Important Current Affairs 29th July 2016

Axis Bank Ties up with LIC

1. Axis Bank has signed an agreement with Life Insurance Corp to distribute policies of the LIC.
2. This is the largest bancassurance partnership after the insurance regulator allowed banks to sell policies of more than one company.
3. Axis Bank already had a distribution arrangement with Max Life Insurance.
4. Bancassurance is a model where the insurance company join hands with a bank to sell its products.

SBI Partners with Oracle

1. SBI & tech giant Oracle have come together for corporate India’s largest volunteering programme to bring ‘digital fluency’ among underprivileged school students.
2. Under the programme- D-Change  both the organisations will deploy resources to train students in the basics of using information & technology.
3. The program will focus on three key areas of education, women empowerment & rural upliftment.

Cognizant Acquires Idea Couture

1. U.S.-based IT services major Cognizant has announced the acquisition of Toronto-based digital innovation & design company, Idea Couture.
2. The acquisition aims to boost its digital technologies offering.
3. Idea Couture specialises in designing and prototyping products, services & business models .
4. Its customers include companies like Samsung,PepsiCo, Cox, Citi Ventures, Kroger among others.

Govt Recasts Air India’s Bailout Package

1. The finance ministry has approved a proposal of Air India Ltd to recast a government-approved bailout package.
2. The proposal is aimed at saving the airline almost Rs.1,500 crore every year in interest costs.
3. The finance ministry has now cleared a proposal that will allow Air India to take a part of the Rs.3,000 crore in the form of a grant.
4. Air India has Rs.50,000 crore of debt.

Sunil Munjal steps down as Hero joint MD

1. Hero Moto Corp Ltd has announced Sunil Kant Munjal will step down from the board of the company.
2. He will resign from the position of as Joint Managing Director on August 16.
3. Sunil Kant Munjal will focus on some of the other group businesses including Hero Corporate Service & its allied companies as the Chairman.
4. Hero Moto Corp Ltd is the world’s largest two-wheeler manufacturer.

BRICS Employment Working Meet Concludes

1. The first meeting of BRICS working group on Labour and Employment concluded in Hyderabad.
2. A consensus was arrived at the meeting to include social security & inclusive growth in the draft declaration to be made later this year.
3. The two-day meeting discussed several aspects of strengthening BRICS.
4. It is a prelude to the BRICS Labour & Employment Ministerial Meeting scheduled on Sept 27-28 at Agra.

IOC to Launch Olympic Channel on Aug 21

1. The International Olympic Committee will launch the Olympic Channel on Aug 21st.
2. The IOC President Thomas Bach said the launch of the channel will connect the worldwide audience with the Olympic Movement.
3. Fans will be able to follow sports,athletes & the stories behind the Olympic Games.
4. The Olympic Channel will first be offered in English with an option of subtitles in nine different languages.

4 to be Inducted into ICC Hall of Fame

1. Sri Lankan spin legend Muttiah Muralitharan along with 3 others will be inducted into the International Cricket Council’s Hall of Fame later this year.
2. The ICC has announced that Muralitharan, Karen Rolton, Arthur Morris & George Lohmann will be inducted.
3. Muralitharan becomes the first Sri Lankan player to be inducted.
4. The 4 iconic cricketers were voted by the ICC Cricket Hall of Famers.

World Hepatitis Day Observed

1. World Hepatitis Day is observed on July 28 every year, aims to raise global awareness of hepatitis.
2. Hepatitis affects hundreds of millions of people worldwide, causing acute & chronic disease.
3. The theme 2016 is ‘Elimination’. 2016 is a pivotal year for viral hepatitis.
4. There are five types of Hepatitis Viruses: Hepatitis A, B, C, D, and E; All Hepatitis virus cause liver disease.

29-July: International Tiger Day

1. International Tiger Day is held annualy on July 29 to give worldwide attention to the reservation of tigers.
2. It was founded in 2010 at the St. Petersburg Tiger Summit, with the aim to double the big cat population by 2022.
3. The goal of Tiger Day is to promote the protection a& expansion of the wilde tigers habitats.
4. India leads tiger population countries with an estimated population of 2,226.

