June 19, 2018

WORD OF THE DAY

RELATIVE STRENGTH INDEX

A technical analysis indicator, developed by American Technical analyst and mechanical engineer Welles Wilder, which compares the magnitude of recent gains, and losses of a security over a period of time to measure the speed and change of its price movements to determine overbuying and overselling.

Courtesy: Mint

 

NATIONAL NEWS

  1. The panel formed by IRDAI to review the regulations pertaining to insurance marketing firms will be headed by Suresh
  2. The Central Water Commission (CWC), India’s apex technical organisation in the field of Water Resources has signed a Collaboration Agreement with Google for flood forecasting.
    • Using its high-resolution Digital Elevation Model (DEM), Google would help to generate flood inundation maps with the forecast inputs of CWC.
  1. The indigenously upgraded artillery gun Dhanush has successfully completed final user trials and is ready for induction into the Army.
    • Dhanush is an upgraded version of the Swedish Bofors gun procured by India in the mid-1980s.
  1. The 220 MW Unit-1 of Karnataka’s Kaiga Generating Systems (KGS-1) set a new record of the continuous operation of 766 days
    • It has surpassed the earlier record of 765 days set by the Unit-5 of Rajasthan Atomic Power Station (RAPS-5) in 2014.
    • With this achievement, KGS-1 stands second in the world among the Pressurised Heavy Water Reactors (PHWRs) and fourth among all nuclear power reactors in terms of continuous operation.
  1. The government has planned to expand the BPO promotion scheme to 1 lakh seats and will also establish India’s largest National data centre in Bhopal.
    • Current seats are 48,000.
  1. COP CONNECT’, a mobile app to support the professional communication and collaboration needs of the complete police department of Telangana, was launched.
    • It was developed by Telangana State Police internal Communication strategy.
    • This app will help the police personnel to engage and consult each other to perform better.
    • It has all features of messaging app.
  1. The Haryana government has approved a scheme to provide monthly financial assistance of  8000 to female acid victims.
    • They would also be given priority in the allotment of fair price shops by the Haryana Food, Civil Supplies and Consumer Affairs Department.
  1. The Chhattisgarh cabinet chaired by Chief Minister Raman Singh approved merger of ‘Shikshakarmi’ with the state School Education Department.
  1. The Punjab government launched a smartphone application that lets users order free plant saplings.
    • The App is called: ‘i-Hariyali’app and is under ‘Mission Tandarust’.
    • The users can book a sapling of their choice, a maximum of 25 per person, from a nearby government nursery.
  1. Seychelles have declined the proposal of ‘Assumption Island’ given by India to develop a naval base due to ongoing protests in the country against this issue.
    • The proposal of Assumption Island owned by the Seychelles has been declined and puts a blow to the government’s “SAGAR” (Security and Growth for All in the Region).
  1. India is planning to gift a Dornier aircraft to Seychelles and explore trilateral cooperation involving France.
  1. Bajaj Electricals bought the Nirlep Appliances for nearly Rs 80 crore, which includes equity and debt.
  1. The telecom department is likely to approve the merger of Vodafone India and Idea Cellular that will create the country’s largest mobile service operator with proposed name of Vodafone Idea Ltd.
  1. The last of the five Fast Patrol Vessel (FPV)project of Indian Coast Guard (ICG) named ‘Rani Rashmoni’ was commissioned in the Indian Coast Guard in Vishakhapatnam, Andhra Pradesh.
    • The previous vessels included: Rani Abbakka , Rani Avanti , Rani Durgavati, Rani Gaidinliu.
  1. Union Minister for Women and Child Development Maneka Gandhi and Minister of State for Home Hansraj Ahir jointly launched “Legal Processes for the Police in Respect of Crime Against Children”, a handbook on ways to prevent crimes against children.
    • The handbook has been released with an idea to prevent child abuse and for capacity building of the police to deal with this issue.
  1. The Unique Identification Authority of India’s (UIDAI’s) plan to make Non-Banking Financial Companies (NBFCs) use Aadhaar Virtual IDs to authenticate customers.
    • NBFCs point out that using virtual IDs will give them access to limited details about the customers, which may make lending more difficult.
    • Since virtual IDs mask the Aadhaar number, NBFCs believe the cost of customer acquisition will rise as they have to do additional physical checks.
  1. A survey to gauge the level of comfort and frequency of online transactions revealed that banking transactions, bill payments and online shopping are the top three online financial activities, and that smartphones and laptops are the most used mediums.
    • The 2018 Digital Habits Survey by Exide Life Insurance is based on responses by about 9,000 participants regarding their habits while dealing with financial services online.
    • Digital Super-heroes (who frequently use internet-based services) – top five internet based activities are—checking mails, following news, paying utility bills, paying insurance premiums and buying travel tickets.

