Current Affairs for BANK, IBPS Exams 24 January 2017

Current Affairs for BANK, IBPS Exams

24 January 2017

:: National ::

Indian railways to use drone for safety

Escalators at stations, and boundary walls along tracks have cut the death rate on Mumbai’s railways, and it will now be the turn of drones.
The Western Railway is close to finalising a plan to deploy small unmanned aerial vehicles to monitor its tracks, and cut the number of train-hit deaths due to trespassing.
The death toll along Mumbai rail tracks was 3,304 in 2015, and 3,349 persons were injured, according to official data.
The plan is unique and the firm Indian Eye Security will provide the drone. It can cover nearly 30 km at a stretch. Thus, the pilot project, which will be demonstrated on January 25.
The drone is likely to cost the railways Rs. 10,000 to Rs. 15,000 per day to run. The images generated will enable security staff to reach an accident spot within minutes.
Overhead traction wires are located about 15-20 metres above the tracks and drones will fly at 50 metres, during peak hours. Also, drone cameras can produce superior recordings.

Voilence broke out during jallikattu protest

Violence broke out early as police sought to remove protesters occupying landmarks in many cities in Tamil Nadu seeking a “permanent solution” to the holding of jallikattu, the annual bull-taming festival.
As a large posse of policemen tried to clear the Marina beach ahead of the Republic Day celebrations, the protest that was hitherto apolitical and peaceful took an ugly turn with mobs indulging in stone-throwing and arson.
Police said ‘anti-social elements’ crept into the protests and instigated vulnerable youth to indulge in violence. Even as the State Assembly passed the Bill on jallikattu, some of the protesters were in no mood to disperse.
Several police and public vehicles were torched or damaged in Chennai and other cities.
At a special sitting, the Assembly unanimously passed the Prevention of Cruelty to Animals (Tamil Nadu Amendment) Bill, 2017.
The legislation seeks to amend certain Sections of the Central Act to ensure that bulls are not barred from being used for the rural sport. The Bill is to replace an ordinance.

Scientists have developed a novel psychological vaccine against fake news

Scientists have developed a novel psychological “vaccine” to immunise the public against the damaging “virus” of fake news and misinformation on websites and social media.
In medicine, vaccinating against a virus involves exposing the body to a weakened version of the threat, enough to build a tolerance.
Researchers believe that a similar logic can be applied “inoculate” the public against misinformation, including the damaging influence of ‘fake news’ websites propagating myths about climate change.
The study found the inoculation technique shifted the climate change opinions of people with various political beliefs.
It is one of the first on ‘inoculation theory’ to try and replicate a ‘real world’ scenario of conflicting information on a highly politicised subject, researchers said.

Centre gets nod from SC and EC for budget

Noting that there is “nothing concrete” to back that annual budget can sway the minds of people during the State Assembly polls, SC dismissed a petition seeking postponement of the Central budget till the Assembly elections in five States.
Mr. Sharma contended that policies like giving homes to the economically-deprived in States introduced in the annual budget influence people to vote in a particular fashion.
“They present schemes like these in the budget to control the minds of the citizens. These schemes declared during election time are against the Model Code of Conduct,” the lawyer argued.
At one point, the Chief Justice called the petition’s interpretation of constitutional law as ‘absurd’.
“Take a situation where Party ‘A’ is in power in the Centre and people may think if we vote for that party in the State, money for welfare schemes will come to the State. Is that an excuse for a petition to be filed seeking the ban on the party to contest the State polls?” Chief Justice Khehar asked.
The Election Commission has asked the Centre to ensure that no schemes specific to the five election-bound States were announced in the Union Budget in the interest of fair polls.
“It may be ensured that in the budget, the government’s achievements in respect of the five States... will not be highlighted,” the EC order said.

