Current Affairs for BANK, IBPS Exams 06 May 2016

Current Affairs for BANK, IBPS Exams

06 May 2016

:: National ::

Karnataka to build Asia’s first Rice Technology Park

Karnataka government has decided to go ahead with the establishment of Asia’s first Rice Technology Park at Gangavati and a Maize Technology Park at Ranebennur on the public-private participation model
They will serve as a one-stop solution to all problems of rice and maize growers.
These parks would pave the way for opening new avenues for rice and maize growers to add value to their produce and get better returns and also enhance quality of the produce.
The establishment of the Rice Technology Park will convert Gangavati into a major agri business centre in the State and help rice growers in the region to end their dependence on mills in neighbouring States for processing paddy.
Although the production of paddy has more than doubled in the recent years, the processing facility has not grown to match it. According to an estimate, more than 50 per cent of the paddy produced in the region is sent elsewhere for processing.
As a value addition, the technology park would have facilities for rice flour, rice rava, rice bran oil, noodles, rice-based alcohol, animal and poultry feed and paddy husk used for power generation and brick-making.
Tthe proposed maize technology park would have mills for production of maize flour, maize flakes, poultry feed, dry maize, maize chips and popcorn to add value to the produce and enable farmers get better returns.

IMD predicts nearly double rainfall in Maharastra this year

Maharashtra is on the verge of emerging from an extended drought and a devastated agricultural economy.
The latest data from the weather bureau forecast average rainfall in Maharashtra this monsoon in the range of 106%, twice more than the 59% deficient monsoon recorded last year.
This would result in a jump of nearly 80 lakh metric tonnes in agriculture production over the previous year.
As per IMD data, the agriculture department is also planning to increase the total sowing area to 152.44 lakh hectare in 2016-2017 as opposed to 149.42 lakh hectare in 2015-2016.

Vice-Admiral Sunil Lanba has been appointed as next Chief of Naval Staff

Vice-Admiral Sunil Lanba, currently the Flag Officer Commanding-in-Chief, Western Naval Command has been appointed the next Chief of Naval Staff.
Vice Admiral Lanba, 58, is a qualified specialist in navigation and direction course and will have a full three-year-term in office till May 31, 2019.
In a service spanning nearly 38 years, Vice-Admiral Lanba has served in a variety of Command, operational and staff appointments.
He has commanded four frontline warships — INS Kakinada (minesweeper), INS Himgiri (frigate) and destroyers INS Ranvijay and INS Mumbai .
Vice Admiral Lanba is a recipient of the Param Vishist Seva Medal and the Athi Vishist Seva Medal for distinguished service of an exceptionally high order.

Cross-border treaties to confiscate overseas assets of wilful defaulters

Union government said it would enter into cross-border treaties to confiscate overseas assets of wilful defaulters and recover dues of banks even as the Lok Sabha approved a Bill that seeks to update related laws.
This comes after the Congress indicated support, in principle, for the report of the Joint Parliamentary Committee on the Insolvency and Bankruptcy Code.
The Bill to overhaul India’s century-old bankruptcy regulations is key to Prime Minister Narendra Modi’s agenda of improving the ease of doing business.

:: International ::

Caves in Gobi desert shows various historical aspects

Hewn out of solid rock in the middle of the bone dry Gobi desert, there exist hundreds of caves, whose intricately painted walls and magnificent statues have become markers in describing the epic journey of Buddhism.
The grottoes of Dunhuang are an emblem of an exceptionally powerful cultural cross-current that had, for centuries, threaded the Indian and Chinese civilisations.
Geography, and specifically the ancient Silk Road, had indeed played a foundational role in bringing about the India-China confluence of the past.
Dunhuang was a major point of intersection along the Silk Road. From this oasis town, the Silk Road, which had started from the not-so-distant Xian, and after having passed through the Gansu corridor, stood at a prominent junction.
After making way through the famous Jade Gate on the edge of Dunhuang, the Silk Road bifurcated along two lines. Both the trails eventually re-converged at Kashgar—another equally important junction along the Silk Road, on the edge of Central Asia.
These settlements are all on the foothills of the “celestial” Tien Shan mountains, on the way to Kashgar.
It is, however, the back-and-forth among people and goods along a branch of the southern route, which proved critical in channelling a masterly artistic fusion that is evident at Dunhuang’s magnificent Mogao caves.
Among Chinese officials in Dunhuang, the impulse for a cautious revival of India-China cultural ties, rooted in a common Buddhist heritage, is now palpable.

Democratic Tamil National Front formed with ten Tamil parties in Sri Lanka

Ten Tamil parties and groups in Sri Lanka have come together to form a coalition — Democratic Tamil National Front.
Among the parties are the Tamil United Liberation Front of V. Anandasangaree; Eelam People’s Democratic Party of Douglas Devananda and Democratic People’s Congress of Praba Ganesan.
Only a few days ago, Mr. Devananda and Mr. Ganesan had met President and the Sri Lanka Freedom Party chief Maithripala Sirisena and declared their allegiance to him.
Explaining the purpose behind the coalition’s formation, Mr. Devananda told that the parties which claimed to have brought in the existing government had not been able to take care of the interests of Tamils.
The new coalition would campaign for the adoption of the “Indian model of federalism”, which could be accomplished by enlarging the scope of the 13th Constitutional Amendment, which created provincial councils.

