Current Affairs Update – 10th June, 2016

Hello and welcome to exampundit. Here are the important Current Affairs of 10th June, 2016. These are important for the upcoming SBI PO & SBI Clerk Mains 2016 Exams.

Current Affairs at a Glance – 10th June, 2016

  1. State Bank of India (SBI) and Spain’s CaixaBank have
    inked pact to provide loans to Indo-Spanish joint ventures and local
    enterprises here. SBI and CaixaBank have signed a memorandum of agreement to
    enhance business synergies.
  2. Reserve Bank has cancelled registration of three NBFCs
    including Escorts Finance and Express Trading & Securities. The apex bank
    has also terminated the registration certificate of Jayant Security and
    Finance.
  3. Star Health Insurance and Bank of India entered into a corporate agency
    agreement to market the insurer’s products across the bank’s branches in the
    entire country.
  4. India on 8 June 2016 signed
    a Europe-led scheme that seeks to clampdown on tax evasion and corruption

    by committing to automatically exchange information on beneficial ownership.
  5. The National Investment and Infrastructure
    Fund (NIIF)
    Ltd. on 5 June 2016
    signed a MoU with the Qatar Investment Authority (QIA) to facilitate
    investment in Indian infrastructure sector.
  6. National Research Development Corporation
    (NRDC)
    on 9 June 2016 inked a
    Memorandum of Agreement (MoA) with the AP
    Food Processing Society of Andhra Pradesh Government
    to establish Smart
    Agribusiness Platform Networks of Andhra Pradesh (SAPNAP).
  7. Olympic champion shooter Abhinav Bindra was on Friday chosen as the flag bearer of the Indian contingent at the Rio Games’ opening
    ceremony on August 5.
  8. 3M India, the Indian arm of US multinational conglomerate 3M Co.,
    announced the appointment of Debarati Sen as managing director (MD) of 3M India
    Limited
    and 3M Lanka Pvt. Ltd. with effect from June 1, 2016. 
  9. Distinguished scientist G
    Kalyanakrishnan
    on 8 June 2016 took over as Chief Executive of Nuclear
    Fuel Complex (NFC)
    , Hyderabad.

Finance/Economy/Banking –
SBI, CaixaBank ink pact to fund Indo-Spanish joint ventures

  • State Bank of India (SBI) and
    Spain’s CaixaBank have inked pact to provide loans to Indo-Spanish joint ventures
    and local enterprises here.
  • SBI and CaixaBank have signed a
    memorandum of agreement to enhance business synergies.
  • According to the agreement, they
    will expand banks’ guarantee transaction businesses by jointly providing credit
    to Indian-Spanish joint ventures and Indian local enterprises, SBI said in a
    statement.
  • The banks will collaborate in
    areas of mutual interest such as syndicated loan business, guarantee
    transactions, trade finance and export credit agency finance, infrastructure
    finance and networking services, among others.
  • Through this agreement, both SBI
    and CaixaBank will gain direct access to their respective markets of operation,
    said the release.

RBI cancels registration of three NBFCs

  • Reserve Bank has cancelled
    registration of three NBFCs including Escorts Finance and Express Trading &
    Securities.
  • The apex bank has also terminated
    the registration certificate of Jayant Security and Finance.
  • However, the RBI did not cite any
    reason behind the cancellation of registrations.
  • Earlier this month, Escorts
    Finance had informed the BSE that the RBI had deregistered it.
  • At times, companies themselves
    surrender their licences due to various reasons following which the RBI cancels
    their registration.

Star Health ties up with Bank of India for bancassurance
  • Star Health Insurance and Bank of
    India entered into a corporate agency agreement to market the insurer’s
    products across the bank’s branches in the entire country. This tie-up will
    enable Star Health to leverage Bank of India’s network of all branches and huge
    customer base across the country.
  • Dr S Prakash, Senior Executive
    Director, Star Health and Allied Insurance, said that the bancassurance channel
    has the potential to reach out to untapped sections of the market, which is the
    need of the hour.
  • With the alignment of our brands,
    people and processes, we hope to create huge value for all our customers on a
    long term basis. Star Health has collected premium of Rs 2,007 crore in the
    last financial year 2015-2016.

India signs Europe-led clampdown on tax evasion and corruption

  • India on 8 June 2016 signed a
    Europe-led scheme that seeks to clampdown on tax evasion and corruption by
    committing to automatically exchange information on beneficial ownership.
  • With this, Indian joined a group
    of nearly 40 nations that are signatories of a scheme.
  • Under the scheme, the signatories
    commits to the initiative to automatically exchange information on beneficial
    ownership. The next stage will be for the development of a global standard for
    this exchange.
  • The scheme was announced in April
    2015 by Britain, France, Germany, Italy and Spain.
  • The signatories to the scheme
    will have to provide one another free access to information on who ultimately
    owns companies.
  • Besides India, some of the other
    countries outside Europe on the list include Afghanistan, Nigeria, Mexico and
    the UAE. Most European countries except Switzerland are part of this automatic
    exchange mechanism.

