Current Affairs for BANK, IBPS Exams - 25 October 2017

::NATIONAL::

Bharat Mala Pariyojana

• The Centre announced a Rs. 5.35 lakh crore road construction package, called BharatMalaPariyojana, in a bid to spur the economy as private investment remains moribund. This follows the Cabinet nod to build 34,800 km of roads nationwide, including in border and coastal areas.

• “To further optimise the efficiency of movement of goods and people across the country, the government is launching a new umbrella programme. [The] BharatMalaPariyojana, to be implemented on an outlay of Rs. 5,35,000 crore, will generate 14.2 crore mandays of jobs,” an official statement said

• The BharatMala project will include economic corridors (9,000 km), inter-corridor and feeder route (6,000 km), national corridors efficiency improvement (5,000 km), border roads and international connectivity (2,000 km), coastal roads and port connectivity (2,000 km) and green-field expressways (800 km). Further, the remaining road projects of 10,000 km under the National Highways Development Project will form a part of the programme.

• The government has identified new routes between economically important cities that would be 20% longer in terms of distance but take relatively less travel time. For instance, the shortest road route between Mumbai and Cochin at present is 1,346 km which takes 29 hours. However, the government has identified a 1,537-km route on this sector that will reduce the travel time by five hours.

• The project will be executed through the National Highways Authority of India (NHAI), National Highways and Infrastructure Development Corporation Limited (NHIDCL), Ministry of Road, Transport and Highways and State Public Works Department (PWDs). The Centre has set a target for completion of the projects in the next five years.

• Under the programme, roads will be built along the borders with Nepal and Bhutan, bottlenecks on the existing Golden Quadrilateral highway network will be removed. Also, road connectivity to small industries will be ensured and manufacturing centres will be connected with national highways, Finance Secretary Ashok Lavasa said.

• With the implementation of this programme, India could get the much-needed cost competitiveness in the manufacturing sector by bringing down the logistics cost which is currently one of the highest amongst the emerging markets and way above that prevalent in developed economies.

• The BharatMala project will be funded in a three-pronged manner – market, private investment and asset recycling of NHAI’s toll assets. While Rs. 2.09 lakh crore will be raised as debt from the market, Rs. 1.06 lakh crore will be mobilised through public-private partnership.

• The remaining Rs. 2.19 lakh crore will flow from accruals of the Central Road Funds, Toll-Operate-Maintain-Transfer monetisation proceeds and toll collections, the statement said. PwC India Infrastructure Partner and Leader Manish B. Agarwal said that the Bharatmala programme will ensure that investments are focussed on economic returns.

Girija Devi , Queen of Thumri passed away

• Eminent classical singer and Padma Vibhushan awardee Girija Devi passed away following a cardiac arrest. Considered as the queen of Thumri, the singer was 88 and is survived by her daughter.

• A legendary singer of the Benaras gharana , Girija Devi was awarded the Padma Shri in 1972, the Padma Bhushan in 1989 and the Padma Vibhushan in 2016.

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IAF landing drills on Lucknow-Agra highway

• The Indian Air Force put up a spectacular show on the Lucknow-Agra highway as 16 of its frontline aircraft conducted elaborate landing drills on a designated airstrip built on the expressway.

• The landing and touchdown exercises were held on the 3-km airstrip built on the expressway near Bangarmau in Unnao, between Lucknow and Kanpur.

• The IAF's fighter class aircraft, Sukhoi-30, Mirage-2000 and Jaguar enthralled the crowd with their speed and touchdown manouvres. The key feature of the event, however, was the debut of the advanced turbo-prop military transport vehicle, the C-130J Super Hercules, on the highway. This was also the first time that the Jaguar participated in a highway landing exercise.

• The C-130J Super Hercules, which is of U.S. origin, is utilised for special operations and relief work during HADR (Humanitarian Assistance and Disaster Relief) operations in times of humanitarian crisis. They supply relief material during calamities such as floods and earthquakes, while also being used for evacuation.

• The military has said the exercise was aimed at checking feasibility of expressways being used as alternative airstrips in case of dire emergencies or non-availability of runway for any reason.

