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PETROTECH 2016 Conference Inaugurated by PM Modi in New Delhi
i. PETROTECH-2016, the 12th International Oil & Gas Conference & Exhibition was held at Pragati Maidan in New Delhi from December 4 to 7, 2016.
ii. The Petrotech 2016 main Conference was inaugurated by Hon’ble Prime Minister of India, Shri Narendra Modi at Vigyan Bhawan on December 5, 2016.
iii. Theme of the conference: “Hydrocarbons to fuel the future – Choices & Challenges”.
iv. The conclusion of the Petrotech-2016 on December 7, 2016, was marked by signing 11 MoUs for different purpose.
Horse racing not cruelty, but tonga races on metal roads are: SC
♦ The Supreme Court has ruled that horse racing as such is not animal cruelty.A Bench of Justices A.M. Khanwilkar and D.Y. Chandrachud, issued a notice to the Rajasthan government on a petition challenging a High Court order banning Tonga Races in the State, observing that Horse racing as such is not cruelty, but tonga races on metal roads are.
♦ Supreme Court judgment clearly differentiated bulls as “bovine animals” which are unfit for running, while horses as “solid-hoofed quadruped, domesticated for riding”.
About the Petition
i. The Rajasthan High Court had banned Tonga Races in the state by after the Supreme Court judgment of 2014 banning jallikattu.
ii. Against the tonga races ban, a petition was filed in the apex country saying that the 2014 judgment banning jallikattu was confined only to bulls and not horses.
iii. The petition said that the Supreme Court 2014 observation said that the horse’s anatomy “enables it to make use of speed and can be usefully used for racing, etc, unlike bulls”.
iv. The Jallikattu verdict was based on specific instances of cruelty shown to bulls like biting and twisting a bull’s tail, poking the bull with knives and sticks, using irritant solutions in the eyes, use of alcoholic liquids and throwing stones.
v. The petition said that no act of cruelty is done to the horse, which is an animal meant to be used in racing.
Chandrababu Naidu Launched AP Purse Mobile App in Vijayawada
i. Andhra Pradesh Chief Minister N Chandrababu Naidu launched AP Purse mobile app in Vijayawada on December 6, 2016.
Aim: To promote digital transaction among people.
ii. The application has 13 mobile banking and 10 mobile wallet options. The application can be used to pay bills and carry out cashless transactions.
iii. Government has also decided to introduce agents named ‘Marpu Nestam’ to impart training to people to improve digital financial literacy. These agents will be provided with incentives for imparting training.
iv. Engineering students will also be encouraged to train people in mobile banking transactions which would help the students to earn while learn.
India to Contribute USD 1.25 mn to UN relief for Palestinian refugees
i. India on December 7, 2016, has pledged to contribute USD 1.25 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).
ii. 20 donors have come up with the intention to donate to the budget of UNRWA
iii. The agency reported a funding gap of USD 74 million in September 2016 after which the UN Member States made contributions which has reduced the gap to USD 37 million.
♦ The United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) was founded in December 1949.
♦ It is a relief and human development agency, basically to provide jobs on public works projects and direct relief to 652,000 Arab Palestinians who fled or were expelled from their homes during the fighting that followed the termination of the British mandate over the region of Palestine.
♦ UNRWA, for 65 years, has been providing health, education, relief and social services, and emergency humanitarian assistance to about 5.3 million Palestinian refugees across Jordan, Lebanon, Syria, the West Bank and the Gaza Strip.
Hindi Among Top 10 Languages on Planet
i. Hindi language has been listed at the 10th position in the Power Language Index Ranking by The World Economic Forum (WEF).
ii. English was placed at the 1st position and Mandarin at 2nd position followed by French
iii. The WEF also forecasted the list for the year 2050, in which Hindi climbing one spot up to be placed at ninth spot.
iv. The index applied for the consensus took into account various factors including geography, economy and diplomacy.
