Current Affairs Update – 4th October, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 4th October, 2016. These are important for the upcoming IBPS PO & Clerk Mains, BOM PO and Other Bank Exams.

Current Affairs at a Glance – 4th October, 2016

  1. The Reserve Bank of India today cut policy rate (repo rate) by 25 basis
    points to 6.25% from 6.5% citing easing inflation
    . In its first
    meeting, the Monetary Policy Committee (MPC) on Tuesday all members of policy
    decided for 25 basis point rate cut.
  2. State Bank of India (SBI) has signed
    a memorandum of understanding (MoU) with IIT
    Kharagpur for collaborative research and running proof of concepts
    .
    SBI has a wider programme includes ideation, incubation, experimentation and
    commercialization of new technology driven products and services for the
    banking sector.
  3. The Maharashtra government
    signed a Memorandum of Understanding (MoU) with Korea Land & Housing Corporation (KLHC)
    of the Republic of Korea.
  4. Jharkhand on 1 October 2016 became India’s first state to implement Direct
    Benefit Transfer (DBT) in Kerosene
    . The scheme is being implemented in four
    identified districts of the State namely Chatra, Hazaribagh, Khunti and
    Jamtara.
  5. Gujarat and Andhra Pradesh on 2 October 2016 became the
    first states to declare their urban areas as Open Defecation Free (ODF)
    on
    the second anniversary of the Swachh Bharat Mission.
  6. The Nobel Assembly at Karolinska Institutet on 3 October 2016
    decided to award the 2016 Nobel Prize in Physiology or Medicine to Yoshinori
    Ohsumi.
  7. World Space Week is an annual event that is observed from 4 October
    to 10 October 2016 in various parts of the world including Europe and Asia
    .
    2016 World Space Week is being observed with theme Remote Sensing: Enabling our
    Future.
  8. MS Sahoo
    on 1 October 2016 assumed charge
    as Chairman of Insolvency and Bankruptcy Board of India (IBBI)
    .
  9. Kersti Kaljulaid on 3 October 2016 was elected as the President of Estonia by the parliament.
  10. Film-maker and elephant
    researcher Prajna
    Chowta
    was recently appointed Chevalier de l’Ordre National du
    Mérite (Knight in the National Order of Merit) by the French Government
    .
  11. Vinaya Manchaiah, an
    Indian-American associate professor at Lamar University in Texas, in the first
    week of October 2016 was named to the
    2016 class of the Jerger Future Leaders of Audiology by the American Academy of
    Audiology
    .
  12. The 2016 Nobel Prize in Physics was on 4 October 2016 one half awarded to David J Thouless and the other half jointly to F
    Duncan M Haldane and J Michael Kosterlitz
    for theoretical discoveries of
    topological phase transitions and topological phases of matter.

Finance/Industry/Banking –
RBI cuts repo rate by 25 bps to 6.25%

  • The Reserve Bank of India today
    cut policy rate (repo rate) by 25 basis points to 6.25% from 6.5% citing easing
    inflation.
  • In its first meeting, the
    Monetary Policy Committee (MPC) on Tuesday all members of policy decided for 25
    basis point rate cut.
  • This was the fourth bi-monthly
    monetary policy of the RBI. It was first monetary policy statement after Urijit
    Patel took over as governor on September 04, 2016.
  • On the basis of an assessment of
    the current and evolving macroeconomic situation MPC decided to reduce the
    policy repo rate under the liquidity adjustment facility (LAF) by 25 basis
    points from 6.5% to 6.25% with immediate effect.
  • Consequently, the reverse repo
    rate under the LAF stands adjusted to 5.75%, and the marginal standing facility
    (MSF) rate and the Bank Rate to 6.75%.
  • RBI in a policy statement said
    the decision of the MPC is consistent with an accommodative stance of monetary
    policy in consonance with the objective of achieving consumer price index (CPI)
    inflation at 5% by Q4 of 2016-17. The medium-term target is four% within a band
    of +/- 2%, while supporting growth.
SBI signs MoU with IIT- Kharagpur for research and running proof of
concepts

