Current Affairs Update - 6th September 2017

Current Affairs GK Update - 6th September

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Do You Know?

CV Reddy 1st Telugu man to head Oscar for India's entry

• Producer-director CV Reddy has become the first Telugu person to be named the chairperson of the jury that will decide India's entry for the upcoming Oscar awards. The jury has been set up by the Film Federation of India. In 2012, Reddy was a member of the jury that selected India's Oscar entry.

The first Indian woman wrestler to appear in WWE, Kavita Devi, fights wearing salwar kameez in ring

• The first Indian woman wrestler to appear in WWE, Kavita Devi, fought wearing a salwar kameez in the first round of Mae Young Classic, WWE's first all-woman competition. The former competitive powerlifter, however, lost to Dakota Kai in the encounter. Kavita made it to the tournament after her performance during WWE tryouts in Dubai earlier this year.

Important Days

Teachers' Day 5TH SEPT. 2017: 'Prakriti Khoj', Students To Participate In Special Quiz On Environment

• In an attempt to spread awareness about the environment, the government will launch a national-level online quiz competition, "Prakriti Khoj", tomorrow. On Teachers' Day, it will be the best way to teach the young minds through a fun-filled activities and to trigger their sensitivity towards environment protection and conservation, an environment ministry statement said.
• The quiz will have multiple choice questions on climate change, biodiversity, forest and wildlife, pollution, waste management, rivers and lakes and natural history etc.
• "This will help in sensitising students to issues related to the environment and motivate them about conservation-oriented lifestyles," it added. 

New Appointments: National

Olympic silver medallist shooter Rajyavardhan Singh Rathore Appointed India's New Sports Minister

• Athens Olympic silver medallist shooter Rajyavardhan Singh Rathore was on Sunday appointed the new sports minister in place of Vijay Goel, who has been made the minister of state for parliamentary affairs. 
• The 47-year-old Rathore was till now serving as minister of state for information and broadcasting. Rathore takes over from the pro-active Goel following a major cabinet reshuffle by Prime Minister Narendra Modi. 
• Rathore first stepped in a shooting range in the mid 1990s and some years later, he became India's first ever individual silver medal winner at the Olympic Games. He stood on the podium after finishing second in the men's double trap at the 2004 Athens Games.
• A year before he created Olympic history, Rathore had won a silver medal at the 2003 World Championships in Sydney.

Rama Moorthy takes over as MD and CEO of Tamilnad Mercantile Bank

• Former United Bank of India's (UBI) Executive Director K V Rama Moorthy has taken over as Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank Ltd.
• Prior to this, he was working as Executive Director of United Bank of India since 2015 and earlier he was with Bank of Baroda.
• Rama Moorthy has over three decades of experience in various phases of banking across operations, new products and services, retail lending, corporate banking, marketing and business expansion.

P R Seshadri is new MD & CEO of Karur Vysya Bank

• Private sector Karur Vysya BankBSE 1.37 % today announced the appointment of P R Seshadri as its Managing Director and Chief Executive Officer.
• Seshadri succeeds K Venkataraman who has been leading the bank for more than six years.
• Seshadri took over the new responsibility at the bank's office today, a statement issued from the bank said.

Banking/Economic Affairs

RBI gives HDFC Bank "too big to fail" status along with SBI and ICICI

• Reserve Bank of India (RBI) has added HDFC Bank (HDBK.NS) to a list of “domestic systemically important banks”, or the equivalent of “too big to fail”, according to a statement on Monday.
• HDFC Bank, the second-biggest Indian lender by assets, joins top lender State Bank of India (SBI.NS) and third-ranked ICICI Bank (ICBK.NS) on the list. Being named systemically important imposes additional capital requirements on the lenders.

SBI Launches SBI Intelligent Assistant (SIA) – Chatbot For Customer Care

• India’s largest bank: State Bank of India (SBI) is the latest to get smitten by the Artificial Intelligence and Automation. They have launched their first ever chatbot called SBI Intelligent Assistant or SIA, which would be powered by AI, and designed to assist customers.
• After ICICI Bank and HDFC Bank adopted automation in banking, SBI’s move towards AI is seen as a major leap for Indian banking.

Singapore-based bank DBS becomes second bank to get in-principle nod to operate as wholly-owned subsidiary (WOS) in India after a delay of two years.

