GK for Bank Exams: Weekly Digest: Oct 23 to 29

 ‘One India’ concept for ease of doing business

• The Centre is working with State governments to introduce a ‘One India’ concept.
• It is the most ambitious ‘ease of doing business’ initiative so far.
• In ‘One India’ concept investors will need to fill only a single e-form for investing and doing business anywhere in India.
• Currently, firms are mandated to complete multiple forms at the Central and State levels, and it gets more complicated as each State has different requirements and regulations.

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Tata Sons sacks Cyrus Mistry

• The Tata Sons board on Monday sacked Cyrus Mistry from the post of Chairman.
• Mr. Mistry, who had earlier headed the Shapoorji Pallonji Group’s construction business.
• The Shapoorji Pallonji Group, which has 18.4 per cent in Tata Sons.

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Haji Ali gives women access to sanctum sanctorum

Haji Ali Dargah Trust on Monday conceded before the Supreme Court that it has resolved to allow women to enter the sanctum sanctorum of the famed dargah in Mumbai on a “par with men”

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Deposit Insurance and Credit Guarantee Corporation of India

• Less than a third of all bank deposits in value terms in the country is insured by the RBI arm Deposit Insurance and Credit Guarantee Corporation of India (DICGC).
• DICGC insurance is available at Rs. 1 lakh for both principal and interest per depositor, per bank.
• Deposit insurance in India covers all commercial banks, local area banks, regional rural banks and co-operative banks.
• The deposit insurance coverage limit is applied separately to deposits in each bank.
• If a bank goes belly up, then the DICGC pays the insured amount to the depositor

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New Zealand Prime Minister John Key’s visit to India

• New Zealand Prime Minister John Key visited India.
• Capital of New Zealand  is Wellington
• Largest city is Auckland
• Currency is New Zealand dollar

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National Ayurveda Day

• National Ayurveda Day to be celebrated throughout the Country on 28th October
• The Government of India has decided to celebrate National Ayurveda Day every year on the occasion of Dhanwantari Jayanti.

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Urja Ganga

Urja Ganga is the gas pipeline project aims to provide piped cooking gas to residents of Varanasi 

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Ease of doing business rankings

• India is at the 130th position in the World Bank’s ‘ease of doing business’ ranking for 2017.
• The index was released as part of the World Bank’s annual report Doing Business 2017.
• Performance of BRICS nations: Russia-40, South Africa-74 and China-78, Brazil-123.

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Man Booker Prize 2016

Paul Beatty has become the first US author to win the Man Booker Prize for his novel “The Sellout”

GK for Bank Exams: Weekly Digest: Oct 16 to 22

Banknotes of the denomination of Rs. 2,000 will be in circulation soon.

• The Reserve Bank of India has very nearly completed preparations for introducing new high-value currency of Rs 2,000
• The notes have already been printed, and their dispatch from the currency printing press in Mysuru has commenced.
• Bharatiya Reserve Bank Note Mudran Private Limited, a subsidiary of RBI prints the notes and has 4 printing press: Mysore (Karnataka), Salboni(West Bengal), Nasik (Maharashtra), Dewas (Madhya Pradesh).
• The highest denomination note printed by the RBI was the Rs. 10,000 note in 1938 and in 1954. They were demonetised in 1946 and 1978, respectively.
• There has been no official word on the introduction of new notes either from the RBI or the government hence the news is not authenticated.
• Rs. 500 and Rs. 1,000 notes together accounted for 86.4 per cent of the total value of notes in circulation.
• It costs a little over Rs. 3 to produce a Rs. 1,000 note, the lowest in terms printing costs as a proportion of value.
• As of March 2016, the value of banknotes in circulation was Rs. 16,41,500 lakh crore, an increase of 14.9 percent over the previous year.

