Current Affairs for BANK, IBPS Exams 21 August 2016

Current Affairs for BANK, IBPS Exams

21 August 2016

:: National ::

Deputy Governor Urjit Patel to be the next RBI governor

Ending months of speculation, the Appointments Committee of the Cabinet (ACC) announced the appointment of Reserve Bank of India Deputy Governor Urijit Patel as successor to Governor Raghuram Rajan.
Dr. Patel will take up the top job for a three-year term on September 4, the day Dr. Rajan’s three-year term expires.
The choice of Dr. Patel reflects the government’s pref- erence for continuity to the Rajan tradition. Dr. Patel, working closely with Dr. Rajan, is piloting India’s transition to a new monetary policy regime.
According to a press note announcing the appointment, Dr. Patel was picked in a new, two-step selection process. “For the first time, a systematic approach and an objective mechanism have been put in place,’ it said.
In the first step, the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary P. K. Sinha made a shortlist for the consideration of the ACC.
Thereafter, the ACC comprising Prime Minister Narendra Modi and Home Minister Rajnath Singh, settled for Dr. Patel from a list of five names received from the FSRASC.

Maharastra protection of Internal security act to set up special security zones

Thenewly drafted Maharashtra Protection of Internal Security Act (MPISA) has proposed setting up of Special Security Zones where movement of arms, explosives and inflow of unaccounted funds will be prohibited .
The government made public the draft MPISA, 2016, defining Critical Infrastructure Sectors (CIS), and bringing nuclear reactors, dams, major projects, coastal areas under its ambit.
It will also have an emphasis on maintaining law and order and combating terrorism, insurgency, caste-related violence and communalism.
The government would seek public responses to the MPISA, asking for suggesti- ons before the Bill is presented to the legislature for approval.

Pink bollworm continues to create problem

Pink bollworm, a pest that left farmers of Raichur devastated last year by destroying Bt cotton crops, has now reached Haveri district, where cotton is grown in about 1 lakh hectares annually.
This has once again raised questions over claims by companies supplying Bt cotton seeds of immunity from pink bollworm .
While the scientific community is yet to begin any study in Haveri over the extent and severity of the pest attack, the impact of the pest is widespread.
A recent visit by a fact-finding committee comprising of environmentalists and farm experts revealed thatthe summer cotton crop (cultivated during summer in irrigated land) has fallen prey to the pink bollworm.
Pink bollworm attack in villages of Haveri and Ranebennur taluks only on the sum- mer cotton crop and it is severe.
Summer cotton crop is cultivated on around 1,010 hectares of land in the district while kharif sowing is in 69,000 hectares.
Of this, the pest is noticed in 500 hec- tares and pest attack is not of alarming level. But as a pre- cautionary measure we have taken steps to sensitise farmers.

:: International ::

China gets new country, Myanmar, under Silk Road project

Myanmar’s State Counsellor Aung San Suu Kyi concluded her visit to China after embarking on a tough balancing act — of seeking Beijing’s support for her country’s infrastructure projects and demands of environmental groups back home.
During the visit, media attention remained largely fixed on the Myitsone project, the controversial China-backed undertaking worth $3.6 billion stalled since 2011 on the grounds of causing extensive ecological damage.
Ms. Suu Kyi placed on record Myanmar’s support for China’s ‘Belt and Road’ connectivity initiative along the ancient Silk Road.
It also supported the Bangladesh-China-India-Myanmar economic corridor meant to industrialise a stretch spanning more than 2,000-km linking Kunming in China with Mandalay in Myanmar, passing through Bangladesh, and ending at Kolkata in India.
Significantly, it made nomention of the South China Sea dispute, an achievement for Beijing, which has been working hard to avoid negative references to the issue among members of the Association of South East Asian Nations (ASEAN).
Prior to Ms. Suu Kyi’s visit, Myanmar’s media had highlighted that she was likely to look for Chinese support for her government’s initiatives in achieving reconciliation with insurgent groups in Myanmar.
An open letter to State Counsellor pointed out that hydropower dams on the Salween River would block water flow and create hardship for those who rely on the waterway, particularly for agriculture, in Burma, Thailand and China.

