Current Affairs Questions & Answers - May 04, 2016

ANSWER: SBI

Explanation:
State Bank of India has ranked Number 1 in the list of public sector banks with the highest number of wilful defaulters stood at 1164. Total amount outstanding in the bank was INR 11,705 crore according to the Finance Ministry. PNB came in second with 904 defaulters owing INR 10869. Indian Overseas Bank bucked the trend with number of wilful defaulters shrinking to 70 in 2015 from 517 in 2012.Total amount in outstanding public sector banks has shot up to INR 66190 crore in 2015 and INR 27749 crore in 2012.

ANSWER: Payment System Vision Document 2012-2015

Explanation:
RBI is working on a regulation to curb frauds in e-transactions. The central bank is putting a regulatory framework in place for addressing customer grievance and liability issues arising from fraud in electronic transactions. Banking Codes and Standards Board of India in 2014 had come out with the recommendations of customer liabilities in case of frauds taking place through electronic channels. In response to supplementaries, it was said that 87 percent transaction in India is in cash. A strategy for disincentivising this is needed according to the Payment System Vision Document 2012-2015 issued by the RBI.

ANSWER: TATA Sons

Explanation:
Government of India has deferred approval to the Agusta Westland FDI in Indian JV among charges over alleged kickback in the helicopter deal. FIPB has deferred a decision on increase in FDI in the Italian firm’s joint venture with TATA Sons.

• Previously, Rotorcraft, a joint venture of AgustaWestland (Finmeccanica firm) and TATA Sons was set up for an assembly line for AW119Ke helicopters.
• It had sought post facto approval of FIPB for increasing FDi inflow of INR 19.64 crore against INR 17.6 crore approved in September 2011
• Apart from the increased FDI inflow, approval was also sought for a change of foreign investor from Agusta Westland to Finmeccanica by way of merger of the two.

ANSWER: 7.5 percent

Explanation:
International Monetary Fund has retained growth forecast for India at 7.5 percent driven mostly by private consumption even as sluggish credit growth and weak exports impact the economy. India’s growth momentum is driven by private consumption benefiting from low energy prices and higher real incomes.

• IMF has said policy makers will speed up structural reform implementation- weak exports and sluggish credit growth stand in the way
• Additional steps in relaxing bottlenecks especially in mining and labour market reforms will increase labour market flexibility and foster inclusive growth.
• As per IMF, growth in Asia and Pacific will remain strong at 5.3 percent this year

ANSWER: Patricia Espinosa

Explanation:
Mexican ambassador to Germany, Patricia Espinosa will be the new UN climate chief, playing an important role in implementing the Paris Agreement on climate change approved by 195 countries in the French capital.

• She will replace incumbent Christiana Figueres when the term ends in July.
• Espinosa will play an important role in the Paris Agreement on climate change approved by 195 countries in the French Capital in December 2015
• UNFCC has existed since 1994 and with 196 countries and EU as its members, it has close to universal membership.

The UNFCCC has been in existence since 1994. With 196 countries and European Union (EU) as its members, it has near universal membership. It is the parent treaty of the 1997 Kyoto Protocol. The Kyoto Protocol has been ratified by 192 of the UNFCCC Parties.

ANSWER: Florence Hardouin

Explanation:
European football governing body UEFA has elected Frenchwoman Florence Hardouin as the first female executive member in a landmark vote at the Budapest congress. The 49 year old Hardouin, FFF DG won by 33 votes against rival candidate Karen Esplenud who won 21 votes.

• Both candidates were of the opinion that UEFA’s 54 member associations at the annual decision making event would be an important step in changing the powerful regional confederation.
• She has not aimed for the FIFA post though

ANSWER: Both of the above

Explanation:
Cricket legend Sachin Tendulkar has been appointed as the IOA goodwill ambassador for the upcoming Rio Olympics. He is the third goodwill ambassador to be roped in by IOA after Salman Khan and Abhinav Bindra. Sachin Tendulkar has been approached along with celebrated music composer AR Rahman to be the ambassador for the Olympics.

