Current Affairs Update – 17th June, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 17th June, 2016. These are important for the upcoming SBI PO Mains exam 2016.

Current Affairs at a Glance – 17th June, 2016

  1. Max Financial Services and Max Life
    have entered into an agreement for a
    merger with HDFC Life
    .
  2. The Reserve Bank on Friday simplified the process of registration
    of new NBFCS
    by
    reducing the application form and the checklist of documents from the existing
    set of 45 documents to about eight
    .
  3. India recorded its highest-ever
    tea production at 1,233 million kilos during 2015-16
    , while the
    exports crossed 230 million kilos during the period.
  4. Prime Minister Narendra Modi on
    16 June 2016 suggested a mantra, RAPID, to
    tax officials while inaugurating Rajasva Gyan Sangam
    , a two-day Annual
    Conference of Senior Tax Administrators in New Delhi. The mantra, RAPID
    means R for Revenue, A for Accountability, P for Probity, I for Information and D for Digitization.
  5. The 9 million Euro Indo-EU ‘Water4crops’
    project was in news in third week of June 2016 after a review and planning meet
    on the project was conducted from 15 June to 17 June 2016 in New Delhi. The
    review meeting was held to mark the completion of 4-year of the project.
  6. Indian-origin diplomat Kamala Shirin
    Lakhdhir
    was on 17 June 2016
    nominated as the next American Ambassador to Malaysia by
    US President Barack Obama.
  7. Russia on 16 June 2016 launched the new Project 22220 nuclear
    icebreaker dubbed ‘Arktika’. It was launched from the Baltic
    Shipyard in St. Petersburg – the second largest city of Russia.
  8. Baltimore’s National Aquarium on 15 June 2016 announced its plan to create an
    Oceanside dolphin sanctuary
    . This will be first of its kind sanctuary
    for the marine mammals in North America.
  9. Mohun Bagan on 15 June 2016 announced that it will honour
    country’s only Dronacharya football coach Syed
    Nayeemuddin with the Mohun Bagan Ratna
    .
  10. World Day to Combat Desertification (WDCD) 2016 was observed across the world on 17 June 2016.
  11. Manimala Devi, veteran Odia
    actress, passed away on 16 June 2016 following a prolonged illness at Bhubaneswar,
    Odisha.

Finance/Banking –
Max Life, Max Financial Services agree to merger with HDFC Life

  • Max Financial Services and Max
    Life have entered into an agreement for a merger with HDFC Life.
  • In a statement to the stock
    exchanges, Max Financial Services and Housing Development Finance Corporation
    (HDFC) said that their respective boards have approved entering into a
    confidentiality, exclusivity and standstill agreement to evaluate a potential combination
    through a merger.
  • The agreement provides for a
    mutually agreed exclusivity period for due diligence and discussions between
    the parties in relation to a proposed transaction. However, it has not been
    mentioned as to how much stake the foreign partner of Max Life will hold post
    the merger. No timeline has been given for the merger.
RBI simplifies registration process for new NBFCs
  • The Reserve Bank on Friday
    simplified the process of registration of new NBFCS by reducing the application
    form and the checklist of documents from the existing set of 45 documents to
    about eight.
  • This has been done to make the
    process of registration of new Non Banking Financial Companies (NBFCs)
    “smoother and hassle free”, RBI said.
  • “Secondly, from now onwards,
    there would be two different types of applications for non-deposit taking NBFCs
    (NBFC-ND) based on Sources of Funds and Customer Interface,” it added.
  • The processing of cases for Type
    I – NBFC-ND applicants would be on fast track mode. As these companies will not
    have access to public fund and will not have customer interface, they will be
    subjected to less intensive scrutiny/due diligence.
  • These companies will be
    prohibited from accessing public funds and having customer interface. In case
    these companies intend to avail public fund or intend to have customer
    interface in the future, they are required to take approval from RBI.
  • RBI further advised that the
    checklists mentioned by it are indicative and not exhaustive.
India records highest-ever tea production in FY16
  • India recorded its highest-ever
    tea production at 1,233 million kilos during 2015-16, while the exports crossed
    230 million kilos during the period.
  • Tea production rose by 3% in
    2015-16, up from 36 million kilos in the preceding year, a Tea Board statement
    said on Friday.
  • Exports during the last fiscal
    was the highest after 35 years and valued at Rs 4,493 crore, and a 17% rise in
    terms of quantity, it said.
  • The last time exports crossed the
    230 mkg mark was during 1980-81, it added.
  • Increase in exports was mostly in
    the markets of Russia, Iran, Germany, Pakistan, Bangladesh, UAE and Poland.
  • The increase in production could
    be attributed to a rise in North India, while south suffered from adverse
    climatic conditions and labour issues in Kerala.
RAPID, five-point charter for tax administrators, outlined by Narendra
Modi
  • Prime Minister Narendra Modi on
    16 June 2016 suggested a mantra, RAPID, to tax officials while inaugurating
    Rajasva Gyan Sangam, a two-day Annual Conference of Senior Tax Administrators
    in New Delhi.
  • The mantra, RAPID means R for
    Revenue, A for Accountability, P for Probity, I for Information and D for
    Digitization.
  • It will help people to respect
    the rule of law as well as fear of the long arm of the law for those who evade
    taxes.
  • During the ceremony, Modi also
    motivated the revenue officers towards achieving high standards in taxpayer
    friendly service in view of fast paced changes in the world economy. He is also
    likely to address some of the challenges faced by these departments.
India –
Review meeting of Indo-EU ‘Water4crops’ project held
  • Water4crops Project: 9 million
    euro Indo-EU project on water-scarce agricultural sector
  • The 9 million Euro Indo-EU
    ‘Water4crops’ project was in news in third week of June 2016 after a review and
    planning meet on the project was conducted from 15 June to 17 June 2016 in New
    Delhi. The review meeting was held to mark the completion of 4-year of the
    project.
  • Water4Crops stands for
    “integrating bio-treated wastewater reuse and valorization with enhanced water
    use efficiency to support the Green Economy in Europe and India”.

