Current Affairs 8th November 2016 - Banking, SSC, UPSC Affairs

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World first hydrogen-powered and zero-emission passenger train named as Coradia iLint was unveiled in Germany. The first of its kind ecofriendly train has been developed by French rail company Alstom. The Coradia iLint only emits excess steam and condensed water into the atmosphere. Coradia iLint is powered by a hydrogen fuel tank fitted on its roof. The fuel cell is supplied with hydrogen and oxygen from the air. The fuel cell converts hydrogen and oxygen into electric power. Excess electric is stored with onboard lithium batteries.  The train is totally carbon-neutral and carbon-free which makes it a much more sustainable alternative conventional diesel trains. Besides, the claims speeds of up to 87 miles per hour and has a hydrogen storage capacity for a 497-mile range. The testing of the hydrogen-powered train will be carried out by the end of 2016 in Germany. If the results prove successful, the trains will service the Buxtehude-Bremervörde-Bremerhaven-Cuxhaven line in Lower Saxony, Germany by December 2017.

The Uttarakhand High Court has banned near glaciers in Uttarakhand and directed the state government to preserve the rapidly melting glaciers, a source of major rivers. The High Court issued an order, taking notice of the degradation in the Himalayan ecology and environment based on a Public Interest Litigation (PIL) petition filed on encroachment and illegal construction around various water bodies including the Nainital lake. The Himalayan state of Uttarakhand alone has 968 glaciers spread across an area of 2,857 sq km. These glaciers are a source of major rivers including the Ganga and the Yamuna. In recent times these glaciers are facing severe problem of rapid reduction in snow cover due to climate change and the melting of ice. No new permanent constructions must come up within a 25 kilometre radius from the edges of all the glaciers across the state. Restriction on burning of fossil fuels within a 10 kilometre radius of the edges of glaciers. Complete ban on the use of plastic, in all forms, within a 20 kilometre radius of glaciers State Government must provide the LPG and Kerosene Oil in abundance to the people living in these areas by involving Oil Companies to mitigate their hardships.  The entry of persons visiting the glaciers must be regulated and Chief Secretary of state must be the authority to issue “limited passes” for these visiting persons.  The State government can also impose a cess in the form of “Glacier Tax” on persons visiting places in the vicinity of the glaciers. State administration must put up stations 20 kilometres from each glacier to ensure the enforcement of the Court directions. Army and paramilitary forces are permitted to set up infrastructures but they too must consider the environment of the area before undertaking constructions of any kind.

The 128th birth anniversary of Nobel laureate Bharat Ratna Sir CV Raman was observed on November 7, 2016. Various functions including debates have been organized in schools and colleges across India to commemorate the day. CV Raman  : Chandrasekhara Venkata Raman was born on November 7, 1888 at Thiruvanaikaval in Tiruchirapalli, Tamil Nadu. He died on 21 November 1970 (aged 82) in Bangalore. He had discovered Raman Effect, a scientific phenomenon of scattering of light which makes the sea and clear sky look blue. He had discovered that when light traverses a transparent material, some of the deflected light changes in wavelength.  His discovery of Raman Effect had earned him the 1930 Nobel Prize for Physics. In 1954, he was honoured him with India’s highest civilian award Bharat Ratna. He was the first recipient of the Bharat Ratna along with politician C. Rajagopalachari, philosopher Sarvepalli Radhakrishnan. National Science Day is observed every year in India on February to mark the discovery of Raman Effect. Some part of light beam after passing through a transparent medium gets scattered. This phenomenon of scattering of light is termed as Raman Scattering and the cause of scattering is called the Raman Effect. The wavelength of these scattered rays is different from that of the incident rays of light.

