Current Affairs Update – 16th October, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs Update of 16th October, 2015. These are important for the upcoming IBPS PO Mains and IBPS Clerk.

RBI formed Financial
Inclusion Fund with 2000 crore rupees corpus

  • The Reserve Bank of India (RBI) on 15 October 2015 formed a
    single Financial Inclusion Fund (FIF) with a corpus of 2000 crore rupees. The
    fund was formed by merging the Financial Inclusion Fund (FIF) and Financial
    Inclusion Technology Fund (FITF).
  • The RBI also finalised the new scope of activities and
    guidelines for utilisation of the new FIF in consultation with the Union
    Government. The new FIF will be administered by the reconstituted Advisory
    Board constituted by Union Government and will be maintained by NABARD.

Guidelines of
Financial Inclusion Fund
  • The overall corpus of the new FIF will be 2000 crore rupees.
  • Contribution to FIF would be from the interest differential
    in excess of 0.5 percent on RIDF and STCRC deposits on account of shortfall in priority
    sector lending kept with NABARD by banks.
  • All the assets and liabilities of the erstwhile FITF as well
    as prior commitments from FITF for projects already sanctioned will be
    transferred to/reimbursed from FIF.
  • The Fund will be in operation for another three years or
    till such period as may be decided by RBI and Union Government in consultation
    with other stake holders.

Objective of
Financial Inclusion Fund (FIF)
  • To support developmental and promotional activities with a
    view to securing greater financial inclusion
  • The development and promotional activities include creation
    of FI infrastructure across the country, capacity building of stakeholders,
    creation of awareness to address demand side issues, enhanced investment in
    Green Information and Communication Technology (ICT) solution and increased
    technological absorption capacity of financial service providers/users.
  • The fund shall not be utilized for normal business/banking
  • To help create an eco-system that would support banks
    investment for future business expansion.
  • To mobilise significant investment required for further
    facilitating investments from banks and other financial institutions in
    addition to ICT-BC (Information Communication Technology – Business
    Correspondent) model as a mode for expanding banking operations in the unbanked

TRAI made mandatory
for telecom operators to compensate for call drops from 1 January 2016

  • Telecom Regulatory Authority of Indian (TRAI) on 16 October
    2015 made it mandatory for mobile service providers (MSPs) to compensate
    consumers call drops with effect from 1 January 2016.
  • The notification was issued by the TRAI as ninth amendment
    to the Telecom Consumer Protection Regulations, 2012.

What has been
mandated to MSPs?
  • Credit the account of the calling consumer by one rupee.
    However, such credit in the account of the calling consumer will be limited to
    three dropped calls in a day.
  • Send a message through SMS/USSD to the calling consumer
    within four hours of the occurrence of call drop and details of the amount
    credited into his account.
  • In case of post-paid consumers provide the detail of the
    credit in the next bill.

Malaysia proposed to
invest 30 billion US dollars for urban development in India
  • The Construction Industry Development Board (CIDB) of
    Malaysia on 15 October 2015 proposed to invest 30 billion US dollars in urban
    development and housing projects in India.
  • The redevelopment of New Delhi Railway Station adjoining
    area as a mini-smart city is proposed to be taken up with an investment of
    about 24 billion US dollars. CIDB also proposed to take up a Green City Project
    at Garhmukhteshwar in Uttar Pradesh involving housing and Ganga cleaning
    projects with an investment of about 4 billion US dollars.
  • The National Buildings Construction Corporation (NBCC) of
    the Union Ministry of Urban Development will be associated with these projects.

Jharkhand signed GCA
with GAIL for construction of Urja Ganga Jagdishpur-Haldia Pipeline
  • The Government of Jharkhand and GAIL (India) Limited on 15
    October 2015 inked a Gas Cooperation Agreement (GCA) for creation of Natural
    Gas and City Gas Distribution infrastructure. The infrastructure will assist
    the construction of Urja Ganga Jagdishpur-Haldia Pipeline project in the state.
  • The project aims at connecting eastern India to the national
    natural gas grid.
  • As per the terms of agreement, GAIL will set up a 174
    kilometres main line and 166 kilometres spurlines in Jharkhand as part of the
    2050 kilometres Jagdishpur-Haldia gas pipeline project linking Uttar Pradesh,
    Bihar, Jharkhand and West Bengal.
  • The pipeline will pass through six districts, Bokaro,
    Giridih, Hazaribagh, Dhanbad, East Singbhum and Ranchi.

