Here’s your daily summary of Current Affairs.
Government appoints ex IB Chief as Interlocutor
On 23rd October 2017, the Union Government appointed Mr. Dineshwar Sharma, former Director of the Intelligence Bureau as the Interlocutor for peace talks with Assam’s militant groups including ULFA. He had earlier served in Kashmir in 1992 when militancy was at its peak in that state. He was also the Director of the Intelligence Bureau from 2014 to 2016. His post will be equal to that of a Cabinet Secretary.
Meghalaya Election Department enters Limca Book of Records
The Meghalaya Election department has entered the Limca Book of Records for the formation of a human logo by newly-enrolled young voters of Meghalaya on the 1st of July 2017. Limca official Garima Manon conveyed this in a message to the office of Meghalaya Chief Electoral Officer on 24th October 2017. It will feature in the forthcoming edition of the Book. A total of 2870 students from 113 schools, 3 colleges in the age group of 18 and 19 enrolled as new voters and formed a 75 feet by 120 feet size human logo named You ‘N’ I. The logo formation was part of the launching of the statewide special drive to enroll left-out voters with a special focus on first-time voters.
IAF’s fighter jets touch down on Agra – Lucknow expressway
A major touchdown exercise of the Indian Air Force was held on the Agra Lucknow expressway at Bangarmau in Unnao district of Uttar Pradesh, today. As many as 20 fighter aircraft took part in the special exercise. The drill witnessed the participation of a C-130J transport aircraft with Garud commandos for an assault landing, as well as three Jaguars, six Mirages, six SU 30s in touch down and takeoff operations. The exercise was conducted to test the capability of the Indian Air Force to land its fighter jets and transport aircrafts on highways in the event of an emergency or in a war-like situation. The drill was conducted by the IAF in collaboration with the State Government. Arrangements were made at Hindon, Agra and Bareilly air bases for takeoff of fighters and C 130 J super Hercules military transport aircraft participated in the drill. This is the second time that a touchdown exercise was held at Agra Lucknow expressway. For the first time in November 2016, Sukhoi and Mirage fighters had landed and taken off from this expressway.
Nicaragua Signs Paris Climate Agreement
Central American country Nicaragua has signed the Paris Agreement on climate change, leaving the United States and Syria as the only two countries holing out to sign this global climate pact. According to Nicaragua’s President Daniel Ortega, the Paris Agreement is the only international mechanism that offers the conditions to face global warming and its effects. Previously, Nicaragua refused to sign the agreement on the grounds that it did not require to combat global warming. President Donald Trump on 1 June 2017 withdrew the United States from the landmark 2015 Paris agreement to fight climate change. Till June 2017, 195 UNFCCC members have signed the agreement, 148 of which have ratified it.
Rs 2.11 lac cr recapitalization approved for PSU Banks by Cabinet
The government has announced an allocation of Rs 2.11 lakh cr over 2 years for the recapitalization of public sector banks. As part of the plan, the government will essentially issue bonds to banks worth Rs 1.35 lakh cr while Rs 76,000 cr will come through budgetary support. Lenders will subscribe to these bonds as part of their investment portfolio. The money raised by the government will then be used to recapitalize banks. For the current year, the government has set a fiscal deficit target of 3.2 percent of GDP. Banks which had the lowest capital adequacy ratios at the end of the June included Central Bank of India (9.61 percent), UCO Bank (9.69 percent) and Corporation Bank (10.62 percent).
Cabinet approves expenditure of Rs 6.9 lac Cr for highway projects
The Union Cabinet has approved the biggest ever highway project to develop and expand approximately 83,000 km of roads at an investment of Rs 6.9 lakh crore by 2022. The project also includes the new 28,400 km Bharatmala highway program connecting border areas, improving international, port and coastal connectivity. Bharatmala is government’s mega plan and the second-largest highways project after National Highway Development Project that saw the development of about 50,000 km, and aims at improving connectivity in border and other areas.
RBI sets up task force on Public Credit Registry
The Reserve Bank of India has constituted a 10-member ‘High-Level Task Force on Public Credit Registry (PCR) for India’, which will suggest a roadmap for developing a transparent, comprehensive and near-real-time PCR for India. The committee will be headed by YM Deosthalee, ex-CMD, L&T Finance Holdings. The terms of reference of the task force include reviewing the current availability of information on credit in India and assessing the gaps in India.
EEPC Signs Pact with Punjab National Bank for SME financing
The Engineering Export Promotion Council (EEPC) of India has signed a MoU with Punjab National Bank to provide easy access to finance for SMEs and merchant exporters of the council. PNB will provide finance with an assurance that loans up to Rs. 10 crores would be provided within six to seven weeks at competitive rates. As per the agreement, PNB would also extend foreign currency loan facilities and provide advisory support to EEPC India members.
- Sunil Mehta is the MD & CEO Of Punjab National Bank.
- PNB Head office is in New Delhi.
State Bank of India ties up with Escorts Ltd for tractor financing
State Bank of India (SBI) has signed an agreement with Escorts Ltd. to finance farmers for purchase of Escorts tractors. The tie-up with Escorts is to promote market and make accessible, organized finance facility, with superior features, at competitive interest rates to farmers across the country.
SBI headquarters in Mumbai, Maharashtra.
- was established on 1 July 1955.
- Rajnish Kumar is the present Chairman of SBI.
Indus Ind Bank ties up with Mobikwik for wallet
IndusInd Bank, in association with MobiKwik, had 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.
- IndusInd Bank headquarters is in Mumbai.
- Mr. R. Seshasayee is the Chairman of IndusInd Bank.
- As on September 30, 2017, Indus Ind Bank had 1,250 branches and 2,146 ATMs spread across 690 locations in the country.
- Bipin Preet Singh is the CEO of MobiKwik.
Veteran Filmmaker I.V. Sasi passes away
Veteran Malayalam director I V Sasi, best known for his films “Avalude Ravukal” and “Devasuram” died on 24th October 2017. He was 69. His debut directorial venture was “Ulsavam”, which released in 1975. I V Sasi won the Nargis Dutt Award for Best Feature Film on National Integration in the year 1982 for his movie “Aaroodam”.
N.S. Venkatesh appointed new CEO of AMFI
NS Venkatesh has been appointed as the Chief Executive Officer of the Association of Mutual Funds in India (AMFI). The post was lying vacant after CVR Rajendran stepped down from the position in December 2016. Prior to joining AMFI, Mr. Venkatesh was executive director at Lakshmi Vilas Bank. AMFI was incorporated on August 22, 1995, as a non-profit organization. AMFI is headquartered in Mumbai.