Current Affairs Today June 28 2018

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Current Affairs Today June 28 2018

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 INDIAN AFFAIRS

Government approves draft Act prepared by HRD Ministry for setting up of Higher Education Commission of India by repealing UGC Act
i. On June 27,2018, The Ministry of HRD has prepared a Higher Education Commission of India (Repeal of University Grants Commission Act) Bill 2018 which seeks to repeal  UGC Act and provides for setting up of Higher Education Commission of India .
ii. The focus of the Commission will be on improving academic standards and quality of higher education, specifying norms for learning outcomes, lay down standards of teaching/research etc…………………………………………….Click here to Read more

Institution of “Home Minister’s Special Operation Medal”
Union Home Minister Rajnath Singh has approved the institution of “Home Minister’s Special Operation Medal”.
Home Minister’s Special Operation Medal:
i. Police Officers of States & Union Territories, Central Police Organisations (CPOs), Central Armed Police Forces (CAPFs) and Security Organisation involved in Special Operations are eligible for this medal.
ii. Rajnath Singh has also instituted 3 more Medals namely:

  • Antarik Suraksha Medal
  • Asadharan Aashuchan Padak
  • Utkrisht & Ati-Utkrisht Seva Medal

iii. The Medals will be presented annually. HM’s Special Operation Medal and Asadharan Aashuchan Padak will be awarded on 15th August (Independence Day).
iv. Antarik Suraksha Medal and Utkrisht & Ati-Utkrisht Seva Medal will be announced on 26th January (Republic Day).
v. Asadharan Aashuchan Padak: will be awarded to officials of Intelligence organization of Central Government and Intelligence Dept./wings/Special Branches/Units of all State/UT Police, CPOs, CAPFs, Assam Rifles (AR) and National Security Guard (NSG) for exceptional courage and skill in intelligence gathering.
vi. Antarik Suraksha Medal: will be presented to Police personnel of States/UTs/ CPOs/CAPFs/Security Organisation for Operation Duty performed by them for every 2 years in Internal Security in J&K State/LWE region/NE region.
vii. Utkrisht and Ati Utkrisht Seva Medal will be presented to permanent Police personnel and other permanent support staff working in CAPFs, State/UTs Police Forces, CPOs, AR, NSG, Home Guard (HG) and Intelligence organization of Central Govt/State Govt./CAPFs for Long Service of 15 and 25 years and good service records.
viii. There is no limit/quota for receiving the HM’s Special Operation Medal, Antarik Suraksha Medal and Asadharan Aashuchan Padak.
ix. There will be a cap of 1% and 0.5% of the sanctioned strength rank wise (Constable/HC/ASI/Sl/lnsp./Dy. SP/SP & above) subject to the eligibility conditions for the Utkrisht & Ati-Utkrisht Seva Medal respectively.
x. The medal would be withdrawn if the holder is found guilty of disloyalty or brings the Force to disrepute like removal, major penalty, criminal offence etc.
About National Security Guard:
♦ Director General – Sudeep Lakhtakia
♦ Headquarters – New Delhi

To boost cooperation in agriculture & allied sectors a bilateral meeting amongst Union Agriculture Minister Shri Radha Mohan Singh & Deputy PM of Uzbekistan, Mr. Suhrob Kholmuradov is being held.
On June 28, 2018, The Union Minister of Agriculture and Farmers’ Welfare Shri Radha Mohan Singh met Mr. Suhrob Kholmuradov, Deputy Prime Minister, Uzbekistan and Chairman of the State Investment Committee in Krishi Bhawan, New Delhi to strengthen bilateral cooperation inagriculture and allied sectors.
i. India will partner with Uzbekistan in providing training and sharing expertise in skill development, effective and optimum use of water for dry lands, integrated farming systems, mechanization and farm machinery.
ii. India can provide training to Uzbekistan for the development of Green House with the help of Centre of Excellence (CoE).
iii. A revised draft agreement on cooperation in the field of Plant Quarantine as proposed by Uzbekistan is under active consideration.
iv. Both parties will promote interaction among government agricultural institutions, experts, scientists and agro business and would work in the area of animal husbandry and India is willing to assist in setting up food processing industries in Uzbekistan.
v. India is currently importing moong, natural gum, walnut, chickpeas, and juices from Uzbekistan. The Union Minister urged Mr. Suhrob to also consider importing mango, potato, wheat, meslin, sugar etc. from India.
About India’s success in Agricultural sector:
Union Agriculture Minister reiterated India’s tremendous progress in the agriculture sector and its commitment to double farmers’ income by 2022 through a series of reforms, namely Soil Health Card, Organic Farming, Crop insurance, irrigation, eNAM etc.India has become one of the most preferred investment destinations of the world.

