Current Affairs Update – 3rd June, 2016

Hello and welcome to exampundit. Here are the Important Current Affairs of 3rd June, 2016. These are important for the upcoming SBI PO & SBI Clerk Mains Exams 2016.

Current Affairs at a Glance – 3rd June, 2016

  1. The Reserve Bank of India (RBI) has asked banks to “immediately put
    in place a cyber-security policy
    elucidating
    the strategy containing an appropriate approach to combat cyber threats given
    the level of complexity of business and acceptable levels of risk”.
  2. The World Bank has dropped the use of developing nation tag for India in its specialised reports and
    instead classifies it as a “lower-middle-income” economy in South
    Asia, a top official has said.
  3. HDFC ERGO General Insurance arm of mortgage lender HDFC has acquired L&T
    General Insurance for Rs 551 crore
    , the first such consolidation in India’s crowded general insurance
    sector
    having 27 players.
  4. Online food ordering and delivery
    platform Swiggy
    has partnered mobile wallet Mobikwik to provide cashless payment option to its customers.
  5. The Cabinet Committee on Economic
    Affairs (CCEA) on 1 June 2016 gave its approval for a new broad gauge line
    between Mau
    Station of North Eastern Railway and Tarighat Terminal station of East Central
    Railway
    . The total length of this new broad gauge line will be 51
    kilometers
    .
  6. India and Tunisia on 2 June 2016 signed Memorandum of
    Understanding (MoU) for co-operation in Information Technology and promotion of
    traditional handicrafts
    .
  7. India on 2 June 2016 announced its plan to double the investment in Clean
    Energy Research in next five years
    . At present, India is investing 72
    million US dollars in Clean Energy Research and it seeks to double it to 145
    million dollars.
  8. The Cabinet Committee on Economic
    Affairs (CCEA), chaired by the Prime Minister Narendra Modi on 1 June 2016
    approved for Minimum
    Support Prices (MSPs) for Kharif Crops of 2016-17
    season. The prices will come into effect from effective from
    1 October 2016
  9. Union Home Secretary Rajiv Mehrishi and US Ambassador to India Richard Verma on Thursday signed a memorandum
    of understanding (MoU) for exchange of intelligence on terror on a real time
    basis
    that include biographic
    information of known and suspected terrorists .
  10. The United Nations Industrial Development Organisation (UNIDO) and
    the Ministry of New and Renewable Energy
    (MNRE)
    tied up to sensitise industries about the use of solar thermal technologies in heating
    and cooling applications
    .
  11. The Telecom Regulatory Authority of India (TRAI) on 1 June 2016
    launched DND
    Services Mobile Application
    for telecom subscribers to register
    their complaints against pesky calls and SMSes.
  12. Madhya Pradesh government and Tata Trusts have signed an agreement on implementing
    interventions in healthcare areas like nutrition, mental health and
    cancer care in the state
    .
  13. Nita Ambani, founder-chairperson
    of Reliance Foundation, has been
    nominated as an independent candidate to be a member of the International
    Olympic Committee (IOC)
    based out of Lausanne in Switzerland, it was announced
    on Friday. Nita
    Ambani will be the first woman and the third individual to become a member of
    the IOC
    .
  14. Raghavan Seetharaman,
    Qatar-based Indian banker, on 30 May 2016 was awarded the Green Economy
    Visionary award.

Finance/Economy/Banking –
Reserve Bank asks lenders to implement cyber security policy

  • The Reserve Bank of India (RBI)
    has asked banks to “immediately put in place a cyber-security policy
    elucidating the strategy containing an appropriate approach to combat cyber
    threats given the level of complexity of business and acceptable levels of risk”.
  • In order to address the need for
    the entire bank to contribute to a cyber-safe environment, the cyber security
    policy should be distinct and separate from the broader IT policy or IS
    security policy so that it can highlight the risks from cyber threats and the
    measures to address and mitigate these risks, the RBI said in a notification to
    banks.
  • According to the RBI, the size,
    systems, technological complexity, digital products, stakeholders and threat
    perception vary from bank to bank and hence it is important to identify the
    inherent risks and the controls in place to adopt appropriate cyber-security
    framework.

