WBCS Current Affairs 04/04/2014 to 11/04/2014

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1.RBI panel headed by RBI Deputy Governor Anand Sinha has recommended bringing a benchmark floating interest rate, especially for home loans. Panel also suggested Indian Banks Base Rate (IBBR).
Objective: To inspect the matters linked to inequity in pricing of credit and suggest measures for transparent and suitable pricing of credit under a floating rate regime.
Why there is a need for change in current credit pricing framework?
Notwithstanding the policy attempts to bring transparency and candour to the credit pricing framework, there have been certain concerns from the customer service perspective. These chiefly refer to the downward stickiness of the interest rates, prejudiced handling of old borrowers vis-à-vis fresh borrowers, arbitrary modifications in spreads, etc.

2.Sun Pharmaceutical Industries Limited acquired Ranbaxy Laboratories Limited (owned by Japan’s Diiachi Sankyo) in an all-share deal with total equity value of $3.2 billion. Earlier in 2008, Daiichi Sankyo had bought Ranbaxy Laboratories for $4.6 billion. In the combined entity, promoters of Sun Pharma will hold close to 56% while Daiichi Sankyo will hold 9% stake .
Why acquisition of Ranbaxy is an important Strategic deal for Sun Pharma?
Sun Pharma has strong presence in US markets while Ranbaxy has strong presence in Emerging Markets and Rest of World markets. In India, the Sun Pharma is strong on Chronic side while the Ranbaxy is strong on Acute side. The combined entity SUN + Ranbaxy will now be the 5th largest generics company in the world and the largest Pharmaceutical Company in India.
The Top 4 names in the World in Generics are: Teva, Actavis, Sandoz and Mylan.
Sun Pharmaceutical Industries Limited: Indian multinational pharmaceutical company that sells pharmaceutical formulations and active pharmaceutical ingredients (APIs) primarily in India and US.
Founder: Dilip Shanghvi
Founded: 1983, Mumbai
CEO: KalyanaSundaram Subramanian
Headquarters: Mumbai, Maharashtra, India
Ranbaxy Laboratories Limited: Indian multinational pharmaceutical company that was started by Ranbir Singh and Gurbax Singh (RanBaxy name is a portmanteau of the names of its founders) in 1937 that sells its products to 125 countries.
Founders: Ranbir Singh and Gurbax Singh
Founded: 1937
Incorporated in: 1961
CEO: Arun Sawhney
Headquarters: Gurgaon, Haryana, India
1952: Bhai Mohan Singh bought the company from his cousins Ranbir and Gurbax Singh.
1961: Incorporated in India
1967: Parvinder Singh (son of Bhai Mohan Singh) joined and from here the company saw a huge increase in scale.
Acquisition: In 2008, Japanese pharmaceutical company Daiichi Sankyo acquired 63.92% stake in Ranbaxy

3.As part of the ongoing Lok Sabha Elections 2014 in India, Internet giant Google has come up with its tool ‘Know Your Candidate’ which will assist Citizens of India to get a very basic snapshot information about their Candidates, incumbent MPs as well as other candidates contesting from all over India. The tool incorporates publicly accessible information, such as educational background, financial details and social media presence about the candidate. The information has been obtained from Indian organizations such as the Association for Democratic Reforms (ADR), PRS Legislative Research and Liberty Institute India.

4.Itanagar (Capital of Arunachal Pradesh) became the 2nd state capital after the Capital of Assam: Dispur (whose nearest Railway Station is Guwahati, distance: 5-7 km only), amongst the capitals in NE India to be put on Rail Map of India. The first passenger train which started from Dekargaon (Assam) at 7 am and covering a distance of 181 km arrived at Itanagar Railway Station 12:30 pm.

