Dear Readers,
Indian
Affairs
Prime Minister launches Pradhan Mantri
Sahaj Bijli Har Ghar Yojana ‘Saubhagya’
On 25th September 2017, Prime Minister Mr.Narendra Modi launched a new scheme, Pradhan Mantri Sahaj Bijli Har Ghar Yojana –‘Saubhagya’, to carry out electrification of all households in India.
Saubhagya:
i.The total budget for this project is Rs.16,320 crore. Gross Budgetary Support (GBS) provided is Rs.12,320 crore.
ii.The budget allocated for the rural households is Rs.14,025 crore. For which, GBS is Rs.10,587.50 crore.
iii.Budget allocated for urban households is Rs.2,295 crore. For which, GBS is Rs.1,732.50 crore.
iv.All the States and Union Territories should complete household electrification by 31st December 2018.
v.The beneficiaries for free electricity connection would be identified using Socio Economic and Caste Census (SECC) 2011 data.
The aim of this Scheme is:
On 25th September 2017, Prime Minister Mr.Narendra Modi launched a new scheme, Pradhan Mantri Sahaj Bijli Har Ghar Yojana –‘Saubhagya’, to carry out electrification of all households in India.
Saubhagya:
i.The total budget for this project is Rs.16,320 crore. Gross Budgetary Support (GBS) provided is Rs.12,320 crore.
ii.The budget allocated for the rural households is Rs.14,025 crore. For which, GBS is Rs.10,587.50 crore.
iii.Budget allocated for urban households is Rs.2,295 crore. For which, GBS is Rs.1,732.50 crore.
iv.All the States and Union Territories should complete household electrification by 31st December 2018.
v.The beneficiaries for free electricity connection would be identified using Socio Economic and Caste Census (SECC) 2011 data.
The aim of this Scheme is:
·
Environmental upgradation
by eliminating Kerosene usage for lighting
·
Improvement of education,
health services and communication
·
Increasing economic
activities and jobs
·
Improvement of quality of
life particularly for women
About Rural Electrification Corporation
Limited (REC):
Headquarters – New Delhi
Chairman & MD – Mr.P.V.Ramesh Babu….
Headquarters – New Delhi
Chairman & MD – Mr.P.V.Ramesh Babu….
2nd India-Indonesia Biennial Trade
Ministers’ Forum Meeting held in New Delhi
On 25th September 2017, the 2nd India-Indonesia Biennial Trade Ministers’ Forum Meeting was held in New Delhi.
2nd India-Indonesia Biennial Trade Ministers’ Forum:
i. Mr.Suresh Prabhu, Minister of Commerce and Industry of India, and Mr.Enggartiasto Lukita, Minister of Trade of the Republic of Indonesia participated in the meet.
ii. Higher Officials from both the countries also participated.
iii. Both the Ministers decided on arranging meeting of ‘the Working Group on Trade & Investment’, ‘the Working Group on Trade Facilitation & Remedies’ and ‘Meeting of Regulators’.
iv. Opportunities for joint ventures, textile machinery manufacturing, textile parks and Special Economic Zones were discussed.
v. Mr.Suresh Prabhu suggested Indonesia to make use of ‘Make in India’, ‘Invest India’ and ‘Start-up India’ initiatives.
About Indonesia:
i. Capital – Jakarta
ii. Currency – Indonesian rupiah
iii. Official language – Indonesian
iv. President – Mr.Joko Widodo
On 25th September 2017, the 2nd India-Indonesia Biennial Trade Ministers’ Forum Meeting was held in New Delhi.
2nd India-Indonesia Biennial Trade Ministers’ Forum:
i. Mr.Suresh Prabhu, Minister of Commerce and Industry of India, and Mr.Enggartiasto Lukita, Minister of Trade of the Republic of Indonesia participated in the meet.
ii. Higher Officials from both the countries also participated.
iii. Both the Ministers decided on arranging meeting of ‘the Working Group on Trade & Investment’, ‘the Working Group on Trade Facilitation & Remedies’ and ‘Meeting of Regulators’.
iv. Opportunities for joint ventures, textile machinery manufacturing, textile parks and Special Economic Zones were discussed.
v. Mr.Suresh Prabhu suggested Indonesia to make use of ‘Make in India’, ‘Invest India’ and ‘Start-up India’ initiatives.
About Indonesia:
i. Capital – Jakarta
ii. Currency – Indonesian rupiah
iii. Official language – Indonesian
iv. President – Mr.Joko Widodo
On 25th September 2017, Karnataka government launched Vision-2025 project, in Karnataka.
Vision-2025 project:
i. This project aims at developing a draft policy for development of Karnataka in the next 7 years based on the opinion of the public.
ii. Executive officer of the project is Ms.Renuka Chidambaram.
iii. Officials will collect the required information and draft a vision policy for the year 2025.
iv. A part of the vision policy will be added to the manifesto of Congress Party.
v. Karnataka Chief Minister Mr.Siddaramaiah launched the website ‘www.navakarnataka2025.in’ in connection with the project.
vi. Executive Officer of the project and other officials will visit various parts of Karnataka for 3 months starting from October 2017.
vii. They will speak to the people and gather public opinion to build a state of their dream.
About Karnataka:
i. Capital – Bengaluru
ii. Chief Minister – Mr.Siddaramaiah
iii. Governor – Mr.Vajubhai Vala
Andhra Chief Minister declares 2017 as
e-pragati year
On 21st September 2017, Andhra Pradesh Chief Minister Mr.N.Chandrababu Naidu declared 2017 as e-pragati year, at Vijayawada.
e-pragati year:
i. Mr.N.Chandrababu Naidu declared 2017 as e-pragati year while inaugurating a training programme for government officials at Vijayawada.
ii. The e-pragati training programme is for government officials to familiarise and update new technologies.
iii. e-Pragati is to be implemented in all departments in Andhra Pradesh.
iv. All the certificates and government transactions would be made available online.
v. The use of new technology is expected to bring transparency in administration and create employment.
vi. The Chief Minister said that by using technology the state government is able to save 15 % in Public Distribution System, 6 % in pensions and 25 % in scholarships.
