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Indian Affairs
Narendra Modi’s visit to Varanasi,
inaugurates 17 projects, lays foundation stone for six more
On 22nd and 23rd September
2017, Prime Minister Mr.Narendra Modi visited Varanasi in Uttar
Pradesh and inaugurated 17 projects. He digitally laid foundation
stones for 6 more projects.
Mr.Modi dedicated Deendayal Hastkala Sankul to the Nation:
i.Mr.Modi inaugurated the Deendayal Hastkala Sankul, a Trade Facilitation Centre, at Bada Lalpur, Varanasi.The facility has been named after former BJP President Mr.Deen Dayal Upadhyaya.
ii.The Prime Minister dedicated it to the nation.It focuses on handicrafts.
Mr.Modi flaged off Mahamana Express between Varanasi and Vadodara:
i.Mr.Modi flagged off the Vadodara-Varanasi weekly express remotely through a video link.
Mr.Modi inaugurated banking services of the Utkarsh Bank:
i.Mr.Modi inaugurated banking services of the Utkarsh Bank in Varanasi.
ii.He also laid foundation stone for the headquarters building of the bank.This bank focuses on micro-finance.
Jal Ambulance and Jal Shav Vahini service launched:
i.Mr.Modi launched the service of four water ambulances and four coffin carrying boats remotely through video link.
ii.They are named Jal Ambulance service, and Jal Shav Vahan respectively.
Mr.Modi released postal stamp on Ramayana:
i.Mr.Modi released a postage stamp on different aspects of Lord Ram’s life at the Tulsi Manas Mandir, in Varanasi.
Mr.Modi dedicated Deendayal Hastkala Sankul to the Nation:
i.Mr.Modi inaugurated the Deendayal Hastkala Sankul, a Trade Facilitation Centre, at Bada Lalpur, Varanasi.The facility has been named after former BJP President Mr.Deen Dayal Upadhyaya.
ii.The Prime Minister dedicated it to the nation.It focuses on handicrafts.
Mr.Modi flaged off Mahamana Express between Varanasi and Vadodara:
i.Mr.Modi flagged off the Vadodara-Varanasi weekly express remotely through a video link.
Mr.Modi inaugurated banking services of the Utkarsh Bank:
i.Mr.Modi inaugurated banking services of the Utkarsh Bank in Varanasi.
ii.He also laid foundation stone for the headquarters building of the bank.This bank focuses on micro-finance.
Jal Ambulance and Jal Shav Vahini service launched:
i.Mr.Modi launched the service of four water ambulances and four coffin carrying boats remotely through video link.
ii.They are named Jal Ambulance service, and Jal Shav Vahan respectively.
Mr.Modi released postal stamp on Ramayana:
i.Mr.Modi released a postage stamp on different aspects of Lord Ram’s life at the Tulsi Manas Mandir, in Varanasi.
Humanitarian Assistance and Disaster Relief
exercise “Pralay Sahayam” held in Secunderabad
On 23rd September 2017, ‘Pralay Sahayam’, a Humanitarian Assistance and Disaster Relief (HADR) exercise was held in Secunderabad.
Pralay Sahayam:
i. On 22nd September 2017, as a part of ‘Pralay Sahayam’
a seminar on “Humanitarian Assistance and Disaster Relief” was conducted at
College of Defence Management in Secunderabad Cantonment.On 23rd September 2017, ‘Pralay Sahayam’, a Humanitarian Assistance and Disaster Relief (HADR) exercise was held in Secunderabad.
Pralay Sahayam:
ii. Union Minister of State for Home Affairs Mr.Kiren Rijiju addressed the gathering.
iii. ‘Pralay Sahayam’ provides a common platform for all agencies involved in search, rescue and relief operations during natural disasters, to interact and generate a better and optimized Disaster Management Strategy.
iv. The seminar had sessions on ‘Disaster Management Integrated Response Strategy and Role of Armed Forces’ and ‘Urban Floods: Challenges and Response’.
About Ministry of Home Affairs:
i. Headquarters – New Delhi
ii. Minister of Home Affairs – Mr.Rajnath Singh
iii. Ministers of State for Home Affairs – Mr.Kiren Rijiju, Mr.Hansraj Ahir
Australia’s Deakin University signs MoU
with NSDC for skills ecosystem
On 22nd September 2017, Deakin University of Australia said that it has signed a MoU with the National Skill Development Corporation (NSDC) for projects in skills ecosystem.
MoU for skill development:
i. The MoU is for a period of five years.
ii. The alliance will work on projects to conduct data analytics and impact evaluation studies in the skills ecosystem.
iii. This would help to reduce the skill gap and improve the quality of training institutions in India.
iv. Deakin University would be a knowledge partner for NSDC in impact assessment & monitoring and evaluating framework for skill development projects.
v. Deakin University CFO Kerrie Parker said this collaboration would be an opportunity for Deakin University to put to use its expertise in a government organisation.
About National Skill Development Corporation (NSDC):
i. Headquarters – New Delhi
ii. MD & CEO – Mr.Manish Kumar
On 22nd September 2017, Deakin University of Australia said that it has signed a MoU with the National Skill Development Corporation (NSDC) for projects in skills ecosystem.
MoU for skill development:
i. The MoU is for a period of five years.
ii. The alliance will work on projects to conduct data analytics and impact evaluation studies in the skills ecosystem.
iii. This would help to reduce the skill gap and improve the quality of training institutions in India.
iv. Deakin University would be a knowledge partner for NSDC in impact assessment & monitoring and evaluating framework for skill development projects.
v. Deakin University CFO Kerrie Parker said this collaboration would be an opportunity for Deakin University to put to use its expertise in a government organisation.
About National Skill Development Corporation (NSDC):
i. Headquarters – New Delhi
ii. MD & CEO – Mr.Manish Kumar
Odisha cabinet approved setting up of
Handlooms and Handicrafts Development and Promotion Council
On 21st September 2017, the state cabinet of Odisha approved the establishment of Handlooms and Handicrafts Development and Promotion Council, in Bhubaneswar.