:: International ::

Trump to make major changes

U.S. President Donald Trump could sign an executive order as early as Monday intended to renegotiate the free trade agreement between the U.S., Canada and Mexico.
In addition to wanting to renegotiate the North American Free Trade Agreement (NAFTA), the new Republican President also intends to sign an executive order pulling out of the Trans-Pacific Partnership (TPP).
Mr. Trump, who was sworn in as the 45th U.S. President on Friday, targeted both trade pacts during his White House campaign.
The President said he planned talks soon with the leaders of Canada and Mexico to begin renegotiating NAFTA.
NAFTA, which took effect in 1994, and other trade deals became lightning rods for voter anger in the U.S. industrial heartland states that swept Trump to victory.
Mr. Trump intended to sign was to pull out of the TPP, the trade agreement among 12 Pacific Rim countries that Democratic President Barack Obama strongly backed.
The agreement, seen as a counter to China’s rising economic influence, was promoted by Washington and aimed to set trade rules for the 21st century. Although signed in 2015, it has not yet gone into effect.
Mr. Trump promised to cut taxes massively and slash regulations by 75%. He also warned the corporate CEOs that he would impose a “border tax” on goods imported by companies that move jobs out of the U.S.
Israel approved hundreds of new settler homes in east Jerusalem, just hours before the telephone call, which an Israeli statement described as “very warm”.

:: Business and Economy ::

India rejects investment pact demand from EU

India, along with Brazil, Argentina and some other nations, has rejected an informal attempt by the European Union (EU) and Canada to work towards a global investment agreement at the World Trade Organisation (WTO)-level.
This would also incorporate a contentious Investor-State Dispute Settlement (ISDS) mechanism.
The ISDS mechanism has become contentious as it permits companies to drag governments to international arbitration without exhausting the local remedies and claim huge amounts as compensation citing losses they suffered due to reasons, including policy changes.
“Only after all local options have been exhausted for settling disputes between a corporate and a government, do we want to permit issues to be taken up in international arbitration tribunals,” Ms.Sitharaman said.
The pact, among other things, aims to facilitate easier movement of skilled workers and professionals across borders for short-term work.
Meanwhile, the EU has indicated to India that it wants to first conclude talks on a new Bilateral Investment Treaty (BIT) with India and then restart negotiations on the proposed bilateral free trade agreement.

TRAI has recommended the use of Aadhaar-based e-KYC for verification

The Telecom Regulatory Authority of India (TRAI) has recommended the use of Aadhaar-based e-KYC for verification of existing mobile subscribers.
“Aadhaar linked e-KYC service provides a robust mechanism to verify the identity of a person electronically and instantaneously from the source itself, based on the biometrics of a person,” the regulator said in a statement.
TRAI has also recommended that the use of Aadhaar-based e-KYC be permitted for outstation customers.
DoT may work with TSPs (telecom service providers) to evolve a framework to verify the existing mobile subscribers through Aadhaar based e-KYC services in a phased manner and within a defined time frame.
However, this process should be optional to the service providers as well as mobile subscribers,” the regulator said.
It added that as e-KYC verification could not be made mandatory, “a scheme could be formulated to encourage the existing subscribers” to undergo the e-KYC process.
Stating that it had received several cases from state police departments where it had been found that hundreds of SIM cards have been obtained using fake documents, TRAI is of the view that the existence of such SIM cards posed a real security challenge.

Report on revising the Fiscal Responsibility and Budget Management Act submitted

With a little more than a week before Finance Minister Arun Jaitley presents the Budget, the N.K. Singh panel submitted its report on revising the Fiscal Responsibility and Budget Management Act to Mr. Jaitley.
The five-member committee — including RBI Governor Urjit Patel, former Finance Secretary Sumit Bose, Chief Economic Advisor Arvind Subramanian, and National Institute of Public Finance and Policy Director Rathin Roy.
Committee was constituted in May 2016 following Mr. Jaitley’s announcement, in Budget 2016-17, of the creation of a panel to review the Fiscal Responsibility and Budget Management Act.