Current Affairs Update – 1st to 4th January, 2016

Hello and welcome to ExamPundit. Here are the Important Current Affairs Update from 1st to 4th of January, 2016. These are Important for the upcoming LIC AAO 2016, Syndicate Manipal and SIDBI Assistant Manager.

• Reserve Bank has imposed a penalty of Rs 1 crore on an SBI
  associate bank, State Bank of Travancore, for violation of some of its instructions.
• “This action is based on deficiencies in regulatory
  compliance and is not intended to pronounce upon the validity of any
  transaction or agreement entered into by the bank and its customers,” RBI
  said in a statement today.
• The monetary penalty has been imposed for violation of its
  instructions including reporting of data to Central Repository of Information
  on Large Credits (CRILC), it said.
• RBI set up CRILC to collect, store, and disseminate data on
  all borrowers’ credit exposures.
• Banks are required to report all such information here,
  including classification of an account as SMA (Special Mention Accounts), on
  all borrowers having aggregate fund-based and non-fund-based exposure of Rs 5
  crore and above.

• LIC is offering a ‘New Year gift’ to the public in the form
  of a limited-premium, non-linked and with-profit endowment assurance plan
  ‘Jeevan Labh’ from Monday.
• The highlight of the plan is that premium is payable for a
  limited period while risk is covered for the whole policy term.
• The plan is available from ages 8 to 59 years with a choice
  of policy term of 16, 21 and 25 years and premium-paying terms of 10,15 and 16
  years respectively.
• The maximum age at maturity is 75 years, said Shaji M
  Shankar, Senior Divisional Manager, LIC, Thiruvananthapuram Division.
• The plan is suitable for those who want premium commitment
  for a short duration while life coverage and benefits are assured for a longer
  period.
• Minimum basic sum assured is ₹2
  lakh with maximum basic sum assured having no limit, Shankar added.
• LIC’s accidental death and disability benefit rider is
  available as an optional rider by payment of additional premium. New term
  assurance rider is also available at the inception of the policy on payment of
  additional premium.

• The Union Government on 1 January 2016 signed a Financing
  Agreement of 50 million US dollars with the World Bank for Nai Manzil Scheme-
  Education and Skills Training for Minorities.
• The Financing Agreement was signed by Raj Kumar, Joint
  Secretary, Department of Economic Affair (DEA) on behalf of the Union
  Government and by Michael Haney, World Bank’s Operations Adviser in India.

• Under this agreement, the credit will be facilitated by the
  International Development Association (IDA), World Bank’s concessionary lending
  arm.
• The credit facilitated by IDA will be in the form of loan
  which carries a maturity of 25 years, including a 5-year grace period.
• The loan funds will be used for interventions under this
  scheme to improve the employability and performance of minority youth in the
  labour market.

• The scheme was launched on 8 August 2015 in Patna.
• This central scheme is designed to address educational and
  livelihood needs of minority communities lagging behind in terms of educational
  attainments.

• The Union Government on 1 January 2015 decided to rollout a
  LPG-like direct benefit transfer (DBT) scheme for kerosene. The scheme will be
  started from 1 April 2016.
• In the initial phase, the scheme will be implemented in
  selected 26 districts of eight states: Chhattisgarh, Haryana, Himachal Pradesh,
  Jharkhand, Madhya Pradesh, Maharashtra, Punjab and Rajasthan.

• Under the scheme, people will buy kerosene at market rate,
  but will get subsidy directly in their bank accounts.
• The cash subsidy to be paid to users will be equivalent to
  the difference between current Public Distribution System (PDS) price and
  market rate of kerosene.
• To avoid any inconvenience to the beneficiary through
  payment of un-subsidised price, subsidy will be credited to eligible
  beneficiaries in advance during the initial purchase.

• Government of Telangana on 2 January 2016 launched e-Vahan
  Bima Scheme to issue motor insurance policy in digital form.
• The scheme was launched by Information Technology Minister K
  T Rama Rao in the presence of T S Vijayan, Chairman of Insurance Regulatory
  Development Authority (IRDA).
• With the launch of this scheme, Telangana became the first
  state in the country to legally accept motor vehicle insurance policy in
  digital form.