About Andhra Pradesh:
i. Capital – Hyderabad (present), Amaravati (in 10 years)
ii. Chief Minister – Mr.N.Chandrababu Naidu
iii. Governor – Mr.E.S.L.Narasimhan
On 21st September 2017, Andhra Pradesh Chief Minister Mr.N.Chandrababu Naidu declared 2017 as e-pragati year, at Vijayawada.
e-pragati year:
i. Mr.N.Chandrababu Naidu declared 2017 as e-pragati year while inaugurating a training programme for government officials at Vijayawada.
ii. The e-pragati training programme is for government officials to familiarise and update new technologies.
iii. e-Pragati is to be implemented in all departments in Andhra Pradesh.
iv. All the certificates and government transactions would be made available online.
v. The use of new technology is expected to bring transparency in administration and create employment.
vi. The Chief Minister said that by using technology the state government is able to save 15 % in Public Distribution System, 6 % in pensions and 25 % in scholarships.
About Andhra Pradesh:
i. Capital – Hyderabad (present), Amaravati (in 10 years)
ii. Chief Minister – Mr.N.Chandrababu Naidu
iii. Governor – Mr.E.S.L.Narasimhan
Hyderabad Airport Becomes First in India to
Provide Wheelchair Lift
Hyderabad’s Rajiv Gandhi International Airport became the first airport in the country to introduce a wheelchair lift or Verti-lift on 24th of Sept. 2017.
Key Points:
i.The lift was installed as part of the Accessible India Campaign.
ii.The new facility has been made available to domestic arrival passengers under the GHIAL’s signature programme ‘Passenger is Prime.
iii.The verti-lift was introduced to minimize the wait time of wheelchair bound passengers, who usually wait for the escort to reclaim their baggage.
iv.Authorities have also provided facilities like intercom calling facility at both departure and arrival ramps.
v.The lift is electrically powered. After securing the wheelchair bound passenger on to the lift’s platform, it can be operated by a remote control.
About Hyderabad Airport
Rajiv Gandhi International Airport is an international airport that serves Hyderabad, the largest city in the Indian state of Telangana.
It is in Shamshabad, about 20 kilometres (12 mi) south of Hyderabad.
The airport is operated by GMR Hyderabad International Airport Ltd, a public–private venture.
Hyderabad’s Rajiv Gandhi International Airport became the first airport in the country to introduce a wheelchair lift or Verti-lift on 24th of Sept. 2017.
Key Points:
i.The lift was installed as part of the Accessible India Campaign.
ii.The new facility has been made available to domestic arrival passengers under the GHIAL’s signature programme ‘Passenger is Prime.
iii.The verti-lift was introduced to minimize the wait time of wheelchair bound passengers, who usually wait for the escort to reclaim their baggage.
iv.Authorities have also provided facilities like intercom calling facility at both departure and arrival ramps.
v.The lift is electrically powered. After securing the wheelchair bound passenger on to the lift’s platform, it can be operated by a remote control.
About Hyderabad Airport
Rajiv Gandhi International Airport is an international airport that serves Hyderabad, the largest city in the Indian state of Telangana.
It is in Shamshabad, about 20 kilometres (12 mi) south of Hyderabad.
The airport is operated by GMR Hyderabad International Airport Ltd, a public–private venture.
Kandla Port in Gujarat renamed as Deendayal
Port
The Ministry of Shipping has renamed Kandla Port Trust as Deendayal Port Trust with effect from 25th of September 2017.
Key Points:
i.The Ministry of Shipping issued the required notification on the closing of the yearlong centenary celebrations of Pandit Deendayal Upadhyay.
ii.Kandla Port, located on the Gulf of Kutch in Gujarat, is one of the twelve major ports in the country.
iii.The suggestion has been given by PM Modi for renaming of Kandla Port after Pandit Deendayal Upadhyay, who stood for the uplift of the poor and weaker sections of society.
iv.As per the Ministry’s notification, the Central Government, in exercise of powers granted under Indian Ports Act, 1908, made the amendment to replace “Kandla” with “Deendayal”.
About Kandla Port
i.Kandla was constructed in the 1950s as the chief seaport serving western India, after the partition of India from Pakistan left the port of Karachi in Pakistan.
ii.It is the largest port of India by volume of cargo handled.
iii.kandla Port Trust is India’s busiest major port in recent years, is gearing to add substantial cargo handling capacity with private sector participation.
The Ministry of Shipping has renamed Kandla Port Trust as Deendayal Port Trust with effect from 25th of September 2017.
Key Points:
i.The Ministry of Shipping issued the required notification on the closing of the yearlong centenary celebrations of Pandit Deendayal Upadhyay.
ii.Kandla Port, located on the Gulf of Kutch in Gujarat, is one of the twelve major ports in the country.
iii.The suggestion has been given by PM Modi for renaming of Kandla Port after Pandit Deendayal Upadhyay, who stood for the uplift of the poor and weaker sections of society.
iv.As per the Ministry’s notification, the Central Government, in exercise of powers granted under Indian Ports Act, 1908, made the amendment to replace “Kandla” with “Deendayal”.
About Kandla Port
i.Kandla was constructed in the 1950s as the chief seaport serving western India, after the partition of India from Pakistan left the port of Karachi in Pakistan.
ii.It is the largest port of India by volume of cargo handled.
iii.kandla Port Trust is India’s busiest major port in recent years, is gearing to add substantial cargo handling capacity with private sector participation.
International Affairs
72nd session of United Nations General
Assembly
On 12th to 25th September 2017, the 72nd Regular Session of UN (United Nations) General Assembly (UNGA 72) was held at UN Headquarters, in New York.
72nd session of UN General Assembly:
i.The President of the 72nd session of the UNGA is Mr.Miroslav Lajcak.
ii.On 19th September 2017, a general debate on the theme ‘Focusing on People: Striving for Peace and a Decent Life for All on a Sustainable Planet’ was conducted.
iii.On 23rd September 2017, External Affairs Minister of India Ms.Sushma Swaraj addressed the 72nd session of United Nations General Assembly.
On 12th to 25th September 2017, the 72nd Regular Session of UN (United Nations) General Assembly (UNGA 72) was held at UN Headquarters, in New York.
72nd session of UN General Assembly:
i.The President of the 72nd session of the UNGA is Mr.Miroslav Lajcak.
ii.On 19th September 2017, a general debate on the theme ‘Focusing on People: Striving for Peace and a Decent Life for All on a Sustainable Planet’ was conducted.
iii.On 23rd September 2017, External Affairs Minister of India Ms.Sushma Swaraj addressed the 72nd session of United Nations General Assembly.
