Current Affairs Update – 16 November, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 16 November, 2017. These are important for the upcoming IBPS PO, Clerk Mains, NICL Assistant, OICL AO exams.

Banking & Financial
ICICI Bank to offer small instant
credit to Paytm users

  • Largest private sector lender
    ICICI Bank will offer short-term instant credit to its existing customers who
    want to make purchases worth up to Rs. 20,000 through digital payments leader
  • The bank said the credit is
    interest-free for the first 45 days, after which if the money is not repaid,
    the customer will have to pay Rs. 50 towards delayed payment fee and 3 per cent
  • Though the offer is capped at Rs.
    20,000 per transaction, a customer can avail of the credit facility after
    clearing the outstanding.
  • “There is no cap on velocity but
    only on the outstanding amount under the Paytm-ICICI Bank postpaid card,” Anup
    Bagchi, executive director at ICICI Bank told reporters on a concall today.
  • Asked about the commercial
    arrangement with Paytm, he said there is no commercials involved with the
    partner and in case of a default the bank will take the hit and not Paytm.
  • Depending on the success, the
    bank will also extend it to non-ICICI Bank customers and other large merchants.
  • The bank has an unsecured book of
    over Rs. 25,000 crore, he said. but said they haven’t set any volume target
    from the new offer.
  • “Though it works like a private
    credit card, credit scoring takes place instantly in this offer and can be
    availed of round the clock,” Bagchi said, adding this is “real-time credit
    assessment on the fly.”
  • Paytm-ICICI Bank postpaid is a
    digital credit account with instant activation as it comes with no
    documentation or branch visit while activation is fully online and is based on
    a new big data based algorithm developed by the bank.

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Ahmedabad Metro awards 96 coach
order to S Korea

  • MEGA Co. Ltd., the implementing
    agency for Ahmedabad Metro Rail Project, on Thursday, said it has awarded the
    ₹1,025-crore contract for manufacturing 96 Metro coaches to the South Korean
    rolling stock manufacturer, M/S Hyundai Rotem.
  • This is will be a major boost to
    the project as rolling stock is an important component of any Metro rail
    system, according to an official release.
  • In a major relief to MEGA Co.
    Ltd, the Gujarat High Court had, last week, dismissed the plea of M/S CRRC,
    China, one of the four bidders for the contract, challenging its
    disqualification by MEGA.
  • Hyundai Rotem will supply 32
    three-car train-sets for Ahmedabad Metro’s 39.259 km Phase-I project. The
    trains will be manufactured at their Changwon plant and deliveries are expected
    by next year.
  • Ahmedabad’s new 2.90 metre-wide
    trains will have a maximum speed of 80 kmph, carrying capacity for 782
    passengers and will be capable of running “driverless” on unattended train
    operations (UTO) mode like the Delhi Metro’s new RS-10 rolling stock.
  • Each coach will have space for
    wheelchair users, four CCTV cameras for passenger safety, fire detectors, LED
    route guide indicators and a LCD passenger information display system.
IDFC Bank partners with MobiKwik
to launch virtual in-app prepaid card

  • IDFC Bank, MobiKwik and Net1 have
    come together to launch a co-branded virtual prepaid card on Visa platform.
  • Around 65 million users of
    MobiKwik will gain access to an IDFC Bank virtual card embedded within the app,
    making digital purchases at all e-commerce merchants easier and faster,
    MobiKwik said in a statement.
  • Customers of MobiKwik can
    generate a 16-digit Visa virtual card through the app and use it for e-commerce
    and online transactions, it said.
  • The co-branded card is set to be
    launched in early December, it said.
  • The partnership marks IDFC Bank’s
    biggest foray into the prepaid card segment and significantly enhances
    MobiKwik’s wallet acceptance across Visa’s network, it said.
Cabinet approves the
establishment of the National Anti-profiteering Authority under GST

  • The Union Cabinet led by the
    Prime Minister Narendra Modi has given its consent for the creation of the
    posts of Chairman and Technical Members of the National Anti-profiteering
    Authority (NAA) under GST.
  • The decision was followed up
    immediately after the sharp reduction in the GST rates of a large number of
    items of mass consumption.
  • This paves the way for the
    immediate establishment of this apex body, which is mandated to ensure that the
    benefits of the reduction in GST rates on goods or services are passed on to
    the ultimate consumers by way of a reduction in prices.
  • The National Anti-profiteering
    Authority (NAA) will be headed by a senior officer of the level of Secretary to
    the Government of India with four Technical Members from the Centre and/or the
  • The “anti-profiteering”
    measures are enshrined in the GST law, which provides an institutional
    mechanism to make sure that the full benefits of input tax credits and reduced
    GST rates on the supply of goods or services flow to the consumers.
News related to India & states
‘Ek Bharat-Shreshtha Bharat’
Yojana: Madhya Pradesh becomes Partner of Manipur and Nagaland

