Current Affairs for BANK, IBPS Exams 05 June 2016

Current Affairs for BANK, IBPS Exams

05 June 2016

:: National ::

PM gets highest civilian honour of Afghanistan

Prime Minister Narendra Modi was conferred with Amir Amanullah Khan Award, Afghanistan’s highest civilian honour.
He was bestowed the honour by President Ashraf Ghani after the inauguration of the landmark Afghan-India Friendship Dam.
During his speech, Mr. Modi invoked Chisht-born Sufi saint Khwaja Moinuddin Chishti who settled down in Ajmer and is venerated by thousands of people visiting his shrine.
PM Modi inaugurated the Rs. 1,700-crore dam in the strategically vital Herat province.
He said it had “not been built by bricks and mortar, but by the faith of our friendship and the valour of Afghans and Indians.”
Resolving to stand by Afghanistan, the Prime Minister said India’s cooperation will extend to “every part” of the war-torn country and that the partnership will benefit every section of Afghan society.
Unfazed by terror attacks on its missions, India will continue to extend cooperation in war-torn Afghanistan, Prime Minister Narendra Modi said

Above normal rainfall in pre-monsoon season

Telangana and coastal Andhra received above normal rainfall during the pre-monsoon season from March to May, raising expectations that the states will receive bountiful monsoon rains.
According to India Meteorological Department, Telangana received 7.6 cm rain averaged over the entire State during the three months, about 24 per cent more than the seasonal normal of 5.6 cm.
Much of this rain was recorded during May with March and April recording lower than normal rainfall.
Similarly, coastal Andhra recorded 13.3 cm against 9.7 cm normal. Rayalseema, like northern Karnataka, received normal rainfall.
Telangana witnessed formation of a low pressure trough lasting nearly three weeks starting end of April.
This upper air trough, according to weather observations made during end of April and May, extended from Vidarbha to coastal Tamil Nadu. Vidarbha, like Telangana, also received excess rainfall.

Gaumukh has retreated by over 3 kilometres since 1817

Gaumukh, the snout of the Gangotri glacier, named after its shape like the mouth of a cow, has retreated by over 3 kilometres since 1817
It was nearly two centuries ago that the retreat of the glacier was first documented by John Hodgson, a Survey of India geologist.
With 10 Indian States reeling under drought and the country facing a severe water crisis after two weak monsoons, the story of retreating freshwater sources such as the Himalayan glaciers is worrying.
And though a three-kilometre retreat over a period of two centuries might seem insignificant at first glance, data shows that the rate of retreat has increased sharply since 1971. The rate of retreat is 22 metres per year.
The retreat points to lesser ice formation each year than its current rate of melting, a process that is continuing.
Winter precipitation is when the glacier receives adequate snow and ice for maintaining itself. About 10-15 spells of winter snow as part of western disturbances feed the glacier.
In summer, the melting of the glacier feeds the Bhagirathi River, the source stream of the Ganga. Dwindling snowfall levels have also affected the volume of water discharged during summer into the river, compared to peak levels.
Earlier the Gangotri glacier appeared as a convex shape structure from atop Tapovan, the meadow at the base of Shivling peak beyond Gaumukh, but now the glacier appears to be caving in and is concave in shape.

Civil aviation ministry for better costumer benefits

Passengers who report on time before the scheduled departure of the flight and are denied boarding by airlines may get double the amount of the original ticket price or the cost of the ticket on that particular date, whichever is less.
The compensation for flight delays and cancellations would also be enhanced.
This is part of a slew of ‘passenger-centric’ measures likely to be announced soon by the Ministry.
Aggrieved air passengers would also be able to register complaints with and redress grievances from the Directorate General of Civil Aviation (DGCA) via an online platform.

:: International ::

The eighth edition of the U.S.-China Strategic and Economic Dialogue

China has been a constant factor in the India-U.S. ties, but the delicate balancing act that both countries play in dealing with the Asian giant will be unmistakable when Prime Minister Narendra Modi meets U.S. President Barack Obama.
When Mr. Modi takes off for the U.S., Secretary of State John Kerry will be headed to Beijing for interactions with Chinese State Councilor Yang Jiechi and Vice-Premier Wang Yang.
The eighth edition of the U.S.-China Strategic and Economic Dialogue on June 5-7 will have representatives from 20 U.S. departments and agencies.
The Obama administration is eager to ensure that the lingering tensions between the two countries do not crystallise into a new Cold War.
While tensions repeatedly crop up — last month in Vietnam, Mr. Obama spoke of “big countries trying to bully small neighbours"
The U.S. has roped in China in several international initiatives, the Paris climate conference and the Iranian nuclear deal being the most successful examples.
This week in Beijing, on top of the agenda of the dialogue will be reining in North Korea’s nuclear adventurism.
China and the U.S. cooperated in the UN for stricter sanctions against North Korea, but the U.S. believes China can do more on this front.
Prime Minister Modi also said: “There was an age when the world was divided into two camps. That is not true anymore. Today, the whole world is interdependent."
"Even if you look at the relationship between China and the U.S., there are areas where they have substantial differences but there are also areas where they have worked closely. That’s the new way.”

