Hello and welcome to exampundit . Here are the important Current Affairs of 1 December, 2016. These are important for the upcoming IPPB PO Mains, NIACL AO Mains, IBPS Clerk Mains, IBPS RRB Office Assistant Mains and RBI Assistant Mains 2016-17.
Current Affairs at a Glance – 1 December, 2016
- The Central Statistical Office (CSO) on 30 November 2016 announced that India’s Gross Domestic
Product (GDP) accelerated to 7.3 percent in
the second quarter (July-September) of 2016-17 financial year from a
provisional 7.1 percent expansion in the previous quarter. - Insurance Regulatory and Development Authority
of India (IRDAI) has allowed
insurance companies to invest in Additional Tier 1 (Basel III compliant) perpetual bonds.
Earlier, there was no clarity on insurers investing in these instruments and
they perceived it risky. - Raj Bhawan of Himachal Pradesh on 30 November 2016 adopted the cashless system for all kind of
payments. Governor Acharya Devvrat has directed Raj Bhawan’s
official in Shimla to use a cashless system or cheque in all kind of payments. - The Competition Commission (CCI) in the last week of November 2016 approved the merger of Bharatiya Mahila Bank Ltd (BMBL) with the
country’s largest lender State Bank of India (SBI). - The Union Cabinet on 30 November
2016 approved the Mumbai Urban Transport Project (MUTP) Phase-III.
The estimated cost of project is Rs 8679 crore with completion cost of Rs 10947
crore. - India on Wednesday signed the Letter of Agreement and
Acceptance (LOA) with the US to purchase 145 M777
ultra-light artillery guns, through the foreign military sale (FMS)
route. - The World AIDS Day was on 1 December 2016 observed across the world
with the theme Hands up for #HIVprevention. - Magnus Carlsen won the 2016 World
Chess Championship on 30 November 2016 in New York City, USA.
Finance –
India’s GDP accelerated to 7.3% in Q2 of 2016-17: CSO
- The Central Statistical Office
(CSO) on 30 November 2016 announced that India’s Gross Domestic Product (GDP)
accelerated to 7.3 percent in the second quarter (July-September) of 2016-17
financial year from a provisional 7.1 percent expansion in the previous
quarter. - On the other hand, the Gross
Value Added (GVA) increased to 7.1 percent. While GDP growth accelerated in the
second quarter from the 7.1 percent seen in the April-June quarter, GVA growth
slowed from the 7.3 percent registered in that period. - Both GDP and GVA growth were
slower in Q2 of this financial year as compared with the Q2 of 2015-16. The Q2
of 2015-16 showed a GDP growth of 7.6 percent and GVA growth of 7.3 percent.
Highlights
- The agriculture sector maintained
the overall growth by registering a 3.3 percent GVA growth rate in Q2 of this
financial year in comparison with 2 percent in Q2 of 2015-16. - The manufacturing sector saw a
significant slowdown as it registered a GVA growth of 7.1 per cent in Q2 of
this financial year as compared with 9.2 percent in Q2 of 2015-16. - The mining and quarrying sector
slowed down by 1.5 percent in Q2 compared with the contraction of 0.4 percent
in the first quarter and a growth of 5 percent in Q2 of 2015-16. - Output in sectors such as
manufacturing, electricity, mining, services and others show a fall in the
September quarter because they are not supported by demand. - There was a drop in outputs
across all sectors except for agriculture, construction and public
administration. - Gross fixed capital formation was
only 29 percent of GDP in Q2 of this financial year as compared with 32.9
percent in Q2 of 2015-16. - On the other hand, Government
final consumption expenditure was 13 percent of GDP in the second quarter of
this financial year compared with 12.1 percent in the previous year. - Government final consumption
expenditure (GFCE) grew 18.8 percent in Q1 of FY 2016-17 and 15.2 percent in Q2
of FY 2016-17. - Union Government’s Capital
Expenditure (Plan and non-Plan) declined 12.81 percent to Rs 124959 crore in the
quarter against Rs 143329 crore in the year-ago period.
