Current Affairs Update – 12 November, 2017



Hello and welcome to exampundit. Here are the Important Current Affairs of 12 November, 2017. These are important for the upcoming IBPS PO, Clerk Mains, NICL Assistant, OICL AO exams.

Banking & Financial News
Karnataka inks pacts with Chinese
firms

  • Karnataka Chief Minister
    Siddaramaiah inaugurated the sixth China-India Forum meet being jointly hosted
    by the Government of China, Chinese People’s Association for Friendship with
    Foreign Countries (CPAFFC), China-India Friendship Association (CIFA), and Podar
    Enterprise here on Friday.
  • Karnataka Minister for Large and
    Medium Industries RV Deshpande said Karnataka expected trade and investments
    between India and China to increase as India sees big opportunities to attract
    Chinese companies to Make in India, besides attracting investments.
  • The following MoUs were signed at
    the Forum: Semiconductor Alliance of China and Beijing Construction &
    Highway Development Group presented EoI letters to the Karnataka government.
  • Podar Enterprise signed strategic
    cooperation MoU with Hebei Provincial Government. Podar Advisory and Consulting
    Enterprise signed tri-party MoU of cooperation with Baoding City Government and
    Hebei Information Investment Group.
  • Fortune Plus, China, signed MoU
    for setting up electric vehicle hub with Imperator Autocorp Pvt Ltd. Podar
    Holding International Pte Ltd signed MoU for cooperation in education with
    Yigcal University, Shandong.
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Air India gets Rs. 1,500 cr loan
from Bank of India

  • Debt-laden Air India has received
    a loan worth of Rs. 1,500 crore from Bank of India to meet urgent working
    capital needs less than a month after floating a tender in this regard, an
    airline source said.
  • For the second time in recent
    months, the flagship carrier has received loans from a public sector lender.
  • Battling multiple headwinds, the
    disinvestment-bound airline has been working on ways to reduce its debt,
    including by way of selling non-core assets and expanding operations.
  • The source said the airline has
    received Rs. 1,500 crore loan from Bank of India after the tender for the amount
    was floated last month in order to meet “urgent” working capital needs.
  • A tender was issued by the
    carrier on October 18 in which it had sought government guarantee-backed
    short-term loans totalling up to Rs. 1,500 crore to meet “its urgent working capital
    requirements”.
  • Prior to that, the airline had
    borrowed around Rs. 3,250 crore as short tenure loans from two lenders —
    IndusInd Bank and Punjab National Bank, sources had said. This loan too was for
    meeting urgent working capital needs and the tender was floated in September.
PNB MetLife in distribution pact
with Bank of Bahrain and Kuwait

  • Life insurer PNB MetLife has
    signed a corporate agency agreement with Bank of Bahrain and Kuwait B.S.C
    (BBK).
  • This tie-up will help PNB MetLife
    distribute its retail and group products to BBK’s customers in India.
  • With this partnership, BBK
    customers in India will get access to PNB MetLife’s entire portfolio of
    products ranging from health, savings, and wealth to rural plans.
  • As on date, BBK, which is one of
    the largest commercial banks in Bahrain, has branches at Mumbai, Hyderabad,
    Aluva and New Delhi.
  • The bancassurance tie-up forms an
    important part of PNB MetLife’s growth strategy and the life insurer has already
    forged many such alliances including PNB, Karnataka Bank and Jammu & Kashmir
    Bank.
  • Bancassurance is an arrangement
    by which a bank and an insurance company partner to enable the insurer sell its
    products to the bank’s client base.
Mumbai to host Asian Bankers
Association summit

  • For the first time, the nation’s
    financial capital will host the 34th annual conference of the Asian Bankers
    Association (ABA) this week.
  • The two-day conference will be
    held in the megapolis from November 16 and will be hosted by State Bank, with
    the theme of ‘Asia’s turn to transform’, SBI said.
  • The event is expected to see the
    presence of over 160 domestic as well as international bankers and Reserve Bank
    deputy governor Viral V Acharya will deliver the special opening address on the
    second day, a SBI spokesperson told PTI.
  • Founded in 1981, the ABA serves
    as a forum for advancing the cause of the banking industry and promote regional
    economic cooperation across the continent.
  • With around 80 members from 25
    countries, the association holds conferences on issues of concern to the
    banking sector, policy advocacy discussions, and training programmes.
  • The this year’s summit will discuss
    the impact of the ongoing global downturn on the outlook of the Asian
    economies; economic consequences of the Brexit in March 2019 on Asia, the
    America-first policy of the Trump administration; implications of fintech on
    banks, among others.
Appointments
Debjani Ghosh appointed First
Woman NASSCOM President

