Current Affairs Questions and Answers - Sept 17, 2015

1)   RBI’s high powered committee on urban cooperative banks headed by deputy governor R. Gandhi has made which of the following recommendations

a. a. Private banks with over INR 20,000 crore or more business may be expected to convert to commercial banks and will be incentivized to do so as there will be restriction on expansion in cooperative sector
b. b. Smaller UCBs could convert to small finance banks.
c. Both a and b
d. Neither a nor b
Answer  Explanation  Related Ques

ANSWER: Both a and b

RBI panel has suggested that private banks with over INR 20,000 may be incentivised to convert to commercial banks though conversion need not be de jure compulsory. RBI aims to push cooperative banks into private sector as compliance with global guidelines like Basel III needs that all lenders (and this includes cooperative banks) will hold adequate capital and meet prudential norms. Cooperatives are regulated by registrar of cooperatives and RBI.

Only one bank has converted from cooperative to private namely Development Credit Cooperative Bank into DCB. Conversion from cooperative to private banks would subject them to more stringent regulation under Companies Act and Banking Regulation Act.

2)   Which software services firm has collaborated with IBM for developing joint solutions for Internet of Things?

a. HCL Technologies
b. HP
c. Microsoft
d. None of the above.
Answer  Explanation  Related Ques

ANSWER: HCL Technologies

Country’s 4th largest software services firm, HCL Technologies will partner IBM for developing IoT solutions. Focus will be on specific verticals such as industrial, manufacturing and smart facilities to co-develop solutions around ‘Connected Products and Operations’ like remote monitoring, smart inventory management, smart building and facilities management. The two companies will also establish up an incubation centre in Noida to develop these solutions for the chosen industries.

IoT is defined as a network of inter-connected devices that can be accessed through the internet.

3)   Which drug pharma major has entered into an agreement to acquire US based eyesore firm Insite Vision for USD 48 million plus related debt and transaction costs:

a. Ranbaxy
b. Sun Pharma
c. Abbott
d. None of the above
Answer  Explanation  Related Ques

ANSWER: Sun Pharma

This move will strengthen Sun’s branded ophthalmic portfolio in the US. The deal gives Sun Pharma access to four late stage branded ophthalmic products in the US. For the 6-month period ending June, InSite Vision recorded revenues of $3.8 million, an EBITDA loss of USD 6.4 million and a net loss of $7.5 million.

4)   Ola has signed an MoU with which state for technology to support vehicles?

a. Kerala
b. Karnataka
c. Andhra Pradesh
d. TN
Answer  Explanation  Related Ques

ANSWER: Andhra Pradesh

The move will bring technological support to over 50,000 vehicles in the State within the next three years. The taxi aggregator will also work towards the State government’s vision of transforming Andhra Pradesh into a smart-tourism hub. Aside from the MoU, the taxi aggregator also said it will invest around Rs. 150 crore in the State. The proposed investment will be made over 3 years and is a bid to encourage driver entrepreneurship and to create employment opportunities in the State.

5)   Which company has raised USD 730 million in the third fund, making it the largest Indian dedicated exercise by a PE firm and also exceeding the USD 650 million estimate on 16th September 2015?

a. Blackstone Capital
b. Everstone Capital
c. Warburg Pincus
d. Morgan and Chase
Answer  Explanation 

ANSWER: Everstone Capital

Over 50% of the capital is from N. America. 37% is from Europe. Global investors participated in the previous rounds causing hard cap to reach USD 700 million. General partners, fund managers and staff with group affiliates added another INR 30 million. This is the largest fundraise in the year 2015 so far. In 2006-2007, 13% of Indian PE investments by value were control investments increasing to 29% by 2013, as per a report by management consulting firm McKinsey.

There is a massive increase from 2014 where only total of USD 800 million was raised. India’s Everstone Capital is a SE PE focused real estate investment group. It has recently acquired HUL’s Modern Foods for INR 250 crore and sold controlling stake in Global Hospitals to IHH-Parkway recently.

6)   Which three companies have signed an MoU with Andhra Pradesh for developing it as a manufacturing hub?

a. Micromax, Celkon and Karbonn
b. Micromax, Xiaomi and Samsung
c. Micromax, Celkon and Xiaomi
d. Micromax, Karbonn and Xiaomi
Answer  Explanation  Related Ques

ANSWER: Micromax, Celkon and Karbonn

The three companies have signed MoU with low cost Indian mobile phone manufacturers for setting up mobile manufacturing hub at Tirupati. MoUs were signed in Vijayawada and AP is now targeting production and manufacturing of 6-7 million phones per month in the year 2016. Xiaomi’s entry into AP will now have three more companies to complete with.

