Current Affairs Update – 5th June, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 5th June, 2015. These are Important for Upcoming SBI PO Main Exam.

Finance/Banking
Kotak Mahindra Bank
and ING Bank sign MoU for cross border business
  • Kotak Mahindra Bank (KMB) and ING Bank have joined hands to
    cooperate and explore opportunities arising from cross border business,
    investment and trade flows across Benelux, Western Europe, Eastern Europe, North
    America, Asia and Australia.
  • A Memorandum of Understanding (MoU) to this effect was
    signed in the presence of the visiting Netherlands Prime Minister Mark Rutte here
    on Friday.
  • This cooperation will give ING Bank’s clients from the
    Netherlands and the other 39 countries where it is active in commercial banking
    access to KMB’s services in the vast Indian market.
  • At the same time, this MoU will offer the clients of KMB
    (combined recently with ING Vysya Bank) in India the opportunities of ING’s
    international network.
  • The MoU — which is initially valid for a period of one year
    — covers an array of cooperation areas such as trade finance, remittances and
    services related to non-resident Indians, nostro and vostro accounts, funding
    to counterparties’ corporate relationships, fee based products (including but
    not limited to foreign exchange, letters of credit and guarantees), direct
    banking and digital strategy, and cross border debt capital markets and mergers
    and acquisitions.
  • KVS Manian, President-Corporate, Institutional &
    Investment Banking, Kotak Mahindra Bank said that the MoU will leverage the
    strengths of both institutions and will be mutually beneficial.

Govt Sets Up Panel to
Suggest Changes to Companies Act
  • Continuing efforts to improve the ease of doing business in
    the country, the government has set up an eight-member panel to address issues
    related to the new companies law and suggest necessary changes.
  • The Corporate Affairs Ministry has already made a raft of
    changes to the Companies Act, 2013 — whose most provisions came into effect
    from April 1, 2014 — amid concerns raised from various stakeholders.
  • The ‘Companies Law Committee’, chaired by Corporate Affairs
    Secretary Anjuly Chib Duggal, would submit its recommendations “within six
    months of its first meeting”.
  • There are also representatives from the judiciary and
    industry in the eight-member panel, according to an order issued by the
    Ministry on Thursday.
  • Former Delhi High Court judge Reva Khetarpal, Tata Sons
    Chief Legal and Group General Counsel Bharat Vasani, L&T Finance Holdings
    Chairman Y M Deosthalee as well as Presidents of apex bodies — chartered
    accountants, cost accountants and company secretaries would be part of the
    committee.

India
India and the
Netherlands signed agreements to enhance bilateral cooperation

  • India and the Netherlands on 5 June 2015 signed several
    agreements to deepen bilateral cooperation.
  • The agreements were signed in the presence of Prime Minister
    Narendra Modi and Prime Minister of Netherland Mark Rutte in New Delhi after
    the two leaders held discussions on various issues related to the region and
    the world.
  • Mark Rutte is on a two day visit to India on 5-6 June 2015.

List of Agreements
signed between India and Netherlands
  • Agreement on setting up Joint Working Group on Counter
    Terrorism , which will hold its first meeting on 19 June 2015.
  • Agreement on manufacturing of dredgers at the Cochin
    Shipyard.
  • Agreement on manufacturing of Measles, and Rubella Vaccine
    in India, with transfer of technology from Netherlands.
  • Agreement on developing coastal roads and metro lines in
    India.
  • Agreement on setting up a Joint Working Group on Skill
    Development.
  • Agreement on developing joint pilot projects for an electric
    vehicle ecosystem in India.
  • Agreement on setting up centres of excellence in areas like
    horticulture and animal husbandry in India.

Singapore suspends
sale of Maggi noodles imported from India
  • Singapore authorities have ordered local importers to
    temporarily suspend of the sale of Nestle’s Maggi noodles imported from India amid
    reports that high lead content was found in the popular instant snack in India.
  • The Agri-Food and Veterinary Authority’s decision comes
    after India banned the sale of the noodles for 15 days in Gujarat, Jammu and
    Kashmir, Uttarakhand and Tamil Nadu after high levels of lead were discovered
    in batches tested in New Delhi and Uttar Pradesh.
  • As a precautionary measure, the AVA has taken samples of the
    instant noodles for food safety tests and advised affected importers to
    withhold sales until tests are completed.
  • The AVA is testing samples of Maggi brand instant noodles
    manufactured in India and has advised affected importers to stop selling them
    until tests are complete.
  • Lead content in 14 of 27 samples in India was found to be
    2.8 PPM to 5 PPM (particle per million), which is above the prescribed limit of
    2.5 PPM. Presence of excess lead is harmful for health.

