Current Affairs for BANK, IBPS Exams 04 January 2017

Current Affairs for BANK, IBPS Exams

04 January 2017

:: National ::

PM underlined the need to inculcate the concept of scientific social responsibility

Prime Minister Narendra Modi has underlined the need to inculcate the concept of ‘scientific social responsibility,’ akin to corporate social responsibility, to connect the leading institutions with all stakeholders, including schools and colleges.
The idea is to create an environment for sharing of ideas and resources by providing opportunity to the brightest and best of brains in every corner of India to excel in science.
Delivering the 104th Indian Science Congress on Sri Venkateswara University campus, on the theme ‘Science and Technology for national development’, Mr. Modi announced all form of support to the scientific and research organisations.
He in turn, told scientists to leave no stone unturned in ensuring that the fruits of science reached the marginalised sections of society.
Pledging his government's support to building a strong S&T infrastructure that is accessible to academia, start-ups, industry and R&D labs, the Prime Minister sought to address the problems of ease of access, maintenance, redundancy and duplication of expensive equipments.
In this connection, he mooted the idea of establishing professionally-managed centres in Public Private Partnership (PPP) mode to house high-value scientific equipment. Mr. Modi exhorted national laboratories to establish a ‘connect’ with schools and colleges to develop appropriate training programmes.
Referring to the constraints involved in securing and completing research projects, he indicated the need to ensure ‘ease of doing science’ as an empowering factor for scientific delivery.

Samajwadi party’s symbol to be decided by EC

A day after Mulayam Singh staked claim to the Samajwadi Party symbol “bicycle,” the Akhilesh Yadav camp representative Ramgopal Yadav met Election Commissioners and maintained that a majority of the party members supported him.
The Election Commission (EC) later received a written representation on the Akhilesh camp’s claim, confirming that it was contesting Mr. Mulayam Singh’s assertions.
Mr. Yadav, submitted before the Commission that the real Samajwadi Party was the one of which Akhilesh had been elected national president.
Both the groups have staked claim to the symbol and therefore the Commission will now ask them to produce documentary evidence to prove their stand. It will also examine the party’s constitution to determine whether procedures were followed.
However, the final test will be the numbers in the organisational and legislative structures. In the Sadiq Ali case, the Supreme Court has held that the test of majority applied by the EC to settle a dispute of this nature is valid and relevant.
Defying his father’s directions, Mr. Akhilesh Yadav had issued a separate list of candidates for the coming Assembly elections.
As claimed by the Akhilesh group, 220 of the 229 legislators have supported him. It is learnt that their signatures have also been taken to be produced before the Commission.
As the EC is expected to announce the poll schedule for Uttar Pradesh and four other States in a couple of days, it may not have enough time to decide the dispute. Thus, in all likelihood, the Samajwadi Party symbol will be frozen till the issue is settled.

Union budget to be presented away from convention

Departing from convention, the Union Budget will be presented in Parliament on Feb 1, a month earlier than the usual, and the Economic Survey will be tabled on Jan 31, the same day President addresses the joint Houses of Parliament.
Presided over by Home Minister Rajnath Singh, the Cabinet Committee on Parliamentary Affairs met, and recommended the decision to the President.
The first part of the Budget session will run from January 31 to February 9. The Union Cabinet had earlier decided to end the practice of a separate Railway budget.
Prime Minister Narendra Modi will hold an all-party meeting just before the session to discuss poll reforms.

:: International ::

US President elect says North Korea would not develop nuclear missile

U.S. President-elect Donald Trump took to Twitter again to promise North Korea would not develop a nuclear missile capable of reaching U.S. territory.
His comments come a day after the North Korean leader Kim Jong-un announced that his country is in the “final stages” of developing an intercontinental ballistic missile (ICBM).
Reacting to Mr. Trump’s comments, South Korea’s Foreign Ministry said, it could be interpreted as a “clear warning” to the North.

:: Business and Economy ::

Foundry industries feel the heat of demonetisation

The output at foundries in the country has declined between 20 and 30 per cent in the last two months following demonetisation.The situation is expected to improve in another three to six months.
For the last two years, the foundries’ average capacity utilisation was just 60 per cent. Last year, it went down to about 40 per cent because of the slowdown in automobiles, a major client industry for foundries.
Though the foundry industry has installed capacity of about 15 million tonnes a year, the production is only 10 million tonnes of castings.
Up to 30 per cent production could be affected because of demonetisation. The overall turnover and profitability might come down this year.
On GST, the IIF had commissioned a study on the impact on foundries. The total tax paid by the foundries is close to 25 per cent. The tax proposed under GST is between 14.5 per cent and 17.5 per cent.

Paytm payments bank to become operational

Paytm Payments Bank received the final approval from the Reserve Bank of India to commence operations.
The payments bank is expected to start operations next month with its first branch in Noida, Uttar Pradesh.
“At Paytm Payments Bank, our aim is to build a new business model in banking industry, focussed on bringing financial services to millions of un-served or underserved Indians,” he said.
More than Rs. 200 crore has been invested till now for the bank, with Mr. Sharma putting in Rs. 112 crore.

RBI directed banks to supply 40 % to rural areas

RBI has directed banks to ensure that at least 40 per cent of the supply of banknotes should reach rural areas while currency chests and automated teller machines in such areas should have Rs. 500 and Rs. 100 denomination banknotes.
The banking regulator has observed that “banknotes, being supplied to rural areas, at present, are not commensurate with the requirements of rural population.”
RBI said banks should advise their currency chests to step up issuance of fresh notes to rural branches of Regional Rural Banks, District Central Cooperative Banks and commercial banks, white label ATMs in rural areas on a priority basis.
Of the 4,000-odd currency chests in the country, most are managed by public sector banks.
The RBI added that chests operating in a district should maintain the proportion on a weekly average basis.