Daily Update On Current Affairs – October 26, 2017

current affairs

Here’s your daily summary of Current Affairs.

SAATHI scheme launched jointly by Ministry of Textiles and Power 
The Union Ministries of Power and Textiles have jointly launched an initiative ‘SAATHI’ (Sustainable and Accelerated Adoption of efficient Textile Technologies to Help small Industries). Under this initiative, Energy Efficiency Services Limited (EESL), a public sector entity under the Union Ministry of Power, will acquire energy efficient Powerlooms, motors and Rapier kits in bulk and provide them to the small and medium power loom units.  

  • Smt. Smriti Zubin Irani is the Cabinet Minister of Textiles of India.
Foundation stone laid for Aerospace in Tamil Nadu
The Tamil Nadu Chief Minister, Edapaddi K Palaniswami, laid the foundation stone for an aerospace park at Kanchipuram district to be set up by the State Government in 245 acres and at an estimated cost of Rs. 198 crore. When fully ready, the park will attract a total investment of nearly Rs. 1,000 crore and create job opportunities for nearly 30,000, according to the State government.
Paika Bidroha to be named as 1st War of Independence  

On 23rd October 2017, the Government announced that from the next academic year, the Paika Bidroha will be included in the textbooks as the first war of Independence. The Govt has allotted Rs. 200 Cr for this purpose.
IDFC Bank slapped with Rs. 2 Cr fine by RBI for contravention of rules

The Reserve Bank of India has imposed a monetary penalty of Rs. 2 crore on IDFC Bank for contravention of regulatory restrictions pertaining to loans and advances. The penalty has been imposed in the exercise of powers vested in RBI under the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to certain directions issued by RBI.  
  • Sunil Kakar is the Managing Director & CEO of IDFC Limited.   
  •  Headquarter of IDFC Bank is in Mumbai.
LEI made compulsory by RBI for companies with over Rs. 5 Cr exposure   
After making Legal Entity Identifier (LEI) mandatory for transactions in interest rate, forex and credit derivative market, the Reserve Bank of India (RBI) is set to make LEI compulsory for companies having aggregate fund-based and non-fund based exposure over Rs. 5 crores. Banks will be required to capture this number in the Central Repository of Information on Large Credits (CRILC) database that captures details of loan above Rs. 5 crores. The LEI number will help banks in monitoring the aggregate exposure of corporate borrowers. Firms can obtain their LEI code from Legal Entity Identifier India Ltd. (LEIL).      
What is a LEI?        
The LEI is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction. It is a unique 20 digit alphanumeric code that is assigned to a legal entity. 
What is the purpose of an LEU?    
The global LEI system has been set up by regulatory authorities, including G20 and the Financial Stability Board, to address the global financial crisis. The LEI is designed to enable the identification and linking of parties to financial transactions in order to manage counterparty risk. Its goal is to improve measuring and monitoring of systemic risk and support more cost-effective compliance with regulatory reporting requirements.
Singapore passport named “the most powerful” in the world     

Singapore’s passport has become the most powerful in the world with a Visa-Free Score of 159, according to the Passport Index developed by advisory firm Arton Capital. This is the first time an Asian country has been announced as having the most powerful passport. India secured the 75th rank in the index with a Visa-Free Score of 51.  Historically, the top 10 most powerful passports in the world were mostly European, with Germany having the lead for the past two years. Afghanistan was on bottom most position (94th) with the score of 22. Pakistan was on 93rd Position with Iraq with the score of 26.
The Top 3 countries with score are-
  • Singapore (159)
  • Germany (158)
  • Sweden, South Korea (157)
30th Edition of CORPAT Begins Between Indian-Indonesian Navy   
Indian Navy Ship Sukanya under the command of Commander SA Deodhar has arrived at Belawan Indonesia to participate in the 30th edition of CORPAT (Coordinated Patrol) and 3rd Bilateral exercise between the Indian Navy and the Indonesian Navy. The exercise is aimed to foster closer maritime ties with countries located on the rim of the Indian Ocean. The two navies have been carrying out CORPAT on respective sides of the International Maritime Boundary Line (IMBL) twice a year since 2002.  

  •  Jakarta is the Capital of Indonesia.  
  • Joko Widodo is the President of Indonesia.
Myanmar to launch its own satellite

Myanmar has announced that it plans to launch its own satellite systems in June 2019. Myanmar Sat 2 will carry six C Band and six K Band transponders. The project is expected to cost $ 155.7 million.
Eminent classical music singer Girija Devi passes away 
Eminent classical singer and Padma Vibhushan awardee Girija Devi died in Kolkata. She was 88 years old. She was considered as the “Queen of Thumri” and fondly called Appa Ji. She was from the “Benaras Gharana”.  Girija Devi received the Padma Shri in 1972, the Padma Bhushan in 1989 and the Padma Vibhushan in 2016. She was born in a zamindar family at a village near Banaras on May 8, 1929.
October 24th – United Nations Day      

24th October is observed all over the world as United Nations Day in remembrance of the anniversary of United Nations which was established on 24th October 1945. It was in 1948 that the United Nations General Assembly declared the 24th October as the United Nations Day. The day is celebrated to spread awareness about the aims and achievements of the United Nations.

Christiano Ronaldo and Lieke Martens win FIFA Player of the Year awards  
Christiano Ronaldo has been named the FIFA Men’s Player of the year and Lieke Martens has been named the FIFA Female Player of the year 2017, at the annual awards held in London on 23rd October 2017. Lionel Messi and Neymar were adjudged the second and third best respectively. Ronaldo is from Portugal while Lieke Martens is from Netherlands.
Thakkar becomes first Indian to top Junior ITF Rankings    

Manav Thakkar of Surat in Gujarat has become the first Indian to top the Junior ITF  Rankings which were released recently. He reached the top position after reaching the finals of the Serbian Open Junior TT Championship played recently. With this, he gets an automatic entry into the world Junior circuit finals that is to be played in Luxemburg in 2018.

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