India now a ‘lower-middle-income’ economy for World Bank

  • The World Bank has dropped the
    use of developing nation tag for India in its specialised reports and instead
    classifies it as a “lower-middle-income” economy in South Asia, a top
    official has said.
  • Accordingly, while India will be
    referred to as a lower-middle-income economy in all of World Bank’s analytical
    reports, it may be referred to as a developing country only in some of the
    generic communications.
  • The decision to stop using the
    term developing countries, the World Bank specialist said, has been taken in
    view of the word having no universal definition, causing countries like
    Malaysia and Malawi to be come under the same category earlier.
  • As per the classification,
    Afghanistan, Bangladesh and Nepal are low-income economies, Pakistan and Sri
    Lanka fall under lower-middle-income, Brazil, South Africa and China under
    upper middle income, Russia and Singapore under high-income-Non-OECD and the US
    under high income-OECD.

HDFC Ergo buys L&T General Insurance for Rs 551 cr

  • HDFC ERGO General Insurance arm
    of mortgage lender HDFC has acquired L&T General Insurance for Rs 551 crore,
    the first such consolidation in India’s crowded general insurance sector having
    27 players.
  • L&T General Insurance
    reported gross earned premium (GEP) of Rs 483 crore for the last financial year
    which puts the deal value at 1.14 times of the GEP.
  • L&T General Insurance is a
    wholly owned subsidiary of infrastructure and engineering major Larsen &
    Toubro (L&T). The move marks an exit from the insurance business for the
    infrastructure behemoth.
  • The company received licence to
    operate general insurance in 2010 and it has not been able to break even since
    then. It reported Rs 102 crore loss for financial year 2015-16.
  • L&T had invested Rs 705 crore
    by way of share capital in L&T General Insurance, and the sale means that
    it is exiting the business at a loss of Rs 154 crore on its  investment.

Swiggy, Mobikwik tie-up for digital payments

  • Online food ordering and delivery
    platform Swiggy has partnered mobile wallet Mobikwik to provide cashless payment
    option to its customers.
  • In addition to existing payment
    options of credit/debit cards, net banking and cash on delivery, the company
    now offers its users the added convenience of paying for their orders through
    Mobikwik, Swiggy said in a statement.
  • The company however did not
    provide the financial details of the tie-up.

Cabinet Committee on Economic Affairs approves Mau-Tarighat Railway
line project

  • The Cabinet Committee on Economic
    Affairs (CCEA) on 1 June 2016 gave its approval for a new broad gauge line
    between Mau Station of North Eastern Railway and Tarighat Terminal station of
    East Central Railway.
  • The total length of this new
    broad gauge line will be 51 kilometers.
  • The estimated cost of the project
    is 1765.92 crore and expected completion cost is 2109.07 crore rupees with 5
    percent escalation per annum.
  • It is estimated that the project
    will be completed in the next six years during 12th and 13th Plan period.

Key highlights of the project
  • This project will provide
    alternative, shorter convenient and better transport infrastructure to the area
    separated by River Ganga.
  • It will ultimately remove the
    transport difficulties in the area and to boost the socio economic development.
  • The catchment area of project
    line will serve passenger requirement and will facilitate the people of the
    area for travelling to different parts of the country.
  • It will provide an alternative
    route connecting Northern and East Central railway via NE Railway.

India, Tunisia sign MoUs for co-operation in IT, handicrafts sector

  • India and Tunisia on 2 June 2016
    signed Memorandum of Understanding (MoU) for co-operation in Information
    Technology and promotion of traditional handicrafts.
  • The MoUs were signed after the
    delegation level talks between the two countries in the presence of Vice
    President Mohammad Hamid Ansari and Tunisian Prime Minister Habib Essid in
    Tunis.
  • After the meet, the two nations
    also released a joint press statement saying that the entire gamut of bilateral
    as well global issues was discussed. The two sides had discussion on bilateral
    ties focused on economic partnership and adding new areas of collaboration in
    IT and education.
  • The two sides also decided to
    enhance co-operation in counter terrorism.

