Current Affairs Daily Updates July 28th 2016


Current Affairs
Dear Readers,
Welcome to Mentor for Bank Exams. Here I am posting Daily Current affairs News Updates about the National and International events were listed here. Candidates those who are preparing for IBPS/SBI/PO/Clerk exam and all other competitive exams can use this.
APPOINTMENTS
1) Indonesia names ex-General as Security Minister
Indonesian President Joko Widodo pleased market reform advocates on Wednesday by bringing home the World Bank’s managing director to be finance minister and upset human rights activists by naming a controversial ex-general as security chief.
The surprise appointments of Sri Mulyani Indrawati to head the finance ministry and Wiranto as coordinating minister for politics, law and security were part of a wider-than-expected cabinet reshuffle in which the trade, energy, transport and industry ministers were also replaced.
2) Brexit: France's Michel Barnier made European negotiator with UK
Former French Foreign Minister Michel Barnier has been appointed by the European Commission to negotiate with Britain over Brexit.
Announcing the appointment, European Commission President Jean-Claude Juncker said he "wanted an experienced politician for this difficult job".
Mr Barnier will take up his post on 1 October. A former EU commissioner, Mr Barnier led the EU's banking reforms - a move unpopular in London's finance district.
3) Sunil Kant Munjal, Joint MD at Hero MotoCorp, to step down
Sunil Kant Munjal, Joint Managing Director of Hero MotoCorp and Chairman Hero Corporate Services will step down from the Board of Directors of the two-wheeler maker.
In a filing to the Bombay Stock Exchange (BSE), Hero MotoCorp said, "Keeping with the core values of the Hero Group as established by the late Dr Brijmohan Lall Munjal, the members of BML Munjal family have decided realign their businesses to achieve future growth and expansion."
The statement added Sunil Kant Munjal has expressed his desire to step down as Joint MD once his tenure comes to an end on August 16, 2016.
AWARDS AND HONOURS
1) West Bengal to get All India Coordinated Rice Improvement Project award
This is the first time when the state would be receiving the award. It may be mentioned that the state had received Kishi Kamran Puraskar for the three consecutive years. The 51st committee from the Indira Gandhi Krishi Bikash Kendra has selected the state for the award.
The state has been selected for the award for its achievement in four key areas that include scientific research for seeds. The state government has also bagged the award of the second position for participating in International Agriculture and Horticulture Expo. It was held for three days from July 22 to 24 at Pragati Maidan in Delhi.
2) Oldest Elephant in Kerala Set to Enter Guinness World Records
At 86, Dakshayani shows no signs of ageing and looks absolutely fit as she gets all set to enter the Guinness World Records as the oldest living elephant.
The Travancore Devasom Board (TDB) - the owner of the elephant - has already written to the Guinness authorities staking claim to Dakshayani being the oldest living elephant in the world.
Addressing reporters here on Monday TDB President Prayar Gopalakrishnan said that records available with them, including of the Kerala Forest Department, show that Dakshayani is the oldest.
BUSINESS/ECONOMY NEWS
1) India Signs $1 Bn Deal With US Firm For Four Poseidon-8I Aircraft
India on Wednesday signed an over USD 1 billion deal with American defence and aerospace major Boeing for procuring four additional ‘Poseidon-8I’ long-range maritime surveillance and anti-submarine warfare aircraft.
The contract is a follow-on order to eight P-81 planes already bought by India in a direct deal with the firm worth USD 2.1 billion, defence sources said.
The contract was inked during the ongoing visit of US Under Secretary for Defence on Acquisition Frank Kendall, and is seen as a sign of growing Indo-US defence ties, they said.
India had last year signed a USD 3 billion contract with the US through Foreign Military Sales route for 22 Apache and 15 Chinook helicopters.
With today’s deal, the total value of defence deals signed with the US in the last one decade comes to around USD 15 billion.
2) RBI slaps Rs 27 crore penalty on 13 banks for FEMA violations
The Reserve Bank of India has come down hard on 13 banks and fined them for Rs 27 crore for violation of FEMA and lapses in know your client (KYC) rules.