Handlooms & Handicrafts Development & Promotion Council:
i. Aim of this council is to improve growth of handlooms and handicrafts sectors.
ii. Detailed structure of the council has not been finalised yet.
iii. Headquarters of the council would be at Bhubaneswar.
iv. This council would function under the Handlooms, Textiles and Handicrafts Department.
v. Funds for Rs.20 crore have been allocated for this council for the financial year 2017-2018.
vi. The council will assess the schemes implemented for weavers and artisans.
vii. It would assist the government in framing policies, long-term and short-term development measures, conducting socio-economic census and maintenance of database of weavers and artisans.
viii. The council will also carry out promotional activities like exhibitions, fairs, conferences etc.
ix. Special focus would be given on exports.
About Odisha:
i. Capital – Bhubaneswar
ii. Chief Minister – Mr.Naveen Patnaik
iii. Governor – Mr.S.C.Jamir
On 21st September 2017, the state cabinet of Odisha approved the establishment of Handlooms and Handicrafts Development and Promotion Council, in Bhubaneswar.
Handlooms & Handicrafts Development & Promotion Council:
i. Aim of this council is to improve growth of handlooms and handicrafts sectors.
ii. Detailed structure of the council has not been finalised yet.
iii. Headquarters of the council would be at Bhubaneswar.
iv. This council would function under the Handlooms, Textiles and Handicrafts Department.
v. Funds for Rs.20 crore have been allocated for this council for the financial year 2017-2018.
vi. The council will assess the schemes implemented for weavers and artisans.
vii. It would assist the government in framing policies, long-term and short-term development measures, conducting socio-economic census and maintenance of database of weavers and artisans.
viii. The council will also carry out promotional activities like exhibitions, fairs, conferences etc.
ix. Special focus would be given on exports.
About Odisha:
i. Capital – Bhubaneswar
ii. Chief Minister – Mr.Naveen Patnaik
iii. Governor – Mr.S.C.Jamir
DGCA grants Aerodrome License to Shirdi
Airport
On 21st September 2017, the Directorate General of Civil Aviation (DGCA) issued aerodrome licence to Shirdi Airport, in Shirdi, Maharashtra.
Aerodrome license for Shirdi Airport:
i. DGCA has issued license to Shirdi Airport for day operations.
ii. License was issued after checking all necessary standards.
iii. Length of the runway is 2,500 m.
iv. It is capable of handling Code 3C type aircraft, including the Airbus 320 and Boeing 737.
v. Flight operations would start at Shirdi Airport from 1st October 2017.
vi. The date was chosen as it is the 100th death anniversary of Sai Baba. As, most of the people travel to Shirdi to worship Shirdi Sai Baba.
vii. Zoom Air, Alliance Air and TruJet airlines have come forward to offer airline service.
About Directorate General of Civil Aviation (DGCA):
i. Headquarters – New Delhi
ii. Minister of Civil Aviation – Mr.Pashupati Ashok Gajapathi Raju
iii. Director General – Mr.B.S.Bhullar
On 21st September 2017, the Directorate General of Civil Aviation (DGCA) issued aerodrome licence to Shirdi Airport, in Shirdi, Maharashtra.
Aerodrome license for Shirdi Airport:
i. DGCA has issued license to Shirdi Airport for day operations.
ii. License was issued after checking all necessary standards.
iii. Length of the runway is 2,500 m.
iv. It is capable of handling Code 3C type aircraft, including the Airbus 320 and Boeing 737.
v. Flight operations would start at Shirdi Airport from 1st October 2017.
vi. The date was chosen as it is the 100th death anniversary of Sai Baba. As, most of the people travel to Shirdi to worship Shirdi Sai Baba.
vii. Zoom Air, Alliance Air and TruJet airlines have come forward to offer airline service.
About Directorate General of Civil Aviation (DGCA):
i. Headquarters – New Delhi
ii. Minister of Civil Aviation – Mr.Pashupati Ashok Gajapathi Raju
iii. Director General – Mr.B.S.Bhullar
Railways cuts down sleeping hours for
passengers by an hour
On 17th September 2017, the Railway Board issued a circular that states that passengers can only sleep between 10 pm and 6 am, cutting down sleeping time by 1 hour.
Sleeping hours to be cut down in trains:
i. Prior to this circular, the permissible sleeping time was from 9 pm to 6 am.
ii. The circular exempts passengers who are sick, physically challenged and pregnant.
iii. This rule is applicable for all passengers travelling in reserved coaches with sleeping accommodation.
iv. This has been introduced in a move to reduce conflicts arising from over-sleeping of passengers and other sleeping arrangements.
v. This new provision replaces paragraph 652 in the Indian Railways Commercial Manual, Volume I.
vi. The circular also said that a person who has booked side upper cannot use the lower berth between 10 pm and 6 am.
About Ministry of Railway:
i. Headquarters – New Delhi
ii. Minister of Railways – Mr.Piyush Goyal
iii. Ministers of State for Railways – Mr.Manoj Sinha, Mr.Rajen Gohain
On 17th September 2017, the Railway Board issued a circular that states that passengers can only sleep between 10 pm and 6 am, cutting down sleeping time by 1 hour.
Sleeping hours to be cut down in trains:
i. Prior to this circular, the permissible sleeping time was from 9 pm to 6 am.
ii. The circular exempts passengers who are sick, physically challenged and pregnant.
iii. This rule is applicable for all passengers travelling in reserved coaches with sleeping accommodation.
iv. This has been introduced in a move to reduce conflicts arising from over-sleeping of passengers and other sleeping arrangements.
v. This new provision replaces paragraph 652 in the Indian Railways Commercial Manual, Volume I.
vi. The circular also said that a person who has booked side upper cannot use the lower berth between 10 pm and 6 am.
About Ministry of Railway:
i. Headquarters – New Delhi
ii. Minister of Railways – Mr.Piyush Goyal
iii. Ministers of State for Railways – Mr.Manoj Sinha, Mr.Rajen Gohain
Zero Hunger Programme to be launched in
three states on World Food Day
‘Zero Hunger’ programme will be launched in Gorakhpur of Uttar Pradesh, Koraput of Odisha and Thane of Maharashtra on World Food Day, 16th October 2017.