Central Victim
Compensation Fund set up with 200 crore rupees by Union Government
  • The Union Ministry of Home Affairs on 14 October 2015
    introduced a scheme called Central Victim Compensation Fund (CVCF) with an
    initial amount of 200 crore rupees. The scheme aims at enabling support to
    victims of various attacks, such as rape, acid attacks, human trafficking and
    women killed or injured in the cross border firing.
  • States were asked to accordingly modify the State Victim
    Compensation Schemes to reduce inconsistency in quantum of compensation amount
    notified by them and claim financial support from the CVCF.

Key objectives of
the scheme
  • To support and supplement the existing Victim Compensation
    Schemes (VCS) notified by states/UT administrations.
  • To reduce disparity in quantum of compensation amount
    notified by different states / UTs for victims of similar crimes.
  • To encourage states / UTs to effectively implement the
    Victim Compensation Scheme notified by them under the provisions of Section
    357A of Cr. P.C.

birthplace of Dr. Abdul Kalam, included as 498th town under AMRUT

  • Union Minister of Urban Development M Venkaiah Naidu on 15
    October 2015 declared that former President Dr. Abdul Kalam’s birth place
    Rameswaram has been included in Atal Mission for Rejuvenation and Urban
    Transformation (AMRUT) for providing basic urban infrastructure.
  • The announcement was made on the occasion of 84th birth
    anniversary of Dr. Kalam at a programme organised at DRDO.
  • Rameswaram is the 498th to be included in the Mission. With
    the addition of Rameswaram, Tamil Nadu would have 32 cities and towns under
    Atal Mission.

SC declared National
Judicial Appointments Commission (NJAC) unconstitutional

  • The five-judge Constitutional Bench of Supreme Court (SC) in
    a collective order on 16 October 2015 ruled that 99th Constitutional Amendment
    Act and the National Judicial Appointments Commission (NJAC) Act, 2014 is
    unconstitutional and void.
  • It also upheld the Collegium system that existed before the
    NJAC as operative. Collegium System was established by the SC in 1993 for the
    appointment of judges to the higher judiciary.

India, Israel signed
10 MoUs to enhance bilateral cooperation
  • India and Israel on 15 October 2015 inked ten Memoranda of
    Understandings (MoUs) in various fields. The MoUs were signed as part of the
    President Pranab Mukherjee’s state visit to Israel.
  • Mukherjee was on a three-day visit to Israel from 13 to 15
    October 2015. He visited the country at the invitation of Reuven Rivlin,
    President of State of Israel. He is the first ever President of India to visit
  • During the tour to Israel, President Mukherjee was
    accompanied by a high level delegation including Thaawar Chand Gehlot, Union
    Minister of Social Justice and Empowerment, Members of parliament, senior
    officials, senior representatives of our educational and academic institution
    and media representatives.

List of
Agreements/MoUs signed during the visit of President to Israel
  1. Protocol amending the Convention and the Protocol for the
    Avoidance of Double Taxation and for the Prevention of Fiscal Evasion with
    respect to taxes on income and on capital.
  2. Cultural Exchange Programme for the years 2015-2018.
  3. MoU between Jawaharlal Nehru University, New Delhi and
    Ben-Gurion University of the Negev.
  4. Agreement of Cooperation between the Hebrew University of
    Jerusalem and Indian Institute of Technology, Kharagpur.
  5. MoU for Institutional Collaboration between Indian Institute
    of Technology, Kharagpur (IITKGP) and Ben-Gurion University of the Negev, (BGU).
  6. MoU between Jawaharlal Nehru University, New Delhi and
    Hebrew University of Jerusalem, Israel.
  7. Framework for Academic Collaboration between the Indian Institute
    of Technology Kharagpur and the University of Haifa Haifa, Israel.
  8. MoU between the University of Delhi, Delhi and Ben-Gurion
    University of the Negev, (BGU), Beer Sheva, Israel.
  9. Agreement of Cooperation between the Hebrew University of
    Jerusalem, Israel and the University of Delhi, India.
  10. MOU between the University of Delhi, India and IDC,
    Herzilya, Israel.

