Current Affairs Update – 25 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
Union Government announces Bank
Recapitalisation Plan to boost Indian Economy

  • The Union Finance Ministry on 24
    October 2017 announced Rs 2.11-lakh crore Bank Recapitalisation Plan for Public
    Sector Banks (PSBs). The move comes after the Public sector Banks have been
    struggling to come out of bad loans. Banks will get Rs 1.35 lakh crore from
    bonds, Rs 18,000 crore from the Budget and raise the remaining Rs 58,000 crore
    through sale of share.
  • Another substantial announcement
    made by the Union Finance Minister was allocation of Rs 6.92 lakh crore in the
    infrastructure sector with Modi Government’s roads and highways project
    Bharatmala plan.
  • Simply put, recapitalisation of
    banks mean adding capital to Public Sector Undertaking Banks. As owners of PSUs
    government can provide capital to these banks. It is different from loan
    because a loan has to be repaid whereas recapitalisation injects money without
    incurring any liability.
  • With over 10 trillion stressed
    assets and 7.7 trillion Non-Performing Assets, Indian banks are unable to give
    fresh loans.
  • Most Public Sector Banks are in
    need of Capital plus, the credit growth has been slow moving for a while for
    want of big corporate loans. 
  • Banks have been unable to lend
    loans to big corporate houses due to bank’s weak capital positioning which
    limited its capability to lend to big corporate houses.
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Union Government and ADB sign USD
300 Million Loan to promote fiscal reforms in West Bengal

  • The Union Government and Asian
    Development Bank on 24 October 2017 signed USD 300 million loan to promote a
    series of fiscal reforms in West Bengal to improve the quality of public
    service delivery.
  • The program agreement was signed
    by Parwez Ahmad Siddiqui, Secretary of Finance Department of West Bengal.
  • Besides the loan, ADB will also
    provide technical assistance grant of USD 500000 to strengthen key institutions
    responsible for carrying out fiscal management reforms in the state.
  • This ‘Second West Bengal
    Development Finance Program’ targets a further increase in public investment
    through reduction of unproductive expenditure, and savings from efficiencies in
    revenue collections.
  • It will create the essential
    fiscal space to sustain higher public investment in the State which could put
    the state’s finances on a balanced and sustainable path.
  • It will not only target public
    investment but will also support private investments by creating an
    infrastructure facility to support project preparation, development with
    emphasis on public-private partnerships in health and education.
  • It seeks to simplify the
    registration and licensing procedure for micro, small and medium enterprises. 
Union Ministries of Power &
Textiles jointly launch ‘SAATHI’ Initiative

  • The Union Ministries of
    Power  and Textiles on 24 October 2017
    jointly launched an initiative ‘SAATHI’ (Sustainable and Accelerated Adoption
    of efficient Textile technologies to Help small Industries).
  • Under this initiative, Energy
    Efficiency Services Limited (EESL), a public sector entity under the Union
    Ministry of Power, will acquire energy efficient Powerlooms, motors and Rapier
    kits in bulk and provide them to the small and medium Powerloom units.
  • This aggregation, bulk
    procurement and financing model that EESL has earlier deployed in several
    sectors like LED bulbs, Smart Meters and Electric Vehicles. 
  • The ‘SAATHI’ initiative of the
    Government will be jointly implemented by EESL and the office of the Textile Commissioner
    on a pan-India basis.
  • Initially, cluster wise
    demonstration projects and workshops will be organized in key clusters such as
    Erode, Surat, Ichalkaranji, etc.
  • The use of efficient equipment
    will result in energy savings and cost savings to the unit owner who can repay
    in installments to EESL over a 4 to 5 year period. 
  • It will lead to reduction in
    capital cost benefits of which will be passed on to the Powerloom units so that
    their repayment amount and period would reduce.
Union Government approves 7 lakh
crore highway projects to develop 83000 km roads