• DBS was the first foreign lender to apply for the new operating WOS model two years ago and had recently said that its request is pending with the Ministry of Finance and the lack of a precedent was causing delays.
• The Reserve Bank of India (RBI) had issued the guidelines in late 2014 and DBS was the first to apply in early 2015, followed by at least two others including SBM Bank (Mauritius).
• DBS is the second foreign lender after SBM (Mauritius) to get an in-principle approval to operate as WOS in India.
• "A new category of banks have to be created...100 percent-owned foreign banks do not exist. With the first bank (licence), a new category of banks will be created. It is still a new thing," DBS Chief Executive for India, Surojit Shome said.

National Affairs

India starts exporting petroleum products to Myanmar

• India on Monday started exporting petroleum products to Myanmar by road, discovering a new market for its fast- growing oil refining sector at a time when renewable energy and electric mobility are laying claim to a higher share of the domestic energy market.
• “The first consignment of 30 tonnes of high speed diesel was sent today from India to Myanmar by land route,” said an oil ministry statement, adding that Numaligarh Refinery Ltd. exported the fuel.

The Cell for IPR Promotions & Management (CIPAM) launches social media campaign to promote Indian Geographical Indications (GIs)

• This is an ongoing movement initiated by CIPAM to make more people aware about the importance of Intellectual Property Rights.
• The intiative has been taken under the aegis of Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry,
• A Geographical Indication or a GI is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin.
• GIs are of utmost importance to the country as they are an integral part of India’s rich culture and collective intellectual heritage.

International Affairs

China announces $80 million OR 500 million yuan ($76.4 million) funding plan for BRICS economic and technology cooperation plan, and another $4 million for projects at the BRICS countries' New Development Bank.

• The newly announced $80 million funding plan pales in comparison to China's $124-billion pledge earlier in May in a push for Xi's own Belt and Road initiative, which aims to expand links between Asia, Africa, Europe and beyond as a new way to boost global development.
• The announcement came amid questions over the relevance of BRICS and China's commitment to its New Development Bank (NDB) in light of the Belt and Road initiative and the China-led Asian Infrastructure Investment Bank.
• Xi said BRICS countries should increase cooperation in sectors such as trade and investment, monetary and finance, and sustainable development.
• “We should redouble our efforts to comprehensively deepen BRICS partnerships and open BRICS cooperation,” he said during a plenary session at a BRICS leaders' summit in the southeastern Chinese city of Xiamen.

Seychelles ratifies international solar alliance(ISA) framework pact took another step closer to becoming a recognised inter-governmental body under the United Nations charter.

• With this, the ISA will need the ratification of just six more countries to become a recognised inter-governmental body. Till now India, France, Nauru, Niger, Fiji, Mauritius, Tuvalu and Bangladesh have ratified the ISA Framework Agreement.
• The ISA aims to get at least six more countries on board before October-end. Last month, the Minister of State (Independent Charge) for Coal, Power, New and Renewable Energy and Mines Piyush Goyal had said: “Before the end of this calendar year, we will see the ISA as a multilateral agency, ratified by the first 15 countries who would then be founding members.”

Defence & Railway

India-Nepal joint military exercise (Surya Kiran) begins with focus on counter-terrorism in the western part of the Himalayan country.

• The exercise - Surya Kiran - was being participated by around 300 troops each side in Rupandehi district.
• Senior Nepal Army officer Rajendra Karki inaugurated the exercise, according to a statement by the army.
• The 12th edition of Nepal-India joint military exercise will conclude on September 16.
• According to the Indian Army officials, the Surya Kiran is the largest joint exercise in terms of troop participation.
• The battalion-level joint training between the two armies will focus on counter-terror operations in mountainous terrain by facilitating interoperability.

India hands over off-shore patrol vessel to Sri Lanka

• The ship has been allocated pennant number SLCG-60 by Sri Lanka Coast Guard and will be commanded by Captain Neville Amara Ubayasiri.
• Stepping up cooperation between the two coast guards, India Tuesday handed over an off-shore patrol vessel, Varuna, to Sri Lanka, the Indian maritime security agency said. The ship was decommissioned with traditional honours on August 23 to facilitate the handing over at Kochi.
• India has earlier handed over two OPVs of the Indian Coast Guard, Varaha in April 2006 and Vigraha in August 2008. “The handing over of the Indian Coast Guard Offshore Patrol Vessel to Government of Sri Lanka for training and surveillance purposes is a part of India’s continuing efforts for cementing the historical and cultural ties between the two countries,” the coast guard said in a statement.

