Current Affairs: Daily GK Update 5 May, 2017

Study Daily Current Affairs from Daily GK Update on, and stay updated as well as prepare for General Awareness section of bank exams. Its time to gear up your preparations for  All Govt Exam 2017, and with daily dose of current affairs you can easily prepare G.A and score well.

(1). President approves ordinance to amend Banking Act
i. President Pranab Mukherjee approved an ordinance with amendments to the Banking Regulation Act, 1949, allowing the Reserve Bank of India to take timely action against loan defaulters.
ii. The Central govt may by order authorise the Reserve Bank to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016.
iii.The central bank may issue directions to banking companies for the resolution of stressed assets.
iv. Non-performing assets or NPAs of banks have risen to about 17 per cent of total loans, the highest level among major economies.
v. They are about 8.4 per cent of the GDP, according to Credit Suisse.
(2). India’s First Private Sector Small Arms Manufacturing Plant Inaugurated

i. India’s first private sector small arms manufacturing plant has been inaugurated in Madhya Pradesh to supply world class weapons to the armed forces in line with the India’s defence indigenisation programme.
ii. The plant is a joint venture between India’s Punj Lloyd and Israel Weapon Systems.
iii. The plant will manufacture four products, namely, X95 carbine and assault rifle, Galil sniper rifle, Tavor assault rifle and Negev Light Machine Gun (LMG).
iv. The joint venture company named as Punj Lloyd Raksha Systems will help in replacing the weapons used by the armed forces with sophisticated and high precision products.
(3). India launches South Asia Satellite

i. India has launched its GSAT-9, the South Asia Communication Satellite, from Sriharikota launch centre in coastal Andhra Pradesh.
ii. The rocket, labelled GSLV F09, is slated to put the 2,230-kg South Asia Satellite or GSAT-9 into space.
iii. The communication spacecraft to carry 12 Ku-band transponders that can drive telecommunication, disaster management, broadcasting and direct to home TV, Internet activities, tele-education and telemedicine across the region.
iv. It was first announced by the Prime Minister in July 2014 as a gift to India’s neighbours and a positive diplomatic gesture, it was then conceived as SAARC satellite.
v. After Pakistan declined to participate, it includes the rest of South Asian neighbours: Afghanistan, Bangladesh, Bhutan, The Maldives, Nepal and Sri Lanka.
vi. The Indian government bears the satellite cost of ₹235 crore and a roughly equivalent cost of launching it on the GSLV rocket to a distance about 36,000 km in space.
vii. This will be the fourth successive GSLV flight powered by the indigenous cryogenic stage, which ISRO developed over two decades.
(4). Cabinet approves New Central Sector Scheme – SAMPADA

i. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for restructuring the schemes of the Ministry of Food Processing Industries (MoFPI) under new Central Sector Scheme – SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) for the period 2016-20 coterminous with the 14th Finance Commission cycle.

ii. SAMPADA with an allocation of Rs. 6,000 crore is expected to leverage the investment of Rs. 31,400 crore will benefit 20 lakh farmers and generate 5,30,500 direct/ indirect employment in the country by the year 2019-20. The objective of SAMPADA is to supplement agriculture, modernize processing and decrease agri-waste.


(5). IBBI constitutes Technical Committee to lay down Technical Standards for the performance of core services

i. The Insolvency and Bankruptcy Board of India (IBBI) has constituted Technical Committee to lay down Technical Standards for the performance of core services and other services in accordance with Regulation 14 of the IBBI (Information Utilities) Regulations, 2017.

ii. The committee will be Chaired by Dr. R. B. Barman and the three members of the committee are Dr. Nand Lal Sarda, Dr. Pulak Ghosh and Sh. V. G. Kannan.

iii. The Committee shall give its recommendation specifically on the matters namely- the Application Programming Interface; standard terms of service; registration of users; unique identifier for each record and each user.
(6). India break into top 100 of FIFA rankings for 1st time in 21 years

i. The Indian men’s national football team has made it into the top 100 of the FIFA (International Federation of Association Football) world football rankings for the first time in 21 years.

ii. This upward movement is the result of away wins against Myanmar and Cambodia.

iii. As per the updated rankings on May 4, India, with a total of 331 points, have climbed a spot and are now placed 100th.

iv. The last time India had been in the top 100 of the rankings was way back in 1996, with the 94th spot in February 1996 being the country’s best ever FIFA ranking.


(7). Russia, Turkey and Iran Sign Deal on Safe Zones in Syria

i. Russia and Iran which are allies of the Syrian regime as well as the rebel supporter Turkey signed a Russia-backed plan for creating safe zones in Syria.
ii. The pact which was signed in the Kazakh capital Astana was meant to halt fighting in the war-torn Syria.
iii. However, the Syrian government and rebel delegations were not signatories to the agreement.
iv. Russia-backed plan to create safe zones in Syria is targeted at further pacification and cessation of hostilities and a halt in fighting in the zones.
(8). Chiefs for Coffee and Tea Boards Appointed
i. The Appointments Committee of the Cabinet has approved the appointments of Prabhat Kamal Bezboruah and M S Boje Gowda as chairmen of the Tea Board and the Coffee Board, respectively.
ii. Prabhat Kamal Bezboruah is a leading tea association industrialist who was once a banker in the US.
iii. He will be the first non-IAS to head the Tea Board of India. Bezboruah’s tenure will last until November 1, 2018.
(9). Draft Rules for No Fly List for Banning Unruly Passengers Unveiled
i. The government has released draft rules for a ‘no-fly list’ for banning unruly passengers.
ii. The Ministry of Civil Aviation had set up a committee to come up with the final draft of the new set of rules.
iii. The new rules would be opened for public comments for a period of one month.
iv. After receiving comments, the civil aviation ministry would study the comments and then will release the final Civil Aviation Requirements (CAR).
(10). Madhya Pradesh Assembly declares Narmada living entity
i. The Madhya Pradesh government has passed a resolution granting river Narmada the status of a living entity and committed itself to the protection of its legal rights.

ii. A month ago, the Uttarakhand High Court had declared Ganga, Yamuna and their tributaries living entities with the status of a legal person.