5.Koyal Rana from Jaipur won the Miss India 2014 crown at the 51st edition of the beauty pageant. The runners up were Jhataleka Malhotra (1st runner-up) from Mumbai and Gail Da’Silva (2nd runner-up) from Goa. 2013 Miss India winner Navneet Kaur Dhillion and Miss World 2013 Megan Young crowned Rana the new Femina Miss India 2014.
Miss India or Femina Miss India is a national beauty pageant in India is organised by Femina, a women’s magazine published by Bennett, Coleman & Co. Ltd. The winner of Femina Miss India goes to compete globally for Miss World, while the first runner up goes to compete globally in Miss Earth, and the second runner up goes to compete globally for Miss Supranational.
Name of the title Winners
Miss India World 2014 Koyal Rana
Miss India 2014 1st runner up Jhataleka Malhotra
Miss India 2014 2nd runner up Gail Da’Silva

6.World Health Day was celebrated all over the world on April 7, 2014. Theme for 2014 was “Vector-Borne Diseases (VBDs)”. The campaign for World Health Day this year is ‘small bite: big threat’. Mosquitoes, flies, ticks and bugs may be a threat to your health – and that of your family – at home and when travelling.
What are Vectors?
Vectors are organisms that are transmit pathogens and parasites from one infected person or animal, to another e.g. mosquitoes, bugs, ticks, freshwater snails, etc.
Which VBDs (Vector Borne Diseases) are of concern especially in India?
As per WHO, VBDs make up for more than 17 % of diseases.
Some VBDs are almost present globally viz. malaria, dengue, schistosomiasis, Human African trypanosomiasis, Leishmaniasis, Chagas disease, yellow fever, Japanese encephalitis, Onchocerciasis, etc.
In India, VBDs affecting people include malaria, dengue, Japanese encephalitis, kala-azar, lymphatic filariasis and chikungunya.
In India, issues related to these VBDs are addressed by the National Vector Borne Disease Control Programme (NVBDCP), Directorate General of Health Services, Ministry of Health & Family Welfare, Government of India.
People suffering from diabetes are more susceptible to VBDs because of the fact that high blood sugar in their bodies (resulting in high susceptibility), and lower levels of immunity, makes them more prone to VBDs.
World Health Organization (WHO)
Formation: April 7, 1948
Headquarters: Geneva, Switzerland
Head: Margaret Chan
Parent Organization: United Nations Economic and Social Council (ECOSOC)

7.Sri Lanka lifted their maiden World Twenty20 title by beating India in the finals held at Mirpur , Bangladesh. Sri Lanka 132-4 (17.5 overs) beat India 130-4 (20 overs) by 6 wickets. Sri Lanka finally managed to break their jinx of losing the finals of global events, having gone down in the decider of the 50-over World Cup in 2007 and 2011 and T20 World Cup in 2009 and 2012.
Dreams of India to become the first team to hold all three limited-overs trophies, were shattered by the 52 not out knock from Sri Lanka’s Kumar Sangakkara. Sri Lanka’s Kumar Sangakkara and Mahela Jayawardene both aged 36, had announced their plans to retire from T20 international cricket just before start of the World Twenty20 in Bangladesh.
India’s Virat Kohli, won the World Twenty20 player of the tournament award.

8.Australia lifted their 3rd World Twenty20 title by beating England in the finals held at Dhaka , Bangladesh. Australia 106 for 4 beat England 105 for 8 by six wickets. It was Australia’s third T20 triumph in succession. England medium-pacer Anya Shrubsole was named as the Women’s Player of the Tournament of the ICC World Twenty20. The 22-year-old grabbed 12 wickets at an average of 5.75 in the lead her team(England) up to the final.
For the ICC Women’s Cricket World Twenty20 (2014):
Australia captain: Meghann Moira Lanning
England Captain: Charlotte Marie Edwards
Indian Captain: Mithali Raj

9.Following Russia’s annexation of Ukraine’s Crimea region, NATO suspended all practical civilian and military co-operation with Russia. Russia’s annexation is being considered as a threat to European security.

