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Daily GK Update – Current Affairs – 5th February 2016

February 06, 2016 By: milind Category: Current Affairs

Daily GK Update – Current Affairs – 5th February 2016


 1. CAMS launches Aadhaar-based eKYC for setting up MF account instantly
i. CAMS, the leading services solutions provider for fund houses, has launched Aadhaar-based eKYC (know your customer) using OTP (one-time password) authentication to make mutual fund (MF) account opening and transactions a paperless and presence less process through myCAMS at .
ii. CAMS, the transfer agency for most MFs, is also in the process of integrating the websites of AMCs (asset management companies) with eKYC module where it is the registrar.

iii. This is in line with market regulator SEBI’s vision to ease the KYC process and facilitate MF online account opening and transactions, CAMS said.
iv. SEBI has recently enabled Aadhaar based e-KYC service offered by UIDAI (Unique Identification Authority of India) for KYC verification on authorisation by the client using biometric or OTP (one-time password) authentication on a voluntary basis.
v. Investors, who wish to use their Aadhaar number and PAN for KYC compliance, can now complete KYC process in just three simple steps using Aadhaar-based eKYC and set up a MF account instantly without having to submit forms, documents and do in-person verification (IPV) either physically or virtually.Investors can voluntarily submit Aadhaar and mobile numbers for validation with Aadhaar/UIDAI database. On successful authentication through OTP, investors can complete KYC and start investing in MFs through myCAMS at SEBI currently permits investment of Rs 50,000 in a financial year per MF for investors using Aadhaar-based eKYC using OTP based authentication.
2. SEBI forms task force to review risk management norms for commexes
i. Capital market regulator Sebi has set up a task force to review the risk management norms for national-level commodity bourses following the suspension of futures trading for castor seed on NCDEX.
ii. A source said that after recent developments witnessed in castor seed futures contracts, Sebi has established a task force to relook at the existing norms related to risk management, delivery mechanism, and other related issues.
iii. The task force has been asked to submit the report in three weeks. Based on the report, the risk management norms for national-level commodity derivatives exchanges will be further tightened.
iv. Meanwhile, Sebi has sought explanation from the exchange for suspending futures trade in castor seeds.
v. Last year, Sebi laid down risk management norms for regional commodity bourses. At present, there are three national-level commodity derivative exchanges — MCX, NCDEX and NMCE — and six regional ones.
3. Centre to contribute Rs. 1 Lakh Crore for Karnataka Road
i. Central government will spend Rs 1 lakh crore for development of road infrastructure in Karnataka. In addition to this, Rs 200 crore will be spent on developing four light houses in the state in PPP mode.
ii. This was disclosed by Union Minister for Road Transport & Highways and Shipping Nitin Gadkari in Bengaluru.
iii. He was speaking at the inaugural function of Invest Karnataka-2016, a three day global investors meet organised by the Karnataka government.
iv. “We have also decided to expand the capacity of New Mangaluru Port with an investment of Rs 10,000 crore,” he said.
v. He said, road projects worth 60 thousand crore rupees will be started in Karnataka before December this year and projects worth another 40 thousand crore will be taken up next year.
4. Finance Minister Arun Jaitley inaugurated the two-day India Investment Summit
i. This summit is aimed at attracting long-term foreign investors into the infrastructure sector.
ii. Opening the two-day India Investment Summit 2016, the minister highlighted opportunities the country presents to investors and sought investment in sectors like road, highways, oil&gas, urban infrastructure and railways.
iii. Mr. Jaitley have also unveiled the logo of National Infrastructure and Investment Fund (NIIF).
iv. Inviting foreign capital in sectors like roads, railways and energy, Finance Minister Arun Jaitley today met sovereign wealth funds from Singapore and the UAE and pitched a stable policy regime and resilience of Indian economy amid a global slowdown
5. Reliance Infra to sell cement biz to Birla for 4800 Cr. Rs
i. Reliance Infrastructure (RInfra) has signed a share purchase agreement with Birla Corporation, Reliance Infrastructure Ltd has agreed to sell its cement assets to Birla Corp. Ltd for Rs.4,800 crore.
ii. Birla Corporation will acquire the 100 per cent shareholding of RInfra in RCCPL.
iii. Anil Ambani’s Reliance Group has been trying to sell assets across its group companies to cut debt and expand its new defence business.
iv. Currently, Birla Corp has a capacity of 10 MTPA with units in Rajasthan, Madhya Pradesh, Uttar Pradesh and West Bengal and it would acquire Reliance Cement’s units at Maihar, Madhya Pradesh.
6. Finance Ministry gets a dedicated YouTube channel 
i. Finance Ministry now has an official YouTube Channel, which is expected to disseminate information about the official events.
