Here’s your daily summary of Current Affairs.
Birmingham to host Commonwealth Games 2022
The central English city of Birmingham will host the Commonwealth Games in 2022. The 2022 Commonwealth Games were originally given to Durban in 2015, but the South African city was stripped of the event this year because of financial difficulties. The multisport event was last in Britain in 2014 when it was held in Glasgow. Before that, Manchester hosted in 2002.
SEBI hikes FPI investment limit
The Capital market regulator Securities and Exchange Board of India (SEBI) has raised the investment limit for foreign portfolio investors (FPI) in central government securities to over 1.91 lakh crore from January 2018. Currently, investment limit for foreign portfolio investors is 1.89 lakh crore rupees. The move is part of an effort by SEBI to push inflow from overseas investors in the country’s capital markets.
The United Kingdom tops Forbes’ list of best countries for doing business
The United Kingdom has topped Forbes’ rankings of best countries in the world for business in 2018 for the first time, up from fifth last year. The list ranks 153 countries on 15 factors including property rights, innovation, taxes and red tape. The UK is followed by New Zealand and the Netherlands, while India was ranked 62nd on the list. The UK’s $2.6 trillion economy is the fifth largest in the world. The world’s second (China) and third (Japan) biggest economies rank 66th and 21st, respectively. Chad ranks last for the third straight year.
RBI puts United Bank of India in PCA framework
The Reserve Bank of India has put Kolkata-based United Bank of India under the prompt corrective action (PCA) framework. The additional action points were in the view of high net non-performing assets, low leverage ratio and need to raise capital. UBI was among the first state-owned lenders against which RBI implemented prompt corrective action, back in February 2014. The restrictions were lifted in 2015.
Since the framework was revised in April, nine banks have seen PCA initiated against them. These include Bank of India, Central Bank of India, IDBI Bank, UCO Bank, Dena Bank, Oriental Bank of Commerce, Indian Overseas Bank, Bank of Maharashtra and Corporation Bank.
Including United Bank, there are now 10 PSU Banks under the PCA framework.
India’s first ever National Rail and Transport University Approved by Govt
The Union Cabinet has approved the Ministry of Railways’ transformative initiative to set up India’s first ever National Rail and Transport University (NRTU) in Vadodara, Gujarat to skill its human resources and build capability. The University will be set up as a Deemed to Be University under de novo category as per the UGC [Institutions Deemed to be Universities] Regulations, 2016. Government is planning to launch the first academic program in July 2018. The funding of the new University/Institute is to entirely come from Ministry of Railways.
Army exercise “Hamesha Vijayee” conducted in Rajasthan
The Indian Army’s Southern Command had conducted exercise ‘Hamesha Vijayee’ in the deserts of Rajasthan to evaluate the capability of the armed forces to strike deep into the enemy territory in an integrated air-land battle. The military exercise is being carried in the general area of Barmer and Jaisalmer and aimed at fine-tuning surveillance and destruction mechanisms to support precision strikes and maneuvers by network-enabled forces
Justice Salvi appointed Chairperson of National Green Tribunal
The government has appointed Justice U D Salvi as officiating chairperson of the National Green Tribunal (NGT) following the superannuation of Justice Swatanter Kumar. Mr. Salvi will remain in the saddle until his retirement on February 13, 2018. The selection panel is headed by the Chief Justice of India or his nominee, with other members recommended by or from the Environment Ministry.
DARPAN project launched for financial inclusion of rural population
The Minister of Communications Manoj Sinha launched DARPAN- “Digital Advancement of Rural Post Office for A New India” Project to improve the quality of service, add value to services and achieve ‘financial inclusion’ of the unbanked rural population. The goal of the IT modernization project with an outlay of Rs. 1400 Crore is to provide a low power technology solution to each Branch Postmaster (BPM) which will enable each of approximately 1.29 Lakhs Branch Post Offices (BOs) to improve the level of services being offered to rural customers across all the states.