The RBI fined Bank of Baroda for Rs 5 crore, Punjab National Bank and Syndicate Bank have been fined Rs 3 crore each. UCO Bank, HDFC Bank, Allahabad Bank, Canara Bank and IndusInd Bank have all been fined Rs 2 crore each.
While the regulator did not impose any fine on SBI, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Union Bank of India, among others, it advised these banks to ensure strict compliance of KYC (know your customer) requirements and FEMA provisions on an ongoing basis.
3) Sun Pharma, Almirall enter pact for psoriasis novel biologic
Drug major Sun Pharmaceutical and Spanish firm Almirall have entered into a licensing pact for development and commercialisation of tildrakizumab used for treatment of psoriasis in Europe.
Sun Pharma will be eligible to receive development and regulatory milestone payments and additionally sales milestone payments and royalties on net sales, the terms of which are confidential, it added.
4) ADB raises Rs 500 crore in rupee-linked bonds
Multilateral funding agency Asian Development Bank (ADB) has raised Rs 5 billion, or around Rs 500 crore, by issuing five-year offshore Indian rupee-linked bonds.
"The Asian Development Bank (ADB) has raised Rs 5 billion (about USD 74 million) from its issuance of 5-year offshore Indian rupee (INR) linked bonds, " it said in a release today.
This was, ADB said, its third bond issue in the offshore rupee-linked market, and the second such issue this year.
Also, ADB said plans to raise around USD 20 billion from the capital markets in 2016.
5) Budget 2016: Govt to hike FDI limit in stock exchanges to 15%
The government on Monday said foreign entities would be allowed to own up to 15% stake in domestic stock exchanges, a move that would help boost their global competitiveness.
The decision announced in the 2016-17 Budget speech by finance minister Arun Jaitley also comes against the backdrop of demand from various stakeholders who have been seeking higher foreign direct investment (FDI) in stock bourses.
6) Sri Lanka Cabinet approves $318 mn Indian credit for railway projects
Sri Lanka’s railway sector is to receive a fillip with the Cabinet approving a $318-million line of credit from the Indian government for the procurement of rolling stock and upgrading two major railway lines in the country.
With this, the total amount of assistance from India for the development of the sector in Sri Lanka goes up to $ 1,284 million.
As part of the rolling stock, six diesel multiple units with air-conditioned passenger compartments; 160 passenger coaches; 30 oil tank wagons, 10 locomotives and 20 container carrier wagons will be purchased.
Totalling around 120 km, the two lines — Anuradhapura to Omanthai and Anuradhapura to Maho — will witness the rehabilitation of railway tracks and upgrading of the signalling system.
7) Brazil fines Facebook $11.6m over WhatsApp stand-off
A judge in Brazil on Wednesday slapped an $11.6 million fine on the local Facebook branch over the company’s refusal to surrender data from its WhatsApp messenger program to a police investigation.
The order came from a judge in the northern state of Amazonas, saying Facebook was failing to meet its legal obligations.
Facebook Brasil has “shown tremendous disregard for Brazilian institutions,” prosecutors added.
WhatsApp has been owned by social media giant Facebook since February 2015.
BANKING NEWS
1) SBI to refinance new entity’s Rs 28,000 crore debt in the RCOM-Aircel merger
State Bank of will refinance debt of Rs 28,000 crore that will be transferred to the entity emerging from merger of the wireless business of Reliance Communications and Aircel, expected to be announced next month, a person familiar with the matter said.
IMPORTANT DAYS TO REMEMBER
1) World Hepatitis Day 2016
World Hepatitis Day is being celebrated every year on 28th of July aiming to make aware the common people globally about hepatitis.
It is the world level awareness program launched as a global public health campaign by the World Health Organization to make the world a hepatitis free world.
The theme of 2016 would be “Prevent Hepatitis: It’s up to you”.
2) World Nature Conservation Day – 28th July
World Nature Conservation Day is observed on 28th July all over the world with increasing awareness about the precious natural resources the Earth is bestowed with.
Nature provides us with various indispensable services which has made possible human existence on the planet. Right from the air we breathe to the raw material required for the development process, everything is provided by nature.
