Daily GK Update 18th-19th June 2017

AIIB approves membership of Argentina, Madagascar, Tonga 

i. The China-led Asian Infrastructure Investment Bank (AIIB) has approved the membership of Argentina, Madagascar, and Tonga at its second annual meeting of Governors. The AIIB’s Board of Governors adopted resolutions approving the three applicants to join the bank at the second annual meeting, which kicked off earlier in the day in South Korea’s southern resort island of Jeju. 

ii. The first meeting was held in Beijing in 2016. The approved applicants included one regional prospective member of Tonga and two non-regional members of Argentina and Madagascar. 

Important Takeaways-

• Asian Infrastructure Investment Bank (AIIB) headquarters in Beijing, China.
• Mr. Jin Liqun is the President of AIIB.

World’s second biggest celebrations of International Yoga Day to be held in China after India 

i. In China, ahead of the third UN International Day of Yoga, thousands of Chinese would participate in scores of events organized across the country. As per the official report, it will the second biggest yoga day celebration in the world after India. 

ii. However, yoga has become immensely popular over the years in China vying with ancient indigenous physical fitness martial art form Tai Chi. China also backed India’s move in the UN to make June 21 as International Yoga Day, giving a fillip to hundreds of yoga clubs and organizations.

Static Takeaways- 

• The capital of China is  Beijing and its Currency is Renminbi.
• The President of China is Xi Jinping.
• UN International Day of Yoga is celebrated on 21st of June.

All you need to know about Arun Jaitely’s four days visit to South Korea 

i. The Union Minister of Finance, Defence and Corporate Affairs, Shri Arun Jaitley was on a four-day official visit (14th to 17th June) to Republic of Korea (ROK) and participated in the India-Korea Strategic Economic Dialogue and the 2nd Annual Meeting of Board of Governors of Asia Infrastructure Investment Bank (AIIB).

The Key Points of the visit are-

1. China-led Asian Infrastructure Investment Bank has approved USD 150 million equity investment loan to the India Infrastructure Fund. It is the bank's first such loan to fund private projects.

2. India, South Korea agree to increase investment to push infrastructure, bilateral trade

The two countries have signed agreements to establish 9 billion US dollar in concessional credit and 1 billion dollars in Official Development Assistant, ODA funding for infrastructure development projects in India. With this, Republic of Korea became one of the first non-G-7 countries to become an ODA contributor in India.

3. India-Korea Financial Dialogue in Seoul

Both sides agreed that in the face of uncertainty and the risk of rising protectionism, there was a need for the two countries to increase efforts to stimulate investment flows, support for infrastructure development, and bilateral trade among others. The dialogue was followed by the signing ceremony of Economic Development Cooperation Fund (EDCF) agreement between India and South Korea and thereafter, an MOU was signed between EXIM Bank of India and South Korea’s KEXIM Bank.

4. 2nd Annual Meeting of Board of Governors of the AIIB

The second annual meeting of the AIIB was held on June 16, 2017, in South Korea’s Jeju Island. The theme of this year’s annual meeting was “Sustainable Infrastructure”. During this second annual meeting of governors, AIIB approved the membership of Argentina, Madagascar, and Tonga.

5. India to host 2018 AIIB Annual Meeting

The Board of Governors of the AIIB announced that the Bank’s third Annual Meeting of the Board of Governors will be held in Mumbai, India in June 2018.

About AIIB in Brief-

• Asian Infrastructure Investment Bank (AIIB) is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia.
• AIIB headquarters in Beijing, China.
• Mr. Jin Liqun is the current President of AIIB.
• AIIB commenced its operation in January 2016 and has now grown to 80 approved members from around the world.

Government sets up GST facilitation cell in DIPP 

i. The government has set up a GST facilitation cell in Department of Industrial Policy and Promotion (DIPP) to facilitate the rollout of Goods and Services Tax. The cell is headed by Economic Advisor Sudhansu Sekhar Das.

ii. The cell will remain in constant touch with major industry and business associations relating to the Department. It will be the first point of contact for addressing any issue being faced by any sector related to the Department.

Important Takeaways-

• DIPP comes under the Government of India- Ministry Of Commerce & Industry.
• Smt. Nirmala Sitharaman is the Minister of State for Commerce and Industry (Independent Charge).
• The Department of Industrial Policy & Promotion was established in 1995 and has been reconstituted in the year 2000.

Atal Pension Yojana (APY) can now be subscribed digitally 

i. Pension Fund Regulatory and Development Authority (PFRDA) has now introduced “APY@eNPS” which involves a complete digital enrolment process.
ii. This is the latest in the series of various initiatives taken by PFRDA for expansion of outreach of Atal Pension Yojana (APY), to give the additional push to cover the as yet unreached population with greater ease. PFRDA has conducted meetings with Banks and Dept of Post at Kolkata, Bengaluru & Mumbai respectively for the earliest roll out of the facility call.

Important Takeaways from above News:

• National Pension System (NPS) which is administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA) created by an Act of Parliament. 
• PFRDA is authorized by Ministry of Finance, Department of Financial Services.
• The Headquarter of PFRDA is in New Delhi.

