Daily Current Affairs 12 June 2018 with PDF

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Daily Current Affairs 12 June 2018 with PDF
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Finance and Banking

RBI releases draft guidelines to modify loan system for large borrowers
  • The Reserve Bank of India (RBI) on June 11, 2018 released the draft guidelines to modify the loan system for delivery of bank credit, making the rules stricter to regulate larger borrowers enjoying working capital facility from the banking system.
  • The draft specifies a minimum level of loan component in fund based working capital finance and a mandatory Credit Conversion Factor (CCF) for the undrawn portion of cash credit availed of by large borrowers.

Here are the draft guidelines on loan system for delivery of bank credit:

Minimum level of ‘loan component’

  • Borrowers having aggregate fund based working capital limit of Rs 150 crore and above from the banking system, need to withdraw a minimum of 40 percent of the limit as loan component and the remaining as cash credit, with effect from October 1, 2018.

Sharing of Working Capital Finance

  • The ground rules for sharing of cash credit and loan components will be laid down by the consortium, subject to guidelines on bifurcation. Under Multiple Banking Arrangements (MBAs), each bank will have a duty to ensure adherence to these guidelines at individual bank level.

Amount and tenure of the loan

  • The amount of the Working Capital Demand Loan (WCDL) will be fixed by banks in consultation with the borrowers, and the tenure of this loan shall not be less than seven days.

Repayment/ rollover of loan component

  • Banks will have the discretion to demand repayment of the ‘loan component’ in instalments or by way of a ‘bullet’ repayment.

Risk weights for undrawn portion of cash credit limits

  • The undrawn portion of cash credit or the overdraft limits sanctioned to the large borrowers will attract a credit conversion factor of 20 percent with effect from April 1, 2019.
  • Loan component will be revised to 60 percent from 2019
  • The current 40 percent loan component will be revised to 60 percent, with effect from April 1, 2019.

Government to launch Rs 500-crore credit enhancement fund
  • The Union Government is planning to launch Rs 500-crore worth credit enhancement fund in July to boost infrastructure financing.
  • The move aims to facilitate infrastructure investments by insurance and pension funds. The fund was first proposed in the financial budget for fiscal year 2016-17.
  • The information was shared by Kumar Vinay Pratap, joint secretary (infrastructure, policy and finance), Ministry of Finance while speaking at an event on private sector participation in resource mobilisation organised by the Finance Ministry.
  • The dedicated fund is expected to operate as a non-banking financial company (NBFC) with 49 percent government stake.
  • It is expected to get support from investors including India Infrastructure Finance Company Ltd (IIFCL) and Life Insurance Corporation (LIC) of India.
  • The China-based Asian Infrastructure Investment Bank (AIIB) is also expected to infuse equity to pick up 10 percent of its stake.

Axis tops value, Paytm volumes in mobile banking
  • According to State Bank of India’s (SBI) annual report for 2017-18, Axis Bank commands the largest value share of mobile banking transactions at 17. 2 per cent but Paytm tops volumes with 22 per cent.
  • However, Paytm’s value share is a meagre 0.25 per cent, as per the report.
  • On the other hand, ICICI Bank has a 17.1 per cent share of transactions by value and 9.7 per cent by volume.
  • SBI’s volume share slipped by over 5 percentage points from nearly 25 per cent at the end of March 2017 to 19.5 per cent in January 2018. The lender also lost value share to 16.8 per cent from a high of 44.4 per cent a year ago.
  • Mobile-banking usage itself has seen a steep jump, with volumes soaring a steep 91 per cent to 1,871 million in FY18 from 977 million in FY17.

Gujarat tops e-way bill collection
  • Despite industries such as textiles and ceramics, among others facing teething problems, Gujarat has emerged as the leading state in generating e-way bills during April, May and the first week of June.
  • The state has generated over 10.72 million inter- and intra-state e-way bills, followed by Maharashtra (8.13 million), Karnataka (8.05 million), Uttar Pradesh (7.64 million) and Haryana (7.63 million), respectively.
  • Rolled out on April 1, the e-way bill system under the new Goods and Services Tax (GST) regime requires businesses and transporters moving goods worth more than Rs 50,000 from one state to another to generate and produce an e-way bill.
  • For the period of April, May and first week of June, Gujarat recorded a collection of 4.9 million, 5.2 million, and 573,453 e-way bills, respectively.

