Current Affairs for BANK, IBPS Exams 26 February 2016

Current Affairs for BANK, IBPS Exams

26 February 2016

:: NATIONAL ::

Suresh Prabhu presented customer oriented budget

Railway Minister Suresh Prabhu effected no hike in passenger fares, indicated a cut in freight tariffs.
He admitted that the global economic slowdown is hurting India’s core sectors and pointed out that the looming impact of the Seventh Pay Commission made it one of the toughest times to formulate a Budget.
Yet, Mr. Prabhu, in his second Rail Budget, unveiled a bouquet of new train services, innumerable new initiatives to make life easier for passengers and proposed an ambitious capital outlay of Rs. 1.21 lakh crore for 2016-17, a jump of 21 per cent over this year.
While the Railway Minister didn’t refer to a sharp 50 crore shortfall in his passenger traffic estimates for 2015- 16 — the Railways is expected to carry just 810 crore passengers down from 860crore that he had projected in the last budget.
He sought to win back passengers by offering some air-plane-type features like on- board entertainment and travel insurance options at the time of booking.
Railways is looking at bringing down its freight rates for the first time in the coming year, in a bid to increase revenues through higher volumes.
Minister also said “With an optimistic outlook for the economy, we hope to generate revenues of the order of Rs. 1,84,820 crore next year, 10.1 per cent higher than the revised target for 2015-16.”
The Railways will increase the senior citizen quota per coach by 50 per cent, resulting in almost 120 lower berths per train for senior citizens.
All stations will be made disabled-friendly and at least one disabled-friendly toilet in all platforms in A1 Class stations will be built in the next financial year.
One-time registration for the persons with disabilities for availing concessions while booking tickets online was also announced along with online booking of wheelchairs & Braille-enabled new coaches.
As a pilot, the Railways will make available children’s menu items on trains along with baby foods, hot milk, hot water and changing boards for babies in train toilets.
The Budget suggests sale of tickets through hand-held terminals on suburban or short distance travel and sale of platform tickets through ticket vending machines with credit/debit cards as accepted payment modes besides cash.
Further, the e-ticketing facility will be extended to foreign debit/credit cards for foreign tourists and NRIs.
For cancelling a ticket, it is proposed that a customer can simply call the 139 helpline in- stead of going to a booking window to avail the refund.
The Ministry is working with insurance companies to offer optional travel insurance for rail journeys at the time of booking.
Railway Minister Suresh Prabhu announced four new categories of trains — one for unreserved passengers and three for reserved passengers.
Antyodaya Express, a long-distance, fully unreserved, superfast train service, for the common man, to be operated on dense routes.
Govt. will also add two to four DeenDayalu coaches to some long-distance trains for unreserved travel to enhance our carrying capacity for the masses.
Minister also announced a fully third AC train, called Humsafar. The Tejas category of trains will run at 130 km an hour, with entertainment, local cuisine, Wi-Fi and other amenities on board.
The final category is UDAY (Utkrisht Double- Decker Air-conditioned Yatri), which will be overnight trains plying on the busiest routes to increase capacity by 40 per cent.

NGT wants real estate developers to be punished for the dust

The National Green Tribunal (NGT) asked civic bodies and public authorities in Delhi-NCR to check air pollution caused by dust emanating from construction sites and initiate action against real estate developers violating environmental norms.
The green panel has also asked municipal corporations to strictly impose a fine of Rs. 50,000 on builders who violate the Environment Ministry's 2010 guidelines on constructions.
The announcement of the fine was made by the Tribunal last year.
NGT Chairperson Justice Swatanter Kumar said that allcorporations and public authorities must concentrate on builders who raised huge constructions and did not follow pollution norms.
It also directed the municipal corporations to file a list of builders involved in violations.

UB group chairman Vijay Mallya resigned

UB Group Chairman Vijay Mallya has resigned as the non-executive chairman of United Spirits Limited (USL) with immediate effect.
Recently, there have been allegations and uncertainties over Mr. Mallya’s relationship with British alcoholic beverages company Diageo, the majority stakeholder in the USL.
Ever since Diageo purchased a majority stake of about 54 per cent in the USL in July 2014, tussles between Mr. Mallya and the firm have been reported.
After the acquisition of majority stake in the USL, Diageopushed for the exit of Mr. Mallya, which he refused.

