Current Affairs Update – 16th July, 2015

• 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.

• (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.

• 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.

• 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).

• 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.

• 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 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.

• 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.

• 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”.

• 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 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.

• 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 (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.

• 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.

• 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.

• 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).

• 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.

• 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.

Regards

Team ExamPundit

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