Daily Current Affairs 3 January 2018

Hello and welcome to exampundit. Here are the Daily Current Affairs of 3 January, 2018. These are important for Syndicate Bank PGDBF, ECGC PO and IBPS Clerk Mains 2017.

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Current Affairs

Finance and Banking


Govt approves Rs 5,369 cr waterway project on NW 1

  • The government today approved the Rs 5,369-crore Jal Vikas Marg Project (JVMP) for enhanced navigation on the Haldia-Varanasi stretch of National Waterway-1 (NW-1).
  • The project falls in Uttar Pradesh, Bihar, Jharkhand, West Bengal and major districts under its ambit are Varanasi, Ghazipur, Ballia, Buxar, Chhapra, Vaishali, Patna, Begusarai, Khagaria, Munger, Bhagalpur, Sahibganj, Musrhidabad, Pakur, Hoogly and Kolkata.
  • “The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi has given its approval for implementation of the Jal Marg Vikas Project (JMVP) for capacity augmentation of navigation on NW-1 at a cost of Rs 5,369.18 crore with the technical assistance and investment support of the World Bank,” the Ministry of Shipping said in a statement.
  • The project is expected to be completed by March, 2023 and will provide an alternative mode of transport that will be environment friendly and cost effective.
  • “NW-1 development & operations will lead to direct employment generation to the tune of 46,000 and indirect employment of 84,000 will be generated by vessel construction industry,” the statement said.
  • About the funding part, the government said IBRD loan component will be Rs 2,512 crore (USD 375 million) while the Government of India counterpart funds will be to the tune of Rs 2,556 crore (USD 380 million), to be sourced from budgetary allocation and proceeds from bond issue.
  • Private sector participation under PPP mode would be Rs 301 crore (USD 45 million).
  • Major components of the project are fairway development, construction of the multi-modal terminals at Varanasi, Sahibganj and Haldia besides construction of inter-modal terminals at Kalughat and Ghazipur and construction of a new navigation lock at Farakka.

IICA, IPPB sign MoU to provide training on payment banking

  • The Indian Institute of Corporate Affairs (IICA) and India Post Payments Bank today signed an agreement for the training of employees of the latter in the area of payment banking.
  • “Under the agreement, IICA has been entrusted with the key responsibility of capacity building of IPPB through training of its officials/employees besides providing research support by instituting Research Chairs in the emerging area of payment banking,” an official statement said.
  • “After green and white revolution, a financial revolution in India is all set to transform the rural economy,” Corporate Affairs Secretary Injeti Srinivas said.
  • With massive network of post offices, India Post Payments Bank (IPPB) can very effectively remedy the lack of financial inclusion in India, he added.

APGVB introduces Desktop ATMs in rural India

  • Move over independent ATMs, security and queues, here come desktop ATMs, that too in rural India. In a trendy initiative, the Andhra Pradesh Grameena Vikas Bank (APGVB) has operationalised it’s first desktop ATM at Kasibugga in Mandi Bazar of Warangal in Telangana on Tuesday.
  • The mini-ATM within the branch premises will facilitate customers to withdraw small amounts. At the same time regular bank account holders can withdraw money and do other banking activities. The model will be scaled up to 100 in the near future, said Narasi Reddy, Chairman. With these ATMs, there will be no need for separate ATM rooms, so there is no security issue.
  • This is another IT initiative that the bank, which is the biggest under the SBI and among the best regional rural banks (RRBs). There are 56 RRBs.
  • At present it’s a pilot exercise. Plans are to install 100 more desktop ATMs in different busy branches. 60 of them will be in Telangana State and 40 in AP branches. It can be installed in the lobby or any business establishment, he said.
  • The ATM is designed to work in harsh climatic conditions and minimum power requirements. They can dispense small denominations and cater to small cash needs of rural customers, who can use their Rupay ATM debit cards. Immediately, the branches in Nalgonda, Patancheru, Kancherpalem and Srikakulam branches will be equipped with these ATMs to assess their utility and performance.