• “Over the past few years, the IAF has been increasing its efforts to utilise certain straight stretches of National Highways for emergency landings. Such highway stretches are planned to be used in emergencies, if an active airport is not available for some reason. These operations increase the flexibility in the use of Air Power,” a defence spokesperson said.

• This is not the first time the IAF aircraft have landed on a highway. In May 2015, fighter aircraft landed on the Yamuna Expressway for the first time, followed by an elaborate ‘touch-and-go’ and low-pass manoeuvres of take-offs and landings by six IAF fighter planes — three Mirages and three Sukhois — last November when the expressway was inaugurated by the Akhilesh Yadav government.

• Several countries like Germany, Sweden, South Korea, Taiwan, Finland, Switzerland, Poland, Singapore, Czechoslovakia and Pakistan have dedicated stretches on their highways and expressways for aircraft to land and take off in emergencies or warlike events, the military said.

• The IAF plans such excercises on highway stretches in other parts of India. At 302-km, the Lucknow-Agra Expressway is the longest six-lane highway in the country. The highway cuts short the distance between the state capital and the land of the Taj Mahal, while also reducing journey time to Delhi.

Petition on procedure for removal of ECs

• A petition was filed in the Supreme Court pointing out the vagueness in the procedure for removal of Election Commissioners, saying it affects the panel’s autonomy.

• The petition argued that the proviso to Article 324 (5) of the Constitution safeguards the Chief Election Commissioner (CEC) from arbitrary removal. The CEC can be removed from office only by the order of the President, just like a judge of the Supreme Court.

• However, the same constitutional provision is silent about the procedure for removal of the two Election Commissioners. It only provides that they cannot be removed from office except on the recommendation of the CEC.

• The petition filed by advocate Ashwini Kumar Upadhyay said the ambiguity on the removal procedure of the Election Commissioners might affect the functional independence of the EC.

• The CEC and the Election Commissioners have a tenure of six years, or up to the age of 65 years, whichever is earlier, and enjoy the same status and receive salary and perks as available to apex court judges.

• “The CEC and the Election Commissioners enjoy the same decision-making powers... However, Article 324(5) does not provide similar protection to the Election Commissioners,” the plea said.

• The petition, in short, seeks to provide Election Commissioners with the same protection against arbitrary removal as the CEC. The plea also sought direction to the Centre to provide an independent secretariat to the Election Commission.

Industrial use of pet coke banned in NCR

• The Supreme Court directed the prohibition of industrial use of pet coke and furnace oil in NCR regions from November 1, 2017. The order follows the recommendation of the Supreme Court-appointed Environment Pollution Control Authority (EPCA) to ban the sale, distribution and use of furnace oil and pet coke in the NCR. Their use is already prohibited in Delhi.

• A Bench led by Justice Madan B. Lokur also imposed a fine of Rs. 2 lakh on the Ministry of Environment for not fixing any emission standards for industries using pet coke and furnace oil in the NCR region.

• Casting its net wider against sources of air pollution and government apathy after recently cracking down on the sale of firecrackers during Deepavali, the Supreme Court said fixing emission norms for industries using these toxic materials was vital for public health.

• In a separate hearing, the same Bench, led by Justice Lokur, ordered the demolition of a high-tech, multi-parking lot built a kilometre from the Taj Mahal. Uttar Pradesh Chief Minister Yogi Adityanath is expected to visit the monument on October 26 to review tourism schemes. The court gave the authorities four weeks to demolish the parking lot.

• The order came on a PIL petition filed by advocate M.C. Mehta for protection of the monument from pollution and deforestation.

::INTERNATIONAL::

Xi joins the league of Mao and Deng

• The Communist Party of China (CPC) bracketed its General Secretary, Xi Jinping with its star icons, Mao Zedong and DengXiaoping.

• Mr. Xi’s status as a theoretician has been elevated at a time when China is gearing up for a major transition. At the closing session of the 19th Party Congress, the CPC enshrined the “Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era” in its Constitution.

