Current Affairs 11th June 2016 - Banking, SSC, UPSC Affairs

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M.S. Krishna Bhat, former Chairman of Karnataka Bank (1995-2000), who is credited with consolidating the position of the Bank, passed away on 11 June 2016. Mr. Bhat joined Karnataka Bank in 1970. He was promoted as General Manager in 1989 and became the Chief General Manager in 1994. He took over as Chairman on July 12, 1995 for a period of two years, which was extended for another three years up to July, 2000. Its capital expansion programme, in October 1995, by way of public issue of shares at a premium, received overwhelming response from investors even in the midst of adverse market conditions. He was known for straight-forwardness, foresight, and quick decision-taking capacity. The total business also more than tripled, registering a growth rate much higher than the industry growth rate. The Bank also secured the highest P1+ rating for its Certificate of Deposits from CRISIL, and it also ventured into the leasing and hire purchase business. Computerisation of banking operations was initiated during his tenure.

Telangana government has ordered setting up of a 'Pharma City' on 12,500 acres of land in Rangareddy and Mahbubnagar districts of the state.  Telangana State Industrial Infrastructure Corporation (TSIIC) shall send detailed project proposal (DPR) to the government on modalities for implementation and execution of project and also carry out all aspects related to the development of this park in a transparent manner duly following all relevant rules. As Telangana has traditionally been the bulk drugs capital of the country with almost 1/3 of the total production in value terms, state government intends to keep not only the leader status in the sector but also facilitate setting up of the most modern facilities along with all necessary where withal in an integrated manner. The government has accordingly decided to set up a state-of-the-art pharmaceutical city, a one stop shop for pharmaceuticals manufacturing companies, biotech and life sciences companies along with all related activities. The proposed park will have components and other related activities with regard to antibiotics, fermentation products, synthetic drugs, large volume chemical synthesis, intermediaries, vitamins, vaccines, drug formulations, nutraceuticals, herbal medicinal products, specialty chemicals, cosmetics among others.  The actual location and exact extent of land will be firmed up based on the availability of government land and private land.

The Union Urban Development Ministry sanctioned Rs. 37.5 crore for development of Machilipatnam town under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme. That funds under the scheme should be used for development of amusement parks and beautification of the town, apart from development of cemeteries. At least Rs. 18 crore will be spared for completion of the pending drainage project that will help maintain better sanitary conditions in the historical town. Two pump houses will be constructed to treat storm water and avoid water logging and inundation of low-lying areas. Work on beautification of dividers on the main road between Laxmi theatre and Koneru centre has commenced. The central lighting system will soon be provided on the road. Atal Mission for Rejuvenation and Urban Transformation (AMRUT) : The scheme was launched by Prime Minister Narendra Modi in June 2015 with the focus of the urban renewal projects is to establish infrastructure that could ensure adequate robust sewerage networks and water supply for urban transformation. Rajasthan was the first state in the country to submit State Annual Action Plan under Atal Mission for Rejuvenation and Urban Transformation (AMRUT). The scheme Housing for All by 2022 and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) were launched on the same day. The scheme is dependent with public private partnership model(PPP) model. If required, various other schemes like Swachh Bharat Mission, Housing for All 2022, along with the local state schemes like that related to water supply and sewerage and other infrastructure related schemes can be linked to AMRUT.

The Airports Authority of India (AAI) has been conferred the National Award for Best Performing Central PSU for Roof Top Solar Power initiatives at a glittering function at Vigyan Bhawan by Minister of State for Power, Coal and Renewable Energy, Piyush Goyal. As part of Clean Climate commitments, AAI's efforts towards Solar Roof Top Projects which was initiated way back in 2010 with visionary approach towards "Invest in the Sun" Solar Revolution and commitment to sustainability have reduced carbon emission considerably, thereby, contributing for Green Energy initiative. AAI has been successful in complying with the commitment made for Solar Roof Top by installing 4.8 MWp roof top solar plants at 13 airports and further work for 4.9 MWp at 14 airports is likely to be completed by December, 2016. The solar energy generation so far is 51 Lakhs units (Approx.) from the completed solar power plants at various airports.

BJP MLA from Nepanagar, Rajendra Dadu, was killed in an accident on Indore-Bhopal road between Ashta and Sehore towns. Three others were injured.  The BJP legislator was coming to Bhopal to attend a party meeting at the Chief Minister Shivraj Singh Chouhan's residence ahead of the June 11 Rajya Sabha election.  His car overturned and he died on the spot, a police officer. Sehore collector and the superintendent of police reached the spot after getting information about the incident.  Dadu had won from Nepanagar (ST) seat for a second time.  State BJP president Nandkumar Singh Chouhan reached Sehore hospital soon after getting information about the mishap. 