World Economic Forum :
♦ The World Economic Forum (WEF) is a Swiss nonprofit foundation committed to improve the state of the world by engaging various business, political, academic, and other leaders of society to shape global, regional, and industry agendas”.
♦ Headquarters: Cologny, Switzerland
♦ Founded: 1971
♦ Leader: Klaus Schwab
BANKING & FINANCE
RBI announces its first policy review post-demonetisation
The RBI Governor Urjit Patel led six-member MonetaryPolicy Committee (MPC) on December 7, 2016, announced the fifth bi-monthly monetary policy statement of 2016-2017, which is also the first policy after the implementation of the demonetization decision of Government.
i. Repo rate remained unchanged at 6.25%
ii. Reverse Repo at 5.75%
iii. Cash reserve ratio or CRR unchanged at 4%
iv. Due to demonetization, the central bank has lowered the GDP growth forecast from 7.6 per cent to 7.1 per cent for the current fiscal.Inflation target remains 5 percent for March 2017 with risks tilted to the upside.
v. Demonetisation to lower prices of perishables and could reduce inflation by 10-15 basispoints by December.
RBI says Bank will have to bear full liability in case of online security breach
i. The Reserve Bank of India (RBI) has relaxed the Additional Factor Authentication (AFA) norms for online transactions up to Rs. 2,000 to save time transaction time of customers and also promote government’s digital payment program.
ii. However, RBI has also notified that the banks will have to bear the full liability in case of any security breach in the authorised card network information.
iii. To avail the AFA facility, banks which will issue the cards will also offer the ‘payment authentication solutions’ of the respective card networks to the customers on an optional basis.
iv. Customers will have to go through a one-time registration process and enter their card details and additional information that will be authenticated by the issuing bank.
v. This will help the customer to save time and effort because they will not be required to re-enter the card details for every transaction at merchant locations that offer this solution.
vi. The two factor of authentification will be card details already registered and the credentials used to login to the solution.
♦ The Reserve Bank of India (RBI) is India’s central banking institution, which controls the monetary policy of the Indian rupee.
♦ Headquarter: Mumbai, Maharashtra
♦ Founded: April 1, 1935
♦ Governor: Urjit Patel
Paytm launched Toll Free Number 180018001234 for Transactions Without Internet connection
i. Indian e-commerce website Paytm launched it’s toll-free number 180018001234 to enable transaction through mobile phones without an internet connection on December 7, 2016.
ii. Customers can use basic mobile phones to transact money using this service, before that they need to register with Paytm their mobile number and set a four digit paytm PIN.
iii. Paytm is one of the 11 entities have obtained payment bank license from RBI in August 2015.Ahead of the launch of its Payments Bank, merging One97 Communications owns wallet business with payments bank operation.
♦ CEO: Vijay Shekhar Sharma
♦ Headquarters: Noida
100 banks join National Financial Switch network as direct members
i. 100 banks have joined the National Financial Switch (NFS) network as direct members established ATM networks, now NFS network comprise of 745 members said by Maharashtra based National Payments Corporation of India (NPCI) on December 7, 2016
ii. The network has established 2,30,000 ATMs till date.
What is NFS ?
1.National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India.
2.It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT)
3.The first ATM in India was set up in 1987 by The Hongkong and Shanghai Banking Corporation in Mumbai
♦ Headquarters: Mumbai, Maharashtra
♦ MD and CEO : A P Hota
BSE’s INDIAINx Ties Up With DGCX
i. INDIAINx has signed an agreement with largest Rupee-Dollar (INR-USD) market Dubai Gold and Commodity Exchange (DGCX) on December 6, 2016 to reach out to the global traders in a wide range of products including the trading in INR-USD contract.
ii. India International Exchange being set up by the Bombay Stock Exchange (BSE) on January 9 during Vibrant Gujarat Global Summit-2017.
iii. INDIAINx will offer derivative exchange in rupee-dollar contracts, products on gold, silver, copper and crude oil such as the West Texas Intermediate and Brent contracts, two of the leading contracts in oil trading.
