Current Affairs Update – 7-9 October, 2017


Hello and welcome to exampundit. Here are the Important Current Affairs of 7,8 & 9 October, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.



Banking & Financial News

RBI issues guideslines for Peer to Peer lending platform


  • The RBI (Reserve Bank of India), issued instructions for NBFC (Non-banking Financial Companies) that operate peer-to-peer (P2P) lending platforms.
  • According to the new guidelines, no NBFC can start or carry on the business of a P2P lending platform without attaining a Certificate of Registration from now onwards.
  • Every company/ firms looking for registration with the bank as an NBFC-P2P need to have a net owned funds of not less than 20 million rupees or such higher amount as the RBI may specify.
  • As per the RBI guidelines, the existing NBFC-P2Ps have to apply for registration as NBFC-P2Ps within 3 months. However, this may bring good news for these NBFC-P2P because there are only a few players already in the market.
  • These guidelines issued by Reserve Bank of India will be known as the Non-Banking Financial Company - Peer to Peer Lending Platform and will come into force with immediate effect.

Functions of NBFC-P2P

An NBFC-P2P undertakes the following activities inter-alia:

  • provide an online platform to members involved in P2P lending.
  • Cannot lend on its own.
  • Cannot hold its own balance sheet of funds received from lenders or funds given to borrowers
  • NBFC-P2P can’t cross-sell products.

Guidelines for lenders and borrowers


  • A lender can’t lend more than Rs 10 lakh to all borrowers at any point of time across all P2Ps
  • Borrowers can’t borrow more than Rs 10 lakh from all lenders at any point of time across all P2Ps
  • Not more than Rs 50,000 can be borrowed from single lender to the same borrower, across all P2Ps.
  • The maturity of the loans shall not exceed 36 months.


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Finance Ministry makes Aadhaar mandatory for small saving schemes


  • The Union Government has made the biometric identification, Aadhaar mandatory for all post office deposits, PPF, the National Savings Certificate scheme and Kisan Vikas Patra.
  • The information was shared by the Finance Ministry through four separate Gazette notifications. The identity card would now be a must for opening all post office deposit accounts, Public Provident Fund, National Savings Certificate scheme and Kisan Vikas Patra deposits.
  • The government has given time to the existing depositors who have not provided Aadhaar number at the time of application for such deposit to submit their Aadhaar number to the post office savings bank or deposit office concerned, on or before 31 December 2017.
  • The government has insisted on quoting Aadhaar for bank deposits, obtaining mobile phone and several other utilities to weed out benami deals and black money.

News related to India & states

Drop Muslim and Hindu from names of BHU, AMU: UGC Panel


  • A UGC panel has recommended that Hindu and Muslim word in the names of universities- BHU- Banaras Hindu University and AMU- Aligarh Muslim University, do not echo their secular spirit and should be dropped.
  • The UGC panel was created to investigate the suspected irregularities in ten central universities and the suggestions have been made in the audit report of AMU.
  • All the centrally funded universities are secular organizations but such words related to religion in their names do not reflect that nature.
  • The panel recommended that the universities can be simply called Aligarh University and Banaras University or be renamed after their founders.
  • The panel’s directive was limited to infrastructure and its research, academic and financial process in these universities.
  • AMU was examined by a committee comprising Maharshi Dayanand Saraswati University V-C Kailash Sodani, IIT-Madras professor Shripad Karmalkar, Guwahati University professor Mazhar Asif and IIM-Bangalore professor Sankarshan Basu.

International Conference on Dialogue of Civilizations – IV


  • The Ministry of Culture, Government of India and Archaeological Survey of India (ASI) in partnership with NGS-National Geographic Society is hosting an international conference on “Dialogue of Civilizations – IV” from 8th – 15th October, 2017 at Delhi, Gandhinagar and Dholavira. 
  • This conference is 4th in this series of ‘dialogues’ initiated by NGS in 2013 with a purpose to promote scholarly and public dialogue about the five ancient, literate civilizations of the world, i.e. Egypt, China, Mesopotamia, South Asia and Mesoamerica and how the study of the past can share our present and future towards the right direction. 
  • In 2013, 1st conference of this series was launched in Guatemala followed by Turkey in 2014 and China in 2015.  The present convention is the 4th in this series, with the concluding dialogue planned in Egypt.
  • The inaugural function was followed by a lecture by various renowned experts on various topics ranging from Harappan civilization to Aryan envasion.
  • International intellectual from different countries have participated in the Conference Prof. B.B. Lal (Harappan Civilization), Dr. Francisco Estrada-Belli (Mayan Civilization), Prof. Augusta McMohan (Mesopotamian Civilization), Dr. Anna Latifa-Mourad (Egyptian Civilization) and Prof. Xinwei Li (Chinese Civilization).

PM Narendra Modi launches 'Intensified Mission Indradhanush'


  • Prime Minister Narendra Modi launched an intensive immunisation drive at Vadnagar in Gujarat on 8 October 2017.
  • The campaign called the Intensified Mission Indradhanush (IMI), aims to reach every child below the age of two years and pregnant women still uncovered under the routine immunisation programme.
  • The main objective behind this mission is to ensure no child suffers from any vaccine- preventable disease.
  • Under the mission, a 7-day immunisation drive will be conducted each month starting immediately till January 2018 in 173 districts and 17 cities.
  • These districts include 52 in eight north-eastern states and 121 in 16 other states
  • The programme will cover low performing areas in the selected districts and cities.
  • It will focus on improving immunisation coverage in the districts and cities to ensure 90 per cent coverage for full immunisation by December 2018 instead of 2020.
  • The programme would be supported by 12 ministries and departments and would be monitored by the Cabinet Secretary at the national level.

