Current Affairs Update – 7 March, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs Update of 7 March, 2017. These are important for the upcoming SBI PO Mains, NIACL Assistant Mains as well as other insurance and bank exams.

Current Affairs at a Glance – 7 March, 2017 – Tap to show
  1. IDFC Bank has become the first bank to launch the biometric-based
    payment system Aadhaar Pay through its network
    .  The bank aims to onboard anywhere between
    50,000-75,000 merchant to the Aadhaar pay module in the next two years with a
    total target of touching 1,00,000 merchants over the next 36 months or three
    years.
  2. The Union Cabinet on 6 March 2017
    gave its ex-post facto approval for signing of a Memorandum of Understanding
    (MoU) on Renewable Energy between India and
    Portugal.
  3. The Union Cabinet, presided by
    Prime Minister Narendra Modi, on 6 March 2017 approved the signing of Memorandum
    of Understanding (MoU) between India
    and the United Nations Entity of Gender
    Equality and the Empowerment of Women
    (UN-Women)
    .
  4. Prime Minister Narendra Modi on 7
    March 2017 released a special commemorative postage stamp on 100 years of Yogoda Satsang Math.
  5. Delhi International Airport (P) Ltd, a GMR led consortium, has
    announced Indira Gandhi International Airport has become the world’s number 2
    airport in the over 40 million passengers per annum category, as per the
    Montreal (Canada)-based Airports Council International 2016 rankings.
  6. The book titled The Rise of Sivagami: Book 1 of Baahubali –
    Before the Beginning
    was released on 7 March 2017. The book will be
    available to readers beginning on 15 March 2017.
  7. K Srinath Reddy,
    a Padma Bhushan awardee was appointed as the adviser to the Odisha government
    on 6 March 2017.

Financial and Banking News:
IDFC launches Aadhaar Pay, becomes the first to launch biometric based
payment system

  • IDFC Bank has become the first
    bank to launch the biometric-based payment system Aadhaar Pay through its network.
  • The bank aims to onboard anywhere
    between 50,000-75,000 merchant to the Aadhaar pay module in the next two years
    with a total target of touching 1,00,000 merchants over the next 36 months or
    three years.
  • Rajiv Lall, founder MD and CEO,
    of IDFC Bank said Aadhaar Pay makes cashless transactions possible even for
    those who do not have mobile phones, and only requires the merchant to have a
    mobile phone. “All one needs is to get the bank account number linked with
    Aadhaar. Basic banking services will come to those who even do not have basic
    mobile phones,” he said.
  • Lall, however, did not disclose
    the total number of investment that the bank will put in place to get the
    infrastructure ready. IDFC Bank will bear the cost of the biometric device
    which can be attached to the smartphones and will be provided to the merchants.
    The device currently costs around Rs 2,500 and the total cost of the device for
    1,00,000 merchants will come to around Rs 25 crore only. “The returns for
    the banks will also be in terms of new customer additions through the merchants
    who will adopt Aadhaar Pay,” said Lall.
India, Portugal MoU on renewable energy approved

  • The Union Cabinet on 6 March 2017
    gave its ex-post facto approval for signing of a Memorandum of Understanding
    (MoU) on Renewable Energy between India and Portugal.
  • The approval was given at a
    meeting of the Cabinet chaired by the Prime Minister Narendra Modi in New
    Delhi.
  • The MoU establishes the basis for
    a cooperative institutional relationship to encourage and promote technical
    bilateral cooperation on new and renewable issues.
  • The future partnership will be
    strengthened on the basis of mutual benefit, equality and reciprocity.
Non-financial news related to India and states:
Union Cabinet approves MoU between India and UN-Women

  • The Union Cabinet, presided by
    Prime Minister Narendra Modi, on 6 March 2017 approved the signing of Memorandum
    of Understanding (MoU) between India and the United Nations Entity of Gender
    Equality and the Empowerment of Women (UN-Women).
  • The MoU seeks to provide
    technical support to the Ministry of Panchayati Raj in strengthening capacities
    of governance institutions including Panchayati Raj Institutions(PRIs) to
    better leverage opportunities created for gender equality through legislation,
    policies and programmes.
  • It is interesting to note that
    the decision has come just a couple of days before the International Women’s
    Day 2017.
National Conference on Jal Kranti Abhiyan organised in Delhi