Zero Hunger Programme:
i. These three districts would act as a role model for other districts to achieve Zero hunger goal.
ii. These districts would follow an integrated approach to deal with hunger and malnutrition through suitable agricultural and horticultural practices.
iii. More districts will be covered under this programme.
iv. This programme is executed in line with India’s Sustainable Development Goals (SDGs) to end hunger by 2030.
v. This programme will be initiated by the Indian Council of Agricultural Research (ICAR).
vi. Other bodies involved in this programme are the Indian Council of Medical Research (ICMR), the MS Swaminathan Research Foundation and the Biotechnology Industry Research Assistance Council (BIRAC).
vii. The respective state governments will also be involved in the programme.
About Indian Council of Agricultural Research (ICAR):
i. Motto – Agrisearch with a human touch
ii. Location – New Delhi
iii. President – Mr.Radha Mohan Singh
‘Zero Hunger’ programme will be launched in Gorakhpur of Uttar Pradesh, Koraput of Odisha and Thane of Maharashtra on World Food Day, 16th October 2017.
Zero Hunger Programme:
i. These three districts would act as a role model for other districts to achieve Zero hunger goal.
ii. These districts would follow an integrated approach to deal with hunger and malnutrition through suitable agricultural and horticultural practices.
iii. More districts will be covered under this programme.
iv. This programme is executed in line with India’s Sustainable Development Goals (SDGs) to end hunger by 2030.
v. This programme will be initiated by the Indian Council of Agricultural Research (ICAR).
vi. Other bodies involved in this programme are the Indian Council of Medical Research (ICMR), the MS Swaminathan Research Foundation and the Biotechnology Industry Research Assistance Council (BIRAC).
vii. The respective state governments will also be involved in the programme.
About Indian Council of Agricultural Research (ICAR):
i. Motto – Agrisearch with a human touch
ii. Location – New Delhi
iii. President – Mr.Radha Mohan Singh
Second State Start Up Conference in New
Delhi
On 12th September 2017, The Department of Industrial Policy and Promotion organised the Second State Startup Conference in New Delhi.
Second State Startup Conference:
i. The conference was inaugurated by the Minister of State for Commerce and Industry, Mr.C.R.Choudhary.
ii. Higher Officials from various States and Union Territories, Incubators, Accelerators, Funding agencies, Venture capitals, Angel investors and Startups attended the conference.
iii. The following topics were discussed:
· Reforms to be made by state governments for Startups
· Role of State Governments in developing incubation centres for Startups
· Role of State Governments in setting up funds for Startups
· Making regulations easier for Startups
iv. Developing a ranking system for states and union territories based on the initiatives taken to promote Startups was also discussed.
About Ministry of Commerce and Industry:
i. Headquarters – New Delhi
ii. Cabinet Minister – Mr.Suresh Prabhu
On 12th September 2017, The Department of Industrial Policy and Promotion organised the Second State Startup Conference in New Delhi.
Second State Startup Conference:
i. The conference was inaugurated by the Minister of State for Commerce and Industry, Mr.C.R.Choudhary.
ii. Higher Officials from various States and Union Territories, Incubators, Accelerators, Funding agencies, Venture capitals, Angel investors and Startups attended the conference.
iii. The following topics were discussed:
· Reforms to be made by state governments for Startups
· Role of State Governments in developing incubation centres for Startups
· Role of State Governments in setting up funds for Startups
· Making regulations easier for Startups
iv. Developing a ranking system for states and union territories based on the initiatives taken to promote Startups was also discussed.
About Ministry of Commerce and Industry:
i. Headquarters – New Delhi
ii. Cabinet Minister – Mr.Suresh Prabhu
International Affairs
Chinese developer Hui Ka Yan becomes Asia’s
richest man
According to the Forbes Real-Time Billionaires List, Hui Ka Yan, the chairman of Chinese real estate giant Evergrande Group, has become Asia’s richest man, with a net worth of $41.1 billion.
Key Points:
i.Hui Ka Yan ranks No. 15 globally.
ii.The Asia’s second and third richest persons are Tencent Holdings Chairman Ma Huateng ($39.1 billion), Alibaba Group Chairman Jack Ma ($38.9 billion) respectively.
About Hui Ka Yan
Hui Ka Yanin Cantonese, is a Chinese businessman, chairman of Evergrande Group, a Chinese real estate developer. Hui is the largest shareholder of China Evergrande Group.
His Net worth is US$42.2 billion as per September 2017.
According to the Forbes Real-Time Billionaires List, Hui Ka Yan, the chairman of Chinese real estate giant Evergrande Group, has become Asia’s richest man, with a net worth of $41.1 billion.
Key Points:
i.Hui Ka Yan ranks No. 15 globally.
ii.The Asia’s second and third richest persons are Tencent Holdings Chairman Ma Huateng ($39.1 billion), Alibaba Group Chairman Jack Ma ($38.9 billion) respectively.
About Hui Ka Yan
Hui Ka Yanin Cantonese, is a Chinese businessman, chairman of Evergrande Group, a Chinese real estate developer. Hui is the largest shareholder of China Evergrande Group.
His Net worth is US$42.2 billion as per September 2017.
US, EU sign deal to streamline insurance
regulation
The United States and the European Union have signed an agreement for smooth regulations on international insurance and reinsurance companies and free up capital for investment announced on 23rd Sept. 2017.
Key Points:
i.The agreement with the EU is a positive sign for the United States, its insurance industry, and US policyholders.
ii.The deal will facilitate exchange of information among supervisors, which will help boost consumer protection.
iii.This deal took 20 years in the making. As per the government the deal negotiated by former US president Barack Obama’s administration and announced just before he left office in January.
iv.It will offer “enhanced regulatory certainty” to the companies, reducing red tape while maintaining robust consumer protections.
v.By reducing the regulatory burden companies face, the deal “enables American companies to be more competitive in the EU.
vi.It enhances opportunities for US insurers and reinsurers at home and abroad and also enhanced the administration’s goal of sustained economic growth.
vii.The terms of the five-year deal will be effective immediately, but provisionally, as the European Parliament and Council must approve the agreement.
About European Union
Capital Brussels
President of the European Parliament: Antonio Tajani
President of the European Council: Donald Tusk
The United States and the European Union have signed an agreement for smooth regulations on international insurance and reinsurance companies and free up capital for investment announced on 23rd Sept. 2017.
