Current Affairs Update – 16th July, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 16th July, 2015. These are important for the upcoming RBI Assistant Exam 2015.

Finance/RBI
RBI constituted
Deepak Mohanty Committee on Medium-term Path on Financial Inclusion

  • The Reserve Bank of India (RBI) on 15 July 2015 constituted
    a committee to work out a five-year (medium-term) action plan for financial
    inclusion. The 14-member panel will be headed by RBI executive director Deepak
    Mohanty.
  • The Committee will work to spread the reach of financial
    services to unbanked population.

The terms of
reference of the Committee are as under:
  • (i) To review the existing policy of financial inclusion
    including supportive payment system and customer protection framework taking
    into account the recommendations made by various committees set up earlier.
  • (ii) To study cross country experiences in financial
    inclusion to identify key learnings, particularly in the area of
    technology-based delivery models, that could inform our policies and practices.
  • (iii) To articulate the underlying policy and institutional
    framework, also covering consumer protection and financial literacy, as well as
    delivery mechanism of financial inclusion encompassing both households and
    small businesses, with particular emphasis on rural inclusion including
    group-based credit delivery mechanisms.
  • (iv) To suggest a monitorable medium-term action plan for
    financial inclusion in terms of its various components like payments, deposit, credit,
    social security transfers, pension and insurance.
  • (v) To examine any other related issues.

The committee was constituted in reference to Prime Minister
Narendra Modi’s address on the occasion of the Reserve Bank’s 80th anniversary
wherein he asked the Bank to take the lead in encouraging financial
institutions and to set a medium-to-long term target for sustainable financial
inclusion.
ADB retains India
growth forecast at 7.8% for 2015-16

  • Supported by a healthy monsoon and new investments, the
    Asian Development Bank (ADB) has retained its India economic growth forecast
    for 2015-16 at 7.8 percent.
  • This growth forecast is the same level as projected in March
    this year by ADB in its flagship publication ‘Asian Development Outlook’ (ADO).
  • For 2016-17, the growth forecast remains unchanged at 8.2
    percent with expectations of strong services sector growth bolstering overall
    performance.
  • In its ADO update released on Thursday, the Manila-headquartered
    development bank has however cautioned that risks to growth prospects could
    emerge from further delay in passing some legislations crucial to easing land
    acquisition for industry and implementing an uniform goods and services tax
    (GST).
  • The ADO update said that underlying indicators suggest that
    India was on track to achieve the ADO 2015 growth forecast of 7.8 percent in
    2015-16.

Mindtree acquires UK,
US based firms for Rs. 482 crore
  • Mid-tier IT services company Mindtree has acquired two companies
    based in the US and UK.
  • The Bengaluru-based company, in a regulatory filing to BSE,
    said that it has signed a definitive agreement to acquire 100 per cent equity
    interest in Bluefin Solutions Limited (‘Bluefin’), a UK-based IT solutions
    provider specialising in SAP HANA solutions, in an all-cash transaction for
    £42.3 million (Rs. 419 crore).
  • According to the filing, the consideration includes an
    upfront payment of £34 million (Rs. 337 crore) and earn out of £8.3 million
    (Rs. 82 crore) payable over the next three years.
  • The company also said it will acquire 100 per cent of the
    equity interest in Relational Solutions Inc., a US-based IT solutions provider
    specializing in technology services to the consumer goods industry, in an all
    cash transaction for $10 million (Rs. 63.5 crore).

               
Govt Allows Use of
Its Capital to SAARC Fund for Infrastructure Sector
  • Government today cleared the utilisation of India’s capital
    contribution to SAARC Development Fund (SDF) for promoting cross-border
    infrastructure projects, trade and growth.
  • The Cabinet approved the proposal to permit utilisation of
    India’s capital contribution to SDF for Economic and Infrastructure Windows, an
    official statement said.
  • So far, India’s capital contribution was only for the Social
    Window of SDF.
  • There are no additional financial implications for India, as
    it only entails a restructuring of India’s capital contribution to the SDF, it
    said.
  • SDF was set up in 2008 to improve the livelihood of the
    people and to accelerate economic growth, social progress and poverty alleviation
    in the SAARC region.
  • It provides for utilisation of the Fund for projects in
    three windows — Social, Economic Window and Infrastructure.


India –
DoT’s Panel reports
recommendations on Net Neutrality

  • After months of debate on the fundamental principle of the
    Internet—freedom—the Department of Telecom panel led by A K Bhargava has
    submitted its report on Net Neutrality and made it public.
  • Throughout the report, the panel has emphasised on the
    user’s right to Net Neutrality.