The International Paralympic Committee (IPC) with its headquarters in Germany has recognised the Paralympic Committee of India (PCI) led by Rao Inderjit Singh as the president. The Union Minister of State for Planning and Defence, Rao Inderjit Singh, along with vice president Gursharan Singh had visited the IPC Headquarters in Bonn on May 27, to ensure the ratification of the PCI election that was held in October 2015. 

Legendary Canadian ice hockey player Gordie Howe passed away at Toledo, US. He was 88. He was nicknamed Mr Hockey and had spent most of his career with the Detroit Red Wings, winning the Stanley Cup four times. Gordie Howe  : Born on March 31, 1928 in Floral, Canada. He made his ice hockey debut in 1946. Since then he had played 26 NHL (National Hockey Leagues) and 6 World Hockey Association seasons and held many of the scoring records. He was in the top 10 of scorers for 21 consecutive years and was named most valuable player six times before finally retiring in 1980.  How was also named an NHL All Star 23 times and was inducted into the hockey Hall of Fame in 1972. He had retired in 1971 but had made a comeback with the Hartford Whalers in 1979-80 before finally quitting at the age of 52, making him the only ice hockey player whose career spanned five decades.

India, Japan and United States (US) navies have kicked off 2016 MALABAR trilateral naval Exercise near South China Sea. This year it is the 20th edition of the naval exercise in which over 100 aircraft and 22 naval ships including a nuclear submarine are participating. The 20th edition of the naval exercise will be conducted for 8 days. It includes harbour phase exercises at Sasebo, Japan and the sea phase exercises in the Pacific Ocean.  Aim of exercise : Increase interoperability amongst the three navies and develop common understanding of procedures for Maritime Security Operations. Scope of 2016 MALABAR: It includes professional interactions in harbour and sea phases, including complex sub-surface, surface and air operations. Participation: The joint fleet of 3 navies will include aircraft carriers, warships and fast attack submarines.  India’s Participation : Four ships of Indian Navy from the Eastern Fleet are participating in the naval exercise in consonance with country’s ‘Act East Policy’. They are Missile stealth frigates INS Sahyadri and INS Satpura, modern fleet tanker and support ship INS Shakti, missile corvette INS Kirch These ships have embarked one Sea King 42B ASW helicopter and 2 Chetak utility helicopters.  US Participation : US Navy will be represented by ships from CTF 70 of the USN 7th fleet based at Yokosuka, Japan. The CTF includes aircraft carrier USS John C Stennis (CVN 74), Arleigh Burke class destroyers USS Stockdale and USS Chung Hoon and Ticonderoga class Cruiser USS Mobile Bay. All these ships will be embarked helicopters. In addition, 1 nuclear powered submarine, Long Range Maritime Patrol aircraft and carrier wing aircraft are also participating in the exercise.  Japan’s Participation : Japanese navy will be represented by a helicopter carrier JS Hyuga with SH 60 K integral helicopters. Long Range Maritime Patrol aircraft are also participating besides other advanced warships for specific parts of the exercise. Since 1992, Indian and US navies have regularly conducted the annual bilateral exercise. Since 2007, Malabar has been held alternatively off India and in the Western Pacific. In 2015, it was conducted off Chennai coast in Bay of Bengal and included participation of Japan making it trilateral naval exercise. 2016 MALABAR naval exercise is seen as significant step in strengthening mutual confidence and inter-operability as well as sharing of best practices between the Indian, Japanese and US Navies. The exercise will support maritime security in the Indo-Pacific region and benefit the global maritime community. In recent times, the exercise assumes significance as it is being conducted close to South China Sea when Chinese assertiveness in this region is a raging issue. The exercise also aims to achieve deeper military ties and greater interoperability amid rising tensions in the region.

Scientists working in Iceland found a technique to capture and store the greenhouse gas carbon dioxide (CO2) in deep underground by turning it into rock. The research was published in the journal Science on 10 June 2016. The technique will provide a safer, faster way to sequester CO2 and limit global warming. And it was identified it as a potentially significant way to combat climate change. This method of the speedy carbonation could be a viable way to store CO2 underground permanently and without risk of leakage. Scientists from Columbia University's Lamont-Doherty Earth Observatory and other institutions tested the technique as part of a pilot program called the CarbFix project. It was launched in 2012 at the Hellisheidi power plant in Iceland. The Scientists injected 220 tons of CO2 into layers of basalt between 
400 and 800 meters below the surface. They also added extra water to react with the gas to form a key driver of mineral reactions, carbonic acid.It triggered a reaction that rapidly forms new carbonate minerals, potentially locking up the gas forever. Within two years, 95 percent of the carbon injected into the basalt below the plant had solidified into stone. But the project, dubbed CarbFix, offers a ray of hope to fight the climate change by capturing and storing CO2 from power plants. The process requires a significant amount of water 25 tons for every ton of CO2 which will become a hurdle in some parts of the world. The technique has to clear such high hurdles to become commercially viable.  