• Only Mao’s ‘Thought’ and Deng’s ‘Theory’ have been embedded in the basic law of the Party-state. Deng’s name was added after his death in 1997.

• The contribution of two other former Presidents — Jiang Zemin Hu Jintao — do not carry their names in the Constitution. Mr. Xi’s ‘Thought’ would act as a guide to the Party’s work in the coming decades.

• As expected, the amended Constitution affirmed that Mr. Xi’s signature fight against corruption will continue. The “Belt and Road” initiative, an ambitious programme to build infrastructure linking China with its neighbours and beyond, was also included in the party Constitution.

• During his work report read out at the inaugural on October 18, Mr. Xi unveiled a two-stage plan. China, he said would become a “moderately prosperous” society by 2021 — the centenary of the formation of the CPC.

• That status would be consolidated till 2035. From 2035, China will aspire to become an advanced socialist country — a target that it wishes to accomplish by 2050, a year after the People’s Republic of China (PRC) celebrates its centenary.

• During the day, 2,336 delegates approved the new Central Committee consisting of a total of 204 members along with their 172 alternate members.

• The Central Committee will endorse the 25-member Politburo, and the top seven leaders comprising the apex Standing Committee of the Politburo. Candidates on Tuesday also voted for the 133 member Central Commission for Discipline Inspection (CCDI) — the county’s top anti-corruption body.

• There were some indications of likely changes in the Standing Committee, where only the names of Mr. Xi and Prime Minister Li Keqiang stand confirmed. Dousing earlier speculations, Wang Qishan, the spearhead of the anti-corruption drive, will not be part of the new Standing Committee. The 69-year old anti-graft czar has not been included in the new Central Committee, from where the apex leadership is drawn.

• Analysts say that there is a strong likelihood that Mr. Wang would be replaced by Zhao Leji, who has been included in the new CCDI list. Mr. Zhao is currently the head of the Party Organisation Department.

• Other possible candidates for the Politburo include Wang Huning, a well-established thinker from Shanghai, who is likely to run the CPC’s Central Secretariat focussing on ideology — his prime area of interest. Observers say that Han Zheng, with roots in Shanghai, where he is the Party Secretary, could also be elevated to a top leadership slot.

• Another candidate likely to make it to the Standing Committee is Wang Yang. Already a Vice-Premier, he has extensive administrative experience in the Guangdong Province and Chongqing.

Singapore freezing the number of private cars on roads

• Singapore, one of the most expensive places in the world to buy a vehicle, will freeze the number of private cars on its roads for at least two years, a rare move in Asia where many cities are increasingly gridlocked.

• The city-state said the growth cap for all passenger cars and motorcycles will be cut to zero from 0.25 percent a year in February, while pledging a new multi-billion-dollar investment in the public transport network.

• The measure, to be reviewed in 2020, is an extension of Singapore’s already tough controls on vehicle ownership, which have helped the nation of 5.6 million avoid the traffic jams that choke other Asian cities.

• As well as controlling the number of vehicles on the roads, special certificates valid for 10 years must be purchased along with a car, pushing the price of an average sedan to over Sg$1,10,000 ($80,000) — about four times the price in the U.S.

• Nevertheless many have still paid the hefty price for the convenience of having their own vehicle. There were more than 6,00,000 private cars in Singapore at the end of 2016.

• Singapore’s approach is rare in Asia where the blistering pace of urban development in recent decades has often been accompanied by unchecked growth of car and motorbike ownership, spawning huge traffic jams in many major cities.

• However, not everyone in Singapore welcomed the move.

• Some said the public transport system, which has faced criticism recently after the metro suffered a series of breakdowns, needed improvement to justify such a step, and others that it would push up the price of cars as experts predicted certificates would become more expensive.

• In a statement announcing the change, the Land Transport Authority said 12% of Singapore’s total land area was already taken up by roads and there was limited room for expansion.

• But it said the government would spend Sg$28 billion over the next five years to expand and upgrade public transport. The city-state has a largely efficient public transport system, including buses, trains and a metro. Some hoped that the changes would encourage Singaporeans to use more environmentally friendly forms of public transport in future.

