Current Affairs Update – 26 September, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 26 September, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

Banking and Financial News

IDBI Bank launches ‘Project Nishchay’ for turnaround

  • IDBI Bank on Tuesday said it has launched ‘Project Nishchay’ in partnership with The Boston Consulting Group (BCG) to accelerate its turnaround programme and improve financial performance.
  • The project will be led by senior management at IDBI Bank along with BCG, the public sector bank said in a statement.
  • IDBI Bank Managing Director and CEO Mahesh Kumar Jain said “BCG will assist us to identify areas for cost containment and revenue maximization leading to sustainable growth and profitability of the Bank.
  • “With the support from our consulting partner, we hope to identify and address existing gaps, capitalize on core strengths and improve existing products and processes.”
  • Coordinating across multitude of initiatives, the Bank will focus on four key areas - revenue enhancement, cost control and reduction, asset productivity and overall program management in consultation with BCG.


Flipkart acquires F1 Info Solutions

  • E-commerce major Flipkart on Tuesday said it has acquired mobiles and IT products repair services company, F1 Info Solutions for an undisclosed amount.
  • Established in 2012, F1 Info Solutions has 158 owned and franchised centres and close to 1,000 employees. It handles more than 50,000 service calls every month.
  • F1 is a service partner of brands such as Apple, Samsung, HP, Lenovo, Sony and Asus, among others.
  • The acquisition will significantly expand Flipkart’s offerings to the entire lifecycle of mobiles, IT products and consumer electronics, from sales to after sales to repair services, Flipkart said in a statement.
  • The company will be a part of Jeeves, a Flipkart firm that provides third-party service for large and small home appliances and furniture.
  • Shammi Moza, co-founder and CEO, F1 Info Solutions, will join Flipkart as a Senior Director as part of the deal. He will report to Abhijit Upadhye, Vice-President at Flipkart and the head of Jeeves.

Government Constitutes High Level Forum on 5G India 2020

  • Government of India has constituted High Level 5G India 2020 Forum to take on the global super powers. This forum is constituted with three Secretaries from different ministries or department Telecom, Meity and DST. It also comprising of renowned experts like Mr Gururaj Deshpande - Chairman of Sycamore Networks, Sandstone, USA; Dr. A. Paulraj, Professor Emeritus, Stanford University, USA,  Indian industry led by CEOs of ICT industry, Telecom Standard Development Organisation of India (TSDSI), Professors from IIT Madras, IIT Mumbai, IIT Delhi, IIT Hyderabad, IISc Bengaluru, IT industry and stakeholders from industry associations.
  • India is at the cusp of a next generation of  wireless of remote technology 5G. 5G has been imagined as an foundation for eptending the capability of the Networked Society. A computerized of digital transformation achieved through the power of connectivity is occurring in practically every industry.
The monetary advantages from the 5G innovation are likewise very gigantic. According to the OECD (Organization for Economic Cooperation and Development) Committee on Digital Economic Policy, it has been expressed that 5G advances rollout will help in:
a) Increasing GDP
b) Creating Employment
c) Digitizing the economy.
For India, 5G gives a chance to industry to contact global markets, and consumers to pick up with the economies of scale. Overall nations have come up with similar forum and therefore, India has joined the race in 5G advances.

News related to India & states

Union Government launches Platform for Effective Enforcement for No Child Labour Portal

  • Union Home Minister Rajnath Singh on 26 September 2017 launched the Platform for Effective Enforcement for No Child Labour (PENCIL) Portal during the National Conference on Child Labour organised by the Union Ministry of Labour and Employment.
  • Moreover, the ministry also launched the Standing Operating Procedures (SOPs) for the enforcement of legal framework against child labour.
  • The SOP aims to ensure complete prohibition of child labour and protection of adolescents from hazardous labour leading to Child Labour Free India.
  • PENCIL portal is an electronic platform that aims at involving Centre, State, District, Governments, civil society and the general public in achieving the target of child labour free society.
  • PENCIL Portal ( encompasses various components- Child Tracking System, Complaint Corner, State Government, National Child Labour Project and Convergence.
  • The Districts will nominate District Nodal Officers (DNOs) who will receive the complaints.


Indian Navy commissions INS Tarasa at Mumbai

  • A Water Jet Fast Attack Craft named INS Tarasa on 26 September 2017 was commissioned into the Indian Navy.
  • The craft was commissioned by Vice Admiral Girish Luthra, Flag Officer Commanding-in-Chief, Western Naval Command at the Naval Dockyard in Mumbai, Maharashtra.
  • INS Tarasa is decked with proven design, good endurance, low draught, high speed and manoeuvrability. Therefore, the craft is most suited for its primary role of extended coastal and offshore surveillance and patrol.
  • This is the second ship of the Indian Navy to be named INS Tarasa. The first INS Tarasa was in service of the Navy from 1999 to 2014. The new INS Tarasa will be based at Mumbai under the operational control of Western Naval Command.
  • It is the fourth and last of the follow-on Water Jet FAC's built by the Garden Reach Shipbuilders and Engineers (GRSE), Kolkata. The first two ships of the class i.e. IN ships Tarmugli and Tihayu were commissioned in 2016 and are based at Visakhapatnam; while the third ship INS Tillanchang was commissioned at Karwar in March 2017. These ships are an upgrade of the Car Nicobar class Fast Attack Crafts with the Indian Navy, which were also indigenously designed and built by GRSE, Kolkata.


Shashi Shanker appointed Chairman and Managing Director of ONGC

  • Shashi Shanker in September 2017 was appointed the Chairman and Managing Director of Oil and Natural Gas Corporation Limited (ONGC).The appointment is effective till March 2021.
  • The Appointments Committee of the Cabinet (ACC) named Shanker as CMD till his superannuation as against an initial one-year term proposed by the Oil Ministry.
  • Shanker is currently serving as the Director (Technical and Field Services) at ONGC. He will take charge from 1 October 2017 when the incumbent Dinesh K Sarraf retires and will have a three-and- a-half-year term until 31 March 2021.
  • It is headquartered in Dehradun, Uttarakhand.


International Day for the Total Elimination of Nuclear Weapons 2017 observed globally

  • The International Day for the Total Elimination of Nuclear Weapons was observed across the world on 26 September 2017 with an aim to educate the public and their leaders about the real benefits of eliminating nuclear weapons and the social and economic costs of perpetuating them.
  • Earlier on 7 July 2017, the Treaty on the Prohibition of Nuclear Weapons was adopted with an aim of a world without nuclear weapons. The Treaty was the result of a global campaign focused on the unacceptability of the use of nuclear weapons under any circumstances.
  • The day is observed to enhance public awareness and education about the threat posed to humanity by nuclear weapons and the necessity for their total elimination in order to mobilize international efforts towards achieving the common goal of a weapon.

World News

World's largest aircraft successfully passes first engine tests

  • The world’s largest airplane, which has been designed to serve as a launching platform for sending rockets into low-Earth orbit, has successfully completed its initial engine tests.
  • The plane weighs about 227,000 kg and has the biggest wingspan ever built, measuring 118 m from one end to the other.
  • According to the spaceflight company Stratolaunch, which is led by Microsoft co-founder Paul Allen, in the initial tests, each of the six engines of the plane operated as expected.
  • The 747 turbofan engines of the plane were loaded with fuel and started one at a time and then allowed to idle at the Mojave Air and Space Port in California, US.
  • The double-bodied airplane is designed to serve as a mobile launch platform to carry rockets into low-Earth orbit.
  • The satellite-carrying rockets are to be connected to the bottom of the plane.




Team ExamPundit