Current Affairs Update – 5th June, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 5th June, 2015. These are Important for Upcoming SBI PO Main Exam.

• Kotak Mahindra Bank (KMB) and ING Bank have joined hands to cooperate and explore opportunities arising from cross border business, investment and trade flows across Benelux, Western Europe, Eastern Europe, North America, Asia and Australia.
• A Memorandum of Understanding (MoU) to this effect was signed in the presence of the visiting Netherlands Prime Minister Mark Rutte here on Friday.
• This cooperation will give ING Bank’s clients from the Netherlands and the other 39 countries where it is active in commercial banking access to KMB’s services in the vast Indian market.
• At the same time, this MoU will offer the clients of KMB (combined recently with ING Vysya Bank) in India the opportunities of ING’s international network.
• The MoU — which is initially valid for a period of one year — covers an array of cooperation areas such as trade finance, remittances and services related to non-resident Indians, nostro and vostro accounts, funding to counterparties’ corporate relationships, fee based products (including but not limited to foreign exchange, letters of credit and guarantees), direct banking and digital strategy, and cross border debt capital markets and mergers and acquisitions.
• KVS Manian, President-Corporate, Institutional & Investment Banking, Kotak Mahindra Bank said that the MoU will leverage the strengths of both institutions and will be mutually beneficial.

• Continuing efforts to improve the ease of doing business in the country, the government has set up an eight-member panel to address issues related to the new companies law and suggest necessary changes.
• The Corporate Affairs Ministry has already made a raft of changes to the Companies Act, 2013 -- whose most provisions came into effect from April 1, 2014 -- amid concerns raised from various stakeholders.
• The 'Companies Law Committee', chaired by Corporate Affairs Secretary Anjuly Chib Duggal, would submit its recommendations "within six months of its first meeting".
• There are also representatives from the judiciary and industry in the eight-member panel, according to an order issued by the Ministry on Thursday.
• Former Delhi High Court judge Reva Khetarpal, Tata Sons Chief Legal and Group General Counsel Bharat Vasani, L&T Finance Holdings Chairman Y M Deosthalee as well as Presidents of apex bodies -- chartered accountants, cost accountants and company secretaries would be part of the committee.

• India and the Netherlands on 5 June 2015 signed several agreements to deepen bilateral cooperation.
• The agreements were signed in the presence of Prime Minister Narendra Modi and Prime Minister of Netherland Mark Rutte in New Delhi after the two leaders held discussions on various issues related to the region and the world.
• Mark Rutte is on a two day visit to India on 5-6 June 2015.

• Agreement on setting up Joint Working Group on Counter Terrorism , which will hold its first meeting on 19 June 2015.
• Agreement on manufacturing of dredgers at the Cochin Shipyard.
• Agreement on manufacturing of Measles, and Rubella Vaccine in India, with transfer of technology from Netherlands.
• Agreement on developing coastal roads and metro lines in India.
• Agreement on setting up a Joint Working Group on Skill Development.
• Agreement on developing joint pilot projects for an electric vehicle ecosystem in India.
• Agreement on setting up centres of excellence in areas like horticulture and animal husbandry in India.

• Singapore authorities have ordered local importers to temporarily suspend of the sale of Nestle’s Maggi noodles imported from India amid reports that high lead content was found in the popular instant snack in India.
• The Agri-Food and Veterinary Authority’s decision comes after India banned the sale of the noodles for 15 days in Gujarat, Jammu and Kashmir, Uttarakhand and Tamil Nadu after high levels of lead were discovered in batches tested in New Delhi and Uttar Pradesh.
• As a precautionary measure, the AVA has taken samples of the instant noodles for food safety tests and advised affected importers to withhold sales until tests are completed.
• The AVA is testing samples of Maggi brand instant noodles manufactured in India and has advised affected importers to stop selling them until tests are complete.
• Lead content in 14 of 27 samples in India was found to be 2.8 PPM to 5 PPM (particle per million), which is above the prescribed limit of 2.5 PPM. Presence of excess lead is harmful for health.