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Regional air connectivity (RCS) scheme or UDAN

• The Government kick-started the regional air connectivity scheme (RCS) in the name of "Ude Desh ka Aam nagrik" or UDAN.
• The government has invited proposals from operators to fly to airports which do not have regular flights.
• This is a plan to connect small towns by flights whose fares will be capped at Rs 2,500 for a one-hour flight
• This scheme will be funded by levying a fee on aircraft landing at bigger airports.
• For helicopters, half-an-hour ride under the scheme would cost Rs 2,500 and for over one-hour duration, the cap would be Rs 5,000.
• On each RCS route, the minimum frequency of flights would be 3 and a maximum of 7 in a week.

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FinMin announces fresh tranche of gold bonds

• SGB- Sovereign Gold Bonds are government securities denominated in grams of gold. They are substitutes for holding physical gold.
• Eligible investors include individuals, HUFs, trusts, universities, charitable institutions, etc.
• Minimum investment in the Bond shall be one gram with a maximum buying limit of 500 grams per person per fiscal year (April – March).
• The Bonds bear interest at the rate of 2.75 per cent per annum on the amount of initial investment.
• Interest will be credited semi-annually (Half yearly) to the bank account of the investor.
• The price of a bond will be fixed in Indian Rupees on the basis of the previous week’s (Monday – Friday) simple average price for gold of 999 purity published by the India Bullion and Jewellers’ Association Ltd.
• The issue price will be disseminated by the Reserve Bank of India.
• Though the tenor of the bond is 8 years, early encashment/redemption of the bond is allowed after the fifth year from the date of issue on coupon payment dates.
•  The bond will be tradable on Exchanges if held in demat form.

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Ashok Leyland unveils India-made e-bus

The Hinduja flagship Ashok Leyland has launched its first locally designed, engineered and produced battery electric bus series called Circuit. (Battery for these buses will be imported from the US).

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HDFC raises Rs.500 crore via masala bonds

News: HDFC said it has raised Rs.500 crore through rupee-denominated bonds from overseas investors (Junk)

What are Masala Bonds? They are simply rupee-denominated bonds by Indian companies sold to overseas investors say in USA or Europe to raise money. (Remember for exam)

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Duterte declares Philippines’ ‘separation from the U.S.’

• Philippines’ President Rodrigo Duterte declared his separation from long-standing ally the United States
• The Philippines is a South-east Asian country in the Western Pacific, comprising more than 7,000 islands
• Its capital is Manila
• The Philippine Peso is the currency of Philippines

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Meeting on Mahadayi

• Mahadayi river dispute is between Goa, Maharastra and Karnataka.
• The river flows in Goa and Karnataka only, Maharashtra is simply a neighbour.
• The river originates in the Western Ghats in the Belgaum district of Karnataka
• The Mandovi flows through Goa pouring into the Arabian Sea
• The sharing of the waters of this river is a cause of dispute between the governments of Karnataka and Goa
• Karnataka government proposes to divert some water from the Mahadayi river to the Malaprabha river and Goa opposes for that.
• The Mahadayi Water Tribunal has to decide on the sharing of this

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BRICS meet declaration pledges to fight terror

• 8th BRICS summit Goa ended with Declaration which pledged opposition to terrorism.
• BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
• They meet once a year in a summit to discuss the major issues. The summit is being held in the countries in order BRICS, i.e next summit in 2017 would be in China.

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New Development Bank

• The New Development Bank (NDB), formerly referred to as the BRICS Development Bank is a multilateral development bank operated by the BRICS nations.
• The bank's primary focus of lending will be infrastructure projects.
• President- K.V. Kamath (Former head of ICICI Bank).
• Headquarters of the bank is in Shanghai, China.

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BRICS agrees to set up credit rating agency

• BRICS agreed to set up an independent rating agency.
• Why they want a separate rating agency? New Development Bank president K.V. Kamath had expressed concerns over methodologies of the three global agencies (S&P, Fitch, Moody’s) saying that these constrain growth in emerging nations.
• Rating of multilateral banks like the BRICS-promoted NDB by these global agencies were affected by the parent countries’ ratings, despite having deep capital buffers

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Experts say Saraswati did exist

• An expert committee of geologists, archaeologists and hydrologists say they have found evidence of the course of the river Saraswati, a mythological river mentioned in the Rigveda.
• The seven-member committee, headed by Professor K.S. Valdiya of the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR).
• The Yamuna, Sutlet and Ghagghar were all once part of the Saraswati, the shrinking of which is linked to the decline of the Harrapan civilisation.
• Saraswati originated from Adibadri in the Himalaya to culminate in the Arabian Sea through the Rann of Kutch.

