Magazine Has Become One Among the Best Reference Material on Current Affairs in the State for Which Five Thousand Copies Are Exhausted Within Days of Printing
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MONTHLY ISSUE - APRIL - 2018 CurrVanik’s ent Affairs Banking | Railway | Insurance | SSC | UPSC | OPSC | PSU Chandrayaan-2 By April 2018 PNB Scam PREPARATION STRATEGY Vanik’s Question Hub PRACTICE SET FOR et IAS for OCS MAIN Vanik’s Practice S 2 set of SBI-Clerk (Prelim) Vanik’s Extra Dose SBI-Clerk (Main) arden Vanik’s Knowledge G SSC-CHSL (Tier-I) Supply Inspector (Prelim) VA N I K S A H E E D N A G A R C E N T R E VA N I K C U T TA C K C E N T R E VANIK ACHARYA VIHAR CENTRE Centralized A/C Counseling Central A/C Classroom Fully Wi-Fi Enabled Lab Interview Grooming Session Food Court WHY YOU SHOULD JOIN VANIK INSTITUTE FOR “BANKING, RAILWAY AND SSC” 1. BEST FACULTY OF INDIA FOR CLASSES COMPARE TO ALL 18. Weekly Current Affairs handout separately. OTHER INSTITUTE. 19. Weekly newspaper reading classes. 2. Highest no of Classes from basic to advance level. 20. One month free online test (MTD – Banking Test & Discussion) 3. Highest no of hours in every subject for better understanding. and six month free practice test (TBT, SBT, MCT, FPT & PPT) Total hours for banking - 450+HRS (6 MONTHS DAILY 2 HRS 21. Two month free online test (MTD, VTD) and six month free CLASS) AND SSC - 750+ HRS (6 MONTH DAILY 4 HRS CLASS) practice test (TBT, SBT, MCT, FPT & PPT) 4. Separate vocabulary class (1000 - BANKING AND 2000 WORDS 22. Interview classes , mock interview with video recording and - SSC) (Weekly Once) analysis 5. Special class for upcoming exams. 23. Personal development and group discussion class 6. Separate traditional GK class for easy remember GK in the class itself. 24. LARGEST ONLINE TEST PLATFORM (VOTE - VANIK ONLINE TEST 7. Time to Time motivational class and classes how to crack the AND EXPLANATION ) Separately for Bank PO, Bank Clerk, SSC & exam by our experts. Railway 8. Separate Doubt clearing classes , personal doubt clear with 25. Weekly 3 online mock test of upcoming exams with discussion faculty. (MTD- MOCK TEST & DISCUSSION and VTD - VANIK TEST & 9. Daily class test of every class after the class (Offline) DISCUSSION ) 10. Weekly test of weekly covered topics of all subjects (Online) 26. Online weekly class test of all batch (YOU CAN GIVE EVERY 11. Monthly class test for monthly cover topics. BATCH CLASS TEST ONLINE (CTD- CLASS TEST & DISCUSSION 12. Class room assignment practice and discussion of every topic 27. Unlimited online practice tests as per your choice (MCT - MY in class it self CHOICE TEST). 13. Daily current affair handouts before the class 28. Separate online test subject wise and topic wise test ( SBT - 14. Weekly current affair class with weekly C/A question & test SUBJECT BASED TEST AND TBT - TOPIC BASED TEST). discussion class. 29. Hostel (both boys and ladies separately). 15. Best material with work book for practice more question at home. 30. In campus canteen facility. 16. Highest no of material. Total -25+ VOLUMES FOR BANKING 31. 24 hrs study room for self study AND 35+ VOLUMES FOR SSC. 32. Highest level of success rate. 17. Daily Quiz (Banking & SSC Separately). 33. Descriptive English Classes. BANKING STUDY MATERIAL (25nos.) SSC STUDY MATERIAL (35nos.) Reasoning APTITUDE ENGLISH VANIK V V V V V VANIK A A A A A N N N N N I I I I I K K K APTITUDE BANKING K K for Bank PO & Clerical for Bank PO, Clerical & REASONING for Bank PO, Clerical & Awareness Bank PO, Clerical & y & SSC Railway & SSC Bank PO & Clerical | SSC & Railway Railwa ENGLISH Bank PO & Clerical Bank PO & Clerical Banking Awareness General Awareness All Other Competitive Examinations All Other Competitive Examinations All Other Competitive Examinations Topicwise Theory with Solved Examples Topicwise Theory with Solved Examples Topicwise Theory with Solved Examples Topicwise Theory with Solved Examples Assignment - I Assignment - II Assignment - I Assignment - II Assignment - I Assignment - II (Class Room Practice) (Home Work Practice) Assignment - I Assignment - II (Class Room Practice) (Home Work Practice) (Class Room Practice) (Home Work Practice) (Class Room Practice) (Home Work Practice) Leading Institute for Banking, Railway & SSC Leading Institute for Banking, Railway & SSC Leading Institute for Banking, Railway & SSC P u b l i c a t i o n s Leading Institute for Banking, Railway & SSC P u b l i c a t i o n s P u b l i c a t i o n s P u b l i c a t i o n s Message from Director Vanik Publications EDITOR Mr. Pramod Padhi ASSOCIATE EDITOR Satabdi Sagar Mohanty ADVISORS G. Khatua Dear Students, & Team R & D In the present time of keen competition for job and career, those shine who have commitment, good source