Current Affairs Update – 5 May, 2017

Hello and welcome to exampundit. Here are the important Current Affairs update of 5 May, 2017. These are important for the upcoming SBI PO Mains, NIACL Assistant Mains, BOB Manipal, NICL AO Mains and other exams in 2017 July and August.

Current Affairs at a Glance – 5 May, 2017

  1. The RBI will embark on its biggest banking clean-up exercise after
    President Pranab Mukherjee promulgated an ordinance
    authorising it to issue
    directions to banks to initiate
    insolvency resolution process in the case of loan default
    .  The tweak in the rules will help the Modi
    government tackle toxic loans that have crossed the Rs 6 lakh crore mark.
  2. TCS has opened its first Drones Research Lab in the US at its Seven
    Hills Park Innovation Center located in Cincinnati, Ohio, to address the
    rapidly expanding demand for unmanned aerial vehicles and business solutions
    across industries.
  3. Indian Space Research organisation (ISRO) on 5 May 2017
    successfully launched the South Asia
    Satellite.
    The communication and broadcasting satellite was launched with
    Geosynchronous Satellite Launch Vehicle GSLV F-09 from the second launch pad of
    the Satish Dhawan Space Centre at Sriharikota at 4.57 pm.
  4. Facebook on 4 May 2017 launched Express WiFi service commercially in India.
  5. The world level weapon production
    unit “Punj Lyod Defence System” was
    inaugurated in Malanpur Industrial Area of Bhind district of Madhya Pradesh.
    The unit was jointly inaugurated on 4 May 2017 by Chief Minister of Madhya
    Pradesh Shivraj Singh Chouhan and Union Rural Development Minister Narendra
    Singh Tomar.
  6. Renowned tea planter from Assam Prabhat Kamal Bezboruah, who was
    once a banker in the US, was on 4 May 2017 appointed as the Chairman of the Tea
    Board of India.
  7. The Union government has
    appointed Braj Bihari Kumar, editor of
    quarterly journals Dialogue and Chintan Srijan, as the new Chairman of the
    Indian Council of Social Science Research (ICSSR).
  8. The Indian football team made it into the top 100 of the FIFA World
    Rankings for the first time in 21 years.

Financial and Banking News –
RBI gets nod to embark on India’s biggest banking clean-up

  • The RBI will embark on its
    biggest banking clean-up exercise after President Pranab Mukherjee promulgated
    an ordinance authorising it to issue directions to banks to initiate insolvency
    resolution process in the case of loan default.
  • The tweak in the rules will help
    the Modi government tackle toxic loans that have crossed the Rs 6 lakh crore
    mark.

So, what does this mean?
  1. The ordinance
    promulgated by the government on bad loans has now empowered the RBI to issue
    directions to banks for resolution of stressed assets. This basically implies
    the central bank can issue directions to any banking company or banking firms
    to initiate insolvency resolution process with respect to a default under the
    provisions of the Insolvency and Bankruptcy Code, 2016.
  2. It has also
    empowered RBI to issue directions to banks for resolution of stressed assets.
  3. The law will
    also empower RBI to set up sector related oversight panels that will shield
    bankers from later action by probe agencies looking into loan recasts.
  4. RBI will be
    able to give specific solutions with regard to hair cut for specific cases and
    also, if required, look at providing relaxation in terms of current guidelines.

  • The central bank wants to resolve
    60 largest delinquent-loan cases in nine months, a person familiar with the
    matter told Bloomberg.
  • Ridding bank balance sheets of
    stressed assets is key to reviving credit growth and furthering Prime Minister
    Narendra Modi’s goal of creating more jobs in the $2 trillion economy.
  • Various schemes proposed by RBI
    to resolve the problem have been unsuccessful, with lenders reluctant to write
    down assets sufficiently and company owners unwilling to negotiate repayment
    plans.
  • Stressed assets — bad loans,
    restructured debt and advances to companies that can’t meet servicing
    requirements — have risen to about 17 percent of total loans, the highest
    level among major economies, data compiled by the government shows.