India Sign Deal to buy Poseidon Aircraft

1. India has signed a one-billion dollar deal with Boeing for procuring four long-range maritime surveillance & anti-submarine warfare aircraft, Poseidon-8I.
2. The acquisition will be enhancement of the Indian Navy as the country has been building up its naval surveillance capabilities.
3. The contract is a follow-on order to eight P-81 planes already bought by India in a direct deal with the firm.

Compensatory Afforestation Bill Passed

1. The Parliament has passed the Compensatory Afforestation Fund Bill, 2016 with the Rajya Sabha’s approval.
2. The bill provides for establishment of funds at the Centre & state levels for compensatory afforestation.
3. Under the bill, states will get 42 thousand crore rupees for afforestation & related activities.
4. It also has a provision for setting up of authorities,both at the national & state levels.

Centre nod for AIIMS in Bathinda

1. The Union cabinet has given its nod to setting up a new All India Institute of Medical Sciences (AIIMS) at Bathinda in Punjab.
2. It will provide super-specialty healthcare to the people and create a large pool of doctors.
3. The cost of the project will be Rs 925 crore.
4. It will be established under the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) & have a capacity of 750 beds.

Govt Form Disha to Coordinate Schemes

1. The Centre has announced the formation of District Development Coordination & Monitoring Committee, (DDCMC) to be named Disha.
2. It will be form for effective coordination of govt’s programme.
3. Disha will monitor the implementation of 28 schemes of Ministry of Rural Development & other Ministries.
4. The main purpose of the committee is to coordinate with Central & State & local Panchayat Govts.

4 New Writers get ‘Navlekhan’ Award

1. Four new writers got Bharatiya Jnanpith’s 11th Navlekhan award for the year 2015.
2. Amlendu Tiwari & Balram Kawant were awarded for their novels ‘Parityakt’, & ‘Sara Morila.
3. Om Naagar & Tasneem Khan were awarded for their non-fictions ‘Nib Ke Chire Se’ & ‘Yeh Mere Rahnuma’ respectively.
4. The awardees were chosen by a selection panel headed by senior writer and journalist Madhusudan Anand.

Naidu Launches ‘Mission Harita Andhra’

1. Chief Minister N Chandrababu Naidu has launched ‘Mission Harita Andhra Pradesh’.
2. The objective of the mission is to increase the green cover in the state to 50 per cent by the year 2029.
3. Andhra currently has 23 per cent green cover (forest area) & another 3 per cent non-forest, besides 13 lakh hectares of degraded forest.
4. The state government would also establish a tree bank.

Pulitzer Winning Writer James Alan Dies

1. McPherson, the first African-American to win the Pulitzer Prize for fiction, has died.
2. He was awarded the Pulitzer in 1978 for his book “Elbow Room.”
3. His other works included the story collection “Hue and Cry” & the memoir “Crabcakes.
4. In 1981 he was named a MacArthur Fellow & in 1995 he was inducted into the American Academy of Arts & Sciences.
5. He was also a recipient of a Guggenheim Fellowship.

Rudd Withdraw Candidacy for Top U.N. Job

1. Former Australian PM Kevin Rudd has withdrawn his candidacy to be the next U.N. Secretary-General.
2. He withdrew his candidacy after current PM Malcolm Turnbull declared him unfit for the job.
3. Rudd was prime minister twice during six years of Labor party strife from 2007 to 2013.
4. The top U.N. job  usually rotates geographically & Eastern Europe is the only region not to have held it yet.

Indian-American Girl Youngest Delegate

1. An 18-year old Indian-American girl has become the youngest delegate at the Democratic National Convention which has nominated Hillary Clinton as the party’s presidential candidate.
2. Sruthi Palaniappan from Cedar Rapids & a student of the Harvard University is a big supporter of Clinton.
3. Her father Palaniappan Andiappan is also attending the convention as a member of credentials committee.

Barnier Appointed as Brexit Negotiator

1. Former French Foreign Minister Michel Barnier has been appointed by the European Commission to negotiate with Britain over Brexit.
2. Mr Barnier was European commissioner for financial services between 2010 and 2014 & had  spearheaded the overhaul of EU banking laws
3. He will take up his post on 1 October.
4. Negotiations will only begin when Article 50 is triggered.