Current Affairs Update – 7 June, 2017



Hello and welcome to exampundit. Here are the important Current Affairs update of 7 June, 2017. These are important for the upcoming  RBI Grade B Phase I, Dena Bank PGDBF, NICL AO Mains and other exams in 2017 July and August.

Current Affairs at a Glance – 7 June, 2017

  1. The Reserve Bank of India kept the repo rate and reverse repo rate
    unchanged at 6.25 per cent and six per cent
    , respectively, at Wednesday’s
    monetary policy review, keeping in line with what analysts and experts had
    forecast.  Statutory liquidity ratio (SLR) was cut by 50 basis points to 20 per
    cent
    starting June 24, in order to provide more liquidity to banks.  The RBI cut the economic growth projection to
    7.3 per cent for the current financial year from 7.4 per cent earlier.
  2. In a bid to check the rising
    numbers of railway accidents, the NITI Aayog in a report has suggested setting
    up of an independent outfit, Railway Safety Authority. According to the report,
    Fund Deployment Framework for Rashtriya
    Rail Sanraksha Kosh
    ”, its suggestions were broadly in line with the best
    global practices.
  3. The Union Government on 6 June
    2017 said that Ministries will have to
    decide on FDI proposals within 60 days of the application
    and any rejection
    will need concurrence of the Department of Industrial Policy and Promotion
    (DIPP).
  4. Telangana government on 4 June 2017 launched the single-women pension
    scheme across the state. Under the scheme, the state government would be giving
    a pension of about Rs 1000 per month to single women on humanitarian grounds. This
    scheme is the first such welfare scheme by any state in the country.
  5. Union Minister for Health and
    Family Welfare J P Nadda on 6 June 2017 launched the Skill for Life, Save a Life Initiative with an aim to promote skill
    development in the health sector.
  6. The Union government would be
    appointing Nyaya Mitras across the country to speed up
    the hearing of cases that have been pending in the lower courts for the last 10
    years.
  7. Sher Bahadur Deuba took the oath as the Prime
    Minister of Nepal for the fourth time on 7 June 2017. He was elected as the
    nation’s 40th Prime Minister on 6 June 2017.
  8. The Maharashtra government today
    appointed senior counsel Ashutosh Kumbhakoni as the new Advocate General
    of the state.
  9. Cricketing legend Sachin Tendulkar will be joining the likes of Noval Djokovic and David
    Beckham for a United Nations campaign/initiative titled Super Dads.

Banking & Financial News
RBI keeps repo rate unchanged at 6.25%, lowers FY18 GDP projection to
7.3%

  • The Reserve Bank of India kept
    the repo rate and reverse repo rate unchanged at 6.25 per cent and six per
    cent, respectively, at Wednesday’s monetary policy review, keeping in line with
    what analysts and experts had forecast.
  • Statutory liquidity ratio (SLR)
    was cut by 50 basis points to 20 per cent starting June 24, in order to provide
    more liquidity to banks.
  • The RBI cut the economic growth
    projection to 7.3 per cent for the current financial year from 7.4 per cent
    earlier.
The following are the highlights
of the second bi-monthly monetary policy for 2017-18 as announced by the RBI:

  • Repo rate unchanged at 6.25%,
  • Reverse repo unchanged at 6%
  • Statutory Liquidity Ratio cut by
    0.5% to 20%
  • Growth forecast for 2017—18
    lowered to 7.3% from 7.4%
  • Inflation projected at 2—3.5% for
    H1, 3.5—4.5% H2, FY18
  • GST roll out not to have material
    impact on inflation
  • Farm loan waivers risk fiscal
    slippages and inflationary spillovers
  • 7th Pay Commission allowances,
    geo political, financial risk pose upside risk to inflation
  • Need to revive private
    investment, restore banking sector health, remove infrastructure bottleneck
  • RBI to work with government to
    address stress in bank balance sheet
  • Five MPC members vote in favour
    of status quo on monetary policy, one had different views
NITI Aayog proposes a new outfit to check rail mishaps

  • In a bid to check the rising
    numbers of railway accidents, the NITI Aayog in a report has suggested setting
    up of an independent outfit, Railway Safety Authority.
  • There has been a 97.5 per cent
    rise in the number of casualities because of accidents between FY16 and FY17.
    In the last financial year, the number was 241; the previous year, it was 122.
    Between FY13 and FY17, there were 586 accidents — 1,011 people were killed and
    1,634 people injured.
  • According to the report, “Fund
    Deployment Framework for Rashtriya Rail Sanraksha Kosh”, its suggestions were
    broadly in line with the best global practices. “Railway systems prepare a
    systematic analysis of the risks faced and the set of measures needed to
    mitigate the risks. The independent safety authority reviews and approves the
    safety case and oversees its implementation.”
  • The report has also asked the
    railway to restructure the timetable for trains so that sufficient interval was
    available for daily safety checks.
  • Starting FY18, the government
    plans to spend Rs 1.19 lakh crore under the Rashtriya Rail Sanraksha Kosh
    (RRSK) over the next five years. This financial year, it would fund about 37
    per cent of the annual budget — or nearly Rs 20,000 crore — for safety works proposed
    by the railway ministry.
  • Some of the major expenses would
    be yard remodelling and related works (Rs 3,085 crore), rolling stock (Rs 1,731
    crore), level crossings (Rs 705 crore), overbridges and underbridges (Rs 4,512
    crore), and track renewals (Rs 9,961 crore).
  • According to railway data, half
    the total accidents between FY13 and FY17 were caused by derailment and another
    40 occurred at level crossing (manned and unmanned).
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Ministries to decide on FDI proposals within 60 days: Finance Ministry

