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.

• 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.

• 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 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 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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