Current Affairs Update – 20th September, 2017



Hello and welcome to exampundit. Here are the Important Current Affairs of 20 September, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

Banking & Financial
News
RBI notifies P2P lending
businesses as NBFCs

  • Peer-to-peer lending (P2P)
    platforms will be treated as non-banking financial companies (NBFCs) and thus
    regulated by the RBI, the central bank said in a notification.
  • P2P lending is a form of
    crowd-funding used to raise loans which are paid back with interest. It can be
    defined as the use of an online platform that matches lenders with borrowers in
    order to provide unsecured loans.
  • “The Reserve Bank of
    India…Specifies a non-banking institution that carries on ‘the business of a
    peer to peer lending platform’ to be an NBFC,” the notification said.
  • As per the RBI, the business of a
    P2P lending platform mean that the service of loan facilitation, via online
    medium or otherwise, to “the participants who have entered into an
    arrangement with that platform to lend on it or to avail of loan facilitation
    services provided by it”.
  • The RBI had floated a
    consultation paper in April 2016 on such lending platforms.
  • The borrower can either be an
    individual or a legal person requiring a loan. The interest rate may be set by
    the platform or mutual agreement between the borrower and the lender.
  • Fees are paid to the platform by
    both the lender as well as the borrower. Borrowers pay an origination fee –
    either a flat rate fee or as a percentage of the loan amount raised – according
    to their risk category.
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Tata Steel, Thyssenkrupp sign MoU
for European Steel JV

  • Tata Steel  and German firm Thyssenkrupp inked a
    memorandum of understanding (MoU) to combine their European steel operations in
    a 50-50 joint venture, creating the continent’s No.2 steelmaker after
    ArcelorMittal.
  • The new company, to be named
    Thyssenkrupp Tata Steel, would be based in or near Amsterdam, Thyssenkrupp said
    in a statement.
  • The deal entails combining Tata’s
    plants in the Netherlands and the UK with Thyssenkrupp’s German assets and
    would be managed through a lean holding company based in the Netherlands. This
    entity will rival Europe’s top producer, ArcelorMittal.
  • The MoU, widely expected after
    Thyssenkrupp last week said a deal could still be reached this month, outlines
    synergies of 400-600 million euros ($480-720 million) a year as well as up to
    4,000 job cuts, about 8 percent of the joint workforce.
  • The MoU will be followed by
    negotiations about the details of the transactions as well as due diligence – a
    detailed look at each other’s accounts – before a joint venture contract can be
    signed at the beginning of 2018, Thyssenkrupp said.
  • The signing of the joint deal
    will require the approval of Thyssenkrupp’s supervisory board and Tata Steel’s
    board of directors as well as that of the European Commission.
  • The proposed 50:50 joint
    venture-Thyssenkrupp Tata Steel-would be focused on quality and technology
    leadership, and the supply of premium and differentiated products to customers,
    with annual shipments of about 21 million tonnes of flat steel products.
News related to India & states
India’s Zero Hunger Programme to
be launched in Gorakhpur, Koraput and Thane

  • India’s ambitious Zero Hunger
    Programme through interventions in form sector will be launched in three
    districts, namely- Gorakhpur in Uttar Pradesh, Koraput in Odisha and Thane in
    Maharashtra, on 16 October 2017.
  • 16 October is observed globally
    as World Food Day. The zero hunger programme planned in these three districts
    will focus on agriculture, nutrition, and health in a symbiotic manner.
  • Information regarding the
    ambitious Zero Hunger Programme was given by the eminent agriculture scientist
    and as the father of ‘green revolution’ in India, M S Swaminathan. The
    Programme will be initiated by the Indian Council of Agricultural Research the
    (ICAR) in association with the Indian Council of Medical Research (ICMR), the
    MS Swaminathan Research Foundation and the Biotechnology Industry Research
    Assistance Council (BIRAC).
  • The programme will ensure
    suitable methods of measuring the impact of an intervention.
  • M S Swaminathan said, “There will
    be an intensive training programme in order to identify the nutritional
    maladies in each district and the appropriate agricultural/horticultural and
    animal husbandry remedies.”
  • The concerned state governments
    will also be involved in the programme which consists of organisations of the
    farming system for nutrition, setting up genetic gardens for biofortified
    plants/crops and initiation of a ‘Zero Hunger’ training.
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Narendra Modi dedicates Sardar
Sarovar Dam to nation

  • For the people of three states —
    Gujarat, Madhya Pradesh and Maharashtra, Prime Minister Narendra Modi
    inaugurated 138-metre Sardar Sarovar Dam on the Narmada river on Sunday, saying
    “no other project in the world has faced so many hurdles”.
  • Dedicating the dam to the nation
    on his 67th birthday, PM Modi said at Dabhoi, near the dam, that he would live
    and die for the dreams of the people of the country. “You know me, I can’t do
    small things. I don’t think small, don’t do small things. With 1.25 billion
    people with me, I can’t dream small.”
  • The project, which has cost
    around Rs. 60,000 crore, irrigates 1.8 million hectares of land in Gujarat and
    2,46,000 hectares in Rajasthan. The project aims to benefit about 10 lakh
    farmers. The hydro power generated from the turbines installed in the dam
    provides electricity to Madhya Pradesh, Maharashtra and Gujarat.
  • The Sardar Sarovar Dam project
    was conceptualised by Sardar Vallabhbhai Patel, after whom the project was
    named. Before it was renamed, the project was called the Navagam Dam. Though
    the foundation stone for the project was laid by Nehru in 1961, construction
    work on it could not commence till February 1980 due to litigation on issues
    relating to the environment and rehabilitation of displaced villagers.
  • After clearances from various
    authorities was received, construction work progressed and the dam remained
    unfinished at a height of 121.92 metres till May 2014. It was in June, after
    the Narmada Control Authority (NCA) approved the state government’s
    eight-year-old plea to increase the Sardar Sarovar dam’s height by installing
    17-metre tall sluice gates, that the project was completed.
India to conduct first BIMSTEC
Disaster Management Exercise 2017

