Current Affairs for BANK, IBPS Exams 3 August 2017

Bank Exam Current Affairs

Current Affairs for BANK, IBPS Exams 3 August 2017

::National::

RBI decided to cut the key policy rate by 25 basis points

As some of the upside risks to inflation have not materialised, the Reserve Bank of India (RBI) decided to cut the key policy rate or repo rate by 25 basis points (bps) to 6%, taking it to its lowest in six-and-a-half years.
The action was in line with expectations, even as the RBI continued its neutral stance, saying future action would depend on incoming data.
“Excluding the HRA impact, which will affect the CPI cumulatively, headline inflation would be a little above 4% in Q4 as against 4.5% inclusive of the HRA,” RBI Governor Urjit Patel said at the post-policy media interaction.
Mr. Patel expected banks to pass on the benefits to customers of those segments, which had not received the benefit of the rate-easing cycle.
Market participants said since RBI had indicated that inflation would rise from here, there was no scope for a further rate cut. The yield on the 10-year benchmark government bond rose 2 bps to 6.46%.

Rising CO2 will drastically reduce the amount of protein in staple crops

Rising carbon dioxide levels from global warming will drastically reduce the amount of protein in staple crops like rice and wheat, leaving vulnerable populations at risk of growth stunting and early death, experts warned.
Researchers say they still don’t understand how or why carbon dioxide emissions sap protein and other nutrients from plants, but the mystery is one that could have devastating consequences across the globe.
An additional 150 million people globally may be at risk of protein deficiency by 2050 because of rising levels of carbon dioxide in the atmosphere said the report.
It relies on data from open field experiments in which plants were exposed to high concentrations of CO2.
Global dietary information from the United Nations was used to calculate the impact on people who live dangerously close to the edge when it comes to getting enough protein.
Without it, growth is stunted, diseases are more common and early mortality is far more likely.
Carbon dioxide is a byproduct of fossil-fuel burning that helps trap heat around the Earth.
Without stark action, these emissions are expected to climb in the decades to come, resulting in rising seas, hotter temperatures and more extreme weather events.
Protein was not the only nutrient to take a major hit. Other research has shown that rising CO2 will cut key minerals like iron and zinc in staple crops, leading to further nutritional deficiencies worldwide.
Researchers calculated that by 2050, higher CO2 concentrations will sap the protein contents of barley by 14.6%, rice by 7.6%, wheat by 7.8%, and potatoes by 6.4%.
The hardest hit areas are expected to be Sub-Saharan Africa, where millions already don’t get enough protein in their diets, and South Asia where rice and wheat are common staples.
India alone may lose 5.3% of protein from a standard diet, putting a predicted 53 million people at new risk of protein deficiency.

SC says race to maintain privacy against the technology was a losing battle

The Supreme Court voiced apprehension over the possible misuse of personal data in public domain, saying the race to maintain privacy against the advent of technology was a losing battle.
A nine-judge Bench led by Chief Justice of India J.S. Khehar wrapped up the marathon hearing of the reference on the question whether privacy was a fundamental right or not, and reserved its judgment.
The verdict is expected to be pronounced before August 27, before the retirement of Chief Justice Khehar.
A formidable line-up of senior lawyers and legal experts participated in the hearing and argued on the impact of a judicial declaration that privacy was a fundamental right.
The Bench, which mooted the suggestion of framing “overarching” guidelines to protect private information in public domain, said there was a need to “maintain the core of privacy”.
However, the Bench highlighted the need to define privacy as India had become a “knowledge-based economy”, and had nearly 1.4 billion people whose personal information was in the public domain.

Union Cabinet cleared a proposal to extend proxy voting to overseas Indians

The Union Cabinet cleared a proposal to extend proxy voting to overseas Indians by amending electoral laws, a senior government functionary said.
For overseas Indians, the Representation of the People Act needs to be amended to include proxy voting as other means to cast their votes.
While non-resident Indians and overseas Indians are free to cast their votes in constituencies where they are registered.
According to the proposal, they would also be allowed to use the option of proxy, which as of now is only available to service personnel.

::Science and Tech::

Scientists have repaired a disease-causing mutation in the DNA

Scientists in the United States have repaired a disease-causing mutation in the DNA of early-stage human embryos, taking a step closer to engineering babies free of inherited disorders.
The team’s successful use of the CRISPR “gene editing” tool in viable embryos was hailed as a technical feat by outside experts, who called at the same time for deeper debate on the ethics of altering human DNA.
The lab-created, edited embryos were not allowed to develop beyond a few days, when they comprised a handful of cells.
Just over 72% of the embryos — 42 out of 58 — ended up being free of a heart disease-causing mutation carried in the DNA of the sperm used to create them, a team reported in the journal Nature .

::International::

U.S. President has signed into law new sanctions against Russia

U.S. President Donald Trump has signed into law new sanctions against Russia that were passed overwhelmingly by Congress and that run counter to his desire to improve relations with Moscow.
Given the delay since Congress approved the legislation, there had been speculation that he might be resisting signing a Bill that has already provoked countermeasures by Russian President Vladimir Putin.
Congress approved the sanctions to punish the Russian government over interference in the 2016 presidential election, annexation of Ukraine’s Crimea and other perceived violations of international norms.
Mr. Trump, who has long said he would like better relations with Russia, grudgingly accepted the sanctions, which also include Iran and North Korea.

::Business and Economy::

RBI Governor expects lenders to pass on lower loan costs to borrowers

With commercial banks having a tendency to reduce interest rates only for prospective customers in order to push new business.
Reserve Bank of India (RBI) Governor Urjit Patel said he expected lenders to pass on lower loan costs to borrowers who had not received the full benefit of the reductions in the policy rate.
RBI cut the policy repo rate by 25 basis points (bps) to 6%. A percentage point comprises 100 bps.
The banking regulator noted that banks mainly reduced rates for segments where competition was high as in the case of home loans and personal loans.
The central bank has reduced the repo rate by 200 bps since January 2015.
While banks cut the marginal cost of funds based lending rate (MCLR) sharply in January — by up to 90 bps — the reduction in the base rate, which was the earlier loan pricing regime, was much lower.
Since MCLR has been operational only from April 2016, a large proportion of loans are still linked to the base rate and such borrowers have not benefited to the extent of the new borrowers.
The difference between the base rate and MCLR, for some banks, is as high as 90-100 bps. The RBI said it will address Base Rate rigidity to improve transmission.

Centre will consider including a ‘one-nation one-licence’ regime in the new telecom policy

The Centre will consider including a ‘one-nation one-licence’ regime in the new telecom policy that is set to come out next year.
The move, if implemented, is likely to remove the distinction between local and STD calls, as service providers will not need separate licences for operations in various parts of the country. A single licence would suffice.
There will have to be a significant amount of rewriting and administrative reform in the Telecom Ministry so that we are able to actually move to some of the things like one nation.
Creation of ‘one-nation one-licence’ policy across services and service areas, was also the one of the objectives of the National Telecom Policy 2012.
Department of Telecom would also come out with a White Paper that will spell out what the government wanted to achieve through the policy.
The draft of the new policy is likely to be out by December, while the final policy is expected to be ready by March 2018.