7)   $Cashtags is a partnership between Twitter and which mobile payment company?

a. Square
b. Stripe
c. Free charge
d. None of the above
Answer  Explanation  Related Ques

ANSWER: Square

As per the partnership between Twitter and mobile payments firm Square has given campaigns the ability to tweet URLs known as $Cashtags to get access to donations. This is a social media strategy to also raise awareness about the campaign message and is being actively used in the US Presidential Elections.

8)   Funding pattern of which government scheme has been changed to 50:50 between centre and states from existing 65:35?

a. Sarva Shiksha Abhiyan
c. Atal Pension Yojana
d. None of the above
Answer  Explanation  Related Ques

ANSWER: Sarva Shiksha Abhiyan

Funding pattern of Sarva Shiksha Abhiyan has changed to 50:50 between Centre and State government from the current 65:35 creating a problem for the future of the programme. Centre has been receiving a barrage of protests from states like Odisha. Fresh funding pattern will be applied from this fiscal by HRD Ministry. Problems SSA will now face include truncation of allotted funds and quality control.

SSA is the flagship programme for UEE(Universalisation of Elementary Education). It addresses the needs of 192 m children in 1.1 m habitations in India. SSA seeks to provide quality elementary education to children aged 6 to 14 years.

9)   Centre has notified which scheme making it mandatory for mining companies to contribute 10 to 30 percent royalty for tribal welfare and other affected persons in mining areas?

a. Prime Minister Jan Dhan Yojana
b. Pradhan Mantri Kaushal Vikas Yojana
c. Pradhan Mantri Khanij Kshetra Kalyan Yojana
d. None of the above
Answer  Explanation  Related Ques

ANSWER: Pradhan Mantri Khanij Kshetra Kalyan Yojana

PM has promised INR 6000 crore for tribal development in areas where mining is carried out.

Each district where mining activity has to be carried out will have to set up a District Mineral Foundation under DM or DC. Foundation will identify persons affected by mining and work undertaken for their welfare. In case of all mining leases executed prior to January 12, 2015, mines will have to pay around 30% of the royalty to DMFs. Where mining leases are granted following January 12 2015, rate of contribution will be 10% of royalty. Close 60% of the funds under PMKKKY have to be used for high priority areas such as schools, primary health care centres, women and child development, drinking water supply , environment preservation and pollution control measures. Around 40% funds can be used for infrastructure projects such as physical infrastructure, irrigation, energy and watershed development and any other measures for enhancing environment quality in mining districts. INR 6,000 crore is the expected amount under this scheme as total royalty for major minerals is INR 20,000 crore.

10)   Aiming to carry forward the Gujarat model of irrigation, a committee has been formed to restructure CWC and CGWB to manage water resources in India. Who is heading the committee and how many members does it have?

a. Mihir Shah and 6 members
b. Mihir Shah and 7 members
c. V. T. Krishnamachari and 6 members
d. V. T. Krishnamachari and 7 members
Answer  Explanation  Related Ques

ANSWER: Mihir Shah and 7 members

As more than 60% of the available water is used for irrigation, the panel will focus on restructuring at river basin and sub basin level to take control of farming sector needs. CWC manages surface water while CGWB manages group water.

Restructuring is the aim due to unpredictable monsoon, climate factors, huge projected demand for water by 2050 and lowered per capital availability of water. Creation of last mile connectivity in the irrigation sector has also been emphasised.

11)   Central Government has launched which scheme on 16th September 2015 to deliver project based urban infrastructure and amenities within rural areas?

a. a. Shyama Prasad Mukherjee Rurban Mission
b. b. Madan Mohan Malviya Rurban Mission
c. c. Mahatma Gandhi Rurban Mission
d. d. None of the above
Answer  Explanation  Related Ques

ANSWER: a. Shyama Prasad Mukherjee Rurban Mission

Central government has launched the Shyama Prasad Rurban Mission (SPMRM) to deliver project based urban infrastructure as well as amenities in rural areas entailing a cost of INR 5000 crore. The scheme has 12 major constituents such as piped water, waste management, education and lighting. In the first phase of the scheme, close to 100 rural clusters will be developed and number of working days under MGNREGA will be increased to 150.

