641 news development 3 5 january 2018

DAILY UPDATED CURRENT AFFAIRS – 03.01.2018 TO 05.01.2018 ECONOMY Parliament passes bill to raise Nabard’s capital to Rs3...

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DAILY UPDATED CURRENT AFFAIRS – 03.01.2018 TO 05.01.2018 ECONOMY Parliament passes bill to raise Nabard’s capital to Rs30,000 crore • Parliament has passed the National Bank for Agriculture and Rural Development (Amendment) Bill, 2017 with the approval of Rajya Sabha. The Bill allows Union Government to increase capital of NABARD from Rs. 5000 crore to Rs 30,000 crore. • Further, it allows Union Government to increase the capital more than Rs 30,000 crore in consultation with the Reserve Bank of India (RBI), if necessary. • The Bill provides that Union Government alone must hold at least 51% capital share of NABARD. • Further, it transfers share capital held by RBI valued at Rs. 20 crore to Union Government. • Currently RBI holds 0.4% of paid-up capital of NABARD and remaining 99.6% is held by Union government and this causes conflict in RBI’s role as banking regulator and shareholder in NABARD. • The Bill replaces terms ‘small-scale industry’ and ‘industry in tiny and decentralised sector’ with terms ‘micro enterprise’,small enterprise’ and ‘medium enterprise’ as defined in MSME Development Act, 2006. • The Bill substitutes references to provisions of the Companies Act, 1956 with references to the Companies Act, 2013. Core sectors’ record 6.8% growth in November 2017 • According to the data released by the Commerce and Industry Ministry, the eight core sectors expanded at fastest pace in more than year at 6.8% in November 2017. • The electricity has the maximum weight of 10.32% followed by Steel (6.68%), Petroleum Refinery (5.94%). • 8 core industries — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. Core industry can be defined as main industry of economy. HDFC Bank Partners With Rajasthan Govt. To Promote Startup Culture In The State HDFC Bank has announced a partnership with Rajasthan Government to promote and nurture startups in the state. Housing Development Financial Corporation(HDFC) -CEO: Aditya Puri,Headquarters: Mumbai No charges on debit card transactions up to Rs 2,000: FinMin • Customers will not have to pay any transaction charges for payments through debit card, BHIM app and other payment made for up to Rs 2,000. • Last month, Union Cabinet approved a proposal that government will bear the merchant discount rate (MDR) charges on transactions up to Rs 2,000 made through debit cards, BHIM UPI or Aadhaar-enabled payment systems to promote digital transactions. • The merchant discount rate (MDR) will be borne by the government for two years with effect from January 1, 2018 by reimbursing the same to banks. The move will have an impact of Rs 2,512 crore on the exchequer. RBI puts Allahabad Bank under prompt corrective action • Public sector Allahabad Bank said the Reserve Bank has put the lender under prompt corrective action (PCA) framework post an on-site inspection of high NPAs and negative return of assets for fiscal 2016-17 • Allahabad Bank becomes the 11th bank in a span of 11 months to be put under PCA framework. • Allahabad Bank-Headquarters: Kolkata,CEO: Usha Ananthasubramanian NABARD, SBI sign MoU with NGOs for financing of JLGs in Bengal • The National Bank for Agriculture and Rural Development (Nabard) and State Bank of India (SBI) jointly signed an MoU with non-government organisations (NGOs) from West Bengal for financing of 2,500 Joint Liability Groups (JLGs), or informal credit group of farmers. • The agreement was with five NGOs for promotion of JLGs in Purulia, Paschim Medinipur, Purba Medinipur, Burdwan and North 24 Parganas districts of the state. Rs 372.51 crore sanctioned by NABARD to Odisha • The NABARD has sanctioned Rs 372.51 crore loan assistance under the Rural Infrastructure Development Fund (RIDF) to Odisha towards irrigation and rural bridge projects for the last quarter of this fiscal. • NABARD-HQ: Mumbai, Established:12 July 1982, Chairman; Dr. Harsh Kumar Bhanwala • NABARD was established on the recommendations of B.Sivaraman Committee, (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981. It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC). RBI bonds scheme not closed: FinMin • The Finance Ministry said RBI Bonds Scheme has not been closed but the interest rate on such papers lowered to 7.75 per cent. • The 8 per cent Savings Bonds Scheme, also known as RBI Bonds Scheme, is not being closed. 8 per cent Scheme is being replaced by 7.75 per cent Savings Bonds Scheme. • In 2003, the government came out with bonds offering 8 per cent interest to encourage retail investors to invest. The bond was open for subscription from April 21, 2003, and had a fixed tenure of six years. There was no upper limit for investment. Apple acquires mobile iteration platform Buddybuild Technology giant Apple acquired a Vancouver-based mobile iteration platform, Buddybuild, with an aim to make it easier for developers to create and iterate their apps for its platforms