Religious Freedom Report 2014 released

  • The International Religious Freedom Report 2014 was released
    on 14 October 2015 by the US State Department. The Report attempts to give
    voice to those oppressed people and to document when and where the universal
    human right to religious freedom was violated.
  • The report comprises almost 200 distinct reports on
    countries and territories. It details the actions of Non-State Actors who
    committed some of the most egregious human rights abuses and caused significant
    damage to the global status of respect for religious freedom.
  • While the constitution guarantees freedom of religion,
    mandates a secular state, it also stipulates that citizens practice their faith
    in a way that does not adversely affect public order, morality, and health. Six
    out of 29 state governments of India enforced existing anti-conversion laws.
  • There are operative anti-conversion laws in six of the 29
    states: Arunachal Pradesh, Gujarat, Himachal Pradesh, Chhattisgarh, Odisha, and
    Madhya Pradesh.
  • Andhra Pradesh, Chhattisgarh, and Karnataka top the list of
    states in which Christians faced incidents of targeted communal violence in
    2013. There were as many as 151 incidents of anti-Christian violence, with
    Andhra Pradesh registering 41 cases, Chhattisgarh 28, and Karnataka 27.

M K Surana appointed
new HPCL Chairman

  • M K Surana will be the new Chairman and Managing Director of
    Hindustan Petroleum Corp Ltd (HPCL), India’s third largest oil marketing
  • Government headhunter Public Enterprise Selection Board
    (PESB) selected Surana for the top job at HPCL after interviewing a dozen candidates
  • Surana, 53, is currently the CEO of Prize Petroleum Co Ltd,
    the upstream oil exploration arm of HPCL.
  • He will replace Nishi Vasudeva on her retirement at the end
    of March 2016.
  • PESB in a notification said it interviewed 12 candidates
    including HPCL Director (HR) P K Joshi and STC Chairman Khaleel Rahim.

World Food Day
observed with the theme Social Protection and Agriculture

  • World Food Day (WFD) was observed across the world on 16
    October 2015 with the theme Social Protection and Agriculture. The day is
    observed with an aim to raise public awareness about hunger challenges and
    encourage people worldwide to take action in the fight against hunger. 
  • The theme aims to underline the role social protection plays
    in reducing chronic food insecurity and poverty by ensuring direct access to
    food or the means to buy food. Social protection is, moreover, a viable
    alternative for stimulating agricultural production and local economic
  • The theme particularly reflects WFOs (World Farmers
    Organisation) intention to highlight important agriculture-related issues,
    drawing attention to achievements in rural development and encouraging
    agricultural food production.

& Honors –
Shah Rukh receives
honorary doctorate from Edinburgh University

  • Bollywood superstar Shah Rukh Khan has received an honorary
    degree from the University of Edinburgh, Scotland.
  • Shah Rukh received the degree of Doctor Honoris Causa from
    the University Chancellor HRH The Princess Royal in Edinburgh.
  • The 49-year-old “Chennai Express” star, who has appeared in
    more than 80 films, was presented with the degree in recognition of his
    outstanding record of philanthropy, altruism and humanitarianism and his global
    reach as an actor.
  • His charitable work includes bringing solar power to rural
    villages in India, creating a children’s ward at a Mumbai hospital and
    supporting relief funds to assist areas devastated by tsunamis.

Indian Lifters Sweep
Team Trophies at Commonwealth Championship
  • The Indian team ended its campaign in the 2015 Commonwealth
    Youth, Junior & Senior weightlifting championships on a high after emerging
    triumphant in as many as five categories out of six here.
  • India bagged the top honours in senior men, senior women,
    junior men, junior women and youth girls categories, while finishing runners-up
    in the youth boys division.
  • In the youth boys section, the trophy went to the Sri Lankan
  • S Sathish Kumar (77kg) was adjudged best lifter in senior
    men’s category, while S Mirabai Chanu (48kg) emerged as best lifter in senior
    women’s section.
  • R V Rahul (85kg, junior men), Pramila Krisani (53kg, junior
    women), Mohini Chavan (48kg, youth girls) and Lalu Taku (69kg, youth boys) won
    the best lifters’ awards in their respective weight categories at the
    conclusion of the tournament last night.


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