50 nations signed UN Nuclear Ban Treaty:
i.On 20th September 2017, 50 countries signed a treaty to ban nuclear weapons. Brazil was the first country to sign the treaty.
ii.The countries that have signed the treaty would be banned from developing, testing, producing, manufacturing, acquiring, possessing or stockpiling nuclear weapons ‘under any circumstances.’
i.On 20th September 2017, 50 countries signed a treaty to ban nuclear weapons. Brazil was the first country to sign the treaty.
ii.The countries that have signed the treaty would be banned from developing, testing, producing, manufacturing, acquiring, possessing or stockpiling nuclear weapons ‘under any circumstances.’
Meeting of BRICS Ministers of Foreign
Affairs for International Relations in New York: ..
Pakistani Navy successfully tests anti-ship
missile
On 23rd September 2017, Pakistan Navy successfully test-fired an anti-ship missile from a helicopter in the northern Arabian Sea.
Anti-ship missile test:
i. The anti-ship missile was fired from Pakistan Navy helicopter Sea King into the open sea.
ii. The missile hit its target placed in the sea successfully.
iii. Chief of the Naval Staff Admiral Muhammad Zakaullah monitored the missile firing demonstration.
iv. In March 2017, the Pakistan Navy conducted a successful test of a land-based anti-ship missile.
v. The trial was conducted from the coastal region and the missile successfully hit its target placed in the sea.
vi. Pakistan Navy purchased 7 Westland Sea King multi-role helicopters from the United Kingdom in May 2017.
About Pakistan:
i. Capital – Islamabad
ii. Currency – Pakistani rupee
iii. Official languages – Urdu and English
iv. President – Mr.Mamnoon Hussain
v. Prime Minister – Mr.Shahid Khaqan Abbasi
On 23rd September 2017, Pakistan Navy successfully test-fired an anti-ship missile from a helicopter in the northern Arabian Sea.
Anti-ship missile test:
i. The anti-ship missile was fired from Pakistan Navy helicopter Sea King into the open sea.
ii. The missile hit its target placed in the sea successfully.
iii. Chief of the Naval Staff Admiral Muhammad Zakaullah monitored the missile firing demonstration.
iv. In March 2017, the Pakistan Navy conducted a successful test of a land-based anti-ship missile.
v. The trial was conducted from the coastal region and the missile successfully hit its target placed in the sea.
vi. Pakistan Navy purchased 7 Westland Sea King multi-role helicopters from the United Kingdom in May 2017.
About Pakistan:
i. Capital – Islamabad
ii. Currency – Pakistani rupee
iii. Official languages – Urdu and English
iv. President – Mr.Mamnoon Hussain
v. Prime Minister – Mr.Shahid Khaqan Abbasi
’Incredible India’ campaign launched in
Cairo
India has launched a campaign on 24th Sept. 2017 to attract Egyptian travellers and make them aware of alluring holiday options in the country.
Key Points:
i.The campaign will run on five routes in East, Middle, North, South and Giza parts of Cairo Metropolitan area.
ii.The campaign has been organised by the Embassy of India in Cairo, in coordination with the India Tourism Office in Dubai, the Cairo Governorate, and the Cairo Public Transport Authority.
iii.It was flagged off jointly by India’s Ambassador to Egypt Sanjay Bhattacharyya, Governor of Cairo Governorate Eng Atef Abdel Hamid and officials from Cairo Transport Authority.
iv.Under the campaign 12 buses of transport authority will showcase various tourist destinations in India.
v.It will include culture, festivals, monuments, landscape, wildlife, people and food.
vi.The campaign also aims to connect tour operators of both the countries.
About Egypt
Capital: Cairo
President: Abdel Fattah el-Sisi
PM: Sherif Ismail
Currency: Egyptian Pound
India has launched a campaign on 24th Sept. 2017 to attract Egyptian travellers and make them aware of alluring holiday options in the country.
Key Points:
i.The campaign will run on five routes in East, Middle, North, South and Giza parts of Cairo Metropolitan area.
ii.The campaign has been organised by the Embassy of India in Cairo, in coordination with the India Tourism Office in Dubai, the Cairo Governorate, and the Cairo Public Transport Authority.
iii.It was flagged off jointly by India’s Ambassador to Egypt Sanjay Bhattacharyya, Governor of Cairo Governorate Eng Atef Abdel Hamid and officials from Cairo Transport Authority.
iv.Under the campaign 12 buses of transport authority will showcase various tourist destinations in India.
v.It will include culture, festivals, monuments, landscape, wildlife, people and food.
vi.The campaign also aims to connect tour operators of both the countries.
About Egypt
Capital: Cairo
President: Abdel Fattah el-Sisi
PM: Sherif Ismail
Currency: Egyptian Pound
Banking & Finance
PM Narendra Modi forms Economic Advisory
Council under Bibek Debroy
On 25th September 2017, Prime Minister Narendra Modi reconstituted the Economic Advisory Council (EAC) under the Chairmanship of Bibek Debroy.
Bibek Debroy to head the EAC:
i. Bibek Debroy is an economist and member of NITI Aayog.
ii. NITI Aayog’s Principal Advisor and former Finance Secretary Ratan Watal has been made member-secretary of EAC.
iii. Members of EAC are Economist Surjit Bhalla, National Institute of Public Finance, Policy director Rathin Roy and Professor Ashima Goyal, Indira Gandhi Institute of Development Research.
iv. Previous Chairperson of EAC, during Prime Minister Manmohan Singh’s period was, former RBI Governor, C. Rangarajan.
v. The EAC is an independent body that gives advice on economic and related topics to the Government, especially to the Prime Minister.
About Economic Advisory Council (EAC):
i. Purpose – Independent body that gives economic advice to Prime Minister
ii. Chairman – Bibek Debroy
On 25th September 2017, Prime Minister Narendra Modi reconstituted the Economic Advisory Council (EAC) under the Chairmanship of Bibek Debroy.