GK for Bank Exams: Weekly Digest: Oct 9 to 15

Anti Dumping duty on narrow woven fabric from China

• The Finance Ministry has imposed anti-dumping duty on narrow woven fabric (hook and loop Velcro tapes) from China.
• An anti-dumping duty is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value. Dumping is a process where a company exports a product at a price lower than the price it normally charges on its own home market.

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Brazil Wins Inaugural Brics U – 17 Football Tournament

• Brazil has lifted the 1st BRICS U-17 Football Tournament 2016 held at Goa. In the Finals they defeated South Africa 5-1. 
• The BRICS U-17 Football Cup is a U-17 Football tournament to be played among teams of five BRICS countries - economic block formed by Brazil, Russia, India, China and South Africa. The 1st historic edition was played in Goa, India.

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ICICI Bank executes remittance transactions using blockchain technology

• ICICI has successfully executed transactions in international trade finance and remittance using blockchain technology in partnership with Emirates NBD.
• ICICI is the first bank in the country and among the first few globally to exchange and authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping and insurance, among others, electronically on blockchain in real time.

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Death of Thailand’s King

• King Bhumibol Adulyadej of Thailand, one of the longest-reigning monarchs in history, died at age 88.
• Bhumibol ascended to the throne 70 years ago, making him the world's longest-reigning monarch before his death.
• Also known as Rama IX -- a reference to his lineage stretching from Rama I, the founder of the Chakri dynasty -- Bhumibol commanded great love and respect within Thailand.
• Crown Prince Maha Vajiralongkorn is the king's appointed successor.
  

GK for Bank Exams: Weekly Digest: Oct 2 to 8

SBI chairperson gets one-year extension

• The government has extended the term of Arundhati Bhattacharya, chairperson, State Bank of India (SBI) by one year. 
• This will help in the continuity of the chairmanship during the crucial stage of  the merger of State Banks of Bikaner & Jaipur (SBBJ), Travancore (SBT), Patiala (SBP), Hyderabad (SBH) and Mysore (SBM), and Bhartiya Mahila Bank(BMB) with State Bank of India. 

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Rs. 65,250 cr. black money declared

• Central Board of Direct Taxes (CBDT) had received total disclosures of Rs. 65,250 crore under the Income Disclosure Scheme, 2016 in the form of cash and other assets by 64,275 declarations. 
• The scheme had provided a one-time opportunity to black money holders who had not paid full taxes in the past to come clean by declaring their domestic undisclosed income and assets by paying tax plus penalty at the rate of 45 per cent. 

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Centre constitutes Insolvency and Bankruptcy Board of India

• The Centre has constituted a four-member Insolvency and Bankruptcy Board of India (IBBI) under the Chairmanship of  Madhusoodan Sahoo (M S Sahoo).
• Bankruptcy Board of India (IBBI) is constituted as per the ‘Insolvency and Bankruptcy Code, 2016’. 
• The Code also outlines separate insolvency resolution processes for individuals, companies and partnership firms.
• The process may be initiated by either the debtor or the creditors; hence this is an important code for the banking industry.

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India chose the Abu Dhabi crown prince as its Republic Day chief guest

• Mohammed bin Zayed bin Sultan Al-Nahyan, the crown prince of Abu Dhabi and deputy supreme commander of the UAE armed forces will visit India during this republic day as the chief guest.
• Abu Dhabi is the capital and the second most populous city in the United Arab Emirates (the most populous being Dubai). 
• Head of the country is called Sheikh and present Sheikh is Khalifa bin Zayed.
• The currency of UAE- Dirham.

