INTERNATIONAL AFFAIRS
China overtakes eurozone as world’s biggest bank system
i. According to the Financial Times shows latest analysis, China’s banking system has overtaken the b to become the world’s biggest by assets.
ii. China’s GDP surpassed the EU’s in 2011 at market exchange rates, but its banking system did not take over the top spot until 2016.
iii. The value of China’s banking system is more than 3.1 times the size of the country’s annual economic output, compared with 2.8 times for the eurozone and its banks
Top 3 Assets countries at the end of 2016:
1.Chinese bank assets hit $33 trillion against $31 trillion for the eurozone.
2.US assets at $16 trillion
3.Japan assets at $7 trillion.
i. According to the Financial Times shows latest analysis, China’s banking system has overtaken the b to become the world’s biggest by assets.
ii. China’s GDP surpassed the EU’s in 2011 at market exchange rates, but its banking system did not take over the top spot until 2016.
iii. The value of China’s banking system is more than 3.1 times the size of the country’s annual economic output, compared with 2.8 times for the eurozone and its banks
Top 3 Assets countries at the end of 2016:
1.Chinese bank assets hit $33 trillion against $31 trillion for the eurozone.
2.US assets at $16 trillion
3.Japan assets at $7 trillion.
BANKING & FINANCE
HDFC Life brings country’s first life insurance Chatbot with Haptik
Mumbai based HDFC Life has launched India’s first life insurance chatbot to help users choose the most suitable life insurance plans and solutions on March 7, 2017
♦ The chatbot was launched in collaboration with India’s largest chatbot platform Haptik, India’s largest chatbot platform.
♦ Recently HDFC Bank launched an artificial intelligence-driven chatbot Electronic Virtual Assistant (EVA).
Chatbot features :
i. This chatbot will assist the customers with insurance advice – ranging from Health to Tax Planning & Retirement, based on a simple 60-second quiz which enables it to compute their Insurance Quotient.
ii. The chatbot not only works as a personal financial advisor but also brings to the forefront the universal need for life insurance
Mumbai based HDFC Life has launched India’s first life insurance chatbot to help users choose the most suitable life insurance plans and solutions on March 7, 2017
♦ The chatbot was launched in collaboration with India’s largest chatbot platform Haptik, India’s largest chatbot platform.♦ Recently HDFC Bank launched an artificial intelligence-driven chatbot Electronic Virtual Assistant (EVA).
Chatbot features :
i. This chatbot will assist the customers with insurance advice – ranging from Health to Tax Planning & Retirement, based on a simple 60-second quiz which enables it to compute their Insurance Quotient.
ii. The chatbot not only works as a personal financial advisor but also brings to the forefront the universal need for life insurance
Fitch Estimates Indian Economy to Grow 7.1% in 2016-17
i. The US based global rating agency Fitch on March 7, 2017 estimated India’s GDP to grow by 7.1 percent in the fiscal 2016-17.
ii. However, the rating agency also projected the growth to see upward trend at 7.7 percent in both 2017-18 and 2018-19.
iii. Fitch said that gradual implementation of the structural reform agenda is expected to contribute to higher growth.
iv. Meanwhile, the watch dog raised concern against a recent government data showing 7 percent GDP growth in the October-December quarter.
v. It said that 7 percent GDP suggest that economic activity was “hardly hit” by the cash crunch after the government’s move to remove 86 percent of currency in circulation.
About Fitch
♦ Fitch Ratings Inc. is one of the Big Three credit rating agencies designated by the U.S. Securities and Exchange Commission in 1975. It is one of the three nationally recognized statistical rating organizations (NRSRO)
♦ The other two rating agencies are Moody’s and Standard & Poor’s.
i. The US based global rating agency Fitch on March 7, 2017 estimated India’s GDP to grow by 7.1 percent in the fiscal 2016-17.
ii. However, the rating agency also projected the growth to see upward trend at 7.7 percent in both 2017-18 and 2018-19.
iii. Fitch said that gradual implementation of the structural reform agenda is expected to contribute to higher growth.
iv. Meanwhile, the watch dog raised concern against a recent government data showing 7 percent GDP growth in the October-December quarter.
v. It said that 7 percent GDP suggest that economic activity was “hardly hit” by the cash crunch after the government’s move to remove 86 percent of currency in circulation.
About Fitch
♦ Fitch Ratings Inc. is one of the Big Three credit rating agencies designated by the U.S. Securities and Exchange Commission in 1975. It is one of the three nationally recognized statistical rating organizations (NRSRO)
♦ The other two rating agencies are Moody’s and Standard & Poor’s.