  • The Union Government on 6 June
    2017 said that Ministries will have to decide on FDI proposals within 60 days
    of the application and any rejection will need concurrence of the Department of
    Industrial Policy and Promotion (DIPP).
  • Earlier in May 2017, India had
    scrapped the 25-year old foreign investment advisory body named Foreign
    Investment Promotion Board (FIPB). It was scrapped with an aim to attract more
    FDI by providing quick approvals.
  • In an office memorandum, the
    Finance Ministry said subsequent to the abolition of FIPB, concerned
    administrative ministries have been allotted the work of granting approval for
    foreign investment in the specific sector.
  • The Industry Ministry, in
    consultation with the administrative ministry, will come out with a detailed
    guideline for processing of the FDI proposals and ensure a “consistency of
    treatment and uniformity of approach”.
  • It said, the Standard Operating
    Procedure will involve the process of inter-ministerial consultation for the
    examination of FDI proposals, wherever necessary.
  • All pending applications with the
    FIPB would be transferred to the administrative ministry and oversight of the
    FIPB portal shall be transferred to the DIPP from Department of Economic
    Affairs (DEA). This should be done within four weeks.
  • FDI approval decisions in
    majority of the sectors have been relegated to concerned ministry and those
    relating to private security agencies would be decided by the Home Ministry. While
    DEA will be responsible for clearing the proposals of financial services or
    there is a doubt about the regulator.
  • The memorandum also says that any
    FDI proposal related to banks will be approved by the Department of Financial
    Services.
  • The memorandum says that FDI
    proposals by NRIs/EoUs requiring approval of the government will be dealt with
    by the Department of Industrial Policy and Promotion (DIPP). In this case, the
    DIPP will continue to be the administrative ministry for this purpose. DIPP will
    also be responsible for handling the applications seeking import of capital
    goods or machinery.
Union Cabinet approves MoU between India and Korea for export credit of
USD 9 billion

  • The Union Cabinet, chaired by the
    Prime Minister Narendra Modi, on 7 June 2017 approved the Memorandum of
    Understanding (MoU) between Export-Import Bank of India (EXIM Bank) and
    Export-Import Bank of Korea (KEXIM) for export credit of USD 9 billion.
  • The MoU is aimed towards the
    infrastructural development in India and for the supply of goods and services
    as part of projects in third countries. Moreover, it is expected to promote
    India’s international exports and will deepen political and financial ties
    between India and Korea.
  • The export credit will be
    utilized through lending by EXIM Bank for promoting projects for priority
    sectors such as smart cities, railways, power generation and transmission in
    India and for the supply of goods and services from India and Korea as part of
    projects in third countries.
  • Both the countries will hold
    mutual consultations to structure the financial assistance, review the existing
    arrangements and related procedures.
  • EXIM Bank will identify viable
    projects in India and for the projects in third countries, both the sides will
    jointly identify viable projects.
  • The export credit of USD 9
    billion will be extended by KEXIM by way of Investment Credit. This amount will
    also be utilized by KEXIM as the financier without the participation of EXIM
    Bank.
News related to India and states
Telangana becomes 1st Indian state to launch pension for single women

  • Telangana government on 4 June
    2017 launched the single-women pension scheme across the state.
  • Under the scheme, the state
    government would be giving a pension of about Rs 1000 per month to single women
    on humanitarian grounds. This scheme is the first such welfare scheme by any
    state in the country.
  • The pension sanction orders were
    handed over to the beneficiaries by Telangana Deputy Chief Ministers Kadiyam
    Srihari and Mohammad Mahmood Ali and other Ministers and MLAs constituency-wise
    at different functions organised across the state.
  • Officials have identified 108302
    beneficiaries in 31 districts.
  • In the towns of Chinnakoduru and
    Nunganuru of Siddipet, Irrigation Minister T Harish Rao handed over pension
    papers to 836 women.
  • Similarly Transport Minister
    Mahendar Reddy launched the scheme at Medchal, Vikarabad, Keesara,
    Rajendranagar, Chevella, Parigi and Kodangal districts.
  • The decision to extend pension to
    single women was taken following petitions on the plight of single women
    deserted by their husbands and relatives.
  • While earlier, the government
    spent only ₹800 crore on pensions to 29 lakh
    beneficiaries, now it would be spending ₹5,600
    Cr per annum and benefiting around 38 lakh people.
Union Government launches Skill for Life, Save a Life Initiative