Electronic tourist visa extended to 37 more countries

Electronic tourist visas (e-TVs) will be extended to citizens of 37 more countries from Friday, taking the total number to 150.
The new additions are Albania, Austria, Bosnia & Herzegovina, Botswana, Brunei, Bulgaria, Cape Verde, Comoros, Cote d’lvoire, Croatia, Czech Republic, Denmark, Eritrea, Gabon, Gambia, Ghana, Greece, etc.
TVoA (tourist visa on arrival), enabled by electronic travel authorisation, popularly known as the e-tourist visa scheme, was launched on November 27, 2014.
Since then, more than 7.5 lakh such visas have been issued. At present, on an average, 3,500 e-TVs are granted daily.

:: International ::

Seven Indian companies products component ended up in explosives of IS

Products from at least seven Indian companies figure in a large supply of components that have ended up in explosives used by Islamic State terrorists, according to a study released.
The European Union-fund- ed 20-month-long study by the Conflict Armament Re- search (CAR) states that the seven Indian companies “manufactured most of the detonators, detonating cord, and safety fuses documented” by their field investigation teams.
However, there was no illegality on the part of the Indian companies, the report says.
The study established that 51 companies from 20 countries produced or sold more than 700 components used by IS to build improvised explosive devices (IEDs).
Companies from other countries such as Turkey, Brazil and the United States also appeared on the list.
Solar Industries, India, produced one spool of detonating cord on 27 February 2014 and exported it to the Turkish company Ýlci, Ankara.
On 31 December 2012, Gulf Oil Corporation, India, had produced a spool and exported it to the Turkish company NitromakDyno Nobel, Ankara.
Solar Industries, India, produced a further two spools, on 21 and 23 October 2012, and exported them [on an unspecified date] to the Lebanese company Maybel, headquartered in Beirut.
However, all those Indian products landed up with the IS through some intermediaries.

Commonwealth Ministerial action group calls for free and fair election in Maldives

The Common-wealth Ministerial Action Group (CMAG), at its extraordinary meeting in London, called upon the Maldives to show progress in many areas, including political dialogue, to ensure inclusive, free and fair elections in 2018.
During the meeting, ministers expressed their “continuing concern” regarding political space available to the opposition and detention or custody of opponents.
Separation of powers, independence of the judiciaryand, the independence and lawful functioning of democratic institutions were the other areas over which the ministers had conveyed their opinion.

:: INDIA and WORLD ::

India will approach UN to include Masood in globally designed terrorists

In its biggest diplomatic move after the Pathankot attack, India will approach the United Nations to include the Pakistan-based terror master- mind Maulana Masood Azhar on the list of globally designated terrorists.
India would formally request the 1267 Sanctions Committee, which consists of 15 members, to schedule a discussion on Masood Azhar on Friday.
The decision is significant since it is the second time in less than a year that India will attempt to isolate an international terrorist through the anti-terror committee.
In June 2015, India moved the committee in the United Nations, demanding an ex- planation from Pakistan for its decision to release the 26/ 11 attack plotter Zakiur Rahman Lakhvi from jail.
The attempt to isolate Pakistan, however, failed at the last moment because of China’s opposition. this year too, China’s attitude would be watched.

:: BUSINESS and ECONOMY ::

Indian industry welcomes railway budget

India Inc, welcoming the railway budget for its focus on various initiatives aimed atfuelling economic growth.
many initiatives announced in the budget would restore the Indian railways back to good health.
Bajaj Auto Chairman said many positive steps had been taken in the right direction but large expenditure on a project like the bullet train should be postponed and the money utilized for the much required improvement and expansion of the railways.

Railway budget lays emphasis on PPP projects

The Railway Budget has laid emphasis on Public Private Partner- ships (PPP) to implement initiatives such as rail connectivity for ports, station-redevelopment, rail-side logistics parks and ware- housing as well as satellite terminals.
A committee appointed for the purpose of revamping the ministry’s PPP cell has submitted its re- port and the initiative is “under implementation”.
The capital expenditure for the next financial year, pegged at Rs.1.21 lakh crore, calls for abandoning the “business-as-usual approach” and continually innovating to develop new frameworks for PPP.
Foreign investors from Spain and France were keen on dedicated freight corridors (DFC) projects provided they were structured properly in terms of financial returns and risk-allocation and mitigation.
The railway minister said his ministry would take up dedicated freight corridors and implement it in a time-bound manner through innovative financing mechanisms, including PPP.
Referring to the Cabinet approval for redevelopment of 400 stations through PPP, Prabhu said on the basis of a bankable structure for private participation, the government will undertake a bidding process for a few large and medium stations during the next financial year.
The government is also considering availing multilateral financial investments for the development of certain other stations and partnering with states.