Daily GK Update : 7th March, 2016 For LIC AAO & Other Exams

1. Gyan Sangam: 3rd Phase of Bank Reforms to Focus on Bad Loan
i. With mounting bad loans, the second edition of the Finance Ministry’s brain storming session with public sector banks focused on management of non-performing assets and consolidation in the sector.

ii. The two-day Gyan Sangam — an annual retreat of chiefs of public sector financial institutions, officials from the Finance Ministry and the Reserve Bank of India — recently held on March 4 and 5 in Gurgaon. 
iii. The last year retreat was held for the first time in pune.
iv. The agenda would include- Restructuring and mergers and acquisitions of banks, NPA management and recovery, Technology, digital and financial inclusion, Credit growth, and Risk management.
v. “This retreat has been held to take forward the government’s commitment to reforms in the banking and financial sector. The growth and change in the financial sector ought to be in tune with the development in the real sector,” said the Finance Ministry.

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2. Oil Minister Lays Foundation Stone Of Octomax Unit At Mathura (UP)
i. Dharmendra Pradhan, the Union Minister for Petroleum and Natural Gases laid the foundation stone of Country’s 1st its of kind Octomax unit at Mathura refinery. 
ii. It will help in the production of high octane gasoline.
iii. Octomax, a “novel technology” developed in-house by Research and Development Center of Indian Oil, involves conversion of cracked C4 streams to high-octane gasoline blending stock for production of Euro-IV/V equivalent gasoline. 
iv. The cost of this project will be around 43 crore and is expected to be completed by October 2017. The capacity of the refinery plant will be of 55 KTA but it will increase later. 
v. The unit on Octomax technology has been conceptualized and designed based on indigenous efforts. According to Mr. Pradhan “Mathura refinery will play major role in meeting government’s target of introducing BS-VI standardizing  petrol and diesel by 2020.” 

3. 27 Government Banks May Be Merged Into Just 6
i. Finance Minister of India  Mr. Arun Jaitley has indicated that the Government may merge 27 public sector banks into just six. 

ii. Because PSB is working under pressure to tackle their dismal bad loan scenario and consolidation is the way forward to handle this situation. This has been said in the recently held Gyan Sangam in Gurgaon. 
iii. The time frame for the mergers will ensure there are no disruptions, the sources said. Because the banks are already short-staffed so downsizing would not be required. 
iv. Apart from that an official from Ministry stated that an expert committee will be soon to setup to look into the issue and the committee will also work closely with the Banks Board Bureau (BBB) to identify the right matches for consolidation. 
v. From April 1, 2016 the BBB will independently oversee consolidation and chalk out business plans for public sector banks. Since it is not feasible to bring down the government’s share in state-owned banks below 51%, consolidation to create strong banks is the only survival option. The finance ministry is also looking to merge the newly-launched Bharatiya Mahila Bank with the other PSBs.

4. Myanmar grants operating licenses to four more Asian banks including SBI
i. Myanmar has granted operating licenses to four Asian banks, bringing to 13 the number of foreign banks allowed to conduct business in the previously isolated country.
ii. Bank for Investment and Development of Vietnam, State Bank of India, Taiwan’s Sun Commercial Bank and South Korea’s Shinhan Bank, these are the four bank were granted preliminary licenses, Myanmar’s Foreign Bank Licensing Committee. 
iii. The decision is just the second time Myanmar has granted licenses for foreign banks to open since a semi-civilian government took over in 2011.
iv. The approval gives the banks 12 months to demonstrate they can fulfill business plans laid out in their.
v. Myanmar (formerly Burma), is a Southeast Asian nation of more than 100 ethnic groups.

5. Amrita Patel Gets Mahindra Lifetime Achievement Award
i. Dr Amrita Patel has been conferred with the Mahindra Samriddi India Agri Lifetime Achievement Aear-Krishi Shiromani Samman in New Delhi. Dr Patel is a former Chairman of National Dairy Development Board (NDDB). She served as its chief from 1998 to 2014. 

ii. The award has been conferred by Union Agriculture Minister Radha Mohan Singh.
iii. Dr. Patel played a vita role in the implementation of Operation Flood, the largest development programme in the world. 
iv. The operation flood programme helped to promote, finance and deliver a variety of supporting services to a national cooperative dairy structure that transformed the lives of millions of marginalized and small farmers and milk producers.
v. The award is given for her purposeful contribution that made a difference in the field of agriculture to increase productivity and rural prosperity. 

6. Country’s First Small Finance Bank To Start Ops On April 13
i. Jalandhar-based Capital Local Area Bank has become the first entity to receive the Reserve Bank of India‘s licence to start operations as a small finance bank.
ii. In september 2015 Reserve Bank of India granted in-principle licences to 10 applicants to set up small finance banks, including Capital Local Area Bank. 
iii. The small finance bank will undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections including small business units, marginal farmers and unorganised sector entities.
iv. AS per Sarvjit Singh Samra, managing director of Capital Local Area Bank plans to start its small finance bank operations on April 13. 

7. Amazon Is India’s Most Trusted Online Shopping Brand
i. Amazon World’s largest e-retailer is India’s most trusted online shopping brand followed homegrown Snapdeal and Flipkart.
ii. Ebay, Myntra, Yepme, Jabong, Naaptol, Shopclues and Askmebazaar Other firms to figure in the top 10 trusted online shopping brands.
iii. The survey was conducted among 2,500 respondents, aged 21-50, across 16 cities and its findings have been compiled in the Brand Trust Report, India Study 2016. iv. The report is issued annually by TRA (formerly Trust Research Advisory).
v. According to  TRA Chief Executive Officer N Chandramouli Amazon is India’s most trusted online shopping brand with 36 per cent of the trust pie. Together, these three brands make up for 76 per cent of online shopping trust pie.