  • The Ministry of Water Resources,
    River Development and Ganga Rejuvenation organised a national conference on Jal
    Kranti Abhiyan on 7 March 2017 in New Delhi.
  • The conference was inaugurated by
    Uma Bharti, the Union Minister for Water Resources, River Development and Ganga
    Rejuvenation. Also in attendance were Sanjeev Kumar Baliyan and Vijay Goel, the
    Union ministers of state for Water Resources, River Development and Ganga
    Rejuvenation.
  • The day-long conference saw
    around 700 participants, representing various stakeholder groups such as
    officials, farmers, students, NGOs and panchayat members.
PM Narendra Modi releases commemorative postage stamp on 100 years of
Yogoda Satsang Math

  • Prime Minister Narendra Modi on 7
    March 2017 released a special commemorative postage stamp on 100 years of
    Yogoda Satsang Math.
  • The Yogoda Satsang Math are the
    headquarters of Yogoda Satsanga Society of India (YSS). Its major aim is to
    reveal the complete harmony, basic oneness and common foundations of all true
    religions.
  • Yogoda Satsanga Society of India
    is a non-profit religious organization.
  • It was founded by Paramahansa
    Yogananda in 1917.
  • The society is known as the
    Self-Realization Fellowship in countries outside the Indian subcontinent.
  • Paramahansa Yogananda is renowned
    for his book titled Autobiography of a Yogi. The book is an international
    bestseller.
Reports:
GMR-led Delhi Airport ranked No. 2 position in passenger survey

  • Delhi International Airport (P)
    Ltd, a GMR led consortium, has announced Indira Gandhi International Airport
    has become the world’s number 2 airport in the over 40 million passengers per
    annum category, as per the Montreal (Canada)-based Airports Council
    International 2016 rankings.
  • DIAL’s score increased from 4.96
    in 2015 to 4.99 in 2016 that helped IGIA scale over several other airports and
    attain the second position globally, only after Incheon, South Korea.
  • Delhi Airport has joined the club
    of international airports handling over 40 MPPA.
  • The ASQ awards are presented to
    those airports whose customers have rated them the highest over the course of
    the year. The awards will be presented in Port Luis, Mauritius, October 2017.
  • Delhi Airport is served by 11
    domestic and 51 foreign carriers with average of 1124 flight movements a day.
    DIAL is a consortium comprising of GMR Group, Airports Authority of India and
    Fraport.
Books & Authors:
The Rise of Sivagami: Book 1 of Baahubali – Before the Beginning by
Anand Neelakanthan

  • The book titled The Rise of
    Sivagami: Book 1 of Baahubali – Before the Beginning was released on 7 March
    2017. The book will be available to readers beginning on 15 March 2017.
  • The book was written by the noted
    author Anand Neelakanthan.
  • The plot of the book is
    considered as the prequel to the acclaimed movie Baahubali: The Beginning,
    which was released in July 2015.
  • As per the author, it is a tale
    of intrigue, power, revenge and betrayal. The revelations in The Rise of
    Sivagami will grip the reader and not let go.
Appointments:
K Srinath Reddy appointed as adviser to the Odisha Government

  • K Srinath Reddy, a Padma Bhushan
    awardee was appointed as the adviser to the Odisha government on 6 March 2017.
    The announcement was made by Odisha’s Chief Minister Naveen Patnaik himself.
  • Reddy has been roped in to advise
    the state government on proper implementation and smooth delivery of the
    state’s ongoing health service programmes.
  • A communiqué from the chief
    minister’s office stated that Reddy would be accorded with the rank of a
    Cabinet minister along with other facilities.
Sports News:
Pablo Cuevas wins 2017 Brasil Open

  • Uruguay’s Pablo Cuevas on 6 March
    2017 defeated Albert Ramos-Vinolas of Spain 6-7 (3), 6-4, 6-4 to win Brasil
    Open Men’s Singles title.
  • It is the third straight Brasil
    Open title for Cuevas.
  • In the rain-delayed clay-court
    tournament, Cuevas finally wrapped up the title on 6 March 2017 with a victory
    against Albert Ramos-Vinolas of Spain. Ramos-Vinolas had won the first set on 5
    March 2017; however, the second set was stopped by rain at 3-3 and deuce with
    Ramos Vinolas serving. Once the game resumed, Cuevas, the world No 33, quickly
    took control, winning the second set 6-4 and then taking the third by the same
    score against the Spaniard.

Due to some unavoidable reasons, EP cannot provide the PDF today. However, it will be updated soon.
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Team ExamPundit