Current Affairs Update – 11th June, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 11th June, 2015. These are Important for Upcoming SBI PO Mains Exam 2015.

• HDFC Bank on 10 June 2015 launched PayZapp, a complete digital payment and purchase solution. The mobile app will allow customers to manage credit or debit card details, recharge and pay bills, use virtual card, send money through a wallet and shop.

• The app will be available for all customers of HDFC bank who will be allowed to use both type of cards namely VISA and MasterCards
• The application can be downloaded on any Android phone from the Google Play Store from 15 June 2015 onwards.
• To use the app, the customer will have to register himself/herself using the mobile phone number, which is registered with the bank and fill certain details related to him like name, date of birth and others. Then he/she will have to create his/her personal identification number (PIN).
• The mobile phone number will be the login ID for the application 

• Insurance sector regulator IRDAI today imposed a fine of Rs 50 lakh on Future Generali India Life Insurance Company for violating various norms, including financing a related entity in a “camouflaged way“.
• Pressing a charge of benefiting a related entity under the guise of brand building, IRDAI slapped a fine of Rs. 5 lakh on the company.
• During 2010—11, the company purchased Big Bazaar Gift Vouchers worth Rs. 23.5 crore under sales and marketing promotions head from Future E—Commerce Infrastructure Ltd and distributed the same to unidentified beneficiaries in the name of ‘Brand Building Activity and Recruitment Drive of Potential Advisors’, the IRDAI order said.
• Also, IRDAI said the Insurer has a causal approach toward settlement of claims, no proper mechanism to administer group insurance schemes and makes payout in the name of marketing support arrangement and slapped a penalty of Rs. 5 lakh each.
• IRDAI has also warned the company, to confirm compliance in all directions issued to it, within a period of 21 days.

• The Reserve Bank today allowed non-resident Indians (NRIs) to invest in chit funds on non-repatriation basis without any ceiling, a move that will encourage flow of capital into the country.
• However, the subscription to the chit funds should be brought in through normal banking channel, including through an account maintained with a bank in India.
• Earlier in May 2000, non-residents were barred from investing in a company or firms engaged in the business of chit fund.
• Revising the extant guidelines for subscription to the chit funds, RBI said: “It has been decided to permit NRIs to subscribe to the chit funds, without limit, on non-repatriation“.
• It further said the Registrar of Chits or an officer authorised by the State Government may permit any chit fund to accept subscription from NRIs on non-repatriation basis.
• RBI said the revision in the guidelines was made in consultation with the government.

• The RBI has further extended the overseas fund raising by airline companies and low cost affordable housing projects till March 2016.
• In April 2012, RBI first allowed aviation firms and in June 2013 to low cost affordable housing projects to borrow funds under the ECB (external commercial borrowings) route based on the cash flow, foreign exchange earnings and its capability to service the debt.
• It allowed real estate developers and housing finance companies to raise $1 billion through ECBs, which could be used either for developing low-cost housing projects or for providing loans up to Rs 25 lakh to individuals for buying units with a price tag of Rs 30 lakh or less.
• The ECB ceiling for the entire civil aviation sector would be $1 billion and the maximum permissible ECB that can be availed by an individual airline company will be $300 million. This can be raised with a minimum average maturity period of three years.

• India’s maiden indigenous aircraft carrier INS Vikrant was on 10 June 2015 undocked at the Cochin Shipyard in Kochi, Kerala.
• The structural work of the ship was completed and undocking was part of the second phase of work on the carrier, which is expected to be complete by 2017.

•  It is India’s largest and first indigenous aircraft carrier.
• Its basic design was done by the Indian Navy's Directorate of Naval Design, which was developed into detailed design by the design team of the Cochin Shipyard Limited (CSL).
•  On the completion, it weighs around 40000 metric tonne and will have a length of over 260 metres and breadth of 60 metres.

• India, Japan and Australia on 9 June 2015 held their first ever high-level trilateral dialogue in New Delhi.
• The talks were attended by Indian foreign secretary S Jaishankar, Japanese vice foreign minister Akitaka Saiki and Australian secretary of the Department of Foreign Affairs and Trade Peter Varghese.
• The representatives of three countries discussed prospects of cooperation in the fields of economy and security with special emphasis on maritime security.
• The three countries agreed to hold their next round of talks in Tokyo, Japan.

• Punjab Chief Minister Parkash Singh Badal was on 10 June 2015 conferred with the prestigious 14th Sant Namdev National Award at a function in Pune, Maharashtra. He was awarded for promoting peace, communal harmony and universal brotherhood.
• The award was given by Maharashtra Chief Minister Devendra Fadnavis on behalf of the Sarhad Foundation.
• Badal was honoured with a citation, a prize amount of 101000 rupees and a memento by the foundation. As a goodwill gesture, the Chief Minister returned the award money to the foundation and urged to utilise it towards the ongoing socio-cultural programmes and other development activities.

• Indian-origin US Surgeon General Vivek Murthy has been presented with the Pride of the Community Award by a prominent Hindu advocacy group.
• Receiving the award by the Hindu American Foundation at its 12th Annual Day reception at Capitol Hill, Murthy said that he draws inspiration from the life of Swami Vivekananda.
• The reception was attended by two Senators and 10 members of the US House of Representatives.
• HAF also awarded Anantanand Rambachan, Professor of Religion at St. Olaf College, Dharma Seva award; Harpreet Singh Mokha of the Department of Justice, the Mahatma Gandhi Award for the Advancement of Pluralism; and Senator Mark Kirk and Rep. Joe Crowley, HAF's Friend of the Community awards.

• Indian-origin scientist Manu Prakash along with his team on 10 June 2015 developed World's first water-based computer. The results were published in the journal Nature Physics. Manu Prakash is an Assistant Professor of Bioengineering at Stanford University.
• They have built a synchronous computer that operates using the unique physics of moving water droplets.
• The work combines Prakash's expertise in manipulating droplet fluid dynamics with a fundamental element of computer science - an operating clock.

• Christopher Lee, the prolific actor known for his villainous portrayals including Scaramanga in James Bond and evil wizard Saruman in The Lord of the Rings, has died at the age of 93.
• Lee died on June 7 at Chelsea and Westminster hospital in London, after being hospitalised for respiratory problems and heart failure.
• The decision to release the news days after was based on his wife's desire to inform family members first. The couple had been married for over 50 years.
• The English-born actor, who made his name playing Dracula and Frankenstein in the Hammer horror films, appeared in more than 250 movies.

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