The Union Ministry of Information and Broadcasting has put hold its order imposing a oneday  ban   on Hindi  channel  NDTV  India. Earlier, the ministry had imposed oneday ban (on November 9) on NDTV India over its live coverage of the Pathankot terror attack, violating Programme/Advertising Code. Opposition parties and media bodies have criticised arbitary punitive decision of the Union Government saying this was tantamount to an assault on media freedom. An Inter-ministerial Committee (IMC) had found that NDTV India channel had violated the provisions of the programme code, specifically, clause (rule) 6 (1) (p) of the code, in its live coverage of the Pathankot terrorist attack on 4 January 2016.  The live coverage by the channel may have given away sensitive information and could have helped the terrorists. The IMC comprised of joint secretaries Home, Defence, I&B, External Affairs, Law and Justice, Health and Family Welfare, Consumer Affairs, Women and Child Development and representative of the Advertising Standards Council of India (ASCI). Programme Code :  The Programme/Advertising Code of the Cable Television Network Rules, 1994 has been incorporated in the Cable Television Networks (Regulation) Act, 1995. The code gives the Union Government the power to block the transmission and re-transmission of any channel in the country. It is binding on all cable networks.  It has been taken from Content code governing All India Radio (AIR) which has been framed around restrictions to free speech under 19 (2) of the Constitution. For the violation of this code, 30 channels have been ordered to be banned for periods ranging from 1 day to 2 months between 2005 and November 2016. clause 6 (1) (p) of the Programme Code :  The clause 6(1)(p) was introduced by an amendment to The Cable Television Network Rules in 2014 by the Union Government and it came into force in March 2015. It prohibits live coverage of any anti-terrorist operation by security forces. In these cases, media coverage will be restricted to periodic briefing by an officer designated by the appropriate Government till such operation concludes.

Janet Reno, the first woman to serve as U.S. Attorney General, passed away on 7 November 2016 at Miami, Florida. She was 78. As the U.S. Attorney General, Reno played key roles in some of the most acrimonious events of the Bill Clinton administration.  Janet Reno : Janet Reno served as the Attorney General of the United States from 1993 until 2001. She was nominated by President Bill Clinton on 11 February 1993, and confirmed on 11 March 1993. She was the first woman to serve as Attorney General and the second-longest serving Attorney General in U.S. history, after William Wirt. She also ran for Governor of Florida in 2002. However, she lost in the Democratic primary to Bill McBride 44% to 44.4%.

The 39th Jamnalal Bajaj Foundation Awards for the year 2016 were conferred on 7 November 2016 in Mumbai, Maharashtra. Well-known Gandhian and President of Tunisia's Ennahdha Party, Sheikh Rached Ghannouchiwas among the four prominent personalities conferred with the prestigious award. Mohan Hirabai Hiralal, founder and convenor of Vrikshamitra : He was honoured for outstanding contribution in the field of Constructive Work. He worked for village empowerment in Menda Lekha in Gadchiroli, which became the first village in India to exercise community rights to harvest bamboo under the Forest Rights Act. BonBehari Vishnu Nimbkar, founder of Nimbkar Agricultural Research Institute : He was presented the award for application of science and technology for rural development.Dr. Nannapaneni Manga Devi, founder secretary of Sri Venkateswara Bala Kuteer and Chetana Charitable Trust : He was honoured with the award for development and welfare of women and children.  Jamnalal Bajaj Foundation Awards : Jamnalal Bajaj Award is an Indian award, for promoting Gandhian values, community service and social development. It was established in 1978 by the Jamnalal Bajaj Foundation of Bajaj Group. It is given annually in four categories: Constructive Work, Application of Science and Technology for Rural development, Outstanding contribution for the Development and Welfare of Women and Children, and International Award for promoting Gandhian values outside India.Each category carries a cash prize of 10 lakh rupees, a citation and a trophy.

Vinod Rai was has appointed as the Chairman of Fund Trustee and Advisory Commission of Kerala. He will be entrusted with the responsibility to ensure that the funds of the Kerala Infrastructure Investment Fund Board (KIIFB) are properly utilised and the interest of investors is protected.  Moreover, the board of the reconstituted KIIFB under Chairman Pinarayi Vijayan also decided to appoint Usha Thorat, former Deputy Governor of RBI and Prakash Bakshi, former Chairman of NABARD, as the other members of the FTAC. The FTAC will have a two-year term and the members cannot be removed either by the government or the KIIFB. They will be removed from the FTAC if they are convicted for misbehaviour and corruption.  Vinod Rai : Rai is a former Comptroller and Auditor General of India.  He is also a former IAS officer of the Kerala cadre. He had also served as the Principal Secretary, Finance, before going on deputation to the Union government.  Later, he was associated with Kerala as he was tasked by the Supreme Court to audit properties of Sree Padmanabhaswami Temple in Thiruvananthapuram.  