The
recommendations of the report (paraphrased) are as follows:
  • The report suggests that plans such as Airtel Zero be
    allowed with prior clearance from the Telecom Regulatory Authority of India,
    but opposes platforms such as Internet.org of Facebook. Both the platforms are
    similar as they offer customers a specific set of services or applications that
    are free to use without paying data charges.
  • The committee has said that it unhesitatingly recommends
    that the principles of Net Neutrality must be adhered to.
  • The report has specifically highlighted that TSPs/ISPs
    should not restrict the ability of the user to send, receive, display, use,
    post any legal content, application or service on the Internet, or restrict any
    kind of lawful Internet activity or use to ensure the user’s right on the
    Internet is upheld.
  • Over-the-top (OTT) application services should be actively
    encouraged and any impediments in expansion and growth of OTT application
    services should be removed.
  • Specific OTT communication services dealing with messaging
    should not be interfered with through regulatory instruments.
  • In case of VoIP OTT communication services, there exists a
    regulatory arbitrage wherein such services bypass existing licensing and
    regulatory regime to create a non-level playing field between TSPs and OTT
    providers.
  • Legitimate traffic management practices may be allowed but
    should be “tested” against the core principles of Net Neutrality.
  • For OTT application services, there is no case for
    prescribing regulatory oversight similar to conventional communication services.
  • National security is paramount, regardless of treatment of
    Net Neutrality. The measures to ensure compliance of security related
    requirements from OTT service providers, need to be worked out through
    inter-ministerial consultations.

Govt Sets Up Expert
Group to Collate Caste Count
  • Amid a controversy over not releasing of caste census data,
    the government today set up an expert group headed by NITI Ayog Vice-Chairman
    Arvind Panagariya to collate caste count even as it blamed the states for not
    being able to complete the consolidation of different categories.
  • The decision was taken in a meeting of the Union Cabinet
    chaired by Prime Minister Narendra Modi.
  • Announcing it, Finance Minster Arun Jaitley said, “A
    decision was taken today to set up a committee chaired by Vice Chairman of NITI
    Ayog, which will classify this caste data. When the task is completed, it will
    be made public at an appropriate time.”
  • He said that the decision was in line with the one taken
    during the UPA government in May 2011.
  • The government has been criticised by parties, including
    Samajwadi Party, JD(U), RJD and DMK for refraining from releasing the
    caste-based data in its first Socio Economic and Caste Census (SECC).
  • The SECC data released on July 3 is first in eight decades
    after 1912.

Varanasi chosen as
‘city of music’ by UNESCO

  • In a development set to tremendously boost its age-old
    traditions, Varanasi has joined the global bandwagon of UNESCO “Cities of
    Music” under the Creative Cities Network.
  • It has been chosen in the music category under UNESCO’s
    “field of excellence” plan. The fields of excellence are classified
    into categories of literature, film, music, craft and folk art, design, media
    arts and gastronomy.
  • The inclusion in the network has also paved way for
    representing the cultural heritage of the holy city on the world stage through
    the UNESCO project. It will not only provide a fillip to tourism, but will also
    give a chance to local artists and musicians to visit countries that are a part
    of this network.
  • Nine cities — Glasgow in the UK, Hanover and Mannheim in
    Germany, Ghent in Belgium, Hamamatsu in Japan, Brazzaville in the Republic of
    Congo, Bogota in Columbia, Seville in Spain and Bologna in Italy — are a part
    of UNESCO “Cities of Music”.

Govt clears proposal
to redevelop 400 railway stations

  • A proposal to redevelop about 400 railways stations in
    metros and major cities besides pilgrim centres and tourist spots was cleared
    by the government on Thursday.
  • The Union Cabinet, chaired by Prime Minister Narendra Modi,
    gave its approval for redevelopment of the railway stations on ‘as is where is’
    basis to accelerate the process of revamping them.
  • Under this model, interested parties coming through open
    bids would develop the stations with their designs and business ideas while
    commercial development of real estate would be allowed by the Zonal Railways.
  • The ‘as is where is’ model would entail a much simpler
    process for faster redevelopment, with more focus on vertical expansion.
  • “The ‘A-1’ and ‘A’ category stations (about 400) shall be
    offered for redevelopment by inviting open bids from interested parties.
  • “These stations are to be developed by leveraging real
    estate development of land and air space in and around the stations,” a
    government statement said, adding that the model would also encourage
    innovative ideas from interested parties “at no cost to the railways”.
  • These categories of stations are generally located in
    metros, major cities, pilgrimage centres and important tourist destinations
    across the country.

Union Agriculture
Minister launched PGS-India, Soil Health Card and FQCS Web Portals
  • Union Agriculture Minister Radha Mohan Singh on 15 July 2015
    launched 3 web portals viz. Soil Health Card portal, Fertiliser Quality Control
    System (FQCS) portal and Participatory Guarantee System (PGS) – India portal.
  • Soil Health Card Portal: The portal has been developed for
    registration of soil samples, recording test results of soil samples and
    generation of Soil Health Card (SHC) along with fertilizer recommendations.
  • Fertilizer Quality Control System Portal (FQCS): This FQCS
    is a web based and configurable workflow application developed by NIC for
    processing of sample collection, testing and generation of analysis reports.
    The system will lead to automation of most of the manual activities and help in
    online tracking the status of the sample.
  • Participatory Guarantee System – India Portal: Participatory
    Guarantee System is a process of certifying organic products which ensures
    agriculture production process in accordance with the standards laid down for
    organic products and that desired quality has been maintained.
  • This group certification system is supported by
    Paramaparagat Krishi Vikas Yojana (PKVY) scheme.