Bibek Debroy to head the EAC:
i. Bibek Debroy is an economist and member of NITI Aayog.
ii. NITI Aayog’s Principal Advisor and former Finance Secretary Ratan Watal has been made member-secretary of EAC.
iii. Members of EAC are Economist Surjit Bhalla, National Institute of Public Finance, Policy director Rathin Roy and Professor Ashima Goyal, Indira Gandhi Institute of Development Research.
iv. Previous Chairperson of EAC, during Prime Minister Manmohan Singh’s period was, former RBI Governor, C. Rangarajan.
v. The EAC is an independent body that gives advice on economic and related topics to the Government, especially to the Prime Minister.
About Economic Advisory Council (EAC):
i. Purpose – Independent body that gives economic advice to Prime Minister
ii. Chairman – Bibek Debroy
SBI revises Service Charges on maintaining
Monthly Average Balance
On 25th September 2017, SBI (State Bank of India) reduced service charges for not maintaining monthly average (MAB) balance by 20-50%.
Decrease in SBI service charges for MAB:
i. The minimum balance requirement in metro centres are reduced to Rs.3,000.
ii. The charges for not maintaining MAB at semi-urban and rural centres vary from Rs.20 to Rs.40.
iii. The charges at urban and metro centres vary from Rs.30 to Rs.50.
iv. The revisions will come to act from October 2017.
v. Apart from Jan Dhan or PMJDY accounts and Basic Savings Bank Deposits Accounts (BSBD), SBI has exempted the following savings bank accounts from MAB:
· Financial Inclusion Accounts
· Basic Savings Bank Deposit Accounts
· Small Accounts
· Pehla Kadam and Pehli Udaan accounts
· Minors up to the age group of 18
· Pensioners
About State Bank of India (SBI):
i. Type – Public Sector Bank
ii. Headquarters – Mumbai
iii. Chairman – Ms.Arundhati Bhattacharya
On 25th September 2017, SBI (State Bank of India) reduced service charges for not maintaining monthly average (MAB) balance by 20-50%.
Decrease in SBI service charges for MAB:
i. The minimum balance requirement in metro centres are reduced to Rs.3,000.
ii. The charges for not maintaining MAB at semi-urban and rural centres vary from Rs.20 to Rs.40.
iii. The charges at urban and metro centres vary from Rs.30 to Rs.50.
iv. The revisions will come to act from October 2017.
v. Apart from Jan Dhan or PMJDY accounts and Basic Savings Bank Deposits Accounts (BSBD), SBI has exempted the following savings bank accounts from MAB:
· Financial Inclusion Accounts
· Basic Savings Bank Deposit Accounts
· Small Accounts
· Pehla Kadam and Pehli Udaan accounts
· Minors up to the age group of 18
· Pensioners
About State Bank of India (SBI):
i. Type – Public Sector Bank
ii. Headquarters – Mumbai
iii. Chairman – Ms.Arundhati Bhattacharya
ADB lowers India’s growth outlook to 7% for
2017-18
On 26th September 2017, ADB (Asian Development Bank) lowered India’s growth projection to 7% for the current financial year and 7.4 % for the next financial year.
ADB lowered India’s growth prediction:
i. ADB has stated in its Asian Development Outlook 2017 update that India’s GDP growth is lowered to 7% for the financial year 2017-18.
ii. This is a 0.4 % drop from the April 2017 forecast.
iii. In 2018-19, the GDP is predicted as 7.4%.
iv. This was earlier predicted as 7.6% in April 2017.
v. ADB attributes this downfall to demonetisation and implementation of GST (Goods and Services Tax).
vi. As, they have affected consumer spending and business investment.
vii. ADB also said that, these are short-term disruptions. They would dissipate as time progresses.
About ADB (Asian Development Bank):
i. Headquarters – Manila, Philippines
ii. President – Takehiko Nakao
On 26th September 2017, ADB (Asian Development Bank) lowered India’s growth projection to 7% for the current financial year and 7.4 % for the next financial year.
ADB lowered India’s growth prediction:
i. ADB has stated in its Asian Development Outlook 2017 update that India’s GDP growth is lowered to 7% for the financial year 2017-18.
ii. This is a 0.4 % drop from the April 2017 forecast.
iii. In 2018-19, the GDP is predicted as 7.4%.
iv. This was earlier predicted as 7.6% in April 2017.
v. ADB attributes this downfall to demonetisation and implementation of GST (Goods and Services Tax).
vi. As, they have affected consumer spending and business investment.
vii. ADB also said that, these are short-term disruptions. They would dissipate as time progresses.
About ADB (Asian Development Bank):
i. Headquarters – Manila, Philippines
ii. President – Takehiko Nakao
RBI caps bank investments in private equity
funds at 10%
Reserve Bank of India (RBI) has barred banks from investing in category III alternative investment funds (AIFs), specified norms for their participation in commodity derivatives clearing on investing in financial services firms announced on 25th of Sept. 2017.
Key Points:
i.Banks may invest as much as 10% in the paid-up capital/unit capital in category I and II funds, but cannot invest in category III funds.
ii.As per RBI, so far there was no specific rule on investing in AIFs.
iii.No bank make investment of more than 10% of the paid-up capital/unit capital in a category I/ category II alternative investment fund.
iv.According to RBI, banks who wish to undertake commodities derivatives clearing must set up a separate subsidiary for the purpose and stick to membership criteria of stock exchanges and v.Securities Exchange Board of India (SEBI) regulations.
vi.As per the notice, the bank shall not undertake trading in the derivative segment of the commodity exchange on its own account and shall restrict itself only to clearing and settlement transactions done by the trading members/clients on the exchange.
vii.RBI also notified changes to capital requirements for banks looking to invest in financial services firms.
viii.Banks investing in such firms must have a minimum regulatory capital and the capital computation must also include the so-called capital conservation buffer (CCB).
ix.Earlier, the RBI had mandated at least 10% capital adequacy ratio and there was no mention of CCB.
About Capital Conservation Buffer (CCB)
The capital conservation buffer is designed to ensure that banks build up capital buffers outside periods of stress which can be drawn down as losses are incurred.
The requirement is based on simple capital conservation rules designed to avoid breaches of minimum capital requirements.
Alternative Investment Funds (AIFs)
An alternative investment is an asset that is not one of the conventional investment types, such as stocks, bonds and cash.
Alternative investments include private equity, hedge funds, managed futures, real estate, commodities and derivatives contracts.
Reserve Bank of India (RBI) has barred banks from investing in category III alternative investment funds (AIFs), specified norms for their participation in commodity derivatives clearing on investing in financial services firms announced on 25th of Sept. 2017.
