Current Affairs Update – 25th February, 2016

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 25th February, 2016. These are important for the last phase of LIC AAO 2016 and Other Exams in 2016.

Current Affairs at a Glance – 25th February, 2016
  1. The Reserve Bank today said it has included National Bank of Abu Dhabi
    PJSC (NBAD) in the Second Schedule to the RBI Act
    . NBAD is the leading bank
    in the Middle East. Currently, it has a global presence in 17 countries and
    overseas territories, spanning five continents.
  2. Union Government on 24 February 2016 approved introduction of steps for
    promotion of payments through cards and digital means
    . The move aims at
    reducing cash transactions. Under the
    move no surcharge, service charge, convenience fee will be levied on card and
    digital payment
    . Steps will be taken for payments beyond a prescribed
    threshold mandatory through cards or digital mode. As per the decision, several
    short term (to be implemented within one year) and medium term (one year to two
    years) by the Government Ministries/ Departments/ Organisations.
  3. Railway Minister Suresh Prabhu on
    25 February 2016 presented the Railway
    Budget 201617 in the Lok
    Sabha. In his second Rail Budget, Prabhu outlined a capital plan of 121000 crore rupees in 2016-17.
  4. Fino Paytech has tied up with Reliance Commercial Finance (RCF) to
    source loans in rural Maharashtra
    and Madhya
    Pradesh, according to statement from
    the company.
  5. Union Cabinet chaired by the
    Prime Minister Narendra Modi on 24 February 2016 approved the proposal for loan
    of 150 million US Dollars to Iran
    for the development of Chabahar Port.
  6. Union Cabinet chaired by the
    Prime Minister Narendra Modi on 24 February 2016 gave approval to sign an
    agreement between India and Maldives for
    the avoidance of double taxation of income from international air transport
    .
  7. The Reserve Bank of India (RBI) on 22 February 2016 cancelled the
    certificate of registration of the 26 non-banking financial companies (NBFCs).
  8. Union Cabinet chaired by the
    Prime Minister Narendra Modi on 24 February 2016 gave its nod for a proposal to
    establish Atal Innovation Mission (AIM)
    and Self Employment and Talent
    Utilisation (SETU) in NITI Aayog with appropriate manpower
    .
  9. Private carrier Jet Airways today said it has inked a codeshare pact and loyalty exchange programme with the
    Korean Air
    which will allow passengers of the two airlines seamless travel
    between India and South Korea.
  10. The Department of Biotechnology in the Ministry of Science and
    Technology
    and a consortium of top
    UK research institutions have signed
    a Memorandum of Understanding for
    establishment of a joint India-UK
    collaboration programme in crop science
    .
  11. Justice Subhro Kamal Mukherjee on 23 February 2016 took oath as the
    28th Chief Justice of the High Court of Karnataka.
  12. Blogmint, an automated influencer marketing platform that connects
    brand with social influencers, has bagged the award for Marketing
    Technology-Startup of the Year at the DQ LIVE Business Technology Awards 2016
    .
  13. Kanavu Variyam, a Tamil
    movie directed by a Chennai-based techie Arun Chidambaram, in the third week of
    February 2016 was selected for the prestigious Remi Award.
  14. Nissan Motor Co. Ltd. appointed Indian cricketer Rohit Sharma as its
    new global brand ambassador
    , along with West Indian all-rounder Andre
    Russell and New Zealand captain Suzie Bates. The trio will endorse the brand
    starting with the ICC World Twenty20 in India from March 8.
  15. Tennis star Sania Mirza, Indian
    batting mainstay Virat Kohli and top-seeded badminton player
    Saina Nehwal lead the pack of over 50 Indians in Forbes’ inaugural list of top
    “promising young leaders and game changers” under the age  of 30 in Asia. The Forbes ‘30 under 30 Asia’ list includes 300 “young and driven
    entrepreneurs and game-changers” from countries including India, Indonesia,
    China, Hong Kong, Singapore, Japan, Pakistan, Vietnam and Australia who are
    contributing to their industries in a significant way.
  16. A World Trade Organization (WTO) dispute settlement panel on 24
    February 2016 ruled in favour of the
    United States in its challenge to New Delhi’s alleged discrimination against US
    solar exports
    .
  17. China UnionPay and Visa Inc
    signed a memorandum of understanding to
    collaborate on payments security,
    Visa said on Thursday.