BUSINESS
Trade Mark Rules 2017 Becomes Effective From March 6, 2017
The government notified the Trade Mark Rules, 2017 that came into force from March 6, 2017.
♦ The Rules 2017 will replace the former Trade Mark Rules 2002 and will streamline and simplify the processing of Trade Mark applications.
Salient Features of the Trade Mark Rules, 2017
i. Number of Trade Mark (TM) Forms have been reduced from 74 to 8.
ii. The fee for online filing of TM applications has been kept at 10% lower than that for physical filing to promote e-filing.
iii. Also, based on stakeholder feedback, the fee for individuals, start-ups and small enterprises has been reduced to Rs. 4,500 against Rs. 8,000 proposed by the draft rules.
iv. Over all fees have been rationalized by reducing the number of entries in Schedule I from 88 to just 23.
v. The provision to accelerate the processing of an application for registration of a trade mark have been extended right up to registration stage (earlier it was only upto examination stage.)
vi .Modalities for service of documents from applicants to the Registry and vice-versa through electronic means have been introduced to expedite the process.
vii. Besides, the modalities for determination of well-known trademarks have also been laid out for the first time.
The government notified the Trade Mark Rules, 2017 that came into force from March 6, 2017.
♦ The Rules 2017 will replace the former Trade Mark Rules 2002 and will streamline and simplify the processing of Trade Mark applications.
Salient Features of the Trade Mark Rules, 2017
i. Number of Trade Mark (TM) Forms have been reduced from 74 to 8.
ii. The fee for online filing of TM applications has been kept at 10% lower than that for physical filing to promote e-filing.
iii. Also, based on stakeholder feedback, the fee for individuals, start-ups and small enterprises has been reduced to Rs. 4,500 against Rs. 8,000 proposed by the draft rules.
iv. Over all fees have been rationalized by reducing the number of entries in Schedule I from 88 to just 23.
v. The provision to accelerate the processing of an application for registration of a trade mark have been extended right up to registration stage (earlier it was only upto examination stage.)
vi .Modalities for service of documents from applicants to the Registry and vice-versa through electronic means have been introduced to expedite the process.
vii. Besides, the modalities for determination of well-known trademarks have also been laid out for the first time.
India Adopts New Licensing Policy To Boost Oil Output
i .India has announced an Open Acreage Licensing Policy (OALP) on March 7, 2017 for conducting oil and gas exploration in India.
ii .The new OALP policy will allow the bidder to select the exploration areas on their own and carve out areas where they want to drill. This will allow pricing and marketing freedom to
operators and shifts to a revenue sharing model.
iii. The auction of oil and gas blocks under the Open Acreage Licensing Policy (OALP) will be conducted twice a year with the first round being held in July 2017.
iv. The Oil Minister Dharmendra Pradhan said that the move will benefit India to attract greater foreign investment and boost oil output.
v. The new policy would replace the current licensing policy of government of identifying the oil and gas blocks and then putting them on auction.
i .India has announced an Open Acreage Licensing Policy (OALP) on March 7, 2017 for conducting oil and gas exploration in India.
ii .The new OALP policy will allow the bidder to select the exploration areas on their own and carve out areas where they want to drill. This will allow pricing and marketing freedom to
operators and shifts to a revenue sharing model.iii. The auction of oil and gas blocks under the Open Acreage Licensing Policy (OALP) will be conducted twice a year with the first round being held in July 2017.
iv. The Oil Minister Dharmendra Pradhan said that the move will benefit India to attract greater foreign investment and boost oil output.
v. The new policy would replace the current licensing policy of government of identifying the oil and gas blocks and then putting them on auction.
AWARDS & RECOGNITIONS
Indian Institute of Science Makes it to Top 10 Best Small Universities in the World Ranking
i. The Indian Institute of Science (IISc), Bangalore is the only Indian University to be placed among the top 10 global universities by Times Higher Education (THE).
ii. As per the THE ‘Best Small Universities in the World 2017’ ranking released on March 7, 2017, IISc has been placed at 8th position among the list of top 10 global universities.
iii. However, besides IISc, no other Indian University could find any position under the top 20 ranking.
Top 3 Universities in the Ranking
i. The Indian Institute of Science (IISc), Bangalore is the only Indian University to be placed among the top 10 global universities by Times Higher Education (THE).
ii. As per the THE ‘Best Small Universities in the World 2017’ ranking released on March 7, 2017, IISc has been placed at 8th position among the list of top 10 global universities.
iii. However, besides IISc, no other Indian University could find any position under the top 20 ranking.