Key Points:
i.Banks may invest as much as 10% in the paid-up capital/unit capital in category I and II funds, but cannot invest in category III funds.
ii.As per RBI, so far there was no specific rule on investing in AIFs.
iii.No bank make investment of more than 10% of the paid-up capital/unit capital in a category I/ category II alternative investment fund.
iv.According to RBI, banks who wish to undertake commodities derivatives clearing must set up a separate subsidiary for the purpose and stick to membership criteria of stock exchanges and v.Securities Exchange Board of India (SEBI) regulations.
vi.As per the notice, the bank shall not undertake trading in the derivative segment of the commodity exchange on its own account and shall restrict itself only to clearing and settlement transactions done by the trading members/clients on the exchange.
vii.RBI also notified changes to capital requirements for banks looking to invest in financial services firms.
viii.Banks investing in such firms must have a minimum regulatory capital and the capital computation must also include the so-called capital conservation buffer (CCB).
ix.Earlier, the RBI had mandated at least 10% capital adequacy ratio and there was no mention of CCB.
About Capital Conservation Buffer (CCB)
The capital conservation buffer is designed to ensure that banks build up capital buffers outside periods of stress which can be drawn down as losses are incurred.
The requirement is based on simple capital conservation rules designed to avoid breaches of minimum capital requirements.
Alternative Investment Funds (AIFs)
An alternative investment is an asset that is not one of the conventional investment types, such as stocks, bonds and cash.
Alternative investments include private equity, hedge funds, managed futures, real estate, commodities and derivatives contracts.
ICICI plans payday-type loans in pact with
e-tailers
ICICI Bank will partner with e-commerce firms to provide automated payday loan-type credit to customers at the bottom of the digital pyramid.
Key Points:
i.The digital credit planned by the bank will be available to non-customers and new-to-credit borrowers.
ii.The bank will announce partnerships with e-commerce firms, following which buyers on the site will get a ‘pay later’ option.
iii.The ‘pay later’ facility will be available to even those who have not availed of any loan in the past and for small amounts of up to Rs 20,000.
iv.These borrowers should make a bullet repayment after a month.
About ICICI
ICICI Bank, stands for Industrial Credit and Investment Corporation of India, is an Indian multinational banking and financial services company Headquartered in Mumbai, Maharashtra.
Chairman: M.K. Sharma
MD&CEO: Chanda Kochhar
ICICI Bank will partner with e-commerce firms to provide automated payday loan-type credit to customers at the bottom of the digital pyramid.
Key Points:
i.The digital credit planned by the bank will be available to non-customers and new-to-credit borrowers.
ii.The bank will announce partnerships with e-commerce firms, following which buyers on the site will get a ‘pay later’ option.
iii.The ‘pay later’ facility will be available to even those who have not availed of any loan in the past and for small amounts of up to Rs 20,000.
iv.These borrowers should make a bullet repayment after a month.
About ICICI
ICICI Bank, stands for Industrial Credit and Investment Corporation of India, is an Indian multinational banking and financial services company Headquartered in Mumbai, Maharashtra.
Chairman: M.K. Sharma
MD&CEO: Chanda Kochhar
SEBI imposes Rs 4 lakh penalty on Swagruha
Infrastructure
Markets regulator SEBI has imposed a penalty of Rs 4 lakh on Swagruha Infrastructure Ltd (SIL) for failing tomake necessary disclosures for 11 continuous years announced on 25th of Sept. 2017.
Key Points:
i.As per SEBI SIL violated the provisions of SAST (Substantial Acquisition of Shares and Takeovers) Regulations.
ii.As per SAST Regulations, SIL was required to make yearly disclosures about changes in shareholding of certain entities to the exchange within 30 days from the financial year ending March 31 as well as the record date for dividend declaration.
iii.The main objectives of the SAST Regulations is to achieve fair treatment and mandating timely disclosures by entities.
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
Markets regulator SEBI has imposed a penalty of Rs 4 lakh on Swagruha Infrastructure Ltd (SIL) for failing tomake necessary disclosures for 11 continuous years announced on 25th of Sept. 2017.
Key Points:
i.As per SEBI SIL violated the provisions of SAST (Substantial Acquisition of Shares and Takeovers) Regulations.
ii.As per SAST Regulations, SIL was required to make yearly disclosures about changes in shareholding of certain entities to the exchange within 30 days from the financial year ending March 31 as well as the record date for dividend declaration.
iii.The main objectives of the SAST Regulations is to achieve fair treatment and mandating timely disclosures by entities.
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
Awards & Recognition
Platts Top 250 Global Energy Company
Rankings 2017: IOC 7th, ONGC 11th, RIL 3rd largest energy firm
On 25th September 2017, Platts Top 250 Global Energy Company Rankings was released, with RIL.
Platts Top 250 Global Energy Company Rankings:
i.The Platts Top 250 Global Energy Company Rankings is published by S&P Global Platts annually.The companies are ranked based on financial performance depending on four important factors namely asset worth, revenues, profits, and return on invested capital.
On 25th September 2017, Platts Top 250 Global Energy Company Rankings was released, with RIL.
Platts Top 250 Global Energy Company Rankings:
i.The Platts Top 250 Global Energy Company Rankings is published by S&P Global Platts annually.The companies are ranked based on financial performance depending on four important factors namely asset worth, revenues, profits, and return on invested capital.
·
1strank
was secured by Russian gas firm Gazrpom.
·
2ndrank
was bagged by German utility E.ON.
·
3rdrank
was obtained by Indian energy producer, Reliance Industries Ltd (RIL). RIL has
the world’s biggest refinery complex.
ii.Other Indian firms in the top of the list are Indian Oil
Corporation (IOC) in 7th position
and Oil and Natural Gas Corporation (ONGC) in 11th position.
iii.Last year, RIL was in the 7th position, IOC in 14th position, ONGC in 20th position and Coal India in 38th position.
iv.14 Indian companies were listed in the Top 250 this year.
iii.Last year, RIL was in the 7th position, IOC in 14th position, ONGC in 20th position and Coal India in 38th position.
iv.14 Indian companies were listed in the Top 250 this year.
Two Indians on the list of most powerful
women in International Business
The two Indian women have features on Fortune’s list of most powerful women in business outside the US announced on 26th if Sept. 2017.
