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Tuesday, October 24, 2017

Current Affairs Update – 24 October, 2017


Hello and welcome to exampundit. Here are the Important Current Affairs of 24 October, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.



Banking & Financial News

RBI sets up task force on Public Credit Registry


  • The Reserve Bank of India on 23 October 2017 constituted a 10-member ‘High Level Task Force on Public Credit Registry (PCR) for India’. The task force will be headed by YM Deosthalee, ex-CMD of L&T Finance Holdings.
  • The other members of the task force are Sekar Karnam, Vishaka Mulye, Rashesh Shah, Sriram Kalyanaraman, Bidisha Ganguly, Sharad Sharma, Vivek Srivastava, Parvathy V. Sundaram and Anujit Mitra.
  • The Task Force will have its secretariat at Department of Statistics & Information Management.

Terms of reference of the Task Force

  • To review the current availability of information on credit in India.
  • To assess the gaps in India that can be filled by a comprehensive PCR.
  • To study the best international practices on PCR.
  • To determine the scope of the comprehensive PCR along with the type of information to be covered along with cut-off size of credit.
  • To decide the structure of the new information system or whether the existing systems can be integrated to get a comprehensive PCR.
  • To suggest a roadmap for developing a transparent, comprehensive and near-real-time PCR for India.
The task force will be required to submit its report on 4 April 2018.
The Task Force can invite any experts from the World Bank, if required, with the permission of  the chairman YM Deosthalee.

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IndusInd Bank launches m-wallet with MobiKwik


  • IndusInd Bank, in association with MobiKwik, today announced the launch of a co-branded wallet ‘IndusInd MobiKwik’ that allows its customers to pay at the MobiKwik merchant network using their accounts, with a ’Direct Debit Feature’
  • The direct debit feature will allow IndusInd Bank account holders to link their accounts just once and pay using the co-branded app as and when required, thereby eliminating the need to load the MobiKwik prepaid wallet separately.
  • “The transaction is authorised with an additional factor of authentication, in line with mobile banking guidelines,” a release said.
  • Ritesh Raj Saxena, Head-Savings, Digital and Payments Business, IndusInd Bank, said the partnership with MobiKwik is to leverage the synergies in the payments business between banks and fintechs, to bring the customers the best of both worlds in a seamless fashion.
  • “The latest PPI guidelines of RBI reinforce the roadmap for wallet operators and partnerships with banks...,” he said.
  • As on September 30, private sector lender IndusInd Bank had 1,250 branches and 2,146 ATMs spread across 690 locations in the country.

SBI signs MoU with Escorts for tractor financing


  • The State Bank of India (SBI), the country's largest public sector lender, today said it has signed an agreement with Escorts Limited to finance farmers for the purchase of Escorts tractors.
  • The aim of the tie-up with Escorts is to promote, market and make accessible, organised finance facility, with superior features, at competitive interest rates to farmers across the country, who wish purchase Powertrac and Farmtrac tractors manufactured by Escorts, a statement issued here said.
  • Farm mechanisation is essential for sustaining agricultural growth especially in the context of diminishing agricultural labour. However, large communities of small and marginal farmers are still not in a position to take full benefit of farm mechanisation because of lack of awareness, low availability of finance, fragmented land holding etc.
  • "As a result of our tie-up with Escorts, a large number of small and marginal farmers will have access to necessary finance for the purchase of heavy duty tractors. SBI has an extensive network that allows us to reach rural borrowers across the country," SBI Chief General Manager - Agri Business Unit S Adikesavan said.
  • Escorts is a leading tractor and construction equipment manufacturer at Faridabad in Haryana. Subsequent collaboration with Ford, UK has placed Escorts among the leading manufacturers of tractors in India. The company has a production capacity of more than 1 lakh tractors annually and a wide distribution network of 650 plus dealers.

EEPC inks pact with PNB to extend finance to SMEs, exporters


  • The Engineering Export Promotion Council (EEPC) of India has signed a Memorandum of Understanding with Punjab National Bank to provide easy access to finance to SMEs and merchant exporters of the council.
  • Punjab National Bank will provide finances with assurance that loans up to Rs. 10 crore would be provided within six to seven weeks at competitive rates, said a press statement issued by EEPC India.
  • According to the agreement, PNB would also extend foreign currency loan facilities and provide advisory support to the EEPC India members to finance projects through its more than 200 authorised foreign exchange branches.
  • Besides, the engineering exporters would be given a ‘Gold card’ under which additional benefits such as quicker sanction and disbursal of loan will be extended. The gold card facilities would be extended to the exporters with internal credit rating of B1 and above and those outside the RBI caution list, the release said.

TRAI recommends 40% reduction in carbon emissions in telecom network by 2023


  • The Telecom Regulatory Authority of India (TRAI) on 24 October 2017 recommended 40 per cent reduction in carbon emissions in telecom networks by 2022-23.
  • The telecom regulator has also suggested that the government should pass all the benefits granted under various schemes for using renewable energy technologies to telecom operators.
The TRAI in its recommendation to the Department of Telecom, on approach towards sustainable telecommunications stated:
- The target for reduction in carbon emission be set as 30 per cent by year 2019-20 taking base year as 2011-12 and 40 per cent by the year 2022-23.
- The targets should be reviewed in the year 2022-23.

