15 JAN 2016

1) What is the name given to the new crop insurance scheme that was approved by the Union Govt. on 13 January 2016 that seeks to include successful aspects of the existing ones while effectively addressing their deficiencies? – Pradhan Mantri Fasal Bima Yojna (PMFBY)

Explanation: Pradhan Mantri Fasal Bima Yojna (PMFBY) is the name of the revamped crop insurance scheme that was announced by the Union Govt. on the eve of harvest festivals across the country on 13 January. It will replace the National Agriculture Insurance Scheme (NAIS) and Modified National Agriculture Insurance Scheme (MNAIS).

PMFBY seeks to substantially reduce the premium paid by farmers-1.5% on Rabi crops, 2% on Kharif crops and 5% on commercial/horticultural crops, and reduce delays and leakages in payment of compensation through direct transfers into the bank accounts of farmers. This is expected to drive up enrolment under the scheme.

The Centre and States will equally share the estimated expenditure of Rs. 8,000 crore as premium for PMFBY. Currently, the Centre pays about Rs. 3,000 crore as premium.

2) Which state became the first organic state in India, as announced by the state government on 14 January 2016? –Sikkim

Explanation: Sikkim on 14 January claimed that it has become India’s first fully organic state by implementing organic practices on around 75,000 hectares of agricultural land. Sikkim Organic Mission’s executive director Anbalagan claimed that the state has achieved this milestone by implementing organic practices on state’s agricultural land.

Under this mission, around 75,000 hectares of agricultural land was gradually converted to certified organic land by implementing organic practices and principles as per guidelines laid down in National Programme for Organic Production (NPOP).

3) Which Southeast Asian city witnessed a series of bomb blasts in the morning of 14 January 2016 resulting in death of 7 people including 4 attackers? – Jakarta

Explanation: A series of bomb explosions and gunfire were reported in central district of Indonesian capital Jakarta on 14 January 2016. The blasts were centered around Thamrin Street, a major shopping and business district close to foreign embassies and the United Nations offices. At least seven people, five attackers and two civilians (an Indonesian and a Canadian), were killed and 23 others were injured in the attack.

4) India’s Sania Mirza and her Swiss partner Martina Hingis on 14 January 2016 broke a 22-year-old world record by winning their 29^th women’s doubles match in a row. This feat was achieved en route to their entry into the women’s doubles final of the WTA Sydney International, in Sydney. Whose record Mirza and Hingis have broken? – Natasha Zvereva (Belarus) and Gigi Fernandez (Puerto Rico)

Explanation: The World No. 1 pair of Sania Mirza and Martina Hingis broke the 22-year old record of Natasha Zvereva and Gigi Fernandez after winning against Romanian Raluca Olaru and Kazakhstan’s Yaroslava Shvedova by 4-6, 6-3, 10-8 in a closely-fought semifinal on 14 January.

Natasha Zvereva and Gigi Fernandez had made this record in 1994 when they continued their winning spree for 28 matches.

5) Microsoft Corp. came out with major announcement with regard to its Internet browser application ‘Internet Explorer’ (IE) on 12 January 2016? – It officially closed the support for IE 8, 9, and 10 from this date

Explanation: US software giant Microsoft on 12 January finally decided to kill off its older versions of Internet Explorer by ending the support for Internet Explorer versions 8, 9, and 10. End of support means there will be no more security updates, non-security updates, free or paid assisted support options, or online technical content updates.

16JAN 2016

1) Which bank on 14 January 2016 became the first public sector bank to launch wealth management services? – State Bank of India (SBI)

Explanation: SBI launched its wealth management service called ‘SBI Exclusif’ on 14 January 2016 at Bengaluru. This service will be open to customers with a wealth base of Rs.30 lakh, which may be relaxed to Rs.10-15 lakh if the bank feels the customer has the potential for scaling up wealth. Non-resident Indians will be tapped as well.

‘SBI Exclusif’ customers will have access to a dedicated relationship manager and a service manager, supported by a team of investment experts.

Initially, three SBI branches in Bengaluru – Indiranagar, Koramangala and Central Bengaluru, will offer Exclusif services. The bank plans to expand wealth management to other cities soon.

SBI also differentiated its wealth management services from its private sector peers by linking performance incentives for its relationship managers to satisfaction of customers and the maximisation of their wealth.

2) What is the name given to SBI’s first specialized for catering to the financial needs of start-ups that was opened on 14 January 2016 in Bengaluru? – ‘SBI InCube’

Explanation: ‘SBI InCube’ is the name of the first of the proposed series of branches that will cater to the specific financial needs of start-ups in the country. First ‘SBI InCube’ branch was opened on 14 January at St. Mark’s Road in Bengaluru.