India and States

NITI Aayog announces 3000 additional Atal Tinkering Labs
  • NITI Aayog on June 12, 2018 announced creation of 3000 additional Atal Tinkering Labs under the Atal Innovation Mission (AIM).
  • For this purpose, NITI Aayog has selected 3000 additional schools for the establishment of Atal Tinkering Labs (ATLs), bringing the total number of ATL schools to 5441.
  • The selected schools will receive a grant of Rs 20 lakh in the next five years to establish Atal Tinkering Labs for nurturing innovation and entrepreneurial spirit among secondary school children.
  • With the development of these over 5000 ATLSs, almost every district of India will have atleast one lab to enable an innovation ecosystem, which will facilitate transformational change in technological innovation and pedagogy.
  • These additional 3000 schools will expand the reach of the ATL program, increasing the number of children exposed to innovation and technologies like 3D Printing, Robotics, IoT and microprocessors.

Mauritius to host 11th World Hindi Conference
  • The 11th World Hindi Conference will be held in Mauritius from August 18 to August 20, 2018 with an aim to increase the popularity of Hindi globally.
  • The Union External Affairs Ministry has already undertaken the work on the international meet.
  • The main theme of the Conference is ‘Hindi Vishwa Aur Bharatiy Sanskriti’.
  • The venue of the Conference is Swami Vivekanand International Convention Centre, Pailles Mauritius.

Union Government launches 5000 Wi-Fi Choupals in villages
  • The Union Government on June 11, 2018 launched 5,000 Wi-Fi Choupals in villages and delivery of rail tickets through Common Service Centres (CSCs).
  • The service was inaugurated by Union Electronics and IT Minister Ravi Shankar Prasad and Railway Minister Piyush Goyal in New Delhi.
  • The move is aimed at transforming rural internet connectivity through BharatNet. It will provide 60,000 WiFi hotspots in rural areas.
  • The WiFi Choupals will enable people in rural areas with an effective internet access for their various digital processes.
  • The target is to have Wi-Fi choupals in all 2.5 lakh gram panchayats by offering last-mile connectivity.
  • This is in addition to the laying of optical fibre network under BharatNet, which is connecting 2.5 lakh gram panchayats through broadband.
  • Both the projects are part of an ambitious plan of connecting India digitally.
  • Till now, about 7-8 villages have been connected digitally through a set of WiFi hotspots.

Government sets up T.C.A. Anant panel to bring transparency in jobs data
  • The union government has set up a committee headed by former chief statistician of India TCA Anant to bring in transparency in the jobs data calculation and presentation.
  • The labour bureau conducts two major surveys on employment scenario—Annual Employment-Unemployment Survey and Quarterly Employment Survey.
  • The Annual Employment Unemployment Survey was later replaced by Periodic Labour Force Survey (PLFS) being conducted by ministry of statistics and programme implementation (MoSPI).
  • The PLFS would not only have annual data on employment-unemployment on rural sector but will also have quarterly data on employment-unemployment on urban sector based on larger sample size.
  • The technical panel will therefore, look into the above aspects and submit its report at the earliest.

Britain assures India of full cooperation in bringing to book any fugitive
  • The United Kingdom has assured India of full co-operation towards bringing to book anybody whether it is Vijay Mallya or Nirav Modi who is wanted in India by Indian courts or agencies.
  • This was stated by Minister of State for Home Kiren Rijiju after his meeting with UK Minister of state for counter terrorism Baroness Williams in New Delhi on June 11, 2018.
  • The UK Minister clarified that Britain should not be viewed as a safe haven for men wanted by the law of the other country for various offences.
  • The Minister said that the issue of extradition of liquor baron Vijay Mallya is progressing through appropriate legal channels.