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DAILY UPDATED CURRENT AFFAIRS – 03.01.2018 TO 05.01.2018 India’s GDP growth rate may accelerate to 7% in 2018-19: HSBC According to an HSBC report, India’s GDP growth rate is expected to accelerate to 7.0 per cent in 2018-19 from 6.5 per cent in this fiscal and improve further to 7.6 per cent by 2019-20 as key sectors would revive from disruptions related to the implementation of GST and demonetisation. Hongkong and Shanghai Banking Corporation (HSBC) Headquarters: London, United Kingdom IICA, IPPB sign MoU to provide training on payment banking The Indian Institute of Corporate Affairs (IICA) and India Post Payments Bank signed an agreement for the training of employees of the latter in the area of payment banking. Payments banks 1. These banks can accept a restricted deposit which is currently limited to INR 1 lakh per customer and may be increased further. These banks cannot issue loans and credit cards. 2. Both current account and savings accounts can be operated by such banks. Payments banks can issue services like ATM cards, debit cards, online banking and mobile banking. 3. They can distribute non-risk sharing simple financial products like mutual funds and insurance products. 4. Non-resident Indians (NRIs) are not be allowed to open accounts in payment banks. The minimum capital requirement is Rs 100 crore. 5. On 23 September 2013, Nachiket Mor committee recommended the formation of payments bank 6. Currently, India has four Payments Bank including Paytm Payments Bank. The other three operational ones are Airtel Payments Bank, India Post Payments Bank and Fino Payments Bank. NATIONAL Govt announces details of electoral bonds for political funding • As per the new guide line, electoral bond, which will be a bearer instrument, will not carry the name of the payee and can be bought for any value, in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh or Rs 1 crore. • The bonds with a life of only 15 days, during which it can be used for making donation only to registered political parties, can be encashed only through a designated bank account of the receiver. • The bonds will be available for purchase for 10 days each in the months of January, April, July and October. The window will be for 30 days in the year of general election • A citizen of India or a body incorporated in India will be eligible to purchase the bond.The purchaser is allowed to buy electoral bonds only on due fulfilment of all extant KYC norms and by making payment from a bank account.It will not carry the name of the payee. • Eligibility: Political parties that have secured not less than 1% of votes polled in last general election to Lok Sabha or Assembly can avail funding. • The electoral bonds scheme was announced in Union Budget 2017 with an aim for increasing transparency in political funding. CCEA approves construction of bi-directional Zojila Tunnel in J&K • The Cabinet Committee on Economic Affairs (CCEA) approved construction, operation and maintenance of 2lane bi-directional Zojila Tunnel on Srinagar-Leh section connecting NH-1A in Jammu and Kashmir. • The Project aims at construction of 14.150 km long 2-lane bidirectional single tube tunnel with a parallel 14.200 km long egress (escape) tunnel excluding approaches between Baltal & Minamarg in J&K at estimated cost of Rs 6,089 crore. Maneka Gandhi launches NARI portal for schemes for women • Union Minister for Women and Child Development Maneka Gandhi launched a web portal, NARI, which will provide information on all government schemes for women. • Users can log on to www.nari.nic.in to access information on different programmes offered by various state governments as well as the Centre. • The NARI portal carries details on 350 different schemes for women and will be updated from time to time. • Gandhi also unveiled a website for NGOs called e-SAMVAD, an interactive portal allowing NGOs to contact the ministry and share their feedback, suggestions, grievances and their best practices. • The move move aims at improving security for women by providing them a tool to alert the local police. Lok Sabha passes Ancient Monuments and Archaeological Sites and Remains (Amendment) Bill, 2017 • Lok Sabha has passed The Ancient Monuments and Archaeological Sites and Remains (Amendment) Bill, 2017 to allow government to take up infrastructure projects within prohibited areas around protected monuments. • The Bill amends the Ancient Monuments and Archaeological Sites and Remains (AMASR) Act, 1958. • The Act prohibits construction in ‘prohibited area’, an area of 100 meters around protected monument. MHA exempts cruise tourists with e-visa from biometric enrolment till 2020 The Ministry of Home Affairs (MHA) on request of the Ministry of Shipping has exempted cruise tourists arriving with e-visa from the requirement of biometric enrolment for a period of three years i.e. till 2020. Minister of Shipping-Nitin Gadkari,Constituency-Nagpur