 


INTERNATIONAL NEWS

  1. US scientists have unveiled “Summit”, the world’s most powerful and smartest scientific supercomputer.
    • Summit can perform more than 2,00,000 trillion calculations per second.
    • It would be of great help in research in energy, advanced materials and Artificial Intelligence (AI).
    • The US Department of Energy’s Oak Ridge National Laboratory (ORNL) supercomputer called Summit will be 8 times more powerful than its previous system 
  1. OPEC meeting is scheduled to be happen in Vienna.
    • OPEC – Organization of the Petroleum Exporting Countries is an intergovernmental organization of 14 nations as of February 2018, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria.
    • Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia (the de facto leader), United Arab Emirates, and Venezuela.

 

BANKING AND ECONOMY

  1. Under the ‘Maintenance of Close Relative’ category of the Liberalised Remittance Scheme (LRS), the Reserve Bank of India (RBI) has narrowed the definition of relatives to check the flow of funds.
    • This is only applicable to immediate relatives such as parents, spouses, children and their spouses.
    • RBI has introduced a system for daily reporting of individual transactions under the LRS by banks.
    • This enables banks to view remittances already made by an individual during the fiscal, thus improving monitoring and ensuring compliance.
  1. Yes Bank has received approval from market regulator Securities and Exchange Board of India (SEBI) for acting as custodian of securities.
    • The bank has taken advantage of its global reach through its international banking team, IFSC banking unit in GIFT City and its representative office in Abu Dhabi as a part of its strategy.
    • It would be opening representative offices in London and Singapore as per recent approval from the Reserve Bank of India.
  1. The second tranche of Bharat-22 ETF (Exchange Traded Fund), Follow on Fund Offer (FoF) opened for fresh subscription on June 19, 2018.
    • There is also a greenshoe option of Rs 2,400 crore, subject to government approval.
    • The government launched the BHARAT-22 exchange-traded fund (ETF), which is managed by ICICI Prudential Mutual Fund on November 14, 2017.
    • It’s a part of the government’s disinvestment programme.

 

APPOINTMENTS

  1. Sandeep Bakshi has been appointed as the WholeTime Director and Chief Operating Officer (COO) of ICICI Bank.
    • Chanda Kochhar, MD and CEO, will remain on leave till the investigation completes.
    • S. Kannan has been appointed as CEO of ICICI Prudential Life Insurance for five years.
  1. Bangladesh appointed Lieutenant General Aziz Ahmed as Bangladesh’s new Army Chief.
  2. The Union government has appointed Uday Vora as the member of the National Wetland Committee.
    • The Committee was formed to advise the government on appropriate policies and measures to be taken for conservation and management of the wetlands.
  1. Mukul Saxena has been appointed as Executive Vice President & Chief Technology Officer (CTO) of Havells India.

 

 

IMPORTANT DAYS

  1. On 19th June 2018, International Day for the Elimination of Sexual Violence in Conflict was observed all over the world.
    • This day is celebrated to create awareness on the necessity to curb conflict-related sexual violence, to honour the victims and survivors of sexual violence throughout the world etc.
    • Theme – “The Plight and Rights of Children Born of War”.
  1. The ministry of Defence is observing the year 2018 as the ‘Year of Disabled Soldiers in Line of Duty’.
    • This is to honour soldiers who have been disabled in line of duty, while serving the Nation.

 

MISCELLANEOUS

  1. Noted mimicry artiste Nerella Venumadhavhad passed away.
    • He served in MLC in 1971 in undivided Andhra Pradesh.
    • He was awarded with Padma Shri in 2001.
  1. Puan, the world’s oldest Sumatran Orangutan, passed away.
  • She was called the “grand old lady” of Sumatran orangutans, in Australia.

 

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WORD OF THE DAY

CORE INFLATION

A measure of inflation that excludes price changes in the food and energy sectors because they are inherently volatile. It is calculated using the Consumer Price Index, which calculates the cost of purchasing a fixed basket of goods during a given period of time.

Courtesy: Mint

 

