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Current Affairs for IAS Exams – 05 June 2016

:: National ::

PM gets highest civilian honour of Afghanistan

Prime Minister Narendra Modi was conferred with Amir Amanullah Khan Award, Afghanistan’s highest civilian honour.
He was bestowed the honour by President Ashraf Ghani after the inauguration of the landmark Afghan-India Friendship Dam.
During his speech, Mr. Modi invoked Chisht-born Sufi saint Khwaja Moinuddin Chishti who settled down in Ajmer and is venerated by thousands of people visiting his shrine.
PM Modi inaugurated the Rs. 1,700-crore dam in the strategically vital Herat province.
He said it had “not been built by bricks and mortar, but by the faith of our friendship and the valour of Afghans and Indians.”
Resolving to stand by Afghanistan, the Prime Minister said India’s cooperation will extend to “every part” of the war-torn country and that the partnership will benefit every section of Afghan society.
Unfazed by terror attacks on its missions, India will continue to extend cooperation in war-torn Afghanistan, Prime Minister Narendra Modi said

Above normal rainfall in pre-monsoon season

Telangana and coastal Andhra received above normal rainfall during the pre-monsoon season from March to May, raising expectations that the states will receive bountiful monsoon rains.
According to India Meteorological Department, Telangana received 7.6 cm rain averaged over the entire State during the three months, about 24 per cent more than the seasonal normal of 5.6 cm.
Much of this rain was recorded during May with March and April recording lower than normal rainfall.
Similarly, coastal Andhra recorded 13.3 cm against 9.7 cm normal. Rayalseema, like northern Karnataka, received normal rainfall.
Telangana witnessed formation of a low pressure trough lasting nearly three weeks starting end of April.
This upper air trough, according to weather observations made during end of April and May, extended from Vidarbha to coastal Tamil Nadu. Vidarbha, like Telangana, also received excess rainfall.

Gaumukh has retreated by over 3 kilometres since 1817 (Register and Login to read Full News..)

Civil aviation ministry for better costumer benefits (Register and Login to read Full News..)

:: International ::

The eighth edition of the U.S.-China Strategic and Economic Dialogue

China has been a constant factor in the India-U.S. ties, but the delicate balancing act that both countries play in dealing with the Asian giant will be unmistakable when Prime Minister Narendra Modi meets U.S. President Barack Obama.
When Mr. Modi takes off for the U.S., Secretary of State John Kerry will be headed to Beijing for interactions with Chinese State Councilor Yang Jiechi and Vice-Premier Wang Yang.
The eighth edition of the U.S.-China Strategic and Economic Dialogue on June 5-7 will have representatives from 20 U.S. departments and agencies.
The Obama administration is eager to ensure that the lingering tensions between the two countries do not crystallise into a new Cold War.
While tensions repeatedly crop up — last month in Vietnam, Mr. Obama spoke of “big countries trying to bully small neighbours"
The U.S. has roped in China in several international initiatives, the Paris climate conference and the Iranian nuclear deal being the most successful examples.
This week in Beijing, on top of the agenda of the dialogue will be reining in North Korea’s nuclear adventurism.
China and the U.S. cooperated in the UN for stricter sanctions against North Korea, but the U.S. believes China can do more on this front.
Prime Minister Modi also said: “There was an age when the world was divided into two camps. That is not true anymore. Today, the whole world is interdependent."
"Even if you look at the relationship between China and the U.S., there are areas where they have substantial differences but there are also areas where they have worked closely. That’s the new way.”

U.S. Department of State released 2015 report on terrorism (Register and Login to read Full News..)

:: Business and Economy ::

India Post gets the nod for starting payments bank

The government’s objective of achieving 100 per cent financial inclusion got a shot in the arm with the India Post getting the nod for starting payments bank.
The main challenge banks today face in financial inclusion is the lack of last mile connectivity.
With the government’s focus on financial inclusion, it is quite logical to convert India Post to a bank given its strong network pan-India and the huge franchise built over the years.
The move can further aid the financial inclusion objective of the government and the RBI as more people can now potentially have access to a bank.
With more people getting access to a bank, it could improve the efficiency of passing on the government-sponsored benefits to the beneficiary directly through their bank accounts.
It can potentially improve financial literacy levels and also the country’s financial savings.
However, lack of technological upgradation and training of its personnel are likely to slow down the ambitious plans of the government to create the largest bank in the world in terms of accessibility.
The new entity would be known as India Post Payments Bank (IPPB), a public limited company under the Department of Posts, with 100 per cent Government of India equity.
As per the guidelines issued by the Reserve Bank of India (RBI), payments banks can accept deposits of up to Rs.1 lakh and sell insurance and mutual fund products.
Many multinational financial institutions had already evinced interest to join hands with India Post, which shows its acceptance worldwide.
The business correspondents model has not worked well and banks simply do not have the kind of presence required to target the vast unbanked population in the rural areas and even urban poor.
However, India Post with its vast network of more than 1.5 lakh offices, 90 per cent of which are in rural areas, can aid in financial inclusion.
This should be compared with about 1.05 lakh branches of all the banks in the country.
Further India Post is a significant player in the domestic remittance business with experience in managing small savings deposits.
However, the staff need extensive training in handling these products - especially insurance and pension products - as they are different from the current financial products in India Post’s portfolio.
The government may spend Rs. 400 crore on the proposal with Rs. 400 crore more coming from equity.

IMF clears bailout package for Sri Lanka (Register and Login to read Full News..)

:: Sports ::

Greatest boxer Muhammad Ali passes away

Muhammad Ali — who died on Friday in Arizona at age 74 — was one of the iconic sporting heroes of the 20th century, the three-time heavyweight champion of the world who said he could “float like a butterfly, sting like a bee.”
Ali, who came of age amid the turmoil of the civil rights movement and the Vietnam War, dazzled the boxing world as a youngster with his speed, never before seen in his weight class.
He also rattled the established order with an equally quick wit and colourful personality that lifted him into the realm of super-stardom and ushered in the age of globally televised multi-million-dollar fights.
The legendary fighter spent his last years ravaged by Parkinson’s disease but never retreated from public view. Instead he added a crusade against the illness to the list of battles of his extraordinary life.