Current Affairs for BANK, IBPS Exams 04 April 2017

Current Affairs for BANK, IBPS Exams

04 April 2017

:: National ::

IISc has been rated as the top higher educational institution of India

The Indian Institute of Science, Bengaluru, has been rated as the top higher educational institution of India across disciplines, as per the first-ever overall ranking of institutions released by the Centre.
The seven top IITs, Jawaharlal Nehru University (JNU) and Benaras Hindu University (BHU) figure in the top 10 among the 2,995 institutions that participated in the National Institutional Ranking Framework (NIRF), 2017.
IIT-Madras ranks second, while JNU ranks sixth in the all-India list. Releasing the rankings, Human Resource Development Minister Prakash Javadekar said the government would give more grants to the institutions ranked higher.
However, the elite Indian Institutes of Management have not performed too well, with IIM-Ahmedabad, the top business school, standing 17th in the list. All other IIMs rank below 20.
There are separate lists within disciplines for engineering, management and pharmacy, and for universities and colleges.

Six DU colleges made it to the list of top 10 educational institutions

Six Delhi University (DU) colleges made it to the list of top 10 educational institutions released under the National Institutional Ranking Framework (NIRF).
While Miranda House was ranked the best college in the country, SRCC, which has consistently done well in ranking surveys, came in third best and Lady Shri Ram College was adjudged the sixth best in the country.
While St. Stephen’s College and Hindu College did not even figure in the list, Atma Ram Sanatan Dharma College on South Campus was ranked the fifth best college in the country, finishing above Lady Shri Ram College.

A global alliance of tech industry to fight fake news

A global alliance of tech industry and academic organisations unveiled plans to work together to combat the spread of “fake news” and improve public understanding of journalism.
The News Integrity Initiative will launch with $14 million from Facebook, the Ford Foundation, Mozilla and others, based at the City University of New York’s journalism school, which will coordinate research, projects and events.
Fake news became a serious issue in the U.S. election campaign, when clearly fraudulent stories circulated on social media, potentially swaying some voters.
Concerns have been raised since then about hoaxes and misinformation affecting elections in Europe, with investigations showing how “click farms” generate revenue from online advertising using made-up news stories.
Facebook and Google have stepped up efforts to root out misinformation, Mr. Jarvis said, adding that helping the public understand the difference between fraudulent news and serious journalism will constitute an important element of the effort.
The initiative’s mission is “to advance news literacy, to increase trust in journalism around the world and to better inform the public conversation,” a statement said.
Facebook and Google have already taken steps to cut off advertising revenues to news sites promoting misinformation.
Facebook has also ramped up efforts to flag news stories that may be false, and has launched a “journalism project” that aims to support the news ecosystem.
In February, a group of 37 French and international media outlets, supported by Google, began “CrossCheck” a fact-checking platform aimed at detecting fake information that could affect the French presidential election.

Defence Acquisition Council approved the purchase of Barak

The Defence Acquisition Council (DAC) of the Defence Ministry approved the purchase of Barak surface-to-air missiles (SAM) for the Navy among other proposals estimated at Rs. 860 crore.
Israeli-built Barak short-range SAMs are installed on most of the front-line warships, including the aircraft carrier INS Vikramaditya .
The new missiles are urgently needed to replace the current ones which have completed their shelf life.
Procurement of Barak missiles was approved with a categorisation of “Buy Global” under the option clause from Rafael Advanced Defense Systems Ltd.
The other deals include procurement of expendable Bathy thermograph systems for the Navy to detect temperature changes under water through the foreign military sales route from the U.S. and procurement of equipment to counter mines in the sea, a repeat order, worth Rs. 311 crore.

Centre has sought public opinion on proposed amendments to RTI Act

The Centre has sought public opinion on proposed amendments to the Right to Information Act, with respect to the powers of the Central Information Commission (CIC), filing of applications, complaints and appeals.
The suggestions have to be submitted to the Department of Personnel and Training by April 15.
An amendment proposes that an applicant can file complaints within 135 days of filing the application under the Act, and in case of delay a request for condonation will also have to be filed.
There is another provision empowering the CIC to convert a complaint into a second appeal.
Thus, as proposed, it can order the disclosure of information on a complaint. The Commission can also allow an amendment to the complaint during the hearing, if other remedies have been exhausted.
Also, as suggested, the CIC has been given the power to decide if an appeal or a complaint can be withdrawn on the applicant’s request. However, once the issue has been decided, the withdrawal will not be allowed.