222nd Meeting of the Central Board of Trustees, EPFO held in New Delhi
On June 27, 2018, The 222nd meeting of the Central Board of TrusteesEPFO was held under the chairmanship of Union Minister of State for Labour & Employment (Independent Charge) Shri Santosh Kumar Gangwar at New Delhi.
i. The Central Board approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 provisioning advance from the fund to a member who ceases to be in employment for a continuous period not less than one month.
ii. Under this proposal a member can avail 75% of the total fund (including employee as well as employer share) standing to the member’s credit with interest thereon.
iii. The Board took note of the Investment of Rs 47,431.24 crore in Exchange Traded Funds (SBI MF, UTI MF, CPSE, Bharat 22) and notional return on ETF investments which stood at 16.07% for the period from August 2015 to 31st May 2018.
iv. It approved the proposal to continue SBI Mutual Fund and UTI Mutual Fund as ETF manufacturer for investment in ETF by EPFO for tenure of one year i.e. till 30/06/2019.
v. It has considered and adopted the Consolidated Annual Accounts with Audit Report for the year 2016-17.
About Central Board of Trustees, EPFO:
i.  The Employees’ Provident Fund Organisation (abbreviated to EPFO), is an Organization tasked to assist the Central Board of Trustees, a statutory body formed by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labour and Employment, Government of India.
ii.  EPFO assists the Central Board in administering Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India.

NIMHANS Digital Academy: for training medical professionals inaugurated by Shri JP Nadda
On June 27, 2018, Shri J P Nadda, Union Minister of Health and Family Welfare inaugurated the NIMHANS Digital Academy and addressed the first batch of professionals enrolled for undergoing courses in the fields of Psychiatry and Psychiatric Social Work in New Delhi.
Smt. Anupriya PatelMinister of State for Health & Family Welfare also graced the occasion.

NIMHANS Digital Academy: for training medical professionals inaugurated by Shri JP Naddai. The training modules and curricula for various training programmes were also released.
ii. This will enhance the skill and potential of healthcare professionals and also serve the purpose of mental healthcare needs.
iii. Especially with the passing of the Mental Healthcare Act, 2017 brings forth a stronger and more robust legal scaffold and humane and patient-centric rights based approach for mental healthcare in our country.
About NIMHANS:
i. Ministry of Health, through National Institute of Mental Health and Neuro Sciences, Bengaluru (Institute of National Importance), is initiating programmes for training of healthcare service providers across the country to deliver quality mental healthcare services. It has the infrastructure for starting a Digital Academy to provide large scale training to healthcare service providers like Medical Officer, Psychologists, Social Workers and Nurses.
ii. Up to 50 people can be trained in the virtual classroom with only a cell phone/mobile phone with 3G connection required at the receiver’s end
iii. The courses for different categories of healthcare providers would be of about 30 hours duration each and spread across a period of three months and would be digitally delivered.
iv. The participants will be awarded “Diploma in Community Mental Health” by NIMHANS, Bengaluru.

TECH-THON: Seminar on Technology Partnership for POSHAN Abhiyaan in New Delhi; organized by WCD Ministry
On June 28, 2018, Ministry of Women and Child Development, Government of India organized a day-long Seminar on Technology Partnerships for Steering POSHAN Abhiyaan called ‘TECH-THON’ for POSHAN Abhiyaan – PM’s Overarching Scheme for Holistic Nourishment  at Pravasi Bharatiya Kendra in New Delhi.