Finance/Economy/Banking –
RBI Includes National Bank of Abu Dhabi in Reserve Bank Act

  • The Reserve Bank today said it
    has included National Bank of Abu Dhabi PJSC (NBAD) in the Second Schedule to
    the RBI Act.
  • NBAD is the leading bank in the
    Middle East. Currently, it has a global presence in 17 countries and overseas
    territories, spanning five continents:
  • It has operations in China, Hong
    Kong, Malaysia, India, Oman, the UAE, Kuwait, Bahrain, Jordan, Lebanon, Egypt,
    Sudan, France, Switzerland, the UK, USA and Brazil.
  • In a separate notification, RBI
    informed about change in name of Bank Internasional Indonesia.

Union Cabinet approved Promotion of Payments through Cards and Digital
means

  • Union Government on 24 February
    2016 approved introduction of steps for promotion of payments through cards and
    digital means. The move aims at reducing cash transactions.
  • Under the move no surcharge,
    service charge, convenience fee will be levied on card and digital payment.
    Steps will be taken for payments beyond a prescribed threshold mandatory
    through cards or digital mode.
  • As per the decision, several
    short term (to be implemented within one year) and medium term (one year to two
    years) by the Government Ministries/ Departments/ Organisations.

Major highlights of promotion of payments through cards and digital
means
  • It will be instrumental in
    reducing tax avoidance, migration of Government payments and collections to
    cashless mode
  • It will discourage transactions in
    cash by providing access to financial payment services to the citizens to
    conduct transactions through card/digital means
  • It will help in shifting payment
    ecosystem from cash dominated to non-cash/less cash payments

Features of the proposals for promotion of payments through cards
and digital means include
  • Steps for withdrawal of
    surcharge/service charge/convenience fee on card/digital payments currently
    imposed by various Government Departments/organisations and introduction of
    appropriate acceptance infrastructure in Government Departments/organisations
  • Rationalization of Merchant
    Discount Rate (MDR) on card transactions and a differentiated MDR framework for
    some key transaction segments
  • Mandating payments beyond a
    prescribed threshold only in card/ digital mode
  • Introduction of formulae linked
    acceptance infrastructure by the stakeholders of certain card products

Railway Budget 2016-17: Highlights

  • Railway Minister Suresh Prabhu on
    25 February 2016 presented the Railway Budget 2016-17 in the Lok Sabha. In his
    second Rail Budget, Prabhu outlined a capital plan of 121000 crore rupees in
    2016-17.
  • A saving of 8720 crore rupees for
    Budget estimates of 2015-16 will be effected in 2016.
  • Theme of the Budget is Overcoming
    challenges – Reorganize, Restructure Rejuvenate Indian Railways: ‘Chalo, Milkar
    Kuch Naya Karen’.
  • Railway Budget of 2016-17 is
    based on three pillars and they are Nav Arjan (New Revenues), Nav Manak (New
    Norms) and New Sanrachna (New Structures).

Fino Paytech, RCF tie up to offer loans in rural areas

  • Fino Paytech has tied up with
    Reliance Commercial Finance (RCF) to source loans in rural Maharashtra and
    Madhya Pradesh, according to statement from the company.
  • The loans will be disbursed by
    the Fino Fintech Foundation, an associate company of Fino PayTech. Reliance
    Commercial Finance is the asset-financing arm of Anil Ambani’s Reliance
    Capital.
  • Fino Paytech is one of the 11
    entities that received an in-principle licence from the Reserve Bank of India
    in August 2015 to start payments bank operations last year, with the condition
    that they must start operations within 18 months. According to RBI norms,
    payments banks are not allowed to lend; their primary activity is to facilitate
    remittance services and offer simple financial products like insurance and
    mutual funds.