Key Points:
i.The agreement with the EU is a positive sign for the United States, its insurance industry, and US policyholders.
ii.The deal will facilitate exchange of information among supervisors, which will help boost consumer protection.
iii.This deal took 20 years in the making. As per the government the deal negotiated by former US president Barack Obama’s administration and announced just before he left office in January.
iv.It will offer “enhanced regulatory certainty” to the companies, reducing red tape while maintaining robust consumer protections.
v.By reducing the regulatory burden companies face, the deal “enables American companies to be more competitive in the EU.
vi.It enhances opportunities for US insurers and reinsurers at home and abroad and also enhanced the administration’s goal of sustained economic growth.
vii.The terms of the five-year deal will be effective immediately, but provisionally, as the European Parliament and Council must approve the agreement.
About European Union
Capital Brussels
President of the European Parliament: Antonio Tajani
President of the European Council: Donald Tusk
Banking & Finance
SBI launches India’s first bond index
series in UK
On 22nd September 2017, State Bank of India (SBI) launched India’s first bond index series for overseas investors at the London Stock Exchange (LSE), in United Kingdom.
India’s first bond index series in UK:
i. SBI launched the FTSE (Financial Times Stock Exchange) SBI Bond Index Series in alliance with FTSE Russell at the London Stock Exchange (LSE).
ii. Russell, is one of the top three fixed income index providers in the world.
iii. This is the first transparent benchmark for investors in international markets to analyse India’s government bond market.
iv. In November 2015, a letter of intent was signed by SBI and FTSE to develop the new index tracking Indian fixed income securities.
v. There are no specific products linked to this index so far.
vi. SBI has planned to make an exchange-traded fund (ETF) in the next 4-5 months.
About State Bank of India (SBI):
i. Type – Public Sector Bank
ii. Headquarters – Mumbai
iii. Chairman – Ms.Arundhati Bhattacharya
On 22nd September 2017, State Bank of India (SBI) launched India’s first bond index series for overseas investors at the London Stock Exchange (LSE), in United Kingdom.
India’s first bond index series in UK:
i. SBI launched the FTSE (Financial Times Stock Exchange) SBI Bond Index Series in alliance with FTSE Russell at the London Stock Exchange (LSE).
ii. Russell, is one of the top three fixed income index providers in the world.
iii. This is the first transparent benchmark for investors in international markets to analyse India’s government bond market.
iv. In November 2015, a letter of intent was signed by SBI and FTSE to develop the new index tracking Indian fixed income securities.
v. There are no specific products linked to this index so far.
vi. SBI has planned to make an exchange-traded fund (ETF) in the next 4-5 months.
About State Bank of India (SBI):
i. Type – Public Sector Bank
ii. Headquarters – Mumbai
iii. Chairman – Ms.Arundhati Bhattacharya
Online general insurer Acko General
Insurance gets IRDAI nod
On 22nd September 2017, Insurance Regulatory and Development Authority of India (IRDAI) gave the final approval to online non-life insurance company Acko General Insurance Ltd.
Approval for Acko General Insurance Ltd:
i. Acko General Insurance Ltd. would start operating in December 2017.
ii. The Insurance Company would sell multiple insurance products through online channel.
iii. The operations of the company would be completely digital.
iv. Mr.Varun Dua is the founder and CEO of Acko General Insurance Ltd.
v. The company would focus on making insurance affordable to all sectors of customers.
vi. Currently the company is working on strengthening its team, creating proper digital processes, and making alliances to customise products as per the need of customers.
About (IRDAI):
i. Full form – Insurance Regulatory and Development Authority of India
ii. Headquarters – Hyderabad
iii. Chairman – Mr.T.S.Vijayan
On 22nd September 2017, Insurance Regulatory and Development Authority of India (IRDAI) gave the final approval to online non-life insurance company Acko General Insurance Ltd.
Approval for Acko General Insurance Ltd:
i. Acko General Insurance Ltd. would start operating in December 2017.
ii. The Insurance Company would sell multiple insurance products through online channel.
iii. The operations of the company would be completely digital.
iv. Mr.Varun Dua is the founder and CEO of Acko General Insurance Ltd.
v. The company would focus on making insurance affordable to all sectors of customers.
vi. Currently the company is working on strengthening its team, creating proper digital processes, and making alliances to customise products as per the need of customers.
About (IRDAI):
i. Full form – Insurance Regulatory and Development Authority of India
ii. Headquarters – Hyderabad
iii. Chairman – Mr.T.S.Vijayan
Infosys Finacle Partners with ToneTag to
Offer Sound-Based Contactless Payments Solution
IT major Infosys has announced partnership with software services provider ToneTag announced on 22 Sept. 2017.
Key Points:
i.The partnership has been signed to offer sound-based payment solution to bank customers using its financial product Finacle.
ii.The banks will be able to allow their customers to authenticate transactions at their branches, ATMs and retail outlets.
iii.The city-based ToneTag provides near-field communications (NFC), payments and location-based services using sound wave technology.
iv.The sound-based technology will enable exchange of information for payment processing between the point-of-sale machines and consumers’ phone.
v.The solution will be available on all mobile devices, including feature phones connected through Finacle mobile banking and Finacle digital wallet.
vi.Consumers can approve the transaction on their phone without sharing the card or account details with the merchant.
vii.ToneTag’s contactless technology and the biometrics authentication of Finacle like fingerprint or facial recognition will enable consumers to have frictionless shopping.
viii.Banks will also be able to also offer contactless payments on traditional point-of-sale machines without any hardware device.
IT major Infosys has announced partnership with software services provider ToneTag announced on 22 Sept. 2017.
Key Points:
i.The partnership has been signed to offer sound-based payment solution to bank customers using its financial product Finacle.
ii.The banks will be able to allow their customers to authenticate transactions at their branches, ATMs and retail outlets.
iii.The city-based ToneTag provides near-field communications (NFC), payments and location-based services using sound wave technology.
iv.The sound-based technology will enable exchange of information for payment processing between the point-of-sale machines and consumers’ phone.
v.The solution will be available on all mobile devices, including feature phones connected through Finacle mobile banking and Finacle digital wallet.
vi.Consumers can approve the transaction on their phone without sharing the card or account details with the merchant.
vii.ToneTag’s contactless technology and the biometrics authentication of Finacle like fingerprint or facial recognition will enable consumers to have frictionless shopping.
viii.Banks will also be able to also offer contactless payments on traditional point-of-sale machines without any hardware device.
