Current Affairs Update – 18th May, 2016

Hello and welcome to exampundit. Here are the Important Current Affairs of 18th May, 2016. These are important for the upcoming UIIC AO 2016, SBI PO and SBI Clerk 2016 Mains Exams.

Current Affairs at a Glance – 18th May, 2016

  1. The State Bank of India (SBI) on 17 May 2016 informed the BSE that
    it is seeking in-principle sanction of the Union Government to enter into
    negotiation with its 5 subsidiaries and Bharatiya Mahila Bank for acquisition.
  2. HDFC Bank Ltd. on 16 May 2016
    launched SmartUp
    solution
    . It is a first-of-its-kind dedicated platform for start-ups
    to fulfill all their banking needs. The SmartUp is tailored to meet all the
    requirements of a start-up, offering banking and payment solutions, along with
    advisory and forex services.
  3. Mobile app for transportation Ola
    today signed an MoU with National Safai Karamcharis Finance and Development
    Corporation (NSKFDC)
    established under the aegis of the Ministry of
    Social Justice and Empowerment to focus on building a sustainable framework by
    supporting entrepreneurship, skill development training and self-defence
    courses for Safai Karamcharis and Scavengers.
  4. Indian two wheeler manufacturer Honda
    Motorcycle & Scooter
    has
    signed a Memorandum of Understanding with IndusInd Bank, offering retail finance to its
    customers on all company models.
  5. The Union Government on 17 May
    2016 constituted a five member committee to comprehensively review and give
    recommendations on the Fiscal Responsibility and Budget Management (FRBM) roadmap for the future.
    The committee will be headed by former Revenue and Expenditure Secretary
    NK Singh.
    It has been asked to submit its report by 31 October 2016.
  6. Indian artist Anjali Chandrashekar on 3 May 2016 won the third prize in UN Poster
    for Peace contest presented by the UN Office for Disarmament Affairs (ODA)

    to raise awareness of the need for nuclear disarmament.
  7. Indian-American Syamantak Payra,
    a 15-year-old from Friendswood, Texas, in May 2016 won Intel Foundation Young
    Scientist Awards of 50000 US dollar
    . He was awarded for developing a
    low-cost electronically aided knee brace that allows an individual with a
    weakened leg to walk more naturally.
  8. IndiGo has
    appointed Rohit
    Philip
    as its chief financial officer.
  9. Steeplechase athlete Sudha Singh on 14 May 2016 set a national record in women’s
    3000m steeplechase event to finish eighth at the IAAF World Diamond League held
    at Shanghai.
  10. Barcelona FC on 15 May 2016 retained the Spanish league title La
    Liga with 3-0 score against Granada in the final match.
  11. Andre Brahic, one of the
    discoverers of Neptune’s rings, died on 15 May 2016 in Paris, France. He was
    73.

Finance/Economy/Banking –
SBI to merge 5 subsidiaries, Bharatiya Mahila Bank with itself

  • The State Bank of India (SBI) on
    17 May 2016 informed the BSE that it is seeking in-principle sanction of the
    Union Government to enter into negotiation with its 5 subsidiaries and
    Bharatiya Mahila Bank for acquisition.
  • Besides, the boards of SBI and
    the subsidiary banks met individually in Mumbai and decided to begin merger
    talks with the parent.

As per the developments, India’s
largest lender is planning to acquire the businesses including assets and
liabilities of the following 5 subsidiary banks and the Bharatiya Mahila Bank –
  1. State Bank of
    Bikaner and Jaipur
  2. State Bank of
    Hyderabad
  3. State Bank of
    Mysore
  4. State Bank of
    Patiala
  5. State Bank of
    Travancore

  • All the above six banks are
    Public Sector Banks (PSBs) and among these, State Bank of Bikaner and Jaipur,
    State Bank of Mysore and State Bank of Travancore are listed.
  • SBI first merged associate State
    Bank of Saurashtra with itself in 2008. Two years later, in 2010, State Bank of
    Indore was merged.

HDFC Bank launches SmartUp for start-ups

  • HDFC Bank Ltd. on 16 May 2016
    launched SmartUp solution. It is a first-of-its-kind dedicated platform for
    start-ups to fulfill all their banking needs.
  • The SmartUp is tailored to meet
    all the requirements of a start-up, offering banking and payment solutions, along
    with advisory and forex services.
  • It was launched in association
    with Zone Startups India, a start-up accelerator in Mumbai.
  • Zone Startups India is a
    collaboration between BSE Institute (a subsidiary of the Bombay Stock
    Exchange), Ryerson University’s accelerator Digital Media Zone, Ryerson Futures
    Inc. and Simon Fraser University.

The benefits of SmartUp include
  • Enhanced transaction limit with
    no minimum balance requirement for first six months
  • Customized Salary Account
    offering coupled with best-in class services and largest suite of product range
  • PayZapp for Business – for
    providing invoicing, delivery and collection solutions and secure money
    transfer
  • Dedicated Relationship Manager
    for taking care of all banking needs as well as investment advisory

Ola cabs signs MoU with govt, to benefit ‘Safai Karamcharis’

  • Mobile app for transportation Ola
    today signed an MoU with National Safai Karamcharis Finance and Development
    Corporation (NSKFDC) established under the aegis of the Ministry of Social
    Justice and Empowerment to focus on building a sustainable framework by
    supporting entrepreneurship, skill development training and self-defence
    courses for Safai Karamcharis and Scavengers.
  • The Ola–NSKFDC partnership has
    the potential to generate synergies that will result in a better future for
    driver entrepreneurs by creating sustainable careers and livelihoods for them.
  • The MoU was signed in the
    presence of Thaawarchand Gehlot, Union Minister for Social Justice and
    Empowerment.
  • Aimed at socio-economic
    development of Safai Karamcharis/ Scavengers, the MoU will aim at benefitting
    these people and their dependents by enabling livelihood opportunities,
    especially for women beneficiaries identified by NSKFDC.

