DAILY GK UPDATE 7TH AUGUST

1.    RBI imposes Rs 5.6 lakh fine on SBI for violation of norms

i. The Reserve Bank on Wednesday said it imposed a fine of about Rs 5.6 lakh on State Bank of India (SBI) for violation of currency chest norms.

ii. "The Reserve Bank of India has imposed a penalty of Rs 5,62,555 on 12th July, 2013 on SBI for violation of the terms of agreement with RBI for opening and maintaining currency chests," the central bank said in a statement.

iii. The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said.

NOTE: i. Last month, the RBI had imposed a penalty of Rs 3 crore on SBI for violating know your customer (KYC)/anti-money laundering norms.

ii. The penal action by RBI was taken after an online portal alleged violation of KYC norms and money laundering by banks and financial institutions.

iii. "After considering the facts of each case...Reserve Bank came to conclusion that some of the violations were substantiated and warranted imposition of monetary penalty..." the central bank had said in a statement.

iv. Cobrapost alleged that the financial sector entities had offered to open bank accounts and lockers for customers without following KYC norms, convert their black money into white and obtain fictitious PAN cards.

v. Those named in the expose include SBI, LIC, Punjab National Bank, Bank of Baroda, Canara Bank, Reliance Life, Tata AIA, Yes Bank, Indian Bank, Indian Overseas Bank, IDBI Bank, Oriental Bank of Commerce, Dena Bank, Corporation Bank, Allahabad Bank, Central Bank of India, Dhanlaxmi Bank, Federal Bank, DCB Bank and Birla Sun Life.

2.    National Food Security Bill 2013 introduced in LS

i. The Government introduced the National Food Security Bill 2013 in the Lok Sabha today. It replaces an Ordinance promulgated earlier.

ii. Moving the Bill, Minister for Food and Public Distribution Prof. K V Thomas said food is a basic right. The bill provides for food andnutritional security in human life cycle by ensuring access to adequate quantity of quality food at affordable prices to people to enable them to lead a dignified life. 

iii. Moving the National Food Security Bill, 2013, which promises to give right to the country’s 80 crore people to get 5 kg of food grains every month at Rs. 1-3 per kg, Mr. Thomas said there is nothing in it against the states.

NOTE: i. The food security bill approved is directed towards giving the right to food to around 67 per cent of India's 120-crore population (including 75% rural and 50% urban).

ii. About 2.43 crore poorest of the poor families covered under the Antyodaya Anna Yojana (AAY) scheme under PDS (Public Distribution System) would continue to get 35 kg of food grains per family per month but with legal entitlement.

iii. In Union Budget 2013-14, Rs 10,000 crore set aside for incremental cost for National Food Security Bill.

iv. The Food Security programme will be the biggest in the world with the government spending estimated at Rs. 1,25,000 crore annually on supply of about 62 million tonnes of rice, wheat and coarse cereals to 67 per cent of the population.

3.    Home ministry against raising FDI cap in print, electronic media

i. Government has not liberalized FDI regime in print and electronic media in view of concerns expressed by the home ministry Parliament was informed on Wednesday. 

ii. "The ministry of home affairs did not agree to liberalizing the FDI caps and/or entry routes in print and electronic media on account of it being a sensitive sector," commerce and industry minister Anand Sharma said in a written reply to the Rajya Sabha. 

iii. He said government has not amended the FDI caps in the sector. 

iv. "The ministry has also raised issues pertaining to 'investments of concerns' and in respect of different categories of investors and investments; source of investments and instruments of investment," he said. 

v. While the government has raised FDI cap to 100 per cent in telecom sector, it has allowed foreign airlines to buy 49 per stake in Indian carriers.

4.    Ministry of Rural Development signed MoU with NGO Pradan for development in Naxal Areas

i. The Ministry of Rural Development on 6 August 2013 signed a Memorandum of Understanding (MoU) with Pradan, a non-governmental organization.

ii. The NGO will serve as a resource and support organisation for the National Rural Livelihood Mission (NRLM), with specially focusing on Naxal-affected districts.

iii. The scheme will be implemented in some of the Naxal-affected districts of Chhattisgarh, Bihar, Jharkhand and Odisha in the first phase.

iv. In the first project, 18000 families will get help through production and marketing of Tasar silk in Bihar, Jharkhand, Odisha, Chhattisgarh and West Bengal in the next three years with a budget of 50 crore rupees.

v. The second project will be Mahila Kisan Sashaktikaran Pariyojana and it will be implemented in Rajasthan, Odisha and MP with a budget of 20 crore rupees. 

Rural development ministry identified three goals in order to help women farmers groups under the Mahila Krishak Sashaktikaran Yojana :

i. Increase their earnings by reducing input costs

ii. Training SHGs by focusing on issues such as sanitation and setting up community kitchens to tackle malnutrition

iii. Putting an end to trafficking of tribal women by providing them with livelihoods.

NOTE: i. NRLM is a programme aimed at reducing poverty by promoting livelihood opportunities for the poor so that their access to financial services could be improved. NRLM presides over 25 lakh women Self Help Groups (SHGs).

ii. It aims at creating nearly 60 lakh SHGs over the next five years. The NSO will support State and Central NRLM missions to guide these SHGs.