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DAILY UPDATED CURRENT AFFAIRS – 03.01.2018 TO 05.01.2018 Jharkhand CM launches programme to provide electricity to all villages Jharkhand Chief Minister Raghubar Das launched “Saubhagya Yojana”, a programme that would provide electricity to all the 29,376 villages in the state. This yojana, he said, would help achieve the central government’s target of providing 24×7 electricity.Jharkhand would be made electricity hub by 2022. Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGYA) (a) Prime Minister Narendra Modi today launched a Rs 16,320-crore scheme — Pradhan Mantri Sahaj Bijli Har Ghar Yojana ‘Saubhagya’ — to provide electricity connections to over 4 crore families in rural and urban areas by December 2018 ahead of the earlier target of March, 2019. (b) Un—electrified households not covered under the Socio Economic and Caste Census (SECC) data would also be provided electricity connections under the scheme on payment of Rs. 500 which shall be recovered by DISCOMs in 10 instalments through electricity bill. (c) The solar power packs of 200 to 300 Wp with battery bank for un—electrified households located in remote and inaccessible areas, comprises of Five LED lights, One DC fan, One DC power plug. (d) The Rural Electrification Corporation Limited (REC) will remain the nodal agency for the operationalisation of the scheme throughout the country. Karnataka receives approval for purchase of electric vehicles under FAME India scheme. • The Department of Heavy Industries (DHI) of Union Government has given its approval to Karnataka government for purchase of electric vehicles (EVs)(EVs) under FAME India subsidised scheme.... • The state will purchase 40 electric buses, 100 four wheelers and 500 three wheelers at maximum of 60% subsidy under the scheme. • The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) India was launched in 2015 under the National Electric Mobility Mission (NEMM) aims at promoting eco-friendly vehicles in the country. Gujarat govt bans bird care NGOs during Uttarayan festival The Animal Husbandry department of Gujarat government, has banned all voluntary animal care and nongovernment organisations working under the ‘Karuna Abhiyan’ to operate in residential areas during the Uttarayan festival this year. The practice of using abrasive thread for kite flying during the festival poses a threat to the birds. This year, however, the government has restricted the activities of the organisations, citing the high bird flu incidence of January 2018. Assam CM launches Chah Bagichar Dhan Puraskar Mela 2017-18 In a bid to add more dynamism to Assam government s initiatives of financial inclusion and bringing all sections of the people under the ambit of banking sector and cashless transaction, Chief Minister Sarbananda Sonowal ceremonially launched the Chah Bagichar Dhan Puraskar Mela 2017-18 by distributing cheques to beneficiaries at a function held at Sarbananda Singha auditorium in Tinsukia, Assam. Karnataka govt to hold “largest” B2B travel event in the country The Karnataka government announced that Karnataka International Travel Expo (KITE) will be held from February 28, billing it as the “largest” B2B travel event in the country. The three-day event will see close to 400 delegates from 25 countries take part. Health Ministry launches first Online Oncology Tutorial Series • The Union Health Ministry launched the nation’s first digital Online Oncology Tutorial Series, which aims to train doctors across the country in early detection, prevention, palliation, rehabilitation and treatment of various cancers. • The digital Online Oncology Tutorial Series has been designed by the Tata Memorial Centre in collaboration with the Union Health Ministry, and is part of a national programme that will be rolled out across the country in collaboration with state governments. Important Cabinet Approvals • Approved the establishment of an AIIMS facility in Bilaspur, Himachal Pradesh, at a cost of Rs 1,351 crore. • Approved Jal Marg Vikas Project (JMVP) for capacity augmentation of navigation on National Waterway-1’s (Ganga river) 1,380-km Haldia-Varanasi stretch. It is a Rs 5,369 crore project, which is expected to be completed by March 2023. • Approved the signing and implementation of the Memorandum of Understanding (MoU) between Ministry of Road Transport and Highways, India, and Transport for London (TFL), United Kingdom (UK), to improve public transport in the country. • Ex-post facto approval to the stand adopted by India at the World Trade Organisation’s (WTO) ministerial meeting in Argentina last month that concluded without an agreement because of lack of consensus on the public food stockholding issue. INTERNATIONAL Iceland becomes first country to legalise equal pay • A new law making it illegal to pay men more than women has taken effect in Iceland. The legislation makes Iceland the first country in the world to legalise equal pay between men and women. • Iceland-Capital: Reykjavik, Currency: króna