  • State Bank of India (SBI) has
    signed a memorandum of understanding (MoU) with IIT Kharagpur for collaborative
    research and running proof of concepts. SBI has a wider programme includes
    ideation, incubation, experimentation and commercialization of new technology
    driven products and services for the banking sector.
  • IIT Bombay has a similar MoU with
    SBI and had signed in July. Both parties will identify FinTech start-ups that
    have products or applications that cater to the financial sector. The bank will
    provide a platform for testing and piloting such products and check for any
    specific business linkages. Additionally, the lender said that it may invest in
    the startups and IIT Bombay’s Society for Innovation and Entrepreneurship
    (SINE) will help in initial screening for technical competency, product road
    map and innovation subject.
  • In June, the bank also said that
    it would set aside Rs 200 crore for a startup fund . At the time,  SBI chairman Arundhati Bhattacharya said that
    the bank would give assistance of Rs 3 crore to Indian registered companies to
    develop innovations in the fintech space.
SBI joins a growing list of banks
which are offering assistance to fintech companies:
– In June, foreign lender
Barclays opened a fintech innovation centre in Mumbai called Rise. This is
Barclays’ sixth Rise site globally, following the London, Manchester, New York,
Cape Town and Tel Aviv hubs.
– While HDFC Bank selected
products from five fintech companies to be deployed in the bank as part of its
Digital Innovation Summit.
– In April, ICICI Bank hosted an
‘Appathon’ where the bank gave access to more than 200 APIs from the ICICI
Group to developers to create products.
Maharashtra govt inks pact with Korea Land & Housing Corporation

  • The Maharashtra government signed
    a Memorandum of Understanding (MoU) with Korea Land & Housing Corporation
    (KLHC) of the Republic of Korea.
  • This MoU is to build a strategic
    partnership for smart cities, roads and bridges, etc and exchange of knowledge
    and expertise, state Chief Minister Devendra Fadnavis tweeted.
Jharkhand becomes first state to implement Direct Benefit Transfer in
Kerosene

  • Jharkhand on 1 October 2016
    became India’s first state to implement Direct Benefit Transfer (DBT) in
    Kerosene. The scheme is being implemented in four identified districts of the
    State namely Chatra, Hazaribagh, Khunti and Jamtara.
  • In a statement, Petroleum and
    Natural Gas Ministry said that under the DBT Scheme, PDS kerosene is being sold
    at non-subsidised price and the subsidy is being transferred to consumers
    directly into their bank accounts. This initiative is aimed at rationalising
    subsidy and plugging the leakages.
  • Aim: The scheme aims at
    eliminating subsidised Kerosene from the supply chain for targeting the
    beneficiaries and end pilferage and black-marketing. It also aims at cutting
    down adulteration of cheap cooking and lighting fuel with diesel.
India –
Urban areas of Gujarat and Andhra Pradesh declared open defecation free

  • Gujarat and Andhra Pradesh on 2
    October 2016 became the first states to declare their urban areas as Open
    Defecation Free (ODF) on the second anniversary of the Swachh Bharat Mission.
  • Other states that will soon
    declare all their urban centres as ODF are Kerala, Himachal Pradesh,
    Maharashtra, Mizoram and a few other Northeast states.
  • The mission launched by PM
    Narendra Modi, with its urban and rural component handled by the respective
    ministries, aims to make the country ODF by 2019.
Key highlights

  • All 110 cities and towns in
    Andhra Pradesh were given the ODF tag by Chief Minister N Chandrababu Naidu at
    an event in Tirupati.
  • Gujarat gave ODF status to each
    of its 180 cities and towns at a function in Porbandar attended by Union
    Minister of Drinking Water and Sanitation Narendra Singh Tomar and Gujarat
    Chief Minister Vijay Rupani.
  • Gujarat also declared the entire
    district of Porbandar, the birthplace of Mahatma Gandhi, as ODF to commemorate
    the 147th birth anniversary of Mahatma Gandhi on 2 October 2016.
Jawhar Sircar resigns as CEO of Prasar Bharati Corporation

  • Jawhar Sircar on 3 October 2016
    resigned as the Chief Executive Officer (CEO) of Prasar Bharati Corporation.
    His resignation came four months ahead of the end of his tenure which was about
    to end in February 2017.
  • As per rules of the Prasar
    Bharati (Broadcasting Corporation of India) Act, 1990, chairman or any other
    member may resign the office by giving notice thereof in writing to the
    President of India and on such resignation being accepted, the chairman or
    other member shall be deemed to have vacated his office.
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Appointments –
MS Sahoo assumes charge as Chairman of Insolvency and Bankruptcy Board
of India

