Current Affairs Update – 2-4 September, 2017



Hello and welcome to exampundit. Here are the Important Current Affairs of 2,3 & 4 September, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

Banking & Financial
News
RBI includes HDFC Bank in ‘too big to fail’ list along with SBI, ICICI

  • RBI on Monday included HDFC Bank
    in the list of ‘too big to fail’ lenders, referred to as D-SIB or domestic
    systemically important bank.
  • India’s largest lender SBI and
    private sector major ICICI Bank were classified as D-SIBs in 2015.
  • With the inclusion of HDFC Bank
    in the list, there will now be three ‘too big to fail’ financial entities in
    the country.
  • SIBs are subjected to higher
    levels of supervision so as to prevent disruption in financial services in the
    event of any failure.
  • “The additional Common
    Equity Tier 1 (CET1) requirement for D-SIBs has already been phased-in from
    April 1, 2016 and will become fully effective from April 1, 2019,” the Reserve
    Bank said in a statement.
  • The additional CET1 or core
    capital requirement will be in addition to the capital conservation buffer, it
    added.
  • RBI had issued the framework for
    dealing with D-SIBs in July 2014.
  • According to the framework, RBI
    has to disclose the names of banks designated as D-SIBs every year in August
    starting from 2015 and place these banks in appropriate buckets depending upon
    their Systemic Importance Scores (SISs).
New Development Bank approves USD 1.4 billion loan for projects in
India, China and Russia

  • The New Development Bank (NDB) in
    the last week of August 2017 approved USD 1.4 billion loans for sustainable
    development projects in India, China and Russia.
  • The Board of Directors of the
    Bank approved four infrastructure and sustainable development projects in the
    three countries.
  • The loans were approved ahead of
    the BRICS Summit to be held in Xiamen city of China from 3 September to 5
    September 2017.
Key highlights

  • For India, the ADB approved USD
    470 million loan for Madhya Pradesh’s Multi-Village Rural Drinking Water Supply
    Scheme Project.
  • The other loans approved included
    China’s Hunan Green Area Watershed Environmental Development Project, which
    would get two billion yuan to enhance flood control, and improve water quality
    in Xiang River watershed.
  • In addition, China’s Jiangxi
    Industrial Low-Carbon Restructuring and Green Development Pilot Project will
    get a USD 200 million loan to promote energy conservation, resources recycling
    and pollutants reduction through technology upgrade.
  • The Bank will also provide a USD
    460 million loan to the Russian Federation for the development of
    infrastructure and implementation of information technology systems of Russia’s
    judicial system in Russia.
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Five banks of BRICS nations sign agreement to establish credit lines

  • Five banks of the BRICS (Brazil,
    Russia, India, China and South Africa) Bank Cooperation Mechanism have agreed
    to establish credit lines in the national currencies and cooperate on credit
    ratings.
  • The agreement was signed ahead of
    the ninth edition of the BRICS Summit, which is underway in Xiamen, China. The
    2017 summit, attended by leaders of the five countries including Indian Prime
    Minister Narendra Modi, is centred on the theme of ‘Stronger Partnership for a
    Brighter Future’.
  • The summit will conclude on 5
    September.
  • Five banks including Brazilian
    Development Bank (BNDES), Vnesheconombank, Export-Import Bank of India, China
    Development Bank and Development Bank of South Africa (DBSA) signed the
    agreement to establish credit lines in the national currencies.
  • The banks also signed a
    memorandum of cooperation on credit ratings.
  • The agreement on credit ratings
    reportedly enables the banks to share information about internal credit ratings
    and rating assessment.
  • The decision was taken in order
    to bolster further cooperation.
  • Besides this, the New Development
    Bank (NDB) of the BRICS countries has approved USD 1.4 billion loans for four
    infrastructure and sustainable development projects in the three countries
    including China, India and Russia.
  • For India specifically, the bank
    has approved USD 470 million loan for Madhya Pradesh’s Multi-Village Rural
    Drinking Water Supply Scheme Project.
President Ram Nath Kovind laid foundation stone for Link-4 of SAUNI
Scheme

