Current Affairs Update – 24 October, 2017



Hello and welcome to exampundit. Here are the Important Current Affairs of 24 October, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

Banking & Financial
News
RBI sets up task force on Public
Credit Registry

  • The Reserve Bank of India on 23
    October 2017 constituted a 10-member ‘High Level Task Force on Public Credit
    Registry (PCR) for India’. The task force will be headed by YM Deosthalee, ex-CMD
    of L&T Finance Holdings.
  • The other members of the task
    force are Sekar Karnam, Vishaka Mulye, Rashesh Shah, Sriram Kalyanaraman,
    Bidisha Ganguly, Sharad Sharma, Vivek Srivastava, Parvathy V. Sundaram and
    Anujit Mitra.
  • The Task Force will have its
    secretariat at Department of Statistics & Information Management.

Terms of reference of the Task Force

  • To review the current
    availability of information on credit in India.
  • To assess the gaps in India that
    can be filled by a comprehensive PCR.
  • To study the best international
    practices on PCR.
  • To determine the scope of the
    comprehensive PCR along with the type of information to be covered along with
    cut-off size of credit.
  • To decide the structure of the
    new information system or whether the existing systems can be integrated to get
    a comprehensive PCR.
  • To suggest a roadmap for
    developing a transparent, comprehensive and near-real-time PCR for India.
The task force will be required
to submit its report on 4 April 2018.
The Task Force can invite any
experts from the World Bank, if required, with the permission of  the chairman YM Deosthalee.

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IndusInd Bank launches m-wallet
with MobiKwik

  • IndusInd Bank, in association
    with MobiKwik, today announced the launch of a co-branded wallet ‘IndusInd
    MobiKwik’ that allows its customers to pay at the MobiKwik merchant network
    using their accounts, with a ’Direct Debit Feature’
  • The direct debit feature will
    allow IndusInd Bank account holders to link their accounts just once and pay
    using the co-branded app as and when required, thereby eliminating the need to
    load the MobiKwik prepaid wallet separately.
  • “The transaction is authorised
    with an additional factor of authentication, in line with mobile banking
    guidelines,” a release said.
  • Ritesh Raj Saxena, Head-Savings,
    Digital and Payments Business, IndusInd Bank, said the partnership with
    MobiKwik is to leverage the synergies in the payments business between banks
    and fintechs, to bring the customers the best of both worlds in a seamless
    fashion.
  • “The latest PPI guidelines of RBI
    reinforce the roadmap for wallet operators and partnerships with banks…,” he
    said.
  • As on September 30, private
    sector lender IndusInd Bank had 1,250 branches and 2,146 ATMs spread across 690
    locations in the country.
SBI signs MoU with Escorts for
tractor financing

  • The State Bank of India (SBI),
    the country’s largest public sector lender, today said it has signed an
    agreement with Escorts Limited to finance farmers for the purchase of Escorts
    tractors.
  • The aim of the tie-up with
    Escorts is to promote, market and make accessible, organised finance facility,
    with superior features, at competitive interest rates to farmers across the
    country, who wish purchase Powertrac and Farmtrac tractors manufactured by
    Escorts, a statement issued here said.
  • Farm mechanisation is essential
    for sustaining agricultural growth especially in the context of diminishing
    agricultural labour. However, large communities of small and marginal farmers
    are still not in a position to take full benefit of farm mechanisation because
    of lack of awareness, low availability of finance, fragmented land holding etc.
  • “As a result of our tie-up
    with Escorts, a large number of small and marginal farmers will have access to
    necessary finance for the purchase of heavy duty tractors. SBI has an extensive
    network that allows us to reach rural borrowers across the country,” SBI
    Chief General Manager – Agri Business Unit S Adikesavan said.
  • Escorts is a leading tractor and
    construction equipment manufacturer at Faridabad in Haryana. Subsequent
    collaboration with Ford, UK has placed Escorts among the leading manufacturers
    of tractors in India. The company has a production capacity of more than 1 lakh
    tractors annually and a wide distribution network of 650 plus dealers.
EEPC inks pact with PNB to extend
finance to SMEs, exporters

  • The Engineering Export Promotion
    Council (EEPC) of India has signed a Memorandum of Understanding with Punjab
    National Bank to provide easy access to finance to SMEs and merchant exporters
    of the council.
  • Punjab National Bank will provide
    finances with assurance that loans up to Rs. 10 crore would be provided within
    six to seven weeks at competitive rates, said a press statement issued by EEPC
    India.
  • According to the agreement, PNB
    would also extend foreign currency loan facilities and provide advisory support
    to the EEPC India members to finance projects through its more than 200 authorised
    foreign exchange branches.
  • Besides, the engineering
    exporters would be given a ‘Gold card’ under which additional benefits such as
    quicker sanction and disbursal of loan will be extended. The gold card
    facilities would be extended to the exporters with internal credit rating of B1
    and above and those outside the RBI caution list, the release said.
TRAI recommends 40% reduction in
carbon emissions in telecom network by 2023

  • The Telecom Regulatory Authority
    of India (TRAI) on 24 October 2017 recommended 40 per cent reduction in carbon
    emissions in telecom networks by 2022-23.
  • The telecom regulator has also
    suggested that the government should pass all the benefits granted under
    various schemes for using renewable energy technologies to telecom operators.
The TRAI in its recommendation to
the Department of Telecom, on approach towards sustainable telecommunications
stated:
– The target for reduction in
carbon emission be set as 30 per cent by year 2019-20 taking base year as
2011-12 and 40 per cent by the year 2022-23.
– The targets should be reviewed
in the year 2022-23.
News related to India & states
Meghalaya Election department to
feature in Limca Book of Records

  • The Election department of
    Meghalaya state has won an entry in the Limca Book of Records for forming a
    human logo with newly-enrolled young voters of Meghalaya on 1 July 2017.
  • The information was shared by
    Limca official Garima Manon with the office of Meghalaya Chief Electoral
    Officer on 24 October 2017.
  • A total of 2870 students from 113
    schools, 3 colleges falling between the age group of 18-19 enrolled as new
    voters and formed a 75 feet by 120 feet size human logo that read Mission
    Unite- You ‘N’ I (towards Enrolment).
  • The logo formation was a part of
    a special drive that was launched to enrol young and left-out voters with a
    special focus on first-time electors.

