Current Affairs Update – 31st March, 2015

Hello and welcome to ExamPundit. Here are the current affairs for 31st March, 2015.

• Insurance Australia Group Ltd (IAG) on 26 March 2015
  announced that it will raise its stake in SBI General Insurance (SBIGI) from 26
  percent to 49 percent.
• IAG decided to increase its stake in SBIGI in the backdrop
  of the Insurance Laws (Amendment) Bill, 2015 which was passed in the Parliament
  in March 2015. The bill seeks to increase foreign investment limit in local
  insurers to 49 percent from 26 percent.
• SBI General Insurance is a joint venture between the State
  Bank of India and IAG of Australia. It started operations in 2010. This
  decision of IAG will lead to dilution of SBI’s 76 percent stake in SBI General
  Insurance to 51 percent.

• The Reserve Bank of India (RBI) plans tougher rules for
  takeovers involving non-banking financial companies (NBFCs), according to draft
  guidelines published on Monday, outlining a demand that all substantial deals
  seek its prior approval.
• In its latest effort to boost transparency and strengthen
  its grip on the alternative lenders that account for a large part of the
  domestic shadow-banking sector, the RBI said any purchase of a stake of 26 per
  cent or more in a company, or a change in more than 30 per cent of its
  directors, would need the central bank’s permission.
• There are some 12,000 NBFCs registered with the RBI, and
  they largely offer loans. Some, like traditional banks, also take deposits.
• The RBI also said in its circular that the source of funds
  behind new investors in any NBFC will have to be disclosed. It also asked for
  an undertaking that the new proposed investors are not associated with any
  existing but unregistered body that accepts public deposits.
• NBFCs play a critical role in extending credit to areas
  where traditional finance cannot reach in a country where only just over half
  of the population has access to the mainstream banking system. However,
  controlling these NBFCs has been made a key priority for the RBI, given their
  size and reach.

• The Small Industries Development Bank of India (SIDBI) has
  signed two agreements worth $500 million and $43 million with the World Bank,
  which will immensely benefit the MSMEs of the country.
• The first agreement on MSME Growth, Innovation and Inclusive
  Finance Project for start-ups with a line of credit of $500 million is for risk
  capital finance, and for financing to service sectors and manufacturing MSMEs.
• The project also targets women entrepreneurs (20 per cent of
  the project) and units in underserved (low income) states such as Uttar
  Pradesh, Madhya Pradesh, and West Bengal (25% of assisted units from low-income
  states).
• The second agreement is Partial Risk Sharing Facility for
  Energy Efficiency (PRSF) project with a total outlay of $43 million consisting
  of guarantee fund corpus of $37 million, technical assistance of $4 million and
  $2 million to be implemented by Energy Efficiency Services Ltd.
• The objective of the project is to support the Government of
  India’s efforts to transform the energy efficiency (EE) market in India by
  promoting increased level of EE investments, particularly through energy
  service performance contracting (ESPC) delivered through Energy Service
  Companies (ESCOs).

• The Defence Acquisition Council has approved the ‘Maitri’
  project for the co-development of a Short Range Surface-to-Air Missile (SR-SAM)
  by the Defence Research and Development Organisation (DRDO) with MBDA of France,
  Navy officers said on Monday.
• The DRDO had signed a Memorandum of Understanding with MBDA
  in 2013, but there has hardly been any progress because the DRDO’s Akash
  missile system has similar functions.
• The Army and the Air Force have expressed satisfaction with
  the capabilities of Akash, but the Navy has made it clear that Akash is not
  suitable for installation on warships.
• This is likely to be discussed further during Prime Minister
  Narendra Modi’s visit to France next week.
• Last Saturday, the Defence Acquisition Council gave approval
  for the upgrade of 10 Kamov-28 anti-submarine helicopters of the Navy at a cost
  of €297 million.
• The helicopters are at the end of their service life.