  • President Ramnath Kovind laid the
    foundation stone for link – 4 of Saurashtra Narmada Avataran Irrigation (SAUNI)
    Scheme in Rajkot district on 4 September 2017.
  • The project had been launched by
    Prime Minister Narendra Modi during his tenure as Gujarat Chief Minister.
  • The project aims to fill up 115
    major dams by diverting excess water of Sardar Sarovar dam across river
    Narmada, by a web of pipeline network.
  • Earlier in June 2017, Prime
    Minister Narendra Modi had visited Rajkot when Aji dam was filled with the
    Narmada water under the Saurashtra Narmada Avataran Irrigation (SAUNI) project.
  • The third phase of SAUNI yojana
    has already been dedicated to the people following completion of the work.
Swedish defence giant collaborates with Adani group for defence
manufacturing

  • Swedish defence giant Saab and
    Indian conglomerate Adani group announced a collaboration in defence
    manufacturing on 1 September 2017.
  • The collaboration, involving
    billions of dollars of investment, mainly eyes a contract for single- engine
    fighter jets for the Indian Air Force.
  • The project would include design,
    development and production of Gripen jets for India, keeping in line with the
    Make in India initiative.
  • It would also include sharing of
    technologies of national importance with India.
  • The Union government is set to
    procure a fleet of single-engine fighters for the Indian Air Force.
  • The US defence firm Lockheed
    Martin is slated to be a major competitor for Saab for the deal.
  • Main Objectives of the
    Collaboration
  • The partnership aims to produce
    single engine fighter jets and other defence products for India under the
    country’s recently unveiled “strategic partnership” model.
  • According to the CEO and
    President of Saab, Hakan Buskhe, the main objective behind the collaboration is
    to create a new defence eco- system in India that would involve many partners,
    vendors and suppliers.
  • To achieve the same the Swedish
    company needed a strong Indian partner who can help create the framework for
    the infrastructure and eco-system to come into place.
News related to India & states
Entire Assam declared as ‘disturbed area’ under AFSPA for six months

  • The Assam Government on 1
    September 2017 declared the entire state as “disturbed area” for six months
    beginning 1 September 2017 under Armed Forces (Special Powers) Act, 1958
    (AFSPA).
  • This is the first time in 27
    years that the state government took call on AFSPA and extended the term of the
    Act.
  • The declaration was made after
    the state government assessed the present law and order situation in the state
    which has continued to be a matter of concern due to some violent incidents by
    underground outfits.
  • Earlier, On 3 August 2017, the
    Union Government declared entire Assam as “disturbed” under the AFSPA with
    effect from 3 August to 31 August 2017. And the same has now been extended by
    the state government for a period of six months.
  • AFSPA has been continuing in
    Assam since November 1990.
Awards & Honors
Ahmedabad gets India’s first ‘World Heritage City’ tag from UNESCO

  • The city of Ahmedabad, known as
    the commercial hub of Gujarat, was on 1 September 2017 formally accorded the
    status of India’s first ‘World Heritage City’ by the United Nations
    Educational, Scientific and Cultural Organisation (UNESCO).
  • The certificate for the same was
    handed over by UNESCO Director General Irina Bokova to the state’s Chief
    Minister, Vijay Rupani.
  • Speaking on the occasion, Rupani
    said that it was a proud moment for over 6.5 Cr people of Gujarat. He added
    that Prime Minister Narendra Modi had put in a lot of hard work to get the
    heritage tag for the city.
  • India secured the nomination for
    Ahmedabad on UNESCO’s World Heritage list during the 41st Session of World Heritage
    Committee on 8 July 2017.
  • The honour makes the walled city
    the first one in India and the third in Asia to feature on the esteemed list.
  • The city was selected for the
    coveted status out of 250 cities.
UNESCO announces winners of International Literacy Prizes 2017

  • United Nations Educational,
    Scientific and Cultural Organization (UNESCO) on 30 August 2017 announced the
    winners of the 2017 International Literacy Prizes that honour excellence and
    innovation in the field of global literacy.
  • The UNESCO International Literacy
    Prizes are divided into two categories namely the UNESCO Confucius Prize for
    Literacy that is sponsored by China and the King Sejong Literacy Prize that is
    sponsored by South Korea.
Here are the winners of the 2017 International Literacy Prizes:

