Current Affairs Quiz - January, 2019

Notes:
As per 2nd schedule of the RBI Act of 1934, the ESAF Small Finance Bank (SFB) Ltd has got approval from Reserve Bank of India (RBI) to operate as a scheduled bank. This makes ESAF the fifth scheduled bank from Kerala after Federal Bank, South Indian Bank, Catholic Syrian Bank, and Dhanlaxmi Bank. Being a scheduled bank, ESAF can step up resource mobilisation through the issue of certificate of deposits and inter-bank borrowings at competitive rates of interest. The bank can also seek funds from trusts, associations, religious institutions and mutual funds. It will also enable the bank to avail higher refinance facility. It will also assume more responsibility for the implementation of government schemes and Aadhaar enrolment services. ESAF has a presence in urban, semi-urban, rural and unbanked rural areas with a network of 432 banking outlets across 13 States. The headquarters of ESAF is located at Thrissur, Kerala.

Notes:
Justice (retd) H L Dattu, the Chairperson of the National Human Rights Commission (NHRC), has recently launched a toll-free number — 14433 — and also a facility to file complaints through Common Service Centre (CSC) at the Manav Adhikar Bhawan, New Delhi. The toll-free number would be available only during the office hours of the NHRC. The commission has shortlisted 750 CSC with at least one each in a district. The service will be expanded to all the CSCs in a phased manner. The NHRC is an autonomous public body constituted on 12th October 1993 under the Protection of Human Rights Ordinance of 28 September 1993. It is responsible for the protection and promotion of human rights, defined by the Act as “rights relating to life, liberty, equality and dignity of the individual guaranteed by the Constitution or embodied in the International Covenants”.

Notes:
In Kerala, around 50 lakhs of women assembled under the aegis of the Left Democratic Front (LDF) to create an almost unbroken human wall that stretched 620 km from Kasaragod in north Kerala to Thiruvananthapuram in the south on 1st January 2019. Marshalled by the Kerala government and a section of Hindu organisations, the wall was organised against the backdrop of the Supreme Court verdict on Sabarimala. The programme ended with a joint pledge to harness the power of renaissance principles to insulate society against revanchist forces that sought to push Kerala back to the dark ages of casteism and discriminatory religious practices. The event was organised by the ruling CPI(M) along with over 176 other socio-political organisations, including the CPI, Sree Narayana Dharma Paripalana Yogam and the Kerala Pulayar Maha Sabha.

Notes:
On January 2, US-based Kathak exponent Anindita Neogy Anaam has been honoured with the National Nritya Shiromani award for promoting the dance form across the world. The award was conferred on her in Cuttack at the 10th Cuttack Mahotsav : International Dance and Music festival in Odisha. The fest is organised by Utkal Yuva Sanskrutik Sangh (UYSS) in association with Cuttack district administration. Anindita Anaam is also recipient of prestigious national awards like Jayadev Rashtriya Puraskar and Bidagdha Nartaki Samman for her outstanding achievement in the preservation and promotion of Indian art in India and abroad.

Notes:
Recently, German authorities approved an $8 billion rail and road tunnel linking Denmark and Germany, despite environmental objections. The project comprises a four-lane motorway and a two-track railway. It is part-funded by the European Union (EU). The 19 km Fehmarn Belt Fixed Link is a planned immersed tunnel that is proposed to connect the Danish island of Lolland with the German island of Fehmarn. It was due to be completed in 2024, but has been delayed by environmental protests in Germany. The link would cross over the Fehmarn Belt in the Baltic Sea – 18 km wide – hence providing a direct link by railway and highway between northern Germany and Lolland, and thence to the Danish island of Zealand and Copenhagen. Once completed, it will become the world’s longest road and rail tunnel, and will open new socio-economic opportunities on both sides of the border.

Notes:
The Union Cabinet has recently approved amendment to the Trade Unions Act of 1926 to make provisions regarding Recognition of Trade Unions. The amendment provides for insertion of section 10A in the principal Act to power centre and state governments to recognize trade unions and federation of Trade Unions at Central as well as State level. The proposed bill will also provides for insertion of clause (ba) in Section 29(2) of the Act, which empowers the centre and states to make regulations for manner of recognition of trade unions and deciding disputes in this regard. After the amendment Act is passed, the manner of recognition will be prescribed in the regulations. The present act provides for only registration of trade unions. Currently, there is no provision for recognition of unions in the Act.

Notes:
Saurabh Kumar, a 1982-batch Indian Ordnance Factory Service officer, has taken charge as new Director General of Ordnance Factories (DGOF) and chairman of the Ordnance Factory Board (OFB) in Kolkata. An expert in the manufacture of ordnance, Kumar was on deputation to the Ministry of Defense as the director of planning and coordination from 2002 to 2009. During this period, he was involved in drafting the Indian offset policy for defence purchases and the ‘Make’ procedure in the Defence Procurement Procedure of 2003-04. He was also instrumental in piloting the proposals and obtaining the approval of the government for setting up two new greenfield ordnance factories at Nalanda and Korwa in Bihar and Uttar Pradesh respectively.

Notes:
Hemant Bhargava, the senior-most MD at LIC, has been appointed acting Chairman of LIC. The move comes after VK Sharma retired from the top job at LIC on 31st December 2018. In order to select new chairman and one MD, selection process will be conducted by Banks Board Bureau (BBB) and 8 officials will be interviewed for both the posts on January 4 in Delhi. One MD post was vacant since Usha Sangwan retired on September 30. The top management of LIC consists of chairman and four MDs.

Notes:
U.S. President Donald J. Trump has recently signed the Asia Reassurance Initiative Act (ARIA) into law. The act seeks to establish a multifaceted U.S. strategy to increase U.S. security, economic interests, and values in the Indo-Pacific region. Specifically, the ARIA authorises a spending of US$1.5 billion over a five year period to enhance cooperation with America’s strategic regional allies in East and Southeast Asia. The act will pave the way to develop a long-term strategic vision and a comprehensive, multifaceted, and principled United States policy for the Indo-Pacific region, and for other purposes. Hence, the act is designed to counter the encroaching influence and growing threat from China, and to reinvigorate US leadership in the region.

Notes:
HDFC Mutual Fund has surpassed ICICI Prudential MF to become the India’s largest Asset Management Company (AMC). As per the latest data available with Association of Mutual funds in India (Amfi), HDFC MF manages assets worth Rs 3.35 lakh crore, while ICICI Prudential MF stood at Rs 3.08 lakh crore as of December 2018. MFs are investment vehicles made up of a pool of funds collected from a large number of investors and invest in stocks, bonds and money market instruments, among others.