NIIF, Qatar Investment Authority signed MoU to facilitate investment in
Indian infrastructure sector

  • The National Investment and
    Infrastructure Fund (NIIF) Ltd. on 5 June 2016 signed a MoU with the Qatar
    Investment Authority (QIA) to facilitate investment in Indian infrastructure
    sector.
  • The Memorandum of Understanding
    was signed in Doha during the Prime Minister Narendra Modi’s visit to Qatar.

Features of the MoU
  • Its objective is to facilitate
    QIA to study investment opportunities in the infrastructure sector in India.
  • The QIA will develop a framework
    for exchange of information with regard to such investments opportunities, in
    order to enable both sides to decide on joint investments.
  • The MoU will remain in effect for
    12 months during which period, both parties will discuss and agree on the
    terms, principles, criteria for such investments.

NRDC inks MoA with Andhra Pradesh government to establish smart
agribusiness platform networks
  • National Research Development
    Corporation (NRDC) on 9 June 2016 inked a Memorandum of Agreement (MoA) with
    the AP Food Processing Society of Andhra Pradesh Government to establish Smart
    Agribusiness Platform Networks of Andhra Pradesh (SAPNAP).
  • These networks will strengthen
    the agribusiness and food processing sector by focusing on creation of enabling
    ecosystem for accelerated growth of agribusiness by involving all the
    stakeholders.
  • Smart Agribusiness Platform
    Networks of Andhra Pradesh (SAPNAP)
  • It is an initiative to increase
    food production and food processing units under AP Food Processing Policy
    2015-20.

It will have two key development platforms, they are:
(i) Smart Agribusiness Value-chains:
          These chains focus on intelligence,
analytics, big data, innovations and partnerships.
          Farm-to-Fork value chains will be
mapped and developed for existing and potential crops,                   commodities and products
(ii) Smart Agribusiness Incubators and Accelerators:
          These focuses on establishing 13
district level incubators which will enable infrastructure and ecosystem for
start ups, enterprise development and FPO mentoring.
Sponsored

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Sports –
Abhinav Bindra chosen as India’s flagbearer at Rio Olympics

  • Olympic champion shooter Abhinav
    Bindra was on Friday chosen as the flagbearer of the Indian contingent at the
    Rio Games’ opening ceremony on August 5.
  • The Indian Olympic Association
    (IOA) confirmed that they have chosen the 2008 Beijing Olympic gold medallist
    as the country’s flagbearer for the quadrennial extravaganza.
  • Bindra will be making his fifth
    Olympic appearance this year.
  • Alongside star boxer Vijender
    Singh, tennis legend Leander Paes and decorated grappler Sushil Kumar, Bindra’s
    name was under consideration prior to the 2012 London Games too, before the IOA
    gave the honour to the double Olympic medallist wrestler.

Appointments –
3M India appoints Debarati Sen as new managing director

  • 3M India, the Indian arm of US
    multinational conglomerate 3M Co., announced the appointment of Debarati Sen as
    managing director (MD) of 3M India Limited and 3M Lanka Pvt. Ltd. with effect
    from June 1, 2016. 
  • Debarati Sen takes over from Amit
    Laroya, who led the company for the past three years and is now moving to 3M
    Korea.
  • 3M India is a publicly traded
    company on the Bombay Stock Exchange and National Stock Exchange with annual
    sales of Rs 2,103 crore in FY16.

G Kalyanakrishnan took over as Chief Executive of Nuclear Fuel Complex

  • Distinguished scientist G
    Kalyanakrishnan on 8 June 2016 took over as Chief Executive of Nuclear Fuel
    Complex (NFC), Hyderabad.
  • Kalyanakrishnan succeeds N
    Saibaba, who has retired on completion of two years of extended period of
    service.
  • Kalyanakrishnan will also be the
    Chairman of the NFC Board.

India –
Researchers in Assam developed two rice variants, Ranjit Sub-1 &
Bahadur Sub-1, for submerged areas
  • Researchers at Assam Agricultural
    University have developed two rice varieties, namely Ranjit Sub-1 and Bahadur
    Sub-1. These rice varieties were developed to get better yields under submerged
    conditions in state mainly Barak Valley.
  • Most parts of the state including
    Barak valley is prone to periodical flash floods particularly during the
    monsoon season.
  • These are ideally suited for such
    submerged areas in the khariff season.
  • These new rice variants are
    improved forms of the Ranjit and Bahadur varieties which the farmers of the
    state have been using for years.

Regards

Team ExamPundit