  • The Union Government on 24
    October 2017 approved mega highway projects to build 83677 km of highways over
    the next five years at a cost of Rs 7 lakh crore.
  • These highway projects include
    the ambitious Bharatmala project which is the second-largest highway project
    after National Highways Development Project (NHDP) that saw development of
    about 50000 km of roads.
  • The Bharatmala Pariyojana or
    Project will subsume all the existing highway projects, including the flagship
    National Highways Development Project (NHDP).
  • Referred as “Connecting
    India like never before”, Bharatmala project is an umbrella programme for
    roads under which 34800 km of highways will be constructed at a cost of Rs 5.35
    lakh crore.
  • Bharatmala Project will include
    9000 km of economic corridors, 6000 km of inter-corridor and feeder routes,
    5000 km of national corridors efficiency improvement, 2000 km of border road
    connectivity, 800 km of expressways and 10000 km of balance NHDP projects.
  • A study under the Bharatmala
    project by global consultancy firm AT Kearney identified 44 economic corridors
    for development. The corridors included Mumbai-Cochin-Kanyakumari,
    Bengaluru-Mangaluru, Hyderabad-Panaji and Sambalpur-Ranchi among others.
  • The government has assigned NHAI,
    National Highway and Industrial Development Corporation (NHIDCL) and state
    Public Work Departments (PWDs) for the Bharatmala Project.
  • The substantial delegation of
    powers has been provided to NHAI, NHIDCL and the Ministry of Road Transport and
    Highways to enable speedy implementation.
  • Under the Phase–I of Bharatmala
    Pariyojana, 9,000 km of Economic Corridors will be developed. The Public
    Investment Board (PIB) had approved the phase-1 of the project in June 2017.
  • For funding of Bharatmala
    project, Rs 2.09 lakh crore will be raised as debt from the market, Rs 1.06
    lakh crore of private investments will be mobilised through PPP and Rs 2.19
    lakh crore will be provided through accruals to the Central Road Fund (CRF),
    ToT Monetisation proceeds and Toll collections of NHAI.
News related to India & states
CVC to develop ‘Integrity Index’
to rank govt depts on anti-corruption measures

  • The Central Vigilance Commission
    (CVC) will rank and give a score to the central government organisations on
    anti- corruption measures being taken by them.
  • The rationale behind this move is
    to make systematic change through the tool of Integrity Index.
  • In order to make that systematic
    change the CVC has decided to develop the Integrity Index-based on
    bench-marking of internal processes and controls within an organisation as well
    as management of relationships and expectations of outside stakeholders.
  • It will bring out annual
    rankings/ scores of Public Sector Banks/ Public Sector Undertakings (PSBs/PSUs)
    and Financial Institutions/Departments/Ministries of Government of India.
  • These rankings and scores will be
    based on essential drivers of vigilance with long term efficiency,
    sustainability and profitability of public organizations.
  • It will promote working with
    Integrity in public organizations.
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Madras HC bans photographs of
living persons on sign-boards and banners

  • The Madras High Court on 24
    October 2017 banned the use of photographs or pictures of living persons on
    banners, flex boards and sign-boards across the state of Tamil Nadu.
  • The court stated in its ruling,
    “If at all any permission is given by the authority concerned for erecting
    banners, flex boards, sign-boards, the authority concerned shall ensure that
    the photographs/pictures of such persons, who are alive, shall not be depicted
    by way of those banners, flex boards, sign-boards.
  • Justice S Vaidyanathan passed the
    order while hearing a PIL filed by B Thirulochana Kumari, a resident of Rani
    Anna Nagar, who had appealed to the court to direct the Chennai Corporation and
    the city commissioner of police to remove political party banners and flags
    that were put up in front of her property.
Sports News
Jitu Rai and Heena Sidhu win gold
in air pistol mixed team event

  • Jitu Rai and Heena Sidhu won gold
    medal at the International Shooting Sport Federation (ISSF) World Cup Final in
    New Delhi on 24 October 2017.
  • The duo struck gold in the 10m
    air pistol mixed team event on the opening day of ISSF World Cup in the
    capital. They will make their Olympic debut in the Tokyo 2020 Games.
  • Both Rai and Sidhu picked up
    their third gold together in the mixed team event, officially for the first
    time at an ISSF World Cup. French pair of Florian Fouquet and Celine Goberville
    was awarded the silver medal and China’s Xiaoxue Cai and Wei Yang settled for
    the bronze.
  • India’s capital city, New Delhi
    hosted the ISSF World Cup Finals for the first time in 2017.
Obituaries
‘Queen of Thumri’ Girija Devi
passes away at 88

  • Indian classical singer Girija
    Devi, who was the recipient of India’s second highest civilian honour-Padma
    Vibhushan, passed away on 24 October 2017 in Kolkatta after suffering from a
    cardiac arrest. She was 88.
  • The eminent singer was taken to
    the city’s BM Birla Heart Research Centre on the same day with cardiovascular
    ailments and was put on life support. Her condition was very critical when was
    brought to the hospital and was admitted straight to the CCU and kept under
    constant watch.
  • Popularly considered as the Queen
    of Thumri, Devi is survived by a daughter.

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