:: Science and Technology ::

Gravitational waves detection won special breakthrough prize in fundamental physics

The LIGO team’s detection of gravitational waves, announced in February, has won the Special Breakthrough Prize in Fundamental Physics.
The $3 million award, instituted by Yuri Milner, will be shared between two groups of laureates: the three founders of the Laser Interferometer Gravitational-Wave Observatory (LIGO) and 1012 contributors to the experiment
First will each equally share $1 million (Rs. 6.65 crore); and 1012 contributors to the experiment, who will each equally share $2 million (Rs. 13.31 crore).
The founders are Ronald W.P. Drever; Kip Thorne and Rainer Weiss. The 1012 contributors include 1,005 authors of the paper and seven others.
K.G. Arun of Chennai Mathematical Instituteis among the 1012 contributors.
Dr. Arun joined the LIGO scientific collaboration through the INDIGO consortium in 2012.
The calculations done by his team occupies three paragraphs in the 11-page paper.

:: India and World ::

First agreement under the Indo-U.S. Civil nuclear deal could be signed during PM visit

Prime Minister Narendra Modi will attend a dinner hosted by the U.S –India Business Council (USIBC) on June 7 that will bring together around 400 CEOs, investors and business leaders during his two-day visit to the U.S capital.
The Prime Minister is scheduled to address a joint session of the U.S Congress on June 8, and will also attend an event of the Indian community.
Details of the Prime Minister’s address to the joint session of the Congress and the community event that will also have several U.S lawmakers participating, will be finalised after Mr Modi’s schedule on the Capitol is final.
Curiously, India has not formally announced the PM’s visit yet, which is taking place at the behest of President Barack Obama.
The photo-op of the visit could the signing of the first commercial agreement under the Indo-U.S. civil nuclear deal, between the Westinghouse Electric and the Nuclear Power Corporation India Ltd(NPCIL), to build six nuclear reactors in Gujarat.

Next Malabar exercise in east of Japan

In a move that is sure to raise eyebrows in Beijing, four Indian warships will join the navies of the United States and Japan in the second half of June for the next edition of Malabar exercises east of Okinawa, a Japanese island.
Last December, India and the U.S announced formal expansion of the bilateral exercises into a trilateral format with the edition of Japan.
Two stealth frigates, a guided missile corvette and a fleet replenishment tanker of the Indian Navy would take part in the exercises.
In September 2007, the navies of Australia, Japan and Singapore joined India and the U.S. in the Malabar exercises which forced China to issue a demarche to New Delhi. This is also not the first time these exercises will be held near Okinawa.
Australia has repeatedly expressed interest in joining Malabar on a permanent basis and the United States had been pushing its inclusion, but India has so far resisted the move so as not to antagonise China.

:: Business and Economy ::

Lok Sabha clears bill to curb governor’s powers in monetary policy

The Lok Sabha approved the Finance Bill 2016 which included an amendment to the RBI Act clipping the central bank governor’s powers to set monetary policy.
The amendment made to the RBI Act through the Finance Bill removed the governor’s powers to singularly set monetary policy vesting them in a six-member Monetary Policy Committee.
Of the six members, the government will nominate three. The RBI Governor will chair the committee and have a second or casting vote in case of a tie.
The Deputy Governor in-charge of monetary policy and another officer to be nominated by the central bank’s board will also be members. Decisions will be taken by majority vote with each member having a vote.
The passage of the finance bill marks the completion of the three-stage process in the passage of the General Budget in the lower house.
With the passage of the Bill, the government has also succeeded in amending retrospectively the definition of foreign companies in the Foreign Contribution (Regulation) Act 2010.
This would pave the way for political parties to receive funds from Indian registered foreign companies, where Foreign Direct Investment (FDI) is allowed.
Replying to the debate on the Finance Bill 2016, Mr. Jaitley said the government had no intent to impose Income-Tax on agriculture income as under the Constitution, the Centre had no powers to levy tax on agriculture income.

Central banks wants bank licensing process to become continuous

The Reserve Bank of India (RBI) has proposed a relaxation of norms for on-tap licenses for universal banks, as the banking regulator seeks to open the key economic sector to wider participation.
This is first time since the financial industry was opened up in 1991 that the RBI has decided to make the bank licensing process continuous as opposed to a ‘stop-and-go’ approach.
While the broad contours of the norms are in line with guidelines issued for bank licensing in 2013, the central bank has now made it clear that business houses predominantly in financing activities.
Groups in the private sector that are ‘owned and controlled by residents’ and have a successful track record for at least 10 years, provided such a group has total assets of Rs.5,000 crore or more, the non-financial business of the group does not account for 40 per cent or more in terms of total assets or in terms of gross income would be eligible as promoters.
Preference will be given to promoting entities having diversified shareholding, according to the central bank.
Individuals can also apply for a licence but they should have at least 10 years of experience in banking and finance.
The central bank has allowed individuals as well as companies who are directly or indirectly connected with large industrial houses to have 10 per cent stake in a bank, as compared to 5 per cent earlier.
However, the regulator said such shareholders should not have any director on the board of the bank on account of shareholder agreements or otherwise.
The initial capital requirement to open a bank has been set at Rs.500 crore and the entity has to maintain 13 per cent capital adequacy ratio for three years.

In order to boost export government may come up with coastal corridors

The government has suggested setting up 29 port-based coastal industrial corridors across 14 coastal economic zones to boost exports and employment.
These corridors, envisaging a total investment of Rs.1 lakh crore, would provide employment opportunities to nearly one crore people and boost exports by $110 billion in the next 10 years.
The project is part of the National Perspective Plan 2016.The plan contains details of Sagarmala, the government’s flagship programme to promote port-led development in the country
The industrial clusters will be built near 12 major and 13 non-major ports which have surplus land for development.
Smart Port industrial cities are proposed to be developed at Kandla and Paradip and their feasibility reports are currently under preparation.