Uma Bharti Launches
‘Jal Kranti’ Campaign in Rajasthan
  • Water Resources minister Uma Bharti today launched ‘Jal
    Kranti’ campaign here today, emphasising that the water preservation and
    conservation initiative will not be successful unless it is converted into a
    mass movement.
  • Bharti said the progress of the campaign will be reviewed
    after one or one and a half year. The campaign would continue till the
    objective of solving water problems in every house and farm is resolved.
  • She said that her ministry was focused on creating a water
    balance in the country and alleged that Congress was doing politics on projects
    like interlinking of rivers.
  • The Jal Kranti Abhiyan will be celebrated across the country
    during 2015-16 to consolidate water conservation and management through a holistic
    and integrated approach.
  • The campaign will strengthen the involvement of all
    stakeholders including Panchayati Raj institutions and local bodies towards
    water security and development schemes, encouraging them to adopt traditional
    knowledge in water resources conservation and management in rural areas.
  • Development of model command area, pollution abatement and
    mass awareness programme are among other activities which will be addressed
    under the campaign.
  • The scheme also provides for a ‘Sujalam Card’ which will
    provide annual status and information about the quality of drinking water
    available for a ‘Jal Gram’.

Sushma Swaraj to
represent India at United Nations on Yoga Day

  • As part of International Yoga Day on June 21, External
    Affairs Minister Sushma Swaraj will lead the events at the United Nations in
    New York while Prime Minister Narendra Modi will attend a mega yoga session at
    Vijay Chowk in the Capital.
  • June 21 – the day that marks summer solstice in the northern
    hemisphere – was designated as the ‘International Day of Yoga’ at India’s
    instance last December after Mr. Modi recommended it at his UNGA speech, saying
    yoga engenders a “sense of oneness with yourself, the world and the nature” and
    could even “help deal with climate change”.
  • The Indian Embassy in Washington and the Consulate General
    of India in New York have also lined up events to mark Yoga Day. In New York
    and adjoining cities, as many as 11 events have been advertised, including an
    annual event at Times Square. The Indian Embassy in Washington that initiated Yoga
    Day celebrations with a talk by Sri Sri Ravi Shankar on April 29; will also
    host ‘Yoga on the Mall’.

Nestle India
withdraws Maggi Noodles

  • Nestle India has decided to take Maggi Noodles off the
    shelves, after six state governments announced ban in the wake of finding
    elevated levels of lead and MSG being found in its samples.
  • In a late announcement released in the early hours of
    morning, Nestle India said that that the trust of its consumers and safety of
    its products is the company’s first priority.
  • Maggi has been banned by six state governments. While Delhi
    banned it for fifteen days, ban in other states varies from about a month to
    about three months. Other states are awaiting test results.
  • Key retailers across the country have already taken it off
    the shelves.
  • At the same time, Food Safety and Standards Authority of
    India (FSSAI) is also awaiting test results from all the states to take a
    decision on a nationwide ban.

Appointments
Infosys appoints R.
Seshasayee as Non-Executive Chairman of the Board

  • Infosys Limited on Friday announced that the Company’s Board
    have approved the appointment of R. Seshasayee as Non-Executive Chairman of the
    Board with immediate effect.
  • A release from the Company added that K.V. Kamath will be
    stepping down from his position as Chairman of the Board and as an Independent
    Director of the Company, consequent to his nomination as President of the BRICS
    New Development Bank.
  • Mr. Seshasayee has been an Independent Director on the
    Company’s Board since January 2011 and is the chairperson of the Audit
    Committee. Mr. Seshasayee’s other board positions include Non-Executive Vice
    Chairman of Ashok Leyland Ltd. and Chairman of IndusInd Bank Ltd.

Days
World Environment Day
observed globally
  • World Environment Day (WED) was observed globally on 5 June
    2015 with theme Seven Billion Dreams. One Planet. Consume with Care.
  • The host country for the WED 2015 is Italy and the
    celebrations will be organized by Expo Milano 2015 that will run from 1 May to
    31 October 2015 and will see the participation of 140 plus countries.
  • The day is observed to raise global awareness to take
    positive environmental action to protect nature and the planet Earth. It is run
    by the United Nations Environment Programme (UNEP).

Sports
AIFF signed an
agreement with French Football Federation
  • All India Football Federation (AIFF) on 2 June 2015 signed
    an agreement with French Football Federation (FFF) in Zurich. The agreement was
    signed by Praful Patel, President, AIFF in the presence of Kushal Das, General
    Secretary of AIFF.

Highlights of the
agreement
  • The parties agreed to cooperate with each other in order to
    develop strong ties between their respective associations for the mutual
    benefit of each association and for the promotion, growth and continued success
    of football in each country.
  • It was also agreed to exchange training of technical
    personnel and organisational procedures.

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