TECH-THON: Seminar on Technology Partnership for POSHAN Abhiyaan in New Delhi; organized by WCD MinistryObjective:
To showcase and initiate a ‘Peoples Movement’ or Jan Andolan towards Nutrition.
Key Points:
Dignitaries present at the seminar:
i. The WCD Minister Smt Maneka Sanjay Gandhi and Minister of State for WCD, Dr.Virendra Kumar was present in the Seminar.
ii. The seminar was inaugurated by Vice Chairman, NITI Aayog.
iii. Secretaries of convergent Central Ministries , Secretaries of State WCD/Social Justice Department, Director in-charge of ICDS/POSHAN Abhiyaan and nodal officer of the States/UTs were also present in the daylong seminar.
iv.  Multilateral partner institutions like UNICEF, World Bank, WHO, WFP etc, the partners of MWCD – Tata Trust, Bill and Melinda Gates Foundation (BMGF) etc, Philanthropic Private Sectors (viz CSR) and Civil Society Organizations were also present.
About POSHAN Abhiyan:
POSHAN Abhiyaan (National Nutrition Mission) was launched by the Hon’ble Prime Minister on 8thMarch, 2018 in Jhunjhunu, Rajasthan. The programme through use of technology, targeted approach and convergence strives to reduce the level of Stunting, Under-nutrition, Anemia and Low Birth Weight in Children, as also, focus on Adolescent Girls, Pregnant Women & Lactating Mothers, thus holistically addressing malnutrition.

5 SoIs signed by NITI Aayog’s Women Entrepreneurs Platform (WEP)
On June 28, 2018, NITI Aayog’s Women Entrepreneurs Platform (WEP) signed five separate Statement of Intent (SoIs) with Shri Mahila Sewa Sahakari Bank Limited, Indiabulls Housing Finance Limited, SREI Infrastructure Finance Limited, Sreemanta Sankar Mission and the Self Employed Women’s Association (SEWA).
Objective:
It is a platform dedicated to increase the number of women entrepreneurs who will create and empower a dynamic New India.
Key Points:
i. The WEP was established on the occasion of International Womens’ Day in March 2018.
ii. This initiative will work through its partner organizations, private as well as public organizations; by bringing their existing as well as new women specific initiatives on a single platform.
About the SoIs :
i. The SoIs signed with financial institutions such as the Shri Mahila Sewa Sahakari Bank, Indiabulls Housing Finance and SREI Infrastructure Finance shall be housed under the WEP-Finance vertical and will provide financial assistance to women entrepreneurs through WEP.
ii. And those signed with the Sreemanta Sankar Mission of Guwahati to empower established as well as aspiring women entrepreneurs in North East India through WEP North East Chapter.
iii. The SoI with the Self Employed Women’s Association (SEWA), a trade union and as an organization of poor, self-employed women workers, includes commitments to mobilize women entrepreneurs in rural areas and promote them in Livelihood Entrepreneurship.
About Women Entrepreneurs Platform(WEP):
The WEP is an initiative under the NITI Aayog which was launched on March 8, 2018 on the occasion of the International Women’s Day. The idea of the Platform was first mooted by Shri Amitabh Kant, CEO, NITI Aayog who announced the setting-up of a Women Entrepreneurship Platform in NITI Aayog at the conclusion of the 8th Global Entrepreneurship Summit (GES) held in Hyderabad in 2017 with the theme of ‘Women first, Prosperity for All’.