  • Confucius Prize recognises the
    projects that benefit rural populations and out-of-school youth, particularly
    girls and women. This year, the UNESCO Confucius Prize will be given to:
  • AdulTICoProgram: This program was
    the initiative of the Secretariat of Information and Communications
    Technologies of Armenia (Colombia) for teaching digital competencies to
    seniors.
  • The Citizens Foundation
    (Pakistan): The foundation was chosen for its Aagahi Literacy Programme for
    Women and Out-of-School Girls that includes digital educational needs
    assessments and provides teaching services to support the education of younger
    girls and older women.
  • FunDza (South Africa): The
    organisation launched readers and writers project to develop a culture of
    reading and writing for pleasure through an online platform that provides
    reading courses and writing competitions.
Appointments
Nirmala Sitharaman becomes India’s first full-time woman Defence
Minister

  • Nirmala Sitharaman, a JNU alumni
    and former Minister of State (Independent Charge) Commerce, was appointed as
    the new Defence Minister on 3 September 2017, thus gaining entry into Prime
    Minister Narendra Modi’s Union Cabinet.
  • The trained economist took the
    charge of the key ministry from Arun Jaitley who had been handling the
    portfolio after Manohar Parrikar quit to become Goa’s chief minister.
  • With the development, Sitharaman
    became India’s first full-time Defence Minister and second all-time one, after
    Indira Gandhi who had held the portfolio twice, first from 1- 21 December in
    1975 and the second time from 14 January 1980 to 15 January 1982.
  • So, India has a woman at the helm
    of the key ministry, 35 years after the last one.

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Cabinet Reshuffle: Piyush Goyal gets Railways, Nirmala Sitharaman gets
Defence

  • Prime Minister Narendra Modi on 3
    September 2017 held the third major Cabinet reshuffle, which saw the change of
    portfolios of 32 ministers and selection of nine new ministers.
  • The most considerable of them all
    is the elevation of Nirmala Sitharaman as a Defence Minister, making her the
    first woman after Indira Gandhi to hold the portfolio of Defence Minister.
  • PM Modi’s third cabinet reshuffle
    that seems to be targeting 2019 Lok Sabha Elections, showcases priorities of
    NDA Government as it chooses performance above politics.
Reshuffled Cabinet

  1. Nirmala Sitharaman: She was given
    the portfolio of Minister of Defence. Prior to this, she was handling the
    portfolio of Minister of State for Commerce.
  2. Piyush Goyal: He was given the
    portfolio of Minister of Railways and will also continue to serve as Minister
    of Coal.
  3. Dharmendra Pradhan: He will now
    look after Ministry of Skill Development and Entrepreneurship while serving as
    the Union Minister of Petroleum and Natural Gas.
  4. Muqtar Abbas Naqvi: He was
    elevated as a Cabinet Minister and will continue to handle the portfolio of
    Minister of Minority Affairs.
  5. Suresh Prabhu: He was appointed
    as the Union Minister of Commerce and was removed as Railways Minister. This
    decision came after Prabhu offered to resign following a chain of critical
    train disasters.
  6. Nitin Gadkari: He was given the
    charge of Ministry of Water Resources and Ganga Rejuvenation along with Union
    Transport Ministry.
  7. Uma Bharti: She was removed as
    Minister of Water Resources and was given the charge of Ministry of Drinking
    Water and Sanitation.
  8. Vijay Goel: He was given the
    charge of Ministry of Parliamentary Affairs and Statistics & Programme
    Implementation. Earlier, he was handling the Sports Ministry.
  9. Rajyavardhan Singh Rathore: He
    was given the portfolio of Minister of Youth Affairs and Sports.
Karur Vysya Bank appoints P R Seshadri as new MD, CEO

  • P R Seshadri has assumed charge
    as the Managing Director and Chief Executive Officer of Karur Vysya Bank.
  • Seshadri, a senior banker with
    over 25 years experience, started his banking career with Citibank in early
    1992. He has served in various capacities including Managing Director of Citi
    Financial Consumer Finance Ltd and Citi Financial Retail Services India Ltd
    till 2005. He moved to Singapore in 2005 as the Managing Director and regional
    head of the bank’s retail banking and lending businesses for Asia Pacific
    region
  • More recently, he held the post
    of Chief Executive Officer of BFC Bank Limited, London.
  • He is an alumnus of IIM,
    Bangalore and Delhi College of Engineering.
Indian-origin Joseph Yuvaraj Pillay appointed as Interim President of
Singapore