The rapid development process is putting pressure on the natural resources like air, water, forests, wildlife, fossil fuels & minerals. Excessive and unsustainable use of these resources is causing degradation of nature. Hence the need for ‘Nature Conservation’ is felt all over the world, which is the wise management & utilisation of natural resources.
INTERNATIONAL
1) India signs $1bn deal for submarine hunter planes
India signed a contract on Wednesday to buy four maritime spy planes from Boeing Co for about $1 billion, defence and industry sources said, aiming to bolster the navy as it tries to check China’s presence in the Indian Ocean.
India has already deployed eight of the long-range P-8I aircraft to track submarine movements in the Indian Ocean and on Wednesday exercised an option for four more, two defence ministry officials and an industry source told.
2) Cabinet approves Bilateral Investment Treaty between India and Cambodia to boost investment
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved Bilateral Investment Treaty (BIT) between India and Cambodia.
The Treaty seeks to promote and protect investments from either country in the territory of the other country with the objective of increasing bilateral investment flows.
The Treaty encourages each country to create favourable conditions for investors of the other country to make investments in its territory and to admit investments in accordance with its laws.
The Treaty is the first Bilateral Investment Treaty in accordance with the text of the Indian Model BIT, approved by the Cabinet in December, 2015.
3) China, Russia to hold joint naval exercises in South China Sea
China and Russia will hold joint naval exercises in the South China Sea in September, Beijing's defence ministry said Thursday, after an international tribunal invalidated the Asian giant's extensive claims in the area.
The drills will be carried out in the "relevant sea and air of the South China Sea", defence ministry spokesman Yang Yujun told reporters at a monthly briefing.
With international diplomatic tensions mounting and Washington regularly sending warships into the strategically vital area to assert the right to freedom of navigation, the move could see vessels from several of the world's most powerful militaries in the same region at the same time.
NATIONAL
1) PM Modi to Hold NITI Aayog Meeting for 15-Year Vision Today
Prime Minister Narendra Modi will chair a meeting of NITI Aayog today to give concrete shape to a 15-year vision document for accelerating all round development of the country.
PM Modi, Chairman of NITI Aayog, will also take stock of the economy and progress over various government programmes which are monitored by the official think tank.
The meeting will be attended by NITI Aayog Vice-Chairman Arvind Panagariya and other members.
Besides, the task force on poverty alleviation will submit its report, and so will the task force on 'future development of agriculture'.
Both panels were set up during the first meeting of NITI Aayog on February 8 last year.
2) Lok Sabha nod to ‘diluted’ Lokpal Bill
The Lok Sabha cleared amendments in the Lokpal and Lokayuktas Act 2013 by heavily diluting its section 44 which deals with disclosure of assets by Central Government employees (public servant) and NGOs receiving Central funds, by exempting from filing returns by the due date of July 31.
The Lokpal and Lokayuktas (Amendment) Bill, 2016 was introduced and passed within an hour during Zero Hour.
It seeks to amend section 44 of the Lokpal and Lokayuktas Act 2013 under which it is mandatory for every public servant and NGOs to file annual returns of assets and liabilities owned by him or his spouse by July 31 every year.
3) Cabinet approves key changes to GST bill, drops 1% tax on inter-state sales
The cabinet today cleared changes in the GST Constitutional Amendment Bill, dropping the 1% manufacturing tax and and guaranteeing compensation for any revenue losses states may experience in the first five years of rolling out the proposed indirect tax scheme.
The cabinet, headed by Prime Minister Narendra Modi, decided that the GST Council will adjudicate any disputes that arise between the Centre and states. To this end, the council will have representatives from both the Centre and the states.
4) Arunachal Pradesh CM gives go ahead to 3 IT-enabled projects
Emphasizing on e-governance to ensure good and simplified governance, Chief Minister Pema Khandu gave a go-ahead to three important Information Technology-enabled projects — Survey Management System (SMS), Metadata Dashboard and Early Flood Warning Systems.
The survey feature in the SMS system will allow the user to create, send, and collect responses for basic surveys quickly and easily; used as crowd sourcing to get inputs from the common public.