India and the United Kingdom released a Joint Statement on 7 November 2015 to strengthen their strategic partnership. The joint statement was released after meeting of Prime Minister Narendra Modi and UK Prime Minister Theresa May in Delhi. PM Theresa May was on a three-day visit to India from 6 November to 8 November 2016 at the invitation of the PM Modi. This was May’s first bilateral visit outside Europe after taking over as the Prime Minister of the UK. The meet highlighted the need for both the sides to work together in building a forward-looking global partnership to promote peace, security and prosperity of the two countries.  India-UK Trade : Both countries called for greater participation of their respective investment communities to stimulate Indian & UK economic growth. Both sides agreed to build the closest possible commercial and economic relationship when the UK leaves the European Union.The newly established Joint Working Group, reporting to JETCO, will help drive progress. Financing India’s infrastructure growth : The two nations agreed to speed up their partnership in financing investment in Indian infrastructure. Smart Cities and Urban Development. Energy and Climate Change :  Both the sides welcomed the decision to hold the first India-UK Energy Summit in early 2017 and the fourth phase of UK-India Civil Nuclear Research Programme that will explore new technologies that contribute to enhancing nuclear safety, waste management and future civil nuclear energy systems. Global Partnership : UK confirms to reform United Nations Security Council with India as its permanent member and also enhance India’s role within the United Nations system. Fighting terrorism : Theresa May strongly condemned the September terrorist attack in Uri and offered condolences to the victims and their families. Cyber cooperation : The two nations showed commitment towards promoting a free, open, peaceful and secure cyberspace.  International Affairs : The two leaders recognised India’s contribution in maintaining peace and stability in the region of South Asia. VISA Laws : The two leaders agreed on the need to make visa regimes simpler and more efficient for students, businesses, professionals, diplomats and officials and other travelers, including facilitating short-term mobility of skilled personnel between the two countries.  Education and Culture : 2016 is the India-UK Year of Education, Research and Innovation. The two leaders welcomed the first 35 visiting faculties in India from the UK under the Ministry of Human Resource Development funded GIAN programme and 198 new GREAT scholarships for Indian students to study at 40 UK universities. Science and Technology : The two leaders agreed that the exponential growth in science and technology programmes in India provide immense possibilities for further expanding bilateral collaboration.

Bank of Baroda (BoB) appointed Ratnesh Kumar as Managing Director (MD) and Chief Executive Officer (CEO) of its wholly-owned investment banking subsidiary, BoB Capital Markets Ltd. The public sector bank stated that Kumar started his career in the Indian capital markets and financial services sector in 1993.  Ratnesh Kumar :  Ratnesh Kumar holds a Masters degree in Management from FMS, University of Delhi.He obtained an MSc (Hons) in Physics & BE (Hons) in Electrical and Electronics Engineering from BITS, Pilani. During the past 23 years, he has had diverse experience and has held key leadership roles, the last being Managing Director, Head-Cash Equities India & CEO of Standard Chartered Securities India, wherein the main business segments included institutional brokerage, equity capital markets, equity research and retail broking. BoB Capital Markets : BOB Capital Markets Ltd. is a wholly owned subsidiary of Bank of Baroda. It is one of the Investment Banking Companies in India and is a SEBI registered Category I Investment Banker. It offers the entire spectrum of financial services that includes Initial Public Offerings, Private Placement of Debt, Corporate Restructuring, Business Valuation, Mergers & Acquisitions, Project Appraisal and Loan Syndication.It also undertakes advisory services on securitisation and structuring of debts.

Syrian freelance journalist Hadi Abdullah was awarded with Reporters without Borders (RSF)-TV5 Monde prize. Abdullah, 29, was awarded in the journalist category for reporting from some of the most perilous zones in his country's five-year-old war. The award was presented in Strasbourg on the sidelines of the World Forum for Democracy, a meeting organised by the Council of Europe. In a statement, RSF said that Abdullah has unhesitatingly ventured into danger zones, where Western journalists are no longer willing to go, to film and interview civilians. RSF-TV5 Monde prize, one of the world's top press awards, is awarded by Reporters without Borders (RSF) and this is the second year that the honour has gone to a Syrian. In 2015, the award went to Syrian journalist Zaina Erhaim for her reports from the besieged city of Aleppo. Apart from the, the press watchdog also announced awards in two different categories and they are Media category - 64Tianwang, it is a Chinese news website Citizen journalist category - Lu Yuyu and his partner, Li Tingyu, both are Chinese citizen journalists RSF ranked India at 133 out of 180 countries in the 2016 World Press Freedom Index that was released on 20 April 2016. China and Syria are ranked at 176th and 177th on its assessment of 180 countries for press freedom.