• Under the scheme, an electronic motor insurance policy is
  issued in digital form with Quick Response (QR) code.
• The QR code will be used to scan for verification of policy
  details.
• An SMS-based verification was also installed. It can be
  stored and accessed on smart phones to make the process of verification easier
  for commuters as well as police.
• Apart from the QR-based verification, an SMS-based
  verification was also installed.

• Mineral-rich yet energy deficit Jharkhand on Tuesday would
  be the first state to sign Memorandum of Understanding with the centre for the
  Ujwal Discom Assurance Yojana (UDAY) reforms for state-owned power distribution
  companies.
• Apart from this, 4 major states – Uttar Pradesh, Bihar,
  Maharashtra and Odisha gave in-principle approval to join UDAY.
• The total states that have joined the UDAY reforms are now
  15. “Close to 90% of the discoms losses is under reform plan with these
  four major states joining UDAY,” said Piyush Goyal, minister of state for
  coal, power and renewable energy.
• The other states that have joined UDAY are: Andhra Pradesh,
  Jharkhand, Punjab, Jammu & Kashmir, Himachal Pradesh, Uttarakhand,
  Rajasthan, Gujarat, Haryana, Madhya Pradesh and Chhattisgarh.
• The government is hopeful that close to 21 states would join
  UDAY by March 2016.
• The MoU is a tripartite agreement is between the state
  government, the power distribution companies and the union ministry of power.

• A rupture between the Indian plate and the Burmese plate
  caused the large tremor that shook the entire North-East and parts of eastern
  India in the early morning hours today. According to N Srinagesh, seismologist
  at the National Geophysical Research Institute (NGRI) here, the impact of the
  6.7 magnitude earthquake was felt in neighbouring Nepal as well. The earthquake
  was located about 25 km deep and the epicentre lay around 40 km from Imphal
  city, the capital of Manipur.
• According to observations made by the seismological centre
  in Hyderabad, the earthquake was followed by at least five aftershocks in the
  last few hours. The epicentre being located in hilly terrain and the area being
  sparsely populated, the damage caused should be low.
• The region falls under the Seismic Zone V (the highest risk
  area). Earthquake activity is not unusual in the region and a few large
  earthquakes with a magnitude of 7 have occurred in the past three decades.
• In the past two years, the region surrounding the country
  has experienced heightened seismic activity. The devastating 7.8 Nepal tremblor
  of April 25, 2015, the large 7.3 earthquake in the Hindukush region in October
  2015, and earthquakes of magnitude 6 affecting Afghanistan, Pakistan and
  neighbourhood have been reported.

• The construction work for the new helicopter manufacturing
  unit of Hindustan Aeronautics Limited (HAL) in Tumkur district in Karnataka has
  begun with Prime Minister Narendra Modi unveiling a plaque for the foundation
  stone of the new plant on January 3, 2015.
• Speaking on the occasion, Modi said that the manufacturing
  unit coming up in Tumkur would not be an ordinary one, but one which would make
  the whole world take notice.

• Long Range Surface-to-Air Missile (LRSAM), the missile
  co-developed by India and Israel, was successfully test-fired on 30 December
  2015 on the Western Sea Board.
• The missile was fired from INS Kolkata and it successfully
  intercepted an aerial target at extended ranges.
• The test-fire was jointly carried out by the Indian Navy,
  Defence Research and Development Organisation (DRDO) and Israel Aerospace
  Industries.
• For LRSAM or BARAK 8 missile, as it is called in Israel, it
  was the first test in India. Earlier, on 11 November 2015, it was successfully
  test-fired from a range in Israel.

• Union Government on 1 January 2016 constituted Shyam Benegal
  Committee for holistic interpretation of the provisions of the Cinematograph
  Act, 1952. The committee was formed with an aim to revamp Censor Board of
  India.
• The recommendations of this Committee will provide a
  holistic framework and enable those tasked with the work of certification of
  films to discharge their responsibilities keeping in view this framework.
• The committee will be headed by noted film-maker Shyam
  Benegal. The other Members of the Committee include Rakeysh Omprakash Mehra,
  Piyush Pandey, Bhawana Somaaya , Nina Lath Gupta and Joint Secretary (Films) as
  Member Convenor.

• The National Bank for Agriculture and Rural Development
  (NABARD) on 1 January 2016 signed the Memorandum of Understanding (MoU) with
  National Remote Sensing Centre (NRSC) for web-based monitoring of Indo-German
  Watershed Development projects.