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China's Yuan joins elite club of IMF reserve currencies

• China's yuan joins the International Monetary Fund's basket of reserve currencies.
• This makes Chinese Yuan the fifth reserve currency after 1)US dollar, 2)Euro, 3)British pound sterling and 4)Japanese Yen.
• The yuan joins the IMF's special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans.
• China’s Yuan is also known as the renminbi, or "people's money".
• (Don’t get confused it with Yen, which is the currency of Japan.)

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Delhi tops most polluted megacity list

• According to WHO, Delhi’s air is the worst among world megacities.
• WHO report is based on the fine particulate matters in the air. 
• Delhi recorded a PM10 level of 229 µg/m³, followed by Cairo with 179 µg/m³ and Dhaka

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Nobel Prize in Medicine awarded to Yoshinori Ohsumi

The 2016 Nobel Prize in Physiology or Medicine has been awarded to Yoshinori Ohsumi “for his discoveries of mechanisms his discoveries on how cells recycle their content, a process known as autophagy, a Greek term for “self-eating.”.

He got Nobel for experiments with yeast which exposed a key mechanism in the body’s defences where cells degrade and recycle their components.

During starvation, cells break down proteins and nonessential components and reuse them for energy. Cells also use autophagy to destroy invading viruses and bacteria, sending them off for recycling. And cells use autophagy to get rid of damaged structures. The process is thought to go awry in cancer, infectious diseases, immunological diseases and neurodegenerative disorders. Disruptions in autophagy are also thought to play a role in ageing.

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Experts in Strange Matter Win Nobel Prize in Physics

Researchers David Thouless, Duncan Haldane and Michael Kosterlitz won the 2016 Nobel Prize for Physics for their studies of unusual states of matter, which may open up new applications in electronics.

Their discoveries, using advanced mathematics, had boosted research in condensed matter physics and raised hopes for uses in new generations of electronics and superconductors or future quantum computers.

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Arundhati Roy’s second novel coming next year

• Arundhati Roy’s second novel “The Ministry of Utmost Happiness”, is set to be published in 2017.
• Arundhati Roy won the 1997 Booker prize for her debut novel The God of Small Things.

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The Indian Bridge Management System (IBMS) has been launched

• IBMS is developed to create an inventory of all bridges in the country and rate their structural condition so that timely repair and rehabilitation work can be carried out. 
• Each bridge is assigned a unique identification number. 
• The precise location of the bridge in terms of latitude-longitude is collected through GPS and based on this, the bridge is assigned a Bridge Location Number. 
• Engineering characteristics like the design, materials, type of bridge, its age, loading, traffic lane, length, width etc are collected and are used to assign a Bridge Classification Number.
• Based on this inventory IBMS will analyse data and identify bridges that need attention.

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SBI branch in Myanmar

• State Bank of India on opened its branch in Yangon, Myanmar. This is the 54th foreign branch of India’s largest bank.
• With this, SBI became the first domestic bank of India to open a branch in Myanmar.
• The launch of this branch has extended the global presence of SBI in 37 countries through 198 offices.

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Foreign dignitaries visit

• Singapore Prime Minister Lee Hsien Loong arrived in New Delhi on 3^rd Oct 2016 for five days visit
• Sri Lankan Prime Minister Ranil Wickramasinghe arrived in New Delhi 4^th October 2016 on a three-day visit.

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Nobel Prize in Chemistry goes to developers of the world’s smallest machines

• The Nobel Prize in Chemistry 2016 is awarded to Jean-Pierre Sauvage, Sir J. Fraser Stoddart and Bernard L. Feringa for their design and production of molecular machines.
• They have developed molecules with controllable movements, which can perform a task when energy is added.
• These molecular machines will most likely be used in the development of things such as new materials, sensors and energy storage systems.

GK for Bank Exams: Weekly Digest: Sep 25 to Oct 1

500 Meter telescope goes live in China

Five-hundred-meter Aperture Spherical Telescope (FAST for short), the most advanced radio telescope and the largest in the world became operational in China.
 FAST has a 500-meter diameter dish.