The 28-member NATO bloc gathered in Brussels (Belgium) for their first meeting since Russia’s annexation of Crimea and stalwartly condemned Russia’s ‘illegal’ annexation of Ukraine’s Crimea region. NATO is also considering options like situating permanent military bases in the Baltic States, to restore confidence amongst the members in Eastern Europe.
Why NATO is suspending civilian and military co-operation with Russia?
Russia’s annexation of Ukraine’s Crimea region was being considered the solemnest hazard to European security for quite sometime. Russia’s of Ukraine’s Crimea region has now fazed nerves in Estonia, Latvia and Lithuania, which were a part of the Soviet Union during the Cold War. The Baltic States which were a part of Soviet Union like Ukraine, whose Crimean territory was recently annexed by Russia, also fear an annexation in future.
North Atlantic Treaty Organization (NATO)
Also called the (North) Atlantic Alliance, is an intergovernmental military alliance based on the North Atlantic Treaty (signed on 4 April 1949). The organization comprises a system of collective defence through which its member states accord to mutual defense in response to an attack by any external threat.
Formation: April 4, 1949
Type: Military alliance
Headquarters: Brussels, Belgium
Membership: 28 states
Members: Albania, Belgium, Bulgaria, Canada, Croatia, Czech Republic, Denmark, Estonia, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Turkey, UK, USA
Baltic States
Baltic States or countries are 3 northern European countries east of the Baltic Sea – Estonia, Latvia and Lithuania, which attained independence from the Russian Empire in the backwash of World War I. In the period between the World Wars, the Baltic States also included Finland.
Membership: Estonia, Latvia and Lithuania

10.The Walk Again Project is a nonprofit, international collaboration whose researchers have created the first real-time Brain-Machine Interface (BMI) which uses the concurrent electrical activity, produced by thousands of brain cells located in the primate cortex, to directly control the movements of a variety of robots, including a multi-degree of freedom prosthetic arm.
How the Mind-Controlled Exoskeleton made by the Walk Again Project works?
The Patient wears a cap fitted with 32 electrodes that pick up Electro-Encephalo-Graphy (EEG) signals from the brain. The Computer in backpack converts brain signals into commands for the exoskeleton. Battery and hydraulics system in backpack move the exoskeleton’s limbs. The battery can power the exoskeleton for 2 hours. The Gyroscopes on the exoskeleton keep it balanced. The Sensors on the foot plates detect footfalls and give sensory feedback to patient through the sleeve of their shirt.

11.READ (Read-Engage-Achieve-Dream): It is an alliance between India and USA to improve the Reading skills of millions of primary school-aged children in India. It is a US $3.2 Million alliance between the U.S. Agency for International Development (USAID) and the Indian Center for Knowledge Societies (CKS). READ will seek to discover and test reading solutions for improving reading skills for children in Indian Schools.

12.UN’s Intergovernmental Panel on Climate Change (IPCC), in its report evaluating affects of climate change on human health, settlements and natural resources issued a warning that if no actions are taken to limit the ill-effects of global warming, Asia may face pressure on water resources and food-grain production in the future, thereby mounting the risk of armed conflict amongst India, Pakistan, Bangladesh and China.
Albeit the report doesn’t have any country-specific forecastings, the region-wise findings in the report have thrown many eye-opening conclusions for India. As per the Report, if steps are not taken to control the rise in temperature:
India might lose up to 1.7% of its GDP if the yearly mean temperature rises by 1 degree Celsius compared to pre-industrialization level.
India might face extreme weather events, viz. flash floods in Uttarakhand and cyclone Phailin in Odisha.
‘Beach tourism’ in India, could be affected.
Increase in risk of armed conflict around the world as it aggravates poverty.
Key indications/ findings from the report:
In most parts of the world, coming times experience more extreme weather events viz. floods, cyclones, cloud bursts, unseasonal excessive rains and drought, etc.
Amongst the most affected nations in Asia would be: Bangladesh, China, India, Maldives, Pakistan and Sri Lanka.
Climate change will be an influential factor in designing of national security policies.
By middle of the 21st century, stern pressure on fresh water resources in South Asia and China (Himalayan river basins) may develop into a basis for armed conflict in the region.
Coastal flooding will affect tourism in India.
Fall in food-grain production (wheat in India and Pakistan; wheat and maize in China)
Sea-level rise will affect coastal cities like Mumbai and Kolkata
Fishing community will be affected, as some marine fauna will face extinction by 2050
Himalayan Glaciers continue to shrink, affecting water resources downstream
Human health will be affected by climate change, mainly by exasperating health issues.
UN IPCC Report: Climate Change 2014: Impacts, Adaptation, and Vulnerability