  • Union Minister for Health and
    Family Welfare J P Nadda on 6 June 2017 launched the Skill for Life, Save a
    Life Initiative with an aim to promote skill development in the health sector
  • Under this initiative, various
    courses will be initiated targeting specific competencies for healthcare
    professionals as well as for general public.
  • Skills for Life, Save a Life
    Initiative aims to upscale the quantity and quality of trained professionals in
    the healthcare system.
  • This initiative is a part of a
    larger plan and program for ensuring Universal Health Coverage.
  • The Ministry initiated the
    initiative by launching First Responder course for professionals as well as
    general public that will be conducted in Central and State government training
    institutes.
  • It will also empower every single
    citizen of the country to provide first aid and initial care in case of an
    emergency.
  • Through this initiative, trained
    and skilled personnel will be able to help save lives in the golden hour during
    an emergency situation.
  • Through such programs, government
    aims to create a mass of ‘first responder’ who complements the specialists to
    fill vacuum of adequate trained professionals.
  • The ministry also launched the
    logo of Skills for life, Save a life along with the Standardized Professional
    curriculum for Physiotherapy, Optometry, Dialysis therapy technology, imaging
    technology, Radiotherapy technology, Operation theatre technology and Medical
    laboratory training courses.
Government to appoint Nyaya Mitras to accelerate pending cases

  • The Union government would be
    appointing Nyaya Mitras across the country to speed up the hearing of cases
    that have been pending in the lower courts for the last 10 years.
  • The same was confirmed by Union
    Law and Information Technology Minister Ravi Shankar Prasad while addressing a
    function at the Lucknow bench of the Allahabad High Court to inaugurate the
    Tele Law Service through Common Service Centers on 6 June 2017.
  • The Minister announced that
    retired judges will be appointed as Nyaya Mitras to expedite over seven lakh
    fifty thousand cases that are pending across the country. He further stated
    that the government is committed to providing justice to the poor people in a
    fast, smooth and affordable manner.
  • The Nyaya Mitra scheme would be
    functionalised through retired judges who would be designated as the Nyaya
    Mitras. Their responsibilities would include offering assistance to litigants
    who are suffering due to delay in trial.
Appointments
Hoshiar Singh appointed as Registrar of Copyrights Office

  • Hoshiar Singh, a 1994 batch
    officer of the Indian Telecom Services, was on 7 June 2017 appointed as
    Registrar of Copyrights for a period of five years. His appointment was
    approved by the Department of Personnel and Training (DoPT).
  • The Office of Copyrights works
    under the aegis of Department of Industrial Policy and Promotion.
Sher Bahadur Deuba takes oath as Prime Minister of Nepal

  • Sher Bahadur Deuba took the oath
    as the Prime Minister of Nepal for the fourth time on 7 June 2017. He was
    elected as the nation’s 40th Prime Minister on 6 June 2017.
  • The oath taking ceremony was
    administered by Nepal’s President, Bidya Devi Bhandari at the Rashtrpati Bhawan
    in Kathmandu. Seven other ministers including three Deputy Prime Ministers have
    also taken the oath.
  • Deuba, President of Nepal’s
    oldest party- the Nepali Congress, won an overwhelming majority by securing 388
    votes out of the total 558 votes cast in the parliamentary vote.
Ashutosh Kumbhakoni appointed as new AG of Maharashtra

  • The Maharashtra government today
    appointed senior counsel Ashutosh Kumbhakoni as the new Advocate General of the
    state.
  • His appointment was cleared by
    Governor C Vidyasagar Rao this evening after the state cabinet recommended
    Kumbhakoni’s name for the key post earlier in the day.
  • The post had fallen vacant after
    former Advocate General Rohit Deo was appointed as a Bombay High Court judge
    last week.
  • Deo had been formally appointed
    as the state AG in December last year. Prior to that, Deo had worked as the
    acting AG after Shreehari Aney resigned following a controversy over his
    support for statehood for Vidarbha region.
World News
Sachin Tendulkar joins UN campaign ‘Super Dads’

  • Cricketing legend Sachin
    Tendulkar will be joining the likes of Noval Djokovic and David Beckham for a
    United Nations campaign/initiative titled Super Dads.
  • The UNICEF initiative Super Dad
    highlights the critical role played by fathers in children’s early development.
    The initiative that was launched on 6 June 2017, few days ahead of the Father’s
    Day (18 June), will celebrate fatherhood by highlighting the importance of
    love, play, protection and good nutrition for the healthy development of young
    children’s brains.
  • Other participants of the Super
    Dads campaign include Mahershala Ali, the All Blacks, Daniel Cormier, Lewis
    Hamilton, Hugh Jackman, Thalía and Chris Weidman.

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