:: India and World ::

BRICS women parliamentarians forum started at Jaipur

Calling upon BRICS countries to strengthen “cooperative mechanisms”, Lok Sabha Speaker said a united front would help in the successful implementation of the Sustainable Development Goals (SDGs).
At the first meeting of the BRICS Women Parliamentarians’ Forum, She said while India had chosen the path of removing poverty by empowering the poor, BRICS should innovate institutional means for meeting the needs of the member countries.
The Speaker said that some of the recent initiatives launched in the country were promoting inclusion and social advancement.
The initiatives include Jan Dhan Yojana, unleashing entrepreneurial energies of people, and the Beti Bachao, Beti Padhao scheme to bring the girl child as focus of all development efforts.
Ms. Mahajan said the women parliamentarians, as enablers of achievement of the SDGs, needed to concentrate on their role as people’s representatives.
Referring to the 2030 agenda for the SDGs, Ms. Mahajan said the women parliamentarians had added responsibilities in it because worldwide.

:: Business and Economy ::

Finance minister says in order to taxes to go down base must increase

Amid demand from the industry for a lower Goods and Services Tax rate, Finance Minister Aurn Jaitley said for the rate to be low, the tax base needs to increase.
If all taxpayers pay their taxes, it will help bring in tax rates lower. The more the evasions and exemptions, the higher will be the tax rate. So, moderate tax rates and evasions cannot co-exist.
Earlier this month, Parliament passed the much delayed GST Bill paving the way for the new tax structurewhich is expected to kick in from 1 April 2017.
While states like Assam and Bihar passed the Bill, it has to be passed at least by 17 more states with two-third majority for the Bill to get constitutional validity.
India is politically integrated into one country, but economically we are different states.
You have to have a free flow of goods and services across the country. Youhave to have a uniform rate of taxation thought the country,” Mr Jaitley said
The peak GST rate will be finalised by the proposed GST Council comprising the Union Finance Minister and his state counterparts, even as the chief economic advisor has suggested an 18 per cent peak rate.
Stating that GST implementation was his immediate challenge, the minister said the next challenge would be strengthening the banks.

More foreigners visiting India

The number of foreign tourist arrivals (FTAs) in India rose 17.1 per cent in July 2016 over the same period a year ago.
Bangladesh accounted for the highest share of tourist arrivals followed by the U.S. and the U.K., according to a government statement. The government earned Rs.14, 319 crores as foreign exchange, stemming from touristinflows.
The FTAs during July 2016 was 7.36 lakh as compared to 6.28 lakh during the month of July 2015 and 5.69 lakh in July, 2014.
FTAs during the period January-July 2016 were 49.22 lakh with a growth of 10 per cent as compared to 44.73 lakh with a growth of 4.6 per cent in January-July 2015 over January-July 2014.
Foreign Exchange Earnings (FEEs) during July 2016 stood at Rs.14,319 crore as compared with Rs.11,982 crore in July 2015 and Rs.10,284 crore in July 2014.
The growth rate in rupee terms during July 2016 over July 2015 was 19.5 per cent as compared to 16.5 per cent in July, 2015 over July, 2014.
FEEs during January-July 2016 amounted to Rs.87,384 crore with a growth of 15 per cent as compared Rs.76,017 crore with a growth of 9.5 per cent during January-July 2015 over January- July 2014.
In dollar terms, FEEs in July 2016 amounted to $2.13 billion as compared to $1.884 billion in July 2015 and $1.712 billion in July 2014.
The growth rate in July 2016 over July 2015 was 13.1 per cent compared with the growth of 10 per cent in July 2015 over July, 2014.

:: Sports ::

Usain Bolt makes it triple triple

When Usain Bolt is on schedule, he not only fills the Olympic stadium, but draws all attention.
Yet, there were moments that stood out, apart from Usain Bolt anchoring Jamaica to gold in the 100-metre relay and winning his ninth gold medal in the Olympics.
But, first things first. Bolt along with Asafa Powell, Yohan Blake and Nickel Ashmeade clocked a season best 37.27 seconds to beat the Japanese who ran an Asian record of 37.60.
There was no real challenge to the Jamaican supremacy.