Top 3 Universities in the Ranking
| Rank | University | Country |
| 1 | California Institute of Technology | United States |
| 2 | École Normale Supérieure | France |
| 3 | Pohang University of Science and Technology | South Korea |
Hyderabad Airport Gains 1st Rank Worldwide in Airport Service Quality Survey
i. GMR led Hyderabad International Airport Limited (GHIAL) has secured first position in the world in the prestigious Airports Council International (ACI)-Airport Service Quality (ASQ) survey in the 5-15 million passengers per annum (MPPA) category for the year 2016.
ii .Hyderabad Airport has steadily improved its score from 4.4 in 2009 to 4.9 in 2016 measured on scale of 1 to 5.
iii. Besides, the Indira Gandhi International Airport (IGIA) in Delhi has been ranked world’s second best airport in the category of passenger handling capacity of more than 40 million passengers annually.
iv. Delhi International Airport Limited’s score increased from 4.96 in 2015 to 4.99 in 2016.
About Airport Council International’s ASQ Survey
♦ Airport Council International’s ASQ survey is a globally established benchmarking programme that measures passengers’ satisfaction while they travel through an airport.
♦ The ASQ programme provides the research tools and management information to better understand passengers’ views and what they want from an airport’s products and services.
i. GMR led Hyderabad International Airport Limited (GHIAL) has secured first position in the world in the prestigious Airports Council International (ACI)-Airport Service Quality (ASQ) survey in the 5-15 million passengers per annum (MPPA) category for the year 2016.
ii .Hyderabad Airport has steadily improved its score from 4.4 in 2009 to 4.9 in 2016 measured on scale of 1 to 5.
iii. Besides, the Indira Gandhi International Airport (IGIA) in Delhi has been ranked world’s second best airport in the category of passenger handling capacity of more than 40 million passengers annually.
iv. Delhi International Airport Limited’s score increased from 4.96 in 2015 to 4.99 in 2016.
About Airport Council International’s ASQ Survey
♦ Airport Council International’s ASQ survey is a globally established benchmarking programme that measures passengers’ satisfaction while they travel through an airport.
♦ The ASQ programme provides the research tools and management information to better understand passengers’ views and what they want from an airport’s products and services.
Aishwarya Rai Bachchan Wins Best Actress for Sarbjit at IFFA Australia
i. Bollywood Actress Aishwarya Rai Bachchan has won the best actress award at the International Film Festival and Awards of Australia (IFFAA) for her movie Sarabjit.
ii. Directed by Omung Kumar, Sarabjit was the biopic on Sarabjit Singh who was an Indian farmer who was convicted of terrorism and spying in Pakistan and was sentenced to death.
iii. He was attacked by inmates at a prison in Lahore in April 2013 and died a few days later.
iv. The film starring Aishwarya and Randeep Hooda showcased his journey inside the jail and his sister’s unending fight to free him.
v. Aishwarya played the role of Sarabjit’s sister Dalbir Kaur.
i. Bollywood Actress Aishwarya Rai Bachchan has won the best actress award at the International Film Festival and Awards of Australia (IFFAA) for her movie Sarabjit.
ii. Directed by Omung Kumar, Sarabjit was the biopic on Sarabjit Singh who was an Indian farmer who was convicted of terrorism and spying in Pakistan and was sentenced to death.iii. He was attacked by inmates at a prison in Lahore in April 2013 and died a few days later.
iv. The film starring Aishwarya and Randeep Hooda showcased his journey inside the jail and his sister’s unending fight to free him.
v. Aishwarya played the role of Sarabjit’s sister Dalbir Kaur.
SERB Fellowship Award To Lalji Singh
i. Former director of Centre for Cellular and Molecular Biology (CCMB) Lalji Singh has been selected for ‘SERB Distinguished Fellow’ award by the Science and Engineering Research Board (SERB) to support his research.
ii. The award has been given in recognition of the former vice-chancellor, Banaras Hindu University (BHU), for his continued outstanding performance and also for mentorship to young researchers.
iii. The award carries an amount of Rs.60,000 per month and a research grant of Rs.5 lakh a year for three years extendable by two years.
Science and Engineering Research Board (SERB) :
♦ The Science and Engineering Research Board (SERB) is a statutory body established through an Act of Parliament.