PHD Chamber signs MoU with IDFC bank, credit facilitation for MSMEs on chart

  • Eyeing at facilitating credit to the Micro, Small and Medium Enterprises (MSMEs) in the country, the PHD Chamber of Commerce and Industry (PHD-CCI) recently singed collaboration with the IDFC bank.
  • The main focus of the MoU between the PHDCCI and IDFC would be to facilitate credit support to the MSMEs in the country. Also the chamber will assist the micro, small and medium enterprises with the documentation procedures.
  • The MSMES will be assisted with making their proposals and also proceed for the follow-up with the bank, the chamber informed.
  • Commenting over the latest development, Richa Mishra, Regional Head Business Banking at IDFC informed that the MSMEs including manufacturing, trading and business services will now be able to approach the bank for working capital and term loans.

NABARD sanctions Rs 372.51 crore to Odisha

  • The NABARD has sanctioned Rs 372.51 crore loan assistance under the Rural Infrastructure Development Fund (RIDF) to Odisha towards irrigation and rural bridge projects for the last quarter of this fiscal.
  • A total number of 17,322 lift irrigation projects including bore wells, shallow tube wells, digging wells, micro river lifts shall be taken up with Rs 130.17 crore from the assistance, the bank said in a release here today.
  • This will provide assured irrigation to about 36,440 hectares of agricultural land directly benefiting about 40,000 farmers of our state.
  • This apart, NABARD has also sanctioned 14 Rural Bridge Projects under Biju Setu Yojana with RIDF loan assistance of Rs 242.34 crore which would add 6222.89 metres of bridge length, benefiting about 4.56 lakh population in 322 villages of the state, it said.

Cabinet approves Zojila tunnel project in Jammu and Kashmir

  • The government today approved the strategic Zojila pass tunnel project in Jammu and Kashmir to provide all-weather connectivity between Kashmir valley and Ladakh, which remains cut-off from the rest of the world during winters due to heavy snowfall.
  • Zojila pass is situated at an altitude of 11,578 feet on Srinagar-Kargil-Leh National Highway which remains closed during winters (December to April) due to heavy snowfall and avalanches cutting off Leh-Ladakh region from Kashmir.
  • “Cabinet approves Zozilla tunnel project, Jal Vikas Marg project,” an official source said here after the meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi.
  • IL&FS Transportation last year in July had said it has emerged as the lowest bidder for Rs 4,899 crore Zojila pass tunnel in Jammu and Kashmir.
  • In 2016, the road transport and highways ministry had ordered “rebidding” for the project awarded to IRB Infrastructure.
  • On March 1, 2016, the transport ministry had ordered “re-bidding” for the project, which had been awarded to IRB Infrastructure.
  • The decision was taken at a high-level meeting, chaired by Gadkari, after Congress leader Digvijay Singh alleged that guidelines were violated while awarding the contract.

Indian Oil Corp takes up 2018 as ‘Year of Trust’

  • Indian Oil Corp (IOC), the nation’s biggest oil firm, has adopted 2018 as the ‘Year of Trust’ as it earned belief in the delivery potential in programmes like PMUY, and decision of early implementation of BS-VI fuel norms.
  • Every second Indian is served by the company as it commands half of the auto fuel and cooking fuel market share.
  • “From Pradhan Mantri Ujjwala Yojana (PMUY) to daily price revision of petrol and diesel, to the decision to leapfrog BS-VI fuels supply in Delhi by April 1, 2018, two years before its actual implementation date, are a few instances where policymakers trusted the delivery potential of IOC,” the company said in a statement here.
  • PMUY scheme was launched in May 2016 to provide free cooking gas connection to poor women.
  • Unveiling the corporate theme for the New Year, IOC Chairman Sanjiv Singh said the observance of 2018 as the ‘Year of Trust’ is a unique opportunity to sustain the company’s trust among its customers and stakeholders by enhancing its capabilities and integrity.

Cabinet nod to India, UK pact to improve public transport

  • The government today approved a Memorandum of Understanding (MoU) between India and London’s transportation authority to improve public transport in the country.
  • The MoU is aimed at improving the overall public transport system, improve passenger services and promote the use of high capacity buses in India.
  • “The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the signing and implementation of the MoU between Ministry of Road Transport and Highways and ‘Transport for London’, a statutory body established under the Greater London Authority Act, 1999 (UK) to improve public transport in India,” an official statement said.
  • It will go a long way in strengthening ties and promoting bilateral relations between India and the United Kingdom, the statement by the Ministry of Road Transport and Highways said.
  • It said the MoU will help in strengthening the integrated public transport for all.
  • This will help people from poorer strata of the society to have access to a quality public transport system, it added.

