30 Dec 2014 to 5 January 2015 Current Affairs Update ) 102nd Indian Science Congress (ISC) was inaugurated by Prime Minister Narendra Modi on 3 January 2014 at the University of Mumbai. What is the theme of this year’s ISC? – “Science and Technology for Human Development” Explanation: The 102nd session of the Indian Science Congress is a five-day event and will see deliberations and presentation of papers by the scientific fraternity from across the globe. The sessions will cover a wide variety of topics like agriculture and forestry, veterinary science, earth science, environment, engineering, information & communication, computer sciences, mathematics, medicine, biology, physics and plant sciences among others. A large science exhibition is being organised at the MMRDA Grounds in nearby Bandra-Kurla Complex, which will showcase various science & technology innovations by Indian firms and organisations. The Government of India is also mounting a major exhibition on ‘Make In India’ initiative. 2) ‘Gyan Sangam’ – the 2-day bankers retreat, which concluded on 3 January 2015, was held in which city? – Pune Explanation: ‘Gyan Sangam’ was a 2-day “Retreat for Banks and Financial Institutions” and was held at National Institute of Banking Management (NIBM), Pune. Participants at “Gyan Sangam” included Dr. Hasmukh Adhia, Secretary, Department of Financial Services (DFS), regulators, officers of the Ministry of Finance, top management of all Public Sector Banks (PSBs), insurance companies and financial institutions (FIs). The idea of organising such a retreat is to provide an informal academic environment, which can bring out the creative best of the minds of professionals and regulators. It was inaugurated by Jayant Sinha, Minister of State for Finance while Prime Minister Narendra Modi addressed the concluding session. 3) The Union Government on 4 January 2015 announced Rs. 1,900 crore for e-governance project “Panch Deep”. This project seeks to achieve what? – To automate all transactions between the organisations and employees with regard to ESIC Explanation: Project “Panch Deep” is an e-governance project which will deploy a massive ERP (Enterprise wide Resource Planning) across the country connecting all the ESIC (Employees State Insurance Corporation) and other organisations in the ecosystem. For this the employees will get unique biometric cards. The project will also take care of payments of third party bills. The IT backbone under this project will also develop a huge repository of medical records, making it easier for doctors and patients. 4) Prime Minister Narendra Modi on 1 January 2015 announced the decision to replace the 65-year-old Planning Commission with a new organisation named NITI Aayog. The term NITI is named after which a newly formed body? – National Institution for Transforming India (NITI) Explanation: National Institution for Transforming India (NITI) will act more like a think tank or forum in contrast with the Commission which imposed five-year-plans and allocated resources to hit set economic targets. NITI Aayog will include leaders of India’s 29 states and seven union territories. But its full-time staff – a deputy chairman, Chief Executive Officer and experts – will answer directly to the Prime Minister, who will be chairman. The present NDA government has accused the Planning Commission of stifling growth with Soviet-style bureaucracy. Despite being blamed by critics for the slow growth that long plagued India, the Commission survived the market reforms of the early 1990s. 5) The finance ministry and the RBI are discussing a proposal to create a holding company to which the equity of state-owned banks can be transferred. This is being seen as first step to effect much-needed structural changes in the banking sector of the country. Which RBI-appointed committee had recommended this? – P.J. Nayak Committee Explanation: The Committee, led by former Chairman and CEO P.J. Nayak, had submitted its report to the RBI in May 2014. A separate holding company will help separate ownership and control in public sector banks and distance the government, the dominant shareholder, from their management. 6) B.G. Verghese, who passed away on 30 December 2014, was a noted personality associated with which field? – Journalism Explanation: B.G. Verghese donned many hats during his illustrious career in journalism that began in 1949, even serving as the Information Advisor to Prime Minister Indira Gandhi between 1966 and 1969. He was the editor of Hindustan Times from 1969 to 1975 and that of The Indian Express from 1982 to 1986. In 1975 he was awarded the Ramon Magsaysay Award Foundation for his zestful journalism. 7) Market regulator Securities and Exchange Board of India (SEBI) on 31 December 2014 notified a new rule pertaining to mutual funds. Under this new rule what allowance has been given? – The new rule allows launch of two new schemes in a year by mutual fund houses with net worth below Rs. 50 crore Explanation: However, such permission would be considered on a case-to-case basis, depending on such Asset Management Companies (AMCs) demonstrating that serious efforts are being made by them to meet the net worth requirements within the prescribed timelines. The move came in force with immediate effect. SEBI, in February 2014, had hiked the minimum net worth requirement for mutual funds to Rs. 50 crore from Rs. 10 crore in a move to weed out non-serious players and ensure stability of the financial system. At that time, 19 fund houses had net worth below this threshold, but a few of them have since complied with the requirement by increasing their net worth to the desired level. 