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Appointments –
Indian-origin Kamala Shirin Lakhdhir nominated as US Ambassador to
Malaysia

  • Indian-origin diplomat Kamala
    Shirin Lakhdhir was on 17 June 2016 nominated as the next American Ambassador
    to Malaysia by US President Barack Obama.
  • She will replace Joseph Y Yun, a
    career member of the Senior Foreign Service.
Flipkart’s Michael Adnani joins Styletag.com as CEO
  • Styletag.com, India’s first
    online women’s curated fashion and lifestyle destination has announced the
    appointment of its new Chief Executive Officer (CEO), Michael Mehran Adnani.
  • Michael Adnani will spearhead the
    company’s operations and helm its evolution as it enters into a new phase of
    growth and expansion.
  • Michael has joined Styletag from
    Flipkart, where he was the Vice President of the commerce platform and headed
    the strategic brand alliances for the e-commerce giant.
World –
Arktika, the most powerful nuclear icebreaker launched by Russia
  • Russia on 16 June 2016 launched
    the new Project 22220 nuclear icebreaker dubbed ‘Arktika’. It was launched from
    the Baltic Shipyard in St. Petersburg – the second largest city of Russia.
  • Project 22220 is the world’s
    largest and most powerful vessel of its kind and it has been built at the
    Baltic Shipyard of the United Shipbuilding Corporation of Russia.
  • The vessel is 189.5 yards long
    and 37.1 yards wide.
  • It displaces 33540 metric tons
    and is fitted with two specifically designed RITM-200 nuclear power reactors.
  • Nuclear fuel for the vessel’s
    RITM-200 nuclear-power reactors is to be produced by the TVEL fuel company by
    the end of 2016.
North America to have its first sanctuary for dolphins
  • Baltimore’s National Aquarium on
    15 June 2016 announced its plan to create an Oceanside dolphin sanctuary. This
    will be first of its kind sanctuary for the marine mammals in North America.
  • The aquarium will move its colony
    of eight Atlantic bottlenose dolphins to an outdoor facility with natural
    seawater by 2020. Of the eight bottlenose dolphins (six female and two male),
    only one has ever lived in the open ocean.
  • For this purpose of creating a
    sanctuary, a team is scouting locations in Florida and the Caribbean for the
    habitat.
Awards & Honors –
Syed Nayeemuddin, former Indian football team coach, to be conferred
with Mohun Bagan Ratna
  • Mohun Bagan on 15 June 2016
    announced that it will honour country’s only Dronacharya football coach Syed
    Nayeemuddin with the Mohun Bagan Ratna.
  • Nayeemuddin was chosen for the
    prestigious award for his overall contribution to the club and the country both
    as a player and as a coach.
  • He is the only sports-person to
    win both the Arjuna and Dronacharya Awards for football.
Days –
World Day to Combat Desertification 2016 observed
  • World Day to Combat
    Desertification (WDCD) 2016 was observed across the world on 17 June 2016.
    Inclusive cooperation for achieving Land Degradation Neutrality was the theme
    for the 2016 WDCD.
  • The slogan for the day was
    Protect Earth. Restore Land. Engage People.
  • The theme focuses on making Land
    Degradation Neutrality, which is a fundamental solution for achieving
    Sustainable Development Goals (SDGs).
Obituaries –
Veteran Odia actress Manimala Devi passes away
  • Manimala  Devi, veteran Odia actress, passed away on 16
    June 2016 following a prolonged illness at Bhubaneswar, Odisha. She was 86.
  • Manimala ruled the Odia film
    industry in the 1960s as lead actress with her influential performances in
    various films.
Assam PCC president Anjan Dutta dies
  • Assam Pradesh Congress Committee
    (PCC) President Anjan Dutta passed away on 16 June 2016 following cardiac
    arrest at the AIIMS hospital, New Delhi. He was 64.
  • Dutta donned many hats in his
    eventful political career.

Regards

Team ExamPundit