Current Affairs Daily Updates June 7th 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. Kulmeet Bawa Appointed Adobe MD For South Asia
• Adobe Systems has announced the appointment of Kulmeet Bawa as Managing Director for South Asia. Bawa will take over the position from Umang Bedi, who is leaving the company after five years of service.
• Bawa will report to Paul Robson, President of Adobe Asia Pacific. Bawa will lead Adobe's customer-facing engagements in India.
2. Shahid Rasool takes charge as Director of Commonwealth Educational Media Centre for Asia
• Shahid Rasool, a communication technology specialist, took charge as the Director of the Commonwealth Educational Media Centre for Asia (CEMCA).
• Rasool will guide CEMCA in its mission to ensure effective utilisation of educational media resources for distance education.

AWARDS & HONOURS

1. Indian-origin professor in UK awarded by Queen.
• Eminent Indian-origin professor Lord Kumar Bhattacharyya has been awarded the prestigious Regius Professorship in Manufacturing by Queen Elizabeth II for his outstanding contribution in manufacturing.
• Through his career, he has advised the UK government on manufacturing, innovation, and technology. He is an IIT-Kharagpur alumnus.

BANKING

1. RBI keeps key policy rate unchanged
• The Reserve Bank of India kept the key policy rates unchanged at 6.50% in its second bi-monthly policy meet this fiscal. The central bank had cut rates by 25bps in its last policy review in April. The cash reserve ratio was also left unchanged at 4%.
• The move by RBI is in line with industry and market expectations.
2. RBI proposes two funds to revive firms under SDR
• With banks not making any headway in effecting ownership change in borrower companies under the strategic debt restructuring (SDR) mechanism, the Reserve Bank of India has mooted that they jointly float two funds — one to temporarily take over ownership of the companies by infusing equity capital in them and the second to provide working capital for the day-to-day operations of these companies.
• In June 2015, the central bank allowed banks to undertake SDR by converting loan dues into equity shares in borrower companies if they fail to achieve certain viability milestones (such as improvement in certain financial ratios after a period of time, say, six months, one year and so on).
3. Kotak Mahindra Bank expects 20% credit growth in FY17
• Kotak Mahindra Bank aims at 20 per cent credit growth in the current financial year.
• The Kotak Bank will continue to offer 6 per cent interest on savings bank accounts with balance of over Rs. 1 lakh balance. The Corporate credit offtake was likely to pick up in the second half of the year.

DEATHS

1. Chess legend Korchnoi dies in Switzerland aged 85
• Viktor Korchnoi, regarded as one the greatest chess players, passed away in Wohlen, Switzerland.
• He was a candidate for the World Championship on ten occasions.

ECONOMY

1. Government, ADB sign $120 mn loan agreement for Odisha
• Government of India and the Asian Development Bank (ADB) signed a $120 million loan agreement to improve irrigation and water management infrastructure in Odisha.
• The loan is the second tranche of a $157.5 million financing facility under the Orissa Integrated Irrigated Agriculture and Water Management Investment Program.
2. JV of L&T wins contract to develop Qatar stadium
• Larsen and Toubro (L&T) has signed a contract along with its joint venture (JV) partner in Qatar to build a 40,000-seater stadium for $360 million.
• This is part of the sports infrastructure being readied by the Emirate in preparation for the 2022 FIFA World Cup. The contract was announced by Qatar's Supreme Committee for Delivery and Legacy.
3. Avanse eyes disbursal of Rs. 800-crore education loans this fiscal
• Avanse, an education finance company, is looking to disburse loans worth Rs. 800 crore this fiscal.
• This will be a significant increase over the Rs. 343 crore loans disbursed in 2015-16.
4. DBS India returns to black, posts Rs. 8.6-cr profit for FY16
• Singapore-headquartered DBS Bank’s India operations reported a turnaround in performance, posting a net profit of Rs. 8.55 crore in the financial year ended 2016 against a loss of Rs. 274.63 crore in the year-ago period.
• Deferred tax credit of Rs. 32.70 crore helped prop up the bank’s profitability.

INTERNATIONAL

1. Norway to ban petrol and diesel cars by 2025
• Norway to ban or reduce the sale of all cars running on petrol and diesel after 2025.
• Norway looks set to become the first country to ban the sale of cars powered by fossil fuels after politicians apparently agreed that all vehicles must run on green energy by 2025.
2. Saudi plans to triple non-oil revenue in 5 years
• Saudi Arabia plans to more than triple the government’s non-oil revenues and clamp down on public-sector salaries over the next five years.
• The National Transformation Plan (NTP) aims to boost non-oil revenue to 530 billion riyals ($141 billion) by 2020, creating some 450,000 non-government jobs.