  • Prime Minister Narendra Modi on
    Ekta Diwas on the occasion of Sardar Vallabh Bhai Patel’s anniversary on 31st
    October 2015 started ‘Ek Bharat-Shreshtha Bharat’ Yojana with an objective to
    strengthen cultural relations of various parts of the country and to embolden
    the mutual connection between the people dwelling in different states.
  • Under the ‘Ek Bharat-Shreshtha
    Bharat’ scheme, Madhya Pradesh has been made a partner of Nagaland and Manipur.
  • The Madhya Pradesh government has
    made its Higher Education Department as a nodal department to execute the
    scheme. An eight member’s team from Madhya Pradesh has also toured Manipur and
    Nagaland in this regard.
  • The Madhya Pradesh will
    participate in Sangai Mahotsav which is being organized in Manipur from 21st to
    30th November. likewise, teams from Nagaland and Manipur will take part in ‘Lok
    Rang’ and ‘Bal Rang’ programmes to present their cultural programmes and to impart
    people with their culture.
  • Similarly, their one team will
    participate in the march past on the occasion of Republic Day- January 26 and
    Independence Day – August 15.
  • Moreover, translation work of
    Nagaland’s books has also been started in Madhya Pradesh to introduce people to
    the state with their activities and cultural heritage. Other activities are
    also being conducted in this regard.
  • The scheme ‘Ek Bharat-Shreshtha
    Bharat’ has been started with the prime objective to celebrate the unity in
    diversity culture of the nation and to bolster the sentimental bonds between the
    people of different states.
  • Sentiments for National Unity
    will be strengthened and encouraged between the citizens of states and states
    governed by the union government by conducting various activities throughout
    the year under this campaign.
  • Under the scheme, sentiments of
    common identity will be encouraged by generating the feeling of unity in
    diversity through presentations of flourishing heritage, culture, traditions
    and rituals of the states.
NGT directs Delhi Government to
seize 10-year-old diesel taxis

  • National Green Tribunal has
    directed the state government of Delhi to seize 10-year-old diesel taxis
    without any delay as they cause air pollution.
  • The decision was taken by a bench
    headed by NGT Chairperson Justice Swatanter Kumar. The bench observed that a
    large number of diesel taxis are operating in the national capital, which is in
    violation of the judgment and directions issued by the Supreme Court.
  • The green tribunal also directed
    the Environment and Forest Ministry, Road and Transport Ministry, Delhi
    Government and the state pollution control boards in the National Capital
    Region to fully coordinate, cooperate and take effective steps to control the
    pollutants in the air of Delhi NCR.
Target for bio-toilet
installation in all trains advanced to December 2018

  • The target of installing
    bio-toilets in all the coaches of Indian Railways has been extended to December
  • The information was shared by a
    member of Railways Ministry, Ravindra Gupta while speaking at an event
    organised in Bonn, Germany on 15 November 2017.
  • The member stated that under the
    dynamic guidance of Railway Minister Piyush Goyal, the target of 100 per cent
    completion of installing bio-toilets in the Indian Railways coaches has been
    advanced to December 2018.
  • The member was speaking at an event
    that was organised to highlight Railway Ministry’s efforts towards a low-carbon
    pathway and overall sustainable mobility initiatives in the Indian transport
  • Other senior officials also took
    the opportunity on the occasion to call for the need for increasing role of
    renewable sources in the railways to achieve net de-carbonisation.
  • The announcement comes on the
    backdrop of World Toilet Day, which will be observed on 19 November 2017 with
    the theme ‘Wastewater’.
Union Government prepones introduction
of BS-VI grade auto fuels in Delhi to 2018 instead of 2020

  • Considering the serious pollution
    levels in Delhi and adjoining areas, the Union Petroleum Ministry on 15
    November 2017 announced the preponement of introduction of BS (Bharat Stage)-VI
    grade auto fuels in National Capital Terrirtory, Delhi with effect from 1 April
    2018 instead of 1 April 2020.
  • The decision was taken in
    consultation with Public Oil Marketing Companies (OMCs). These OMCs were also
    asked to examine the possibility of introduction of BS-VI auto fuels in the
    whole of NCR area with effect from April 2019.
  • The decision is aimed at reducing
    the vehicular emissions and improving the fuel efficiency to reduce the carbon
    footprints and keep a healthy environment.
  • Bharat Stage (BS) norms are the
    regulatory pathway for fuel quality and vehicle emissions standards.
Forbes list of Asia’s Richest
Families 2017 released: Ambani family tops the list