Ecotourism policy 2017:  a community based tourism policy released by Tamil Nadu Govt
On June 28, 2018, The Tamil Nadu government today released its Ecotourism Policy 2017 which is a community based ecotourism policy.
Key Points:
i. The Forest Department will be the nodal department for implementing the policy.
ii. The SEB will finalise the strategies regarding pricing and appropriate packaging and branding of ecotourism destinations.
iii. The Ecotourism policy will be reviewed after five years.
About the policy:
i. The ecotourism sites will be identified and will have specific ecotourism product associated with it in their uniqueness and value in terms of aesthetic, natural, cultural and landscape characteristics.
ii. The initiatives will include hiking, trekking, wildlife sighting, bird watching trails, boating, photography, visit to medicinal plants conservation area, craft making, local handicraft, promoting local festivals, and adventure sports.
Tamil Nadu:
National Parks: Anamalai Tiger Reserve, Mudumalai National Park, Guindy National Park, Mukurthi National Park.
Dams:
♦ There are a total of 35 Dams in Tamil Nadu .
♦ Manjalar Dam, Vaigai Dam, Karuppanadhi Dam,

Launch of MES (Military Engineer Services) Website
On 28th June 2018, Military Engineer Services (MES) launched its newly designed website.
Launch of MES (Military Engineer Services) Website:
i. The website was launched by Defence Secretary Sanjay Mitra. The website is bilingual.
ii. It was developed to benefit 3500 officers and nearly 1.2 Lacs subordinate staff of MES.
iii. Policies and advisories associated with Recruitment, Promotions, Postings and other personnel matters of MES civilian employees can be accessed using the Website.
iv. The website has been made more user friendly. It is line with the GIGW (Guidelines For Indian Government Websites) guidelines. Online Registration of Contractors, approved list of contractors and consultants, product approvals and enlistment procedures are also available in the website.
v. Certain Technical Drawings of unclassified nature is also present in the website. MES publications like MES Regulations, Standard Schedule of Rates and scales of Accommodation will also be available to authenticated registered users.
vi. The website features information about MES to be published in compliance with section 4(1) of RTI Act 2005.
vii. The website possesses clutter free design, better functionality and user friendliness.
About Military Engineer Services (MES):
♦ Engineer-in-Chief – Lt Gen SK Shrivastava
♦ Purpose – dedicated Engineering Department to provide infrastructure (development and maintenance) support to Army, Navy, Air Force, Coast Guard and DRDO

INTERNATIONAL AFFAIRS

President of Seychelles visit to India
i. On June 26,2018, The President of India, Shri Ram Nath Kovind, received His Excellency Mr Danny Antoine Rollen Faure, the President of the Republic of Seychelles, at Rashtrapati Bhavan, New Delhi. He also hosted a banquet in his honour.
ii. On June 26,2018, Six MOUs were signed between various dignitaries of India and the Republic of Seychelles.
iii. Prime Minister Narendra Modi and Seychelles President Danny Faure agreed to work on the Assumption Island project  in the Indian Ocean as a naval base to expand its footprint………………………………………………….Click here to Read more

India increases grants to $15 million to handle global environment crises
On 26th June 2018, India announced that, it will raise the fund from $12 million to $15 million to the Global Environment Facility (GEF)’s new four-year investment cycle called GEF-7.
India increases grants to $15 million to handle global environment crises:
i. This announcement was made by India’s representative to GEF Council Aparna Subramani at a GEF meeting in Vietnam.
ii. The GEF council meeting is held from June 24 to June 28, 2018. Aparna Subramani also represents India in the World Bank.
iii. She represents Bangladesh, Bhutan, Maldives, Nepal and Sri Lanka, apart from India in the GEF Council.
iv. GEF was formed in 1992 during the Rio Earth Summit to manage serious environmental problems.
v. It has so far provided $17.9 billion in grants and mobilised an additional $93.2 billion in financing for over 4,500 projects in 170 countries.
vi. India is both a donor and a recipient of GEF. GEF has 183 countries as members. The 6th GEF Assembly was held on 27th and 28th June 2018.
About the Global Environment Facility (GEF):
♦ CEO and Chairperson – Naoko Ishii
♦ Purpose – mechanism to offer grants for environment projects