♦ The Board offers JC Bose National Fellowship to scientists and engineers for their outstanding performance and contributions and RAMANUJAN Fellowship for brilliant scientists and engineers from all over the world to take up scientific research positions in India
i. Former director of Centre for Cellular and Molecular Biology (CCMB) Lalji Singh has been selected for ‘SERB Distinguished Fellow’ award by the Science and Engineering Research Board (SERB) to support his research.
ii. The award has been given in recognition of the former vice-chancellor, Banaras Hindu University (BHU), for his continued outstanding performance and also for mentorship to young researchers.
iii. The award carries an amount of Rs.60,000 per month and a research grant of Rs.5 lakh a year for three years extendable by two years.
Science and Engineering Research Board (SERB) :
♦ The Science and Engineering Research Board (SERB) is a statutory body established through an Act of Parliament.
♦ The Board offers JC Bose National Fellowship to scientists and engineers for their outstanding performance and contributions and RAMANUJAN Fellowship for brilliant scientists and engineers from all over the world to take up scientific research positions in India
ACQUISITIONS & MERGERS
Tech Mahindra to buy US healthcare provider valued at $110 million
i. Mumbai based Software services firm Tech Mahindra Ltd has signed a definitive agreement to acquire US-based healthcare information technology consulting company CJS Solutions Group LLC for $110 million on March 6, 2017
ii. Tech Mahindra will make an upfront payment of $89.5 million for purchase of an 84.7% stake in the firm. The balance stake of 15.3% will be acquired over a period of three years.
iii. The transaction is expected to close by April 2017, subject to regulatory approvals.
iv. Previous year Tech Mahindra acquired UK-based Target Group in a deal worth around £120 million and UK-based digital transformation firm BIO Agency Ltd for an undisclosed amount.
i. Mumbai based Software services firm Tech Mahindra Ltd has signed a definitive agreement to acquire US-based healthcare information technology consulting company CJS Solutions Group LLC for $110 million on March 6, 2017
ii. Tech Mahindra will make an upfront payment of $89.5 million for purchase of an 84.7% stake in the firm. The balance stake of 15.3% will be acquired over a period of three years.
iii. The transaction is expected to close by April 2017, subject to regulatory approvals.
iv. Previous year Tech Mahindra acquired UK-based Target Group in a deal worth around £120 million and UK-based digital transformation firm BIO Agency Ltd for an undisclosed amount.
SCIENCE & TECHNOLOGY
Hubble Space Telescope Captures Massive Galaxy UGC 12591
i. The Hubble Space Telescope has captured an image of an incredible massive galaxy named as UGC 12591 which is located under 400 million light-years away from the Earth.
ii. According to NASA report, the galaxy and its halo together contain several hundred
billion times the mass of the Sun and four times the mass of the Milky Way.
iii. Besides, the galaxy rotates extremely quickly at speeds of up to 1.8 million kilometers per hour.
iv. The observations are helping astronomers to understand the mass of UGC 12591, and to determine whether the galaxy simply formed and grew slowly over time, or whether it might have grown unusually massive by colliding and merging with another large galaxy at some point in its past.
About Hubble Space Telescope
♦ The Hubble Space Telescope was built by the United States space agency NASA in collaboration with European Space Agency (ESA). It was launched into low Earth orbit in 1990.
♦ Hubble is one of the largest and most versatile telescope well known to take extremely high-resolution images, with substantially lower background light than ground-based telescopes.
♦ It provides detailed visible light images that enables a deep view into space and time.
i. The Hubble Space Telescope has captured an image of an incredible massive galaxy named as UGC 12591 which is located under 400 million light-years away from the Earth.
ii. According to NASA report, the galaxy and its halo together contain several hundred
billion times the mass of the Sun and four times the mass of the Milky Way.
iii. Besides, the galaxy rotates extremely quickly at speeds of up to 1.8 million kilometers per hour.
iv. The observations are helping astronomers to understand the mass of UGC 12591, and to determine whether the galaxy simply formed and grew slowly over time, or whether it might have grown unusually massive by colliding and merging with another large galaxy at some point in its past.About Hubble Space Telescope
♦ The Hubble Space Telescope was built by the United States space agency NASA in collaboration with European Space Agency (ESA). It was launched into low Earth orbit in 1990.
♦ Hubble is one of the largest and most versatile telescope well known to take extremely high-resolution images, with substantially lower background light than ground-based telescopes.
♦ It provides detailed visible light images that enables a deep view into space and time.
ENVIRONMENT
45% of country’s bird species in Himachal Pradesh: Great Backyard Bird Count
i. According to the Great Backyard Bird Count (GBBC)-2017 report about 45 percent of country’s total bird spices were reported in Himachal Pradesh.
ii. The report says around 564 bird species, nearly 45 percent of the 1,263 Indian bird species, were reported during the 4-day bird count from February 17 to 20.
iii. During the survey a total of 2,833 bird check lists have been uploaded to eBird and over 16000 birds were counted from all districts of Himachal, with highest number 453 bird species reported from Kangra district.