Union Cabinet approved $150 million Credit to Iran for Chabahar Port
Development
  • Union Cabinet chaired by the
    Prime Minister Narendra Modi on 24 February 2016 approved the proposal for loan
    of 150 million US Dollars to Iran for the development of Chabahar Port.
  • The credit will be provided from
    EXIM Bank and was made by Union Ministry of Shipping.
  • The Cabinet authorized the Ministers
    of Finance, External Affairs and Shipping to approve the final contract with
    Iran and for resolution of any issue arising in implementation of the project.
  • It also authorized the Union
    Ministry of Shipping to form a Company in Iran for implementing the Chabahar
    Port Development Project and related activities.

Union Cabinet approved India-Maldives Agreement on Avoidance of Double
Taxation of Income from
International
Air Transport
  • Union Cabinet chaired by the
    Prime Minister Narendra Modi on 24 February 2016 gave approval to sign an
    agreement between India and Maldives for the avoidance of double taxation of
    income from international air transport.

Features of the Agreement
  • It will provide tax certainty for
    airline enterprises of India and Maldives.
  • It provides for relief from
    double taxation for airline enterprises of both the countries way of exemption
    of income derived by the enterprise of India from the operation of aircraft in
    international traffic, from Maldivian tax and vice-versa.
  • The country, to which the product
    or enterprise belongs to, will impose the tax on the profits from the operation
    of aircraft in international traffic.

RBI cancelled Certificate of Registration of 26 NBFCs
  • The Reserve Bank of India (RBI)
    on 22 February 2016 cancelled the certificate of registration of the 26
    non-banking financial companies (NBFCs).
  • RBI cancelled the certificate of
    registration of these 26 NBFCs in exercise of the powers conferred on it, under
    Section 45-IA (6) of the Reserve Bank of India Act, 1934.
  • Following the cancellation of
    registration certificate, these companies cannot transact the business of a
    non-banking financial institution as laid down under clause (a) of Section 45-I
    of the Reserve Bank of India Act, 1934.

The NBFCs whose registration was cancelled includes
  1. Labh Lease and Finance Ltd
  2. Advantage Finvest Limited
  3. Mathura Financial Services
    Limited
  4. Wizard Fincap Limited
  5. M.J.K. Mercantiles Private Limited
  6. Avorik Vyapaar Private Limited
  7. Bengani Resources Private Limited
    (Formerly known as Mayuri Vinimay Private Limited)
  8. Bajaj Auto Holdings Limited
  9. Alpha General Leasing &
    Finance Private Limited
  10. Binikom Vyapaar Private Limited
  11. MIS Consultants Private Limited
  12. S.J. Finance & Consultants
    Private Limited
  13. Ganpati Vincom Private Limited
    (Presently, Savi Global Realtors Limited)
  14. Delton Impex (P) Ltd
  15. Abirami Financial Services
    [India] Limited
  16. ITI Capital Markets Limited
  17. Breakeven Business Credits
    Private Limited
  18. Pathik Overseas Limited
  19. J.M.B. Commercial & Credit
    Limited
  20. Esjay Estates Limited
  21. Cosmat Investment Private Limited
  22. Pavai Trading Co. Private Limited
  23. Modern Vintrade Private Limited
  24. Swadhaar Finserve Private Limited
  25. Punwire Holdings Limited
  26. IDFC Finance Limited

Union Cabinet approved proposal to establish Atal Innovation Mission
(AIM) and SETU in NITI Aayog
  • Union Cabinet chaired by the
    Prime Minister Narendra Modi on 24 February 2016 gave its nod for a proposal to
    establish Atal Innovation Mission (AIM) and Self Employment and Talent
    Utilisation (SETU) in NITI Aayog with appropriate manpower.
  • It was observed that AIM is a
    mission and SETU is an approach to encourage innovation ecosystem and entrepreneurship.
  • The proposed Mission activities
    will be implemented in a focused manner with the establishment of AIM and AIM
    Directorate.

Features of the Mission
  • Mission High Level Committee
    (MHLC) would guide the Mission to take all decisions relating to approval of
    requisite guidelines which include Grand Challenge areas, prize money and
    implementation of various elements of AIM and SETU.
  • Mission Director and other
    appropriate manpower will be hired by NITI Aayog.
  • They will be established with an
    initial sum of 500 crore rupees and 1000 crore rupees respectively.
  • New Delhi will be headquarters to
    the Mission.

