Current Affairs 30th August 2016 - Banking, SSC, UPSC Affairs

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India and Myanmar has signed four Memorandum of Understanding (MoU) to enhance cooperation and bilateral relations between the two countries on 28 August 2016. The pacts were inked after delegation level talks between Prime Minister Narendra Modi and visiting President of Myanmar U Htin Kyaw in New Delhi. President Kyaw was on a four day visit to India from 27 August to 30 August 2016. The four agreements are : MoU on cooperation in the construction of 69 Bridges including AP Aproach Roads in the Tamu-Kyigone-Kalewa Road Section of the Trilateral Highway in Myanmar. MoU on cooperation in the construction / upgradation of the Kalewa – Yagyi Road Section. MoU on cooperation in the Field of Renewable Energy. MoU on cooperation in the field of Traditional Systems of Medicine. India–Myanmar relationship : Bilateral relations between Myanmar (Burma) and India have improved considerably since 1993, overcoming tensions related to drug trafficking, the suppression of democracy and the rule of the military junta in Burma. Myanmar that is located south of Mizoram, Manipur, Nagaland and Arunachal Pradesh in Northeast India acts as a bridge that connects India with South East Asia. The Indo- Myanmar border stretches over 1600 kilometers.

National Sports Day was observed across India on 29 August 2016. The day is celebrated to mark the birth anniversary of the legendary hockey player Dhyan Chand who was born on 29 August 1905. On this occasion, President Pranab Mukherjee conferred National Sports and adventure awards on sports person at the Rashtrapati Bhawan, New Delhi. Winners of 2016 National Sports Awards are Rajiv Gandhi Khel Ratna : The award is given for the spectacular and most outstanding performance in the field of sports by a sportsperson over a period of four years. It was conferred on four sports person and they are PV Sindhu (Badminton), Dipa Karmakar (Gymnastics), Jitu Rai (Shooting) and Sakshi Malik (Wrestling). Dronacharya Awards : The award is conferred on coaches for producing medal winners at prestigious international sports events. It was conferred on six sports coaches and they are Nagapuri Ramesh (Athletics), Sagar Mal Dhayal (Boxing), Raj Kumar Sharma (Cricket), Bishweshwar Nandi (Gymnastics), S Pradeep Kumar (Swimming (Lifetime)) and Mahabir Singh (Wrestling (Lifetime)). Arjuna Awards : The award is given for consistently outstanding performance for four years. It was conferred on 15 sports from different discipline of sports and they are Rajat Chauhan (Archery), Lalita Babar (Athletics), Sourav Kothari (Billiards & Snooker), Shiva Thapa (Boxing), Ajinkya Rahane (Cricket), Subrata Paul (Football), Rani (Hockey), Raghunath VR (Hockey), Gurpreet Singh (Shooting), Apurvi Chandela (Shooting), Soumyajit Ghosh (Table Tennis), Vinesh (Wrestling), Amit Kumar (Wrestling), Sandeep Singh Mann (Para-Athletics) and Virender Singh (Wrestling (Deaf)). Dhyan Chand Award 2015 : The award is conferred for life time contribution to sports development. It was conferred on three sports person and they are Athlete Satti Geetha, hockey player Sylvanus Dung Dung and Rower Rajendra Pralhad Shelke. Rashtriya Khel Protsahana Purushkar : The award is given to the corporate entities (both in private and public sector) and individuals who have played a visible role in the area of sports promotion and development. The award was conferred on seven organisations they were Reserve Bank of India for employment to sportspersons and other welfare measures India Infrastructure Finance Corporate Limited for encouragement to sports through corporate social responsibilitySubroto Mukherjee Sports Education Society for sports development Hockey Citizen Group, Dadar Parsee Zorostrian cricket club, Usha School of Athletics and STAIRS were awarded for identification and nurturing of budding and young talent. Maulana Abul Kalam Azad (MAKA) Trophy : The trophy is given to the overall top performing university in inter-university tournaments. It was conferred on Punjabi University, Patiala. Major Dhyan Chand – The Hockey Wizard : Major Dhyan Chand was India’s greatest hockey player. He has scored over 1000 goals between 1926 and 1948. He helped India win 3 Olympic Gold medals including the first in 1928 (Amsterdum Olympic games) and then in 1932 (Los Angeles Olympic games) and 1936 (Berlin Olympic games). He became synonymous with hockey. He became the parameter of hockey by which other player’s caliber is measured. It is surprising to know that Dhyan Chand, who came to be known as Hockey Magician, started playing hockey only after joining the Army at the age of 16.

