Current Affairs Update – 7-9 October, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 7,8 & 9 October, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

Banking & Financial
RBI issues guideslines for Peer
to Peer lending platform

  • The RBI (Reserve Bank of India),
    issued instructions for NBFC (Non-banking Financial Companies) that operate
    peer-to-peer (P2P) lending platforms.
  • According to the new guidelines,
    no NBFC can start or carry on the business of a P2P lending platform without
    attaining a Certificate of Registration from now onwards.
  • Every company/ firms looking for
    registration with the bank as an NBFC-P2P need to have a net owned funds of not
    less than 20 million rupees or such higher amount as the RBI may specify.
  • As per the RBI guidelines, the
    existing NBFC-P2Ps have to apply for registration as NBFC-P2Ps within 3 months.
    However, this may bring good news for these NBFC-P2P because there are only a
    few players already in the market.
  • These guidelines issued by Reserve
    Bank of India will be known as the Non-Banking Financial Company – Peer to Peer
    Lending Platform and will come into force with immediate effect.
Functions of NBFC-P2P
An NBFC-P2P undertakes the
following activities inter-alia:

  • provide an online
    platform to members involved in P2P lending.
  • Cannot lend on
    its own.
  • Cannot hold its
    own balance sheet of funds received from lenders or funds given to borrowers
  • NBFC-P2P can’t
    cross-sell products.
Guidelines for lenders and

  • A lender can’t
    lend more than Rs 10 lakh to all borrowers at any point of time across all P2Ps
  • Borrowers can’t
    borrow more than Rs 10 lakh from all lenders at any point of time across all
  • Not more than
    Rs 50,000 can be borrowed from single lender to the same borrower, across all
  • The maturity of
    the loans shall not exceed 36 months.

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Finance Ministry makes Aadhaar
mandatory for small saving schemes

  • The Union Government has made the
    biometric identification, Aadhaar mandatory for all post office deposits, PPF,
    the National Savings Certificate scheme and Kisan Vikas Patra.
  • The information was shared by the
    Finance Ministry through four separate Gazette notifications. The identity card
    would now be a must for opening all post office deposit accounts, Public
    Provident Fund, National Savings Certificate scheme and Kisan Vikas Patra
  • The government has given time to
    the existing depositors who have not provided Aadhaar number at the time of
    application for such deposit to submit their Aadhaar number to the post office
    savings bank or deposit office concerned, on or before 31 December 2017.
  • The government has insisted on
    quoting Aadhaar for bank deposits, obtaining mobile phone and several other
    utilities to weed out benami deals and black money.
News related to India & states
Drop Muslim and Hindu from names
of BHU, AMU: UGC Panel

  • A UGC panel has recommended that
    Hindu and Muslim word in the names of universities- BHU- Banaras Hindu University
    and AMU- Aligarh Muslim University, do not echo their secular spirit and should
    be dropped.
  • The UGC panel was created to
    investigate the suspected irregularities in ten central universities and the
    suggestions have been made in the audit report of AMU.
  • All the centrally funded
    universities are secular organizations but such words related to religion in
    their names do not reflect that nature.
  • The panel recommended that the
    universities can be simply called Aligarh University and Banaras University or
    be renamed after their founders.
  • The panel’s directive was limited
    to infrastructure and its research, academic and financial process in these universities.
  • AMU was examined by a committee
    comprising Maharshi Dayanand Saraswati University V-C Kailash Sodani,
    IIT-Madras professor Shripad Karmalkar, Guwahati University professor Mazhar
    Asif and IIM-Bangalore professor Sankarshan Basu.
International Conference on
Dialogue of Civilizations – IV

  • The Ministry of Culture,
    Government of India and Archaeological Survey of India (ASI) in partnership
    with NGS-National Geographic Society is hosting an international conference on
    “Dialogue of Civilizations – IV” from 8th – 15th October, 2017 at Delhi,
    Gandhinagar and Dholavira. 
  • This conference is 4th in this
    series of ‘dialogues’ initiated by NGS in 2013 with a purpose to promote
    scholarly and public dialogue about the five ancient, literate civilizations of
    the world, i.e. Egypt, China, Mesopotamia, South Asia and Mesoamerica and how
    the study of the past can share our present and future towards the right
  • In 2013, 1st conference of this
    series was launched in Guatemala followed by Turkey in 2014 and China in
    2015.  The present convention is the 4th
    in this series, with the concluding dialogue planned in Egypt.
  • The inaugural function was
    followed by a lecture by various renowned experts on various topics ranging
    from Harappan civilization to Aryan envasion.
  • International intellectual from
    different countries have participated in the Conference Prof. B.B. Lal
    (Harappan Civilization), Dr. Francisco Estrada-Belli (Mayan Civilization),
    Prof. Augusta McMohan (Mesopotamian Civilization), Dr. Anna Latifa-Mourad
    (Egyptian Civilization) and Prof. Xinwei Li (Chinese Civilization).
PM Narendra Modi launches ‘Intensified Mission Indradhanush’

  • Prime Minister Narendra Modi
    launched an intensive immunisation drive at Vadnagar in Gujarat on 8 October
  • The campaign called the
    Intensified Mission Indradhanush (IMI), aims to reach every child below the age
    of two years and pregnant women still uncovered under the routine immunisation
  • The main objective behind this
    mission is to ensure no child suffers from any vaccine- preventable disease.
  • Under the mission, a 7-day
    immunisation drive will be conducted each month starting immediately till
    January 2018 in 173 districts and 17 cities.
  • These districts include 52 in
    eight north-eastern states and 121 in 16 other states
  • The programme will cover low
    performing areas in the selected districts and cities.
  • It will focus on improving
    immunisation coverage in the districts and cities to ensure 90 per cent
    coverage for full immunisation by December 2018 instead of 2020.
  • The programme would be supported
    by 12 ministries and departments and would be monitored by the Cabinet
    Secretary at the national level.