Key Points:
i.Managing Director and CEO of ICICI Bank Chanda Kochhar was ranked 5th and Managing Director and CEO of Axis Bank Sikha Sharma was ranked at 21st position.
ii.Group Executive Chairman of Spain’s banco Santander Ana Botin topped the list while at second position hails by Emma Walmsley of UK and third placed has grabbed by Isabelle Kocher from France.
iii.The 50 global businesswomen represent 17 countries and various industries.
The two Indian women have features on Fortune’s list of most powerful women in business outside the US announced on 26th if Sept. 2017.
Key Points:
i.Managing Director and CEO of ICICI Bank Chanda Kochhar was ranked 5th and Managing Director and CEO of Axis Bank Sikha Sharma was ranked at 21st position.
ii.Group Executive Chairman of Spain’s banco Santander Ana Botin topped the list while at second position hails by Emma Walmsley of UK and third placed has grabbed by Isabelle Kocher from France.
iii.The 50 global businesswomen represent 17 countries and various industries.
Patanjali’s Acharya Balkrishna among Top 10
Richest Indians
Acharya Balkrishna, the associate of Baba Ramdev-run FMCG company Patanjali and Radhakishan Damani of D-Mart are among the top 10 rich people in the country.
Key Points:
i.Balkrishna has ranked eighth in the Hurun India rich list 2017. His position rose to 8th position from 25th last year after seeing his wealth grow by 173%.
ii.He is now worth Rs 70,000 Cr. Patanjali, with a turnover of INR 10,561 crore in 2016-2017 has been a close competition to major international brands.
iii.Business Tycoon, Mukesh Ambani, with net worth of INR 257,900 crore is ranked first in the list for the sixth consecutive year.
iv.Damani, the new retail king, of D-Mart is the biggest gainer with wealth increase of 320%.
Acharya Balkrishna, the associate of Baba Ramdev-run FMCG company Patanjali and Radhakishan Damani of D-Mart are among the top 10 rich people in the country.
Key Points:
i.Balkrishna has ranked eighth in the Hurun India rich list 2017. His position rose to 8th position from 25th last year after seeing his wealth grow by 173%.
ii.He is now worth Rs 70,000 Cr. Patanjali, with a turnover of INR 10,561 crore in 2016-2017 has been a close competition to major international brands.
iii.Business Tycoon, Mukesh Ambani, with net worth of INR 257,900 crore is ranked first in the list for the sixth consecutive year.
iv.Damani, the new retail king, of D-Mart is the biggest gainer with wealth increase of 320%.
Mahtab Bamji selected for living legend
award of International Union of Nutritional Sciences (IUNS).
A noted scientist, Mahtab Bamji has been selected for the Living Legend Award of the International Union of Nutritional Sciences ((IUNS).
Key Points:
i.The award will be presented at its General Assembly to be held at the IUNS-ICN in Buenos Aires, Argentina on 18th October.
ii.The IUNS Council presents Living Legend Awards to individual members of Adhering Bodies in good standing who are eighty (80) years or above.
iii.The award is a recognition for those who have significantly contributed to the work of national nutrition society or regional organization.
iv.Those who have contributed to the advancement of nutrition at national, regional and global level through professional activities such as research, teaching, services.
About Mahtab Bamji
i.Bamji an 82 years old is associated with the Dangoriya Charitable Trust. She contributes immensely towards the trust to help improve the nutrition and health status of poor farmers and villagers in Narsapuram on the outskirts of Hyderabad.
ii.Bamji is an honorary scientist of the Indian National Science Academy.
iii.She contributed to various national projects directed to reducing malnutrition and improving nutrition status during her long stint at NIN.
A noted scientist, Mahtab Bamji has been selected for the Living Legend Award of the International Union of Nutritional Sciences ((IUNS).
Key Points:
i.The award will be presented at its General Assembly to be held at the IUNS-ICN in Buenos Aires, Argentina on 18th October.
ii.The IUNS Council presents Living Legend Awards to individual members of Adhering Bodies in good standing who are eighty (80) years or above.
iii.The award is a recognition for those who have significantly contributed to the work of national nutrition society or regional organization.
iv.Those who have contributed to the advancement of nutrition at national, regional and global level through professional activities such as research, teaching, services.
About Mahtab Bamji
i.Bamji an 82 years old is associated with the Dangoriya Charitable Trust. She contributes immensely towards the trust to help improve the nutrition and health status of poor farmers and villagers in Narsapuram on the outskirts of Hyderabad.
ii.Bamji is an honorary scientist of the Indian National Science Academy.
iii.She contributed to various national projects directed to reducing malnutrition and improving nutrition status during her long stint at NIN.
Appointments & Resigns
Shashi Shanker appointed as ONGC Chairman
Shashi Shanker has been appointed Chairman and Managing Director of India’s biggest oil and gas producer, ONGC, till March 2021.
Key Points:
i.Shanker, who is currently Director (Technical and Field Services) at ONGC, as CMD till his superannuation, as against an initial one-year term proposed by the Oil Ministry.
ii.Shanker will take charge from 1st October when the incumbent Dinesh K Sarraf retires and will have a three-and- a-half-year term until March 31, 2021.
Shashi Shanker has been appointed Chairman and Managing Director of India’s biggest oil and gas producer, ONGC, till March 2021.
Key Points:
i.Shanker, who is currently Director (Technical and Field Services) at ONGC, as CMD till his superannuation, as against an initial one-year term proposed by the Oil Ministry.
ii.Shanker will take charge from 1st October when the incumbent Dinesh K Sarraf retires and will have a three-and- a-half-year term until March 31, 2021.
Bilal Dar,an 18 year old from Srinagar
becomes an ambassador for Swachhata Hi Seva
Bilal Ahmad Dar a boy from Srinagar has become the brand ambassador for Swachhata Hi Seva from Srinagar Municipal Corporation announced on 25th of Sept. 2017.
Key Points:
i.Dar has been contributing to the ‘Swachhta Abhiyan’ since the age of 12.
ii.’Swachhta Hi Sewa’ campaign has turned out to be monetarily beneficial for residents and scrap buyers/dealers, besides helping in enhancing preventive measures against vector-borne diseases.
Bilal Ahmad Dar a boy from Srinagar has become the brand ambassador for Swachhata Hi Seva from Srinagar Municipal Corporation announced on 25th of Sept. 2017.