  • The 2017 Forbes list of Asia’s
    Richest Families was released on 15 November 2017. This year, the list is
    topped by India’s Mukesh Ambani family with a net worth of USD 44.8 billion,
    which is USD 19 billion increase from the previous year.
  • The Ambani family supersedes the
    Lee family of the Samsung empire to claim the first position. This is the first
    time that an Indian family has topped the Forbes list of Asia’s Richest
  • The collective wealth of Asia’s
    50 richest families on the list is a record USD 699 billion, a 35 per cent
    increase from last year.
  • South Korea’s Lee family lost
    their first spot this year,  despite
    witnessing USD 11.2 billion increase in their wealth. Owner of Samsung
    Electronics, Lee family owns a wealth of USD 40.8 billion this year.
  • Hong Kong’s Kwok family turned
    out to be Asia’s richest real estate family with 3rd rank in the list. Kwok
    family controls Sun Hung Kai Properties with a net wealth of USD 40.4 billion.
  • Thailand’s Chearavanont family
    behind Charoen Pokphand Group, took the fourth spot on the list, with a net
    worth of USD 36.6 billion.
  • A total of 43 families from the
    2016 list saw increase in their wealth over the past one year, due to an
    overall 25 per cent jump in Asia’s stock markets.
  • The newcomers in the list are
    Chey family (39th rank) of South Korea’s SK Group, Yoovidhyas of Thailand (22nd
    rank), Sehgal family of India (41st rank) and Wadia family of India (42nd
    rank), and the Lees (30th rank) and Tungs (49th rank) of Hong Kong.

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RBI governor Urjit Patel
appointed to advisory board of BIS

  • RBI Governor Urjit Patel was
    appointed to the Financial Stability Institute Advisory Board of the Bank of
    International Settlement (BIS) on 15 November 2017.
  • The Bank of International
    Settlement is a global financial organisation owned by major central banks from
    across the world. The Financial Stability Institute (FSI) of the BIS assists
    financial sector authorities worldwide in strengthening their financial
  • The FSI has been implementing a
    new strategy since the beginning of 2017 that includes having a close interaction
    with its main stakeholders including central banks and financial supervisory
  • As a part of these efforts, the
    BIS has decided to reactivate the FSI Advisory Board. The board was initially
    established in 1998 but it closed operations some time later.
International Day for Tolerance
observed globally

  • The International Day for
    Tolerance was celebrated across the world on 16 November 2017. The observance
    aims to bolster United Nations’ commitment to strengthen tolerance in the world
    by fostering mutual understanding among cultures and peoples.
  • Taking forward the same
    commitment, the UN has launched a new campaign called ‘Together’ to promote
    tolerance, respect and dignity across the world. The global campaign aims to
    reduce negative perceptions and attitudes towards refugees and migrants and to
    strengthen the social contract between host countries and communities and
    refugees and migrants.
  • The UNESCO member states adopted
    a Declaration of Principles on Tolerance on 16 November 1995, on the day of its
    50th anniversary.
World Philosophy Day 2017
observed across the world

  • The World Philosophy Day was
    observed across the world on 16 November 2017, that is the third Thursday of
    November 2017.
  • The Day is celebrated to renew
    the national, sub-regional, regional and international commitment to philosophy
    and to foster philosophical analysis, research and studies on major
    contemporary issues, so as to respond more effectively to the challenges that are
    confronting humanity today.
  • The Day also aims to raise public
    awareness of the importance of philosophy and its critical use in life. The Day
    encourages academic exchange and highlights the contribution of philosophical
    knowledge in addressing global issues.
World News
Leonardo Da Vinci’s Christ
painting sold for record USD 450 million

  • A painting of Christ by Italian
    Renaissance painter Leonardo da Vinci was sold for a record USD 450 million at
    an auction on 15 November 2017, breaking all the previous records of artworks
    sold or auctioned. It was sold by Christie’s auction house.
  • The highest price ever paid for a
    work of art at auction was USD 179.4 million for Pablo Picasso’s painting
    ‘Women of Algiers (Version O)’ in May 2015. While, the highest known sale price
    for any artwork was USD 300 million for Willem de Kooning’s painting
  • The painting is known by the name
    ‘Salvator Mundi’, an Italian phrase for ‘Savior of the World’.
  • The painting is one of 16
    paintings by Leonardo known to exist and is the only one in private hands.


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