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India-South Africa Twenty Years
of Strategic Partnership

  • India and South Africa are
    celebrating 20-years of strategic corporation this year. Dr. Harsh Vardhan-
    Union Minister for S&T and Earth Sciences, Environment, Forests &
    Climate Change, attended the celebrations of the collaboration in science and
    technology in Durban.
  • Inter-governmental accord on
    cooperation in the field of Science & Technology was completed in the year
    1995. Since then the S&T collaboration has gradually evolved as an
    important support in the India-South Africa strategic partnership based on
    mutual trust, warmness and friendship.
  • So far, the collaboration has
    been concentrated on chosen areas like Astronomy & Astrophysics, Indigenous
    Knowledge System, Agriculture Sciences, Green Chemistry,  and Health Sciences where both nations have
    complementary strengths.
President to Inaugurate 5th India
Water Week 2017

  • Indian President Ram Nath Kovind
    would be inaugurating the India Water Week – 2017 on 10 October 2017 in New
  • The 5-day international event
    would be attended by over 1500 delegates from India and 13 other countries. The
    main theme of the event is ‘Water and Energy for Inclusive Growth’.
  • This year would be India Water
    Week’s (IWW) fifth edition.
  • It will be celebrated with a
    multi disciplinary conference and a concurrently running exhibition.
  • The exhibition, while enriching
    the theme would showcase the technologies and solutions available for the areas
    under deliberation of the meet.
Awards & Honors
Richard Thaler awarded Economics
Nobel for Behavioral Economics

  • Richard H. Thaler from University
    of Chicago has been awarded the 2017 Nobel Prize in Economics for his contributions
    to Behavioral Economics.
  • Richard Thaler has integrated
    psychologically realistic assumptions into analyses of economic decision-making.
    His pioneer work to bridge the gap between economics and psychology won him the
    Nobel Economics Prize.
  • He has proved how some of the
    individual traits like limited rationality, social preferences, and lack of
    self control systematically affect individual decisions as well as market
  • Thaler’s pragmatic findings and
    theoretical insights have been influential in creating the new and rapidly
    expanding field of behavioural economics, which has had a deep impact on many
    areas of economic study and policy.     
Gauri Lankesh to receive Anna
Politkovskaya Award posthumously

  • Gauri Lankesh,
    activist-journalist from Karnataka, who was shot dead in September 2017, will
    be posthumously conferred the Reach All Women in WAR (RAW in WAR) Anna
    Politkovskaya Award 2017.
  • With this, the journalist becomes
    the first-ever Indian to receive the honour. She would be sharing the award
    with a Pakistani peace activist, Gulalai Ismail, who has faced death threats
    for speaking out against the Taliban.
  • She was the founder-editor of the
    Gauri Lankesh Patrike.
  • Lankesh also worked as an editor
    in Lankesh Patrike, a Kannada weekly started by her father P Lankesh.
  • She was known to be an
    anti-establishment voice and a strident critic of religious extremism.
  • She was fired at outside her home
    in Bengaluru on the evening of 5 September 2017.
PNB MetLife appoints Ashish Srivastava

  • PNB MetLife India Insurance
    Company Ltd (PNB MetLife), a life insurer, has a new Managing Director &
    Chief Executive Officer in Ashish Srivastava. He would be responsible for
    leading all aspects of the business in the country.
  • Prior to this elevation,
    Srivastava was an interim CEO at PNB MetLife.
  • Srivastava joined PNB MetLife in
    2013 as the Head of HR for the India business, and moved to Dubai in 2015,
    joining the MetLife Middle East & Africa (MEA) management team. Effective
    January 2017, he has been in India managing the India business. Prior to
    joining PNB MetLife, Srivastava was a board member at Canara HSBC Oriental Life
    Insurance Company.
  • An industry veteran of nearly 25
    years, Srivastava has extensive experience in multiple disciplines, including
    strategy, human resources, project management and operations, infrastructure,
    administration and communications.
Sports News
Rafael Nadal beats Nick Kyrgios
to win 6th ATP title of 2017

  • Rafael Nadal on 8 October 2017
    beat Nick Kyrgios of Australia in straight sets of 6-2, 6-1 in the China Open
    final to win his sixth ATP title of 2017.
  • In the women’s event, France’s
    Caroline Garcia also defeated world no.1 Simona Halep from Romania in straight
    sets of 6-4, 7-6 (3).
  • Top-ranked Nadal, who was tied
    with Roger Federer and Alexander Zverev at five titles this season, surpassed
    them with the win in Beijing. This is his 75th career singles trophy.
  • Garcia on the other hand, who had
    lost to Halep previous two times they played against each other, won her second
    consecutive WTA title. With this win, she has now climbed up 6 spots from the
    15th rank to the 9th in the latest WTA singles rankings list, making her debut
    entry in the top-10.
  • The win was also Nadal’s 2nd
    consecutive hard court title after losing his last 8 consecutive hard court
    finals. It is also his 2nd title at Beijing following his 2005 win. He has
    reached the finals of China Open title four times.



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