The branch will assist start-ups in cash management, taxation, regulations, foreign exchange and remittances, mentoring, and other financial services’ needs. However, InCube, in its current form, will not fund start-ups.

SBI has tied up with investors like chairman of Manipal Global Education Services and Aarin Capital T.V. Mohandas Pai, co-founder and ex-chief executive of Infosys Ltd Nandan Nilekani and software product think tank iSpirt to help mentor and connect start-ups.

3) Which private sector bank on 14 January 2016 claimed to have become the first private sector bank in India to cross Rs. 1 lakh crore mark in mortgage disbursals? – ICICI Bank

Explanation: India’s largest private-sector bank ICICI Bank’s mortgage disbursals have crossed the Rs1 trillion (Rs. 1 lakh crore) mark recently, as was claimed by the bank on 14 January. Bank also claimed that its home loan is growing at about 25% on a year-on-year basis.

The bank’s average ticket size for home loans is at aboutRs.35-36 lakh. ICICI bank also launched ‘Express Home Loans’ – a web-based portal that allows prospective customers to upload know your customer (KYC) and income documents to receive a final approval on their home loan applications within eight working hours.

4) The 12^th and the latest battalion of the National Disaster Response Force (NDRF), was made operational on 15 January 2016. This newest NDRF battalion has been established at – Itanagar (Arunachal Pradesh)

Explanation: The 12^th battalion of the National Disaster Response Force in Itanagar (Arunachal Pradesh) from 15 January 2016. NDRF will initially use land of the Sashastra Seema Bal (SSB) in Itanagar and will soon submit a proposal to purchase land worth Rs. 33 crore from the Arunachal Pradesh government.

NDRF is an Indian police force constituted for the purpose of specialist response to a threatening disaster situation or disaster under the National Disaster Management Act (NDMA), 2005.

NDRF’s existing battalions are at – 1) Ghaziabad, UP 2) Bhatinda, Punjab 3) Kolkata, West Bengal 4) Guwahati, Assam 5) Mundali, Odisha 6) Arakkonam, Tamil Nadu 7) Pune, Maharashtra 8) Gandhinagar, Gujarat 9) Patna, Bihar 10) Vijayawada, Andhra Pradesh 11) Varanasi, UP and 12) Itanagar, Arunachal Pradesh.

5) The Union cabinet on 13 January 2016 approved setting up of an empowered committee of secretaries to devise a process for the implementation of the 7^th Central Pay Commission (CPC) recommendations. Who will head this committee? – P.K. Sinha, Cabinet Secretary

Explanation: The 7^th CPC, in its report released on 19 November 2016, had proposed a 23.55% increase in emoluments for 4.7 million government employees and 5.2 million pensioners, potentially providing an impetus to the consumer economy.

6) On 14 January 2016 which two new members were included in the recently constituted Shyam Benegal Committee to look holistically into the functioning of the controversy-ridden Central Board of Film Certification (CBFC)? – Kamal Haasanand Gautam Ghosh

Explanation: Actor-director Kamal Haasan and film-maker Gautam Ghosh were included in the Shyam Benegal Committee by the Union Govt. on 14 January 2016. With these new inclusions the said committee has become a six-member committee.

17-18JAN 2016

1) Union Government kick-started its ambitious “Start-Up Mission” with Prime Minister Narendra Modi announcing a host of measures for start-ups at the inaugural session of the Start-Up India programme held at Vigyan Bhavan in New Delhi on 16 January 2016. In a huge onus to the start-ups, how many year of tax exemption was announced? – 3 years

Explanation: Prime Minister Narendra Modi announced tax exemption of 3 year for start-ups, which was a much-sought after demand from the start-up fraternity. Start-ups set up after 1 April 2016, shall be exempted from income-tax for a period of three years.

Other major announcements under “Start-Up Mission”:

Establishment of a Start-up India Hub that would be a set-up and a friend, mentor and guide for start-ups through their entire journey

Fast track mechanisms of start-up patent applications

A credit guarantee mechanism through National Credit Guarantee Trust Company (NCGTC) and SIDBI to be rolled out with a budgetary corpus of Rs. 500 crore per year for the next four years

2) The United States took which historic and defining decision pertaining to Iran on 16 January 2016? – It officially lifted nuclear sanctions against Iran on this day

Explanation: On 16 January Secretary of State John Kerry confirmed in a statement that the International Atomic Energy Agency (IAEA) had verified that Iran had fully implemented its required commitments under the Nuclear deal.

3) Northern India’s first permanent exhibition on nuclear power – ‘Hall of Nuclear Power’, was inaugurated on 16 January 2016 at which place? – New Delhi

Explanation: ‘Hall of Nuclear Power’ is the name of Northern India’s first permanent exhibition on nuclear power that was inaugurated on 16 January 2016 at the National Science Centre (NSC) in New Delhi.

