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.

GK for Bank Exams: Weekly Digest: 18 to 24 September 2016

What was the big news? 

Angelina Jolie files for divorce from Brad Pitt was the most viewed news of the week worldwide. Sorry, IBPS is not interested in it.

GST updates

Updates: Annual turnover limit for exemption from GST is capped at Rs. 20 lakh.

The rollout of the Goods and Services Tax (GST) from April 1, 2017.

India and France enter into contract for supply of Rafale Fighter Jets

• India entered into the contract with France to buy 36 Rafale fighter jets from French defence major Dassault Aviation.
• This is the first such deal on aircraft in last 20 years, hence important.
• The plane is capable of carrying out all combat aviation missions — air defence, interception, ground support, in-depth strikes, reconnaissance, anti-ship strikes and nuclear deterrence.
• The French Air Force will be training three IAF pilots, one engineer and six technicians. IAF personnel will also undergo training by French industrial suppliers Dassault Aviation.

SAARC Development Fund

Ahead of the SAARC 2016 Summit in Islamabad, India was working on SAARC Development Fund.

• Fund’s Secretariat in Thimphu, Bhutan
• Fund’s three funding windows: Social, Economic and Infrastructure
• Economic Window is expected to extend funding to non-infrastructural projects related to areas such as trade and industrial development and agriculture.
• Social window, the Fund is already implementing ten regional projects. The focus of most of these projects is on poverty alleviation, education; health; human resources development; support to the disadvantaged; funding needs of communities, mirco-enterprises and rural infrastructure development.
• Infrastructure Window will finance projects in areas such as energy, power, transportation, telecommunications, environment, tourism and other infrastructure sectors.

ICICI Prudential Life Insurance Company

ICICI Prudential Life Insurance’s IPO was in the news.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc, a financial services company based in the United Kingdom.

Centre notifies BS-VI emission standards

Govt. of India notified BS-VI emission standards for two-wheelers and four-wheelers. This will come into force from April 2020 throughout the country.

The union government has decided to skip the BS-V norms and move to the BS-VI norms from BS-IV being followed now.

NAM Summit in Venezuela

• 17^th Summit of Non-Aligned Movement (NAM) concluded on Venezuela’s Margarita Island
• NAM membership includes two third of the UN members.
• India is one of the founding members of NAM, which was established to take a neutral stand during the cold war.

IIMs to double the intake for PG Diplomas

Govt. told IIMs to double the intake for PG Diploma Courses.

• IIMs are public, autonomous institutes of management education and research, established first time in 1961 in Kolkata and Ahmedabad on Planning Commission recommendation.
• There are 20 IIMs in India now.

The government appointed three members to the RBI monetary policy committee 

• Monetary Policy Committee consisting of six members and headed by RBI Governor to fix the benchmark interest rates and inflation targets.
• Of the six members, three will be nominated by the government while three others will be from the Reserve Bank, including the Governor
• The Monetary Policy Committee will take decision based on the majority vote.
• Each member will have one vote but RBI Governor will get a casting vote in case of equality of votes.
• The government nominees will have a four-year term.
• The three are academics — Chetan Ghate, associate professor at Indian Statistical Institute; Pami Dua, director, Delhi School of Economics; and Ravindra H Dholakia, professor of economics at Indian Institute of Management (IIM), Ahmedabad.
• They will be joined by three Reserve Bank members, making up a total of six, with Governor Urjit Patel having a casting vote.
• The other two members are R Gandhi, deputy governor in charge of monetary policy, and executive director Michael Patra.

Manufacturing slowing in September, reveals SBI Composite Index

News: SBI Composite index revealed manufacturing industry is slowing down in September. The news is not important for IBPS exam, but IBPS may ask you about this news maker.

• The SBI Composite Index is a leading indicator of manufacturing activity in the Indian economy.
• The index will analyze data from both manufacturing and services industries to determine expansion or contraction in the economy.
• SBI publish the indicator on a monthly basis.
• This indicator will track two months in advance the possible trends in official estimates
• The SBI Composite Index will help policy makers, market participants and the like to identify the turning points in the manufacturing cycles in advance.

Mysore - the first city to be free of open defecation

Union ministry of urban development declared Mysuru the first city with 1 million people to be free of open defecation under Swachh Bharat programme.

Earlier, Union Ministry of Drinking Water and Sanitation has adjudged Sikkim the cleanest state in India in terms of sanitation in rural areas as per NSSO survey.  

GK for Bank Exams: Weekly Digest: 11 to 17 September 2016

Talgo train

What was the news? Talgo train completed its final trial between Delhi and Mumbai in less than 12-hours at a maximum speed of 150 km per hour while Rajdhani Express train takes around 16 hours to cover the distance.

Talgo train comprising lightweight aluminium coaches with tilting technology.

Talgo trains are supplied by Spanish firm Talgo from Spain.  It is not a made in India train. 

Indian athletes in Paralympics

Indian athletes won a total of four medals, including two golds, a silver and a bronze each.

Indians won Paralympic Medals in Rio 2016

Mariyappan Thangavelu and Varun Singh Bhati had won Gold and bronze respectively in the men's high jump.

Deepa Malik won silver in the women's shot-put.

Devendra Jhajharia won the Gold medal in the men’s javelin throw.