U.S. Department of State released 2015 report on terrorism

Sections of young Maldivians are at risk of becoming radicalised and some have already joined violent extremist groups, the U.S. Department of State said in its 2015 report on terrorism.
The youth within the penal system and “otherwise marginalised” members of society have been identified in the report as those falling within this category of Maldivians.
The new Prevention of Money Laundering and Financing of Terrorism Act (PMLFT) has set forth penalties of 7-25 years imprisonment for those convicted of terrorist acts or of inciting others to do so.
At the end of 2015, President Abdulla Yameen had not yet published the mandatory list of terrorist entities, as required by the law.
The State Department said the Maldives continued to recognise that “counter-radicalisation efforts are a critical component to long-term success against violent extremism”.
A government-sponsored Islamic university in Male opened in 2015 and its key objective would be “to promote the academic study of religion and “moderate Islam” as a counterweight to extremist discourses and messaging”.

:: Business and Economy ::

India Post gets the nod for starting payments bank

The government’s objective of achieving 100 per cent financial inclusion got a shot in the arm with the India Post getting the nod for starting payments bank.
The main challenge banks today face in financial inclusion is the lack of last mile connectivity.
With the government’s focus on financial inclusion, it is quite logical to convert India Post to a bank given its strong network pan-India and the huge franchise built over the years.
The move can further aid the financial inclusion objective of the government and the RBI as more people can now potentially have access to a bank.
With more people getting access to a bank, it could improve the efficiency of passing on the government-sponsored benefits to the beneficiary directly through their bank accounts.
It can potentially improve financial literacy levels and also the country’s financial savings.
However, lack of technological upgradation and training of its personnel are likely to slow down the ambitious plans of the government to create the largest bank in the world in terms of accessibility.
The new entity would be known as India Post Payments Bank (IPPB), a public limited company under the Department of Posts, with 100 per cent Government of India equity.
As per the guidelines issued by the Reserve Bank of India (RBI), payments banks can accept deposits of up to Rs.1 lakh and sell insurance and mutual fund products.
Many multinational financial institutions had already evinced interest to join hands with India Post, which shows its acceptance worldwide.
The business correspondents model has not worked well and banks simply do not have the kind of presence required to target the vast unbanked population in the rural areas and even urban poor.
However, India Post with its vast network of more than 1.5 lakh offices, 90 per cent of which are in rural areas, can aid in financial inclusion.
This should be compared with about 1.05 lakh branches of all the banks in the country.
Further India Post is a significant player in the domestic remittance business with experience in managing small savings deposits.
However, the staff need extensive training in handling these products - especially insurance and pension products - as they are different from the current financial products in India Post’s portfolio.
The government may spend Rs. 400 crore on the proposal with Rs. 400 crore more coming from equity.

IMF clears bailout package for Sri Lanka

The International Monetary Fund (IMF)’s Executive Board has approved a bailout package of about $1.5 billion (SDR 1.1 billion) for Sri Lanka.
The package will be in the form of a 36-month extended arrangement under the Extended Fund Facility (EFF) to support Sri Lanka’s economic reform agenda. The island nation’s balance of payments widened last year.
The Executive Board’s decision will enable an immediate disbursement of SDR 119.894 million (about $168.1 million), and the rest will be available in six instalments subject to quarterly reviews.
The IMF arrangement aims to meet balance of payments needs arising from a deteriorating external environment and pressures that may persist until macroeconomic policies can be adjusted.
A return to fiscal consolidation, targeting a reduction in the overall fiscal deficit to 3.5 percent of GDP by 2020, would be the “linchpin” of the reform programme.

:: Sports ::

Greatest boxer Muhammad Ali passes away

Muhammad Ali — who died on Friday in Arizona at age 74 — was one of the iconic sporting heroes of the 20th century, the three-time heavyweight champion of the world who said he could “float like a butterfly, sting like a bee.”
Ali, who came of age amid the turmoil of the civil rights movement and the Vietnam War, dazzled the boxing world as a youngster with his speed, never before seen in his weight class.
He also rattled the established order with an equally quick wit and colourful personality that lifted him into the realm of super-stardom and ushered in the age of globally televised multi-million-dollar fights.
The legendary fighter spent his last years ravaged by Parkinson’s disease but never retreated from public view. Instead he added a crusade against the illness to the list of battles of his extraordinary life.

Paes-Hingis won French Open

Leander Paes achieved his ‘career Slam’ in mixed doubles, winning the Roland Garros title with Martina Hingis , with a hard-fought win over Sania Mirza and Ivan Dodig.
The unseeded Indo-Swiss pair eked out a 4-6, 6-4, [10-8] win over the second seeds in the summit clash that lasted one hour and 28 minutes.
Having won the Australian Open, Wimbledon and the US Open titles in 2015 with Hingis, this win completes their ‘career Slam’ as a pair too.
It was Paes’s 18th Grand Slam title overall, and 10th in the mixed doubles while Hingis took her tally of Major titles to 22, with her fifth mixed doubles trophy.
After dropping the first set, Hingis and Paes roared back into the match by winning the second.
In the match tie-break, they squandered an 8-6 lead but Hingis hit a backhand cross court winner to set up match-point, and the title was sealed when Dodig drove one into the net at 8-9.