• The Andhra Pradesh Government, National University of
  Singapore, and the Confederation of Indian Industry (CII) have inked an MoU in
  Singapore to work on ‘Ease of Doing Business in AP’.
• The memorandum of understanding signed between NUS (acting
  through the Asian Competitiveness Institute at Lee Kuan Yew School of Public
  Policy), AP and CII is for cooperation in relation to ‘Masterplan on Ease of
  Doing Business in Andhra Pradesh (MEDBAP): Vision 2020’ and other related
  activities.
• As part of the tripartite MoU, the parties will collaborate
  in conducting joint research programmes on interesting issues such as
  strategies and assessment on ease of doing business and enhancement of economic
  competitiveness.
• This MoU will also enable them to identify and establish
  common interests and cooperative opportunities between Andhra Pradesh and
  private sector investors, (both local and foreign).
• The MoU also envisages regular visits of delegations through
  exchange of ideas and formulation of research strategies, holding joint
  seminars where NUS and AP assess and update their progress on the project.
• Asian Competitiveness Institute at Lee Kuan Yew School of
  Public Policy will be utilised as a platform for investment research, to study
  economic situations and investment opportunities in AP and ASEAN, China.

• Virbhadra Singh, the Chief Minister of Himachal Pradesh on
  30 March 2015 launched part one of e-Vidhan Mobile app.
• The app could be accessed by all the members 45 minutes
  before the question hours on android and tablets having information about the
  day business.
• With this launch, Himachal Pradesh Vidhan Sabha became the
  first state assembly in the country to launch e-Vidhan Mobile app. This
  e-Vidhan system will help the state to save about 8 crore rupees per annum that
  is spent on the paper.
• The information provided on the app could be corrected on
  line.
• The bills introduced or laid for discussion will also be
  made available to the members.

• The Union Cabinet chaired by the Prime Minister Narendra
  Modi on 25 March 2015 gave its approval for the Approach and Key Components of
  e-Kranti: National e-Governance Plan (NeGP) 2.0.
• e-Kranti is an important pillar of the Digital India
  programme and the programme has been envisaged by the Department of Electronics
  and Information Technology (DeitY).

• To redefine NeGP with transformational and outcome oriented
  e-Governance initiatives.
• To enhance the portfolio of citizen centric services.
• To ensure optimum usage of core Information &
  Communication Technology (ICT).
• To promote rapid replication and integration of eGov
  applications.
• To leverage emerging technologies.
• To make use of more agile implementation models.

• Transformation and not Translation
• Integrated Services and not Individual Services
• Government Process Reengineering (GPR) to be mandatory in
  every Mission Mode Projects (MMPs)
• ICT Infrastructure on Demand
• Cloud by Default
• Mobile First
• Fast Tracking Approvals
• Mandating Standards and Protocols
• Language Localization
• National GIS (Geo-Spatial Information System)
• Security and Electronic Data Preservation

• India’s megastar Amitabh Bachchan inaugurated the third
  edition of the India by the Nile festival during a ceremony attended by the top
  crux of Egypt’s diplomatic, social and business circle here.
• The 72-year-old actor was excited about his three-day visit
  to the Egypt’s capital and commended the Embassy of India and Ministry of
  Culture and Tourism of Egypt for their efforts to organise the festival.
• Acknowledging scores of people who had gathered to catch a
  glimpse of the popular star from their home country, the 72- year-old actor
  said that being in Egypt was like coming home.
• India is organising 18-day ‘India by the Nile’ festival,
  considered the biggest foreign fair, in Egypt to send a message that the
  country is safe for Indian tourists despite violent extremist attacks and
  unrest.
• Tourism is one of the major centre-pieces of the Egyptian
  economy.
• The tourism industry dwindled due to many violent attacks by
  militants since the January 2011 revolution that toppled ex-president Hosni
  Mubarak.
• In 2013, former Islamist president Mohamed Morsi’s ouster
  intensified the attacks, leading to a decrease in footfalls of foreign
  tourists.

• China and Sri Lanka signed five agreements on 26 March 2015
  to deepen development partnership between the two countries.
• The agreements were signed in Beijing during the maiden
  visit of Sri Lankan president Maithripala Sirisena to China after assuming the
  office in January 2015.
• Both the countries reiterated the shared adherence of the
  two countries to the Five Principles of Peaceful Co-existence or Pancha Sheela.
• The two nations signed five agreements related to
  cooperation for special aid in public health, development of water treatment
  methods and technologies in kidney disease affected areas, research and
  development of the coconut industry and refurbishment of the Superior Courts
  Complex in Sri Lanka.