ii. The Channel will feature videos on the major schemes, events, meetings, press conferences and other exclusive videos relating to the Ministry.
iii. Although most of the activities are in public domain, yet to make it easier for the world outside to know about the same, this YouTube official channel of the Ministry would be a useful platform.
iv. The youtube channel is launched by Arun Jaitley.
7. BSE Institute launches new accelerator for start-ups
i. In continuation with Prime Minister Narendra Modi’s startup India mission, BSE Institute Ltd, a wholly owned subsidiary of BSE Ltd, has launched a new accelerator for start-ups?.
ii. This accelerator?? is set up by BSE Institute in collaboration with Ryerson Futures Inc (Toronto), the technical arm of Ryerson University from Ontario, Canada.?
iii. The accelerator will focus on scalable, technology start-ups (both enterprise and consumer)?. Besides, it will help recreate in India the successful model of the Digital Media Zone (DMZ) – Ryerson’s flagship programme in Toronto which has been operational since 2010 ?and incubated over 150 start-ups.
iv. This has been set up as a technology based incubator under the National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology, Government of India.
8. B2B meet for SMEs begins in Kochi
i. Manufacturers in Kerala should come out with more value-added products if they want to compete in the global market, Minister for Public Works VK Ebrahim Kunju has said.
ii. Inaugurating the three-day Kerala Business-to-Business Meet 2016 at the CIAL Trade Fair & Exhibition Centre in Nedumbassery.
iii. The meet will provide the SMEs in Kerala greater exposure to businesses outside Kerala and even India, he said.
iv. ‘12% industrial growth’Unveiling the Buyer and Seller Directories on the occasion, the State Fisheries and Excise Minister K Babu said Kerala has witnessed around
v. The government has been focussing on five key areas – manpower, raw materials, capital, favourable political climate and marketing – for the promotion of industrial growth in the State, he added. As many as 200 SMEs from Kerala and nearly 480 buyers from 21 countries and 18 States are participating in the meet.
9. Gurdeep Singh named Chairman and MD of NTPC
i. Gurdeep Singh has taken charge as the Chairman and Managing Director of NTPC.
ii.Singh, who was earlier Managing Director of Gujarat State Electricity Corporation Ltd.
iii. He replaces Arup Roy Choudhury, who retired from the post on August 31, 2015. In the interim, AK Jha, Director (Technical) at NTPC was given additional charge as the Chairman and Managing Director.
iv. Singh is a mechanical engineer and has 28 years of experience in the power generation sector, NTPC said in a statement. He started his career with NTPC before joining companies such as Powergen, CLP Power, IDFC, CESC and others.
10. Ananda Shankar to address India Conference in Harvard
i. Renowned dancer-choreographer and speaker Dr Ananda Shankar Jayant will address the high-profile India Conference at Harvard in USA this week.
ii. Ananda is a Sangeet Natak Akademi awardee and a motivational speaker with a popular talk at TED. She is a career Indian Railway Services Officer.
iii. The city-based Bharatanatyam and Kuchipudi exponent will talk on February 7 as part of the ‘Inspire’ series of the two-day conference at Harvard Business School in Boston, Massachusetts. Padma Shri Ananda Shankar said, “I am humbled to be part of this exciting event.”
iv. The other speakers at the February 6-7 conference include Union Minister Ravi Shankar Prasad, film personalities Kamal Haasan and Karan Johar, banker Chanda Kochhar, writer Shashi Tharoor, MP, and diplomat Nirupama Rao.
11. Meet on `Make in India’ in Mangalore
i. The Mangaluru-based MSNM Besant Institute of Postgraduate Management Studies will conduct a conference on ‘Make in India’ on February 5.
ii. Narayan K, Director of the institute, said the objective of the conference is to understand the ground realities of the ‘Make in India’ programme.
iii. Deepak Ishwarbhai Amin, Director, Central Board of State Bank of India, will inaugurate the conference and deliver the keynote address.
iv. MD Mallya, former Chairman and Managing Director of Bank of Baroda, will deliver the valedictory address.
12. Dravid in ICC’s Anti-Corruption Oversight Group
i. Batting great Rahul Dravid has been named in ICC’s newly appointed Anti-Corruption Oversight Group as part of the recommendation from its Integrity Working Party of  the parent body.
ii. The oversight group will include the chairman of the executive committee (under whose area of responsibility this function rests) and will also include former India captain Rahul Dravid, legal expert Louis Weston and independent anti-corruption advisor John Abbott, who was the Chairman of the Integrity Working Party. The Chairman of the Anti-Corruption Unit, Sir Ronnie Flanagan, and ICC Chief Executive, David Richardson, will also be ex-officio members of the group,” said the ICC in a statement.
iii. Dravid is currently coaching the Indian team in the ongoing U-19 World Cup, which is being held in Bangladesh.
Courtesy – Bankers Adda

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