Hello and welcome to exampundit. Here are the important Current Affairs of 29 November, 2017. The following current affairs important for the upcoming IBPS Clerk, RBI Assistant mains examination.
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Axis Bank launches ripple-powered instant payment service for retail and corporate customers
- Axis Bank, India’s third-largest private sector bank, has launched instant international payment services using Ripple’s enterprise blockchain technology solution.
- The bank has launched a service for its retail customers in India to receive payments from RAKBANK in UAE and for its corporate customers in India to receive payments from Standard Chartered Bank in Singapore.
- Ripple makes international remittances faster and transparent for customers while ensuring security and improving efficiencies. The transactions reach their destination account in minutes, with the certainty of settlement, and with end-to-end visibility over the journey of the payment.
- Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
Arun Jaitley launches Paytm Payments Bank
- After its beta launch in May, Paytm on Tuesday formally launched Paytm Payments Bank. India’s largest digital wallet firm, which aims to bring half-a-billion Indians into ‘mainstream economy’, is now offering accounts holders of Paytm Payments Bank benefits like zero-balance account, free IMPS, NEFT, RTGS, UPI transactions and a complimentary virtual Rupay cards for online transactions.
- Paytm Payments Bank account holders will be able to earn an interest of 4 per cent on savings every month. Besides issuing a free digital card at the time of account opening, Paytm account holders will also be offered a free insurance cover of up to Rs 2 lakh in case of death or permanent disability according to the terms and conditions, Paytm said.
- Payments Banks are a new set of differentiated banks introduced by the Reserve Bank of India to extend deposit and payments services to millions of unbanked and underbanked Indians. As a payments bank, Paytm can now offer banking services like debit cards, online banking, mobile banking, and also accept deposits up to Rs1 lakh per customer in a savings account.
- To facilitate verification of account holders, Paytm plans to invest $500 million in KYC (Know Your Customer) operations. It is setting up KYC centres across India to complete the KYC formalities for customers and make them eligible for a payments bank account. A user can add up to Rs 20,000 in a calendar month in Paytm Wallet. However, a KYC (Know Your Customer) verified user can maintain up to Rs 1,00,000 at any point of time.
ADB approves $500-mn loan for rural roads in five states
- Multilateral funding agency Asian Development Bank (ADB) on Wednesday said it will provide a $500 million loan to improve rural road connectivity in five states, including Assam and West Bengal.
- The board of directors of ADB has approved the multi-tranche financing facility (MFF) for the ‘Second Rural Connectivity Investment Programme’ to improve rural roads in five states of India, ADB said in a statement.
- Under this project, ADB will invest to construct and upgrade over 12,000-kilometre rural roads in Assam, Madhya Pradesh, Chhattisgarh, Odisha and West Bengal. It will also support state governments to improve rural road maintenance and safety.
- ADB is building on the success of previous assistance for rural roads in India. The agency will work closely with the government to improve connectivity for the rural people to access markets, health centers, education and other opportunities, Heriawan said.
- In the first tranche, ADB is expected to invest $250 million in December for construction of initial 6,254 km all-weather rural roads in these states. While the second tranche of the loan of the same amount is expected to come by the third quarter of 2019.
- This leg of the ADB loan assistance for rural roads builds on the first ‘Rural Connectivity Investment Programme in 2012’ financing $800 million MFF to add about 9,000 km all-weather rural roads in these five states.
- Apart from this MFF, the Manila-headquartered agency will provide a $500,000 technical assistance (TA) grant from its Technical Assistance Special Fund to strengthen the sustainability of rural road assets, disaster resilience and innovation in rural road development.
India, UK to sign MoU to transform Urban Transport Sector
- India and United Kingdom will be signing a MoU in the urban transport sector for cooperation in policy planning, technology transfer and institutional organisation.
- The draft MoU for the same was discussed during the meeting of Union Transport Minister Nitin Gadkari and UK Secretary of State for Transport Chris Grayling in London on 27 November 2017.
- The draft MoU seeks to facilitate cooperation in the transport sector and enable the sharing of expertise and latest technology between the two nations in order to promote efficient mobility solutions.
- The MoU is also expected to usher in policy reforms that can transform the transport sector through improved customer service/data analysis and better use of IT systems.
