Current Affairs Daily Updates June 18th 2016


Dear Readers,
Welcome to Mentor for Bank Exams. Here I am presenting the current affairs of the day covering utmost events happened which are helpful for upcoming competitive exams as well to boost your general awareness. Kindly make use of these!!!

APPOINTMENTS
1. Cricketer Chetan Chauhan named National Institute of Fashion Technology (NIFT) chairman.
• Former cricketer and former BJP MP Chetan Chauhan have been named the chairman of the National Institute of Fashion Technology (NIFT).
• Chauhan was chosen because he was an international sportsman and had experience in banking.
• He is currently serving as the vice-president of the Delhi and District Cricket Association, besides being a senior BCCI official.

AWARDS & HONOURS
1. Baahubali wins 5 awards at Filmfare South Awards:
• 'Baahubali' won five awards including the Best Film at the 63rd Britannia Filmfare (South) Awards in the Telugu films category.
• While Mahesh Babu won the Best Actor award for the Telugu film 'Srimanthudu',
• Notably, these awards have been honouring professionals in the Telugu, Tamil, Malayalam and Kannada film industries since 1970.
2. Kerala Tourism bags four awards at ‘FilmAT’ International film festival in Poland.
• Kerala Tourism has won four awards at ‘FilmAT’ which is one of the biggest international film festivals dedicated to tourism, art and ecology in Poland.
• ‘Responsible Tourism’ initiative started by Kerala Tourism has won three awards under categories of the Best Promotional Social Campaign, Protection of Nature, and Eco-Food categories respectively.

BANKING
1. SEBI eases norms for overseas fund managers
• The Securities and Exchange Board of India (SEBI) plans to relax norms for portfolio managers to enable more offshore fund managers to relocate to India.
• The regulator is also looking to change the norms for Real Estate Investment Trusts (REITs) to attract more real estate companies in the sector.
• The board of SEBI met in Mumbai and decided to release consultation papers on regulations for portfolio managers and REITs so that the current norms could be amended based on public feedback.
2. SBM trims home loan rates
• State Bank of Mysore (SBM) has revised its interest rates on housing loans. The bank’s revised interest rates are linked to the one-year marginal cost of funds-based lending rate (MCLR) at 9.5 per cent.
• For housing loans across all limits, the new rate is 9.65 per cent (against the existing 9.70 per cent). For housing loan Maxgain, from Rs. 25 lakh up to Rs. 1 crore, the new rate is 9.65 per cent (9.70 per cent). For loans above Rs. 1 crore, the rate is 9.75 per cent (9.80 per cent).

DEATHS
1. Famous TV actress Ann Morgan Guilbert dies
• Famous Television actress Ann Morgan Guilbert died after battling with cancer. She was 87.
• She began her TV career in the 1960s, appearing on popular programmes such as I Dream of Jeannie, My Three Sons, The Alfred Hitchcock Hour, The Partridge Family, Love, American Style, and The New Andy Griffith Show.

ECONOMY
1. Max Life, Max Financial to merge with HDFC Life
• Max Financial Services and Max Life have entered into an agreement for a merger with HDFC Life. Their respective boards have approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger.
• The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction. However, it has not been mentioned as to how much stake the foreign partner of Max Life will hold post the merger. No timeline has been given for the merger.
• The combined entity would be the largest private sector insurer, both in terms of assets under management and new business premiums. Assets under management of the combined entity would touch Rs 1.10 lakh crore and new premiums would almost touch Rs 9400 crore.
2. Yatra acquires auto rickshaw aggregator mGaadi
• Gurgaon-based travel portal, Yatra.com acquired Bangalore-based auto rickshaw aggregator, mGaadi for an undisclosed amount.
• Founded in 2012, mGaadi is an app-based commuting service from India Drivers Network, a Bangalore-based social enterprise.
3. India sees highest-ever tea production in FY16
• India recorded it’s highest-ever tea production of 1,233 million kg in 2015-16 fiscal. Further, the exports during the fiscal crossed the 230 million kg mark for the first time in 35 years after reaching 232.9 million kg (valued at ₹4,493 crore).
• The surge in exports is attributed to the increased demand from Russia, Iran, Germany, Pakistan, Bangladesh, UAE and Poland.
4. Odisha to invest Rs.1,000 Crore for skill development
• To create the 'Skilled in Odisha' brand name, the state government decided to invest Rs 1,000 crore for setting up of eight advanced skill development centres, besides upgrading existing institutes in order to train eight lakh youths in three years.
• Three years from now, every graduate of an ITI of the state will be at the forefront of technology.
5. Eurozone approves €7.5 bn in funds for Greece
• The Eurozone has approved €7.5 billion (about $8.46 billion) in bailout funds for Greece, in what will be the first payment since 2015.
• This will allow the country to meet €3.5 billion in debt repayments to the European Central Bank in July.
• Notably, Greece owes its creditors over €300 billion, approximately 180% of its Gross Domestic Product (GDP).
6. JSW Steel’s US arm pays MM Steel $55 m penalty
• Sajjan Jindal’s JSW Steel has decided to appeal against a penalty of $55 million (Rs. 368 crore) levied against its US subsidiary in an anti-trust case filed by MM Steel in 2012.
• MM Steel had filed the case in a US district court against its competing distributors and steel manufacturers, including JSW Steel, claiming that its rivals had conspired to deprive it of supplies and that manufacturers had joined the plot, leading to the closure of its business in 2013.