  • The National Association of
    Software and Service Companies (NASSCOM) on Friday announced the appointment of
    Debjani Ghosh, former MD, Intel South Asia, as the NASSCOM President-Designate,
    succeeding R Chandrashekhar, President, NASSCOM upon the completion of his term
    in March 2018.
  • Ghosh has held other posts at
    Nasscom in the past. She has been a member of company’s executive council and a
    trustee of Nasscom Foundation. To find the next President, the Nasscom
    President Succession Committee was set up by its chairman in March 2017, a
    Nasscom release said.

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Former France Culture Minister
Audrey Azoulay appointed new UNESCO chie

  • Member States of the United
    Nations Educational, Scientific and Cultural Organization (UNESCO) on Friday
    appointed Audrey Azoulay, a former culture minister of France, to the top post
    of the agency.
  • Born in 1972, Ms. Azoulay was
    France’s Minister of Culture and Communication from February 2016 to May 2017.
  • She has occupied senior positions
    in France’s public broadcasting sector and then served as rapporteur to
    France’s public auditing authority, the Cour des comptes, and as a European
    Commission legislative expert on issues of culture and the media.
  • Ms. Azoulay served France’s
    National Cinema Centre (CNC), first as Deputy Audiovisual Director, then as
    Director of Financial and Legal Affairs, and finally as Deputy
    Director-General.
Former India goalkeeper Bhaskar
Ganguly appointed AIFF ombudsman

  • The Supreme Court on Saturday
    appointed former India goalkeeper Bhaskar Ganguly to the two-member committee
    which will oversee the working of the All India Football Federation (AIFF)
    following the removal of its erstwhile President Praful Patel.
  • Ganguly, who served as captain of
    the Indian team at the 1982 Asian Games, will serve as ombudsman along with
    former Chief Election Commissioner S.Y. Quraishi.
  • They have been tasked with
    formulating the AIFF constitution within eight weeks.
  • The apex court also stayed the
    recent order of the Delhi High Court against top ranked AIFF officials and
    allowed all elected committees of the federation to function on a regular
    basis.
  • The Delhi High Court had on
    October 31 set aside the election of Praful Patel as AIFF President on the
    grounds that it was conducted without following the National Sports Code and
    asked for fresh polls within five months.
  • The High Court had also appointed
    S.Y. Quraishi as the AIFF administrator. The order came two days after India
    successfully hosted the FIFA U-17 World Cup for the first time. Patel had said
    during the tournament that India was also looking to host the FIFA U-20 World
    Cup.
Awards & Honors
Dipa Karmakar honoured with
D.Litt. by NIT Agartala

  • India’s star gymnast Dipa
    Karmakar has been conferred a D.Litt. degree from the National Institute of
    Technology (NIT) Agartala.
  • Expressing happiness on being
    honoured with the degree, Karmakar said she wanted to achieve such a degree
    once and that it would further add to her responsibility towards the people of
    the country.
  • The 24-year-old Tripura girl is
    the first Indian woman gymnast to have qualified for the Olympics. She finished
    fourth in the final round of the women’s vault event at the Rio Olympics Games
    in Brazil last year.
  • The director of NIT, Agartala,
    Professor Ajoy Kumar Ray, handed over the degree to Karmakar, during the 10th
    convocation programme at the Rabindra Satabarshiki Bhavan here.
World News
ASEAN inks free trade, investment
pacts with Hong Kong in Manila

  • Hong Kong on Sunday signed free
    trade and investment pacts with the ten-nation Association of Southeast Asian
    Nations, in what one of the Chinese territory’s senior officials called a
    “loud and clear” vote against rising regional trade protectionism.
  • The pacts conclude nearly three
    years of talks, are expected to take effect on January 1 at the earliest, and
    aim to bring “deeper and bolder” integration of market access with
    the bloc, said Edward Yau, Hong Kong’s commerce and development secretary.
  • Total merchandise trade between
    Hong Kong and ASEAN was HK$833 billion ($107 billion) last year, official
    figures show. Total services trade was HK$121 billion ($16 billion) in 2015.
  • The ASEAN Hong Kong China Free
    Trade Agreement (AHKCFTA) was signed on the sidelines of a summit of the
    regional grouping in the Philippine capital of Manila.

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Regards

Team ExamPundit