Mahila E-haat ties up with India Post, State Bank of India for Wider Payment Option
i. The Women and Child Development Ministry has tied up with India Post and State Bank of India to offer more payment options to buyers and simplify shipping of products bought from “Mahila E-haat”.
ii. SBI users can use various options for making payments such as draft, cheque, e-banking and e-wallet through “SBI Buddy” application while SBI customers abroad can make use of “SBI Global”.
iii. One can also take the advantage of options like “general insurance” for insuring the item being couriered.
iv. India Post will help women in selling products on the forum located at the nearest post office for shipping purposes.
v. The entrepreneurs can also enter a vendor agreement with India Post, which will help them get a discount on bulk consignments.
♦ Mahila E-haat is an online marketing platform for women entrepreneurs. It was launched in March, for the socio-economic empowerment of women who can register their products on the platform without having to pay any listing fee.
AWARDS & RECOGNITIONS
Vijaya Bank & Corporation Bank Wins Awards at the 4th SMEs Excellence Award-2016
i. Vijaya Bank has been honored with ‘Best Bank for SME Lending award’ at the fourth SMEs Excellence Award function held in New Delhi.
ii. The Best MSME Bank Award 2016 was given to The Corporation Bank by the Associated Chambers of Commerce and Industry of India (ASSOCHAM)
ii. The award was received by the Vijaya Bank Managing Director & CEO of the bank, Kishore Sansi and Managing Director and CEO of Corporation Bank , Jai Kumar Garg from the Minister of State for MSME Haribhai Parthibhai Chaudhary
Vijaya Bank Corporation Bank:
♦ Headquarter: Bengaluru, ♦ Headquarter: Mangalore
♦ CEO: Shri. Kishore Kumar Sansi ♦ CEO: Jai Kumar Garg
♦ Slogan: A Friend You Can Bank Upon.
Helen Marten wins UK’s Turner prize
i. 31 year old UK artist Helen Marten was named as the winner of the 2016 Turner prize. He received award with £25,000 prize by the writer Ben Okri at a ceremony at London’s Tate Britain gallery
ii. The nominees for the 2016 award were Michael Dean, Anthea Hamilton, Helen Marten, and Josephine Pryde
iii. Marten recently won the Hepworth prize, for baffling sculptural work. It is his second award in this month.
About Turner prize :
♦ The Turner Prize is an annual prize presented to a British visual artist under the age of 50
♦ It is organised by the Tate gallery and staged at Tate Britain since 1984.
APPOINTMENTS & RESIGNS
Justice TS Thakur Recommends Justice JS Khehar as 44th Chief Justice of India
i. Justice Jagdish Singh Khehar has been recommended as the 44th Chief Justice of India (CJI) and shall succeed Chief Justice TS Thakur who will retire on January 3, 2017.
ii. 64 years old Justice Khehar will be sworn in as CJI by the President Pranab Mukherjee on January 4, 2017 and will hold the tenure for over seven months till August 27, 2017.
iii. He will be the first Chief Justice of India from the Sikh community.His name for appointment as the next CJI was recommended by Chief Justice of India TS Thakur on December 6, 2016.
iv. After the retirement of TS Thakur and the appointment of Justice Khehar as CJI, the collegium for appointment of judges will also change. The new collegium will comprise of Justice Khehar, Justice Dipak Misra, Justice Chelameswar, Justice Ranjan Gogoi, and Justice Madan Lokur.
