Current Affairs Update – 7th January, 2016

Hello and welcome to ExamPundit. Here are the Important Current Affairs Update of 7th January, 2016. These are important for the upcoming LIC AAO, Syndicate Manipal PO and SIBDI Assistant Manager 2016.

Current Affairs at a Glance – 7th January, 2016
  1. Reserve Bank of India
    has permitted bank branches in International Financial Services Centres (IFSC)
    to open foreign currency current accounts for entities operating in IFSC
    . Banking
    regulator also lifted limit on short term liabilities IBUs could have from
    banks. The rules have been eased to facilitate investment transactions and give
    flexibility in operations. These bank branches are termed as IFSC Banking Units
    (IBUs).
  2. India is projected to
    grow by a robust 7.8 per cent this year and 7.9 per cent in the next two years
    ,
    the World Bank forecast today citing strong investor sentiment and the
    positive effect on real incomes of the recent fall in oil prices.
  3. Delhi Government
    on 6 January 2016 scrapped the
    management quota and all other quotas
    , in private schools for nursery admissions.
    There will be only 25 percent reservation for economically weaker sections and
    the rest 75 percent will be made available to the general public.
  4. Bollywood star
    Priyanka Chopra
    has bagged the
    favourite actress in new TV series honour at the 2016 People Choice Awards

    for her performance of an FBI recruit on American show “Quantico“. With this she became the first South-Asian actress to
    win a People’s Choice Award
    .
  5. INS Kadmatt,
    anti-submarine warfare corvette, commissioned
  6. Dr Achyuta Samanta was on 6 January 2016 elected as the General President of the 105th Indian Science Congress
    Association (ISCA)
    that is scheduled for 2017-18.
  7. Jammu and Kashmir
    Chief Minister Mufti Mohammad Sayeed passed away
    on 7 January 2016 at the
    AIIMS hospital in New Delhi. He was 79.

Finance/Banking
RBI relaxes rules for
IFSC bank branches

  • Reserve Bank of India has permitted bank branches in
    International Financial Services Centres (IFSC) to open foreign currency
    current accounts for entities operating in IFSC.
  • Banking regulator also lifted limit on short term
    liabilities IBUs could have from banks.
  • The rules have been eased to facilitate investment
    transactions and give flexibility in operations. These bank branches are termed
    as IFSC Banking Units (IBUs).
  • IBU can also open current account of non-resident
    institutional investors to facilitate their investment transactions, RBI said
    in notification.
  • Earlier, the IBUs were not allowed to open any current or
    savings accounts. The IBUs cannot raise liabilities from retail customers
    including high net worth individuals (HNIs).
  • Banks are barred from providing cheque facility to holders
    of current accounts in the IBUs. All transactions through these accounts must
    be undertaken via bank transfers, RBI said.
  • On short-term liabilities, RBI said it will not prescribe
    any limit for raising short-term liabilities from banks. However, the IBUs must
    maintain Liquidity Coverage Ratio (LCR) applicable to Indian banks on a
    standalone basis and strictly follow RBI’s liquidity risk management
    guidelines.
  • Further, Net Stable Funding Ratio (NSFR) will also be
    applicable to the IBUs as and when it is applied to Indian banks.

India to Grow at 7.8%
This Year: WB

  • India is projected to grow by a robust 7.8 per cent this
    year and 7.9 per cent in the next two years, the World Bank forecast today
    citing strong investor sentiment and the positive effect on real incomes of the
    recent fall in oil prices.
  • In its latest Global Economic Prospect report – which is
    released every six months — the World Bank marginally reduced India’s growth
    rate – 0.2 per cent in 2015 and 0.1 per cent in both 2016 and 2017.
  • However, India continues to be the bright spot of the global
    economy, as Chinese growth is projected to slow further.
  • The World Bank estimates that China grew at an estimated 6.9
    per cent in 2015 (0.3 per cent less than its June projection).
  • According to the report, China is estimated to grow at 6.7
    per cent in 2016 and 6.5 per cent each in 2017 and 2018.
  • The growth rate projections is 0.3 per cent in 2016 and 0.4
    per cent in 2017.
  • While Russia and Brazil are expected to remain in recession
    in 2016.

