone Block online

  • Jharkhand became the first ever
    state to auction two limestone blocks through an electronic platform after the
    passage of the MMDR Act by Parliament.
  • An official at the Union Mines
    Ministry told PTI that this is the “first ever successful e-auction”
    of limestone blocks. These blocks have been bagged by cement companies.
  • A total of 43 blocks — excluding
    coal and lignite — have been identified by various states for e-auction, he
    said.
  • According to the official, with
    the successful e-auction, the process for auctioning blocks in other states is
    likely to be expedited.
  • The passage of the Mines and
    Minerals (Development and Regulation) Act paved the way for auction of mines
    bearing minerals such as iron ore, bauxite etc other than coal and lignite.

India –
Manipal University signs MoU for academic cooperation with University
of Chicago

  • Manipal University has signed a
    MoU for academic cooperation with University of Chicago.
  • University of Chicago is amongst
    the top ten global Universities in the 2016 Times Higher Education World
    University rankings and University of Chicago’s Pritzker School of Medicine is
    among the leading medical schools in the US.
  • The MoU includes mutual exchange
    of undergraduate and graduate medical students for clinical observerships,
    faculty exchange for educational purposes, joint clerkships in practical field
    courses and allowing transfer of credits at both the campuses.
  • One significant area of
    cooperation is in the area of pedagogy covering development of joint
    internationalised curricula and exchange of academic material and teaching
    methodology.

Appointments/Resignations –
Ramesh Abhishek appointed DIPP Secretary

  • In a top level bureaucratic
    rejig, IAS officer Ramesh Abhishek, who was tipped to be SEBI Chairman, has
    been appointed as the Officer on Special Duty in the Department of Industrial
    Policy and Promotion, Ministry of Commerce and Industry.
  • He will succeed the current DIPP
    Secretary Amitabh Kant, when he retires.
  • This could mean that the current
    SEBI chief UK Sinha may get a one-year extension or SBI Chairperson Arundhati
    Bhattacharya could get the post.
  • Also, Finance Secretary Ratan P.
    Wattal has been given a two-month extension till April 30, so that the Budget
    process does not get disturbed.

Vilas Tonapi appointed as Director of Indian Institute of Millets
Research
  • Vilas A. Tonapi on 10 February
    2016 was appointed as the Director of Indian Institute of Millets Research
    (IIMR).
  • At present, Tonapi is serving as
    the Principal Scientist at Seed Science and Technology of the IIMR.
  • Tonapi earlier served as Head,
    Division of Seed Science and Technology, Indian Agricultural Research Institute
    (IARI), New Delhi.
  • Indian Institute of Millets
    Research(IIMR) is headquarted at Hyderabad.

Facebook India head Kirthiga Reddy steps down

  • Facebook India Managing Director
    Kirthiga Reddy on February 12, 2016 stepped down from her current role and will
    relocate to the US.
  • The social networking giant has
    started looking for a successor to Reddy, who would be moving to Facebook’s
    headquarters in the US in the next 6-12 months.
  • Reddy said she along with William
    Easton, Managing Director of Emerging Markets (APAC) and Dan Neary, VP Asia
    Pacific, have started looking for her successor in India.
  • Facebook yesterday shut down
    ‘Free Basics’ in India, days after telecom regulator TRAI barred operators from
    charging discriminatory rates for Internet access based on content.

Sports –
Adam Voges became the first batsman ever in Test cricket to have 100
Average

  • On the second day of the New
    Zealand-Australia first Test in Wellington on Saturday, Adam Voges became the
    first batsman ever in Test cricket to reach the magical average of 100 thus
    beating the legendary Don Bradman, whose average was 99.94.
  • At the end of Day 2, Adam Voges
    is going strong on 176 and has scored 1204 runs in 14 matches at an average of
    100.33.
  • Australia finished the day with
    463 for 6 and leads New Zealand by 280 runs.

BCCI banned Pakistan umpire Asad Rauf for 5 years for involvement in
2013 IPL spot-fixing scandal
  • The Disciplinary Committee of the
    Board of Control for Cricket in India (BCCI) on 12 February 2016 banned
    Pakistan umpire Asad Rauf for 5 years on charges of corruption and misconduct.
  • The disciplinary committee took
    this decision after Rauf was found guilty of charges in relation to the Indian
    Premier League (IPL) betting and spot-fixing scandal of 2013.
  • With this ban, Rauf became
    ineligible for umpiring or playing or representing cricket in any form or being
    associated with activities of the BCCI and its affiliates for 5 years.
  • Earlier, on 18 January 2016, Ajit
    Chandila and Hiken Shah were also banned by the committee in relation to the
    2013 scandal.
World –
4th World Government Summit concluded in Dubai

  • The 3-day long annual World
    Government Summit (WGS) concluded on 10 February 2016 in Dubai, the UAE. The
    summit was 4th in the series since the launch of WGS in 2013 by the UAE
    Government.
  • The 2016 WGS was attended by 4500
    participants from more than 130 countries to discuss challenges and
    opportunities before present and future governments worldwide.
  • During the summit, 2016 Best
    m-Government Service Awards presented. Karnataka’s Mobile One project the award
    in the One Stop App category at the international level.
  • Edge of Government report was
    released that captures leading edge case studies of government innovation
    across the world.

Obituaries –
Jnanpith awardee Poet O N V Kurup passed away

  • Jnanpith awardee and eminent
    Malayalam poet, lyricist and environmentalist O N V Kurup on Saturday passed
    away at a private hospital following a cardiac arrest.
  • He was 84 and is survived by
    wife, a son and daughter.
  • Kurup, who was ailing for some
    time, was admitted to a private hospital here two days ago and was on
    ventilator support.
  • He breathed his last at 4.49 PM,
    hospital sources said.
  • In addition to his valuable
    contributions to Malayalam literature, he is one of the leading lyricists in
    Malayalam film, drama and album industry.
  • He was part of many dramas by
    Kerala People’s Arts Club (KPAC), which has made a major mark in the
    revolutionary movements of Kerala.
  • “Kalam Marunnu” (1956) was his
    first film which was also the first film by famous Malayalam composer G
    Devarajan.


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