12)   Government has banned which militant outfit for 5 years on 16th September 2015?

c. Nagalim Constituency
d. None of the above
Answer  Explanation 


Government has banned for five years Naga militant outfit NSCN-K, which has been involved in a series of attacks, including the killing of 18 soldiers of the Army in Manipur in June.

The ban on National Socialist Council of Nagaland (NSCN-K) led by S.S. Khaplang has a strength of around 1,000 cadres with several camps across the border.

13)   India exchanged 4 agreements in various fields including medicare facilities with which Asian nation?

a. China
b. Japan
c. Sri Lanka
d. Bangladesh
Answer  Explanation  Related Ques

ANSWER: Sri Lanka

India and Sri Lanka on 15 September 2015 exchanged four agreements in various fields including medicare facilities an aim to ensure peace and stability in the region.

These were exchanged during the visit of PM of Sri Lanka Ranil Wickremesinghe to India from 14 September to 16 September 2015.The Four agreements exchanged between the two sides were as follows:

• Exchange of letters on orbit frequency coordination of satellite for SAARC region
• Exchange of MoU regarding supply of medical equipment to 200 bed ward complex at district hospital, Vavuniya
• Exchange of letters on establishment of emergency ambulance services in Sri Lanka
• Exchange of MoU regarding renewed India’s grant assistance for implementation of SDP

The two sides also discussed issues such as fishermen’s straying in waters of the nations and the Sri Lankan Tamil issue.

14)   Andhra Pradesh Chief Minister C. Naidu released the water of which two rivers to mark their formal linking on 16th September 2015?

a. Godavari and Krishna
b. Cauvery and Krishna
c. Cauvery and Godavari
d. Mahanadi and Godavari
Answer  Explanation  Related Ques

ANSWER: Godavari and Krishna

The linking of the two rivers Krishna and Goavadari will be held near Vijayawada. State of AP has created history through completion of the river linking project for diversion of 80 TMC of water from Godavari to Krishna. Pattieseema lift irrigation scheme on Godavari river in West Godavari district has made it possible to link Krishna basin with Godavari river. Init has 18% of the world’s population and 4% of its water resources. 1869 BCM average annual water availability has been issued by Central Water Commission. 1123 BCM average annual potential of utilisable quantity of water includes 690 BCM of surface water and 433 BCM of ground water. 1180 BCM assessed annual water requirement is stressed by 2050. While annual per capital availability was 6042 cubic meter in 1947, it has fallen to 1816 in 2001 and 1545 by 2011. Annual per capital availability of water is projected to lower to 1340 cubic meter by 2025 and 1140 cubic meter by 2050, according to Ministry of Water Resources.

15)   Which nation declared a state of crisis along its border with Serbia on 15th September 2015, detaining migrants and threatening to prosecute those illegally entering the country?

a. Austria
b. Slovakia
c. Hungary
d. None of the above
Answer  Explanation  Related Ques

ANSWER: Hungary

Hungary has declared a state of crisis across its border with Serbia on 15th September , detaining around 155 migrants and threatening prosecution of illegal migrants. On midnight, 15th September 2015, migrants who tried to break the 109 mile fence along Hungary’s border with Serbia faced the possibility of arrest and criminal charges. Hungary will also set up a transit zone across the border with Serbia only allowing those applying for asylum to enter. Hungary has received 48 asylum applications so far. Hungary will also be extending the fence to border with Romania. This is againts the EU schengen free zone regulations. 28 nation bloc has failed to come up with united immigration policy recently at Brussels.