IRDAI allows insurers to invest in Basel III bonds
- Insurance Regulatory and
Development Authority of India (IRDAI) has allowed insurance companies to
invest in Additional Tier 1 (Basel III compliant) perpetual bonds. Earlier,
there was no clarity on insurers investing in these instruments and they
perceived it risky. - In a circular issued to insurance
companies today, IRDAI said that the rating of the AT1 bonds should not be less
than ‘AA’. Further, it said that the aggregate value of the AT1 bonds held in
any particular bank cannot exceed 10 per cent of the total outstanding AT1
bonds at any time. These bonds will be a part of “equity” under
investment regulations. - Insurers have been told that they
cannot invest more than 10 per cent in AT1 bonds offered through IPO. Also, the
regulator said insurers can only invest in AT1 bonds of those banks that have
declared dividends for preceding two years. - Further, insurers cannot invest
in AT1 bonds of their promoter group bank or where the bank is their corporate
agent. - A perpetual bond is a financial
instrument with no maturity date. These bonds are not redeemable but pay a
steady stream of interest forever. Here, the price of a perpetual bond is, therefore,
the fixed interest payment, coupon amount, divided by a constant discount rate,
which represents the speed at which money loses value over time (partly because
of inflation).
Himachal Pradesh Raj Bhawan adopts cashless system after PM’s appeal
- Raj Bhawan of Himachal Pradesh on
30 November 2016 adopted the cashless system for all kind of payments. Governor
Acharya Devvrat has directed Raj Bhawan’s official in Shimla to use a cashless
system or cheque in all kind of payments. - The direction was issued after
the Prime Minister’s appeal in this regard. - As per the reports, the payments
of Raj Bhawan would be made online, through cheques or another mode of
e-payments. - Apart from this, Governor Devvrat
has also appealed students, teachers and NGO are to make common people aware
about the cashless system. - Possibly, Himachal Rajbhawan is
the first in the country to adopt these cashless techniques so promptly. - Besides, Andhra Pradesh is also
planning to launch a mobile wallet with the name ‘AP Purse’ to help the public
in the adoption of cashless payments. The plan was announced by Chief Minister
N Chandrababu Naidu. He said that his government would be the first state in
India to switch to digital transactions.
Competition Commission of India approves merger of Bharatiya Mahila
Bank with SBI
Bank with SBI
- The Competition Commission (CCI)
in the last week of November 2016 approved the merger of Bharatiya Mahila Bank
Ltd (BMBL) with the country’s largest lender State Bank of India (SBI). - Summary of the deal
- The combination is in the form of
amalgamation whereby the business of BMBL, including its assets and
liabilities, will be acquired by SBI. - While SBI has global presence,
including offices in 37 countries, BMBL is a nascent bank set up in November
2013. - In the case of BMBL, 44231510
shares of SBI would be swapped for every 100 crore shares of face value of Rs.
10 each. - Post merger of the six entities,
including BMBL, the consolidated entity will add Rs. 8 lakh crore to SBI’s
assets.
Background
On 17 May 2016, the SBI had
informed the Bombay Stock Exchange that it is seeking in-principle sanction of
the Union Government to enter into negotiation with its 5 subsidiaries and
Bharatiya Mahila Bank for acquisition.
informed the Bombay Stock Exchange that it is seeking in-principle sanction of
the Union Government to enter into negotiation with its 5 subsidiaries and
Bharatiya Mahila Bank for acquisition.
The five subsidiaries are :
1. State Bank of Bikaner and
Jaipur
Jaipur
2. State Bank of Hyderabad
3. State Bank of Mysore
4. State Bank of Patiala
5. State Bank of Travancore
SBI first merged associate State
Bank of Saurashtra with itself in 2008. Two years later, in 2010, State Bank of
Indore was merged.
Bank of Saurashtra with itself in 2008. Two years later, in 2010, State Bank of
Indore was merged.
The board of SBI had cleared the
merger of BMBL and that of five associate lenders with itself in August 2016.
merger of BMBL and that of five associate lenders with itself in August 2016.
Union Cabinet approves Phase III
of Mumbai Urban Transport Project
of Mumbai Urban Transport Project
- The Union Cabinet on 30 November
2016 approved the Mumbai Urban Transport Project (MUTP) Phase-III. The
estimated cost of project is Rs 8679 crore with completion cost of Rs 10947
crore. - The project is expected to be
completed in the next 5 years during 13th Plan period.
How Mumbai Urban Transport
Project (MUTP) Phase-III will be beneficial?
Project (MUTP) Phase-III will be beneficial?
- Western Railway is running
suburban services on the existing busy double line between Virar-Dahanu Road
which is a part of main line Mumbai–Ahmedabad or Mumbai–Delhi route. - Main line is already congested
and there is no scope for supplementing suburban services on this line. - Construction of additional double
line between Virar-Dahanu Road will address the demand of commuters in this
region. - This will provide extension of
suburban services from Churchgate to Dahanu Road. - While, Panvel-Karjat double line
suburban corridor will cater to the significant urbanization and population
growth.