::SCIENCE AND TECHNOLOGY::

Organic near-IR filter developed

• An organic filter that allows only near-infrared (NIR) light to pass through has been developed by scientists at the CSIR-National Institute for Interdisciplinary Science and Technology (CSIR-NIIST) based in Thiruvananthapuram.

• The filter can be used for night vision glasses, night photography, and will have applications in security and forensics such as identifying blood stains on a dark fabric.

• Currently available inorganic filters are expensive and brittle whereas organic filters are easy to process and flexible too.

• The filter was prepared by mixing a black dye (diketopyrrolopyrrole or DPP) having an amide group that helps the molecules to be in close contact with each other and interact leading to changes in their optical properties.

• The organogel-based filter has the ability to absorb both ultraviolet and visible light while allowing the near-infrared light alone to pass through. The nanofibres formed through the self-assembly of the DPP molecules are responsible for the broad light absorption of the material, making it appear dark.

• The researchers developed the filter by mixing the organogel with a transparent polymer (polydimethylsiloxane). The addition of the dye turns the transparent polymer into a semi-transparent one and the filter appears black as it absorbs most of the ultraviolet-visible light.

• The filter was found to absorb light from 300-850 nm (both ultraviolet, visible and a part of NIR light) and transmit NIR light from 850-1500 nm. The researchers tested it for night photography and found the filter responsive only to NIR light.

• Dried blood strains on a black cloth that remained invisible to naked eyes became clearly visible and detectable when viewed through a camera with the NIR filter. Tampering of a cheque which was not discernible to naked eyes could be easily identified when viewed through a camera with the filter.

• Another potential application of the new material is in the design of hidden security codes on documents which can be viewed only through a NIR-readable camera.

Transparent solar cells harvest equal to rooftop solar units

• Transparent solar materials applied to windows can harvest as much energy from invisible light waves as bigger, bulkier rooftop solar units, scientists say.

• “Highly transparent solar cells represent the wave of the future for new solar applications,” said Richard Lunt from Michigan State University in the U.S.

• Researchers developed a material that when placed on a window captures solar energy without disrupting the view.

• The thin, plastic-like material can be used on buildings, car windows, cell phones or other devices with a clear surface.

• The solar harvesting system uses organic molecules developed by Mr. Lunt and his team to absorb invisible wavelengths of sunlight. The researchers can “tune” these materials to pick up just the ultraviolet and the near-infrared wavelengths that then convert this energy into electricity.

::CULTURE::

World’s oldest astrolabe that guided explorers to India

• A Britain-based shipwreck hunter said that a navigation tool he found that guided Portuguese explorers on a perilous voyage to India in the 16th century has been confirmed as the world’s oldest astrolabe.

• David Mearns found the bronze disc during a dive on a shipwreck off the coast of Oman in 2014 but said Warwick University had only recently confirmed what it was after laser scans revealed etches on it.

• “This is the oldest maritime astrolabe,” he said, dating it to between 1496 and 1500 — around 30 years earlier than the previous oldest known astrolabe.

• Astrolabes have been in use since ancient times and the mariners’ version was developed by Portuguese explorers using the altitudes of the sun or stars to determine the latitude of a ship at sea.

• Mr. Mearns said he believes the shipwreck is of a ship called the Esmeralda , which was part of Vasco da Gama’s second expedition to India of 1502-1503 and was captained by the explorer’s uncle.

• Da Gama was the first European to reach India by sea in 1498, a discovery that opened the way for an age of colonialism and trade between Europe and Asia.

• U.S.-born Mr. Mearns, who has worked on shipwrecks around the world, said the astrolabe carried the personal emblem of King Manuel I of Portugal, who came to the throne in October 1495.

• “The Portuguese were at the forefront of developing astrolabes at sea. The oldest reference of them using them at sea is about 1480. The previous oldest was on a ship from 1533,” Mr. Mearns said.

• The astrolabe is with Oman’s National Museum.