  • The first BIMSTEC Disaster
    Management Exercise 2017 (BIMSTEC DMEx-2017) will be conducted by the National
    Disaster Response Force (NDRF) as the lead agency from 10 October to 13 October
    2017.
  • The Exercise will be conducted in
    the National Capital Region (NCR).
  • This Exercise will serve as a
    platform for sharing best practices on all aspects of Disaster Risk Reduction
    (DRR), strengthening regional response and coordination for Disaster Management
    among the BIMSTEC member countries.
  • It was decided at the 17th BIMSTEC
    Senior Officials Meeting held in Kathmandu, Nepal on 7 February 2017 that India
    would organize the first annual Disaster Management Exercise for the region.
  • Delegates from all seven nations
    of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic
    Cooperation (BIMSTEC) grouping, namely Bangladesh, Bhutan, India, Myanmar,
    Nepal, Sri Lanka and Thailand, will participate in the event.
  • The main focus of the BIMSTEC
    DMEx-2017 will be on testing the region’s preparedness and resilience towards
    effective activation of inter-Governmental interaction/dialogue/agreements for
    immediate deployment of regional resources for disaster response.
  • The BIMSTEC DMEx-2017 will be
    conducted in two phases in Delhi and NCR.
Union Government to launch mobile
app for retiring government staffs

  • The Union Government will be
    launching a mobile application for central government employees on 20 September
    2017. The app will help the retiring government employees to monitor the
    progress of their pension settlement cases.
  • In addition, the app will also
    allow the retired employees to assess their superannuation funds and record
    complaints through the pension calculator. They will also be able to register
    their grievances and get updates on orders issued by the department.
  • The app will be launched by the
    Minister of State for Personnel, Public Grievances and Pensions Dr. Jitendra
    Singh in New Delhi. At present, the ministry has a pensioners’ portal for this
    purpose.
  • Reports suggest that the newly
    launched mobile app will have all services meant for the pensioner, which is
    available at the portal of the Department of Pension and Pensioners’ Welfare.
  • Besides, Dr. Singh also
    inaugurated the first series of Pension Adalat. The Pension Adalats is being
    convened with the objective of bringing the aggrieved pensioner, the concerned
    department, the bank on a common table so that such cases can be settled within
    the framework of extant rules.
Vice President releases
Commemorative Coin on MS Subbulakshmi

  • Vice President M Venkaiah Naidu
    on 19 September 2017 released a Commemorative Coin on Bharat Ratna Dr MS
    Subbulakshmi on the occasion of Birth Centenary Commemoration of M.S.
    Subbulakshmi.
  • M.S. Subbulakshmi was a legendary
    and iconic figure who said that what defines India is this rich heritage of
    music and its unifying role in bringing people together. Subbulakshmi was not
    only a singer but was an encyclopaedia of singing.
  • She said that the roots of Indian
    music can be traced to Vedic literature, particularly in Sama Veda.
  • She was the first musician to be
    awarded Bharat Ratna, the country’s highest civilian honour and first Indian
    musician to have performed at the United Nations General Assembly on 50th
    anniversary celebration of the United Nations.
Appointments
Rajnikant Mishra appointed Chief
of Sashastra Seema Bal

  • Rajnikant Mishra in September
    2017 has been named as the new Chief of the Sashastra Seema Bal (SSB).
  • The decision was taken by the
    Appointments Committee of the Cabinet on 18 September 2017.
  • Mishra will succeed Archana
    Ramasundaram who is set to retire on 30 September 2017.
  • Mishra is a 1984 batch Uttar
    Pradesh Cadre IPS officer. He has been posted as Special Director General in
    Border Security Force (BSF) since 2012.
Awards & Honors
Jawaharlal Nehru Port Trust wins
Rajbhasha Kirti Award for 11th consecutive time

  • The Jawaharlal Nehru Port Trust
    (JNPT) in September 2017 was awarded the Rajbhasha Kirti Puraskar for the year
    2016-17.
  • The JNPT was honoured with the
    prestigious award in the category of ‘B’ region for autonomous bodies and
    boards.
  • The JNPT won the prize for its
    excellent implementation of the official language. This is the 11th consecutive
    year that Jawaharlal Nehru Port Trust has won this award.
  • Neeraj Bansal, Deputy Chairman of
    JNPT, accepted the award from the Honourable President of India, Ramnath
    Kovind.
  • The award was presented at a
    ceremony organised at the Vigyan Bhavan, New Delhi on the occasion of Hindi
    Divas celebration on 14 September 2017.

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Regards

Team ExamPundit