India announces to Double Investment in Clean Energy Research in next
five years
  • India on 2 June 2016 announced
    its plan to double the investment in Clean Energy Research in next five years.
    At present, India is investing 72 million US dollars in Clean Energy Research
    and it seeks to double it to 145 million dollars.
  • This announcement was made by the
    Union Minister for Science & Technology and Earth Sciences Dr Harsh Vardhan
    who led the Indian delegation at the 7th Clean Energy Ministerial (CEM7) and
    the inaugural Mission Innovation (MI) Meet.
  • The CEM7 and MI meet was held at
    San Francisco, the US from 1 and 2 June 2016.

CCEA approved Minimum Support Prices for Kharif Crops for 2016-17
Season

  • The Cabinet Committee on Economic
    Affairs (CCEA), chaired by the Prime Minister Narendra Modi on 1 June 2016
    approved for Minimum Support Prices (MSPs) for Kharif Crops of 2016-17 season.
  • The prices will come into effect
    from effective from 1 October 2016.  The
    higher MSPs would increase investment and production through assured remunerative
    prices to farmers.
  • The approved MSP is based on
    recommendations of Commission for Agricultural Costs and Prices (CACP) which
    takes into account the cost of production, overall demand-supply among others.
  • Above the recommendations of the
    CACP, the CCEA decided to give a bonus of 425 rupees per quintal for Kharif
    pulses like Arhar (Tur), Urad and Moong, a bonus of 200 rupees per quintal for
    Sesamum and a bonus of 100 rupees per quintal for kharif oilseeds like
    Groundnut-in-shell, Sunflowerseed, Soyabean, and Nigerseed.
  • This is expected to give a strong
    price signal to farmers to increase acreage and invest for increase in
    productivity of pulses and oilseeds.

Ministry, UNIDO tie up to create awareness on use of solar thermal tech

  • The United Nations Industrial
    Development Organisation (UNIDO) and the Ministry of New and Renewable Energy
    (MNRE) are on a mission to sensitise industries about the use of solar thermal
    technologies in heating and cooling applications.
  • Highlighting the benefits of
    using such technology in industries, particularly in terms of reducing carbon
    emissions, MNRE Director R P Goswami said the ministry extends support of up to
    30 per cent of the total cost of solar thermal projects.
  • The workshop, the sixth in the
    series in the last two months, was organised by the CII, Coimbatore, in
    association with TEDA, UNIDO and MNRE.
  • The organisers chose to conduct
    the workshop at Coimbatore in Tamil Nadu considering that it is a major
    industrial hub.

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India –
India, US ink MoU for exchange of information on terror

  • Union Home Secretary Rajiv
    Mehrishi and US Ambassador to India Richard Verma on Thursday signed a
    memorandum of understanding (MoU) for exchange of intelligence on terror on a
    real time basis that include biographic information of known and suspected
    terrorists .
  • According to this pact, India and
    the US will provide each other access to terrorism screening information
    through the designated contact points, subject to domestic laws and
    regulations, an official spokesperson said. The agreement would enhance the counter
    terrorism cooperation between India and the US.
  • Terrorist Screening Center (TSC)
    is a multi-agency organisation administered by FBI which consolidates several
    terrorist watch lists maintained by different US government agencies into
    single terrorist database on terror suspects. The database includes the names
    of the terror suspects, nationality, date of birth, photos, finger prints (if
    any) and passport number.

TRAI launches DND Services Mobile Application to register complaints
against pesky calls, SMSes

  • The Telecom Regulatory Authority
    of India (TRAI) on 1 June 2016 launched DND Services Mobile Application for
    telecom subscribers to register their complaints against pesky calls and SMSes.
  • The new mobile application will
    help people in easily registering complaints and help the authority in
    monitoring such activities.
  • The DND services mobile
    application is an easy alternative for filing pesky calls and SMS complaints.
  • Earlier, subscribers had option
    of filing complaint by forwarding SMS to 1909 which they received from
    telemarketers and mention mobile number from which they have received it along
    with date of receiving.