• The web-based monitoring of Indo-German Watershed
  Development projects will happen in three states- Gujarat, Rajasthan and
  Telangana.
• Under the MoU, NRSC will create a separate page for NABARD
  on Bhuvan web-portal.
• NRSC will develop customised software tool and mobile
  application for real time monitoring, online comparison and visualisation with
  respect to activities implemented in the projects.

• The Union Cabinet on 30 December 2015 gave ex-post facto
  approval for signing of Memorandum of Understanding (MoU) among BRICS countries
  on BRICS Network University.
• The MoU will help in developing pro-active cooperation among
  the BRICS nations for the purpose of enhancement of scientific research, higher
  education and information exchange.
• It will also help in analysis and implementation of best
  practices, joint research programmes, and mobility of students, researchers and
  educators.
• Earlier, in November 2015, the negotiations were held on the
  MoU during the 3rd BRICS Education Ministers meeting and Senior Officials
  meeting held in Mosco, Russia.

• Several heavily armed terrorists belonging to
  Jaish-e-Mohammed, an Islamist militant group, on 2 January 2016 attacked
  Pathankot Air Force Station, part of the Western Air Command of the Indian Air
  Force (IAF).
• Following this a joint combing operation by the armed
  forces, police and security personnel was launched and the National
  Investigation Agency (NIA) took over the probe.
• The operation that ran until 3 January 2015 after a brief
  lull for 24 hours saw 6 terrorists and 7 jawans being killed in gun battle at
  Air Force base in Punjab.

• Amament Research and Development Establishment (ARDE) in the
  last week of December 2015 successfully test-fired Pinaka II multi barrel
  rocket launcher (MBRL) System.
• The three-day long user assisted trials were conducted at
  Pokhran in Rajasthan.

• Pinaka is an unguided rocket system and capable of
  neutralising large areas with rapid salvos.
• Range of Pinaka II is 20 km more than the Pinaka I version,
  which has a 40 km range and has already been inducted into the forces.
• The system acts as a force-multiplier while supplementing
  the artillery guns of the armed forces.

• Wipro Limited, India’s third largest IT services company, on
  Monday said Abidali Z Neemuchwala who is currently its Chief Operating Officer
  (COO) would become the new Chief Executive Officer (CEO), succeeding T K Kurien
  who would become the Executive Vice Chairman.
• Kurien will continue to be a member of the Board until March
  31, 2017
• As part of his new responsibility, Neemuchwala, who joined
  the Bengaluru-based company in March last year, would also join the board as an
  executive director. Both the appointments would be effective February 1, 2016,
  the company said in a release.

• Javed Ahmed was on 1 January 2016 appointed as Director
  General of Police (DGP) of Uttar Pradesh by the state government. He succeeds
  Jagmohan Yadav, who retired from the post on 31 December 2015.
• Ahmed will serve the post till 2020, the year of his
  retirement.

• Atul Sobti on 1 January 2016 took charge as Chairman and
  Managing Director (CMD) of state-owned power equipment maker Bharat Heavy
  Electricals Limited (BHEL) for a period of five years.
• His appointment as CMD of BHEL was approved by the Union
  Government in September 2015.

• Justice RM Lodha Committee on IPL spot fixing on 4 January
  2015 submitted its report to the Supreme Court suggesting reforms in the Board
  of Control for Cricket in India (BCCI).
• The panel has recommended separate governing bodies for IPL
  and BCCI, with limited autonomy for the IPL Governing Council. It has also recommended
  legalising betting.

• It proposed that no Minister or government servant should
  become a BCCI office-bearer.
• It suggested that the BCCI office-bearer’s term should not
  exceed more than two consecutive terms.
• It suggests that any BCCI office-bearer cannot hold two
  posts at the same time.
• It proposed the constitution and establishment of a players’
  association.

• India on 3 January 2016 won of the South Asian Football
  Federation Cup (SAFF) championships. In the title clash played at Trivandrum
  International Stadium of Kerala, India defeated defending champions Afghanistan
  2-1.
• Half time saw both the teams’ goal-less. At the end of a
  breathless normal second half, both India and Afghanistan were 1-1.
• For India, the first goal was scored by Jeje Lalpehlua. In
  the ongoing extra time, Indian captain Sunil Chhetri scored a goal to help
  India lead 2-1.

