Daily Update On Current Affairs – May 07, 2017

current affairs

Here’s your daily summary of Current Affairs.

Punjab Government Makes Aadhar Cards Mandatory For All Financial Assistance Schemes

Punjab Government has made Aadhaar Cards mandatory replacing Ration Cards for all Financial Assistance schemes to ensure that only genuine people get the benefits of pension and other schemes. Giving this information at Chandigarh, a government spokesperson said that the step has been taken by the Chief Minister Captain Amarinder Singh to ensure that only genuine people get the benefits. He said that the Chief Minister has also directed the Department of Social Security and Women & Child Development to undertake a survey of the existing beneficiaries of various schemes. The existing pensioners, however, will continue to get the pension benefits till the lists are reviewed.

Indian Origin Scientists Elected Fellows Of UK Royal Society

Three Indian Scientist have been elected as the Fellows of The Royal Society, a premier scientific academy of the United Kingdom and the Commonwealth, for their “outstanding contributions to science”. Eminent scientists, engineers and technologists from or living and working in the UK and the Commonwealth are elected every year as the Fellows of The Royal Society. 
i. Krishna Chatterjee from Cambridge University has been recognised for his discoveries of genetic disorders of thyroid gland formation, regulation of hormone synthesis and hormone action. He was responsible for the development of Clinical Research Facilities at the University of Cambridge.
ii. Subhash Khot from New York University is a theoretical computer scientist who is known for his definition of the “Unique Games” problem. He has been credited for throwing an insight into unresolved problems in the field of computational complexity. 
iii. Yadvinder Malhi from Oxford University is an ecosystem ecologist who is recognised for his works on understanding the functioning of terrestrial ecosystems and its response to the pressures of global change, including climate change, degradation and loss of large animals.

RBI Tightens Rules
For JLFs

The Reserve Bank of India (RBI) has tightened the rules around making the Joint Lenders’ Forum (JLF) more effective, directing banks not to break any rules and to meet all deadlines. The RBI has said that any breach of rules would attract a monetary penalty. JLFs are meetings held to revitalise stressed assets. In JLF banks attempt to red-flag stress early and check them by putting in place a corrective action plan (CAP).

Need: JLFs inefficiency basically stems out from the disagreements between lenders. The entire model of JLF is based on the premise that collective action of banks against a borrower for recovery. However, in reality, different lenders have different levels of comfort or discomfort, based on the exposure, collateral, etc. Many lenders have also complained about the lack of transparency in JLF

First Woman
Chief Justice Of A State High Court In The Country, Leila Seth, Passes Away

Eminent jurist and the first woman chief justice of a state high court in the country Ms. Leila Seth passed away at her Noida residence on the 6th May 2017. She was 86. Justice Seth was the first woman to have topped the London Bar exam, first woman judge of the Delhi High Court and also the Chief Justice of Himachal Pradesh High Court. She was also one of the three members of the Justice Verma Committee which was constituted in 2012 to recommend amendments to the Criminal Law so as to provide for quicker trial and enhanced punishment for criminals accused of committing sexual assault against women, post gruesome 16th December gangrape in Delhi.

Britain Wins The Sultan Azlan Shah Hockey Tournament Beating Defending
Champions Australia; India Finishes Third

In Hockey, Great Britain beat defending champions Australia 4-3 in a thrilling hockey final of the Azlan Shah Cup at Ipoh, Malaysia today. Australia is the world champions and had won the Azlan Shah title nine times. Indian men’s hockey team has finished third in the Sultan Azlan Shah Tournament. India routed New Zealand 4-0. For India, Rupinder Pal Singh scored a brace, while SV Sunil and Talwinder Singh scored a goal each. In the last edition of this tournament, India had finished as the runners-up.

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