India Pledges $5 Million to the United Nations Relief and Works Agency (UNRWA) for the welfare of Palestinian refugees
India has pledged USD 5 million in assistance to the United Nations Relief and Works Agency (UNRWA) working for the welfare of Palestinian refugees.
India Pledges $5 Million For UNRWA:
i. This move has been made by India to manage the severe funding crisis faced by UNRWA after US reduced its annual funding to UNRWA.
ii. In January 2018, US said that it would withhold USD 65 million of USD 125 million it had planned to offer to UNRWA. US has been a major contributor to UNRWA.
iii. 20 countries, including India, announced contributions to the 2018 budget of the United Nations Relief and Works Agency (UNRWA) for Palestine Refugees in the Near East at a meeting.
iv. In March 2018, India announced that it will raise its annual contribution to  UNRWA from USD 1.5 million to USD 5 million from 2018-19 for a period of 3 years.
v. Sweden will contribute USD 250 million over 4 years. UK will offer USD 51 million. UAE will contribute USD 50 million.
v. In January, UNRWA faced a loss of USD 300 million in voluntary contributions. It has been offering health, education, relief, social services, emergency humanitarian assistance, to around 5.3 million Palestinian refugees in Jordan, Lebanon, Syria, the West Bank and the Gaza Strip for 65 years.
About United Nations Relief and Works Agency (UNRWA):
♦ Commissioner-General – Pierre Krahenbuhl
♦ Purpose – offers primary and vocational education, primary health care, relief and social services, infrastructure and camp improvement, microfinance and emergency response, including in situations of armed conflict

Cost of Living Survey published by Mercer: Mumbai costlier than Washington and Melbourne
According to the 2018 Cost of Living Survey published by Mercer, Mumbai continues to be the most expensive city in India to live in for expatriates. It has secured rank 55 globally and has surpassed Washington and Melbourne.
2018 Cost of Living Survey published by Mercer:
i. Mumbai has surpassed Washington ranked at 56, Melbourne ranked at 58, Frankfurt at 68, Buenos Aires at 76, Stockholm at 89 and Atlanta at 95.
ii. Mumbai is expensive for expatriates due to the rise in prices of food items like meat, butter, and poultry.
iii. Other Indian cities listed in the survey are:

  • Delhi – 103
  • Chennai – 144
  • Bengaluru – 170
  • Kolkata – 182

iv. Hong Kong has been ranked as the world’s costliest city for expatriates. It is followed by Tokyo, Zurich, Singapore, and Seoul.
v. This year’s ranking lists 209 cities in five continents. It measures the comparative cost of over 200 items in each location like housing, transportation, food, clothing, household goods, and entertainment.
About Mercer:
♦ Type – human resources consulting firm
♦ Presence – more than 130 countries

PASSEX 2018: Passage exercise untaken by Indian and Indonesian navies
On June 28, 2018, The navies of India and Indonesia participated in Passage Exercise (PASSEX).

PASSEX 2018: Passage exercise untaken by Indian and Indonesian naviesi. This exercise was decided during Prime Minister Narendra Modi’s visit to Indonesia on May 29,2018 for enhancing maritime cooperation.
ii. From the Indian side , Indian Naval ships INS Shakti and INS Kamorta under the command of Rear Admiral Dinesh K Tripathi, Flag Officer Commanding Eastern Fleet participated in the event.
iii. From the Indonesian side, Indonesian Naval Ship KRI Madidihang (855) a Stingrays Class Fast Patrol Craft participated in the event. 
Indonesia:
♦ Capital : Jakarta
♦ Currency: Indonesian Rupiah.
♦ President: Joko Widodo

Indian real estate transparency ranked 35th globally: JLL Global Real Estate Transparency Index (GRETI) 2018
On June 28, 2018, India has emerged as one of the top 10 countries to have registered maximum improvement in transparency in real estate over last two years as per  JLL’s Global Real Estate Transparency Index (GRETI) 2018.