8) The Union Government on 31 December 2014 announced which major decision regarding reforms in the banking sector? – Splitting the post of Chairman and Managing Director (CMD) into two for the public sector banks Explanation: In a significant departure from the past practice, the Government of India announced to separate the post of Chairman and MD & CEO. In Public Sector Banks (PSBs), so far the top executive was designated as CMD, with the exception of the largest lender State Bank of India (SBI), where the top position is commanded by the Chairman and there are four Managing Directors with clearly defined executive roles under them. The posts of Chairman and MD in the private sector are held separately. 9) The Union Government on 29 December 2014 approved raising its stake up to 51% in which financial institution so as to make it a government company? – IFCI Explanation: Industrial Finance Corporation of India (IFCI), which is the oldest financial institution in the country, was established on 1 July 1948. The Union Cabinet chaired by Prime Minister Narendra Modi approved infusion of Rs. 60 crore in IFCI to make it a government company by way of acquisition of preference shares from existing shareholder(s). It was set up in 1948 as a statutory corporation under the Industrial Finance Corporation Act, 1948. The Act has since been repealed by the Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993 and IFCI Ltd was registered under the Companies Act, 1956 on 31 March 1993. Till now, IFCI was not a Government Company under section 2(45) of the Companies Act 2013. 10) The Union Government during December 2014 set up a joint task force to rejuvenate nation’s mobile phone manufacturing ecosystem. Who was appointed as the Chairman of this task force? – Pankaj Mohindroo, National President Indian Cellular Association (ICA) Explanation: The joint task force was constituted with a view to achieve production of 500 million units of mobile handsets by 2019 in India. Industry body Indian Cellular Association (ICA) National President Pankaj Mohindroo has been appointed as Chairman of the task force. Nokia SEZ President and Director – India Operations Josh Foulger has been made co-chairman along with Lava Co-Founder Hari Om Rai. The terms of reference of the task force includes promotion of large scale manufacturing/assembly activity to achieve production of 500 million units of mobile handsets by 2019 i.e. annual manufacturing output of Rs 150,000 crore to 300,000 crore. It is estimated that this large scale production can create employment opportunity for 15 lakh people. ICA in its budget recommendation has said that in absence of corrective measures, mobile exports from India will crash to zero in 2015. 11) Indian banks have achieved the target set by the government to open 10 crore accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) a month before the deadline of 26 January 2015. How many bank accounts have been opened till 26 December 2014 as disclosed by the govt.? – 10 crore 8 lakh Explanation: Banks have issued 7.28 crore RuPay Cards as on 22 December 2014. In order to achieve universal access of banking, banks have deployed bank Mitras in 1.23 lakh Sub Service Areas (SSAs) leaving a gap of 6,031 uncovered SSAs. Banks were asked to complete deployment of bank Mitras latest by 15 January 2015 and display details of the same on their own website as well as on State Level Bankers’ Committee. This was to ensure that all Bank Mitra devices are online inter-operable through RuPay cards. 12) Who was appointed as the new Chairman of the Railway Board on 31 December 2014? – A.K. Mittal Explanation: A.K. Mittal, who was Member of the Railway Board till this appointment, replaced, Arunendra Kumar who retired on the same day. 13) K. Radhakrishnan retired as the Chairman of Indian Space Research Organisation (ISRO) on 31 December 2014. Who took over as the interim Chairman in his place? – Shailesh Nayak (Secretary, Union Earth Sciences Ministry) Explanation: K. Radhakrishnan took ISRO to new heights with successful implementation of some highly prestigious projects like the Mangalyaan (MOM) mission, Chandrayaan-1 mission and PSLV missions. Shailesh Nayak will hold additional and interim charge as Chairman ISRO for a month or until a regular chief is named. 14) Tropical storm Jangmi hit which Southeastern country on 28 December 2014 causing widespread destruction and death of over 30 persons? – The Philippines Explanation: Tropical storm Jangmi hit Mindanao Island of the Philippines causing heavy rains, flash floods and landslides in the region. It was known as Seniang strom in the Philippines.
Posted on: Tue, 06 Jan 2015 05:48:50 +0000