India and the United Kingdom has inked two pacts to boost cordial relations between the two nations. The pacts were inked during the visit of Theresa May, the Prime Minister of the United Kingdom to India. PM Theresa May was on a three Day visit to India (6 November to 8 November 2016). MoU on Ease of Doing Business : The MoU intends to make expertise from different departments of the UK Government which have led the ease of doing business drive in the UK available to the relevant departments and agencies of the Government of India. It includes exchange between the officials and sharing of best practices and technical assistance for effective implementation of the initiatives of GOI to improve its ranking in the ease of doing business. Important areas of cooperation include support to businesses and startups, tax administration, regulatory regimes, competition economics, etc. MoU for cooperation in the field of intellectual property : The MoU envisages establishing a mechanism for furthering cooperation between the Intellectual Property Offices of India and the UK in the field of IP and related information technology services. It will include exchange of best practices, experience and knowledge of IP awareness among the public, businesses, industry, R&D organizations and educational institutions, as well as on processes for disposal of applications for patents, trademarks, industrial designs and geographical indications. This MoU was signed between the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, India and the Intellectual Property Office of the United Kingdom (UK IPO). Besides, the annual ministerial meeting of India UK Joint Economic and Trade Committee (JETCO) was held in New Delhi. During the 11th India-UK JETCO, the two sides reviewed the progress held in the two existing Joint Working Groups, that is, Smart Cities and Technological Collaboration, Advanced Manufacturing & Engineering under the aegis of JETCO. The two sides also decided to create a new Joint Working Group (JWG) to discuss and resolve trade related issues. The Group will not only focus on goods trade, but also services, including through greater mobility for skilled professionals.

The Reserve Bank of India (RBI) has issued the Clarifications on hedging for External Commercial Borrowings (ECB) on 7 November 2016. The Clarifications were issued under section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999. Highlights of the Clarifications : Wherever hedging is mandated by RBI, the ECB borrower will be required to cover principal as well as coupon through financial hedges. The financial hedge for all exposures on account of ECB should start from the time of each such exposure. A minimum tenor of one year of financial hedge will be required with periodic rollover duly ensuring that the exposure on account of ECB is not unhedged at any point during the currency of ECB. Natural hedge, in lieu of financial hedge, will be considered only to the extent of offsetting projected cash flows in matching currency, net of all other projected outflows. For this purpose, an ECB may be considered naturally hedged if the offsetting exposure has the maturity within same accounting year. The designated bank will have the responsibility of verifying that 100 percent hedging requirement is complied with. All other aspects of the ECB policy shall remain unchanged.

NASA’s Magnetospheric Multiscale (MMS) mission  has set the Guinness world record for highest altitude fix of a Global Positioning System (GPS) signal. The four MMS satellites operating in a highly elliptical orbit around Earth has set the record at 70,006.4 kilometres above the surface of the Earth. Magnetospheric Multiscale (MMS) Mission  : NASA’s MMS mission is an unmanned space mission to study the Earth’s magnetosphere, using four identical satellites flying in a tetrahedral or pyramid formation. The mission launched in March 2015 aims to map magnetic reconnection, a process that occurs as the sun and Earth’s magnetic fields interact. Understanding causes of magnetic reconnection is important for understanding phenomena of auroras on Earth, flares on surface of sun, and areas surrounding black holes. The mission is also designed to gather information about the microphysics of energetic particle acceleration and turbulence, processes that occur in many astrophysical plasmas. When these satellites are closest to Earth, they move at up to 35,405 km/hour, making them the fastest known operational use of a GPS receiver. These satellites operate in a highly elliptical orbit around Earth and incorporate GPS measurements into their precise tracking systems. This system which require extremely sensitive position and orbit calculations to guide tight flying formations. Achievements : Earlier in 2016, MMS had achieved the closest flying separation of a multi-spacecraft formation with only 7.2 km between the four satellites. The mission still in the first year of its prime mission is giving scientists new insight into Earth’s magnetosphere. Magnetosphere is the region of space surrounding an astronomical object in which charged particles are controlled by that object’s magnetic field. The magnetic field near the surface of many astronomical objects resembles that of a dipole. The field lines of the magnetic field significantly distort the flow of electrically conducting plasma emitted from a nearby star (e.g. In case of Earth, the solar wind from the Sun).

Buddha Mahotsava celebration in West Kameng district of Arunachal Pradesh began with vibrant cultural display from Monpa, Sajolang(Miji) Aka, Sartang, Bugun and Sherdukpen tribes of the region at Buddha Park, Bomdila. The unique cultural display from each tribe mesmerized the crowd and filled the air with joy. Organised by the District Administration of West Kameng, Buddha Mahotsava is a three-day Buddhist festival (November 4-6) held in Bomdila, West Kameng district, Arunachal Pradesh to promote tourism in the state. The festival commemorates the life and teachings of Lord Gautama Buddha. Hundreds of Buddhist monks playing cymbals and drums are present at the festival. Dancers in traditional attire take the centre stage amidst chanting and drum beating and demonstrated various facets of Arunachal Pradesh's dance and music. The festival brings out the Buddhist influence on the life of the people in Arunachal Pradesh.

