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.

• 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 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.

• 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

• 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 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 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 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 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.

• 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.

• 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.

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 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.

• 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.

• 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.

• 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 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.

• 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.

• 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.

• 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 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.

• 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.

• 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.

• 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.

• 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.

• 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

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