NATIONAL

1. Shri Piyush Goyal Launches “SURYAMITRA” Mobile App
• Shri Piyush Goyal, Minister of State (IC) for Power, Coal and New & Renewable Energy launched “Surya Mitra” mobile App at National Workshop on Rooftop Solar Power. The GPS based mobile app is developed by National Institute of Solar Energy (NISE) which is an autonomous institution of Ministry of New & Renewable Energy (MNRE).
• This innovative mobile approach shall enhance the employment of trained youth in solar PV technology and also improve the businesses of solar entrepreneurs because of quality servicing, maintenance and repairing professionals are now available to customers at the click of a button on their mobiles.
2. The first ever All India Women Journalists’ Workshop
• The workshop was inaugurated by the Minister of Women and Child Development, Smt Maneka Sanjay Gandhi.
• In the country people aware of the power and reach of the media and its ability act as agent of change. There is a need to empower the journalists with correct and timely information since journalists are a big social multiplier and can become agents of social change. The journalists to act as two-way communication channels i.e. bring the voice from the grassroots to the government and vice versa.
3. Delhi Government approves solar policy with 1 GW target by 2020
• The Delhi government announced implementation of its solar policy with the aim of making the national capital a solar city with installation of 1 GW solar power capacity by 2020.
• This target is proposed to double it to 2 GW during further next five years (by 2025).Outlines a combination of regulations, mandates, incentives, and tax breaks for the growth of rooftop solar power in the capital.
4. Rajasthan Government launches Mobile App RajVayu on Air Quality Index
• Chief Minister Vasundhara Raje launched a mobile application, 'RajVayu', for general public to check the air quality in three cities in the state - Jaipur, Jodhpur and Udaipur. Rajasthan State Pollution Control Board (RSPCB) claims to be the first board in the country to devise an app for delivering real time updates on air quality.
• This app will help residents of the three cities plan their day according to the air quality of different areas in the city. Individuals suffering from breathing problems can check the air quality of the zone/area they are visiting on the app. It will help them in avoiding those areas which have alarming levels of dust and smoke dangerous for their health.
5. Jharkhand govt to launch medical cover for poor
• Jharkhand government will roll out medical insurances for critical diseases. Starting medical insurances up to Rs 2.5 lakh for gambhir bimaari (critical diseases). Besides critical diseases, medical insurances for non-critical illnesses of up to Rs 50,000 will also be started.
• Primarily aimed at people living below poverty line and for those with annual household incomes less than Rs 72,000, the insurances will bring people from all economic backgrounds under its fold.

PERSONS IN NEWS

1. Former Adobe Executive Umang Bedi Appointed as Managing Director Of Facebook India.
• Former Adobe executive Umang Bedi was appointed as managing director of Facebook India.He will take over from Kirthiga Reddy, who will be returning to the US to take on a new role at the company’s Menlo Park headquarters.
• Bedi’s appointment will be effective from July, and he will lead in building and maintaining strategic relationships with top clients and regional agencies in India.

PLACES IN NEWS

1. Guwahati becomes first city to have City Animal
• Guwahati capital of Assam became the first city in the country to have its own city animal.
• Kamrup Metropolitan district administration declared the Gangetic River Dolphin the city’s mascot.

SCIENCE & TECHNOLOGY

1. India and UAE air combat exercise Desert Eagle-II at Al-Dhafra airbase
• Desert Eagle II, the second in the series of bilateral air exercises between the Indian Air Force (IAF) and the United Arab Emirates Air Force (UAE AF), concluded at the Al Dhafra Air Base in the UAE.
• The ten-day air combat exercise saw IAF Su 30 MKI participating along with Mirage 2000-9 and F-16 block 60 of the UAE AF.
2. Lisa Pathfinder success paves way for space-based gravitational wave detection
• A proposed milestone mission in the study of gravitational waves — LISA, the Laser Interferometer Space Antenna project received a boost, as the first, encouraging results from the LISA Pathfinde.
• The experiment has demonstrated that these two masses are almost motionless with respect to each other and show a relative acceleration which is less than one part in ten millionths of a billionth of Earth’s gravity.

SEMINARS & MEETINGS

1. International Labour Conference
• Shankar Aggarwal, Secretary Labour and Employment addressing plenary session of the 105th session of International Labour Conference (ILC) Geneva.
• The broad policies of the International Labour Organization (ILO) are set by the International Labour Conference, which meets once a year in June, in Geneva, Switzerland.

SPORTS

1. Serena overtakes Sharapova as world's top paid sportswoman
• Serena Williams has overtaken Maria Sharapova as the world's highest-paid sportswoman.
• She earned USD 28.9 million over the past 12 months. While, Sharapova earned USD 21.9 million over the past 12 months.
2. India to host Junior Men's hockey World Cup
• The International Hockey Federation ( FIH ) announced that the city of Lucknow will host the junior men's hockey World Cup from December 8 to 18.
• The event will feature 16 teams — defending champions Germany, Argentina, Australia, Austria, Belgium, Canada, Egypt, England, Germany, India, Japan, Korea, Netherlands, South Africa, New Zealand, Pakistan and Spain.

STATE

1. Telangana plans hub for e-hardware start-ups
• Telangana government is teaming up with semiconductor and other electronic firms to establish T-Works, a start-up hub for e-hardware start-ups.
• It is also setting up an academy exclusive to train human resources in VLSI (Very Large Scale Integration), which plays a crucial role in chip designing.

SURVEYS

1. Big movers on 'Fortune 500' list
• Retail giant Walmart has topped the Fortune 500 list for the fourth consecutive year.
• Walmart is followed by oil and Gas Company Exxon Mobil and Apple, the top tech company on the list.