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PIONEER CURRENT AFFAIRS

PIONEER CURRENT AFFAIRS

  1. Judoka Silva wins first gold for host country Brazil: Rio Olympics

Judoka Rafaela Silva on 9 August 2016 won the women’s 57kh judo gold at Rio Olympics. With this, she also won the first gold for the host country Brazil at the Olympic Games Rio 2016.

Silva’s win was extra special as she grew up in host city Rio de Janeiro and blossomed to become an Olympic champion despite the tough conditions of her native City of God favela.

Japan’s Shohei Ono restored the pride of Judo’s birth country by winning first Gold in 73kg category. Ono ended an anxious wait for a Japanese men’s team that had not claimed Olympic gold since 2008 in Beijing.

Ono’s victory also ended Japan’s sequence of five judo bronze medals in Rio. Japan won just one gold medal in judo at the London Games.

Other awards of Judo includes

Women

  • Silver: Sumiya Dorjsuren from Mongolia. With this, Dorjsuren also became the first Mongolian women to win an Olympic judo medal.
  • Bronze: Kaori Matsumoto from Japan and Telma Monteiro from Portugal.

Men

  • Silver: Rustam Orujov of Azerbaijan.
  • Bronze: Dirk Van Tichelt from Belgium and Lasha Shavdatuashvili from Georgia.
  1. Rajeev Krishnan appointed as Managing Director of Max Hypermarkets India.

Rajeev Krishnan was on 9 August 2016 appointed as the Managing Director of Max Hypermarkets in India with effect from 1 August 2016. Krishnan succeeds Viney Singh, outgoing Managing Director.

However, Singh will continue to be on the Board of the company as a Non-Executive Director.

As managing director, Krishnan will guide and direct the strategy and execution of the Hypermarket & Supermarket business of the SPAR brand in India, and will report to the board of Max Hypermarket, a franchisee of SPAR India.

About Rajeev Krishnan

  • Prior to this appointment, Krishnan was the senior advisor for Mckinsey’s retail and consumer practices.
  • He also worked with Bharti Retail, part of the Bharti Wal-Mart joint venture in India, as an executive vice president and business head of retail operations.
  • Krishnan has over 29 years of global experience with retail and consumer background at Target, Wal-Mart & Mckinsey & Company.
  • Before Bharti Retail, he was the group VP at Target Corporation in the US and spent 18 years with them.
  1. Rajya Sabha passes Enforcement of Security Interest and Recovery of Debts Laws Amendment Bill, 2016

Rajya Sabha on 9 August 2016 passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016. The bill seeks to amend four laws namely

  • Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI)
  • Recovery of Debts due to Banks and Financial Institutions Act, 1993 (RDDBFI)
  • Indian Stamp Act, 1899
  • Depositories Act, 1996

The bill aims to improve ease of doing business and facilitate investment leading to higher economic growth and development.

Earlier, the Bill was passed by Lok Sabha in first week of August. With this passage at both the houses, it will be sent to the President for his assent.

Features of the Bill

Amendments to the SARFAESI Act:

  • The bill asks the District Magistrate (DM) to take possession over collateral, against which a loan had been provided, upon a default in repayment, within 30 days.
  • It empowers the DM to assist banks in taking over the management of a company, in case the company is unable to repay loans. This will be done in case the banks convert their outstanding debt into equity shares, and consequently hold a stake of 51%percent or more in the company.
  • It creates a central database to integrate records of property registered under various registration systems with this central registry. This includes integration of registrations made under Companies Act, 2013, Registration Act, 1908 and Motor Vehicles Act, 1988.
  • It says that the secured creditors will not be able to take possession over the collateral unless it is registered with the central registry. Further, these creditors, after registration of security interest, will have priority over others in repayment of dues.
  • It empowers the Reserve Bank of India (RBI) to penalise a company of it fails to comply with any directions issued by it.
  • It also provides that stamp duty will not be charged on transactions undertaken for transfer of financial assets in favour of asset reconstruction companies. Financial assets include loans and collaterals.

Amendments to the RDDBFI Act:

  • The Bill increases the retirement age of Presiding Officers of Debt Recovery Tribunals from 62 years to 65 years.
  • It also increases the retirement age of Chairpersons of Appellate Tribunals from 65 years to 67 years.
  • It makes Presiding Officers and Chairpersons eligible for reappointment to their positions.
  • It allows banks to file cases in tribunals having jurisdiction over the area of bank branch where the debt is pending.
  • It states that under certain procedures will be undertaken in electronic form.
  • It provides details of procedures that the tribunals will follow in case of debt recovery proceedings.
  1. Pawan Munjal reappointed CMD and CEO of Hero MotoCorp.

The Board of Directors at Hero MotoCorp on 9 August 2016 reappointed Pawan Munjal as the Chairman, Managing Director (CMD) and Chief Executive Officer (CEO) of the company for a period of five years.

The reappointment will be effective from 1 October 2016.

Pawan’s current tenure comes to an end on 30 September 2016.

On the other hand, Hero MotoCorp appointed Vikram Kasbekar – Head of Operations & Supply Chain – to the Board of Directors of the company.

About Pawan Munjal

  • Pawan Munjal joined Hero Honda Motors in the early 1980s as Director.
  • He took over as Managing Director of Hero Honda Motors 2002.
  • He has successfully overseen the company’s successful transition from Hero Honda to Hero Motocorp in 2011.
  1. Dinesh Kumar Khara appointed Managing Director of State Bank of India.

Dinesh Kumar Khara on 9 August 2016 was appointed Managing Director (MD) of State Bank of India (SBI).

The Appointments Committee of Cabinet (ACC) has appointed Khara for a period of three years, extendable by two years after review of his performance.

At present, Khara is working as MD and Chief Executive Officer of SBI Funds Management Pvt Ltd.

On the other hand, Ashok Kumar Garg and Raj Kamal Verma have been appointed as Executive Director (ED) of Bank of Baroda and Union Bank of India respectively. Gopal Murli Bhagat and Himanshu Joshi have been appointed as ED of Corporation Bank and Oriental Bank of Commerce respectively.

About State Bank of India

  • State Bank of India is an Indian multinational, public sector banking and financial services company.
  • It is a government-owned corporation.
  • Its headquarters is located in Mumbai, Maharashtra.
  • As of 2014-15, it had assets of 310 billion US dollar.
  • It is ranked 232nd on the Fortune Global 500 list of the world’s biggest corporations as of 2016.
  • It is one of the Big Four banks of India, along with ICICI Bank, Bank of Baroda and Punjab National Bank.
  • SBI’s roots lie in the first decade of the 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay, incorporated on 15 April 1840, and the Bank of Madras, which was incorporated on 1 July 1843.
  • The Presidency banks merged on 27 January 1921, and the re-organised banking entity took as its name Imperial Bank of India.
  • On 1 July 1955, the Imperial Bank of India became the State Bank of India.

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