GK Update 13 July 2016

1. INS Karna commissioned by Navy chief

i. Indian Navy has commissioned INS Karna, an independent base of Marine Commandos (MARCOS) at Bheemunipatanam Naval Base, Visakhapatnam, Andhra Pradesh.
ii. It was commissioned by Chief of Naval Staff Admiral Sunil Lanba at the commissioning ceremony held at Bheemunipatanam Naval Base.
iii. The Marine Commando Force (MCF) was raised as the Indian Marine Special Force (IMSF) in February 1987 at INS Abhimanyu in Mumbai, Maharashtra.

2. Najma Heptulla, G M Siddeswara quit Modi Cabinet

i. Union ministers Najma Heptulla and GM Siddeshwara resigned.
ii. Dr Heptulla, the Minority Affairs Minister, was replaced by Minister of State Mukhtar Abbas Naqvi, who has been given independent charge. The portfolio held by Mr. Siddeshwara - junior minister for Heavy Industries - will be taken over by Babul Supriyo, who was the junior minister for Urban Development.

3. SBI signs MoU with IIT Bombay to promote startups

i. India’s top public sector bank, State Bank of India (SBI), has signed a memorandum of understanding (MoU) with the Indian Institute of Technology Society for Innovation and Entrepreneurship (SINE), (IIT) Bombay’s technology business incubator, to promote innovation by startups in the financial sector.
ii. As per the MoU, both the parties will identify FinTech startups that have products or applications to cater to the financial sector and can help SBI explore opportunities to enhance the synergy for their banking services.
iii. SBI will provide a platform for testing/ piloting such products/applications and maybe also check for any specific business linkages. This MoU also aims to help evaluate startups operating out of SINE or those being promoted by SINE for early stage funding within the bank’s norms.

4. Bangladesh, India sign Rampal power plant construction agreement

i. Bangladesh and India have signed a landmark deal for the construction of a 1,320-megawatt coal-fired power plant, the biggest project under bilateral cooperation that would mark the transition from electricity export to generation level.
ii. Bangladesh-India Friendship Power Company (Pvt) Limited (BIFPCL), the joint venture enterprise inked the deal with Bharat Heavy ElectricalsBSE 3.62 % Limited (BHEL), which was selected under an open international tender for constructing the super thermal plant at Bangladesh's southwestern Rampal near the Sundarbans. India's Exim Bank will provide $1.49 billion for the project, scheduled to start generating power in 2019. 

5. Pokhara-New Delhi direct bus service launched

i. The first direct bus service between Pokhara (Nepal) and New Delhi (India) was launched to connect South Asia’s two important cities. This bus service was flagged off by Nepal Home Minister Shakti Bahadur Basnet and India’s ambassador to Nepal Ranjit Rae from Pokhara (Nepal’s famous tourist spot).
ii. The bus service was launched as per the Motor Vehicle Agreement (MVA) signed between both countries. The agreement was signed during Prime Minister Narendra Modi’s Nepal visit in 2014.
iii. The new bus service between Pokhara and New Delhi was proposed by the Uttar Pradesh State Road transport Corporation (UPSRTC) as per decision taken in MVA.

6. K V R Murthy new CMD of Jute Corporation

i. K V R Murthy has taken over as chairman-cum-managing director of the Jute Corporation of India Limited from July 2.
ii. His appointment is for a period of five years or till the date of his superannuation
iii. The Jute Corporation of India Ltd. (JCI) is based in Kolkata, is an agency of the government of India that assists jute cultivators in states where this crop is grown, providing minimum price support.

7. SRK, Akshay join Taylor Swift in Forbes highest paid celebrity list

i. Bollywood stars Shahrukh Khan and Akshay Kumar were the only Indian celebrities to make way for the Forbes list of world’s highest paid celebrity.
ii.  With annual earnings of 33 Million dollars, Fan’s star Shahrukh Khan successfully bagged the 86th position on the list. On the other hand,  Akshay Kumar was placed on 94th position with making about 31.5 million dollars in a year.
iii. Musician Taylor Swift with $170 million in her earning bag seized the top spot on the list.
iv. Football star Cristiano Ronaldo sparked in the Forbes list after claiming Euro cup title for Portugal under his captainship and got 5th rank in the list with earnings of 88 Million dollars.

8. William H McNeill, prize-winning world historian, died at 98

i. William H McNeill, the prize-winning scholar who wove the stories of civilizations worldwide into the landmark “The Rise of the West” and helped pioneer the history of disease and epidemics in “Plagues and People,” has died at age 98.
ii. McNeill wrote more than a dozen books, notably “The Rise of the West,” published in 1963 and greeted by The New York Times as “the most stimulating and fascinating” work of world history ever released.
iii. It won the National Book Award, sold well despite exceeding 800 pages and later was ranked No. 71 by the Modern Library among the 20th century’s best English-language nonfiction books.

9. IDFC Bank acquires Grama Vidiyal

i. IDFC Bank has announced it had acquired Tamil Nadu-headquartered microfinance institution Grama Vidiyal in an all-cash deal.
ii. The company did not disclose the deal size.
iii. The acquisition gives IDFC Bank access to Grama Vidiyal’s 12 lakh customers across seven States, besides giving it 319 branches across 65 districts in these States. The bank has obtained in-principle approval from the Reserve Bank of India for the deal.

10. HDFC to sell masala bonds 

i. Housing Development Finance Corp (HDFC) is set to become the first Indian company to sell masala bonds, a rupee-denominated bond sold to foreign investors and listed on an overseas exchange.
ii. It plans to raise as much as Rs 3,000 crore.
iii. These bonds will bear a fixed coupon and will have a incumbency period of 3 years and 1 month.
iv. The company has named Axis Bank, Credit Suisse and Nomura as joint venture runners and lead managers to the event.

11. Cabinet approves stake sale in NBCC India

i. The Centre has cleared a proposal to sell its stake in state-owned construction company NBCC India with an aim to meet the Rs. 56,500-crore PSU disinvestment target in 2016-17.
ii. At present, the government holds 90 % in the company, which has a market capitalisation of Rs.14,274 crore.
iii. Earlier, in May this year, shareholders had approved stock split to facilitate the FPO under the government’s disinvestment programme. The company has split its share of Rs. 10 each into five with a face value of Rs. 2 each. The Centre will have to divest at least 15 % to meet SEBI’s public listing requirements.

12. ICC has released Test, ODI, and T20I Rankings

i. The International Cricket Council (ICC) has released the official ICC men’s Team Rankings from Test, One Day International (ODI) and T20I cricket.
ii. India held the second position in the latest ICC Test rankings with
112 rating points followed by Pakistan and England. Australia leads the Test rankings with 118 rating.
iii. Top 3 teams in ICC ODI Rankings: 1. Australia  2. New Zealand  3. India
iv. Top 3 teams in ICC T20 Rankings: 1. New Zealand  2. India  3. West Indies
v. Top 4 teams in Women’s Rankings: 1. Australia  2. England   3. New Zealand  4. India 

I hope you like this, so kindly comment below the post and do share your response. Thanks for reading :)