16)   Indian exports fell for the ninth month in the row in August 2015 by how much to what value, according to the Commerce and Industry Ministry?

a. Fell by 20.7% to USD 21.6 billion
b. Fell by 20.8% to USD 22.6 billion
c. Fell by 20.6% to USD 22.8 billion
d. None of the above.
Answer  Explanation  Related Ques

ANSWER: Fell by 20.7% to USD 21.6 billion

Indian exports fell on account of sluggish global demand and lower commodity prices leading to job loss in sectors which are labour intensive. Contraction in imports despite sharp increase in gold purchases held the trade deficit in check. Data released showed exports fell from USD 21.6 Billion to USD 26.8 billion in 2015 from 2014. Imports declined by 10% to USD 33.7 billion leaving a trade gap of USD 12.4 billion which is lower than the previous month’s USD 12.8 billion. Traditional exports of Indian such as engineering, carpets and leather fell in August by 29%, 12.78% and 22%. Petrol product exports fell by 47.88%. Data released by Commerce and Industry Ministry also showed that gold imports rose to USD 4.9 billion in August however. Decline in imports was led by massive 42% fall in petrol goods and non oil imports grew by 7% to USD 26.38 billion. In the first 5 months of present fiscal(April-August) exports fell 16.17% to USD 111.09 billion and imports declined to USD 168.8 billion by 11.61% resulting in trade deficit of USD 57.5 billion.

17)   Exchange traded funds withdrew the second largest amount in emerging markets after China in which country from August to September?

a. Pakistan
b. Bangladesh
c. Japan
d. India
Answer  Explanation 


Exchange traded funds withdrew USD 1.17 billion from Indian equities from the start of August to the first week of September, as per Bloomberg data. This accounts for one third of total pullout from Indian equities and ETFs have sold stocks worth USD 6.5 billion in emerging markets since August of which nearly 20% were from India. FPIs sold USD 3.1 billion worth of stocks over this period. There is redemption pressure in ETFs. Appetite to own risky assets such as emerging market equities is dying out in the global investment scenario.The values re 17.96 % for total EM and India’s are, total FPI outflow in India was around 3148 while ETF to FPI flow in percentage was 37.34%. From August to September 4, 2015, the total EM EFT outflow was USD 6546.6 million of which the following values were for the following countries:

S. Korea- 580.34
China/HK- 1245.1
S. Africa-315.61
Brazil 414.6

18)   Expert Group constituted by the MHA in December 2014 submitted its report to the ministry on 15th September 2015 according to which it has decided the following:

a. Creation of new Indian Cyber Crime Coordination Centre at INR 500 crore linking NATGRID and CCTNS and branches in states to tackle the menace
b. Amendment in current laws pertaining to cybercrime to make them more relevant to the present environment.
c. Both of the above
d. Neither of the above
Answer  Explanation 

ANSWER: Both of the above

Expert Group has submitted a “Roadmap for Effectively Tackling Cyber Crimes in the Country“ to the Home Minister on Tuesday after examining the international practices on cyber crime prevention. The centre will check attempts by global gangs to penetrate Indian government communication networks and advance application for Social media Analytics to monitor special media platforms in activities pertaining to the government organisations, departments and ministries. Committee also indicated government should reduce dependence on foreign servers and ensure a dedicated secure gateway for all government communication. Separate agency was also proposed for online cyber crime registration. Expert committee has also asked for changes in Evidence Act as per changing environment to prosecute cyber crimes, public awareness campaign, sensitisation of states and setting up of cyber forensic labs in states.

19)   What is sonogenetics?

a. New technique to activate brain, heart, muscle and other cells using ultrasonic sound waves
b. Light based technology to manipulate neurons and other cells in the body
c. Both of the above
d. Neither of the above
Answer  Explanation 

ANSWER: New technique to activate brain, heart, muscle and other cells using ultrasonic sound waves

India American researchers from Salk Institute for Biological Studies in California has developed a new way to activate the brain and other cells of the body using ultrasonic sound waves called sonogenetics which is similar to optogenetics, light based technologies for activating neurons and other cells in the body.This technology will be applied to human therapeutics effectively. So far, sonogenetics has only been applied to C. elegans neurons and researchers want to study if it could work for the mammalian brain.

20)   When was the 2015 International Day for the Preservation of the Ozone layer celebrated by the UN?

a. September 15
b. September 16
c. September 17
d. September 18
Answer  Explanation  Related Ques

ANSWER: September 16

21st International Day for the Preservation of the Ozone layer was celebrated across the world on September 16, 2015. The theme for this year was 30 Years of Healing the Ozone Together. The 2015 slogan was Ozone: All There is Between You and UV. The year 2015 also marks the 30th anniversary of Vienna Convention for Protection of the Ozone Layer. The Vienna Convention was signed on March 22 1985. The Montreal Protocol on Substances that Deplete the Ozone Layer was signed on September 16, 1987 and since then, this day us celebrated as the international dat for preservation of the ozone layer.