5) India, Bangladesh Home Minister level talks on July 28
The fourth Home Minister level talks between India and Bangladesh will be held on July 28 and would include a review of the implementation of the Land Boundary Agreement, security and border management and related issues.
Home Minister of Bangladesh Asaduzzaman Khan will be leading a high level delegation to India from 27 July to 30 July.
6) Air Odisha to start inter-state flight service from August 15
The Air Odisha Aviation Pvt. Ltd (AOAPL) has decided to start an inter-State flight service from August 15.
The company has obtained permission of the Directorate General of Civil Aviation (DGCA) to commence flights from Bhubaneswar to three cities, Ranchi, Raipur and Nagpur.
As there are no direct flight services from Bhubaneswar to these three cities, the initiative of the Air Odisha would come as a big help for the passengers, said its chief Santosh Pani.
Earlier this year, the State Government had terminated its Air Services Operation Agreement (AOA) with the Air Odisha Aviation Pvt. Ltd (AOAPL) for intra-State air service.
7) Stalled 241 infra projects cause cost overrun of Rs 1.6 lakh crore
As many as 241 infrastructure projects including those delayed due to land acquisition, forest clearances and other reasons, have led to cost overrun of Rs 1.59 lakh crore, as per official data.
The Statistics Ministry monitored 1,076 infrastructure projects, each worth Rs 150 crore or more across sectors such as power, railways and roads in May, 2016.
It said that out of the 1,076 projects, 4 projects are ahead of schedule, 252 are on schedule, 330 are delayed, 241 projects reported cost overrun and 70 projects reported both time and cost overrun with respect to their original project implementation schedules.
8) Rs. 2333 Crore sanctioned for projects under Swadesh Darshan and PRASAD in last 18 months
The Ministry of Tourism, in last 18 months, has sanctioned projects worth Rs. 2333 Crore under Swadesh Darshan and PRASAD, the flagship schemes of the Ministry of Tourism.
These projects envisage world class infrastructural development of the sites with special emphasis on Tourist Facilities including Tourist Facilitation Centres, way-side amenities Parking, Public convenience, Illumination, Sound and Light Shows and Theme Parks.
11 projects in Amravati, Kamakhya Temple, Patna Sahib, Patna,Vishnupad Gaya, Shri Jaggannath Puri, Amritsar,Ajmer-Pushkar,,Varanasi,Mathura-Vrindavan, Kedarnath Dham Uttarakhand for Rs.284.53 have been sanctioned so far under the PRASAD scheme.
They include 2 Projects worth Rs.36.96 Crore approved for Varanasi River Cruise and Dwarka and 3 Projects viz Laser show on Ghats of Varanasi and projects of Kanchipuram, and Vellankanni .are under active consideration of the Ministry.
9) Cabinet approves setting up of new AIIMS in Bhatinda
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the establishment of a new AIIMS at Bhatinda in Punjab under the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY).
The institution shall have a hospital with capacity of 750 beds which will include Emergency/Trauma Beds, AYUSH Beds, Private Beds and ICU Speciality & Super Speciality beds. In addition, there will be an Administration Block, AYUSH Block, Auditorium, Night Shelter, Hostels and residential facilities.
The cost of the project for establishment of the new AIIMS in Bhatinda shall be Rs. 925 crore. The above cost estimate does not include recurring costs (wages & salaries and operation & maintenance expenses).
The recurring expenditure will be met by the respective new AIIMS from their annual budgets through Grant-in-Aid to them from Plan Budget Head of PMSSY of Ministry of Health and Family Welfare.
10) Lok Sabha passes extensive check to check benami transactions
Seeking to check black money, Lok Sabha on Wednesday upheld a extensive Benami Transactions Amendment Bill, with Finance Minister Arun Jaitley assuring that genuine eremite trusts will be kept out of a purview of a legislation.
Moving a Benami Transactions (Prohibition) Amendment Bill 2015 for a care and passage, a Minister said the legislation was predominately an anti-black money measure and a purpose is to seize benami skill and prosecute those indulging in such activities.