8. Tata Housing ties up with SBI for Women’s Day offer
i. Real estate developer Tata Housing has partnered with the country’s largest lender, State Bank of India, on the occasion of the International Women’s Day.

ii. Tata Housing will allow its women customers to pay only 20 per cent of the agreement value while the balance can be paid on taking possession of the property, a company statement said here today.
iii. On its part, SBI will be offering home loans to its women customers at a special interest rate of 9.5 per cent per annum under the SBI Her Ghar scheme as part of the International Women’s Day, which will be celebrated between March 8 and March 13, it said.
iv. Moreover, the SBI has waived processing fees on the home loan under the scheme, it added.

9. Investors’ summit Begins in Gurgaon 
i. The first two-day ‘Happening Haryana Global Investors Summit 2016’ has kicked off in Gurgaon, which has see participation from 12 countries.
ii. Besides several Union Ministers, a number of leading entrepreneurs and MNCs have taken part.
iii. The summit comes close on the heels of the Jat quota agitation in Haryana, in which 30 people were killed and property worth crores of rupees was destroyed.
iv. The participating countries are Czech-Republic, Japan, Mauritius, New Zealand, China, Korea, Malawi, Peru, Poland, Spain, the United Kingdom and Tunisia.
v. Finance Minister Arun Jaitley is the chief guest at the inaugural session while Khattar has delivered the keynote address.

10. Uttar Pradesh Assembly Passed the UP Revenue Code (Amendment) Bill 2016
i. Uttar Pradesh Assembly passed the UP Revenue Code (Amendment) Bill 2016 replacing an ordinance issued by the Governor Ram Naik. 

ii. The Bill allows Dalits of the state to sell their land to non-Dalits in the state without approval of the administration even if their remaining holding is less than 3.5 acres.
iii. This bill also seeks to bring changes existing revenue laws dating to the British era by further speeding up disposal of litigations over land ownership in rural areas. 
iv. It also provision that allows land owners lease out their land for share-cropping purpose without the fear of losing it after 12 years.

11. Email Inventor Ray Tomlinson Dies At 74
i. Ray Tomlinson, the inventor of email has passed away. He was 74. He died of an apparent heart attack. 
ii. His invention included the ground-breaking use of the @ symbol in email addresses, which is now standard.
iii. The US computer programmer came up with the idea of electronic messages that could be sent from one network to another in 1971. Before Ray Tomlinson invention direct electronic messages users could only write messages to others using the same computer. 
iv. He was the first to use the @ symbol in this way, to distinguish a user from its host.
v. His work was recognized by his peers in 2012, when he was inducted into the Internet Hall of Fame.

12. Renowned Singer And Actor Kalabhavan Mani Passed Away
i. Renowned Malayalam actor and folk singer Kalabhavan Mani passed away in Kochi on Sunday. He was 45. 

ii. He had been hospitalized for liver ailment. Mr. Mani had bagged national special jury award in 2000 for his performance in Malayalam film Vasanthiyum Lakshmiyum Pinne Njaanum.
iii. The actor cum singer was from an economically backward family at Chalakkudy in Thrissur district. He has started his career as mimicry artiste at Kalabhavan in Kochi and then did comedy roles in Malayalam films. He was known for inimitable mannerisms as comedy artiste.
iv. Mani had acted in over 200 films in Malayalam and other South Indian languages. 
v. He has 1st acted in the Malayalam Film Industry in 1993 however first noticed in the film “Sallapam” in 1996 and after that, through his characteristic laugh and dialogue delivery style, never had to look back and went on to act in Tamil and Telugu films.

13. American Actress Nancy Reagan died At 94
i. Nancy Davis Reagan was an American actress and the wife of the 40th President of the United States,  Ronald Reagan. She died At 94 
ii. She was born in New York City, After her parents separated, she lived in Maryland with an aunt and uncle for some years She was the First Lady of the United States from 1981 to 1989. 
iii. Nancy Reagan, one of the most high-profile and influential first ladies of the 20th century, Nancy was born in New York City. 
iv. Reagan died at her home in Los Angeles of congestive heart failure, according to her spokeswoman, Joanne Drake of the Ronald Reagan Presidential Library.

14. Patna Pirates Beat U Mumba 31-28 to Win 3rd Season Of Pro Kabaddi League
i. Season 3 of Star Sports Pro Kabaddi, ended on a high note with power packed action between U Mumba and Patna Pirates. 

ii. Stamping their authority and continuing their dream winning streak, Patna Pirates beat the dominant U Mumba to emerge as Champions of Pro Kabaddi Season 3.
iii. The score closed at 31-28 in favour of Patna Pirates after a thrilling 40 minute play of perhaps the best kabaddi of the season, followed by Manpreet Singh, captain of Patna Pirates holding up the golden trophy amidst spectacular scenes of celebration.

15. Asia Cup 2016 Concludes In Bangladesh & India Won Its 6th Asia Cup Title
i. India beat Bangladesh by 8 wickets in the final to win their Asia Cup title. With this victory, India lifted their sixth Asia Cup title. 
ii. This is the first time the Asia Cup was held in T20 format and India proved that why they are No.1 side in T20 Internationals.
iii. India finish their unbeaten run in the Asia Cup with a strong performance in the final. Bangladesh fought hard in phases but a victory with six balls to spare and eight wickets in hand is a pretty emphatic one in the end. 
iv. The 2016 Asia Cup was a Twenty20 International (T20I) cricket tournament that was held in Bangladesh from 24 February to 6 March 2016. 
v. It was the 13th edition of the Asia Cup, the fifth to be held in Bangladesh.