Current Affairs Update – 3rd June, 2016

Hello and welcome to exampundit. Here are the Important Current Affairs of 3rd June, 2016. These are important for the upcoming SBI PO & SBI Clerk Mains Exams 2016.

• The Reserve Bank of India (RBI)
  has asked banks to “immediately put in place a cyber-security policy
  elucidating the strategy containing an appropriate approach to combat cyber
  threats given the level of complexity of business and acceptable levels of risk”.
• In order to address the need for
  the entire bank to contribute to a cyber-safe environment, the cyber security
  policy should be distinct and separate from the broader IT policy or IS
  security policy so that it can highlight the risks from cyber threats and the
  measures to address and mitigate these risks, the RBI said in a notification to
  banks.
• According to the RBI, the size,
  systems, technological complexity, digital products, stakeholders and threat
  perception vary from bank to bank and hence it is important to identify the
  inherent risks and the controls in place to adopt appropriate cyber-security
  framework.

• The World Bank has dropped the
  use of developing nation tag for India in its specialised reports and instead
  classifies it as a “lower-middle-income” economy in South Asia, a top
  official has said.
• Accordingly, while India will be
  referred to as a lower-middle-income economy in all of World Bank’s analytical
  reports, it may be referred to as a developing country only in some of the
  generic communications.
• The decision to stop using the
  term developing countries, the World Bank specialist said, has been taken in
  view of the word having no universal definition, causing countries like
  Malaysia and Malawi to be come under the same category earlier.
• As per the classification,
  Afghanistan, Bangladesh and Nepal are low-income economies, Pakistan and Sri
  Lanka fall under lower-middle-income, Brazil, South Africa and China under
  upper middle income, Russia and Singapore under high-income-Non-OECD and the US
  under high income-OECD.

• HDFC ERGO General Insurance arm
  of mortgage lender HDFC has acquired L&T General Insurance for Rs 551 crore,
  the first such consolidation in India’s crowded general insurance sector having
  27 players.
• L&T General Insurance
  reported gross earned premium (GEP) of Rs 483 crore for the last financial year
  which puts the deal value at 1.14 times of the GEP.
• L&T General Insurance is a
  wholly owned subsidiary of infrastructure and engineering major Larsen &
  Toubro (L&T). The move marks an exit from the insurance business for the
  infrastructure behemoth.
• The company received licence to
  operate general insurance in 2010 and it has not been able to break even since
  then. It reported Rs 102 crore loss for financial year 2015-16.
• L&T had invested Rs 705 crore
  by way of share capital in L&T General Insurance, and the sale means that
  it is exiting the business at a loss of Rs 154 crore on its  investment.

• Online food ordering and delivery
  platform Swiggy has partnered mobile wallet Mobikwik to provide cashless payment
  option to its customers.
• In addition to existing payment
  options of credit/debit cards, net banking and cash on delivery, the company
  now offers its users the added convenience of paying for their orders through
  Mobikwik, Swiggy said in a statement.
• The company however did not
  provide the financial details of the tie-up.

• The Cabinet Committee on Economic
  Affairs (CCEA) on 1 June 2016 gave its approval for a new broad gauge line
  between Mau Station of North Eastern Railway and Tarighat Terminal station of
  East Central Railway.
• The total length of this new
  broad gauge line will be 51 kilometers.
• The estimated cost of the project
  is 1765.92 crore and expected completion cost is 2109.07 crore rupees with 5
  percent escalation per annum.
• It is estimated that the project
  will be completed in the next six years during 12th and 13th Plan period.

• This project will provide
  alternative, shorter convenient and better transport infrastructure to the area
  separated by River Ganga.
• It will ultimately remove the
  transport difficulties in the area and to boost the socio economic development.
• The catchment area of project
  line will serve passenger requirement and will facilitate the people of the
  area for travelling to different parts of the country.
• It will provide an alternative
  route connecting Northern and East Central railway via NE Railway.

• India and Tunisia on 2 June 2016
  signed Memorandum of Understanding (MoU) for co-operation in Information
  Technology and promotion of traditional handicrafts.
• The MoUs were signed after the
  delegation level talks between the two countries in the presence of Vice
  President Mohammad Hamid Ansari and Tunisian Prime Minister Habib Essid in
  Tunis.
• After the meet, the two nations
  also released a joint press statement saying that the entire gamut of bilateral
  as well global issues was discussed. The two sides had discussion on bilateral
  ties focused on economic partnership and adding new areas of collaboration in
  IT and education.
• The two sides also decided to
  enhance co-operation in counter terrorism.

• India on 2 June 2016 announced
  its plan to double the investment in Clean Energy Research in next five years.
  At present, India is investing 72 million US dollars in Clean Energy Research
  and it seeks to double it to 145 million dollars.
• This announcement was made by the
  Union Minister for Science & Technology and Earth Sciences Dr Harsh Vardhan
  who led the Indian delegation at the 7th Clean Energy Ministerial (CEM7) and
  the inaugural Mission Innovation (MI) Meet.
• The CEM7 and MI meet was held at
  San Francisco, the US from 1 and 2 June 2016.

• The Cabinet Committee on Economic
  Affairs (CCEA), chaired by the Prime Minister Narendra Modi on 1 June 2016
  approved for Minimum Support Prices (MSPs) for Kharif Crops of 2016-17 season.
• The prices will come into effect
  from effective from 1 October 2016.  The
  higher MSPs would increase investment and production through assured remunerative
  prices to farmers.
• The approved MSP is based on
  recommendations of Commission for Agricultural Costs and Prices (CACP) which
  takes into account the cost of production, overall demand-supply among others.
• Above the recommendations of the
  CACP, the CCEA decided to give a bonus of 425 rupees per quintal for Kharif
  pulses like Arhar (Tur), Urad and Moong, a bonus of 200 rupees per quintal for
  Sesamum and a bonus of 100 rupees per quintal for kharif oilseeds like
  Groundnut-in-shell, Sunflowerseed, Soyabean, and Nigerseed.
• This is expected to give a strong
  price signal to farmers to increase acreage and invest for increase in
  productivity of pulses and oilseeds.