India captain Mahendra Singh Dhoni today (August 27) set a world record when he led the team against West Indies in the 1st Twenty20 International . The 35-year-old Dhoni, who already owns several records in international cricket, added one more to his glittering career, at the Central Broward Regional Park Stadium Turf Ground, Lauderhill (Florida). He captained India in a record 325th game (most by a player in history), across all three formats, to break Australian skipper Ricky Ponting's mark.  Dhoni was leading India in 71st T20I. And he has already captained the side in 60 Tests and 194 One Day Internationals. Dhoni was appointed India skipper in 2007. It was a historic moment as India played for the first time in USA and Dhoni celebrated with another huge achievement. Also saw the new partnership of Dhoni and coach Anil Kumble. In June this year, Dhoni had matched Ponting's record when he led India against Zimbabwe in the 3rd and final T20I in Harare. Dhoni, who has retired from Tests, continues to play limited overs cricket. He is the only captain in history to have won all 3 ICC trophies (World T20 2007, World Cup 2011 and Champions Trophy 2013).

Jammu and Kashmir Chief Minister Mehbooba Mufti has launched the central government's UJALA scheme in the state with the distribution of LED bulbs among people. The National LED programme was launched by Prime Minister Narendra Modi in January 2015. Under this scheme consumer can buy five LED bulbs at the rate of Rs 20 each by showing monthly electricity bills or ID cards.In case of purchase of more than five bulbs, consumers need to pay Rs 95 per bulb. Government acknowledges the great savings that the scheme shall bring to the electricity bills of the consumers and has made sincere efforts to ensure that the people of Jammu and Kashmir have access to this national scheme. Highlighting the importance of energy conservation through the spread of LED bulbs, Mufti said it was much more economical to conserve power, than to produce power. As one LED bulb consumes one tenth of the energy consumed by a normal yellow bulb, we shall be saving enormous amount of energy if we are able to replace the 80 lakh inefficient bulbs in our state with LED bulbs. The scheme will be implemented in the state by Jammu and Kashmir Power Development Department in collaboration with Energy Efficiency Services Limited (EESL).

China has set up a state-owned aircraft engine maker with registered capital of 50 billion yuan ($7.50 billion), state television, in the latest bid to develop home-grown, high-tech capacities to compete ininternational markets. The government has been overhauling its state-owned sector to push Chinese products and services up the value chain. Under that drive, it has prioritised aircraft engines, high-speed rail and nuclear power as areas it wants China to excel in. China's Cabinet, Beijing municipal government, the Aviation Industry Corp of China (AVIC) and Commercial Aircraft Corp of China are investors of the new company. The new company, called China Aero-Engine Group and with 96,000 employees, will focus on designing, manufacturing and testing of aircraft engines. In March, state-owned AVIC said it was finalising a 129 billion yuan merger of its aircraft engine businesses, in a move to create a giant that could eventually compete with the likes of United Technologies Corp's aircraft engine maker Pratt & Whitney.

Doha Bank, one of the prominent banks in Qatar, is formally inaugurating its first branch in Kerala on August 27.  The branch offers all banking products to corporate and retail customers. It will be formally inaugurated by the State Chief Minister Pinarayi Vijayan. The Bank has its other two branches in Mumbai. Doha Bank is one of the largest commercial banks in the State of Qatar. It was incorporated in 1978 and commenced its domestic and international banking services in Doha, Qatar on March 15, 1979. As one of Qatar’s leading financial services company, Doha Bank is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people.

Indian multi-national conglomerate Larsen & Toubro’s group named S N Subrahmanyan as the Managing director (MD) and chief executive officer (CEO) of India’s largest infrastructure engineering company from October first. The appointment of Subrahmanyan had then come with the then chief executive and managing director KV Venkataramanan retiring.  The appointment announcement of Subrahmanyan had then come in the 71st annual general meeting of the company. Subrahmanyan is a management graduate also holds Civil Engineering in his curriculum besides being the youngest member on L&T’s board has several achievements to his credit.