Union Cabinet
approved MoU with Bangladesh to set up border haats
  • The Union Cabinet, presided by Prime Minister Narendra Modi,
    on 6 January 2016 gave its ex-post-facto approval for the Memorandum of
    Understanding (MoU) between India and Bangladesh.

The approval was
given for:
  • MoU and Mode of Operation of Border Haats that was signed on
    23 October 2010 with Bangladesh for setting up Border Haats on India-Bangladesh
    Border.
  • Addendum to the MoU signed on 15 May 2012.
  • To establish new Border Haats after identification of
    suitable locations in consultation with Government of Bangladesh and concerned
    State Governments.

India
INS Kadmatt,
anti-submarine warfare corvette, commissioned

  • Chief of Naval Staff Admiral R K Dhowan today said the
    Indian Navy will in future build all types of ships including those designed
    for warfare indigenously in line with Prime Minister Narendra Modi’s “Make
    in India” initiative.
  • The Admiral was addressing a gathering here after the
    commissioning of the second indigenous stealth Anti-Submarine Warfare (ASW)
    corvette INS Kadmatt, built by M/s Garden Reach Shipbuilders and Engineers Ltd
    (GRSE) at Naval Dockyard here.
  • The Indian Navy has planned, in another 15 years, to
    strengthen science and technology and build warships indigenously in
    association with the Defence Research Development Organisation (DRDO) and
    public sector shipyards and private companies, he said.
  • Speaking to mediamen, he said ‘Kadmatt’ will take part in
    international fleet review scheduled here from February 4-8.

Delhi government
scrapped management, other quotas in private schools

  • Delhi Government on 6 January 2016 scrapped the management
    quota and all other quotas, in private schools for nursery admissions. There
    will be only 25 percent reservation for economically weaker sections and the
    rest 75 percent will be made available to the general public.
  • The government also scrapped 62 arbitrary and discriminatory
    criteria listed by the schools on their websites for admissions.
  • The decision was taken at a Cabinet meeting chaired by Chief
    Minister Arvind Kejriwal. As per the state government, certain criteria put out
    by the schools were a violation of Article 14 of the Constitution relating to
    equality before law.

Wattan Ko Jano
initiative: A programme that aims to expose youth from J&K to rest of India
  • Wattan Ko Jano, an initiative being carried out by the Union
    Ministry of Home Affairs in coordination with the Jammu and Kashmir (J&K)
    Government, was in news on 6 January 2016.
  • The initiative came in news after more than 240 youth in the
    age-group of 15 to 24 from J&K met with Prime Minister Narendra Modi in New
    Delhi.
  • Watan Ko Jano initiative was conceived by the J&K State
    Rehabilitation Council in 2011. It essentially is a Youth Exchange Programme
    under which the children of militancy-hit victims, orphanages, and weaker
    sections of society are identified by Jammu and Kashmir State Rehabilitation
    Council as beneficiaries under the programme in the state.

Union Government
launched Phase-I of River Information System
  • Union Government on 6 January 2016 launched the Phase-I of
    the River Information System (RIS) of India in New Delhi. It was inaugurated by
    Nitin Gadkari, the Union Minister of Shipping, Road Transport and Highways.
  • The Phase-I of the RIS, which is first of its kind in India,
    was launched on the Sagar- Farakka stretch of National Waterway-1 on River
    Ganges to facilitate safe and accurate navigation.
  • It will be implemented under the overall responsibility of
    Inland Waterway Authority of India, a statutory body administered by the
    Ministry of Shipping.
  • In Phase-I, the vessels will be monitored by installing 7
    remote (base station site) at the Haldia, Garden Reach (GR) Jetty, Tribeni,
    Swaroopganj, Kumarpur, Ballia and Farakka at a cost of 26.23 crores rupees.

Awards
& Honors –
Priyanka Chopra
became First South-Asian Actress To Win People’s Choice Awards

  • Bollywood star Priyanka Chopra has bagged the favourite
    actress in new TV series honour at the 2016 People Choice Awards for her
    performance of an FBI recruit on American show “Quantico”.
  • Priyanka becomes the first Indian actor to register a win at
    the People Choice Awards. She beat popular Hollywood and TV actresses like Emma
    Roberts, Jamie Lee Curtis, Lea Michele and Marcia Gay Harden to bag the award.
  • The 33-year-old actress took to Twitter to thank her fans,
    who voted for her.
  • “Quantico” marks the actress’ first Hollywood
    project. She has received a lot of praise for her portrayal of Alex Parrish,
    suspected of committing a terrorist attack, in the thriller series.