Ottappalam to have
India’s first defence industrial park
  • In a major fillip to industrial infrastructure in the
    Palakkad region, the Union government’s Department of Industrial Policy and
    Promotion (DIPP) has approved a proposal from the Kerala Industrial
    Infrastructure Development Corporation (Kinfra) to set up the country’s first
    defence industrial park at Ottappalam.
  • The proposed park, which will be established as part of the
    Make in India, Make in Kerala project, will have modern common infrastructure
    facilities aimed at attracting component manufacturers in the defence industry.
    The Union government has agreed to bring it under the Modified Industrial
    Infrastructure Upgradation Scheme (MIIUS).

Jawahar Navodaya
Vidyalaya, Churachandpur of Manipur won 18th National Youth Parliament
Competition
  • Jawahar Navodaya Vidyalaya (JNV) of Churachandpur in Manipur
    on 15 July 2015 won the 18th National Youth Parliament Competition for Jawahar
    Navodaya Vidyalayas.
  • It was awarded with the Running Parliamentary Shield and
    Trophy by the Secretary, Ministry of Parliamentary Affairs at the prize
    distribution ceremony held in New Delhi.
  • JNV Churachandpur emerged winner from a list of 64 JNVs
    spread across 8 regions of Navodaya Vidyalaya Saimiti in the country.
  • Besides, merit trophies were awarded to the winners from
    other 7 regions namely JNV, Sahranpur (Uttar Pradesh); Mysore (Karnataka);
    Jamnagar (Gujarat); Theog, Shimla (HP); Sidhi (MP); Karuli (Rajasthan); and
    Araria (Bihar) also.

Awards
& Honors –
               
Indian-Origin Ahmed
Kathrada Knighted by French Government
  • Ahmed Kathrada, South Africa’s Indian-origin freedom
    struggle veteran and confidante of anti-apartheid icon Nelson Mandela, has
    received a knighthood from the French government for his lifelong service to
    the community.
  • Kathrada, 85, joined former President Mandela, Archbishop
    Desmond Tutu and author Nadine Gordimer as the only South Africans to have received
    French national honours.
  • The award is part of the National Orders of the Legion of
    Honour established by Napoleon Bonaparte in 1802.
  • The order of Chevalier (Knight) is made to people who have
    served a minimum of 20 years of public service or 25 years of professional
    activity, and who have done more than is ordinarily expected in contributing to
    the development of others.
  • Presenting the award on Tuesday on France’s national
    Bastille Day, French ambassador to South Africa Elisabeth Barbier commended
    Kathrada for his efforts in ensuring democracy in South Africa.

Appointments
Rakesh Sahni
appointed as Chairman of Narmada Valley Development Authority
  • Rakesh Sahni was on 14 July 2015 appointed as the Chairman
    of Narmada Valley Development Authority (NVDA). He is an IAS officer of 1972
    batch.
  • Sahni retired as an IAS officer after serving post of chief
    secretary of States. However, post retirement, he served as the Chairman of MP
    Electricity Regulatory Commission.

Sports
Bangladesh won
3-match ODI series against South Africa 2-1
  • Bangladesh on 15 July 2015 won the three-match One Day
    International (ODI) series against South Africa 2-1 played in Bangladesh.
  • This was Bangladesh’s fourth straight ODI series win at
    home.
  • In the third and final match of the series, South Africa
    after winning the toss elected to bat first. Batting first, South Africa scored
    168 runs in 40 over at a loss of 9 wickets and in reply to the target
    Bangladesh scored 170 runs in 26.1 over at a loss of 1 wicket.
  • Bangladesh defeated South Africa by 9 wickets
    Duckworth–Lewis method (D/L method).

Days
World Youth Skills
Day observed globally

  • The World Youth Skills Day (WYSD) was on 15 July 2015
    observed globally for the first ever time. The day was observed under the theme
    Youth skills for work and life in the post-2015 agenda. The theme is in line
    with the upcoming Sustainable Development Goals (SDGs) for 2030.
  • To mark the day, the United Nations organized several events
    at UN Headquarters in Bonn (Germany), New York (USA), Addis Ababa (Ethiopia)
    and elsewhere.

Obituaries
Veteran Telugu
Playback Singer V. Ramakrishna Dies
  • Veteran Telugu playback singer V Ramakrishna, who sang many
    memorable songs for legendary N T Rama Rao and other top stars, passed away
    here.
  • Ramakrishna, who was in his late 60s, had been suffering
    from cancer. He died late last night, film industry sources said.
  • Ramakrishna, who sang about 5,000 songs in a career spanning
    nearly four decades, had huge hit songs to his credit in films like
    “Andala Ramudu”, “Alluri Sitarama Raju” and “Mutyala
    Muggu”.
  • His songs in N T Rama Rao’s “Pothuluri Veerabrahmendra
    Swamy Charitra” were a runaway success.

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