News related to India & states


Meghalaya Election department to feature in Limca Book of Records


  • The Election department of Meghalaya state has won an entry in the Limca Book of Records for forming a human logo with newly-enrolled young voters of Meghalaya on 1 July 2017.
  • The information was shared by Limca official Garima Manon with the office of Meghalaya Chief Electoral Officer on 24 October 2017.
  • A total of 2870 students from 113 schools, 3 colleges falling between the age group of 18-19 enrolled as new voters and formed a 75 feet by 120 feet size human logo that read Mission Unite- You 'N' I (towards Enrolment).
  • The logo formation was a part of a special drive that was launched to enrol young and left-out voters with a special focus on first-time electors.

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India's Space mission to Moon 'Chandrayaan- II' in 2018: Dr Jitendra Singh


  • Dr Jitendra Singh, the Union Minister of State (IC) for Atomic Energy and Space announced on 23 October 2017 that India’s second space mission to moon, ‘Chandrayaan-II’, will take place in 2018, most likely in the first quarter of the year.
  • The Minister announced this while addressing the inaugural session of the 38th Asian Conference on Remote Sensing at New Delhi. Singh said that India has emerged as the world's frontline nation in the field of Space Technology and this in itself is a glorious vindication of the dream seen by the founding fathers of India’s Space Programme, like Vikram Sarabhai and Satish Dhawan.
  • Recalling India’s achievements in space technology, Singh said it was during the last three years that India could launch a South Asian Satellite that would also provide inputs and benefits to the neighbouring countries.
  • In addition, he spoke about how there has been a widespread application of Space Technology in carrying out the Urban Development programmes including Smart City programmes and the use of Space Technology for geo-tagging of MGNREGA and finally the assistance from ISRO for manning of Railway crossings.
  • On the occasion, Chairman of ISRO, Kiran Kumar, who was the Guest of Honour at the conference, spoke about the various achievements of India’s Space capability in the field of Disaster Management.

Appointments

Suresh Sethi appointed as MD & CEO of IPPB


  • Former MD of Vodafone M-Pesa Ltd Suresh Sethi was on 23 October 2017 appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of India Post Payments Bank (IPPB).
  • Sethi succeeds AP Singh, who had been serving as the interim MD & CEO of IPPB since January 2017.
  • Sethi was selected by the Banks Board Bureau from amongst top contenders from both public and private sector Banking and Fintech professionals.

Union Government appoints Dineshwar Sharma as its Representative in J&K


  • The Union Government on 23 October 2017 appointed Dineshwar Sharma, former Director of Intelligence Bureau, as a representative of the government to initiate and carry forward a dialogue with the elected representatives, various organizations and concerned individuals in the state of Jammu and Kashmir.
  • Sharma would be initiating a sustained interaction and dialogue to understand the legitimate aspirations of the wide cross sections of society, particularly the youth in the state and communicate the same to the state government and the Centre.
  • The move comes in the wake of various steps taken by Prime Minister Narendra Modi to address the needs of the people of Jammu and Kashmir.

Days

United Nations Day 2017 observed globally


  • The United Nations (UN) Day was observed across the world on 24 October 2017. UN Day 2017 marks the 72nd anniversary of the UN Charter’s entry into force.
  • This year's observations of the UN Day included UN Day Concert featuring the Slovak National Folklore Ballet. The theme of the concert was "Potential in Diversity".
  • The Day celebrates everything that the UN represents and has achieved since its establishment in 1945. On this occasion, all the member states of the United Nations contribute finances to its operation to help further its goals.

World Development Information Day observed


  • The World Development Information Day was observed across the world on 24 October 2017.
  • According to the UN General Assembly, improving the dissemination of information and the mobilisation of public opinion, particularly among young people, would lead to greater awareness of the problems of development.
  • Thus, the body is committed to promote efforts in the sphere of international cooperation for development.

Sports News

Cristiano Ronaldo wins the Best FIFA Men's Player Award


  • Portuguese player Cristiano Ronaldo on 23 October 2017 won the Best FIFA Men's Player Award for the second year in London. Argentina’s forward Lionel Messi and Brazil’s forward Neymar were runners up for the award. Ronaldo got 43.16 per cent of the total votes, while Lionel Messi and Neymar fetched 19.25 and 6.97 per cent votes respectively.
  • The winners of the four ‘The Best FIFA Awards’ are selected through voting by four groups comprising football fans, selected media representatives, the captains and head coaches of national teams.
  • Best FIFA Women's Player: Lieke Martens

India beat Malaysia in Asia Cup Hockey


  • India beat Malaysia with 2-1 in the final to clinch Asia Cup in Dhaka on 22 October 2017. On the other hand, Pakistan won bronze after beating out Korea 6-3. With this win, India ended its wait of 10 long years to win the Asia Cup. India scored from field efforts through Ramandeep Singh and Lalit Upadhyay to win the coveted title against Malaysia.
  • It last clinched the trophy in 2003 and 2007 in Kuala Lumpur and Chennai respectively.
  • This victory came as a perfect maiden start for India’s new coach Marijne Sjoerd.
  • The Indian strike force boasts of Ramandeep Singh, Akashdeep Singh, Lalit Upadahay and Chinglensana Singh. The midfield has been controlled by Sardar Singh and skipper Manpreet Singh. And the backline have been under guard of Amit Rohidas, Harmanpreet Singh and young Dipsan Tirkey.

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