India –
India inks Rs 5000 crore deal with US for 145 M777 howitzers
- India on Wednesday signed the
Letter of Agreement and Acceptance (LOA) with the US to purchase 145 M777
ultra-light artillery guns, through the foreign military sale (FMS) route. - The Cabinet on November 17
approved the much-awaited deal, which would add tremendous firepower to the
Indian Army, especially against China in eastern front. - The air portable 155mm/39 calibre
gun, with maximum range of 30 km, is manufactured by BAE Systems. - The $737 million contract has a
30 per cent offset clause worth around $200 million. - Out of 145 guns, BAE will deliver
25 guns and rest 120 will be assembled in India by Mahindra.
Supreme Court orders Status Quo on Sutlej-Yamuna Link canal land
- The Supreme Court on 30 November
2016 ordered status quo on land acquired for the construction of the
Sutlej-Yamuna Link (SYL) canal’s stretch in Punjab. - Moreover, the court also
appointed Union Home Secretary, Chief Secretary of Punjab and the Director
General of Punjab Police as receivers in the dispute between Punjab and Haryana
and sought a report from them by 15 December on the present status of land. - A bench comprising Justice Pinaki
Chandra Ghose and Justice Amitava Roy also made it clear that receivers cannot
take over the possession of the land meant for the SYL canal project. They have
been appointed only for the purpose of submitting a report on the ground
situation.
Garbage from Ghazipur Dump to be used for Highway Construction
- Solid waste from the Ghazipur
landfill site will now be used for highway expansion projects by the National
Highways Authority of India (NHAI). - The announcement comes as a
relief to the residents living around the area, as with the foul smell
emanating from the decomposing garbage and frequent fires, the site had become
a major cause of health concern.
Key Highlights
- The project is being initiated
under the new Solid Waste Management Rules. - It aims to remove, reuse and
dispose of the solid municipal waste generated in the capital. - The collected waste will be
divided and then processed to make it usable. - It will be utilized for the
expansion of National Highway 24 and other highways. - The leachate generated during the
process will be transported for processing and disposal to a sewage plant in
Ghazipur itself.
World –
UNESCO adds Cuban rumba and Belgian beer to list of world’s intangible
heritage
heritage
- The United Nations Educational,
Scientific and Cultural Organization (UNESCO) on 30 November 2016 added Cuba’s
rumba dance and Belgian beer to its coveted list of “intangible” heritage. - In addition, the UN body also
included Portuguese pottery and Ugandan traditional music into the list at the
meeting in the Ethiopian capital Addis Ababa. The Cuban delegation dedicated
the rumba’s selection to Fidel Castro, who passed away recently.
United Nations launches strategy to minimise environmental footprint of
its peace operations
its peace operations
- The United Nations Department of
Field Support (DFS) on 29 November 2016 launched a new strategy to maximize its
peace operations’ efficiency in the use of natural resources. The strategy will
also help in minimizing peace operations’ risk to people, societies and
ecosystems. - The step was taken to highlight
the significance of environmental protection and management in the work of
peacekeeping missions.
Key highlights of the strategy
- The strategy’s aim is to reduce
overall demand through increased efficiency, increase the proportion of energy
from renewable sources such as solar arrays and reduce the level of pollution. - Also, the scheme aims at
conserving water and reducing the level of risk to personnel, local communities
and ecosystems from wastewater management practices. - The six-year long strategy is in
line with the UN Sustainable Development Goals (SDGs).
Days –
World AIDS Day 2016 observed across the world
- The World AIDS Day was on 1
December 2016 observed across the world with the theme Hands up for #HIVprevention. - The campaign #HIVprevention
explores different aspects of HIV prevention and how they relate to specific
groups of people, such as adolescent girls and young women, key populations and
people living with HIV. - On the 2016 World AIDS Day, the Joint
United Nations Programme on HIV/AIDS (UNAIDS) hosted a special event on 30
November 2016 to commemorate the day and to reinforce the commitment to move
forward together to end the AIDS epidemic by 2030 as part of the Sustainable
Development Goals.
Sports –
Magnus Carlsen wins 2016 World Chess Championship
- Magnus Carlsen won the 2016 World
Chess Championship on 30 November 2016 in New York City, USA. - Carlsen defeated Sergey Karjakin
to retain the World Chess Champion title. It’s the third time that Carlsen has
won the championship. He has reigned as world champion since 2013.
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