SEBI imposes 9 lakh fine on former ING
Vysya Bank official
Market regulator SEBI has imposed a penalty of Rs 9 lakh on ING Vysya Bank’s former official for violating insider trading regulations announced on 22nd Sept. 2017.
Key Points:
i.The fine was imposed on Vinay Agrawal, who was regional head of business banking in ING from August 2011 till June 20, 2012.
ii.Later, he held the position of zonal head of cluster business banking till October 10, 2013.
iii.The Securities and Exchange Board of India had initiated arbitration proceedings against Agrawal, who was supposed to have not complied with PIT (Prohibition of Insider Trading) Regulations.
iv.After conducting an examination of trading in the shares of ING Vysya Bank from August 2011 to May 2013, SEBI found that Agrawal traded in the shares valuing over Rs 5 lakh four times.
v.This led to change in shareholding for more than Rs 5 lakh in value on January 17-18, 2012 and May 2-3, 2013.
vi.Agrawal had failed to disclose the dealings to ING and BSE.
About SEBI
The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 30 January 1992 through the SEBI Act, 1992.
Chairman: Ajay Tyagi
HQ: Mumbai Maharashtra
Market regulator SEBI has imposed a penalty of Rs 9 lakh on ING Vysya Bank’s former official for violating insider trading regulations announced on 22nd Sept. 2017.
Key Points:
i.The fine was imposed on Vinay Agrawal, who was regional head of business banking in ING from August 2011 till June 20, 2012.
ii.Later, he held the position of zonal head of cluster business banking till October 10, 2013.
iii.The Securities and Exchange Board of India had initiated arbitration proceedings against Agrawal, who was supposed to have not complied with PIT (Prohibition of Insider Trading) Regulations.
iv.After conducting an examination of trading in the shares of ING Vysya Bank from August 2011 to May 2013, SEBI found that Agrawal traded in the shares valuing over Rs 5 lakh four times.
v.This led to change in shareholding for more than Rs 5 lakh in value on January 17-18, 2012 and May 2-3, 2013.
vi.Agrawal had failed to disclose the dealings to ING and BSE.
About SEBI
The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 30 January 1992 through the SEBI Act, 1992.
Chairman: Ajay Tyagi
HQ: Mumbai Maharashtra
Business
Uber loses licence to operate in London
Transport for London (TfL) took the decision to cancel the Uber license in London City. Uber would lose its licence to operate its cab in the London city from September-end.
i.Uber transport app’s license expires on September 30 2017. TfL concluded Uber was not fit and will not be issued a new private hire licence Uber, Some 3.5 million passengers and 40,000 drivers use the Uber app in London.
ii.TfL has made this decision on the basis of “public safety and security implications”. TfL’s concerns include Uber’s approach to carrying out background checks on drivers and reporting serious criminal offences.
UBER
Uber Technologies Inc. is an American technology company headquartered in San Francisco, California, United States, operating in 633 cities worldwide.
CEO – Dara Khosrowshahi
Founded – March 2009, San Francisco, California, United States
Headquarters – San Francisco, California, United States
Transport for London (TfL) took the decision to cancel the Uber license in London City. Uber would lose its licence to operate its cab in the London city from September-end.
i.Uber transport app’s license expires on September 30 2017. TfL concluded Uber was not fit and will not be issued a new private hire licence Uber, Some 3.5 million passengers and 40,000 drivers use the Uber app in London.
ii.TfL has made this decision on the basis of “public safety and security implications”. TfL’s concerns include Uber’s approach to carrying out background checks on drivers and reporting serious criminal offences.
UBER
Uber Technologies Inc. is an American technology company headquartered in San Francisco, California, United States, operating in 633 cities worldwide.
CEO – Dara Khosrowshahi
Founded – March 2009, San Francisco, California, United States
Headquarters – San Francisco, California, United States
Aditya Birla Group to shut down e-commerce
site Abof.com
Abof.com the e-commerce site owned by Aditya Birla Group will be shut down by the end of this year due to the strong competition from leading sector Amazon and Flipkart.
i.Aditya Birla Online Fashion(Abof) has inimated their 240 employees December 31 would be the last day of its operations .
ii.Santrupt Misra, HR director at Aditya Birla Group, informed that their exit from online retail space and also he added that all the 240 employees of Abof will be given four and-a-half months’ salary as compensation, in case they wish to quit the company.
iii.Abof.com launched in October 2015 has portfolio across clothing, footwear and accessories besides a collection of the group’s own brands like Allen Solly and Peter England, among others.
Abof.com the e-commerce site owned by Aditya Birla Group will be shut down by the end of this year due to the strong competition from leading sector Amazon and Flipkart.
i.Aditya Birla Online Fashion(Abof) has inimated their 240 employees December 31 would be the last day of its operations .
ii.Santrupt Misra, HR director at Aditya Birla Group, informed that their exit from online retail space and also he added that all the 240 employees of Abof will be given four and-a-half months’ salary as compensation, in case they wish to quit the company.
iii.Abof.com launched in October 2015 has portfolio across clothing, footwear and accessories besides a collection of the group’s own brands like Allen Solly and Peter England, among others.
M&M to buy Turkey’s Erkunt Traktor,
foundry
Mahindra & Mahindra Ltd. (M&M) has signed with Turkey’s Armagan family for acquiring 100% of Erkunt Traktor Sanayii A.S., the fourth-largest tractor manufacturer in Turkey.
i.Mahindra & Mahindra Ltd. (M&M) also agreed to acquire 80%-100% equity in Erkunt Sanayii A.S, a foundry unit belonging to the same Turkish group.
ii.Erkunt Traktor firm has a venture value of $76 million (₹479 crore), the unit of value foundry has been estimated at $51 million (₹321 crore). The final transaction value would be estimated at the close of the deal, expected in about two and half months.
Mahindra & Mahindra Ltd. (M&M) has signed with Turkey’s Armagan family for acquiring 100% of Erkunt Traktor Sanayii A.S., the fourth-largest tractor manufacturer in Turkey.
i.Mahindra & Mahindra Ltd. (M&M) also agreed to acquire 80%-100% equity in Erkunt Sanayii A.S, a foundry unit belonging to the same Turkish group.
ii.Erkunt Traktor firm has a venture value of $76 million (₹479 crore), the unit of value foundry has been estimated at $51 million (₹321 crore). The final transaction value would be estimated at the close of the deal, expected in about two and half months.
