DAILY CURRENT AFFAIRS: JUNE 7, 2018

Daily Current Affairs (June 7, 2018) like many other sections is inevitable and this also helps to score in the Banking awareness , Static GK and Financial Awareness sections. Remember, Banking Awareness and Static Awareness Questions are asked from the General Awareness section. This will also help you to ride your preparations for the forthcoming exams.

NATIONAL

World Bank approves funding for Atal Bhujal Yojana

The World Bank has approved Atal Bhujal Yojana (ABHY), a Rs.6000 crore Central Sector Scheme of the Ministry of Water Resources, River Development and Ganga Rejuvenation.

The scheme is to be implemented over a period of five years from 2018-19 to 2022-23, with World Bank assistance. The government has allocated Rs 450 crore for this in the Budget for 2018-19.

The scheme aims to improve ground water management in priority areas in the country through community participation. The priority areas identified under the scheme fall in the states of Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh.

India hosted Eleventh edition of GeoIntelligence Asia

The 11th of GeoIntelligence Asia 2018 took place at Manekshaw Centre, New Delhi.

It was organised by GeoSpatial Media and Communication with Directorate General of Information System as Knowledge Partners and Military Survey as Co-organisers.

The theme of Seminar was ‘GeoSpatial : A Force Multiplier for Defence and Industrial Security’.

The seminar brought together the military, security officials including BSF and Police Forces, Government and industry together. It aims to examine the latest technology solutions and on the critical role of geospatial technology in military and security applications.  

Central Govt forms panels for ‘Prime Ministers of India’ Museum Project

The Union Culture Ministry has formed three high-powered panels towards setting up a unique museum on the ‘Prime Ministers of India’ in New Delhi.

The Culture Ministry has been planning to set up a modern museum that will tell the story of all the prime ministers of the country at the premises of the iconic Teen Murti Estate in the Chanakyapuri area, which was the official residence of first prime minister Jawaharlal Nehru.

There are three panels that includes Shakti Sinha Content Committee, Swapan Dasgupta Committee and the Project implementation Committee headed by Shakti Sinha.

Baba Kalyani heads the committee to study SEZ Policy   

The government has constituted a group headed by Bharat Forge Chairman Baba Kalyani to evaluate policy on the country’s special economic zones (SEZs) and suggest measures to help exporters in the current economic scenario.

An SEZ is an area with economic regulations different from other areas of the same country and are generally export hubs.Companies operating in SEZs receive tax benefits and an opportunity to pay lower tariffs.

The SEZ Policy was first implemented from April 1, 2000. Subsequently the Special Economic Zones Act, 2005 was passed by Parliament in 2005 and the Special Economic Zone Act was enacted. The SEZ Act, 2005, supported by SEZ rules, came into effect on February 10, 2006.

Madhya Pradesh announces power bill waiver scheme

The Madhya Pradesh government has announced an power bill waiver scheme for labourers and poor families. The state cabinet headed by Chief Minister Shivraj Singh Chouhan approved the Bijli Bill Mafi Yojana 2018 (Power Bill Waiver Scheme) which is expected to benefit about 77 lakh people of the state.

The state cabinet also approved Mukhyamantri Jan Kalyan (Sambal) Yojana 2018 (a scheme to provide subsidised power) in the meeting.

Under the subsidised power scheme, registered labourers of the unorganised sector and Below Poverty Line (BPL) families would be provided electricity at a cost of Rs 200 per month.

Cabinet Signs MoU between India and Denmark on Technical Cooperation

The Union Cabinet has apprised the Memorandum of Understanding (MoU) signed between India and Denmark on technical cooperation in the field of sustainable and smart urban development in April this year.

Under this MoU, a Joint Working Group (JWG) will be set up to strategise and implement programmes on cooperation under the framework of the agreement.

The objective of this MoU is to promote bilateral cooperation in the field of sustainable and smart urban development on the basis of reciprocity and mutual benefit through an exchange of knowledge, institutional cooperation, research and commercial relations on related issues.

Denmark

Capital: Copenhagen

Currency: Danish krone

INTERNATIONAL

South Africa commemorates Mahatma Gandhi’s Satyagraha

South Africa commemorates the 125th year of Mahatma Gandhi’s Satyagraha. The incident led him to develop his Satyagraha principles of peaceful resistance.

On June 7 1893, Mohandas Karamchand Gandhi, a young lawyer was thrown off the train’s first class compartment at Pietermaritzburg station for refusing to give up his seat.

The screening of the biopic “The Making of the Mahatma” marked the opening of a three-day series of events to commemorate the historic incident.

BANKING AND ECONOMY

RBI: Co-op banks can become small finance banks

The Reserve Bank of India has decided to allow urban co-operative banks (UCB) to convert into small finance banks (SFB). It is a move aimed at bringing these entities into mainstream banking.