Great Backyard Bird Count:
♦ The Great Backyard Bird Count is the first online citizen-science project intended at gathering data on wild birds and to display results in near real-time.
♦ The survey was launched in 1998 by the Cornell Lab of Ornithology and National Audubon Society and conducted every year in February.
i. According to the Great Backyard Bird Count (GBBC)-2017 report about 45 percent of country’s total bird spices were reported in Himachal Pradesh.
ii. The report says around 564 bird species, nearly 45 percent of the 1,263 Indian bird species, were reported during the 4-day bird count from February 17 to 20.
iii. During the survey a total of 2,833 bird check lists have been uploaded to eBird and over 16000 birds were counted from all districts of Himachal, with highest number 453 bird species reported from Kangra district.
Great Backyard Bird Count:
♦ The Great Backyard Bird Count is the first online citizen-science project intended at gathering data on wild birds and to display results in near real-time.
♦ The survey was launched in 1998 by the Cornell Lab of Ornithology and National Audubon Society and conducted every year in February.
SPORTS
2017 Brasil Open – Overview
i. The 2017 Brasil Open was a tennis tournament was the 17th edition of the Brasil Open, and part of the ATP World Tour 250 series of the 2017 ATP World Tour.
ii. The Sao Paulo ATP World Tour is played on outdoor clay-court has been won by the top players on the ATP World Tour in São Paulo, Brazil.
i. The 2017 Brasil Open was a tennis tournament was the 17th edition of the Brasil Open, and part of the ATP World Tour 250 series of the 2017 ATP World Tour.
ii. The Sao Paulo ATP World Tour is played on outdoor clay-court has been won by the top players on the ATP World Tour in São Paulo, Brazil.
| Title | Winner | Runner |
| Singles | Uruguay Pablo Cuevas | Spain Albert Ramos Viñolas |
| Doubles | Brazil Rogério Dutra Silva / Brazil André | New Zealand Marcus Daniell / Brazil Marcelo Demoliner |
OBITUARY
Rabi Ray, former Lok Sabha Speaker, passes away
i. Eminent socialist politician and former Union Minister and former Speaker of Lok Sabha Rabi Ray passed away after a prolonged illness in Cuttack. He was 91.
ii. The leader’s body was taken to his alma maters Ravenshaw University and M.S. Law
College for last respects.
iii. Rabi before fraying into active politics Shri Rabi Ray was a freedom fighter. In early 1947, when he was studying history in Ravenshaw College.
iv. His political career began soon after when he was first elected to the Lok Sabha in 1967, from the Puri parliamentary constituency, and was the leader of the Samyukta Socialist Party in the Lok Sabha.
i. Eminent socialist politician and former Union Minister and former Speaker of Lok Sabha Rabi Ray passed away after a prolonged illness in Cuttack. He was 91.
ii. The leader’s body was taken to his alma maters Ravenshaw University and M.S. Law
College for last respects.iii. Rabi before fraying into active politics Shri Rabi Ray was a freedom fighter. In early 1947, when he was studying history in Ravenshaw College.
iv. His political career began soon after when he was first elected to the Lok Sabha in 1967, from the Puri parliamentary constituency, and was the leader of the Samyukta Socialist Party in the Lok Sabha.
Bengal’s Popular Folk Singer Kalikaprasad Bhattarcharya Dies
i. Popular Bengali folk music singer Kalika Prasad Bhattacharya has died in a road accident at Palsit in West Bengal. He was 47.
ii. The accident took place at Gurap on Durgapur Expressway (NH2) in West Bengal’s Burdwan district.
iii. The folk singer voiced in films like Jaatishwar (2014), Moner Manush (2010) and Bhuban Majhi (2017).
iv. The Bengal man co-founded the band Dohar in 1999 aimed to revive the folk music tradition of Northern and Eastern Bengal.
i. Popular Bengali folk music singer Kalika Prasad Bhattacharya has died in a road accident at Palsit in West Bengal. He was 47.
ii. The accident took place at Gurap on Durgapur Expressway (NH2) in West Bengal’s Burdwan district.
iii. The folk singer voiced in films like Jaatishwar (2014), Moner Manush (2010) and Bhuban Majhi (2017).
iv. The Bengal man co-founded the band Dohar in 1999 aimed to revive the folk music tradition of Northern and Eastern Bengal.
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