• Opposition challenger Muhammadu Buhari has won Nigeria’s
  presidential election with 15.4 million votes against incumbent Goodluck
  Jonathan’s 13.3 million, a Reuters tally of votes in all of 36 States showed on
  Tuesday.
• Mr. Jonathan telephoned Mr. Buhari to congratulate him on
  winning this weekend’s election, a spokesman for Mr. Buhari’s All Progressives
  Congress said.

• Reliance Industries today signed contracts for two offshore
  oil and gas exploration blocks in Myanmar as it looks overseas to tide over
  difficult regulatory environment back home.
• The billionaire Mukesh Ambani-run firm had won the blocks
  after in Myanmar Offshore Block Bidding Round – 2013.
• Both the blocks are located offshore in the Tanintharyi
  basin of Myanmar in water depths upto 3000 feet and together encompass total area
  of 27,600 square kilometers.
• While Myanmar, like India, offers a similar production
  sharing contract regime that allows recovery of all costs before sharing
  spoils, its contractual regime is much more attractive.

• Vice Admiral Sunil Lanba on 30 March 2015 took over charge
  as the Flag Officer Commanding-in-Chief of Southern Naval Command. He took the
  charge from Vice Admiral SPS Cheema at a ceremonial parade held at the Naval
  base in Kochi.
• Prior to assuming command, Vice Admiral Lanba laid a wreath
  at the War Memorial.
• Vice Admiral Cheema will now assume the charge of the Flag
  Officer Commanding in Chief, Western Naval Command on 31 March 2015 on the
  retirement of the present incumbent, Vice Admiral Anil Kumar Chopra.

• Book titled God’s Bankers: A History of Money and Power at
  the Vatican authored by Gerald Posner was released on 3 February 2015.
• Posner is an American investigative journalist and an
  author, through this book he has tried to present the secret side of the
  200-year history of Vatican finances and the Vatican Bank, the Catholic
  Church’s completely independent financial institution.
• The book is about the church’s accumulation of wealth and
  its byzantine entanglements with financial markets across the world. It talks
  about the political intrigue and inner workings of the Catholic Church. It
  displays with extraordinary precision how the Vatican has evolved from a
  foundation of faith to a corporation of extreme wealth and power.

• World Justice Project (WJP) in the third week of March
  released the Open Government Index 2015.
• Out of the 102 countries assessed in the 2015 Index, Sweden
  topped the list in terms of openness in the government. It is followed by New
  Zealand and Norway at second and third place respectively. The other countries
  in the top ten are: Denmark, Netherlands, Finland, Canada, United Kingdom, Australia
  and Republic of Korea.
• Cambodia, Iran, Myanmar, Uzbekistan and Zimbabwe are
  positioned last in the Index.

• India has been placed at the 37th position in the 2015
  Index.
• India scored 0.54 with 27th rank, 0.50 with 66th rank, 0.58
  with 43rd rank and 0.65 with 39th rank among the surveyed countries in terms of
  publicised laws and government data, right to information, complaint mechanisms
  and civic participation respectively.
• India is placed at the top among the South Asian countries
  followed by Nepal (40), Sri Lanka (52), Bangladesh (73), Pakistan (83) and
  Afghanistan (89).
• India is placed at the third position among the Lower Middle
  Income countries after Georgia and Indonesia.

• Daniel Vettori, the cricketer of New Zealand on 30 March
  2015 retired from all forms of International Cricket. The veteran spinner
  officially announced his retirement after the final match of the 2015 Cricket
  World Cup.
• In his final match against Australia, he scored nine runs
  and took 0-25 from five overs. But his 13 wickets and his economy rate
  throughout the tournament helped New Zealand in qualifying for the World Cup
  final for the first time.
• His decision gave an end to his 18-year long career that
  began when he was 18.
• Vettori coaches the Royal Challengers Bangalore in the
  Indian Premier League Twenty20 competition.

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