Univ of Hyderabad
professor Rekha Pande named ‘peace ambassador’ by the International Women’s

Peace Group, Korea

  • Rekha Pande of the University of Hyderabad has been
    nominated as the ‘Peace ambassador’ for the South Asia region by the
    International Women’s Peace Group, Korea.
  • The professor of history has won the recognition for her
    work on gender issues and religion. The Peace Group works with leading women’s
    groups for the cessation of war and world peace, a press release from the
    University said.
  • The mission of the organisation is that, “as mothers, to
    protect our children from all forms of war and to terminate global conflicts”.
    It cooperates with women in both national and international communities to
    establish a world of peace without war.
  • The group believes that all women of the world become one
    without any social hierarchy. When 3.6 billion women of the world unite as one,
    a world without war and of peace will come true where our children can live
    safe and sound.

Appointments
Achyuta Samanta
elected as General President of 105th Indian Science Congress

  • Dr Achyuta Samanta was on 6 January 2016 elected as the
    General President of the 105th Indian Science Congress Association (ISCA) that
    is scheduled for 2017-18.
  • Samanta is also currently serving as member of Executive
    Council of Indian Science Congress Association (ISCA).
  • With this, Samanta becomes the second person from Odisha to
    be elected as President of the ISC in its 102 years history. On last occasion,
    Prof Prana Krushna Parija, eminent Odia scientist, was elected as President of
    the 47th Session of the ISCA in 1960.

Vedanta appointed
Samir Cairae as India metals business CEO
  • Vedanta Limited on 6 January 2016 appointed Samir Cairae as
    Chief Executive Officer (CEO) of Diversified Metals (India).
  • Cairae will report to Tom Albanese, CEO, Vedanta Resources
    Plc. Cairae will also become a member of Vedanta Executive Committee team.
  • The heads of Vedanta’s aluminium, copper, power and iron ore
    units will report to Cairae.

A B Khare named CMD
of Madras Fertilzers

  • The Centre has appointed A B Khare as the Chairman and
    Managing Director of the state-run Madras Fertilzers for a five-year term.
  • In August last year, the government headhunter Public
    Enterprise Selection Board (PESB) had recommended the name of Khare for the
    post of CMD at Madras Fertilizers Ltd (MFL).
  • Khare will succeed I Vijay Kumar. His name was finalised
    after interviewing 7 shortlisted candidates.
  • Khare was previously working with state-owned fertiliser firm
    Rashtriya Chemicals and Fertilizers as Chief General Manager (Commercial).

Sports
Apurvi Chandela broke
world record to win gold at Swedish Cup Grand Prix
  • Indian shooter Apurvi Chandela broke the world record on 5
    January 2016 to grab a gold medal in the women’s 10 metre air rifle event at
    the Swedish Cup Grand Prix.
  • Chandela shot 211.2 in the event held at Savsjo Shooting
    Centre to outshine the feat of Chinese Olympic gold medallist Yi Siling, who
    held the record with 211.
  • On the other hand, Swedish shooters Astrid Steffensen and
    Stine Nielsen won the silver and bronze, respectively.

Obituaries
Jammu and Kashmir
Chief Minister Mufti Mohammad Sayeed died

  • Jammu and Kashmir Chief Minister Mufti Mohammad Sayeed
    passed away on 7 January 2016 at the AIIMS hospital in New Delhi. He was 79.
  • Sayeed who founded the Jammu and Kashmir Peoples Democratic
    Party (PDP) had been admitted to AIIMS in Delhi with complaints of severe fever
    and neck pain.

Noted Gujarati writer
Labshankar Thakar passed away
  • Noted Gujarati writer and poet Labhshankar Thakar passed
    away on 6 January 2016 following prolonged illness in Ahmedabad. He was 80.
  • He was a modernist author of Gujarati literature with
    influence of existentialism challenging traditional literature styles.



Regards

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