Key Points:
i.Dar has been contributing to the ‘Swachhta Abhiyan’ since the age of 12.
ii.’Swachhta Hi Sewa’ campaign has turned out to be monetarily beneficial for residents and scrap buyers/dealers, besides helping in enhancing preventive measures against vector-borne diseases.
Acquisitions & Mergers
Swiss Firm ABB to buy GE’s Industrial
Solutions Business
On 25th September 2017, Swiss Engineering Firm ABB announced that it would buy GE’s Industrial Solutions Business.
ABB to buy GE’s Industrial Solutions:
i. ABB would buy GE’s Industrial Solutions Business for $2.6 billion.
ii. The GE Industrial Solutions is headquartered in Atlanta, Georgia, and has about 13,500 employees globally.
iii. ABB would utilise the deal to expand its electrification business globally, especially in North America.
iv. ABB is in 2nd position in the world in electrification, currently.
v. ABB will retain the GE Industrial Solutions management team.
vi. GE will benefit through this deal by an expanded strategic supply relationship with ABB.
vii. ABB said it expects to make about $200 million annual savings within five years after the transaction.
About ABB Ltd:
i. Headquarters – Zurich, Switzerland
ii. CEO – Ulrich Spiesshofer
iii. Chairman – Peter Voser
On 25th September 2017, Swiss Engineering Firm ABB announced that it would buy GE’s Industrial Solutions Business.
ABB to buy GE’s Industrial Solutions:
i. ABB would buy GE’s Industrial Solutions Business for $2.6 billion.
ii. The GE Industrial Solutions is headquartered in Atlanta, Georgia, and has about 13,500 employees globally.
iii. ABB would utilise the deal to expand its electrification business globally, especially in North America.
iv. ABB is in 2nd position in the world in electrification, currently.
v. ABB will retain the GE Industrial Solutions management team.
vi. GE will benefit through this deal by an expanded strategic supply relationship with ABB.
vii. ABB said it expects to make about $200 million annual savings within five years after the transaction.
About ABB Ltd:
i. Headquarters – Zurich, Switzerland
ii. CEO – Ulrich Spiesshofer
iii. Chairman – Peter Voser
Science & Technology
World’s Smallest Squirrel discovered in
Indonesia
On 25th September 2017, Indonesia announced that the world’s smallest squirrel was discovered by Indonesian scientists in Borneo rain forest, Indonesia.
World’s Smallest Squirrel:
i. The Bormean pigmy squirrel or exilisciurus exilis was found in Meratus mountain of South Kalimantan province of Indonesia.
ii. It is 73 mm long and 17 g in weight.
iii. This is the smallest squirrel in the world.
iv. This is a unique and endangered species.
v. It was found on 16th September 2017 during an expedition.
vi. This type of species lives across Borneo Island, particularly in the area with height of over 1,000 m above the surface of sea.
About Indonesia:
i. Capital – Jakarta
ii. Currency – Indonesian rupiah
iii. Official language – Indonesian
iv. President – Mr.Joko Widodo
On 25th September 2017, Indonesia announced that the world’s smallest squirrel was discovered by Indonesian scientists in Borneo rain forest, Indonesia.
World’s Smallest Squirrel:
i. The Bormean pigmy squirrel or exilisciurus exilis was found in Meratus mountain of South Kalimantan province of Indonesia.
ii. It is 73 mm long and 17 g in weight.
iii. This is the smallest squirrel in the world.
iv. This is a unique and endangered species.
v. It was found on 16th September 2017 during an expedition.
vi. This type of species lives across Borneo Island, particularly in the area with height of over 1,000 m above the surface of sea.
About Indonesia:
i. Capital – Jakarta
ii. Currency – Indonesian rupiah
iii. Official language – Indonesian
iv. President – Mr.Joko Widodo
Union Home Minister launches PENCIL
Platform for Effective Enforcement of No Child Labour Project
On 26th September 2017, Union Home Minister Rajnath Singh launched the PENCIL Platform for Effective Enforcement of No Child Labour Project (NCLP), in the National Conference on Child Labour, in New Delhi.
PENCIL:- http://pencil.gov.in/
i. PENCIL (Platform for Effective Enforcement for No Child Labour) is an electronic platform for no child labour.
ii. It was developed by the Labour Ministry.
iii. PENCIL portal has five components namely:
· Child Tracking System
· Complaint Corner
· State Government
· National Child Labour Project
· Convergence.
iv. Labour Minister Santosh Kumar Gangwar presided over the conference.
v. Nobel Laureate Kailash Satyarthi was the guest of honour.
vi. The conference was attended by state labour ministers and labour secretaries of the state, secretaries of central ministries, district nodal officers and project directors of NCLP.
About Ministry of Home Affairs:
i. Headquarters – New Delhi
ii. Minister of Home Affairs – Rajnath Singh
On 26th September 2017, Union Home Minister Rajnath Singh launched the PENCIL Platform for Effective Enforcement of No Child Labour Project (NCLP), in the National Conference on Child Labour, in New Delhi.
PENCIL:- http://pencil.gov.in/
i. PENCIL (Platform for Effective Enforcement for No Child Labour) is an electronic platform for no child labour.
ii. It was developed by the Labour Ministry.
iii. PENCIL portal has five components namely:
· Child Tracking System
· Complaint Corner
· State Government
· National Child Labour Project
· Convergence.
iv. Labour Minister Santosh Kumar Gangwar presided over the conference.
v. Nobel Laureate Kailash Satyarthi was the guest of honour.
vi. The conference was attended by state labour ministers and labour secretaries of the state, secretaries of central ministries, district nodal officers and project directors of NCLP.
About Ministry of Home Affairs:
i. Headquarters – New Delhi
ii. Minister of Home Affairs – Rajnath Singh
Intel unveils 8th-Gen processor family for
gaming, desktops
Intel has announced the roll out of the 8th generation of the “Intel Core” desktop processor family which begin from 5th October. It is built for gamers and content creators for heavy duty tasks.
Key Points:
i.The new processor family introduces the first-ever 6-core “Intel Core i5” desktop processor and 4-core “Intel Core i3” desktop processor.
ii.The top of the stack is “Intel Core i7-8700K” which is boosted as the company’s best gaming desktop processor.
iii.Gamers would gain up to 25% more frames per second on performance-intensive like “Gears of War” 4 when compared to 7th-gen Intel Core chip.
iv.The new chipset family would also enable edit 4K 360-degree videos at up to 32% faster when compared with the previous generation.
v.The new chipsets are supported with Intel “Z370” chipset-based motherboards.
vi.It has new features including per-core overclocking, max memory ratio up to 8,400 million transfers per second (MT/s), real-time memory latency control and many more.