Indian real estate transparency ranked 35th globally: JLL Global Real Estate Transparency Index (GRETI) 2018i. India has moved up by five places to 35 since 2014 out of 100 countries that are mapped to over 180 parameters. It ranked 36th in 2016.
ii. Initiatives like implementation of Real Estate (Regulation & Development) Act, 2016, land title insurance, the Benami Transactions (Prohibition) Amendment Act, aligning the sector with the Goods & Services Tax, demonetization, opening up of Real Estate Investment Trusts (REITs) are prompting improvement in the country.
iii. Other factor effecting the positive change are : Improved market fundamentals, policy reforms, liberalisation of FDI into realty sector and retail, strengthening of information in public domain, digitisation of property records and assigning “industry status” to affordable housing.
iv. Private equity investment in Indian realty has grown in every year from $2.2 billion in 2014 to $4.7 billion in 2015, to $6.9 billion in 2016 and it was $6.3 billion in 2017.
About ranking of other nations:

CountryRank
UK1
Australia2
US3
France4
Canada5
Netherlands6
New Zealand7
Germany8
Ireland9
Sweden10
Sri Lanka66
Pakistan75
Venezuela (least transparent market)100

Among BRICS Countries:

CountryRank
Brazil37
Russia38
India35
China33
South Africa21

About Jones Lang LaSalle Incorporated (JLL):
♦ It is an American Investment Management Company specializing in real estate.
♦ Headquarters: Chicago, USA.
♦ CEO: Christian Ulbrich.

FATF placed Pakistan in ‘grey list’ during its plenary session in Paris
On June 28, 2018, Pakistan was placed in the ‘grey list’ of Financial Action Task Force.
The decision was made at the Financial Action Task Force’s (FATF) plenary session in Paris.

FATF placed Pakistan in ‘grey list’ during its plenary session in Parisi. Despite submitting a 26-point action plan Pakistan was placed in the grey list for failing to curb anti-terror financing.
ii. It will stay on the list for a year or so.
iii. The process began in February 2018 when FATF approved the nomination of Pakistan for monitoring under its International Cooperation Review Group (ICRG) commonly known as ‘grey List’.
iv. Earlier Pakistan remained on the FATF grey list from 2012 to 2015.
About FATF:
The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.

BUSINESS & ECONOMY

6 reactors for Jaitapur nuclear plant to be built by France’s EDF and General Electric
On June 28, 2018, French utility EDF and General Electric have signed a pact to jointly build six reactors for India’s most ambitious nuclear power plant at Jaitapur in Maharashtra. This pact was signed between French President Emmanuel Macron during his visit to India.

6 reactors for Jaitapur nuclear plant to be built by France’s EDF and General Electrici. The 9,900 megawatt (mw) plant at Jaitapur is being built by State run-Nuclear Power Corporation of India.
ii. This will be the world’s largest nucler power unit .
iii. The plant will have six nuclear reactors of capacity 1,650 mw each.
iv. GE Power will design the conventional island for the Jaitapur plant and supply its main components. It will also provide operational support services and a training programme to as per the requirements of NPCIL .
v.E DF will be responsible for engineering integration for the entire project and will provide all the requisite input data.
Background:
India aims to have nuclear power generation capacity of 22,480 mw by 2031, and the Jaitapur power plant would be crucial to achieving this target.
About Jaitapur nuclear plant:
The layout of nuclear power plant comprises two major parts — the nuclear island and the conventional (turbine) island. The nuclear island is the heart of the nuclear power plant, while the conventional (turbine) island houses the key component which extracts thermal energy from pressurized steam and converts it into electrical energy.

APPOINTMENTS & RESIGNS

Kanwaljeet Jawa becomes 1st Indian to be appointed as board member of Daikin
Daikin Industries Ltd has appointed its India operations MD & CEO Kanwaljeet Jawa into the board of the parent company.

Kanwaljeet Jawa becomes 1st Indian to be appointed as board member of DaikinKanwaljeet Jawa becomes 1st Indian to be appointed as board member of Daikin:
i. Kanwaljeet Jawa will be the first Indian on the Daikin Industries board. He will be a part of the 10 member board council.
ii. Kanwaljeet Jawa joined Daikin India in 2010 as the COO. He was then promoted as the MD & CEO of the Company.
About Daikin Industries Ltd:
♦ Business – air-conditioner maker
♦ Based in – Japan
♦ Chairman of Daikin Air-conditioning India – Toshio Nakano