Assam to launch awareness programme against superstition
  • The state government of Assam plans to introduce an awareness programme called ‘Sanskar’ in all its development blocks and panchayats.
  • The decision was taken at a high-level meeting chaired by the state’s Chief Minister Sarbananda Sonowal in Guwahati on June 11, 2018. It comes in the wake of incidents triggered by superstition and ignorance including the lynching of two people in Karbi Anglong district.
  • The state has directed the authorities concerned to frame modalities for the programme and a suitable roadmap to implement the programme at all levels of the state in order to avoid any unfortunate situation due to superstitions.
  • The programme would involve all deputy commissioners, superintendents of police and all government departments concerned in a district.
  • Assam Science Technology and Environment Council (ASTEC) would be the nodal agency of the programme.

India showed global leadership by pledging to phase out single-use plastics by 2022: UN Environment chief
  • Calling the World Environment Day celebrations in India “historic”, UN Environment chief Erik Solheim has said that by announcing that it will phase out single-use plastics by 2022, India has demonstrated global leadership.
  • During an event to celebrate the WED-2018 on June 5 in New Delhi, Environment Minister Harsh Vardhan pledged to eliminate single-use plastics from India by 2022.
  • “While I know implementation is a challenge, I have absolutely no doubt that India will succeed and this will have a major impact on the world,” Solheim said.
  • He had said previously that the World Environment Day will be a call to action and leadership and asserted India is the “perfect” place for that to happen. India was the global host of the day this year.

Haryana government to increase duty of home guard volunteers
  • The Haryana government has decided to increase the duty of home guard volunteers from 90 days to 150 days per year.
  • The government has also decided that the remuneration to the home guard volunteers would be made through e-payment in their bank accounts.
  • The call out roster of home guard volunteers would be made available at the website of the department from July so as to ensure transparency in the system.
  • Apart from this, no payments would be made through cheque or in cash rather the payment of remuneration would be made through e-payment latest by first week of the month.

Haryana to develop Madhogarh Fort
  • Haryana Minister Ram Bilas Sharma has said the Madhogarh Fort in Mahendragarh would be developed on the pattern of the Mughal Gardens in Pinjore
  • Sharma added that with the completion of the Madhogarh-Mahendragarh-Narnaul-Rewari Heritage Circuit, the pace of development would be accelerated in southern Haryana.
  • This circuit would not only benefit Mahendragarh and Rewari districts, but also the neighbouring districts of Bhiwani and Gurugram, by creating direct and indirect job opportunities for the youth especially.

World

Trump-Kim Summit: Historic document signed
  • In a historic first, delegation level talks between US President Donald Trump and North Korean leader Kim Jong Un began in Singapore on June 12, 2018.
  • The world’s two of the most powerful leaders held a brief one-on-one meeting at the Capella Hotel in Sentosa Island before beginning with their delegation level talks.
  • Speaking after the one-on-one meet, US president Trump said that both the nations have a terrific relationship ahead and this historic summit would be successful.
  • Kim said “it has not been easy to get here” and that “the old prejudices and practices worked as obstacles, but we have overcome them and we are here today.”
  • The US and North Korean leaders signed an agreement after historic talks.
  • Trump said we’re signing a “very important document, a pretty comprehensive document.
  • Kim said “we had a historic meeting, we decided to leave the past behind.”

China to launch broader environmental inspections this month
  • China will expand environmental inspections to more cities and regions in a new round of checks from June 2018 to April 2019, as a part of its three-year anti-pollution plan.
  • Apart from smog-heavy Beijing-Tianjin-Hebei and nearby areas, the inspections will also target the Yangtze River Delta region, including Shanghai and Jiangsu, Zhejiang and Anhui provinces and some 11 cities in the northwestern provinces of Shanxi and Shaanxi.

Days

World Day against Child Labour 2018 observed globally
  • The World Day against Child Labour was observed across the world on June 12, 2018 with an aim to raise awareness against child labour.
  • The theme of World Day against Child Labour 2018 was ‘Generation Safe & Healthy’.

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