JP Vice President Avinash Rai Khanna is all set to be appointed as a member of National Human Rights Commission (NHRC) with a high-level selection panel headed by Prime Minister Narendra Modi . The 55-year-old former Rajya Sabha member from Punjab and BJP in-charge of Jammu and Kashmir will perhaps be the first active politician to be appointed as a member of NHRC, which is headed by a former Chief Justice of India. The four full-time members, as per the Act, should include a former judge of the Supreme Court, a former chief justice of a high court and two others "from amongst persons having knowledge of, or practical experience in, matters relating to human rights". After his Lok Sabha constituency of Hoshiarpur became a reserved seat, Khanna did not contest the 2009 Lok Sabha polls. Later, Punjabs Shiromani Akali Dal-BJP government appointed him as a member of Punjab State Human Rights Commission. However, Khanna quit that post after about 13 months, when he was elected to Rajya Sabha. BJP had also opposed the then UPA governments move to appoint former chief of National Investigation Agency S C Sinha as member of NHRC as he had allegedly pursued the terror cases against right-wing outfits.

A 26-year-old Uppma Virdi does everything from making yummy tea to holding workshops on 'The Art of Chai' in Melbourne. Uppma Virdi is the founder of Chai Walli is the granddaughter of an Ayurvedic doctor who used to make Ayurvedic chai blends. Born in India and brought up in Australia, Uppma learnt how spices balance, their properties and the art of chai. Her hobby of making special Ayurvedic tea with dash of spices like ginger, cardamom (elaichi), jaggery (gur), dalchini (cinnamon), saunf (fenel), etc., coupled with the expertise of her 96-year old grandfather Pritam Singh Virdi’s recipe gave birth to a start-up ‘Chai Walli’ in 2014.

Consulate General of India, Dubai preferred to install the statue of Mahatma Gandhi, the Father of the Nation, at its premises, and celebrate the 141st Birth Anniversary of Sardar Vallabhai Patel, popularly known as the Iron Man of India. Speaking at the event, Bhushanspot lighted how the Indian civilisation “stands out”. He spoke highly about both the patriotic leaders and the path they chose to make India a better place to live in. He talked about Mahatma’s biggest virtue ‘path of peace’ (ahimsa) and encouraged people to follow it as well.It’s a small step and through this we will spread  the virtues of the great leader, his literature and khadhi. School students expressed their thoughts about the both the great leaders and their sacrifice in India’s independence. A special cultural performance was organised including a dancing and singing performances. The special performance at the event was that of a little girl reciting Mahatma Gandhi’s favourite bhajan (spiritual song) Raghupati Raghav Raja Ram.

India to host IEF-IGU Ministerial Gas Forum in New Delhi. 5th IEF-IGU Ministerial Gas Forum to be held in New Delhi on 6 December 2016.It is supported by GAIL (India) Limited and the Natural Gas Society of India.   Theme:  “Gas for Growth; improving economic prosperity and living standards”. The International Energy Forum (IEF) and the International Gas Union (IGU) have set up this important dialogue platform amongst Ministers, CEOs and experts aiming to better understand the current state of play in the global gas industry and how the gas sector can contribute to sustainable growth and secure energy future.

President Pranab Mukherjee has given approval to payment of a 2 % dearness allowance (DA) to central government employees.  The move will benefit about 50.68 lakh employees and 54.24 lakh pensioners. The decision to provide 2 % DA on basic pay was earlier approved by the Union Cabinet and will be applicable from July 1.  Consequent upon the decision taken by the government on recommendations of the 7th Central Pay Commission relating to DA, the President is pleased to decide that the DA to all categories of the central government employees shall be admissible at the rate of 2 per cent of basic pay per month The revised pay structure, effective January 1, 2016, includes the DA of 125 per cent sanctioned from that date in the pre-revised pay structure.  Thus, DA in the revised pay structure is zero from January 1, 2016.  The ministry further said till a final decision on allowances is taken based on recommendations of the committee constituted under the chairmanship of the finance secretary and the expenditure secretary. The ministry further said the orders will also apply to the civilian employees paid from the Defence Services Estimates.