SRL becomes first diagnostics firm to record Rs 10 billion in revenue

  • Leading diagnostics chain, SRL Diagnostics (SRL) on Wednesday announced that the company had become the first Indian diagnostics company to surpass Rs. 10 billion in revenue in 2017.
  • “Great companies are innovative and customer-centric. But the best of them combine innovation with superior execution. SRL has today evolved into India’s largest and preferred diagnostics chain with an impressive reach, relentlessly operating from a paradigm of quality and customer first,” said CEO SRL Diagnostics, Arindam Haldar.
  • SRL Diagnostics, established in 1995, has been on the forefront, constantly delivering quality diagnostics to its customers.
  • Today SRL touches the lives of over 15 million patients annually in 600 cities across 30 states in India.
  • Moreover, the company has partnered with the government under public-private partnership in Jharkhand, Himachal Pradesh, and Uttar Pradesh to cater to the masses.
  • The platform is also the chosen lab partner for UNICEF’s Comprehensive National Nutrition Survey.

Haryana to implement Integrated Solar Based Micro Irrigation scheme

  • Haryana government has announced to implement the integrated solar based micro irrigation scheme (ISBMI) in all districts of the State and formed a Committee under the Chairman of Haryana Renewable Energy Development Agency (HAREDA) to chalk out a plan in this regard.
  • Presently, this scheme is being implemented on pilot basis in commands of 14 different canal outlets spread over 13 districts of the State.

The Committee will comprised of

  1. Chief Engineer, Command Area Development Authority (CADA) as a Member Secretary of the Committee,
  2. Director General, Horticulture, Superintending Engineering (Commercial), Power Department, Superintending Engineering, HAREDA and representative from Agriculture Department would be the other members of the Committee.

The Committee would chalk out a complete strategy for the implementation of solar based micro irrigation system in all districts of the Haryana state and submit a report in this regard.

India’s 2nd largest rooftop solar power plant commissioned by GAIL in UP

  • As part of India’s target to achieve 40 Giga Watts (GW) of rooftop photovoltaics (PV) by 2022, the state-owned gas utility, Gas India Limited has said in a statement today that it has installed India’s second largest roof top solar PV power plant at its Petrochemical Complex at Pata, Uttar Pradesh.
  • The 5.76 MWp solar energy plant is spread over the roof of warehouses covering a total roof area of 65,000 sq meters
  • “With an expected PLF [Peak Load Factor] of around 15 per cent annually, over 79 lakh… units of electricity is targeted to be generated for captive use of India’s largest gas-based petrochemicals plant,” the statement by the firm said, as per PTI
  • GAIL Chairman and Managing Director B C Tripathi added that the company, as a marketer of benign natural gas, is thrilled to integrate captive solar PV towards achieving lower carbon footprint at its installations
  • This captive solar power initiative of GAIL will reduce carbon emissions by 6,300 tonnes per annum and help India achieve climate goals, claims the gas company
  • This initiative is part of India’s target of having 175 GW of non-hydro renewable capacity by 2022. This total target includes 60 GW of onshore wind, 60 GW of utility-scale solar, 10 GW of bio-energy, 5 GW of small hydro and 40 GW of rooftop solar energy.

About GAIL

  • Gas (India) Limited is the largest state-owned natural gas processing and distribution company in India.
  • Headquartered in New Delhi.

RIL commissions world’s largest ROGC complex at Jamnagar

  • In one of the largest capital expenditure programmes globally in the oil & gas sector, Reliance Industries Limited (RIL) has commissioned the world’s largest refinery off-gas cracker (ROGC) complex at Jamnagar.
  • “RIL has successfully commissioned and achieved design throughput of the world’s first ever and largest Refinery Off-Gas Cracker (ROGC) complex of 1.5 mtpa capacity along with downstream plants and utilities,” the company said in a statement issued on Tuesday.
  • ROGC uses off-gases from RIL’s two refineries at Jamnagar as feedstock. It is part of the $11-billion capital expenditure RIL had announced in one of the largest brown-field expansion of energy and petrochemical projects globally.

