Sunday, 25 June 2017

Daily Update On Current Affairs - June 24, 2017

current affairs
Here's your daily summary of Current Affairs.

POSOCO-IMD Weather Portal & Web Portal ‘MERIT’ Launched

Union Minister of State for Power, Coal, New & Renewable Energy and Mines Piyush Goyal has launched Weather Portal for Power Sector & Web Portal ‘MERIT’ (Merit Order Despatch of Electricity for Rejuvenation of Income and Transparency). The weather portal has been developed in association with POSOCO and IMD. The portal will have information regarding weather forecast to the state Discoms. The weather variations have an impact on load demand, energy production, transport and distribution management, as well as on energy prices. Extreme events associated with weather like heat waves or cold waves, windstorms or floods can have adverse impacts on the production and can inflict physical damage to the infrastructure. Hence, the portal aims to provide weather related information and help states to take pro-active steps regarding management and plan for infrastructure availability as well as to ensure cost effective and reliable supply.

NITI Aayog Selects CCMB As Incubation Centre For Biotech Start-Ups

NITI-Aayog has chosen the CSIR-Centre for Cellular and Molecular Biology (CCMB) in Hyderabad for hosting the ₹10-crore Atal Incubation Centre for biotechnology start-ups. The centre will identify promising start-ups and create facilities for them to succeed in the field of biotechnology. The CCMB is one of the 10 organisations that have been identified to host the ‘Atal Incubation Centre’.

Nisha Dutt Bags Social Entrepreneur Of The Year Award

Nisha Dutt, Chief Executive Officer of Intellecap has become the first Indian woman leader to have been honoured with the “Social Entrepreneur of the Year” award at The 7th Asian Awards in London. Nisha Dutt has been honoured in recognition of her work in making Intellecap a globally known enterprise that focuses on social capital. Her key contribution lies in integrating technology with challenges of healthcare, financial services, incubation and conceptualising programs such as Innovations Labs.

Government Launches VAJRA Scheme

Department of Science and Technology has launched  VAJRA (Visiting Advanced Joint Research) Faculty scheme that enables NRIs and overseas scientific community to participate and contribute to research and development in India. On 8th January 2017, during the 14th Pravasi Bharatiya Divas Convention, Prime Minister had announced that a new scheme called VAJRA (Visiting Advanced Joint Research) Faculty scheme would be launched by the Department of Science and Technology.

Government Announces 30 New Smart Cities

Union Minister for Urban Development and Housing & Urban Poverty Alleviation, M. Venkaiah Naidu has announced a new batch of 30 smart cities under Smart City Mission, which was launched on June 25, 2015. The newly selected cities include Thiruvananthapuram in Kerala,  Naya Raipur in Chhattisgarh, Rajkot in Gujarat, Amravati in Andhra Pradesh, Patna in Bihar, Karimnagar in Telangana, Muzaffarpur in Bihar, Puducherry, Gandhinagar in Gujarat, Srinagar in Jammu and Kashmir, Sagar in Madhya Pradesh, Karnal in Haryana, Satna in Madhya Pradesh, Bengaluru in Karnataka, Shimla in Himachal Pradesh, Dehradun in Uttarakhand, Tirupur in Tamil Nadu, Pimpri Chinchwad in Maharashtra, Bilaspur in Chhattisgarh, Pasighat in Arunachal Pradesh, Jammu in Jammu & Kashmir, Dahod in Gujarat, Tirunelveli, Thootukkudi and Tiruchirapalli in Tamil Nadu, Jhansi in Uttar Pradesh, Aizawl in Mizoram, Allahabad and Aligarh in U.P. and Gangtok in Sikkim. With the addition of these 30 smart cities, the total cities picked up under the Smart City Mission has reached 90.

West Bengal Wins Prestigious UN Public Service Award

The West Bengal government is among the winners to receive the prestigious UN Public Service Award today for its initiative to combat child marriage and ensure education to the girl child in the state. West Bengal Chief Minister Mamata Banerjee received the 2017 UN Public Service Award at a ceremony held in The Hague, Netherlands on behalf of her government for the 'Kanyashree Prakalpa' initiative that seeks to reduce the high child marriage rates and low female education rates in the state.

US Approves Sale Of UAV Technology To India

The United States has cleared the sale of the state-of-the-art Guardian 22 unmanned Guardian drones to India. The deal to sell UAV drones to India is estimated to be worth $2 to $3 billion. Though the deal has been approved by the State Department, an official announcement regarding the deal is yet to be announced. The transfer of the state-of-the-art UAV technology to India will be the first significant progress after India’s entry into the exclusive Missile Technology Control Regime (MTCR) and after the US has designated India as a major defence partner. India became the 35th full member of the Missile Technology Control Regime (MTCR) in June 2016.