5.    Justice Mehta refuses to take charge of Lokayukta despite SC’s clearance

i. In Gujarat, retired justice R A Mehta has refused to take charge of State Lokayukta of Gujarat despite the clearance from the Supreme Court.

ii. In a letter to the Governor Dr.Shrimati Kamala, Mr.Mehta expressed his inability to take the charge due to damage to his credibility and possible non-cooperation by the State Government. 

iii. In his letter, Justice Mehta wrote, the highest courts in the state and in the country have upheld the appointment and repeatedly negated all contentions including that of bias against my appointment as the Lokayukta.

iv. In conclusion, Justice Mehta wrote,"I humbly withdraw my consent for the appointment as the Gujarat Lokayukta and decline to assume the office. Kindly accept my request and relieve me.''

6.    Remembering 'Gurudev' on his 72nd death anniversary

i. Today is the 72nd death anniversary of ‘Kabiguru’ Rabindranath Tagore.

ii. Rabindranath Tagore, sobriquet Gurudev, was a Bengali poet, philosopher, artist, playwright, composer and novelist.

iii. India's first Nobel laureate, Tagore won the 1913 Nobel Prize for Literature.

iv. He composed the text of both India's and Bangladesh's respective national anthems.

v. Tagore travelled widely and was friends with many notable 20th century figures such as William Butler Yeats, H.G. Wells, Ezra Pound, and Albert Einstein.

vi. His body of literature is deeply sympathetic for the poor and upholds universal humanistic values.

vii. His poetry drew from traditional Vaisnava folk lyrics and was often deeply mystical.

viii. For the world he became the voice of India's spiritual heritage; and for India, especially for Bengal, he became a great living institution.

ix. Although Tagore wrote successfully in all literary genres, he was first of all a poet. Among his fifty and odd volumes of poetry are:

i. Manasi (1890) [The Ideal One],

ii.Sonar Tari (1894) [The Golden Boat],

iii.Gitanjali (1910) [Song Offerings],

iv.Gitimalya (1914) [Wreath of Songs], and

v. Balaka (1916) [The Flight of Cranes].

The English renderings of his poetry, includes

i. The Gardener (1913),

ii. Fruit-Gathering (1916), and

iii. The Fugitive (1921).

7.    National Mission on Food Processing

i. To promote the food processing sector in the country, the Government is implementing infrastructure scheme with components for Mega Food Parks,Cold Chain, Value Addition and Preservation Infrastructure and Modernization of Abattoir which could be availed by farmers for maximization of value addition, minimization of wastages and improving their income. 

ii. Government has launched a National Mission on Food Processing (NMFP), anew Centrally Sponsored Scheme during 12th Plan to give further impetus to the food processing sector.

The following schemes are included in the mission: 

(i) Scheme for Technology Up-gradation/ Establishment/ Modernisation of FoodProcessing Industries. 

(ii) Scheme for Cold Chain, Value addition and Preservation Infrastructure for Non Horticultural Products. 

(iii) Scheme for Modernisation of Abattoirs. 

(iv) Scheme for Promotional Activities for (a) Organising Seminar/ Workshops; (b) Conducting Studies/ surveys; (c) Support to Exhibitions / Fairs and (d) Advertisement and Publicity. 

(v) Scheme for Creating Primary Processing Centers / Collection Centers in rural areas. 
(vi) Modernisation of Meat shops. 
(vii) Reefer Vehicles. 
(viii) Old Food Parks. 

8.    Japan Unveiled Its Biggest Warship

i. Japan unveiled “Izumo”,  its biggest warship since World War II amid tensions with China following maritime skirmishes between the two nations over disputed islands.

ii. The ship is nearly 250 meters (820 feet) long, is designed to carry up to 14 helicopters.

iii. Japan said,  that it will be used in national defense, particularly in anti-submarine warfare and border-area surveillance missions — and to bolster the nation’s ability to transport personnel and supplies in response to large-scale natural disasters, like the devastating earthquake and tsunami in 2011.

iv. The Japanese-built carrier can accommodate nine helicopters and is expected toplay a major role in disaster and rescue missions, as well as defending sea lanes and Japanese territory. 

v. The tensions over the islands, along with China’s heavy spending on defense and military modernization, have heightened calls in Japan for beefed-up naval andair forces.

9.    First breast milk bank inaugurated in Kolkata

i. A modern and sophisticated breast milk bank, stated to be the first in India in the public sector, was inaugurated on Wednesday at the premier state-run SSKM hospital by Chief Minister Mamata Banerjee.

ii. "This is a novel scheme to cater to the basic needs of a child who is just born, but does not get the milk from the mother or when the mother dies after giving birth to the child,

iii. The Chief Minister, who also looks after the Health portfolio said, "this is the most modernised and advanced breast milk bank which has been set up with utmost care so that it is infection free and caters to the need of babies who normally do not get mother's milk."

iv. The bank was being funded by the National Health Renewal Mission and equipment procured and the recruitment process done.

v. New born babies suffering from malnutrition would also benefit from it.

      

10.  Union Govt. give nod to 10% stake sale in Indian oil Corporation (IOC)

i. The Union Cabinet has given nod to the proposal to divest 10% government stake in Indian Oil Corporation (IOC).

ii. The move expected to fetch around Rs. 3,750 crore to the exchequer at the current market price. Currently, the government controls 78.92% stake in IOC.

iii. IOC is India’s largest oil refiner and has a market capitalization of Rs. 54,519 crore. 

iv. It posted a net profit of Rs. 5,005 crore in 2012-13, up from Rs. 3,954 crore in 2011-12. IOC sells fuel at below-market prices, for which it is partially compensated by the government.

v. The government has set a disinvestment target through PSU stake sales in the current financial year is Rs. 40,000 crore. So far, it has managed to garner only around R929 crore through stake sale in MMTC, Hindustan Copper and National Fertiliser.