Schemes / Programme

Health and Family Welfare Ministry has launched two new contraceptives, an injectable contraceptive MPA under the ‘Antara’ programme and a contraceptive pill, ‘Chhaya’, in the public health system to expand the basket of contraceptive choices to meet the emerging needs of couples.

• The contraceptives, which are available for free in Medical Colleges and District Hospitals at present, have so far been launched in 10 states that includes Maharashtra, Uttar Pradesh, Madhya Pradesh, Rajasthan, Karnataka, Haryana, West Bengal, Odisha, Delhi and Goa. The contraceptives are safe and highly effective, the ‘Antara’ injectable being effective for three months and the ‘Chayya’ pill for one week, and will help meet the changing needs of couples and help women plan and space their pregnancies. Training of healthcare practitioners from all the states has been completed as well, with a pool of state and district level doctors and staff nurses being trained to support the roll-out.

Agreements (MoU)

CBDT signs four more Advance Pricing Agreements(APA) which takes the total number of APAs in the current fiscal to 23. 

• The APA programme was launched by the government in 2012 to provide taxpayers with an alternate dispute resolution mechanism with respect to transfer pricing. The board said the bilateral APA is for international transactions between an Indian company and a UK-based company. It added this is the 8th bilateral APA with the UK and 13th overall (the other 5 being with Japan), the Central Board of Direct Taxes said.
• With the signing of agreements, the total number of APAs entered into by the Central Board of Direct Taxes has reached 175. This includes 162 unilateral APAs and 13 bilateral APAs.  In the current financial year, a total of 23 APAs (two bilateral and 21 unilateral) have been signed till date.
• The agreements signed last month pertain to sectors including telecom, banking, manufacturing and education. FE

Summit /Conference / Events / Host

PM Modi holds bilateral talks with Xi Jinping on sidelines of BRICS summit in Xiamen

• The meeting is first substantive and structured bilateral between the two leaders after Doklam standoff. Both sides expressed willingness to work together for mutual good. Mr Modi told Mr Xi that India and China are each other’s major neighbour and both the countries are world’s largest and emerging countries.
• He congratulated Mr Xi for successful execution of Xiamen BRICS summit. Mr Xi told Prime Minister Modi that China is prepared to work with India seeking guidance from five principles of Panchsheel.
• Chinese delegation comprised President Xi, Chief Spokesperson Lu Kang, Foreign Minister Wang Yi, and State Councilor Yang Jiechi.
• Prime Minister Modi was accompanied by National Security advisor Ajit Doval, foreign Secretary S Jaishankar, spokesperson of Ministry of foreign affairs Raveesh Kumar.

Awards & Honours

Infosys co-founder N R Narayana Murthy and Mumbai-born scientist Veena Sahajwalla have been conferred the PLuS Alliance Prize - a prestigious honour that recognises Research Innovation, Education Innovation, Global Leadership and Global Innovation.

• The Prize of USD 50,000 was awarded in two categories; Education Innovation and Research Innovation.
• Both winners were recognised for the development and implementation of innovative solutions to significant global issues.
• Murthy was presented the PLuS Alliance Prize for Global Leadership while Professor Sahajwalla was awarded the PLuS Alliance Prize for Research Innovation for her project 'The new science of green manufacturing,' a Pluse Alliance release said.

Star India bags IPL media rights deal for Rs 16347.50 crore for next 5 years

• Star India on Monday bagged the Indian Premier League media rights for a whopping Rs 16347.5 crore for a period of five years from 2018-2022. In an intense bidding war in Mumbai, Star India pipped 23 other top companies participating in the auction.
• The IPL media rights auction, segregated into two categories -- broadcast and digital (internet and mobile) rights -- was expected to yield to the BCCI an estimated earning of over 20,000 crore through the traditional bidding process.
• Bids were also invited for five other categories - US, Europe, the Middle East, Africa and rest of the world.
• Here are the final figures for IPL Media Rights for the period from 2018-2022. 

Sports: Awards & Honours

India’s Konsam Ormila Devi wins gold at Commonwealth Youth Weightlifting Championships, held at Gold Coast, Australia.

• India’s Konsam Ormila Devi bagged a gold medal in 44kg weight category on the opening day of the Commonwealth Youth (boys & girls) weightlifting championships, held at Gold Coast, Australia.
• Ormila Devi lifted 57kg in snatch and 76kg in clean and jerk for an overall effort of 133kg, to finish on the top of the podium. With this effort, Ormila Devi has registered her best lift so far.