Bernard Cazeneuve appointed as the New French PM
i. The French president, François Hollande, has named Bernard Cazeneuve as the new prime minister of France until a presidential election next May.
ii. Cazeneuve, who was interior minister, will replace Manuel Valls, who resigned on December 6, 2016, in a bid to become France’s next president.
iii. France will hold legislative elections in June after the two-round presidential election in April and May.
iv. The announcement for Cazeneuve appointment came after Hollande said he would resign after a single term, making way for Valls to become the next President.
v. Bruno Le Roux, 51, president of the socialist group was named as the interior ministry replacing Cazeneuve’s.
vi. Cazeneuve, 53, was appointed as the interior ministry – the French equivalent of the Home Office – in 2014.
vii. Cazeneuve is a lawyer by training, has been an MP since 1997. He was mayor of Cherbourg between 2001 and 2012, after which he gave up the position to join the government.
SCIENCE & TECHNOLOGY
ISRO’s PSLV-C36 Successfully Launched Resourcesat-2A from Sriharikota
i. The Indian Space Research Organisation successfully launched the Remote Sensing Satellite, Resourcesat-2A on December 7, 2016 from Satish Dhawan Space Centre at Sriharikota in Andhra Pradesh.
ii. A Polar Satellite Launch Vehicle, PSLV-C36, in its 38th flight, successfully launched the 1235 kg RESOURCESAT-2A Satellite from the first launch pad at Satish Dhawan Space Centre in Sriharikota, situated around 100km from Chennai, at 10.25am.
iii. Around eighteen minutes after lifting off from Sriharikota, PSLV-C36 placed the satellite in an 818km Polar Sun Synchonrous Orbit.
iv. The satellite has three payloads which are similar to those of Resourcesat-1 and Resourcesat-2.
Magnitude-6.5 earthquake hits Indonesia’s Aceh province
i. A strong 6.5 magnitude earthquake hits Aceh province on Indonesia‘s Sumatra island on December 7, 2016 said by the US Geological Survey(USGS).
ii. At least 97 persons were killed and over 500 injured based on data from the hospital. Mosques, homes and shops were flattened in the quake
iii. USGS issued a yellow alert for expected fatalities and damage.
♦ Capital: Jakarta
♦ Currency: Indonesian rupiah
Former Spain defender Dominguez announces retirement
i. Former Spain international footballer Alvaro Dominguez Soto announced his retirement due to health problems on December 7, 2016
ii. 27 year old Dominguez has started his career in 2007. He played mainly a central defender but also as a left back.
iii. He joined German top flight club Borussia Monchengladbach from Atletico Madrid in the summer of 2012 and provided three goals and four assists in 81 competitive encounters.
Argentina win women’s Hockey Junior World Cup 2016
i. Argentina women’s hockey team defeated Netherlands women’s team to win the women’s Hockey Junior World Cup 2016 in Santiago, Chile.
ii. For the first time Argentina team win the gold medal in 23 years
Final Result :
Journalist, Political Analyst, Actor Cho Ramaswamy Dies
i. Journalist, political analyst and comedian Cho Ramaswamy passed away on December 7, 2016 in Chennai. He was 82.
ii. Ramaswamy was former BJP Rajya Sabha member.He was the founded and editor of the political magazine Thuglak magazine and was fearless in criticising the ruling government in the state or at the centre.
iii. He has acted stage actor and also directed several movies and was also a screen play writer.
Heisman Trophy winner and former NFL player Rashaan Salaam dies
i. US National Football Player Rashaan Salaam found dead in Colorado, US on December 6, 2016. He was 42.
ii. Salaam has won the U.S. college football’s highest honor Heisman Trophy in 1994.
iii. He is the only player from the University of Colorado . He was chosen in the first round of the 1995 NFL draft and he played for the Cleveland Browns.
iv. He was the son of another NFL player, former Cincinnati Bengals running back Teddy Washington.
International Civil Aviation Day observed on December 7, 2016
i. Every year 7th December was celebrated as the International Civil Aviation Day since 1994 to promote safety, efficiency of air transport
ii. 2016 Theme: “Working together to ensure no country is left behind”.
iii. The day has been celebrated by the International Civil Aviation Organization, it was proclaimed by United Nations General Assembly.