of material and a good mentor PUBLISHING MANAGER Smrutiranjan Chhatoi who can act as a friend, philosopher and guide, to navigate you towards success. DESIGNING & LAYOUT Vijaya Maharana You are among the fortunate few who have with you the last two at VANIK and we here expect the first from you to settle you in a Publisher : Subrat Kumar Chhatoi Printed and Published by : Vanik Publication good career and make us the Numero Uno in the state. Printed at : Bhagabati Press Our monthly magazine has become one among the best reference material on Current Affairs in the state for which Five Thousand copies are exhausted within days of printing. The Practice Sets given the Plot-1441, Opp. IOCL Petrol Pump, CRP Square, Bhubaneswar Website : www.vanik.org | Phone : 0674-6556677, 8093-556677 Magazine for different upcoming exams have been ranked as the best by _____________________________________________________ the aspirants as so many questions comes in the actual exam from these © Copyright Reserved No part of this magazine can be printed in whole sets. or part without the written permission of the publisher. We at our end have been trying to improve it Quantitatively & The editor and publisher have tried their best to verify the factual accuracy of the informations Qualitatively with each issue. Hope you will get the maximum benefit. published, but do not take any responsibility for the absolute accuracy of the informations in the magazine. All disputes subject to Bhubaneswar (Odisha) Jurisdiction. Wishing you all the Best Subrat Kumar Chhatoi CONTENT Page Page 3 Events of the Month Economy & Banking Page International Page National Page 22 News 25 News 28 Page Page Page Bilateral State News Award and 30 31 33 Honour Page Person in Page Page Places in Sports 35 News 37 News 38 Page Science & Page Environment Page Defence 42 Technology 45 & Ecology 46 Page Page Page 48 Committee 48 Summit 49 Book & Author Page Page Date & Page 50 Miscellaneous 51 Observation 52 One Liner VANIK QUESTION HUB Page 200 MCQ on Page 100 MCQ on Page 40 MCQ on Page 20 Special MCQ 54 Current Affairs 63SSC/Railway 67 Computer 69 on Banking PRACTICE SET VANIK EXTRA DOSE Page Page 121 Who’s Who 127 Abbreviation Page 130Preparation Strategy for OCS Main MAGAZINE FOR THE MONTH OF APRIL 2018 1. PNB SCAM : EXPOSURE OF ILLS IN INDIAN BANKING SYSTEM The nuts and bolts of a fraud : on PNB scam Diamond merchant Nirav Modi has been accused of siphoning off funds worth about Rs. 12,636 crore from the public sector bank, PNB. A key element of the scam is the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a messaging network that connects banks and other financial institutions across the world. Among other things, a bank that is part of SWIFT can use the system to convey credit instruments called Letters of Undertaking (LoUs) to other banks located overseas. An LoU is simply a request made to another bank in the SWIFT network to loan money to a client. The bank that issues the LoU essentially guarantees the bank that receives the LoU request that it stands by the creditworthiness of the borrower. That is, in case of a default, the bank that issued the LoU stands liable to compensate the bank that made the loan to the borrower. PNB alleges that employees at one of its branches in Mumbai issued fraudulent LoUs that were not authorised by its management. This allegedly allowed Mr. Modi’s companies to obtain loans from the overseas branches of various Indian banks. Why did it happen? PNB’s internal information systems were not seamlessly linked to SWIFT. It is claimed that the huge fund transfers made via SWIFT to Mr. Modi’s companies by a few PNB employees went undetected for many years. Many critics, however, contend that the fraud is not simply a matter of the failure of PNB’s internal control system. Instead, they blame flaws in the ownership of public sector banks. In fact, the PNB scam came to light only after a whistle-blower exposed it. Is this the first time? No. SWIFT has been gamed by miscreants on a number of occasions. In 2016, there was a cyber-heist of $81 million from Bangladesh’s central bank. Russia’s central bank recently reported that $6 million was stolen from a Russian bank last year by exploiting the SWIFT system. Even the Reserve Bank of India stated this week that it had privately warned Indian banks about the prospect of misuse of SWIFT at least three times since August 2016. PNB-Nirav Modi fraud: How future banking scams may be prevented Following Bangladesh Bank heist in 2016 of USD 81 million, Reserve Bank of India (RBI) had issued an advisory to all the banks asking them to ensure that their computer systems running core banking solutions (CBS) were properly integrated, wherever required, with SWIFT (Society for 3 Plot-1441, Opp.