INTERNATIONAL
1. Dedication of the Duraiappah Stadium in Jaffna, renovated by India, to the people of Sri Lanka
• The Prime Minister, Shri Narendra Modi and the President of Sri Lanka, Mr. Maithripala Sirisena, jointly dedicate to the people of Sri Lanka, the newly renovated Duraiappah Stadium in Jaffna.
• Prime Minister Narendra Modi joined the event through video-conferencing from New Delhi with President Sirisena present at the stadium in Jaffna.
2. India, South Korea launch Korea Plus platform to promote investments
• India and South Korea launched a platform to promote and facilitate investments in India.
• The platform 'Korea Plus' was launched by Commerce and Industry Minister Nirmala Sitharaman and her South Korean counterpart Joo Hyunghwan in New Delhi.
3. Dow Chemical first foreign company to get Saudi Arabia trading license
• Dow Chemical Co (DOW.N) became the first foreign company to receive a trading license from Saudi Arabia as the kingdom plans to diversify its economy and free its dependence on oil exports amid a slump in global oil prices.
• Saudi Arabia's crown prince Mohammed bin Salman held a meetings with U.S. lawmakers as part of a visit aimed at restoring frayed ties with Washington and promoting plan to wean the kingdom away from oil revenue.
• The trading license will give the company 100% ownership in the country's trading sector, as per the government's new reform plan.

NATIONAL
1. Rajnath approves setting up central marine force
• A central marine police force to protect sea, coast, ports and vital institutions along country's 7,517-km long coastline may come up in near future.
• India has a 7,517-km coastline, which is dotted with 12 major ports and 187 minor or intermediate ports.
2. National Civil Aviation Policy, 2016 : Salient Features
• The Minister of Civil Aviation Shri P. Ashok Gajapathi Raju released the National Civil Aviation Policy 2016 in New Delhi. This is the first time since independence that an integrated Civil Aviation Policy has been brought out by the Ministry.
• The policy aims to take flying to the masses by making it affordable and convenient, establish an integrated eco-system which will lead to significant growth of the civil aviation sector to promote tourism, employment and balanced regional growth, enhance regional connectivity through fiscal support and infrastructure development and enhance ease of doing business through deregulation, simplified procedures and e-governance.
3. Government clears Rs. 300 Crore under Swadesh Darshan scheme
• Trying to reach out to the religious pilgrims in Uttar Pradesh, the central government cleared tourism projects worth over Rs 300 crore "in-principle" in Uttar Pradesh under the Ramayan and Krishna Circuits.
• The decision was taken at the first meeting of National Committee on Ramayan Circuit and National Committee on Krishna Circuit held under Swadesh Darshan Scheme of the Union Tourism Ministry.
4. Bihar to step up Sanitation efforts as part of Swachh Bharat
• The Government of Bihar, as part of a focused strategy to step up Sanitation efforts in the State under the Swachh Bharat Mission, held a workshop on Sanitation for all District Collectors of the State.
• Ms M Geetha, Mission Director, Chhattisgarh shared experiences from her State at the workshop as Chattisgarh is a State known for pioneering the community approach to sanitation in the country.
5. Textiles Minister dedicates five Solarised Community Centers and 100 Shelter Homes for benefit of wool growers in Ladakh
• The Union Textiles Minister Shri Santosh Kumar Gangwar dedicated five Solarised Community Centre and 100 shelter homes for the benefit of the nomads (wool-growers) involved in Pashmina sheep rearing, in very hard conditions; in Ladakh region.
• The Minister travelled six hours by road in Karzok and Samad in the Changthang area to interact with the nomads. During the interaction, the Minister announced that all other kinds of help in respect of marketing of raw pashmina and linking pashmina products with tourism would be facilitated by Government of India.

PERSONS IN NEWS
1. Soram Sunil sworn-in as first mayor of Imphal.
• Congress councillor Soram Sunil was sworn in as the first mayor of Imphal, the capital city of Manipur.
• Sunil was elected unanimously to the Imphal Municipal Corporation despite objection by the opposition BJP, who boycotted the election.
• With protests over the implementation of the Inner Line Permit in Manipur, the election was conducted amidst heavy security deployment.

PLACES IN NEWS
1. Hyderabad: Boeing, Tata plan to set up joint aerospace facility in the city
• Boeing and Tata Advanced Systems Limited (TASL) have joined hands to set up a facility to co-produce Boeing AH-64 Apache helicopter fuselages and other aerostructures.
• Defence minister Manohar Parrikar laid the foundation stone of Tata Boeing Aerospace Limited (TBAL) at the aerospace Special Economic Zone (SEZ) at Adibatla on the city outskirts.

