Following are the Current Affairs for 6th May 2017:
Below you will find Daily current affairs for 6th May 2017 divided into various categories.
1. Banking Regulation (Amendment) Ordinance, 2017
- The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA and 35AB) after Section 35A of the Banking Regulation Act, 1949 enables the Union Government to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process, where required. The RBI has also been empowered to issue other directions for resolution, and appoint or approve for appointment, authorities or committees to advise banking companies for stressed asset resolution.
- This action of the Union Government will have a direct impact on the effective resolution of stressed assets, particularly in the consortium or multiple banking arrangements, as the RBI will be empowered to intervene in specific cases of resolution of non-performing assets, to bring them to a definite conclusion.
- The Government is committed to the expeditious resolution of stressed assets in the banking system. The recent enactment of Insolvency and Bankruptcy Code (IBC), 2016 has opened up new possibilities for time-bound resolution of stressed assets. The SARFAESI and Debt Recovery Acts have been amended to facilitate recoveries. A comprehensive approach is being adopted for the effective implementation of various schemes for timely resolution of stressed assets.
2. Haryana govt to offer meals at subsidised rates for workers
- The Haryana government has decided to open canteens offering meals at subsidized rates to registered construction workers.
- The scheme will work under the “Antyodaya Anna Yojana” at 23 locations in the state. Besides, mobile food vans would be started at 23 convenient sites with a large number of workers.
- Antyodaya Anna Yojana (AAY) is a Government of India sponsored scheme to provide highly subsidised food to millions of the poorest families.
3. Cabinet approves National Steel Policy 2017
- The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for National Steel Policy (NSP) 2017.
- The new Steel Policy enshrines the long term vision of the Government to give impetus to the steel sector.
- It seeks to enhance domestic steel consumption and ensure high quality steel production and create a technologically advanced and globally competitive steel industry. The NSP 2017 aims to achieve 300 million tonnes of steel-making capacity by 2030.
4. Madhya Pradesh declares Narmada a living entity
- The Madhya Pradesh government has passed a resolution granting river Narmada a living entity status and committed itself to the protection of its legal rights.
- The Narmada, also called the Rewa, is a river in central India and the fifth longest river in the Indian subcontinent.
- A month ago, the Uttarakhand High Court had declared Ganga, Yamuna and their tributaries living entities with the status of a legal person.
Business & Economy
5. India Integrated Transport & Logistics Summit 2017
- Thirty-four MoUs amounting to about Rs 2 lakh crores were signed in the three-day India Integrated Transport and Logistics Summit that was concluded in New Delhi.
- The Summit was attended by around 3000 delegates from India and abroad, which included central and state government organizations, international organizations like World Bank and ADB, delegates, global transport and supply chain experts and representatives of private companies.
- The summit was presided over by Sh. Nitin Gadkari.
6. India’s 1st private small arms manufacturing unit opened
- In order to strengthen Defence ties, India has opened its first private small arms manufacturing plant at Malanpur, Madhya Pradesh in a joint venture with Israel.
- The plant has been set up as a joint venture between Indian Defence conglomerate Punj Lloyd Raksha Systems and Israel Weapons Industries (IWI).
- The plant will manufacture weapons like X95 assault rifle, Galil sniper, Tavor assault rifle, Negev light machine gun and the Ace assault rifle. This is the first opportunity for the country to get its own ‘Made in India’ small arms.
7. Reliance, SAP to launch ‘SARAL GST’ solution for taxpayers
- Reliance Corporate IT Park Ltd. (RCITPL) has signed a Memorandum of Understanding (MoU) with enterprise application software major SAP SE to launch ‘SARAL GST’ solution for taxpayers.
- According to the subsidiary of Reliance Industries, the new offering will enable taxpayers to be GST compliant and smoothly access the government’s GST System.
- GST will be rolled out from July 1, 2017.
8. India breaks into top 100 FIFA rankings
- For the first time in 21 years, the Indian Men’s national football team has made it into the top 100 of the FIFA (International Federation of Association Football) world football rankings. This upward movement is the result of away wins against Myanmar and Cambodia.
- As per the updated rankings on May 4, India, with a total of 331 points, have climbed a spot and are now placed 100th.
- The last time India had been in the top 100 of the rankings was way back in 1996, with the 94th spot in February 1996 being the country’s best ever FIFA ranking.
6th May 2017 Current Affairs & GK Quiz:
After reading the above news, you can also test your knowledge by taking the following Quiz. It contains questions from today’s Current Affairs and some General Knowledge. To visit the 6th May 2017 quiz, just click on the button below.