NATIONAL NEWS

  1. The European Union Film Festival (EUFF)will premiere in New Delhi at the Siri Fort Auditorium.
  2. The Union Minister for Railways, Coal, Finance & Company Affairs, Mr Piyush Goyal inaugurated Neyveli Lignite Corporation India Limited (NLCIL)’s three 100 MW Solar Power Projects for commercial operation and dedicated these projects to the Nation in Tamil Nadu.
  3. Mr. J P Nadda, Union Minister of Health and Family Welfare exchanged the MoU with the State Health Ministers of 20 States marking their commitment towards the launch of the Ayushman Bharat – National Health Protection Mission (AB-NHPM).
    • West Bengal, Odisha, Karnataka, Punjab and Delhi are yet to implement this programme.
  1. Flipkartowned PhonePe has partnered cab aggregator Ola that will allow riders to book rides using the former’s payment platform.
    • PhonePe has also added ‘Auto-pay’ feature that enables users to make payments easily.
  1. Marg ERP limited has partnered with ICICI Bank, India’s largest private sector bank by consolidated assets, to offer an integrated payments platform to Micro, Small and Medium Enterprise (MSME) customers, using MARG’s accounting software.
    • Marg ERP limited is a leading Inventory and Accounting software solution company.
  2. It was announced that The 106th Indian Science Congress will be held at Lovely Professional University (LPU) in Jalandhar, Punjab.
    • The theme for the five-day science congress is ‘Future India: Science & Technology’.
  1. A National Tribal Museum and a National Level Tribal Research Institute is proposed to be set up at Delhi by the Ministry of Tribal Affairs.
    • Museum will feature the rich tribal culture and heritage using advanced technologies.
  1. As a part of Kerala government’s tourism promotion programme, ‘Yoga Ambassadors Tour’, a specialized trip for yoga professionals from around the world was inaugurated by Minister of State for AYUSH Shripad Yesso Naik.
    • It aims to design a wholesome yoga package for visiting tourists with well-known yoga destinations with related activities.
  1. An all women Naval mountaineering team led by Lt Cdr Kokila Sajwansummited Mount Deo tibba.
    • Mount Deo tibba is the second highest peak (6001M) in the Pir-Panjal range in Himachal Pradesh. It is one of the most difficult peaks to summit
    • Indrasan is the highest peak in Pir-Panjal range.
  1. Japan’s Softbank Group Corp has decided to invest $60 bn – $100 billion in India’s solar power generation.
    • Saudi Arabia is the largest investor in SoftBank’s Vision Fund.
  1. Nitin Gadkari released a book ‘Water productivity mapping of major Indian crops’ published by NABARD (National Bank for Agriculture and Rural Development) at an event in New Delhi.
    • The book is about a study on 10 major crops – rice, wheat, maize, pulses, oilseeds, sugarcane, cotton and potato etc.
    • The book recommends to realign cropping pattern with focus on water scarcity of irrigation, ration irrigation supplies in canal irrigation system, enhance micro-irrigation and invest in water harvesting and artificial recharge and promote participatory irrigation management.
  1. With less than a quarter of women of working age in the labor force, India has far fewer women working or available for work compared to any other large economy in the world.
    • Data from the two latest quinquennial employment surveys of the National Sample Survey Office (NSSO) show that this was driven by a rise in the share of women who listed ‘attending to domestic duties’ as their principal activity in the year preceding the surveys.
    • While the rise in share of women attending to domestic duties was more pronounced among rural women, the share of women attending to domestic duties was higher in urban India in both surveys. The analysis includes all women in the age group 15-59 at the time of the survey.
    • Sikhs and Muslims reported the highest share of women attending to domestic duties in 2011-12. Among Hindus, the share was higher for upper castes than for other caste groups.
    • Majority of women attending to domestic duties are, however, willing to work part-time if such work were made available at their household, the survey data shows.
    • Tailoring work seems to be the most preferred option for such women, followed by dairy-related and poultry-related work. The share of women who cited tailoring as their most preferred option rose sharply between 2004-05 and 2011-12.

 

  1. The Central Board of Indirect Taxes and Customs (CBITC) under Finance Ministry has raised import duty by 5-10% on non-palm edible oils, both crude and refined ones, in order to protect interest of domestic oilseeds growers and processors.
    • Sunflower oil –
      1. Crude Variant – 25% to 35%
      2. Refined Variant – 35% to 45%
    • Crude Groundnut oil
      1. Crude – 30% to 35%
      2. Refined – 35% to 45%
    • Canola Oil – 25% to 35%
  1. Niti Aayog’s Composite Water Index Report
    • Gujarat topped the list while Jharkhand was adjudged as the worst performer.
    • Gujarat is followed by Madhya Pradesh, Andhra Pradesh, Karnataka and Maharashtra.
    • In the north-eastern and Himalayan states, Tripura has been adjudged as the top state in 2016-17 followed by Himachal Pradesh, Sikkim and Assam.

 

INTERNATIONAL NEWS

  1. Federal Reserve officials raised interest rates for the second time this year by 25 basis points to 2.0 percent.
    • Higher interest rates may tempt large foreign funds to move their money to the US, hurting emerging markets.

 

BANKING AND ECONOMY

  1. Fitch Ratings raised India growth forecast for 2018-19 to 4% from 7.3% but cited higher financing costs and rising oil prices as risks to growth.
    • For 2019-20, it estimated the country to grow at 5%.
    • Last month, US-based Moody’s cut India’s growth forecast for 2018-19 to 7.3 percent from 7.5 percent citing rising oil prices.
  1. Fitch has degraded the ratings of ICICI Bank and Axis Bank.
    • It downgraded ICICI Bank’s ‘support rating’ to ‘3’, from ‘2’ and its support rating floor to ‘BB+’, from ‘BBB-’ and Axis Bank at ‘BBB-’.
  1. Current account deficit (CAD) is widening—the means of financing it also became riskier in 2017-18.
    • On the one hand, higher oil prices are raising the CAD and on the other foreign direct investment (FDI), the most stable source of financing the deficit has come down.

 

APPOINTMENTS

  1. Omar al-Razzaz was sworn in as Jordan’s Prime Minister.

 

IMPORTANT DAYS

  1. The World Elder Abuse Awareness Day is observed every year on 15th June.
    • The theme this year is “Moving from Awareness to Action through a Human Rights based approach”.

 

SPORTS

  1. India Women’s Cricket team opener Smriti Mandhana will become the first Indian player to appear in Kia Super League – the women’s cricket super league in England.

 

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