- It will also help in promoting digital transactions and induction of high capacity diesel/electric vehicles in India.
PM Narendra Modi launches Hyderabad Metro Rail Project
- Prime Minister Narendra Modi on 28 November 2017 inaugurated the first phase of the 72-km elevated Hyderabad Metro Rail project. PM Modi also took a ride on the train on its inaugural run from Miyapur station to Kukatpally station.
- The 30-km stretch between Miyapur and Nagole in the first phase is the longest for any metro in the country at the time of inauguration.
- Moreover, PM Modi also launched the mobile app named ‘T Savari’ for Metro passengers.
- The first phase of Hyderabad Metro Rail project has 24 stations in 30-km stretch between Miyapur and Nagole.
- Hyderabad metro rail is the largest project of its kind in the world in the public-private-partnership (PPP) mode.
- The trains will run from 6 am to 10 pm initially and later it will be rescheduled to 5:30 am to 11 pm depending on the traffic and demand.
- Developed by L&T Metro Rail (Hyderabad) Ltd, Hyderabad Metro Rail will have a minimum fare of Rs 10 for a distance of up to 2 km while the maximum fare is Rs 60 for travelling more than 26 km.
NSDC,THSC sign MoU with Airbnb to boost alternate hospitality sector
- The National Skill Development Corporation (NSDC) and Tourism and Hospitality Sector Skill Council (THSC) signed a tripartite Memorandum of Understanding (MoU) with Airbnb in Delhi on 28 November 2017.
- The MoU aims to provide hospitality skills training to hospitality micro-entrepreneurs in India. Speaking on the occasion, Union Minister for Skill Development and Entrepreneurship, Dharmendra Pradhan said, “We believe that this partnership will help augment Skill India Mission by bringing in best global practices for the training of small hospitality entrepreneurs.”
- The Minister further stated that the domestic tourism has immense potential in India and this partnership will benefit the ecosystem by creating opportunities for women and youth.
- The MoU is in line with the Union government’s endeavour to promote entrepreneurship under the Government’s Skill India Programme.
- Airbnb is the world’s leading community-driven hospitality company, while NSDC is the implementation arm of Ministry of Skill Development and Entrepreneurship.
- Through the partnership, the Skill Development & Entrepreneurship Ministry, Airbnb, NSDC and THSC will work together to create an accredited skill development module for hospitality entrepreneurs offering home stay facilities, unique accommodations and local experiences.
Snehlata Shrivastava appointed Lok Sabha Secretary General
- Snehlata Shrivastava has been appointed as the new Secretary General of the Lok Sabha, a notification issued by the secretariat of the lower house said.
- She will be the first woman secretary general of the Lok Sabha and will assume charge on December 1. Her tenure will end on November 30, 2018.
- She will take over a day after current incumbent Anup Mishra relinquishes charge.
- Rama Devi holds the distinction of the being the first woman secretary general of the Rajya Sabha.
- Shrivastava was till recently Secretary (Justice) in the law ministry.
- As Secretary (Justice), it was Shrivastava’s second stint in the law ministry. Earlier, she was a joint secretary in the same department. She has also worked with the finance ministry.
Nobel laureate Aung San Suu Kyi stripped of Oxford honour
- Nobel Peace laureate, Aung San Suu Kyi, has been stripped of the ‘Freedom of Oxford award’ over her inaction in the escalating Rohingya crisis.
- The Oxford City Council voted unanimously on 27 November 2017 to permanently revoke the ‘ Freedom of the City’ honour awarded to Suu Kyi in 1997, which she personally collected in 2012, after spending 15 years under house arrest.
- In an official statement, Councillor Mary Clarkson said that when Sung San Suu Kyi was given the ‘Freedom of the City’ in 1997, it was because she reflected Oxford’s values of tolerance and internationalism and as a celebration of her opposition to oppression and military rule in Burma.
- However, the councillor stated that the council has now decided to strip her of the city’s highest honour because of her inaction in the face of oppression of the minority Rohingya population. The councillor stated that this was their way of adding their voice to that of others calling for human rights and justice for the Rohingyas.
- The councillor further added saying that Oxford has a long tradition of being a diverse and humane city and their reputation would be tarnished by honouring those who turn a blind eye to violence.
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