Key highlights of the application
  • The application is available on
    Android and will be soon launched for Apple iOS.
  • It will ease filing of complaints
    and also help us in monitoring action taken by telecom operators on complaints.
  • The mobile app will show SMS in a
    list form and mobile numbers from the source.

Tata Trusts inks MoU with MP government to boost health indicators

  • Madhya Pradesh government and
    Tata Trusts have signed an agreement on implementing interventions in
    healthcare areas like nutrition, mental health and cancer care in the state.
  • This partnership has a focus on
    high-priority districts of Madhya Pradesh and the aim is to improve the health
    indicators in these districts in areas of cancer, mental health and nutrition.
    We hope that the partnership with Tata Trusts will improve the health outcomes
    of the state considerably.
  • Tata Trusts will set up these
    initiatives along with strategic and technical advisory support.
  • It will also work with the
    government in overseeing successful execution of the identified programmes.

Appointments –
Nita Ambani becomes the first Indian woman to be nominated as a member
by the IOC

  • Nita Ambani, founder-chairperson
    of Reliance Foundation, has been nominated as an independent candidate to be a
    member of the International Olympic Committee (IOC) based out of Lausanne in
    Switzerland, it was announced on Friday.
  • The election for membership,
    which officials say is a mere formality, is scheduled at the 129th IOC Session
    at Rio de Janeiro between Aug 2 and Aug 4. As per the new selection process,
    Ambani, when elected, will continue to serve as a member of the IOC until she
    reaches 70 years of age.
  • The list also includes Anant
    Singh of South Africa, a film producer who was raised in the country’s
    apartheid era and wrote a book on late President Nelson Mandela — “Long
    Walk to Freedom”. He also produced “Yesterday” that was South
    Africa’s first Oscar nominated movie.
  • Among Indians, Ambani will be the
    first woman and the third individual to become a member of the IOC after the
    late Sir Dorabji Tata and Raja Randhir Singh, who is currently an honorary
    member of the IOC.

Hero appoints Malo Le Masson as global product planning head

  • Hero MotoCorp Ltd (HMCL), the
    world’s largest two-wheeler manufacturer, yesterday augmented its senior
    leadership team with the appointment of Malo Le Masson as the head of global
    product planning.
  • Malo, formerly with Infiniti
    Premium Car Brand (Nissan Motor Company), will spearhead Hero’s entire product
    planning for its global markets, including the domestic market in India. The
    appointment of Malo, close on the heels of Hero MotoCorp making its centre of
    innovation and technology (CIT) in Jaipur operational, significantly ramps-up
    its newly-created function of global product planning.
  • The current product strategy team
    at Hero has been merged with the new entity to create a global product planning
    function.

Awards & Honors –
Indian banker Raghavan Seetharaman awarded Green Economy Visionary
Award

  • Raghavan Seetharaman, Qatar-based
    Indian banker, on 30 May 2016 was awarded the Green Economy Visionary award.
  • Seetharaman was honoured for his
    contribution in environment-friendly activities and for promoting green economy
    for nearly two decades.
  • The banker was presented with the
    award at the 2016 Union of Arab Banks International Banking Summit held in
    Rome. Mohammed Jarrah Al-Sabah, Chairman of Union of Arab Banks, presented the
    award to Seetharaman.

Obituaries –
Tamil actor-director Balu Anand died
  • Famous Tamil actor and director
    Balu Anand passed away on 3 June 2016 following a cardiac arrest in
    Coimbataore. He was 62.
  • Anand acted in around 100 films
    and directed a few Tamil movies.
  • The actor-director is known for
    movies Anbe Sivam, Annanagar First street, Unakkaga Ellam Unakkaga, Rajadhi
    Raja, and Raja Kulothunga.
  • Anand has also appeared in
    several films like Pistha, Anna Nagar Mudhal Theru among others.



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