:: International ::

Saint Petersburg metro station probed as act of terror

An unexploded device was found at a second Saint Petersburg metro station after a blast in the underground that killed 10 people and injured dozens, local news agencies cited Russia’s anti-terrorism committee as saying.
The national anti-terrorism committee (NAK) said in a statement carried by Russian agencies that such a device was “found and neutralised in a timely fashion” at the Vosstaniya Square station.
The St. Petersburg subway immediately shut down all of its stations and the national anti-terrorism body said security measures would be tightened at all key transport facilities across Russia.
Russian President Vladimir Putin was in St. Petersburg for talks with Belarusian President Alexander Lukashenko. He went ahead with the talks after appearing on Russian television to speak about the attack.
No group has immediately claimed responsibility for the attack. But Russia’s Investigative Committee said it was probing a suspected “act of terror”.
“Despite the fact that a criminal case under article 205 of the Criminal Code (act of terror) has been opened, the investigation intends on verifying all other possible versions of this incident,” the committee said in a statement.
Russia’s public transportation systems have been targeted in the past. In 2013, Russia was hit by twin suicide strikes that claimed 34 lives.
Russia has intervened militarily to bolster Syrian President Bashar al-Assad’s forces in September 2015, turning the tables on the battlefield just as rebel forces were strengthening their hold on key areas.
Russian bombardments helped the regime retake rebel areas in the east of the northern city of Aleppo after four years of fighting.
More than 310,000 people have been killed in Syria since the conflict broke out in March 2011 with protests against Mr. Assad’s rule.

:: India and World ::

UAV deal with Israel may get done during PM's visit

Prime Minister Narendra Modi is likely to get a display of the Heron TP armed Unmanned Aerial Vehicles (UAV) during his visit to Israel later this summer.
These would be India’s first armed drones, significantly expanding the aerial offensive capabilities of the military.
Armed UAVs for the Indian Air Force (IAF) are already being manufactured in Israel and did not rule out the possibility of them being handed over to the IAF in the near future.
The deal is expected to cost around $400 million for 10 drones. The discussion for the Heron TP drones has been going on for several years but the exact status of the deal is unclear as the progress is strictly under wraps.
India currently operates a large number of Israeli-built Heron and Searcher UAVs, which were inducted since the late 1990s, and the three services have been quite pleased with their performance.
With the indigenous efforts to build UAVs delayed, India has expanded its arsenal of Israeli drones.
India also procured a small number of Harpy loitering drones in the past which can destroy targets by direct hits. However the Heron TP would be the first true armed UAV in the arsenal.
UAVs have become routine tools for surveillance and the armed variants would give decision makers a new and safe option in planning short and swift strikes on terrorist camps.
The manufacturer stated on its website that Heron TP is a Medium Altitude Long Endurance (MALE) drone which can fly upto an altitude of 45,000 feet, has an endurance of over 30 hours and can carry a mission payload of 1,000 kgs.
The other defence deal expected during the visit is for two additional Phalcon long range Airborne Warning And Control Systems (AWACS) which would join the three systems in service with the Air Force.
The radars are mounted on Russian IL-76 transport aircraft and Russian industry officials have earlier stated that India has already ordered aircraft for the purpose.

:: Business and Economy ::

Commercial vehicle manufacturers hit hard by BS III ban

The Supreme Court’s (SC) ban on the sale and registration of BS-III vehicles from April 1, 2017 has hit commercial vehicle (CV) manufacturers hard as the order is estimated to have cost them Rs. 2,500 crore.
The discounts and incentives on vehicles sold till March 31, 2017 are expected to have cost CV manufacturers about Rs. 1,200 crore. Additionally Rs. 1,300 crore would be incurred to dispose of the unsold inventory.
While the two-wheeler segment witnessed marginal impact with most of the BS-III bikes and scooters being sold with up to 30% discounts, the passenger car segment remained largely unaffected as this segment had mostly shifted to BS-IV beginning last year.
The CV makers had built up large inventory and even continued to manufacture BS-III vehicles till March in anticipation of strong buying in April given the price increases of 8% to 10% expected on BS-IV vehicles.
The CV industry is believed to have sold 55% of the inventory by offering discounts of up to 40% on the sticker price thus bearing a cost of Rs. 1,200 crore.
As many as 40,000 to 45,000 units of unsold inventory lying with dealers would be returned in the coming months. These units are likely to upgraded to BS-IV or dismantled for spares or would be exported in the coming six months.

Purchasing Managers’ Index rose to 52.5 in March

Manufacturing activity expanded at the fastest pace in five months in March, reflecting a sustained improvement in operating conditions, according to a private sector survey.
The Nikkei Manufacturing Purchasing Managers’ Index rose to 52.5 in March from 50.7 in February. A reading above 50 implies an expansion in activity and one below 50 denotes contraction.
Rates of expansion in factory orders and production accelerated again, encouraging some companies to scale up their input buying and take on additional workers.
The report said the survey showed evidence of strengthening demand conditions with the the level of new orders received by manufacturers rising strongly in March and at the quickest pace in five months.