India, Russia Agree To Roadmap For Development Of Defence Co-Operation

India and Russia have agreed to a roadmap for the development of bilateral defence cooperation. The roadmap includes specific activities to be concluded by both sides and aims to enhance cooperation in the field of political and military dialogue, exercises, exchange of visits, military cooperation and training of military personnel. The agreement was reached at the 17th meeting of the India-Russia Inter-Governmental Commission on Military Technical Cooperation held in Moscow on the 22nd June 2017. The meeting took place was held under the Co-Chairmanship of the Defence Minister Arun Jaitley and the Defence Minister of Russia Sergei Shoigu. A Defence Ministry Press release issued in New Delhi said Mr. Jaitley conveyed the utmost importance of having a robust and reliable after-sale support mechanism for serviceability of Russian origin equipment and new opportunities for Russian companies in defence manufacturing sector, as part of the 'Make in India' programme. Both sides also agreed to conclude various on-going negotiations for different platforms, as well as restructure the Inter-governmental Commission to enhance military to military cooperation. India's military-technical cooperation with Russia is one of the key pillars of its relations with Russia.

Gulf Countries Set Out Conditions For Qatar To Comply

Qatar is reviewing the 13-point list of demands of four Arab countries and a formal response would be made by the foreign ministry and delivered to Kuwait. A Qatari official spokesman, however, said the demands were not reasonable or actionable. Kuwait is helping mediate the dispute. The demand by four Arab States, Bahrain, Egypt, Saudi Arabia and the United Arab Emirates asked Qatar to reduce tie with Iran and close a Turkish military base and shut down its broadcaster, Al Jazeera. According to the list, Qatar must refuse to naturalize citizens from the four countries and revoke Qatari citizenship for existing nationals where such citizenship violates those countries' laws.

RBI Amends Banking Ombudsman Scheme

The central bank has extended the scope of Banking Ombudsman Scheme. The Reserve bank said that under the amended scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services in India. As per the amendment, the pecuniary jurisdiction of the Banking Ombudsman to pass an award has been doubled to 20 lakh rupees. The Reserve Bank has extended the scope of Banking Ombudsman Scheme under which banks could be penalised for misselling third-party products like insurance and mutual funds via mobile or electronic banking. Banking Ombudsman is a quasi-judicial authority functioning under the Banking Ombudsman Scheme, 2006. The authority was created to enable resolution of complaints of customers of banks relating to services rendered by the lenders.

Banks To Step Up Action Against Big Defaulters

Following a series of meetings of top bankers over the last one week on the 12 large stressed assets that the central bank wanted them to tackle under the Insolvency and Bankruptcy Code (IBC), the stage is now set for lenders to approach the National Company Law Tribunal (NCLT) to kickstart the proceedings under the Code. The 12 large assets collectively account for about 25 percent (or about ₹2 lakh crore) of the current gross NPAs in the banking system. The assets that the banks will try to expeditiously resolve under the IBC include Bhushan Steel, Essar Steel, Electrosteel Steels, Monnet Ispat, Amtek Auto, Alok Industries, and Lanco Infratech. The IBC was enacted last year with the objective of expediting resolution of stressed assets and streamlining the process of liquidating a business.

Mutual Funds Investment In Bank Stocks Hits All-Time High Of Rs. 1.44 Lakh Cr In May

Mutual fund managers continued to be bullish on bank shares, with their allocation to the sector reaching an all-time high of over Rs. 1.44 lakh crore at the end of May, mainly due to cheaper valuations. In comparison, the figure was Rs. 90,014 crore at the end of May 2016. Banking continues to be the most preferred sector with the fund managers as they cannot afford to take a bearish call on banking stocks, given the high weightage attached to the index. “MFs have been adding exposure to the financial sector, especially banking stocks because of lower valuations due to price corrections and growth in corporate lending. Besides, banks' NPA (non-performing asset) problem is getting sorted out,” said Kaustubh Belapurkar, Director Manager Research, Morningstar Investment Adviser.

NASA Launches World’s Lightest Satellite Designed By Indian Student

NASA has launched world’s lightest satellite weighing only 64 grams designed by 18-year-old boy Rifath Sharook from Tamil Nadu. The tiny satellite has been named as KalamSat after the former President APJ Abdul Kalam. The tiny satellite was launched into space on a sounding rocket from NASA’s facility in Wallops Island.  KalamSat is a 3-D printed satellite. This is the first time that 3-D printing technology is used to make satellites.

India's Earth Observation Satellite Cartosat-2 Series Along With 30 Nano Satellites Successfully Launched Aboard PSLV

Indian Space Research Organisation, ISRO today successfully launched rocket PSLV C-38 carrying earth observation satellite Cartosat-2 Series and 30 other nano-satellites into their orbits. The highly reliable Polar Satellite Launch Vehicle lifted off from the Satish Dhawan Space Centre in Sriharikotta at 9.29 am. It put the main payload in a 505-km orbit within 16 minutes 43 seconds after its launch. This was the 40th flight of PSLV. Of the 30 nano-satellites, 29 are from 14 different countries including France, Germany, Italy, Japan, Britain and the United States. The other is a domestic payload of a private educational institution. Cartosat-2 series satellite provides spot-specific pictures in high resolution. Our correspondent reports that ISRO chairman AS Kiran Kumar congratulated the scientists after the mission was declared a success.

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