Flipkart introduces ‘anti-theft’ packaging
Flipkart, the online e-commerce sector has developed India’s first “anti-theft” packaging to prevent goods from in-transit theft and damage.
i.This exclusive pilferage protection box specially designed for electronic goods and high-end mobiles. Now it is awaiting for patent grant and incorporates special security features in shipment.
ii.This pilferage protection packaging box comes with many protective features to ensure that customers do not receive stolen or damaged shipments.
Flipkart:-
Flipkart is an electronic commerce company headquartered in Bangalore, Karnataka. It was founded in October 2007 by Sachin Bansal and Binny Bansal.
Flipkart has launched its own product range under the name “DigiFlip”
Flipkart, the online e-commerce sector has developed India’s first “anti-theft” packaging to prevent goods from in-transit theft and damage.
i.This exclusive pilferage protection box specially designed for electronic goods and high-end mobiles. Now it is awaiting for patent grant and incorporates special security features in shipment.
ii.This pilferage protection packaging box comes with many protective features to ensure that customers do not receive stolen or damaged shipments.
Flipkart:-
Flipkart is an electronic commerce company headquartered in Bangalore, Karnataka. It was founded in October 2007 by Sachin Bansal and Binny Bansal.
Flipkart has launched its own product range under the name “DigiFlip”
Awards & Recognition
Indian start-up Kheyti wins prestigious
award in Israel
An Indian, Kheyti, a Hyderabad-based startup has won a prestigious award and a cash prize of USD 42,000 in Israel on September 17,2017 for developing an affordable modular greenhouse that aims to give farmers a steady and dependable income.
i.Kheyti provides technology solutions for small farmers. It has developed a ‘greenhouse-in-a-box’, an affordable, modular greenhouse bundled with full stack services that, as per claims, uses 90 per cent less water, grows seven times more food and gives farmers a steady dependable income.
ii.There are 500 companies from 40 different countries had participated n the prestigious MassChallenge Israel contest event.
iii.Another Indian start-up ‘Sukriti’ were also in top ten finalists. Sukriti developed a smart toilet cabin employing hygiene maintenance systems to enhance user experience in sanitation.
An Indian, Kheyti, a Hyderabad-based startup has won a prestigious award and a cash prize of USD 42,000 in Israel on September 17,2017 for developing an affordable modular greenhouse that aims to give farmers a steady and dependable income.
i.Kheyti provides technology solutions for small farmers. It has developed a ‘greenhouse-in-a-box’, an affordable, modular greenhouse bundled with full stack services that, as per claims, uses 90 per cent less water, grows seven times more food and gives farmers a steady dependable income.
ii.There are 500 companies from 40 different countries had participated n the prestigious MassChallenge Israel contest event.
iii.Another Indian start-up ‘Sukriti’ were also in top ten finalists. Sukriti developed a smart toilet cabin employing hygiene maintenance systems to enhance user experience in sanitation.
Riz Ahmed becomes first Asian man to win an
acting 69th Emmy Award
Riz Ahmed has become the first man of Asian t to win an acting award at the 69th Emmy Award.He is a British actor of Pakistani descent.
i.Riz won in the Outstanding Lead Actor in a Limited Series or Movie category for his role in ‘The Night Of’. He plays Nasir “Naz” Khan, a Pakistani/Iranian-American college student accused of murdering a young woman
ii.The two actors of Asian descent who have won at the Emmys earlier are British-Indian Archie Panjabi in 2010 for ‘The Good Wife’ and Iranian-American actress Shohreh Aghdashloo in 2009 for ‘House of Saddam’.
Riz Ahmed has become the first man of Asian t to win an acting award at the 69th Emmy Award.He is a British actor of Pakistani descent.
i.Riz won in the Outstanding Lead Actor in a Limited Series or Movie category for his role in ‘The Night Of’. He plays Nasir “Naz” Khan, a Pakistani/Iranian-American college student accused of murdering a young woman
ii.The two actors of Asian descent who have won at the Emmys earlier are British-Indian Archie Panjabi in 2010 for ‘The Good Wife’ and Iranian-American actress Shohreh Aghdashloo in 2009 for ‘House of Saddam’.
Scientist CNR Rao ,First Asian chosen for
international honour for materials research
Professor C.N.R Rao, has become the first Asian to be chosen for the prestigious Von Hippel Award for his contribution in materials research.
i. The award is the US-based Materials Research Society’s (MRS) highest honour.
ii. Mr. Rao will be honoured by his immense work on novel functional materials, including nanomaterials (having particles of nanoscale dimensions), graphene (the strongest and thinnest material) and 2D materials, superconductivity, and colossal magnetoresistance (change in electrical resistance of a material in a magnetic field).
iii. The award will be presented in Boston on November 29, during an MRS meeting.
About Von Hippel Award
i. The Von Hippel Award, the Materials Research Society’s highest honor, recognizes those qualities most prized by materials scientists and engineers—brilliance and originality of intellect, combined with vision that transcends the boundaries of conventional scientific disciplines.
ii. The Von Hippel Award is named after Arthur von Hippel (1898-2003), who was a pioneer in the study of dielectrics, semiconductors, ferromagnetics and ferroelectrics. He was an early advocate of the interdisciplinary approach to materials research, and his example substantially furthered the science of materials.
iii. The Von Hippel Award includes a $10,000 cash prize, honorary membership in MRS, and a unique trophy — a mounted ruby laser crystal symbolizing the many-faceted nature of materials research.
Professor C.N.R Rao, has become the first Asian to be chosen for the prestigious Von Hippel Award for his contribution in materials research.
i. The award is the US-based Materials Research Society’s (MRS) highest honour.
ii. Mr. Rao will be honoured by his immense work on novel functional materials, including nanomaterials (having particles of nanoscale dimensions), graphene (the strongest and thinnest material) and 2D materials, superconductivity, and colossal magnetoresistance (change in electrical resistance of a material in a magnetic field).
iii. The award will be presented in Boston on November 29, during an MRS meeting.