4) Asian Infrastructure Investment Bank (AIIB), the new international finance institution that aims to support the building of infrastructure in the Asia-Pacific region, was formally launched by Chinese President Xi Jinping in Beijing on 16 January 2016. AIIB is being seen as a rival to the US-led World Bank. Who was formally elected as the first President of AIIB? – Jin Liqun

Explanation: The AIIB was proposed by China in 2013 and the initiative was unveiled at a ceremony in Beijing in October 2014. China has the highest shares (30.34%) and voting rights (26.06%) in this bank as it seeks to change the unwritten rules of global development finance. India is the second largest shareholder (8.52%) and voting stake holder (7.51%) in this entity.

5) What significant trend in Haryana’s sex ratio was witnessed during December 2015, as disclosed by the State Govt. on 16 January 2016? – State’s sex ratio crossed 900 mark for the first time in a decade

Explanation: Haryana Chief Minister Manohar Lal Khattar on 16 January claimed that the sex ratio at birth for December 2015 has crossed the 900 mark with 903 girls per 1,000 boys. This was first time in 10 years that state’s sex ratio has shown an upward trend.

6) Which team the Premier Badminton League title for 2016 on 17 January 2016? – Delhi Acers

Explanation: Delhi Acers defeated Mumbai Rockets by 4-3 in the finals of the second edition of Premier Badminton League (PBL) played at Siri Fort Indoor Stadium in New Delhi on 17 January 2016 to win its maiden PBL title.

Tommy Sugiarto, men’s doubles pair of Koo Kien Keat and Tan Boon Heong and Rajiv Ouseph won their respective matches for Delhi Acers and pocketed a winner’s cheque of Rs 3 crores. For Mumbai Rockets mixed doubles pair of Kamilla Juhl and Vladimir Ivanov and China’s Han Li won their matches.

19JAN 2016

1) In an important development a research panel headed by the Indian Council of Medical Research (ICMR) during 2015 cleared the consumption of khesari dal (pulse) 55 years after it was banned. Khesari dal, considered the poor man’s dal due to its low cost, was banned because it was linked with which neurological disorder? – Lathyrism (paralysis of leg)

Explanation: The khesari dal was banned in 1961, after its consumption was linked to a neurological disorder called lathyrism (paralysis in the legs).

An RTI filed by a leading newspaper to the Indian Council of Agricultural Research (ICAR) has confirmed that the proposal to lift the ban has been communicated to the Food Safety and Standards Authority of India (FSSAI).

2) The first draft of the expert committee constituted to simplify the Income Tax Act, 1961 was released during January 2016. The committee has proposed a slew of recommendations including tax relief for new businesses and rationalisation of TDS rates. Who headed this committee? – Justice R.V. Easwar

Explanation: Justice R.V. Easwar committee was constituted by the Union Govt. on 27 October 2015 with the primary objective of simplifying the provisions of the Income Tax Act, 1961. The committee submitted the first batch of its recommendations during January 2016.

Important Recommendations:

Doubling the turnover limit for the presumptive income scheme for individual, Hindu Undivided Family or a partnership firm to Rs. 2 crore annually from the current Rs. 1 crore.

Introducing the scheme for professionals whose total receipts do not exceed ₹ 1 crore during the financial year

3) The Torch Relay of the 12^th South Asian Games, 2016 was held at Major Dhyan Chand National Stadium on 17 January 2016. These Games will be hosted during February 2016 at which places in India? – Guwahati and Shillong

Explanation: India is hosting the 12^th South Asian Games, 2016 in Guwahati and Shillong from 5 February to 16 February 2016. Athletes from eight member countries namely, Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka will participate in these Games.

The South Asian Games (SAG) is a biennial multinational multi-sport event held amongst the athletes from South Asia and being organized in the similar format of Olympics, Asian Games, and Commonwealth Games (CWG).

4) Which sport came under a huge shadow after the BBC and BuzzFeed News on 17 January 2016 claimed to have seen secret files exposing evidence of widespread suspected corruption at the top level of this sport? – Tennis

Explanation: The BBC and BuzzFeed News claimed that the secret files mentioned that over the last decade 16 players of tennis, who have ranked in the top 50, have been repeatedly flagged to the Tennis Integrity Unit (TIU) over suspicions they were involved in throwing their matches. It claimed that all of the players, including winners of Grand Slam titles, were allowed to continue competing despite these findings.

5) Who was appointed as the new Chief Executive Officer & Managing Director of Tata Motors on 18 January 2016? – Guenter Butschek

Explanation: Selection of Guenter Butschek as Tata Motors’ new Chief Executive Officer (CEO) & Managing Director (MD) ended long search for a suitable candidate for the post. He will lead all operations of Tata Motors in India and in international markets including South Korea, Thailand, Indonesia and South Africa.

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