13.The Election Commission entered into a partnership with film actor Aamir Khan as its National Icon. Election Commission has recorded video and audio campaigns showing Aamir Khan urging Indian Citizens to vote “ethically”. Aamir has also lent his voice to audio spots prepared for the Election Commission.

14.RBI has set the upper limit for the WMA (Ways and Means Advances) for the central government at Rs 35,000 crore per week for the first half of the FY 2015. If the government utilises 75% of WMA limit, RBI may further activate fresh flotation of market loans. The second half limit will be fixed in September 2014. If the prevailing circumstances demand, there exists flexibility with the RBI to revise the limits at any time after discussions with government.
Interest rate on WMA/ overdraft: 2% above the repo rate
Minimum balance required to be maintained by the government with the Reserve Bank:
On Fridays: Not be less than Rs 100 crore
On the date of closure of government’s financial year: Not be less than Rs 100 crore on
On June 30 (closure of the annual accounts of the RBI): Not be less than Rs 100 crore on
Other Days: Not less than Rs 10 crore
Duration:
For Central Government: 10 consecutive working days i.e. Overdrafts beyond 10 consecutive working days will not be allowed.
What is WMA (Ways and Means Advances) and how this facility is utilized?
Via an agreement under Section 21A of the Reserve Bank of India Act, 1934, the RBI acts as a banker to various State Governments in India. At present all Indian States (except Jammu & Kashmir’ and ‘Sikkim’) have entered into such agreements with the RBI in order to undertake general banking business in India (including payments, receipts, collection, remittance of money, management of public debt and issue of new loans). ‘Jammu & Kashmir’ and ‘Sikkim’ have entered into agreements with the RBI, ONLY for the limited purpose of managing their public debt.

15.RBI has granted “in-principle” banking licences to Infrastructure Development Finance Company (IDFC) and microfinance lender Bandhan Financial Services Ltd. The declaration was made by RBI after nod from the Election Commission. RBI had sought a go-ahead from the Election Commission prior to declaring the awardees, as the model code of conduct is in place in the run up to the elections. These are the first licences to be awarded by RBI since 2003-04.
RBI constituted Bimal Jalan panel scrutinized the applications for new bank licences. The exercise took a long time (around four years) as there was a debate over the issue: whether corporate houses and entities with exposure to real estate should be given licences. 25 applicants, including Reliance Capital, Aditya Birla Nuvo, L&T Finance, etc. were amongst the applicants who were left disappointed with the decision by RBI.
Prior to this in-principal approval, India has 27 public sector banks, 22 private sector banks and 56 RRBs (Regional Rural Banks).
What is the ‘in-principle’ approval by RBI?
The in-principle approval by RBI is valid for ONLY 18 months. During this 18 month-period IDFC and Bandhan Financial Services Ltd will have to meet all RBI rules and guidelines in order to secure a permanent licence to start banking activities.
Timeline:
1994: Private Sector allowed to set up banks; 9 licenses issued
2004: Two more Bank Licenses issued (YES Bank got one and Kotak Mahindra Bank was allowed to convert itself into a bank from a finance company).
2011: FY-2011 Budget mentioned the need for more licenses in private sector
2011: (August) Draft Guidelines issued
2013: (February) Final Guidelines issued
2013: (July) RBI invites applications; 25 aspirants apply
2014: (April) RBI issues in-principle licenses to 2 applicants (Infrastructure Development Finance Company (IDFC) and microfinance lender Bandhan Financial Services Ltd.)