Honda 2Wheelers signs MoU with IndusInd Bank

  • Indian two wheeler manufacturer
    Honda Motorcycle & Scooter has signed a Memorandum of Understanding with
    IndusInd Bank, offering retail finance to its customers on all company models.
  • With this Memorandum of
    Understanding coming into effect from Wednesday, Honda’s customers can not only
    buy a Honda two-wheeler at an attractive rate of interest, but can reap
    benefits up to Rs 7,500 through this retail finance scheme.
  • Customers can avail loan up to 90
    percent of the product value, with a repayment period of 36 months. Other
    benefits include zero processing fee and quick loan approval in just 1 hour
    through tab based technology used for field inspection and proposal login.

NK Singh committee formed to review and give recommendations on FRBM
roadmap

  • The Union Government on 17 May
    2016 constituted a five member committee to comprehensively review and give
    recommendations on the Fiscal Responsibility and Budget Management (FRBM)
    roadmap for the future.
  • The committee will be headed by
    former Revenue and Expenditure Secretary NK Singh. It has been asked to submit
    its report by 31 October 2016.
  • Other members of the Committee
    are Sumit Bose, former Finance and Revenue Secretary, Dr. Arvind Subramanian,
    Chief Economic Adviser, Urijit Patel, Deputy Governor, RBI and Rathin Roy,
    Director, National Institute Public Finance and Policy, NIPFP.

Union Government opened Tatkal Window to expedite examination of patent
applications
  • The Union Government on 17 May
    2016 opened up a Tatkal Window to expedite examination of patent applications
    by start-ups as well as entities choosing India for the first filing of patent.
    The move came in the backdrop of 2.37 lakh patent applications pending in the
    country.
  • The government is aiming to bring
    down the time period for initial examination of patent applications from the
    present 5-7 years to 18 months by March 2018.
  • The move will popularise India as
    a patent filing hub so that more companies file applications in India.

Highlights of the Tatkal Window for Expedited examination
  • Under the tatkal-like system,
    applicants can opt for the Expedited Examination Route on the grounds that they
    have chosen India as International Searching Authority or International
    Preliminary Examining Authority.
  • The expedited examination route
    is also available to all entities that qualify as a start-up as per the
    definition for start-up provided in the Patent Rules.

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Awards & Honors –
Indian artist Anjali Chandrashekar wins award at UN Poster for Peace
Contest

  • Indian artist Anjali
    Chandrashekar on 3 May 2016 won the third prize in UN Poster for Peace contest
    presented by the UN Office for Disarmament Affairs (ODA) to raise awareness of
    the need for nuclear disarmament.
  • Her poster titled ‘Cutting
    Barriers through Peace’ featured a peace dove slicing through a nuclear weapon.

Winners of UN poster contest on N-disarmament
  • The first prize was won by Ivan
    Ciro Palomino Huamani from Peru for his poster titled ‘Spinning Peace’.
  • Second prize was won by Michelle
    Li for her poster titled ‘Peace in our Hands’, which had  featured a shadow puppet of a peace dove
    above a broken nuclear weapon.

Indian-American Syamantak Payra wins Intel Foundation Young Scientist
Award

  • Indian-American Syamantak Payra,
    a 15-year-old from Friendswood, Texas, in May 2016 won Intel Foundation Young
    Scientist Awards of 50000 US dollar. He was awarded for developing a low-cost
    electronically aided knee brace that allows an individual with a weakened leg to
    walk more naturally.
  • He shared the 50000 US dollars
    award with Kathy Liu of Salt lake City, Utah who was awarded for developing an
    alternative battery component that could significantly improve battery
    performance and safety.

Appointments –
IndiGo names Rohit Philip as its new CFO

  • IndiGo has appointed Rohit Philip
    as its chief financial officer. Philip, who previously worked as corporate
    vice-president and treasurer of Xerox Corporation, replaces Pankaj Madan who is
    leaving the airline to pursue other interests. He will assume charge from July
    18.
  • Earlier, Philip had worked at
    United Airlines for 17 years where he was a senior vice-president, corporate
    strategy and business development.
  • At United, he also held various
    other senior executive roles including vice-president — financial planning and
    analysis; assistant treasurer — corporate finance; and vice-president — finance
    & CFO, Mileage Plus Holdings.

Sports –
Sudha Singh breaks 3000m steeplechase national record

  • Steeplechase athlete Sudha Singh
    on 14 May 2016 set a national record in women’s 3000m steeplechase event to
    finish eighth at the IAAF World Diamond League held at Shanghai.
  • Sudha clocked 9 minutes, 26.55
    seconds to finish a eighth in the second leg of the prestigious IAAF Diamond
    League Meet.

FC Barcelona wins La Liga Champions Parade 2016

  • Barcelona FC on 15 May 2016
    retained the Spanish league title La Liga with 3-0 score against Granada in the
    final match.
  • Luis Suárez finished as top
    scorer, being the first player apart from Lionel Messi and Cristiano Ronaldo to
    do so since the 2008–09 season.
  • The football club finished the
    tournament with 91 points in total. It is Barcelona FC’s fifth straight win and
    eighth league title in 12 seasons.

Obituaries –
Andre Brahic, discoverer of Neptune’s rings, dies

  • Andre Brahic, one of the
    discoverers of Neptune’s rings, died on 15 May 2016 in Paris, France. He was
    73.
  • In 1984, Brahic with US
    astronomer William Hubbard launched a program that led to the discovery of the
    rings around the gaseous planet Neptune.
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