9JAN 2015
1) The
Union Government on 8 January 2016 allowed the conduct of ‘Jallikattu’ – the
bull taming sport by altering a 2011 Ministry of Environment notification by
exempting the sport from performances for which the bulls should not be used.
This sport is associated with which state? – Tamil Nadu
Explanation: Jallikattu
is a bull taming sport played in Tamil Nadu as a part of
the Pongal
celebrations. Bulls are bred specifically for the sporting event and a specific
breed of cattle is bred for this purpose. The Supreme Court had imposed a ban
on this sport in 2014 citing several issues associated with animal welfare.
The Supreme Court had in May 2014 upheld a 2011
notification by the Ministry of Environment and Forests (MOEF) to include bulls
in the category of animals that shall not be used as performing animals,
meaning that bulls could not be exhibited or trained as performing animals for
Jallikattu events.
The present notification by the Ministry of
Environment and Forests clears the ground for Jallikattu events by making an
exception for these and some other traditional bull-related events in other
parts of India.
2) The
banking and business transactions were affected on 8 January 2016 as bank
employees of several PSU banks went on a 1-day strike on the call given by the
All India Bank Employees’ Association (AIBEA). Why was this strike held? – To
protest against violation of employees service agreements by the five associate
banks of the State Bank of India (SBI)
Explanation: The
1-day strike was held to protest against the violation of bilateral settlement
by the five associate banks of SBI and their attempt to force unilateral
service conditions on the employees. In May 2015, the Indian Banks’ Association
(IBA) and the AIBEA signed a common settlement, which defined the duties and
remuneration of employees for jobs in the banks. The five associate banks of
SBI are party to this settlement, and hence are governed by the same.
However, the managements of the associate banks are
implementing the service conditions of SBI, which the AIBEA feels is illegal
and in violation of the settlement. SBI has a different set of service
conditions for its employees, based on an agreement between its management and
union, and is not applicable to other banks.
SBI has five associate banks – State Bank of Travancore,
State Bank of Mysore, State Bank of Patiala, State Bank of Hyderabad, and State
Bank of Bikaner and Jaipur.
3) The
Reserve Bank of India (RBI) offered Rs. 8,000 crore worth of 10-year benchmark
government bond on 8 January 2015. What is the coupon rate for these bonds
which saw a strong demand? – 7.59%
Explanation: The
new 10-year benchmark government bond bore a coupon of 7.59%, 13 basis points
lower than that of the current benchmark (7.72%).
The government is scheduled to borrow Rs.56,000
crore over the next four weeks, out of which nearly half would be in the 7-10
year tenor category. The 40-year bond, the longest duration bond, was issued in
October last year and only Rs 5,000 crore has been raised so far. The other
bonds against which Rs 2,000 crore each will be raised will mature in seven
years and eight years.
4) Who
was named ‘Global and Asia-Pacific Central Bank Governor of the Year 2015’ by
the ‘Banker’ magazine, as announced on 7 January 2016? – Raghuram
Rajan, Governor of RBI
Explanation: The
‘Banker’ is a prestigious monthly magazine of the ‘Financial Times Group’. The
magazine selected RBI Governor Raghuram Rajan for ‘Global and Asia-Pacific
Central Bank Governor of the Year 2015’ award as announced on 7 January.
Rajan was selected for his efforts in stabilising the
Indian rupee, initiating key reforms to attract much needed foreign capital in
the country and reining in a runaway price appreciation.
The RBI governor has been named central bank governor
of the year several times by other international magazines. In October 2014,
‘Euromoney’ and in January 2015, ‘Central Banking’ awarded him the best central
banker award for his contribution in stabilising the Indian economy.
5) Who
was appointed as the as the new Chairman, Competition Commission of India (CCI)
by the Union Govt. on 8 January 2016? – DK Sikri
Explanation: DK
Sikri is an IAS officer of the Gujarat cadre. However, his appointment to this
post came under mild controversy as he was number two in the list recommended
by the selection panel. DIPP secretary Amitabh Kant was the top name
recommended for the CCI chairman’s post. A few days earlier, Kant was named as
the CEO of Niti Aayog.
Competition Commission of India (CCI) is a body of the
Government of India responsible for enforcing the Competition Act, 2002
throughout India and to prevent activities that have an adverse effect on
competition in India.
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