Anoop Kumar Pandey to replace Rajiv Kumar as UP’s Chief Secretary
Anoop Kumar Pandey would replace Rajiv Kumar as the Chief Secretary of Uttar Pradesh.
Anoop Kumar Pandey to replace Rajiv Kumar as UP’s Chief Secretary:
i. Anoop Kumar Pandey is a 1984-batch Indian Administrative Services (IAS) officer. He will replace Rajiv Kumar as the Chief Secretary of Uttar Pradesh.
ii. Rajiv Kumar will retire on 30th June 2018. At present Anoop Kumar Pandey is the Industrial and Infrastructure Development Commissioner (IIDC) in Uttar Pradesh.
iii. Rajiv Kumar was appointed as chief secretary of Uttar Pradesh in June 2017. Earlier he was the Secretary in Shipping Ministry.
iv.He had also served as the divisional commissioner of Saharanpur and Meerut in Uttar Pradesh and also in the industrial development department.
Some Wildlife sanctuaries in Uttar Pradesh:
♦ Kachhua Sanctuary
♦ Kaimoor Wildlife Sanctuary
♦ Katarniaghat Wildlife Sanctuary

B Sriram resigns as SBI MD amid IDBI stake sale buzz
SBI managing director B Sriram has resigned as SBI MD after his appointment as chief executive of IDBI Bank.
Resignation of B Sriram:
i. B Sriram was appointed as managing director and CEO of IDBI Bank for a temporary period of 3 months, recently.
ii. He has submitted his resignation from the board of SBI. His resignation has been forwarded to Appointments Committee of the Cabinet (ACC). ACC will take the final decision on this.
iii. B Sriram assumed charge as MD and CEO of IDBI Bank on 22nd June 2018 after M K Jain left the bank to serve as Deputy Governor of RBI.
iv. LIC is trying to enter the banking sector by acquiring majority stake in IDBI Bank. IDBI Bank would become a private sector bank if the government’s share reduces below 50%.
v. B Sriram has been the MD (Corporate and Global Banking) in SBI since July 2014. He has served as Managing Director of State Bank of Bikaner and Jaipur.
About Life Insurance Corporation of India:
♦ Chairman – V K Sharma
♦ Corporate Office – Mumbai

Madhav Kalyan, CEO and MD, JPMorgan Chase Bank in India, to become the head of corporate banking in South and South East Asia
JPMorgan has promoted Madhav Kalyan, CEO and MD, JPMorgan Chase Bank in India, as the head of corporate banking in South and South East Asia.
Madhav Kalyan – head of corporate banking in South and South East Asia:
i. Madhav Kalyan will hold this position in addition to his existing responsibilities as head of corporate banking in India.
ii. JPMorgan’s corporate banking heads in Malaysia, Thailand, the Philippines, Indonesia, Vietnam, Bangladesh and Sri Lanka will report to Madhav Kalyan.
iii. JP Morgan has promoted P D Singh as the head of the team, which serves local corporate clients.
iv. Rohit Khatri will head the MNC (Multinational) clients’ division. Guhaprasath Rajagopal will head treasury services.
v. Brijen Puri, the managing director and head of currency and emerging markets, India, has been moved to Singapore with additional responsibilities of other markets of South East Asian countries.
About J P Morgan:
♦ Established – 1799
♦ Type – financial services provider
♦ Presence – more than 100 countries

ACQUISITIONS & MERGERS

Mumbai based Swadhaar FinServe has been acquired by RBL Bank
On June 28, 2018, Private sector lender RBL Bank has fully acquired Mumbai-based financial product distribution firm Swadhaar FinServe Pvt Ltd from their earlier holding of 60.48%.