• Water Resources minister Uma Bharti today launched 'Jal Kranti' campaign here today, emphasising that the water preservation and conservation initiative will not be successful unless it is converted into a mass movement.
• Bharti said the progress of the campaign will be reviewed after one or one and a half year. The campaign would continue till the objective of solving water problems in every house and farm is resolved.
• She said that her ministry was focused on creating a water balance in the country and alleged that Congress was doing politics on projects like interlinking of rivers.
• The Jal Kranti Abhiyan will be celebrated across the country during 2015-16 to consolidate water conservation and management through a holistic and integrated approach.
• The campaign will strengthen the involvement of all stakeholders including Panchayati Raj institutions and local bodies towards water security and development schemes, encouraging them to adopt traditional knowledge in water resources conservation and management in rural areas.
• Development of model command area, pollution abatement and mass awareness programme are among other activities which will be addressed under the campaign.
• The scheme also provides for a 'Sujalam Card' which will provide annual status and information about the quality of drinking water available for a 'Jal Gram'.

• As part of International Yoga Day on June 21, External Affairs Minister Sushma Swaraj will lead the events at the United Nations in New York while Prime Minister Narendra Modi will attend a mega yoga session at Vijay Chowk in the Capital.
• June 21 - the day that marks summer solstice in the northern hemisphere - was designated as the ‘International Day of Yoga’ at India’s instance last December after Mr. Modi recommended it at his UNGA speech, saying yoga engenders a “sense of oneness with yourself, the world and the nature” and could even “help deal with climate change”.
• The Indian Embassy in Washington and the Consulate General of India in New York have also lined up events to mark Yoga Day. In New York and adjoining cities, as many as 11 events have been advertised, including an annual event at Times Square. The Indian Embassy in Washington that initiated Yoga Day celebrations with a talk by Sri Sri Ravi Shankar on April 29; will also host ‘Yoga on the Mall’.

• Nestle India has decided to take Maggi Noodles off the shelves, after six state governments announced ban in the wake of finding elevated levels of lead and MSG being found in its samples.
• In a late announcement released in the early hours of morning, Nestle India said that that the trust of its consumers and safety of its products is the company's first priority.
• Maggi has been banned by six state governments. While Delhi banned it for fifteen days, ban in other states varies from about a month to about three months. Other states are awaiting test results.
• Key retailers across the country have already taken it off the shelves.
• At the same time, Food Safety and Standards Authority of India (FSSAI) is also awaiting test results from all the states to take a decision on a nationwide ban.

• Infosys Limited on Friday announced that the Company’s Board have approved the appointment of R. Seshasayee as Non-Executive Chairman of the Board with immediate effect.
• A release from the Company added that K.V. Kamath will be stepping down from his position as Chairman of the Board and as an Independent Director of the Company, consequent to his nomination as President of the BRICS New Development Bank.
• Mr. Seshasayee has been an Independent Director on the Company’s Board since January 2011 and is the chairperson of the Audit Committee. Mr. Seshasayee’s other board positions include Non-Executive Vice Chairman of Ashok Leyland Ltd. and Chairman of IndusInd Bank Ltd.

• World Environment Day (WED) was observed globally on 5 June 2015 with theme Seven Billion Dreams. One Planet. Consume with Care.
• The host country for the WED 2015 is Italy and the celebrations will be organized by Expo Milano 2015 that will run from 1 May to 31 October 2015 and will see the participation of 140 plus countries.
• The day is observed to raise global awareness to take positive environmental action to protect nature and the planet Earth. It is run by the United Nations Environment Programme (UNEP).

• All India Football Federation (AIFF) on 2 June 2015 signed an agreement with French Football Federation (FFF) in Zurich. The agreement was signed by Praful Patel, President, AIFF in the presence of Kushal Das, General Secretary of AIFF.

• The parties agreed to cooperate with each other in order to develop strong ties between their respective associations for the mutual benefit of each association and for the promotion, growth and continued success of football in each country.
• It was also agreed to exchange training of technical personnel and organisational procedures.

Failure should be our teacher, not our undertaker. Failure is delay, not defeat. It is a temporary detour, not a dead end. Failure is something we can avoid only by saying nothing, doing nothing, and being nothing. - Denis Waitley

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