RBI initiates Prompt Corrective Action against Bank of Maharashtra as NPA mounts 

i. The Reserve Bank of India has initiated prompt corrective action (PCA) on Bank of Maharashtra placing a restriction on the banking activities. This RBI has said that the action is taken on the bank in view of the high level of bad loans.
ii. This is the sixth bank to be placed under PCA by the RBI and of this five banks were placed under PCA in the last three months. RBI has initiated PCA on Central Bank of India, IDBI Bank, UCO Bank, Dena Bank and Indian Overseas Bank. The move will restrict the bank from announcing the dividend, opening branches, hiring and giving loans to companies rated below investment grade.

Banking Takeaways-

• The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
• RBI was nationalized in 1949.
• R. P. Marathe is the Managing Director & CEO of Bank of Maharashtra.
• The Head Office of BoM is in Pune, Maharashtra.

 SBI, Tirumala Milk Products tie up for providing loans to dairy farmers

i. State Bank of India has entered into a tie-up with Tirumala Milk Products, a South- based company which was acquired by Groupe Lactalis in 2014, to provide loans to dairy farmers who supply milk to the latter.

ii. France-based Groupe Lactalis, which also acquired Indore-based Anik Dairy in 2016, wants to double the number of dairy farmers under its fold to three lakh and ramp up the amount of milk it procures daily to 25 lakh litres by 2020 from 14 lakh litres now.

Important Takeaways from above News:

• 01st April 2017 was the record date in India as the merger of State Bank of India took place (SBI) with five of its associate banks and Bhartiya Mahila Bank. 
• State Bank of India has entered the league of 'Top 50 Global Banks' with a balance sheet size of Rs. 41 trillion.
• SBI was earlier placed at 54th rank globally but after the merging, it moved to the 44th position making it in the top 50 leading banks globally.
• The total customer base of the bank reaches 37 crores with a branch network of around 24,000 and nearly 59,000 ATMs across the country.

Connaught Place is ninth most expensive office market in world, Mumbai lags 

i. Connaught Place in the national capital is the most expensive prime office market in India and the ninth most expensive office market in the world, with an occupancy cost of $153.89 per square feet, according to the bi-annual Global Prime Office Occupancy Costs survey of US-based CBRE.

ii. Acc. to the survey, Mumbai’s Bandra Kurla Complex (BKC) moved one place up from nineteen to 20 while the CBD of Nariman Point ranked thirty-third on the list of the top 50 most expensive office markets around the world.

iii. Hong Kong (Central) became the world’s highest-priced office market with an occupancy cost of $302.51 per sq ft per annum. Asia continues to dominate the list of the world’s most expensive office locations, accounting for seven of the top ten markets, according to the survey.

Important Takeaways from Above News-

• In 1994, CBRE was the first international real estate services firm to set up an office in India.

Govt ropes in Amitabh Bachchan to promote GST 

i. The government has roped in Bollywood megastar Amitabh Bachchan to promote Goods and Services Tax (GST), ahead of the sweeping tax reform’s implementation scheduled from July 1.

ii. The Central Board of Excise and Customs (CBEC) will be making the 74-year-old Bachchan brand ambassador for GST. The megastar has been roped in just as the rollout of the biggest tax overhaul since independence entered its final phase. Ace badminton star PV Sindhu was previously the GST ambassador.

Important Takeaways from Above News-

• GST Council is Headed by Finance Minister of India Arun Jaitley.

DGCA suspends Air Carnival’s flying permit

i. The Directorate General of Civil Aviation (DGCA) has suspended the flying licence of Coimbatore-based carrier Air Carnival, which has not operated a single flight since early April.

ii. With this, Air Carnival has become the third regional carrier, after Air Pegasus and Air Costa, whose air operator permit has been suspended by DGCA in the last eight months. The DGCA has suspended Air Operator Permit (AOP) of Air Carnival after it failed to satisfy the regulator in its response to the show-cause notice.

Important Takeaways from above News:

• DGCA is the regulatory body governing the safety aspects of civil aviation in India. 
• Pusapati Ashok Gajapathi Raju is the Union Minister for Civil Aviation. 

Kidambi Srikanth lifts Indonesia Open

i. India’s Kidambi Srikanth has lifted the Indonesia Open Super Series badminton title by defeating Japanese qualifier Kazumasa Sakai in straight games 21-11, 21-19 in the Men’s Singles final at Jakarta, Indonesia.
ii. For World No.22 Srikanth, it is his third Super Series title. He had earlier won the 2014 China Open and 2015 India Open.

Important Takeaways from Above News-

• Jakarta is the capital of Indonesia.
• Joko Widodo is the President of Indonesia.

‘Harry Potter’ Actor Sam Beazley Dies At The Age Of 101

i. Actor Sam Beazley, who played Professor Everard in Harry Potter and the Order of the Phoenix, has passed away at the age of 101.

ii. Beazley began his professional acting career as a teenager in 1930s and featured in films like Hamlet, and Romeo and Juliet.