About Von Hippel Award
i. The Von Hippel Award, the Materials Research Society’s highest honor, recognizes those qualities most prized by materials scientists and engineers—brilliance and originality of intellect, combined with vision that transcends the boundaries of conventional scientific disciplines.
ii. The Von Hippel Award is named after Arthur von Hippel (1898-2003), who was a pioneer in the study of dielectrics, semiconductors, ferromagnetics and ferroelectrics. He was an early advocate of the interdisciplinary approach to materials research, and his example substantially furthered the science of materials.
iii. The Von Hippel Award includes a $10,000 cash prize, honorary membership in MRS, and a unique trophy — a mounted ruby laser crystal symbolizing the many-faceted nature of materials research.
Appointments & Resigns
Cisco appoints Chuck Robbins as executive
chairman
Global IT and networking major Cisco has appointed Chuck Robbins as the Executive Chairman of the company announced on 19th Sept. 2017.
Key Points:
i.The announcement came after John Chambers, the present Executive Chairman, notified the Board of Directors that he will not stand for re-election.
ii.Robbins had joined Cisco in 1997 and assumed the role of the company’s CEO on July 26, 2015.
iii.Chambers had given the honorary title of Chairman Emeritus.
About Cisco
i.Cisco Systems, Inc. (known as Cisco) is an American multinational technology conglomerate headquartered in San Jose, California, in the center of Silicon Valley, that develops, manufactures and sells networking hardware, telecommunications equipment and other high-technology services and products.
ii.Cisco is the largest networking company in the world.
iii.Founders: Leonard Bosack
Global IT and networking major Cisco has appointed Chuck Robbins as the Executive Chairman of the company announced on 19th Sept. 2017.
Key Points:
i.The announcement came after John Chambers, the present Executive Chairman, notified the Board of Directors that he will not stand for re-election.
ii.Robbins had joined Cisco in 1997 and assumed the role of the company’s CEO on July 26, 2015.
iii.Chambers had given the honorary title of Chairman Emeritus.
About Cisco
i.Cisco Systems, Inc. (known as Cisco) is an American multinational technology conglomerate headquartered in San Jose, California, in the center of Silicon Valley, that develops, manufactures and sells networking hardware, telecommunications equipment and other high-technology services and products.
ii.Cisco is the largest networking company in the world.
iii.Founders: Leonard Bosack
Sandy Lerner
Bambawale is new envoy to China
India’s high commissioner to Pak Gautam Bambawale has been appointed as the ambassador to China on 17th of Sept. 2017.
Key Points:
i.He has served as joint secretary of East Asia division where he handled both China & Japan.
ii.India’s current ambassador to China Vijay Gokhale was appointed as Secretary (Economic Relations) in MEA.
iii.Gokhale played a lead role in defusing the Doklam crisis with Beijing.
About China
Capital: Beijing
President: Xi Jinping
Currency: Renminbi
India’s high commissioner to Pak Gautam Bambawale has been appointed as the ambassador to China on 17th of Sept. 2017.
Key Points:
i.He has served as joint secretary of East Asia division where he handled both China & Japan.
ii.India’s current ambassador to China Vijay Gokhale was appointed as Secretary (Economic Relations) in MEA.
iii.Gokhale played a lead role in defusing the Doklam crisis with Beijing.
About China
Capital: Beijing
President: Xi Jinping
Currency: Renminbi
Bandhan Bank appoints five lead managers
for its IPO
Bandhan Bank’s Board has decided to appoint Goldman Sachs Group, JPMorgan Chase, Axis Bank, JM Financial and Kotak Mahindra Bankas lead managers to manage its proposed initial public offering (IPO).
Key Points:
i.The size of the share sale, its timing and all other related aspects, have not been finalized as yet.
ii.The final decision on the proposed IPO will be subject to all regulatory approvals.
iii.Bandhan Bank could raise at least Rs 5000 crore (USD 780 million) and aims to sell shares in 2018.
iv.Investors will be offered about 10% stake in Bandhan Bank through the IPO.
v.The bank’s investors include Singapore’s sovereign wealth fund GIC, world bank arm International Finance Corp and Small Industries Development Bank of India as its investors.
About Bandhan Bank
Bandhan Bank Ltd. is an Indian banking and financial services company headquartered in Kolkata, West Bengal.
Bandhan, which started as a micro-finance company in 2001, received banking licence by Reserve Bank of India in 2014.
Founders: Chandra Shekhar Ghosh
Chairman: Ashok Lahiri
Bandhan Bank’s Board has decided to appoint Goldman Sachs Group, JPMorgan Chase, Axis Bank, JM Financial and Kotak Mahindra Bankas lead managers to manage its proposed initial public offering (IPO).
Key Points:
i.The size of the share sale, its timing and all other related aspects, have not been finalized as yet.
ii.The final decision on the proposed IPO will be subject to all regulatory approvals.
iii.Bandhan Bank could raise at least Rs 5000 crore (USD 780 million) and aims to sell shares in 2018.
iv.Investors will be offered about 10% stake in Bandhan Bank through the IPO.
v.The bank’s investors include Singapore’s sovereign wealth fund GIC, world bank arm International Finance Corp and Small Industries Development Bank of India as its investors.
About Bandhan Bank
Bandhan Bank Ltd. is an Indian banking and financial services company headquartered in Kolkata, West Bengal.
Bandhan, which started as a micro-finance company in 2001, received banking licence by Reserve Bank of India in 2014.
Founders: Chandra Shekhar Ghosh
Chairman: Ashok Lahiri
Ram Jethmalani retires as advocate at 94
Senior advocate and former union minister Ram Jethmalani announced his retirement from legal practiceat the age of 94.
Key Points:
i.He announced his retirement from over seven-decade-long career as an advocate.
ii.He called the present state of the government a “calamity”.
iii.He announced his retirement during a function organised by the Apex bar body, the Bar Council of India, to felicitate the new Chief Justice of India Justice Dipak Misra.
iv.He was born in 1923 in Shikarpur, Ram Jethmalani was a bright student and got a triple promotion when in school.
v.Ram Jethmalani obtained a law degree when he was all of 17 and practised law in Karachi until the partition of India.
Senior advocate and former union minister Ram Jethmalani announced his retirement from legal practiceat the age of 94.