::ECONOMY AND BUSINESS::

Recapitalisation is the need of the hour

• Bankers have hailed the Union government’s decision to infuse Rs. 2.11 lakh crore in public sector banks, saying the move is the need of the hour.

• “This milestone announcement on recapitalising banks in one go is a bold and courageous move and is indeed the need of the hour,” Rajnish Kumar, Chairman, State Bank of India, said.

• “It will generate balance in overall demand and supply by bringing more investments in sectors like infrastructure. These funds will also help in efficiently managing risk and credit capital related requirements of the banks,” he said.

• Sharp rise in stressed assets in the past three years have eroded capital of state-run lenders, which share a disproportionate burden of the bad loans.

• The move also comes as a relief for banks facing a corrective action of the RBI following deterioration of assets quality and other financial parameters.

• Karthik Srinivasan, group head, Financial Sector Ratings, ICRA, said the infusion of funds would provide the capital required to absorb losses due to non-performing assets.

• “Most likely, the recapitalisation bonds are likely to be subscribed by the banks ...,” he said.

India, U.S. talks to boost bilateral trade

• India and the U.S. are slated to hold high-level talks to boost bilateral trade and investment. On the agenda of the India-U.S. Trade Policy Forum (TPF), scheduled to be held in Washington DC on October 26, are ways to iron out irritants including ‘visa curbs’ of the U.S. and India’s ‘high tariffs’ on manufactured products and ‘restrictions’ on e-commerce, as well as steps to expedite the conclusion of negotiations on a bilateral social security pact (or totalisation agreement).

• The TPF, which is the main forum to resolve bilateral trade and investment issues, is also likely to take up the ‘challenges’ that American innovative industries face due to India’s ‘weak’ Intellectual Property Rights regime. It would also discuss the ‘non-tariff barriers’ of the U.S. that are adversely impacting India’s agriculture, pharmaceuticals and other industrial exports.

• Both countries aim to increase bilateral goods and services trade to $500 billion soon, from about $115 billion in 2016.

• Industry bodies including USIBC and US-India Strategic Partnership Forum (USISPF) are working with the governments of both the countries on mechanisms to ensure greater engagement at the State-level, instead of focusing entirely on the Central/Federal-level discussions.

Infusing capital to boost economy

• The Centre unveiled an ambitious plan to infuse Rs. 2.11 lakh crore capital over the next two years into public sector banks (PSBs)saddled with high, non-performing assets and facing the prospect of having to take haircuts on loans stuck in insolvency proceedings.

• The move is vital for the slowing economy, as private investments remain elusive in the face of the “twin-balance sheet problem” afflicting corporate India and public sector banks reflected in slow bank credit growth.

• Several economists opine that the recapitalisation of banks — so that they can lend more freely and help revive private investment — is critical for revitalising India’s growth momentum at a time when the global economy is recovering.

• Financial Services Secretary Rajiv Kumar said that the Union Cabinet had approved the capital infusion plan for PSBs, adding that the funding pattern would be front-loaded.

• The Financial Services Secretary added that this would be funded through budgetary provisions of Rs. 18,139 crore and the sale of recapitalisation bonds worth Rs. 1.35 lakh crore. The balance would be raised by the banks themselves by diluting the government’s equity share.

• “Indiscriminate lending earlier by banks led to a high level of NPAs (non performing assets),” Finance Minister Arun Jaitley said. “And these NPAs were kept under the carpet. Now they have come to light because of the Asset Quality Review conducted by the Reserve Bank of India.”

• The capital infusion would also be accompanied by a series of banking sector reforms, Mr. Jaitley said, without providing any specifics, adding that the measures would be revealed in the coming months.

• The government’s capitalisation package for public sector banks will provide a strong booster dose of relief for the capital starved public sector banks.

• CRISIL’s assessment of capital requirement for public sector banks to meet Basel III requirements is in the range of Rs. 1.4-1.7 lakh crore which will be met by the government’s relief package.

• Mr. Jaitley said the nature of the recapitalisation bonds would be decided in the coming months, adding that the impact from the capital infusion on the fiscal deficit would be determined by the type of bonds and as to who the issuing authority would be.

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