Mumbai based Swadhaar FinServe has been acquired by RBL Banki. RBL has purchased 35.94 per cent from Accion International and 3.58 per cent from promoters and others. 
ii. After the acquirement , RBL Bank’s share was up 0.17 per cent to Rs 545.60 on BSE.
About Swadhaar Finserve:
i. It started operations as a non-banking finance company in 2008 and subsequently converted into a NBFC-MFI
ii. It became a business correspondent for RBL Bank in 2014 and transferred its micro credit portfolio to the bank.
iii. It then surrendered the NBFC license in 2015. 
iv. It holds responsibility for sourcing clients, evaluating credit worthiness and monitoring repayments for RBL, leveraging the bank’s balance sheet and infrastructure.
Ratnakar Bank Limiter (RBL Bank):
♦ Headquarters: Mumbai
♦ MD & CEO:  Vishwavir Ahuja.
♦ Founded : August 1943

Adani Ports and Special Economic Zone Limited (APSEZ) to acquire Marine Infrastructure Developer Private Limited (MIDPL) for Rs 1,950 crore

On 28th June 2018, Adani Ports and Special Economic Zone Limited (APSEZ) signed an agreement to acquire Marine Infrastructure Developer Private Limited (MIDPL) for Rs 1,950 crore.

Adani Ports and Special Economic Zone Limited (APSEZ) to acquire Marine Infrastructure Developer Private Limited (MIDPL) for Rs 1,950 croreAPSEZ to acquire MIDPL for Rs 1,950 crore:
i. APSEZ is India’s largest port developer and a part of Adani Group. Out of the Rs 1,950 crore, APSEZ will pay Rs 1,562 crore for settlement of dues of MIDPL.
ii. The company has signed share purchase agreement on 27th June 2018, between Larsen and Toubro, MIDPL, L&T Shipbuilding Limited and Adani Kattupalli Port Private Limited to acquire 97 % stake of MIDPL.
iii. MIDPL is involved in construction, maintenance, development and operation of Kattupalli Port. The acquisition would be completed in a week.
iv. Tamil Nadu government had granted approval for the transaction based on an order dated 29th February 2016. MIDPL was established in 2016.
About Adani Group:
♦ Chairman – Gautam Adani
♦ Corporate Office – Ahmedabad, Gujarat

SCIENCE & TECHNOLOGY

Jai Hind 1-S: World’s lightest satellite
Four students from department of aerospace engineering in Hindustan Institute of Technology and Science near Chennai have designed the world’s lightest satellite named Jai Hind 1-S that weighs only 33.39 grams.

Jai Hind 1-S: World’s lightest satelliteJai Hind 1-S:
i. Jai Hind 1-S will be put into space in August 2018 from at the Colorado Space Grant Consortium, NASA, United States.
ii. Jaihind-1S is an experimental satellite. It might also be the cheapest satellite. It has been built with a very low budget of Rs 15,000.
iii. The students were selected through “Cubes in Space” competition organised by Colorado Space Grant Consortium, NASA and idoodle-learning in January 2018.
iv. The satellite has been made by 3D printed PLA Nylon. It has been designed to conduct three experiments.
v. The satellite mainly aims to check the working of nylon in microgravity. K.J. Harikrishnan is the team leader of the project.
vi. Other members of the team are: P. Amarnath, T. Giri Prasad and G.Sudhi. The satellite was assembled in less than a month.
vii. The satellite can also collect details about the temperature, pressure, altitude, UV ray intensity, rolling movement of the satellite cum rocket or balloon.
viii. The satellite can work for 15 to 20 hours.  It will travel up to 65 km to 70 km high in the atmosphere.
About National Aeronautics and Space Administration (NASA):
♦ Administrator – Jim Bridenstine
♦ Headquarters – Washington, D.C., U.S.

OBITUARY

Punjab Congress leader Surinder Singla passes away
On 28th June 2018, Punjab’s former finance minister Surinder Singla passed away after suffering from breathlessness at the All India Institute of Medical Sciences (AIIMS) in New Delhi.
Death of Surinder Singla:
i. Surinder Singla was 78 years old. He hailed from Samana town in Patiala, Punjab.
ii. He was a senior state Congress leader. He was a former Rajya Sabha member from Punjab. He had also served as Punjab’s finance minister.
Tag lines of some banks:
♦ Bank of India – Relationships beyond banking
♦ Bank of Maharashtra – One Family one bank
♦ Corporation Bank – A premier public sector bank

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