  • MS Sahoo on 1 October 2016
    assumed charge as Chairman of Insolvency and Bankruptcy Board of India (IBBI).
    The oath of the office was administered by Union Finance and Corporate Affairs
    Minister Arun Jaitley.
  • He will serve the office will
    2021.
  • Sahoo was recently serving as a
    member of anti-trust regulator Competition Commission of India (CCI) and was
    earlier a member at capital markets regulator Securities and Exchange Board of
    India (SEBI).
  • IBBI is a four-member Board. The
    members of the IBBI are Ajay Tyagi, Amardeep Singh Bhatia, GS Yadav and
    Unnikrishnan.
Kersti Kaljulaid elected as first female President of Estonia

  • Kersti Kaljulaid on 3 October
    2016 was elected as the President of Estonia by the parliament.
  • With this, Kaljulaid will become
    Estonia’s first female president.
  • Kaljulaid won vote 81-0, with 20
    members absent or abstaining. Her selection follows two failed votes and weeks
    of heated debate.
Days/Observance –
World Space Week observed with theme Remote Sensing: Enabling our
Future

  • World Space Week is an annual
    event that is observed from 4 October to 10 October 2016 in various parts of
    the world including Europe and Asia. 2016 World Space Week is being observed
    with theme Remote Sensing: Enabling our Future.
  • This year’s theme celebrates
    Earth Observation from Space for the betterment of the human race.
  • By Resolution 54/68 of 6 December
    1999, the United Nations General Assembly proclaimed World Space Week, to
    celebrate the contributions of space science and technology to the betterment
    of the human condition.
  • The dates recall the launch of
    the first artificial satellite, Sputnik I, on 4 October 1957 and its entry into
    force on 10 October 1967, of the Treaty on Principles Governing the Activities
    of States in the Exploration and Use of Outer Space including the Moon and
    Other Celestial Bodies.
Awards & Honors –
David Thouless, F Duncan M Haldane And Michael Kosterlitz won 2016
Nobel Prize In Physics

  • The 2016 Nobel Prize in Physics
    was on 4 October 2016 one half awarded to David J Thouless and the other half
    jointly to F Duncan M Haldane and J Michael Kosterlitz for theoretical
    discoveries of topological phase transitions and topological phases of matter.
  • David J Thouless is a Emeritus
    Professor at the University of Washington, Seattle, USA. While, F. Duncan M.
    Haldane is the Eugene Higgins Professor of Physics at Princeton University, USA
    and J Michael Kosterlitz is the Harrison E. Farnsworth Professor of Physics at
    Brown University, USA.
  • All three will jointly share the 8
    million Swedish kronor prize.
Nobel Prize in Medicine 2016 awarded to Yoshinori Ohsumi

  • The Nobel Assembly at Karolinska
    Institutet on 3 October 2016 decided to award the 2016 Nobel Prize in
    Physiology or Medicine to Yoshinori Ohsumi.
  • Ohsumi is bestowed with the prize
    for his discoveries of mechanisms for autophagy. He discovered and elucidated
    mechanisms underlying autophagy, a fundamental process for degrading and
    recycling cellular components.
Wildlife film-maker Prajna Chowta conferred knighthood by France

  • Film-maker and elephant
    researcher Prajna Chowta was recently appointed Chevalier de l’Ordre National
    du Mérite (Knight in the National Order of Merit) by the French Government.
  • The official ceremony is expected
    to be held later in 2016 in Bengaluru.
  • The appointment of Chowta by the
    President of the French Republic comes in recognition of a life devoted to
    caring for wild Asian elephants.
Indian-American Vinaya Manchaiah named Future Leader of Audiology

  • Vinaya Manchaiah, an
    Indian-American associate professor at Lamar University in Texas, in the first
    week of October 2016 was named to the 2016 class of the Jerger Future Leaders
    of Audiology by the American Academy of Audiology.
  • Manchaiah is one of only a dozen
    individuals selected nationwide for the honour.

Regards

Team ExamPundit

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