India Post on 10 June 2016 launched a logo and tagline design contest for the soon to be set up India Post Payments Bank (IPPB) on the MyGov website.Union Cabinet gave its approval 1 June 2016 to set up the IPPB under the Department of Posts to further financial inclusion in India. India Post wants to involve the people of India in designing the DNA of the India Post Payments Bank. So, it is conducting a contest for the design.It has also initiated a nationwide survey to understand the needs of different segments of customers.  India Post Payments Bank (IPPB) :  IPPB will offer digitally enabled payments, banking and remittance services of all kinds between entities and individuals. It also provides access to insurance, mutual funds, pension and credit products in partnership with third party financial service providers and Banks.Cocreating value propositions and products with its customers and other stakeholders is one of the guiding principles of IPPB.  It is poised to emerge as the main vehicle of financial inclusion in the country by bringing the physical reach of 1.55 lakh post offices. It will be a modern payments platform powered by ubiquitous information and communication technologies together to create a national payments architecture that can be accessed by all users like never before.The roll out of the IPPB is to be completed by September 2017. The contest is open to all Indian citizens, institutions, agencies and entities for a period of one month, until 9 July 2016. The best entry will be awarded 50000 rupees. A panel of eminent designers/ experts will help shortlist 20 best entries which will thereafter be put up for voting on the MyGov platform for the final selection of the winner.  

Union Railways Ministry has flagged off Champaran Satyagrah Express train at a function in Motihari, Bihar. The train was flagged off by Union Railway Minister Suresh Prabhu. This train will run between Bapudham, Motihari to Anand Vihar, Delhi. Champaran Satyagrah Express train has been introduced to mark 100 years of the historic Champaran Satyagraha (movement) launched by Mahatma Gandhi in 1917.  It is weekly train which will have load combination of 15 coaches, including one third AC, six sleeper and six general coaches and two brake vans. Besides, the Union Minister also inaugurated Banmankhi Purnea rail section and Pipraha Railway Station. He also inaugurated road over bridges at Motihar, Begusarai and Danapur through video conferencing. The Champaran Satyagraha of 1917 was Mahatma Gandhi’s first Satyagraha in India. It was launched against the oppressive policies European indigo planters that led to exploitation of tens of thousands of landless serfs, indentured labourers and poor farmers in Champaran and neighbouring areas. Champaran and Kheda Satyagraha were the events which later put Gandhi on the front seat of Indian National Revolution and made Satyagraha a powerful tool.

The Union Information and Broadcasting ministry has framed a New Print Media Advertisement Policy for Directorate of Advertising and Visual Publicity (DAVP). The objective of the policy is to promote transparency and accountability in issuing of advertisements in print media. It focuses on streamlining release of Government advertisements and to also promote equity and fairness among various categories of newspapers and periodicals. For the first time it has introduced a New Marking System for newspapers to incentivize Newspapers. The system is based on 6 objective criteria with different marks each of them.  The newspapers will be able get benefit from new system who have better professional standing and get their circulation verified Audit Bureau of Circulations (ABC) or Registrar of Newspapers for India (RNI). DAVP will release advertisements to newspapers based on marks obtained by each newspaper. This will also ensure transparency and accountability in the release of advertisements by DAVP.  For payment and adjustment of Bills, it mandates that DAVP will release payment of advertisement bills in the name of newspaper or company account directly through ECS or NEFT. The policy has classified newspaper and journals into three categories namely   Small : publishing upto 25,000 copies per day, Medium : between 25,001 and 75,000 copies  Big : 75,000 copies or more. DAVP : It is the nodal agency of the Union Government for advertising on behalf of various Ministries and Departments which are funded by the government.

National Research Development Corporation (NRDC) has inked a Memorandum of Agreement (MoA) with the AP Food Processing Society of Andhra Pradesh Government to establish Smart Agribusiness Platform Networks of Andhra Pradesh (SAPNAP on 9 June 2016 . These networks will strengthen the agribusiness and food processing sector by focusing on creation of enabling ecosystem for accelerated growth of agribusiness by involving all the stakeholders. Smart Agribusiness Platform Networks of Andhra Pradesh (SAPNAP) : It is an initiative to increase food production and food processing units under AP Food Processing Policy 2015-20.It will have two key development platforms, they are: Smart Agribusiness Value-chains : These chains focus on intelligence, analytics, big data, innovations and partnerships.Farm-to-Fork value chains will be mapped and developed for existing and potential crops,commodities and products Smart Agribusiness Incubators and Accelerators : These focuses on establishing 13 district level incubators which will enable infrastructure and ecosystem for start ups, enterprise development and FPO mentoring.They will have Office or lab spaces, trial fields, common facilities, pilot equipment and start up ecosystem to help new enterprises take off. National Research Development Corporation (NRDC) : It is an enterprise of the department of Scientific & Industrial Research under Union Ministry of Science and Technology.It shall be the knowledge partner in the programme and would provide the required technologies, know-how, IPRs and other value added techno-commercial services to the start-ups of SAPNAP and linkages to the stakeholders of national and international level.  