• The United Nations Industrial
  Development Organisation (UNIDO) and the Ministry of New and Renewable Energy
  (MNRE) are on a mission to sensitise industries about the use of solar thermal
  technologies in heating and cooling applications.
• Highlighting the benefits of
  using such technology in industries, particularly in terms of reducing carbon
  emissions, MNRE Director R P Goswami said the ministry extends support of up to
  30 per cent of the total cost of solar thermal projects.
• The workshop, the sixth in the
  series in the last two months, was organised by the CII, Coimbatore, in
  association with TEDA, UNIDO and MNRE.
• The organisers chose to conduct
  the workshop at Coimbatore in Tamil Nadu considering that it is a major
  industrial hub.

• Union Home Secretary Rajiv
  Mehrishi and US Ambassador to India Richard Verma on Thursday signed a
  memorandum of understanding (MoU) for exchange of intelligence on terror on a
  real time basis that include biographic information of known and suspected
  terrorists .
• According to this pact, India and
  the US will provide each other access to terrorism screening information
  through the designated contact points, subject to domestic laws and
  regulations, an official spokesperson said. The agreement would enhance the counter
  terrorism cooperation between India and the US.
• Terrorist Screening Center (TSC)
  is a multi-agency organisation administered by FBI which consolidates several
  terrorist watch lists maintained by different US government agencies into
  single terrorist database on terror suspects. The database includes the names
  of the terror suspects, nationality, date of birth, photos, finger prints (if
  any) and passport number.

• The Telecom Regulatory Authority
  of India (TRAI) on 1 June 2016 launched DND Services Mobile Application for
  telecom subscribers to register their complaints against pesky calls and SMSes.
• The new mobile application will
  help people in easily registering complaints and help the authority in
  monitoring such activities.
• The DND services mobile
  application is an easy alternative for filing pesky calls and SMS complaints.
• Earlier, subscribers had option
  of filing complaint by forwarding SMS to 1909 which they received from
  telemarketers and mention mobile number from which they have received it along
  with date of receiving.

• The application is available on
  Android and will be soon launched for Apple iOS.
• It will ease filing of complaints
  and also help us in monitoring action taken by telecom operators on complaints.
• The mobile app will show SMS in a
  list form and mobile numbers from the source.

• Madhya Pradesh government and
  Tata Trusts have signed an agreement on implementing interventions in
  healthcare areas like nutrition, mental health and cancer care in the state.
• This partnership has a focus on
  high-priority districts of Madhya Pradesh and the aim is to improve the health
  indicators in these districts in areas of cancer, mental health and nutrition.
  We hope that the partnership with Tata Trusts will improve the health outcomes
  of the state considerably.
• Tata Trusts will set up these
  initiatives along with strategic and technical advisory support.
• It will also work with the
  government in overseeing successful execution of the identified programmes.

• Nita Ambani, founder-chairperson
  of Reliance Foundation, has been nominated as an independent candidate to be a
  member of the International Olympic Committee (IOC) based out of Lausanne in
  Switzerland, it was announced on Friday.
• The election for membership,
  which officials say is a mere formality, is scheduled at the 129th IOC Session
  at Rio de Janeiro between Aug 2 and Aug 4. As per the new selection process,
  Ambani, when elected, will continue to serve as a member of the IOC until she
  reaches 70 years of age.
• The list also includes Anant
  Singh of South Africa, a film producer who was raised in the country’s
  apartheid era and wrote a book on late President Nelson Mandela — “Long
  Walk to Freedom”. He also produced “Yesterday” that was South
  Africa’s first Oscar nominated movie.
• Among Indians, Ambani will be the
  first woman and the third individual to become a member of the IOC after the
  late Sir Dorabji Tata and Raja Randhir Singh, who is currently an honorary
  member of the IOC.

• Hero MotoCorp Ltd (HMCL), the
  world’s largest two-wheeler manufacturer, yesterday augmented its senior
  leadership team with the appointment of Malo Le Masson as the head of global
  product planning.
• Malo, formerly with Infiniti
  Premium Car Brand (Nissan Motor Company), will spearhead Hero’s entire product
  planning for its global markets, including the domestic market in India. The
  appointment of Malo, close on the heels of Hero MotoCorp making its centre of
  innovation and technology (CIT) in Jaipur operational, significantly ramps-up
  its newly-created function of global product planning.
• The current product strategy team
  at Hero has been merged with the new entity to create a global product planning
  function.

• Raghavan Seetharaman, Qatar-based
  Indian banker, on 30 May 2016 was awarded the Green Economy Visionary award.
• Seetharaman was honoured for his
  contribution in environment-friendly activities and for promoting green economy
  for nearly two decades.
• The banker was presented with the
  award at the 2016 Union of Arab Banks International Banking Summit held in
  Rome. Mohammed Jarrah Al-Sabah, Chairman of Union of Arab Banks, presented the
  award to Seetharaman.

• Famous Tamil actor and director
  Balu Anand passed away on 3 June 2016 following a cardiac arrest in
  Coimbataore. He was 62.
• Anand acted in around 100 films
  and directed a few Tamil movies.
• The actor-director is known for
  movies Anbe Sivam, Annanagar First street, Unakkaga Ellam Unakkaga, Rajadhi
  Raja, and Raja Kulothunga.
• Anand has also appeared in
  several films like Pistha, Anna Nagar Mudhal Theru among others.

Regards

Team ExamPundit