• This is the world's largest filled-aperture radio telescope
• FAST will be used to study dark matter, gravitational waves, pulsars, and fast radio bursts.
• This will also be useful to study extraterrestrial lives.
• The telescope is placed deep in the mountains of south-west China's Guizhou Province.
• This is nicknamed Tianyan which means "The Eye of Heaven"
• The basic design of FAST is similar to the Arecibo Observatory radio telescope.

FAST Telescope

Arecibo Observatory

• The Arecibo Observatory is a radio telescope in the municipality of Arecibo, Puerto Rico, United States of America.
• 1,000-foot (305-metre) radio telescope is the second largest single-aperture telescope.
• This has made attempts to communicate with potential extraterrestrial life, Search for Extra-Terrestrial Intelligence (SETI), Messaging to Extra-Terrestrial Intelligence (METI) with active search by transmitting messages.

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Ratification of the Paris Agreement by India

COP21 - CMP11

The 2015 United Nations Climate Change Conference, COP 21 or CMP 11 (What are these code words? - check out at the end of this topic) was held in Paris, France, from 30 November to 12 December 2015.

• India was a signatory this agreement. 
• India announces to ratify the Paris Climate Agreement on 2 October, on Mahatma Gandhi’s Jayanti.
• The Paris Agreement is an agreement within the United Nations Framework Convention on Climate Change (UNFCCC) dealing with greenhouse gases emissions mitigation, adaptation and finance for reducing greenhouse gases.
• The Paris Agreement was made at the 21st Conference of the Parties of the UNFCCC in Paris and adopted by consensus on 12 December 2015
• It was opened for signature on 22 April 2016 (Earth Day)
• The agreement will only enter into force provided that 55 countries that produce at least 55% of the world's greenhouse gas emissions ratify, accept, approve or accede to the agreement. As India is the third highest greenhouse gas contributor after USA and China, ratification by India will boost the process of making the agreement enters into force.

It was the 21st yearly session of the Conference of the Parties (COP) to the 1992 United Nations Framework Convention on Climate Change (UNFCCC), hence COP 21 and the 11th session of the Meeting of the Parties to the 1997 Kyoto Protocol, hence CMP11.

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War between Lodha Panel and Indian board

The Lodha committee was formed by the Supreme Court on January 22, 2015; after the Mudgal committee, appointed as an investigator into the IPL 2013 scandal, submitted its report.The committee, comprising retired Chief Justice of India, R M Lodha, and others.

It had three main tasks to perform:

• Determine appropriate punishments for Gurunath, Kundra and their respective franchises, Chennai Super Kings and Rajasthan Royals, following on from the Mudgal report.
• Examine the role of Sundar Raman, the IPL chief operating officer, in the IPL 2013 scandal.
• Suggest amendments to the processes followed by the BCCI with a view to preventing frauds in cricket and conflict of interests, and also streamline the board's working.

Now it is news as the Lodha Panel is angry over meeting conducted by BCCI office bearers and advocating for superseding of the board, which is not all important for the bank exams.

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India climbs to 39^th rank on Global Competitiveness Index

• India has climbed 16 places to the 39th rank on the Global Competitiveness Index- 2016-17 prepared by the World Economic Forum.
• Switzerland as the most competitive economy whereas Singapore and the US are at the second and third positions, respectively.
• India is also the second-most competitive among BRICS nations behind neighbouring China, which is ranked at the 28th position.

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Shimon Peres: Israel's warrior for peace dies

• Shimon Peres was an Israeli statesman and the ninth President of Israel, recognised and well-respected in Israel and across the globe.
• He was honoured with Nobel Peace Prize along with Yasser Arafat's PLO organisation for his effort to bring peace in the region.

Israel is a country in the Middle East, on the southeastern shore of the Mediterranean Sea and the northern shore of the Red Sea.

• Capital and largest city- Jerusalem
• Currency- New shekel

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Obama Nominates First Ambassador to Cuba in Over 50 Years

Cuba is located in the northern Caribbean where the Caribbean Sea, the Gulf of Mexico, and the Atlantic Ocean meet.