11) International Transgender Arts Festival: Bangalore
The Indian city of Bengaluru, known to be a hub of popular music and art festivals is all set to host one of the most intriguing festivals till date- The International Transgender Arts Festival (TITAF) at the National Gallery for Modern Arts from July 29 to 31.
The first-of-its-kind performing arts festival aims to showcase the talent of transgender spread across the country in various fields such as music, classical dance, poetry, theatre and film.
12) Cabinet approves Revised Cost Estimate for NATRIP Project
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the revised cost estimate for Rs. 3727.30 crore for the National Automotive Testing and R&D Infrastructure Project (NATRIP).
This approval ensures completion of the projects under NATRIP which is an important Initiative by the Government of India for the establishment of the global test centres in India.
This will address the R&D requirements of the automotive industry, full-fledged testing and homologation centres. T
he places are within the Northern auto-cluster at ICAT-Manesar, Haryana and Southern auto-cluster at GARC-Oragadam, Chennai, Tamil Nadu and up-gradation of existing centers at ARAI- Pune and VRDE-Ahmednagar in Maharashtra for Western auto-cluster.
13) Cabinet approves rescinding the decision of the Government to set up the Concurrent Evaluation Office in Ministry of Rural Development
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has decided to rescind the earlier decision of the Government to set up the Concurrent Evaluation Office (CEO) for managing Concurrent Evaluation Network (CENET) in Ministry of Rural Development.
The CEO was envisaged to undertake concurrent evaluation of Rural Development programmes in conjunction with Independent Evaluation Office (IEO) of the erstwhile Planning Commission.
The decision will pave the way for a need based strengthening of the Economic and Monitoring Wing of the Ministry of Rural Development for managing and carrying out evaluation studies of Rural Development programmes.
14) Manipur becomes fourteenth State to join ‘UDAY’
Manipur is the 14th state to join the UDAY. It is also the first North Eastern state to opt for the UDAY for improving the efficiency of the DISCOM.
Manipur has joined the Ujwal DISCOM (distribution company) Assurance Yojana (UDAY) scheme meant for revival of debt-stressed power distribution utilities and will get benefits of around Rs 263 crore.
The combined DISCOM debt to be restructured in respect of these states is around Rs 2.16 lakh crore as on September 30, 2015.
OBITUARY
1) Eminent writer Mahasweta Devi dies at 90 in Kolkata
Eminent writer and social activist Mahasweta Devi died on Thursday. She had suffered a major heart attack on July 23. The 90-year-old was a recipient of the Sahitya Akademi Award, Padma Vibhushan, Jnanpith and Magsaysay Award, among several others.
The Vice President of India, Shri M. Hamid Ansari has condoled the passing away of acclaimed writer and activist Ms. Mahasweta Devi. In a message, he said that she will be remembered for her popular stories that sought to raise awareness about social injustice, discrimination, poverty in our country. 
2) "Father of Hybrid Sorghum" Neelamraju Ganga Prasada Rao Passes Away
Distinguished agricultural scientist Dr. Neelamraju Ganga Prasada Rao passed away in Hyderabad, Telangana following a brief illness. He was 89.
He is famously known as “Father of Hybrid Sorghum”. He is also famous for his basic and applied research in breeding and agronomy of several dry land crops.
SCIENCE AND TECHNOLOGY
1) Jupiter's Great Red Spot 'roars with heat'
Jupiter's Great Red Spot - a hurricane three times bigger than Earth - is blasting the planet's upper atmosphere with heat, astronomers have found.
Using measurements from an infrared telescope in Hawaii, a UK and US team found evidence for temperatures as high as 1,500C - hundreds of degrees warmer than anywhere else on the planet.
They suggest the hotspot is created by thunderous soundwaves "breaking" in the thin upper reaches of the atmosphere.
SPORTS
1) IOC to launch Olympic Channel on August 21
The International Olympic Committee (IOC) has announced that it will launch the Olympic Channel on 27 July 2016. The channel will be launched on 21 August 2016, at the closing ceremony of the Olympic Games Rio 2016.
The channels original programming will include short-form and long-form content, focusing on elite athletes, their quest for success and sport around the world.