The decision is based on the recommendations made by the High Powered Committee on Urban Cooperative Banks in August 2015. The committee was chaired by R Gandhi, the then Deputy Governor of Reserve Bank.

UCBs had been facing financial trouble till a few years ago and it made the RBI to stop issuing fresh licences.

RBI: Nod for IDFC Bank, Capital First merger

IDFC Bank has received the RBI’s approval for merger of Capital First, Capital First Home Finance and Capital First Securities with the company.

Warburg Pincus funded non-banking financial company Capital First and IDFC Bank, with this merger in an all-stock deal, are set to create a Rs 88,000-crore combined entity.

IDFC Bank

Headquarters: Mumbai

CEO: Rajiv Lall

FDI inflows to India fall by $4 billion last year

Foreign Direct Investment to India decreased to 40 billion dollars last year from 44 billion dollars in 2016 while outflows from India, the main source of investment in South Asia, more than doubled, according to a new trade report by the UN.

According to the World Investment Report 2018 by the UN Conference on Trade and Development (UNCTAD) global foreign direct investment flows fell by 23 per cent in 2017, to USD 1.43 trillion from USD 1.87 trillion in 2016.

According to the report, outflows from India, the main source of FDI in South Asia, more than doubled to USD 11 billion. India’s state-owned oil and gas company ONGC has been actively investing in foreign assets in the recent years.

APPOINTMENTS

Rudrendra Tandon appointed as the Next ambassador of India to ASEAN

A 1994-batch Indian Foreign Officer (IFS) Rudrendra Tandon has been appointed as the next Ambassador to ASEAN. Currently, he is serving as the Joint Secretary at Headquarters, Jakarta.

The Association of Southeast Asian Nations is a regional intergovernmental organization comprising ten Southeast Asian countries.

ASEAN

Headquarters: Jakarta, Indonesia

Secretary General: Lim Jock Hoi

Bandhan Bank appoints Former RBI Deputy Governor HR Khan as Chairman

Bandhan Bank has appointed Harun Rasid Khan, a former RBI deputy governor as non-executive chairman. Khan retired as the deputy governor of RBI in July 2016.

Khan’s appointment will be for a period of three years with effect from June 5, 2018 or till the expiry of his term as an independent director.

The Board of Directors have appointed Pravir Kumar Vohra as an Additional Director (Category being Independent, Non – Executive) of the Bank for a period of three years with effect from June 5, 2018.

Bandhan Bank

Headquarters: Kolkata

CEO: Chandra Shekhar Ghosh

Tsewang Namgyal appointed as the next ambassador of India to Republic of Lithuania

Shri Tsewang Namgyal has been concurrently accredited as the next Ambassador of India to the Republic of Lithuania.

He is presently Ambassador of India to the Republic of Poland.

Lithuania

Capital: Vilnius

Currency: Euro

Madhu Sethi appointed as ambassador of India to Republic of  Cuba

A 2004-batch Indian Foreign Service (IFS) officer Madhu Sethi has been appointed as the next Ambassador of India to the Republic of Cuba.

Currently, she is serving as Counsellor in the High Commission of India based at London.

Cuba

Capital: Havana

Currency: Cuban Peso

AWARDS AND HONOURS

Kamila Shamsie’s ‘Home Fire’ wins Women’s Prize for Fiction

Pakistani-British writer Kamila Shamsie has won the international Women’s Prize for Fiction with “Home Fire,” a novel about love, radicalism and conflicting loyalties in the post-9/11 era.

Ms. Shamsie was awarded the €30,000 pound ($40,000) prize at a ceremony in London.

The prestigious prize is founded in 1996 and it is open to female English-language writers from around the world.

BOOKS AND AUTHORS

Ravi Shankar Prasad releases Bhagat Singh’s jail diary book in New Delhi

The IT and Law Minister Ravi Shankar Prasad has released Bhagat Singh’s jail diary book at a function in New Delhi. The jail diary book is a compilation of Bhagat Singh’s writings.

Book publisher, Prabhat Prakashan has published the diary of Bhagat Singh.

SPORTS

Virat Kohli In World’s Highest Paid Athletes List

India cricket captain Virat Kohli is among the world’s highest-paid athletes, according to a Forbes’ compilation topped by American boxing champion Floyd Mayweather.

Kohli, the only sportsperson from India to be featured in the list, is ranked 83rd with earnings of USD 24 million.

The ‘World’s Highest-Paid Athletes 2018’ list is topped by 41-year-old Mayweather, with USD 285 million earnings.

Argentine professional footballer Lionel Messi is ranked second in the list, followed by soccer star Cristiano Ronaldo in the third place.

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