Jet Airways, Korean Air ink codeshare pact

  • Private carrier Jet Airways today
    said it has inked a codeshare pact and loyalty exchange programme with the
    Korean Air which will allow passengers of the two airlines seamless travel
    between India and South Korea.
  • As part of the pact, which will
    come into force on March 1, Jet Airways and Korean Air will be able to connect
    from multiple points in India to Seoul over various gateway points in Asia.
  • Korean Air operates over 462
    flights per day to 129 cities in 46 countries with a fleet of 167 aircraft,
    including 10 jumbo jets A380s.
  • Under the arrangement, Jet
    Airways will place its marketing code on Korean Air-operated non-stop flights
    between Incheon, Seoul and Mumbai, as well as flights between Incheon, Seoul,
    Bangkok and Singapore.
  • Similarly, Korean Air will place
    its marketing code on Jet Airways flights on Singapore-Mumbai and
    Bangkok-Mumbai-Delhi routes, a release said.

India –
India, UK institutions sign agreements for collaboration in crop
sciences

  • The Department of Biotechnology
    in the Ministry of Science and Technology and a consortium of top UK research
    institutions have signed a Memorandum of Understanding for establishment of a
    joint India-UK collaboration programme in crop science.
  • The aim of the agreement is to
    enhance collaborative research, promote knowledge exchange, and support
    capacity building to develop resilience in food security.
  • The agreement was signed by
    Professor K. VijayRaghavan, Secretary, Department of Biotechnology, Cambridge
    University Vice Chancellor Professor Sir Leszek Borysiewicz and Nafees Meah on
    behalf of the Biotechnology and Biological Sciences Research Council (BBSRC) of
    UK.
  • It was also signed by
    representatives from the National Institute for Agricultural Botany (NIAB), in
    Cambridge; the John Innes Centre, UK; the University of East Anglia, in
    Norwich, UK; and Rothamsted Research Institute UK.

West Bengal Government announced to constitute two task forces for
tribals, Gorkhas
  • West Bengal Government on 24
    February 2016 announced its decision to constitute two task forces for the
    development of Adivasis and Gorkhas living the state.
  • One task force will work for the
    tribals of the Terai-Dooars and the other for the Gorkhas living in the
    Darjeeling Hills region in northern part of the State.
  • These task forces will have
    working authority akin to the development boards constituted earlier.
  • The decision to the effect was
    taken at the State Cabinet meet held on 17 February 2016. But the announcement
    was made by State Sports and Youth Affairs Minister, Arup Biswas at a meeting
    of the Dooars Siliguri Terai Bhartiya Nepali Development Forum (DSTBNDB) held
    on 24 February.

Appointments –
Justice Subhro Kamal Mukherjee sworn-in as Chief Justice of Karnataka High
Court
  • Justice Subhro Kamal Mukherjee on
    23 February 2016 took oath as the 28th Chief Justice of the High Court of
    Karnataka.
  • Governor Vajubhai R. Vala
    administered the oath to Justice Mukherjee in a ceremony held at the Raj
    Bhavan.
  • He was appointed as Acting Chief
    Justice of High Court of Karnataka on 1 June 2015.

Awards & Honors –
Blogmint Awarded as Startup of the Year

  • Blogmint, an automated influencer
    marketing platform that connects brand with social influencers, has bagged the
    award for Marketing Technology-Startup of the Year at the DQ LIVE Business
    Technology Awards 2016.
  • The award aims to recognise
    startups that have broken new ground in using technology to add value to the marketing
    fraternity.
  • Blogmint’s self-serve platform
    has been seen helping marketers connect with social influencers and integrate
    influencer marketing as part of their marketing mix.

Tamil film Kanavu Variyam to be honoured with Remi Award
  • Kanavu Variyam, a Tamil movie
    directed by a Chennai-based techie Arun Chidambaram, in the third week of
    February 2016 was selected for the prestigious Remi Award.
  • The award will be handed over to
    Chidambaram during the 49th WorldFest Houston International Film Festival,
    which will be held from 8 April 8 to 17 April 2016.
  • The story of Kanavu Variyam revolves
    around power cuts, which is the most familiar problem faced by people in Tamil
    Nadu.
  • The previous recipients of the
    Remi Award, which is given to independent films and filmmakers, include George
    Lucas, Steven Spielberg, the Coen Brothers and Ang Lee.