About Intel
Intel Corporation (also known as Intel, stylized as intel) is an American multinational corporation and technology company headquartered in Santa Clara, California U.S. (colloquially referred to as “Silicon Valley”) that was founded by Gordon Moore (of Moore’s lawfame) and Robert Noyce.
CEO: Brian krzanich
Intel has announced the roll out of the 8th generation of the “Intel Core” desktop processor family which begin from 5th October. It is built for gamers and content creators for heavy duty tasks.
Key Points:
i.The new processor family introduces the first-ever 6-core “Intel Core i5” desktop processor and 4-core “Intel Core i3” desktop processor.
ii.The top of the stack is “Intel Core i7-8700K” which is boosted as the company’s best gaming desktop processor.
iii.Gamers would gain up to 25% more frames per second on performance-intensive like “Gears of War” 4 when compared to 7th-gen Intel Core chip.
iv.The new chipset family would also enable edit 4K 360-degree videos at up to 32% faster when compared with the previous generation.
v.The new chipsets are supported with Intel “Z370” chipset-based motherboards.
vi.It has new features including per-core overclocking, max memory ratio up to 8,400 million transfers per second (MT/s), real-time memory latency control and many more.
About Intel
Intel Corporation (also known as Intel, stylized as intel) is an American multinational corporation and technology company headquartered in Santa Clara, California U.S. (colloquially referred to as “Silicon Valley”) that was founded by Gordon Moore (of Moore’s lawfame) and Robert Noyce.
CEO: Brian krzanich
Bharat Dynamics Ltd signs contract for
supply of medium range surface to air missiles to Indian Army
Bharat Dynamics Limited (BDL) has signed contract with Research Centre Imarat (RCI) for supply of Medium Range Surface-to-Air Missiles (MRSAM) to Indian Army announced on 25th Sept. 2017.
Key Points:
i.The contract was signed to facilitate production, deliveries and product support of MRSAM system for the Indian Army.
ii.The strategic contract was signed at RCI in Hyderabad.
About Bharat Dynamics Limited (BDL)
It is one of India’s manufacturer of ammunitions and missile systems. It was founded in 1970 in Hyderabad, Telangana.
BDL was established in the year 1970 to be a manufacturing base for guided weapon systems.
CMD: Varanasi Udaya Bhaskar
Bharat Dynamics Limited (BDL) has signed contract with Research Centre Imarat (RCI) for supply of Medium Range Surface-to-Air Missiles (MRSAM) to Indian Army announced on 25th Sept. 2017.
Key Points:
i.The contract was signed to facilitate production, deliveries and product support of MRSAM system for the Indian Army.
ii.The strategic contract was signed at RCI in Hyderabad.
About Bharat Dynamics Limited (BDL)
It is one of India’s manufacturer of ammunitions and missile systems. It was founded in 1970 in Hyderabad, Telangana.
BDL was established in the year 1970 to be a manufacturing base for guided weapon systems.
CMD: Varanasi Udaya Bhaskar
Sports
Japan Open 2017 Badminton Championship
On 19th to 24th September 2017, Japan Open Badminton Championship was held at Tokyo Metropolitan Gymnasium in Tokyo, Japan.
PV Sindhu and Saina Nehwal crashed out in second round:
i.Japan’s Nozomi Okuhara defeated India’s PV Sindhu by 21-18, 21-8 in the second round of women’s singles.
ii.Spain’s Carolina Marin defeated India’s Saina Nehwal by 21-16, 21-13 in the second round of women’s singles.
Indian shuttlers Srikanth, Prannoy crashed out of Japan Open:
i.Indian player Kidambi Srikanth was defeated by Denmark’s world champion Viktor Axelsen by 17-21, 17-21 in the men’s singles quarterfinals.
ii.Indian player HS Prannoy was defeated by Chinese player Shi Yuqi by 15-21, 14-21 in the men’s singles quarterfinals.
Winners:
On 19th to 24th September 2017, Japan Open Badminton Championship was held at Tokyo Metropolitan Gymnasium in Tokyo, Japan.
PV Sindhu and Saina Nehwal crashed out in second round:
i.Japan’s Nozomi Okuhara defeated India’s PV Sindhu by 21-18, 21-8 in the second round of women’s singles.
ii.Spain’s Carolina Marin defeated India’s Saina Nehwal by 21-16, 21-13 in the second round of women’s singles.
Indian shuttlers Srikanth, Prannoy crashed out of Japan Open:
i.Indian player Kidambi Srikanth was defeated by Denmark’s world champion Viktor Axelsen by 17-21, 17-21 in the men’s singles quarterfinals.
ii.Indian player HS Prannoy was defeated by Chinese player Shi Yuqi by 15-21, 14-21 in the men’s singles quarterfinals.
Winners:
·
Viktor Axelsen of Denmark
won Men’s singles:
·
Carolina Marin of Spain
won Women’s singles:
·
Marcus Fernaldi Gideon and
Kevin Sanjaya Sukamuljo won Men’s doubles:
·
Misaki Matsutomoto and
Ayaka Takahashi won Women’s doubles:
·
Wang Yilyu and Huang
Dongping won Mixed doubles:
Moeen Ali hits fastest ODI ton on English
Soil
England’s Moeen Ali scored 61 runs off 14 balls including 8 sixes and 2 fours to record the fastest ODI hundred against Windies on 24th Sept. 2017.
Key Points:
i.He took only 12 balls to score the second half of his century & reaching his century off 53 balls and become fastest in the international cricket.
ii.This was the second fastest ODI century for England after Jos Buttler’s 46-ball hundred.
England’s Moeen Ali scored 61 runs off 14 balls including 8 sixes and 2 fours to record the fastest ODI hundred against Windies on 24th Sept. 2017.
Key Points:
i.He took only 12 balls to score the second half of his century & reaching his century off 53 balls and become fastest in the international cricket.
ii.This was the second fastest ODI century for England after Jos Buttler’s 46-ball hundred.
No comments:
Post a Comment