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India-South Africa Twenty Years of Strategic Partnership


  • India and South Africa are celebrating 20-years of strategic corporation this year. Dr. Harsh Vardhan- Union Minister for S&T and Earth Sciences, Environment, Forests & Climate Change, attended the celebrations of the collaboration in science and technology in Durban.
  • Inter-governmental accord on cooperation in the field of Science & Technology was completed in the year 1995. Since then the S&T collaboration has gradually evolved as an important support in the India-South Africa strategic partnership based on mutual trust, warmness and friendship.
  • So far, the collaboration has been concentrated on chosen areas like Astronomy & Astrophysics, Indigenous Knowledge System, Agriculture Sciences, Green Chemistry,  and Health Sciences where both nations have complementary strengths.

President to Inaugurate 5th India Water Week 2017


  • Indian President Ram Nath Kovind would be inaugurating the India Water Week - 2017 on 10 October 2017 in New Delhi.
  • The 5-day international event would be attended by over 1500 delegates from India and 13 other countries. The main theme of the event is ‘Water and Energy for Inclusive Growth’.
  • This year would be India Water Week’s (IWW) fifth edition.
  • It will be celebrated with a multi disciplinary conference and a concurrently running exhibition.
  • The exhibition, while enriching the theme would showcase the technologies and solutions available for the areas under deliberation of the meet.

Awards & Honors

Richard Thaler awarded Economics Nobel for Behavioral Economics


  • Richard H. Thaler from University of Chicago has been awarded the 2017 Nobel Prize in Economics for his contributions to Behavioral Economics.
  • Richard Thaler has integrated psychologically realistic assumptions into analyses of economic decision-making. His pioneer work to bridge the gap between economics and psychology won him the Nobel Economics Prize.
  • He has proved how some of the individual traits like limited rationality, social preferences, and lack of self control systematically affect individual decisions as well as market outcomes.
  • Thaler’s pragmatic findings and theoretical insights have been influential in creating the new and rapidly expanding field of behavioural economics, which has had a deep impact on many areas of economic study and policy.     

Gauri Lankesh to receive Anna Politkovskaya Award posthumously


  • Gauri Lankesh, activist-journalist from Karnataka, who was shot dead in September 2017, will be posthumously conferred the Reach All Women in WAR (RAW in WAR) Anna Politkovskaya Award 2017.
  • With this, the journalist becomes the first-ever Indian to receive the honour. She would be sharing the award with a Pakistani peace activist, Gulalai Ismail, who has faced death threats for speaking out against the Taliban.
  • She was the founder-editor of the Gauri Lankesh Patrike.
  • Lankesh also worked as an editor in Lankesh Patrike, a Kannada weekly started by her father P Lankesh.
  • She was known to be an anti-establishment voice and a strident critic of religious extremism.
  • She was fired at outside her home in Bengaluru on the evening of 5 September 2017.

Appointments

PNB MetLife appoints Ashish Srivastava as MD&CEO


  • PNB MetLife India Insurance Company Ltd (PNB MetLife), a life insurer, has a new Managing Director & Chief Executive Officer in Ashish Srivastava. He would be responsible for leading all aspects of the business in the country.
  • Prior to this elevation, Srivastava was an interim CEO at PNB MetLife.
  • Srivastava joined PNB MetLife in 2013 as the Head of HR for the India business, and moved to Dubai in 2015, joining the MetLife Middle East & Africa (MEA) management team. Effective January 2017, he has been in India managing the India business. Prior to joining PNB MetLife, Srivastava was a board member at Canara HSBC Oriental Life Insurance Company.
  • An industry veteran of nearly 25 years, Srivastava has extensive experience in multiple disciplines, including strategy, human resources, project management and operations, infrastructure, administration and communications.

Sports News

Rafael Nadal beats Nick Kyrgios to win 6th ATP title of 2017


  • Rafael Nadal on 8 October 2017 beat Nick Kyrgios of Australia in straight sets of 6-2, 6-1 in the China Open final to win his sixth ATP title of 2017.
  • In the women’s event, France’s Caroline Garcia also defeated world no.1 Simona Halep from Romania in straight sets of 6-4, 7-6 (3).
  • Top-ranked Nadal, who was tied with Roger Federer and Alexander Zverev at five titles this season, surpassed them with the win in Beijing. This is his 75th career singles trophy.
  • Garcia on the other hand, who had lost to Halep previous two times they played against each other, won her second consecutive WTA title. With this win, she has now climbed up 6 spots from the 15th rank to the 9th in the latest WTA singles rankings list, making her debut entry in the top-10.
  • The win was also Nadal’s 2nd consecutive hard court title after losing his last 8 consecutive hard court finals. It is also his 2nd title at Beijing following his 2005 win. He has reached the finals of China Open title four times.


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