• Havana is the largest city and capital.
• Currency- Peso.
• It had a close relationship with the Soviet Union in the Cold War.
• Cuba is a Marxist–Leninist one-party republic.
• The USA had a bitter relationship with Cuba till recently and both the countries are now negotiating towards building a good relationship.
• Fidel Castro is the well-known revolutionary leader of Cuba.

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Volkswagen fails emission test

• The news - Volkswagen fails emission tests. (Not an important news for us)
• Volkswagen is a German automobile maker
• The testing agency found the company’s diesel models to be emitting more than expected nitrogen oxide (NOx).
• What is important for us is the few brands the Volkswagen owns: Audi, Bentley, Bugatti, Lamborghini, Porsche, SEAT and Skoda

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Saksham project for CBEC’s GST integration

• After the roll out of GST law, all importers/exporters/taxpayers administered by the CBEC (Central Board of Excise and Customs) will go over 65 lakhs from the existing figure of about 36 lakhs.
• Saksham will integrate tax systems of the CBEC with the Goods and Services Tax Network (GSTN) for a smooth roll out of the new indirect tax regime from April 1, 2017
• The project will help in the implementation of GST, extension of the Indian Customs Single Window Interface for Facilitating Trade (SWIFT) and other taxpayer-friendly initiatives under Digital India.
• It will link with the Central Board of Excise and Customs’ internal system directly, and enable a uniform way of collecting taxes, pan-India.

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India, Bangladesh and Afghanistan boycotts SAARC Summit 

SAARC Member Nations

• SAARC stands for South Asian Association for Regional Cooperation.
• SAARC was founded in Dhaka in 1985. Its secretariat is based in Kathmandu.
• Its member countries include Afghanistan, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka. (total- 8)
• The organisation promotes the development of economic and regional integration.
• It launched the South Asian Free Trade Area in 2006

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Indus Water Treaty

Indus Waters Treaty was signed on September 19, 1960, by India and Pakistan; was brokered by the World Bank.

• The treaty administers how river Indus and its tributaries that flow in both the countries will be utilised.
• Beas, Ravi and Sutlej are to be governed by India, while, Indus, Chenab and Jhelum are to be taken care by Pakistan
• Since Indus flows from India, the country is allowed to use 20 percent of its water for irrigation, power generation and transport purposes.
• A Permanent Indus Commission was set up as a bilateral commission to implement and manage the Treaty. The Commission solves disputes arising over water sharing
• The treaty also provides arbitration mechanism to solve disputes amicably.
• Though Indus originates from Tibet, China has been kept out of the Treaty. If China decides to stop or change the flow of the river, it will affect both India and Pakistan.

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Surgical strikes: India crosses LoC

In a stunning reprisal for the Uri terror attack that breached decades of self-imposed restraint, India conducted “surgical strikes” across the Line of Control (LoC) in Pakistan-occupied Kashmir.

• Line of Control (LoC) refers to the military control line between the Indian and Pakistani-controlled parts of state of Kashmir and Jammu
• It does not constitute a legally recognised international boundary but is the de facto border.
• Originally known as the Cease-fire Line, it was redesignated as the "Line of Control" following the Simla Agreement.
• Another ceasefire line separates the Indian-controlled state of Jammu and Kashmir from the Chinese-controlled area known as Aksai Chin.
• Lying further to the east, it is known as the Line of Actual Control (LAC) and has been referred to as one of the most dangerous places in the world.

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India, Afghanistan and Iran discuss ways to take Chabahar pact further

A Trilateral meeting was held between India, Afghanistan and Iran to discuss the agreement on Establishment of International Transport and Transit Corridor i.e. Chabahar Agreement.

• The Chabahar Agreement was signed by them on 23rd May 2016 in Tehran, Iran.
• The agreement allows Indian goods to reach Afghanistan through Iran. It links ports in the western coast of India to the Chabahar port in Iran and covers the road and rail links between Chabahar and the Afghan border.