Forbes has  released the list of 2016 World's 100 Highest-Paid Athletes on 8 June 2015. The list has been topped by soccer icon Cristiano Ronaldo with earnings of 88 million US dollars. The 100 top-earning athletes hail from 23 countries and compete in ten sports with Americans (65) and baseball players (26) are being the most numerous among all sports. Over the last 12 months, they banked a cumulative 3.15 billion US diollars out of which 29 percent of which came from endorsements and appearances. Highlights of the list : Ronaldo is only the second team athlete after Michael Jordan to rank as the top-paid since Forbes began tracking athlete earnings in 1990.Other soccer superstar Lionel Messi ranks No. 2 with earnings of 81.4 million US dollars. He earned bonuses from Barcelona and chief sponsor Adidas when he racked up his fifth FIFA player of the year award in January 2016. The NBA’s LeBron James ranks third with total earnings of $77.2 million and leads 18 basketball players on the list Roger Federer is the top-earning athlete in an individual sport with 67.8 million US dollars, ranks fourth followed by Basket ball player Kevin Durant with 56.2 million US dollars. Novak Djokovic lands in the top 10 for the first time at No. 6 with 55.8 million US dollars over the past 12 months. The two athletes Golfer Tiger Woods and boxer Floyd Mayweather who have dominated the top of Forbes’ annual look at the highest-earners in sports over the past decade and a half have dropped their ranks to No.12 and No. 16 respectively.Earlier to 2016 list, Tiger Woods landed the No. 1 spot for 12 times, while Floyd Mayweather was ranked among the first three places for the past four years. Serena Williams (No. 40) and Maria Sharapova (No. 88) are the only two women to make the cut in the list for the second straight year.  The earnings were calculated based on salaries, prize money and bonuses paid out between 1 June 2015, and 1 June 2016.Endorsement incomes are an estimate of sponsorships, appearance fees and licensing incomes for the same 12 month period based on conversations with dozens of industry insiders.Taxes or agents’ fees are not deducted and investment income in not included.The list only includes athletes active during the given period.  

The 65th edition of the BP Statistical Review of World Energy that sets out energy data for 2015 was released on 8 June 2016. The review provides high-quality objective and globally consistent data on world energy markets, while the energy outlook makes projections to 2035. Its first edition was released in 1952 It revealed that in 2015 there were significant long-term trends in both the global demand and supply of energy.  As the Growth in global primary energy consumption remained low in 2015 and the fuel mix of energy sources shifted towards lower-carbon fuels. Highlights of the BP Statistical Review : Global primary energy consumption increased by just 1 percent in 2015, similar to the below-average growth recorded in 2014 (+1.1 percent) and well below its 10-year average of 1.9 percent.Oil remained the world’s leading fuel which was accounting for 32.9 percent of global energy consumption. It gained market share for the first time since 1999. Although merging economies continued to dominate the growth in global energy consumption, growth in those countries (+1.6 percent) was well below its 10-year average of 3.8 percent. Global oil consumption grew by 1.9 million barrels per day (b/d), or 1.9 percent which was nearly double the recent historical average (+1 percent) and significantly stronger than the increase of 1.1 million b/d seen in 2014. Natural gas market share of primary energy consumption was 23.8percent. Global crude runs rose by 1.8 million b/d (+2.3 percent) which was more than triple their 10-year average growth, although there were declines in South & Central America, Africa and Russia.  World natural gas consumption grew by 1.7 percent in 2015 which was a significant increase from the very weak growth (+0.6 percent) that was seen in 2014 but still below the 10-year average of 2.3 percent. Global nuclear output grew by 1.3 percent with China (+28.9 percent) accounting for virtually all of the increase. China has passed South Korea to become the fourth-largest supplier of nuclear power.Renewable energy sources in power generation continued to increase in 2015 that reached 2.8 percent of global energy consumption, up from 0.8 percent a decade ago. BP :  BP is one of the world's leading integrated oil and gas companies. It provides fuel for transportation, energy for heat and light, lubricants to keep engines moving for its customers. It also provides the petrochemicals products used to make everyday items as diverse as paints, clothes and packaging.  Its projects and operations help to generate employment, investment and tax revenues in countries and communities across the world. It aims to create value across the hydrocarbon value chain, which starts with exploration and ends with the supply of energy and other products fundamental to everyday life.  

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