Amit Chandra, Managing Director, Bain Capital has been appointed as a Non-Executive Director of Tata Sons with effect from August 26th, 2016.  Amit Chandra joined Bain Capital as Managing Director in early 2008 and is part of the firm's leadership team in Asia. He received his undergraduate degree in Electrical Engineering from VJTI, Bombay University, following which he worked at Larsen and Toubro (L&T).  Mr. Chandra received his MBA from Boston College, and was awarded the School's Distinguished Alumni in 2007. Prior to joining Bain Capital,Chandra spent most of his professional career at DSP Merrill Lynch and retired as its Board Member and Managing Director in 2007.  He serves as a Trustee on several Tata Trusts and is a Member of the Board of Directors of Genpact, L&T Finance, Tata Investment Corporation, Emcure Pharmaceuticals, Akanksha Foundation and GiveIndia. He is also Founder & Board Member of Ashoka University. Earlier this year, he was named in the Forbes "Asia's Heroes of Philanthropy . With Amit Chandra's appointment, the Tata Sons Board now has 9 Directors, including Venu Srinivasan and Ajay Piramal who were appointed Non-Executive Directors on August 25th, 2016. The other Tata Sons Board Members include Cyrus P. Mistry (Chairman), Ishaat Hussain,. Vijay Singh ,Nitin Nohria, Ronen Sen and Farida Khambhata.  Given the rich legacy of the Tata Group, in service of the nation, it's indeed a privilege to represent the Tata Trusts and serve on the board of Tata Sons .

Murugappa Group firm Carborundum Universal (CUMI) inaugurated its Research and Development centre at its industrial ceramics division in Hosur, Tamil Nadu. The company did not disclose investment details. The centre was inaugurated by M M Murugappan, Chairman of CUMI and Vice Chairman of Murugappa Group, along with others. The new R&D Centre would further strengthen the platform of competency for sustainable growth & market leadership of wear-resistant & technical ceramic products in selected segments. This facility has advanced equipment for material characterisation, micro-structural analysis, finished component analysis and other critical areas, supplementing the existing R&D activity of the unit. The centre is certified by the Department of Scientific and Industrial Research (DSIR) and will be a Centre of Excellence for research in technical ceramics for industrial & advanced applications. It will serve to address CUMI's aspirations to grow in wear-resistant and technical ceramics, including metallised ceramic range of products. The company is looking forward to increased activity in the areas of mining, cement, steel, colliery, paper, agro and dredging for the wear-resistant ceramic vertical. It is also eyeing space, defence, automobile and power distribution segments for the technical ceramic vertical.

 Abhijit Bhaduri, chief learning officer of Wipro  has resigned. According to sources Bhaduri , will start his own executive coaching company. Bhaduri is the man behind many of Wipro's initiatives like global 100 program - where the next generation of Wipro pipeline was created, new age unconventional training methods like taking the top brass of Bengaluru-based IT firm to Jaipur Lit Fest. He has been with Wipro for 7 years.  Bhaduri has worked with Wipro since 2009 and prior to that worked with Microsoft as their HR director. Bhaduri has also worked with Pepsico, Colgate  and Mudra Communication. He brought to Wipro global coaches like Ram Charan, innovation guru Bill Fisher. Bhaduri also was instrumental in the IT firm's tie up with Wharton school for grooming leadership talent at Wipro.

Maharashtra Legislative Assembly has ratified the Goods and Services Tax (GST) Constitutional Amendment Bill passed by the parliament. The proposal was passed unanimously by the Lower House, making Maharashtra the ninth state to ratify the GST bill, billed as the biggest tax reform since Independence. The Finance Minister Sudhir Mungantiwar tabled a resolution in the Assembly to ratify the bill. GST is a tax levied when a consumer buys a good or service. It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, excise duty etc. This is how it is done in most developed countries. It will be a comprehensive nationwide indirect tax on the manufacture, sale, and consumption of goods and services. The aim is to have one indirect tax for the whole nation, which will make India a unified common market.  

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