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India’s Space mission to Moon
‘Chandrayaan- II’ in 2018: Dr Jitendra Singh

  • Dr Jitendra Singh, the Union
    Minister of State (IC) for Atomic Energy and Space announced on 23 October 2017
    that India’s second space mission to moon, ‘Chandrayaan-II’, will take place in
    2018, most likely in the first quarter of the year.
  • The Minister announced this while
    addressing the inaugural session of the 38th Asian Conference on Remote Sensing
    at New Delhi. Singh said that India has emerged as the world’s frontline nation
    in the field of Space Technology and this in itself is a glorious vindication
    of the dream seen by the founding fathers of India’s Space Programme, like
    Vikram Sarabhai and Satish Dhawan.
  • Recalling India’s achievements in
    space technology, Singh said it was during the last three years that India
    could launch a South Asian Satellite that would also provide inputs and
    benefits to the neighbouring countries.
  • In addition, he spoke about how
    there has been a widespread application of Space Technology in carrying out the
    Urban Development programmes including Smart City programmes and the use of
    Space Technology for geo-tagging of MGNREGA and finally the assistance from
    ISRO for manning of Railway crossings.
  • On the occasion, Chairman of
    ISRO, Kiran Kumar, who was the Guest of Honour at the conference, spoke about
    the various achievements of India’s Space capability in the field of Disaster
    Management.
Appointments
Suresh Sethi appointed as MD
& CEO of IPPB

  • Former MD of Vodafone M-Pesa Ltd
    Suresh Sethi was on 23 October 2017 appointed as the Managing Director (MD) and
    Chief Executive Officer (CEO) of India Post Payments Bank (IPPB).
  • Sethi succeeds AP Singh, who had
    been serving as the interim MD & CEO of IPPB since January 2017.
  • Sethi was selected by the Banks
    Board Bureau from amongst top contenders from both public and private sector
    Banking and Fintech professionals.
Union Government appoints
Dineshwar Sharma as its Representative in J&K

  • The Union Government on 23
    October 2017 appointed Dineshwar Sharma, former Director of Intelligence
    Bureau, as a representative of the government to initiate and carry forward a
    dialogue with the elected representatives, various organizations and concerned
    individuals in the state of Jammu and Kashmir.
  • Sharma would be initiating a
    sustained interaction and dialogue to understand the legitimate aspirations of
    the wide cross sections of society, particularly the youth in the state and
    communicate the same to the state government and the Centre.
  • The move comes in the wake of
    various steps taken by Prime Minister Narendra Modi to address the needs of the
    people of Jammu and Kashmir.
Days
United Nations Day 2017 observed
globally

  • The United Nations (UN) Day was
    observed across the world on 24 October 2017. UN Day 2017 marks the 72nd
    anniversary of the UN Charter’s entry into force.
  • This year’s observations of the
    UN Day included UN Day Concert featuring the Slovak National Folklore Ballet.
    The theme of the concert was “Potential in Diversity”.
  • The Day celebrates everything
    that the UN represents and has achieved since its establishment in 1945. On
    this occasion, all the member states of the United Nations contribute finances
    to its operation to help further its goals.
World Development Information Day
observed

  • The World Development Information
    Day was observed across the world on 24 October 2017.
  • According to the UN General
    Assembly, improving the dissemination of information and the mobilisation of
    public opinion, particularly among young people, would lead to greater
    awareness of the problems of development.
  • Thus, the body is committed to
    promote efforts in the sphere of international cooperation for development.
Sports News
Cristiano Ronaldo wins the Best
FIFA Men’s Player Award

  • Portuguese player Cristiano
    Ronaldo on 23 October 2017 won the Best FIFA Men’s Player Award for the second
    year in London. Argentina’s forward Lionel Messi and Brazil’s forward Neymar
    were runners up for the award. Ronaldo got 43.16 per cent of the total votes,
    while Lionel Messi and Neymar fetched 19.25 and 6.97 per cent votes
    respectively.
  • The winners of the four ‘The Best
    FIFA Awards’ are selected through voting by four groups comprising football
    fans, selected media representatives, the captains and head coaches of national
    teams.
  • Best FIFA Women’s Player: Lieke
    Martens
India beat Malaysia in Asia Cup
Hockey

  • India beat Malaysia with 2-1 in
    the final to clinch Asia Cup in Dhaka on 22 October 2017. On the other hand,
    Pakistan won bronze after beating out Korea 6-3. With this win, India ended its
    wait of 10 long years to win the Asia Cup. India scored from field efforts
    through Ramandeep Singh and Lalit Upadhyay to win the coveted title against
    Malaysia.
  • It last clinched the trophy in
    2003 and 2007 in Kuala Lumpur and Chennai respectively.
  • This victory came as a perfect
    maiden start for India’s new coach Marijne Sjoerd.
  • The Indian strike force boasts of
    Ramandeep Singh, Akashdeep Singh, Lalit Upadahay and Chinglensana Singh. The
    midfield has been controlled by Sardar Singh and skipper Manpreet Singh. And
    the backline have been under guard of Amit Rohidas, Harmanpreet Singh and young
    Dipsan Tirkey.

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