ANSWER: Uber

Explanation:
Online cab aggregator Uber has announced a global partnership with third party payment platform Alipay to permit Chinese travellers to get rides through this solution in more than 400 cities, according to companies

• Uber riders can avail of the facility through the Paytm platform
• China’s Alibaba and affiliate Ant Financial had picked up the stake in One97 Communications, the parent company of Paytm.

ANSWER: Sunil Gudge

Explanation:
Maharashtra leg spinner Sunil Gudge passed away at Pune following a heart attack

• The leg spinner played 55 first class matches and was part of the trio of Raju Balekar and Milind Fungal to lead the Maharashtrian team

ANSWER: Romesh Sharma

Explanation:
Former J&K Minister and senior Congress leader Romesh Sharma has passed away after a long illness at the age of 65.

• He was an ex Congress Minister from Nowshera Constituency and was also an Ayurvedic doctor
• He won Assembly elections in 2002 and remained MoS Commerce and Industries in Mufti Sayeed’s regime and later MoS PHE and Irrigation & Flood Control in the Gulam Nabi Azad government.

ANSWER: Compensatory Afforestation Fund

Explanation:
Lok Sabha on Tuesday passed the Compensatory Afforestation Fund Bill 2015 that ensures expeditious utilisation of unspent amounts of over INR 40,000 crore

• India as the Intended Nationally Determined Contribution has committed to create 2.5 billion tonnes of additional carbon sink. The (passing of the) Bill will be a great enabler

ANSWER: Volob Technologies

Explanation:
GirnarSoft, the parent company of auto classifieds portal CarDekho.com, has acquired virtual reality startup Volob Technologies in an all-cash deal, the company announced on May 3rd.

• This is the eight such transaction entered into by GirnarSoft, which has emerged as one of the most active players in the Indian startup M&A leaderboard over the past 18 months, and comes less than a week after it announced its acquisition of SaaS startup Connecto.
• Founded in 2010 by Tarun Kumar and Shweta Jain, Volob Technologies provides 3D visualisation solutions to various industries, primarily automotive, according to a company-issued statement.

ANSWER: Jeffrey Smith

Explanation:
Yahoo Inc's management team and directors have given a warm welcome to Starboard Value LP chief executive Jeffrey Smith since he joined the company's board after a contentious battle on May 2nd.

• The founder of the activist hedge fund is coming off a major agreement struck with Yahoo in a deal in which Smith and three associates joined the internet company's board of directors after a contentious battle that nearly went to a shareholder vote.
• After more than a year of pushing for business and leadership changes at Yahoo, Starboard nominated a nine-member slate this spring to replace Yahoo's entire board. With the proxy battle now finished, the company is pressing ahead with the auction of its core business.

ANSWER: Evan Hansen

Explanation:
Twitter's live video-streaming application, Periscope, has hired an editor-in-chief, Evan Hansen, who says he plans to showcase the best content and help develop the platform.

• Hansen himself revealed his appointment to Periscope, which lets users broadcast live video free of charge from smartphones running Android or Apple iOS software. The videos remain available for 24 hours before disappearing.

ANSWER: Synergyse

Explanation:
Google has acquired a business technology start-up founded by an Indian-origin entrepreneur as part of its plans to scale training offerings for Google Apps to its customers and customers’ users.

• Varun Malhotra is the founder and CEO of Toronto-based Synergyse, which was launched in 2013 with an aim to teach users how to use Google Apps. Financial details were not disclosed

ANSWER: Access to Information and Fundamental Freedoms - This Is Your Right!

Explanation:
In 2016, World Press Freedom Day coincides with three important milestones:

• 250th anniversary of the world’s first freedom of information law, covering both modern-day Sweden and Finland.
• 25th anniversary of the adoption of the Windhoek Declaration of press freedom principles.
• First year of the 15 year life-cycle of the new Sustainable Development Goals (SDGs).