• Union Minister of State (Independent Charge) for Power,
  Coal, New and Renewable Energy Piyush Goyal on 31 December 2015 announced
  setting up of CCL Sports University in Jharkhand.
• The university will have a capacity of 1400 students and 15
  sports academies.
• As 700 out of the total 1400 students will be selected from
  Jharkhand, the university will help the youth from the state to sharpen their
  skills under coaches of international standard.
• The decision was taken to give effect to the Memorandum of
  Understanding (MoU) signed between Central Coalfield Limited (CCL) and the
  Jharkhand Government in June 2015 in this regard.

• DAVA or Drug Authentication and Verification Application
  Project on 31 December 2015 won the 2015 eASIA Award under Trade Facilitation
  categoy. The award was announced by Asia Pacific Council for Trade Facilitation
  and Electronic Business (AFACT) in Tehran, Iran.
• DAVA is an integrated platform for implementation of the
  Track and Trace system both for exports and domestic markets of Drugs and
  Pharmaceuticals.

• Veteran South Indian classical vocalists Sanjay Subrahmanyam
  was on  1 January 2016 conferred with the
  2015 Sangita Kalanidhi award. The prestigious award was conferred upon him by
  mathematician Manjul Bhargava at 89th annual conference of the Madras Music Academy
  in Chennai, Tamil Nadu.
• With this, Subrahmanyam became seventh artist to be
  conferred with this award before completing 50 years of age including Ariyakudi
  Iyengar, Musiri Subramania Iyer, Maharajapuram Viswanatha Iyer, Semmangudi
  Srinivasa Iyer, GN Balasubramaniam, ML Vasanthakumari and M Balamuralikrishna.

• Arunima Sinha, the amputee mountaineer who set a record by
  climbing the Mount Everest on 25 December 2015, conquered Mount Aconcagua in
  Argentina.
• Arunima started her mission on the morning of 12 December
  2015 and hoisted the Indian tricolour on 25 December 2015.
• With this, Arunima has successfully completed the 5th summit
  of the Mission 7 Summits and also became the first female amputee to climb 5
  Mountains of the World. The four other peaks conquered by her include Everest
  in Asia, Kilimanjaro in Africa, Elbrus in Europe, and Kosizko, Australia, as the
  world’s four highest peaks.
• PM Narendra Modi launched Born Again on the Mountain by
  Arunima Sinha

• World Braille Day was observed across the world on 4 January
  2016 to commemorate the birth anniversary of Louis Braille.
• To mark this occasion, NGOs, as well as other organizations
  came together to raise awareness about the apathy towards visually impaired
  people and to help them be equal with the rest of the people.
• The day also helps people to feel the importance to produce
  works in the Braille language to allow blinds to read the works.

• Vice President Hamid Ansari today released a book on
  Pakistan’s founder Muhammad Ali Jinnah, stating that the leader has
  “either been canonized or demonised” in the various books written on
  him.
• The book titled Jinnah Often Came To Our House is published
  by Westland and authored by Kiran Doshi, an Indian Foreign Service Officer and
  former ambassador to Austria.
• Doshi is also the author of Birds of Passage, set in the
  world of India-Pakistan-USA diplomacy, and Diplomatic Tales, short stories
  written in comic verse.

• Ian Murdock, best known for founding one of the world’s best
  known Linux distributions, passed away on 28 December 2015 in San Francisco. He
  was 42.
• The reason behind his death is unknown; however, his last
  tweets declared an intention to commit suicide.

• Veteran Communist Party of India (CPI) leader Ardhendu
  Bhushan Bardhan passed away on 2 January 2016 after a long illness. He was 92.
• He was the former general secretary of the CPI, which is one
  of the oldest political parties in India.

• Sussex fast bowler Matthew Hobden, regarded as one of the
  most talented up-and-coming players in the country, died on 3 January 2016. He
  was 22.
• Hobden’s death was announced by the England and Wales
  Cricket Board (ECB). However, it did not announce the cause of death.

• Cinematographer Vilmos Zsigmond, winner of an Oscar for
  Steven Spielberg’s Close Encounters of the Third Kind, passed away on 1 January
  2016 in California, United States. He was 85.
• Zsigmond was also Oscar nominated for Michael Cimino’s The
  Deer Hunter, Mark Rydell’s The River and Brian De Palma’s The Black Dahlia.

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