Vice President of India, M. Hamid Ansari released book ‘An Era of Darkness: The British Empire in India’ authored by Dr. Shashi Tharoor.  Vice President said that the author rightly points out that British rule in India was effectively and regularly supplemented by “famine, forced migration and brutality” – the ‘three examples of why British rule over India was despotic and anything but enlightened’.

Google Capital, the search giant's venture arm that invests in growth-stage companies, has changed its name to 'CapitalG'.  The old GoogleCapital.com domain now forwards to CapitalG.com, and Google Capital's Twitter accounthas announced that it’s being retired in favour of a new @CapitalGTweets account.  CapitalG’s new site confirms a previously unmentioned detail that it has invested in Snapchat.  

The Defence Research & Development Organisation (DRDO) has signed a MoU with Indian Institute of Technology (IIT) Delhi to establish a Joint Advanced Technology Centre (JATC). The JATC will be located in the campus of IIT Delhi at the upcoming Science and Technology Park (Mini-Science Park ‘MSP’). The objective of JATC is to undertake and facilitate multi-disciplinary directed basic and applied research in the jointly identified research verticals.  The JATC will enable Directed, Basic & Applied Research and will engage with premier research institutes through multi-institutional collaboration. DRDO will support JATC in equipping it with advanced and unique research facilities to enable the faculty and scholars to conduct advanced research.  The researchers will get the opportunity to work in advanced areas of research such as Advanced Materials for Ballistic Protection, Advanced Electromagnetic Devices and Terahertz Technologies, Advanced Mathematical Modelling and Simulation, Smart & Intelligent Textile Technologies, Brain Computer Interface and Brain Machine Intelligence besides Photonic Technologies, Plasmonics and Quantum Photonics, etc.  It will facilitate towards advanced research to utilize technology outcome in the futuristic applications. The focused research efforts at the JATC will help in realization of indigenous technologies the critical areas which will be used for speedy self-reliance.

The Confederation of Indian Industry (CII) has launched ‘Startup Mentorship Circle’, a unique platform to help in connecting start-ups with the global marketplace.  The platform was launched in view of Union Government’s vision of nurturing entrepreneurship under the Startup India Initiative. Under this Platform Large corporate houses are planning to mentor about 100 start-ups over the next two years. Initially it will focus on start-ups in the Western part of the country and will be soon scaled to other parts.  It seeks to provide platform to create strong eco-system to nurture innovation and startups to drive sustainable economic growth and generate large scale employment opportunities. Confederation of Indian Industry (CII)  : CII is an association of Indian businesses which works to create an environment conducive to the growth of industry in India. The headquarters of CII is located at New Delhi.

The Indian army has successfully completed its task of laying an irrigation pipeline in the Demchok region of Eastern Ladakh despite a three-day face-off with the Chinese troops over the construction work. The project was being conducted under the Mahatma Gandhi National Rural Employment Guarantee Scheme to link the villages in the region with a hot spring. Chinese Protests : The Chinese troops tried to put up a fibre-reinforced plastic (FRP) hut to obstruct the laying of the pipeline. Chinese claimed that as per their earlier agreements, no construction was allowed on the border, a claim refuted by the army, which countered it by saying that the agreements only applied to defense constructions. The Army and Indo-Tibetan Border Police thwarted the Chinese attempts by fortifying the area and preventing them from further entering into Indian Territory, leading to a three-day face-off. The face-off ended on 5 November 2016 and the work of laying the pipeline by army engineers continued for about a kilometer and finally hit completion on 6 November. Demchok is the first instance when the Chinese soldiers have come deep inside the Indian Territory to protest against an ongoing construction project.  

Reserve Bank of India has appointed M Rajeshwar Rao as the Executive Director on 7 November 2016. He succeeded G Mahalingam, who took voluntary retirement from the central bank. As Executive Director, Rajeshwar Rao will look after Department of Statistics and Information Management, Financial Markets Operation Department and International Department. Rajeshwar Rao : Prior to taking over as the Executive Director, Rajeshwar Rao was the Chief General Manager, Financial Markets Operations Department. He carried a Bachelor of Arts in Economics and a Master of Business Administration from University of Cochin. He is also a Certificated Associate of Indian Institute of Bankers. He joined the Reserve Bank in 1984 and as career central banker has exposure in various aspects of central bank functioning.He has previously held charge of the Risk Monitoring Department. He has also worked as the Banking Ombudsman, New Delhi and in the Reserve Bank’s regional offices at Ahmedabad, Hyderabad, Chennai and New Delhi.

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