Hugh Grant awarded British Film Institute fellowship

  • Hugh Grant has been celebrated by
    the British Film Institute which on Tuesday evening bestowed on him its highest
    honour.
  • Grant was given a BFI fellowship,
    following in the footsteps of British actors who include Judi Dench, Ralph
    Fiennes, John Hurt, Elizabeth Taylor and Sir Michael Caine.


Sports –
Rohit Sharma appointed as global brand ambassador of Nissan

  • Nissan Motor Co. Ltd. appointed
    Indian cricketer Rohit Sharma as its new global brand ambassador, along with
    West Indian all-rounder Andre Russell and New Zealand captain Suzie Bates. The
    trio will endorse the brand starting with the ICC World Twenty20 in India from
    March 8.
  • The three cricketers, in addition
    to appearing on the advertising campaign of the company, will be active on
    social media throughout the tournament and will be a part of other initiatives such
    as Nissan Play of the Day.
  • Nissan has been in the forefront
    of sport sponsorship that already includes the UEFA Champions League, City
    Football Group and the Rio 2016 Olympic and Paralympic Games.

Sania, Kohli lead pack of 56 Indians in Forbes’ Asia list

  • Tennis star Sania Mirza, Indian
    batting mainstay Virat Kohli and top-seeded badminton player Saina Nehwal lead
    the pack of over 50 Indians in Forbes’ inaugural list of top “promising young
    leaders and game changers” under the age of 30 in Asia.
  • The Forbes ‘30 under 30 Asia’
    list includes 300 “young and driven entrepreneurs and game-changers” from
    countries including India, Indonesia, China, Hong Kong, Singapore, Japan,
    Pakistan, Vietnam and Australia who are contributing to their industries in a
    significant way.
  • As many as 56 Indians feature in
    the list with 27-year old Kohli, Mirza and Nehwal and 26-year-old actress Shraddha
    Kapoor leading the pack.
  • Ritesh Agarwal, 22, founder and
    CEO of “disruptive hospitality business and app” ‘OYO Rooms’ leads the consumer
    tech category.
  • Kanika Tekriwal, 27, co-founded
    and heads ‘JetSetGo’, an India-based private jet concierge service that links
    passengers to planes through an online marketplace.

World –
United States won WTO dispute against India’s solar rules

  • A World Trade Organization (WTO)
    dispute settlement panel on 24 February 2016 ruled in favour of the United
    States in its challenge to New Delhi’s alleged discrimination against US solar
    exports.
  • The panel agreed with the US that
    India’s localisation rules discriminated against imported solar cells and
    modules under India’s National Solar Mission.
  • The US Trade Representative’s
    office called the ruling a significant victory that will hasten the spread of
    solar energy across the world and support clean-energy jobs in the United
    States.

Visa signs MoU with China UnionPay

  • China UnionPay and Visa Inc
    signed a memorandum of understanding to collaborate on payments security, Visa
    said on Thursday.
  • The MoU comes as Visa awaits
    regulations that would give it direct access to the Chinese market for clearing
    bank card transactions. The market was valued at $6.84 trillion in 2014.
  • China had announced last year
    that it would open up the market for foreign payment networks from June.
  • Visa, the world’s largest payments
    network operator, had said in January that it continues to work towards making
    a formal application in China while awaiting final regulations.

US court ordered Johnson & Johnson to pay 72 million dollar for
cancer death

  • Missouri state court of United
    States on 22 February 2016 ordered Johnson & Johnson Company to pay 72
    million dollars to the family of Jacqueline Fox, who died of ovarian cancer
    caused due to the use of the company’s talc-based Baby Powder and Shower to
    Shower for several decades.
  • In a verdict, jurors in the
    circuit court of St. Louis awarded the family of victim, 10 million dollars as
    actual damages and 62 million dollars as punitive damages.
  • US lawyers claimed that this
    verdict as the first of its kind by a U.S. jury to award damages over the
    claims.

Regards

Team ExamPundit

Sponsored

(adsbygoogle = window.adsbygoogle || []).push({});