  • Indian-origin civil servant
    Joseph Yuvaraj Pillay was on 1 September 2017 appointed as Interim President of
    Singapore until the new President is sworn-in.
  • Pillay succeeds Tony Tan Keng Yam
    who completed a six-year term on 31 August 2017. At present, Pillay is serving
    as the Chairman of the Council of Presidential Advisers (CPA).
  • This is the first time that the
    office of President of Singapore has fallen vacant since the elected presidency
    was introduced in 1991. As per Singapore law, when the office of President is
    vacant, the first in line to exercise its powers is the CPA Chairman followed
    by the Speaker of Parliament.
Sports News
Mahendra Singh Dhoni becomes the first wicketkeeper to have 100
stumpings in ODI Cricket

  • Former Indian captain Mahendra
    Singh Dhoni on 3 September 2017 became the first wicketkeeper in the world of
    cricket to claim 100 stumpings in the One Day International (ODI). With this,
    Dhoni surpassed the former Sri Lankan captain Kumar Sangakkara, who had 99
    stumpings in 404 ODI matches.
  • Dhoni achieved the fete in his
    301st ODI played against Sri Lanka in Colombo. To achieve the fete, Dhoni
    whipped off the bails to remove the Sri Lankan batsman Akila Dananjaya off
    leg-spinner Yuzvendra Chahal’s bowling.
  • 36-year-old Dhoni has also taken
    281 catches apart from scoring 9657 runs so far. Dhoni has played 90 Tests and
    77 T20 Internationals as well. In 90 Tests, Dhoni has taken 256 catches and
    effected 38 stumping. In T20 Internationals, Dhoni has taken 43 catches and
    affected 23 stumpings.
  • Earlier on 31 August 2017, Dhoni
    became the sixth Indian player to play 300 ODI matches. With this, Dhoni, also
    known as Mahi, joined the elite club comprising of Mohammed Azharuddin, Sachin
    Tendulkar, Sourav Ganguly, Rahul Dravid and Yuvraj Singh.
  • Besides, on 3 September 2017
    Indian cricket team led by Captain Virat Kohli also won the five-match ODI
    series against Sri Lanka, 5-0. On this occasion, Kohli scored his 30th ODI
    century. With his 30th century, Kohli became the joint-second in the list of
    most century makers’ and at present is behind of Sachin Tendulkar, who scored
    49 ODI centuries in his career. Australian Ricky Ponting is the other player
    with 30 ODI centuries
World News
NASA Astronaut Peggy Whitson to return home after 288 days in space

  • NASA Astronaut Peggy Whitson is
    set to return to Earth from the International Space Station on 2 September
    2017, after completing a 288-day mission.
  • Whitson would be returning with
    her Expedition 52 crewmates, Nasa’s Jack Fischer and Fyodor Yurchikhin of the
    Russian space agency Roscosmos. They are scheduled to land in Kazakhstan.
  • Whitson’s expedition crew
    members, Yurchikhin and Fischer, who were launched in April 2017, would be
    completing 136 days in space on their return.
  • Russia’s Yurchikhin will return
    to Earth with a total accumulated space time of 673 days over the course of 5
    missions. This feat would put him in the 7th place on the all-time endurance
    list.
  • A three-person crew including
    Sergey Ryazanskiy of Roscosmos and Paolo Nespoli of ESA would be manning the
    International space station until the arrival of three new crew members.
Obituaries
TMC MP Sultan Ahmed passes away

  • Sultan Ahmed, Trinamool Congress
    Lok Sabha MP from West Bengal’s Uluberia constituency, passed away on Monday
    after suffering a cardiac arrest. He was 64.
  • Ahmed had been a Union Minister
    of State for Tourism in the UPA-II.
  • According to sources, Ahmed
    suffered a massive heart attack at his home this morning. He was rushed to a
    private hospital where he was declared “brought dead”.

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