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DAILY UPDATED CURRENT AFFAIRS – 03.01.2018 TO 05.01.2018 Pakistan Replaces Dollar With Yuan for Bilateral Trade With China • The central bank of Pakistan gave its green signal to using the Chinese currency, Yuan, for bilateral trade with China. The decision came just a day after US President Donald Trump vowed to stop all aid to Islamabad. • Adoption of the Yuan would mean that Pakistan and China would be able to replace the US dollar for transactions in China Pakistan Economic Corridor (CPEC) projects. • Pakistan-Capital: Islamabad, Currency: rupee, PM: Shahid Khaqan Abbasi, President: Mamnoon Hussain UNESCO enters Turkey’s endangered ‘bird language’ in Intangible Cultural Heritage list • UNESCO has accepted the Turkey’s endangered “bird language” of Black Sea villagers as an endangered part of world heritage in need of urgent protection. • The United Nations Educational, Scientific and Cultural Organization-Headquarters: Paris, France, Founded: 16 November 1945,Heads: Audrey Azoulay Pak Navy successfully tests missile in Arabian Sea The Pakistan Navy demonstrated its ability to respond to any aggression by conducting a test fire of a cruise missile – Harba Naval Cruise Missile, which is a surface-to-surface anti-ship missile, from its newly commissioned Fast Attack Craft (Missile), PNS Himmat, off Karachi in the North Arabian Sea. PERSON IN NEWS Rajinder Khanna: The Appointment Committee of the Cabinet (ACC) has appointed Former Research and Analysis Wing (RAW) chief Rajinder Khanna as Deputy National Security Advisor(NSA). Vijay Gokhale as new Foreign Secretary: The Appointments Committee of the Cabinet (ACC) chaired by Prime Minister Narendra Modi has appointed senior diplomat Vijay Keshav Gokhale (58) as Foreign Secretary, highest post for a diplomat in the Ministry of External Affairs (MEA).He will have a two-year term and shall succeed S Jaishankar. AB Mathur: The Central Government has appointed AB Mathur as the interlocutor on their behalf to hold talks with the United Liberation Front of Assam (ULFA). A 1975-batch IPS officer, Mathur served as the former Special Secretary of Research and Analysis Wing (RAW). Eminent Urdu poet Anwar Jalapuri: Eminent Urdu poet Anwar Jalalpuri, also known for his translation of the Bhagavad Gita from Hindi to Urdu, has passed away. Ananta Ojha : Odia playwright, jatra actor and director Ananta Ojha has passed away following a prolonged illness. Vocalist Radha Vishwanathan: Carnatic vocalist Radha Vishwanathan (83), daughter of M.S. Subbulakshmi, who accompanied the legendary queen of music for nearly 5 decades on stage has passed away. AWARD JNPT wins “Samudra Manthan – Caring Organisation of the Year” award India’s Premier Container Port, the Jawaharlal Nehru Port Trust has won the “Samudra Manthan – Caring Organisation of the Year” award. The award instituted by Bhandarkar Shipping aims to fuel healthy competition in the maritime sector. PIO named best central bank governor in Asia-Pacific Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), has been named the best central bank governor in Asia-Pacific for 2018 by UK-based magazine The Banker. The annual award by The Banker, is based on a selection process involving a survey of bankers and economists. SPORTS Sathiyan surpasses Kamal to be highest-ranked Indian paddler G Sathiyan has surpassed the legendary Sharath Kamal to become India’s highest- ranked player in the International Table Tennis Federation (ITTF) rankings, which also have an unprecedented nine players in the top-100. MISCELLANEOUS UP theme state for Surajkund crafts mela The Haryana tourism department disclosed that Uttar Pradesh would be the theme state for the 32nd Surajkund International Crafts Mela, which would be organized at Surajkund, Faridabad from February 2 to 15. Apart from all other states, about 24 countries would also participate in it. Defence Ministry gives final nod for Barak missiles, PGM bombs The Defence Ministry has given its final approvals for the procurement of 131 Barak missiles for Indian Navy and 240 precision-guided munitions (PGM) for Indian Air Force (IAF) together estimated at Rs.1,714 crore. NASA to launch Parker Solar Probe to explore sun’s outer atmosphere. NASA is going to launch Parker Solar Probe in 2018 to explore the sun’s outer atmosphere. It will be launched onboard of Delta IV Heavy launch vehicle. It is NASA’s planned robotic spacecraft to probe outer corona of Sun RIL commissions world’s largest refinery off-gas cracker at Jamnagar Reliance Industries Limited (RIL) has successfully commissioned its refinery off-gas cracker (ROGC) complex of 1.5 million tonnes per annum (MTPA) capacity along with downstream plants and utilities in Jamnagar, Gujarat. The company said that it is the world’s first ROGC. IMPORTANT Day World Braille Day: 4 January : World Braille Day is celebrated every year on January 4th to commemorate the contribution of Louis Braille for blind people of the world. He invented a reading and writing system which helped blind people in learning and reading.

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