SCIENCE & TECHNOLOGY
1. Small asteroid discovered orbiting Earth for nearly century
• NASA scientists have discovered an asteroid, named 2016 HO3, orbiting the sun that also appears to circle around Earth.
• The small asteroid has a slightly tilted orbit, bouncing up and down through Earth’s orbital plane once a year.
• Over decades, as it scuttles along its path around the solar system, it twists back and forth.
2. SpaceX launched two satellites into orbit
• A SpaceX Falcon 9 rocket successfully placed two all-electric commercial telecommunications satellites into geostationary transfer orbit viz. EUTELSAT 117 West B and ABS-2A.
• SpaceX’s reusable Falcon 9 rocket which had lifted off from Cape Canaveral Air Force Station in Florida, US. This mission was SpaceX’s second dual-satellite launch.
• These two commercial satellites are operated by Eutelsat and ABS companies respectively.
3. NASA reveals experimental electric X-plane
• The National Aeronautics and Space Administration (NASA) unveiled the iconic X-57 Hybrid Electric Research Plane nicknamed as Maxwell.
• The plan is to develop technologies that improve fuel use and emissions and reduce noise, while also potentially paving the way to faster and more efficient small aircraft.
• The plane is fixed with 14 electric motors turning propellers and all of them are integrated into a uniquely-designed wing.
4. Microsoft to design app for HRD Ministry’s SWAYAM platform
• The technology giant Microsoft is going to design mobile application for Union Human Resources Development (HRD) Ministry’s SWAYAM platform.
• Together they will the launch 2000 Massive Open Online Courses for over three crore students in 2016.
• Microsoft signed a deal of 38 crore rupees with AICTE (All India Council of Technical Education) to build and run the app for three years, which afterwards will be taken over by AICTE.

SEMINARS & MEETINGS
1. The 2nd Meeting of the Joint Committee at the Ministerial Level under the Korea-India CEPA
• The 2nd meeting of the Joint Committee at the Ministerial Level to review the India-Korea CEPA (Comprehensive Economic Partnership Agreement) was held in New Delhi.
• Nirmala Sitharaman, Minister of State (Independent Charge) for Commerce and Industry and Mr. Joo Hyunghwan, Minister of Trade, Industry and Energy of Korea reviewed the progress made in trade between the two countries since the entry into force of the CEPA.

SPECIAL DAYS
1. International Picnic Day is observed on June 18th
• International Picnic Day is observed every year on June 18th
• International Picnic Day is a chance to eat out in the open air with friends or family.
• The word “picnic” comes from the French language, and it’s believed this type of informal outdoor meal became a popular pastime in France after the Revolution.

SPORTS
1. Brazil declares financial emergency, requests funding for Rio Olympics.
• The governor of the Brazilian state of Rio de Janeiro declared a state of financial emergency, requesting federal funds to help fulfill obligations for public services during the Olympics, which start Aug. 5.
• The state's revenue has slumped in the last two years as global oil prices have collapsed. Rio state's debt has been downgraded several times.
2. World Champions Australia beat India in shootout to clinch 14th Champions Trophy title
• India was pipped by reigning world champions Australia 1-3 via penalty shoot-out to settle for their maiden silver medal in the Hockey Champions Trophy .
• After the 60 minutes of regulation play remained goalless in the final, Australian goalkeeper Tyler Lovell denied S.K. Uthappa, S.V. Sunil and Surender Kumar in the penalty shoot-out to drive Australia to their 14th Champions Trophy title - most by any side.

STATE
1. Andhra Pradesh to start Internet-based phone service
• Andhra Pradesh is perhaps the first State to have obtained a telecom license and it can issue phone numbers starting with the ‘797’ series.
• It indirectly got the opportunity to start an internet based telephone service ‘without requiring any further registration’ after it obtained permission from the Telecom Ministry for starting its own IPTV — Internet Protocol based Television network — as part of its Fibre Grid project.
2. DGP launches e-Nethra surveillance cameras
• Director General of Police J.V. Ramudu inaugurated e-Nethra network of Internet Protocol cameras in the city. It is a network of surveillance cameras installed by the Vijayawada city police and the municipal corporation (VMC).
• The advanced cameras were needed to keep track of movement of people and vehicles at important junctions and on the main roads for taking action against offenders and to basically ensure order on the roads.
• The cameras are connected to the Internet and facilitate real-time monitoring of the busy thoroughfares.

SURVEYS
1. 2015-16 tea production, exports at record high: Board.
• India recorded its highest-ever tea production at 1,233 million kilos during 2015-16, while the exports crossed 230 million kilos during the period.
• Tea production rose by 3% in 2015-16, up from 36 million kilos in the preceding year.
• Exports during the last fiscal was the highest after 35 years and valued at Rs 4,493 crore, and a 17% rise in terms of quantity.
2. India ranks 4th in hacked server list: Kaspersky.
• India ranks fourth in the list of hacked servers available for sale via xDedic marketplace. According to Kaspersky, xDedic lists 3488 Indian servers for sale as of May 2016.
• The Kaspersky report further states cyber-criminals can buy and sell access to these compromised servers for as little as $6 each.