Government notifies GST Council

The Constitution (One Hundred and Twenty-second -122-Amendment) Bill, 2016, for introduction of Goods and Services Tax (GST) in the country was accorded assent by the President and the same has been notified as the Constitution (One Hundred and First – 101 -Amendment) Act, 2016. (Don’t get confused -21 bills fail to become act!)

• As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A. So the government obeyed.
• GST Council will be a joint forum of the Centre and the States

This Council shall consist of the following members namely: -

1. Union Finance Minister-Chairperson
2. The Union Minister of State, in-charge of Revenue of finance- Member
3. The Minister In-charge of finance or taxation or any other Minister nominated by each State Government- Members
4. The Chairperson of Central Board of Excise and Customs (CBEC) will attend all the meetings but he does not have voting powers.

GST Council will decide on the tax rate, exempted goods and the threshold under the new taxation regime.

Pradhan Mantri Ujjwala Yojana launched

No exam will question you URL, but the Ujjwala Yojana is in News

• Ujjwala Yojana  is to provide LPG connections to BPL households in the country in the name of women.
• It is aimed at replacing the unclean cooking fuels mostly used in the rural India with the clean and more efficient LPG (Liquefied Petroleum Gas)

India Declares itself Free from Avian Influenza (H5N1)

Department of Animal Husbandry, Dairying and Fisheries in the Ministry of Agriculture and Farmers welfare has declared India free from Avian Influenza (H5N1) from 5th September 2016.

Avian influenza (H5N1) is popularly known as bird flu.

Last outbreak was on May 9 at Humnabad, Bidar in Karnataka.

Mangalajodi to be developed into ecotourism destination

It is the second largest hotspot for birds on the northern banks of Chilika Lake in Odisha

Chilika Lake - Asia's largest brackish water lagoon and second-largest in the world after

Chilika was designated as a Ramsar site in 1981 to afford better protection and India’s 1^st wetland to be declared as Ramsar site.

The Ramsar Convention is an international treaty for the conservation and sustainable use of wetlands. It is also known as the Convention on Wetlands. Such sites are called as Ramsar Site.

National Company Law Tribunal

NCLT President Justice M M Kumar has said something good on NCLT obviously, NCLT is in news.

NCLT was constituted last month, August 2016, replacing Company Law Board (CLB) under the Companies Act, 2013,

NCLT will resolve insolvency cases of companies

The Decisions of the NCLT may be appealed to the National Company Law Appellate Tribunal.

Mormugao: Indian Navy's new 'indigenous' missile destroyer

It is a made in India missile destroyer warship built by Mazagon Dock Shipbuilders Limited (MDL)

Mormugao is the second destroyer, first destroyer, INS Visakhapatnam, was launched in 2015.

Mormugao will have Barak-8 long-range missiles, high-tech surveillance systems, which have been jointly developed by Israel and India

GK for Bank Exams: Weekly Digest: 4 to 10 September 2016

G20 summit- Hangzhou (China)

Why is G20 in the News?

• Hangzhou (China) summit on 4^th and 5^th Sep 2016, Chaired by Xi Jinping (Who is he? President of China)

What is G20 or Group of Twenty?

• It is an international forum for the governments and central bank governors from 20 major economies. It was founded in 1999.

Why did they found G20?

• G 20 founded for studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability. (Here is the catch, this is why it is important for banking exams)
• The members include 19 individual countries along with the European Union

Where G20 leaders going for group tour next time?

• 2017 G20 summit is in Hamburg, Germany

That is enough; banks won’t expect you to mug up the member nations. Still, if you want here it is:

Panel on changing Indian Financial Year

Sri Arun Jaitley, union Finance minister told in some press conference something on this. It came in news.

• Present Financial Year structure in India: 1^st April to 31^st March
• Proposed structure: Panel yet to report
• Who is heading the Panel? Former Chief Economic Advisor Shankar, Acharya
• Why the changes? The different financial year periods in the different part of the world and international agencies is making data comparison difficult.

 Kaveri River water dispute

It is news due to the Supreme Court direction to Karnataka to release water to Tamil Nadu and ongoing unrest in Southern Karnataka.

• The dispute is mainly between Karnataka and Tamil Nadu.
• Is there a tribunal? Yes, Apart from Karnataka and Tamil Nadu, Puducherry and Kerala are also having the interest in the Kaveri River water.

 Sauni Yojana

Saurashtra Narmada Avtaran Irrigation Yojana (Sauni Yojana)

PM Narendra Modi inaugurated SAUNI Yojana in Rajkot.

This plan is to divert the over flowing flood water of Narmada to Saurashtra Region distributing to 115 reservoirs of eleven districts of Saurashtra

(Saurashtra - Arabian Sea coast of Gujarat state consisting of 11 districts including Rajkot District)

ASEAN

Why is it in the news?

Obama, Modi and other world leaders went to Laos for ASEAN tour after finishing their G20 – Group tour in Hangzhou, China

• Full Form: Association of Southeast Asian Nations
• Founder members:  Indonesia, Malaysia, the Philippines, Singapore, and Thailand
• Membership expanded to include Brunei, Cambodia, Laos, Myanmar (Burma), and Vietnam
• India is not a member of ASEAN
• Secretariat of ASEAN at Jakarta, Indonesia 

Assam's Majuli

It is the largest river island in the world, now declared as a district by Assam Cabinet. Majuli became the first island district of India.

Next big news in GST bill became Law. After ratification by the required states(50%), the President signed the bill to make it law. Let us have important points on GST in banking examination view separately.

If you find any important news of this week is omitted, kindly comment below.