Key Points:
i.He announced his retirement from over seven-decade-long career as an advocate.
ii.He called the present state of the government a “calamity”.
iii.He announced his retirement during a function organised by the Apex bar body, the Bar Council of India, to felicitate the new Chief Justice of India Justice Dipak Misra.
iv.He was born in 1923 in Shikarpur, Ram Jethmalani was a bright student and got a triple promotion when in school.
v.Ram Jethmalani obtained a law degree when he was all of 17 and practised law in Karachi until the partition of India.
Sports
LA gets official go-ahead to host 2028 Olympics
Los Angeles has received its official go-ahead to host the 2028 Olympics from the International Olympic Committee’s evaluation commission.
Key Points:
i.IOC will award the 2024 Games to Paris and the 2028 Games to Los Angeles.
ii.Los Angeles had originally bid for 2024, but because of the new date, it had to make changes to its host contract.
iii.Los Angeles will also receive up to $2 billion from the IOC, which is up to $300 million more than it would have gotten for 2024.
iv.Los Angeles received concessions for agreeing to host four years later, including receiving a portion of the IOC’s surplus from the Olympics to fund youth sports programs in the city.
Los Angeles has received its official go-ahead to host the 2028 Olympics from the International Olympic Committee’s evaluation commission.
Key Points:
i.IOC will award the 2024 Games to Paris and the 2028 Games to Los Angeles.
ii.Los Angeles had originally bid for 2024, but because of the new date, it had to make changes to its host contract.
iii.Los Angeles will also receive up to $2 billion from the IOC, which is up to $300 million more than it would have gotten for 2024.
iv.Los Angeles received concessions for agreeing to host four years later, including receiving a portion of the IOC’s surplus from the Olympics to fund youth sports programs in the city.
Kuldeep becomes first Indian spinner to
take ODI hat-trick
Chinaman bowler Kuldeep Yadav has become the first Indian spinner to take a hat-trick in ODI cricket during the second match of the ongoing series against Australia at Eden Gardens, Kolkata on 22nd Sept. 2017.
Key Points:
i.He became only the third Indian after Kapil Dev (1991) and Chetan Sharma (1987) to take a hat-trick in an ODI.
ii.Yadav took the wickets of Matthew Wade, Ashton Agar and Pat Cummins in consecutive balls in his eighth over.
iii.He holds the record of being the first Indian bowler to pick three on the trot at the event.
Chinaman bowler Kuldeep Yadav has become the first Indian spinner to take a hat-trick in ODI cricket during the second match of the ongoing series against Australia at Eden Gardens, Kolkata on 22nd Sept. 2017.
Key Points:
i.He became only the third Indian after Kapil Dev (1991) and Chetan Sharma (1987) to take a hat-trick in an ODI.
ii.Yadav took the wickets of Matthew Wade, Ashton Agar and Pat Cummins in consecutive balls in his eighth over.
iii.He holds the record of being the first Indian bowler to pick three on the trot at the event.
PV Sindhu becomes world number 2 in latest
rankings
Indian professional badminton player, Rio Olympic silver medalist PUSARLA V. Sindhu has jumped two places to the second spot in the BWF (Badminton World Federation) women’s singles ranking.
Key Points:
i.TAI Tzu Ying of Taiwan ranks first in BWF women’s singles.
ii.This is the second time that Sindhu is world number two after being at the position for a week in April 2017.
iii.She has won three international titles this year, including the Korea Open.
About PV Sindhu
Pusarla Venkata Sindhu born on 5th July 1995 is an Indian professional badminton player, who is currently world no 2 in the BWF World Ranking.
At the 2016 Summer Olympics, she became the first Indian woman to win an Olympic silver medal.
Coach: Pullela Gopichand
Indian professional badminton player, Rio Olympic silver medalist PUSARLA V. Sindhu has jumped two places to the second spot in the BWF (Badminton World Federation) women’s singles ranking.
Key Points:
i.TAI Tzu Ying of Taiwan ranks first in BWF women’s singles.
ii.This is the second time that Sindhu is world number two after being at the position for a week in April 2017.
iii.She has won three international titles this year, including the Korea Open.
About PV Sindhu
Pusarla Venkata Sindhu born on 5th July 1995 is an Indian professional badminton player, who is currently world no 2 in the BWF World Ranking.
At the 2016 Summer Olympics, she became the first Indian woman to win an Olympic silver medal.
Coach: Pullela Gopichand
Obituary
Boxing legend Jake LaMotta passed away aged
95
LaMotta had passed away due to complications from pneumonia on 19th of Sept. 2017. He was 95. He was from U.S.A.
Key Points:
i.The boxing legend’s life story was told in the movie Raging Bull where he was played by Robert De Niro who paid tribute to him, saying ‘Rest in peace, champ’.
ii.He was fighter competed in 106 pro fights and won a world middleweight championship, after he was rejected from serving in the military.
iii.He is most famously remembered for his six-fight rivalry with Sugar Ray Robinson.
LaMotta had passed away due to complications from pneumonia on 19th of Sept. 2017. He was 95. He was from U.S.A.
Key Points:
i.The boxing legend’s life story was told in the movie Raging Bull where he was played by Robert De Niro who paid tribute to him, saying ‘Rest in peace, champ’.
ii.He was fighter competed in 106 pro fights and won a world middleweight championship, after he was rejected from serving in the military.
iii.He is most famously remembered for his six-fight rivalry with Sugar Ray Robinson.
Babuji Dheere Chalna’ actress Shakila
passes away aged 82
Shakila died of cardiac arrest on 20th September at the age of 82. She was born as Badshah Begum on 1stJanuary 1935.
Key Points:
i.Shakila has acted in films such as Guru Dutt’ s Aar Paar (1956) and CID (1956).
ii.She was also known for featuring in songs such as Baar Baar Dekho, with Shammi Kapoor, and Ae Mere Dil Hai Nadaan.
iii.She earned the tag of ‘fairy queen of Indian movies’.
Shakila died of cardiac arrest on 20th September at the age of 82. She was born as Badshah Begum on 1stJanuary 1935.
Key Points:
i.Shakila has acted in films such as Guru Dutt’ s Aar Paar (1956) and CID (1956).
ii.She was also known for featuring in songs such as Baar Baar Dekho, with Shammi Kapoor, and Ae Mere Dil Hai Nadaan.
iii.She earned the tag of ‘fairy queen of Indian movies’.
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