TCS launches first drones research lab in Cincinnati, Ohio

  • TCS has opened its first Drones
    Research Lab in the US at its Seven Hills Park Innovation Center located in
    Cincinnati, Ohio, to address the rapidly expanding demand for unmanned aerial
    vehicles and business solutions across industries.
  • The TCS Drones Research Lab –
    featuring both indoor labs, showcase, warehouse, and outdoor terrain footprints
    – provides a rapid experimentation and co-innovation environment for customers
    to build solutions for specific industry problems in accelerated 30-60-90-day
    delivery cycles, the company said in a statement.
  • FAA part 107 certified TCS pilots
    based at the lab fly fully equipped drones to collect data for specific
    industry use cases. Advanced computer vision, machine learning and deep
    learning algorithms enable fully automated processing of the drone captured
    images to reveal precise insights.
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News related to India and states –
South Asia Satellite successfully launched

  • Indian Space Research
    organisation (ISRO) on 5 May 2017 successfully launched the South Asia
    Satellite. The communication and broadcasting satellite was launched with
    Geosynchronous Satellite Launch Vehicle GSLV F-09 from the second launch pad of
    the Satish Dhawan Space Centre at Sriharikota at 4.57 pm.
  • The South Asia Satellite was
    launched after a 28-hour long countdown that started on 5 May 2017 at 12.57pm.
  • Participating nations: Six of
    India’s neighbours including Afghanistan, Bangladesh, Bhutan, Nepal, Srilanka
    and the Maldives were the participants of the space-based regional
    communication project.
  • Pakistan is not a part of this
    regional communication satellite project because it denied from being a part of
    the project.

Facebook launches Express WiFi in India

  • Facebook on 4 May 2017 launched
    Express WiFi service commercially in India.
  • The Express WiFi offers Internet
    facility through public hotspots to users in rural parts of India.
  • The social network giant
    partnered with telecom operator Bharti Airtel that plans to bring an additional
    20000 hotspots online.
  • The company previously launched
    the service commercially in Kenya.
  • The launch of the service comes a
    year after Facebook put an end to the controversial “Free Basics”
    programme that drew severe criticism from advocates of net neutrality.
Andhra Pradesh’s Banganapalle mango gets Geographical Indication tag

  • The Banganapalle mango in the
    first week of May 2017 received a Geographical Indication (GI) tag. This makes
    Andhra Pradesh the proprietor of the variety known for its sweetness.
  • O P Gupta, the Registrar of
    Geographical Indications Registry, Chennai, accorded the registration following
    an application from Andhra Pradesh Horticulture Commissioner.
  • The Andhra Pradesh government is
    the registered proprietor of the GI tag for Banganapalle mangoes, often hailed
    as “the king of fruits.”
MP CM Shivraj Singh Chauhan inaugurates world level weapon production
unit in Bhind district

  • The world level weapon production
    unit “Punj Lyod Defence System” was inaugurated in Malanpur Industrial Area of
    Bhind district of Madhya Pradesh. The unit was jointly inaugurated on 4 May
    2017 by Chief Minister of Madhya Pradesh Shivraj Singh Chouhan and Union Rural
    Development Minister Narendra Singh Tomar.
  • The state government claimed that
    it is the first small weapon manufacturing unit in private sector in the country.
    It has been set up in the joint partnership of India’s Punj Lyod and Israel
    Weapon Industry under the Make in India Programme.
  • The joint venture company, Punj
    Lloyd Raksha Systems, will help the armed forces in replacing their weapons
    with sophisticated and high precision products.
Appointments –
Prabhat Kamal Bezboruah appointed as Chairman of Tea Board of India

  • Renowned tea planter from Assam
    Prabhat Kamal Bezboruah, who was once a banker in the US, was on 4 May 2017
    appointed as the Chairman of the Tea Board of India. Bezboruah will have a
    tenure till November 2018.
  • With this, Bezboruah became the
    first non-IAS and the first industry insider to head the Kolkata-headquartered
    Tea Board, the governing body of the industry.
  • On the other hand, renowned
    coffee grower M S Boje Gowda was appointed as Chairman of the Coffee Board of
    India. He will serve the post till December 2018.
Braj Bihari Kumar to succeed economist S K Thorat as ICSSR Chairman

  • The Union government has
    appointed Braj Bihari Kumar, editor of quarterly journals Dialogue and Chintan
    Srijan, as the new Chairman of the Indian Council of Social Science Research
    (ICSSR).
  • Kumar’s name was finalised for
    the top position by the Union Ministry of Human Resource Development on 2 May
    2017. He would be succeeding noted economist S K Thorat, who was appointed by
    the former UPA government.
Sports –
India placed at 100th spot in FIFA Rankings after 21 years

  • The Indian football team made it
    into the top 100 of the FIFA World Rankings for the first time in 21 years.
  • The team is placed at 100th
    alongside Nicaragua, Lithuania and Estonia. The FIFA rankings were released on
    4 May 2017.
  • India’s rise in the rankings has
    been due to triumphs over Cambodia and Myanmar.
  • It was in February 1996 that
    India was placed on the 94th spot, which is the country’s best ever FIFA
    ranking.

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