India and states


India International Coffee Festival to be held in Bengaluru

  • After a gap of four years, Bengaluru will host the seventh edition of India International Coffee Festival (IICF) in January 2018.
  • This gains significance as India has bagged the chance to host World Coffee Conference of International Coffee Organisation (ICO) in 2020.
  • The festival, organised by India Coffee Trust, will be held from January 16 to 19 at Hotel Lalit Ashok.
  • India Coffee Trust, a non-governmental organisation formed by various stakeholders of the India coffee industry, has added promotion of domestic coffee consumption and coffee tourism to the goals of the festival this year.

Famous Dhanu Jatra Concludes in Odisha

  • Curtains were drawn on the famous Dhanu Jatra of Bargarh in Odisha, believed to be the largest open air theatre in the world, with the death of tyrannical king Kansa and coronation of Ugrasen today.
  • During the 11-day festival that kicked off on December 23, Bargarh town was made to resemble Mathura — the birthplace and homeland of Lord Krishna.The festival is based on Krishna Leela and Mathura Vijay.
  • While river Jeera of Bargarh was made to resemble river Yamuna, Amapali, located on the outskirts of the town, was transformed into Gopapura. Kansa ruled the small western Odisha town Bargarh for 11 days. The tyrannical rule of Kansa, his death and the exploits of Lord Krishna were enacted in 14 main places in Mathura and Gopapura.
  • Over 70 artists performed in the Dhanu Yatra at Mathura, another 45 artists played different roles at Gopapura during the festival, said Satpathy.
  • This apart, around 3,000 artists of 120 cultural troupes from across the state and from neighbouring states performed at the Raj Durbar, Nanda Durbar and Rangamahal during the festival.

Surajkund crafts fair 2018: Uttar Pradesh would be theme state

  • Uttar Pradesh would be the theme state for the 32nd Surajkund International Crafts fair, beginning from the first week of February at Faridabad in Haryana.
  • Besides participation of all states, about two dozen countries would also take part in the fair, Haryana Tourism Minister Ram Bilas Sharma said here today. He said the fair is aimed to preserve Indian folk traditions and cultural heritage.
  • It also provides a world-class platform for craftsmen from around the world to showcase their skills, Sharma said. The fair would be organised by the Haryana Tourism and Surajkund Fair Authority in collaboration with Union Ministries of Tourism, Textiles, Culture and External Affairs.
  • Renowned folk artists and cultural groups of national and international repute would enthrall tourists with various programmes in the ‘Choupal’ and Open-air theatre located in the fair premises in Surajkund. The fair will begin on February 2 and culminate on February 15.

Republic Day Parade to Have Record 10 Chief Guests as PM Invites ASEAN Leaders

  • Prime Minister Narendra Modi addressed the nation in his final radio programme for 2017; ‘Mann Ki Baat’ and he ended the 30-minute speech with an announcement that this year’s Republic Day parade will have the ASEAN leaders as chief guests.
  • “On January 26, the arrival of great leaders of 10 nations of the world as a unit is a matter of pride for all Indians,” Modi said in this year’s last edition of his monthly radio programme “Mann ki Baat”.
  • He said January 26 is a historic festival for all Indians but “January 26, 2018, will especially be remembered through the ages”.
  • “The Republic Day will be celebrated with leaders of all 10 (Association of Southeast Asian Nations) Asean countries coming to India as chief guests. This time, not one but 10 chief guests would grace the Republic Day. This is unprecedented in India’s history,” the Prime Minister said.
  • He said the year 2017 was special for both ASEAN and India because the Southeast Asian bloc completed its 50 years of formation and the year also marked 25 years of India’s partnership with the grouping.
  • “India looks forward to welcoming leaders” from ASEAN comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Guests

Person Nation
Sultan Hassanal Bolkiah   Brunei
Hun Sen   Cambodia
Joko Widodo   Indonesia
Thongloun Sisoulith   Laos
Najib Razak   Malaysia
Htin Kyaw   Myanmar
Rodrigo Roa Duterte   Philippines
Halimah Yacob   Singapore
Prayuth Chan-ocha  Thailand
Nguyễn Xuân Phúc   Vietnam

India, Sri Lanka to sign MoU on Traditional Systems of Medicine and Homoeopathy

  • The Union Government is planning to sign a memorandum of understanding (MoU) with Sri Lanka for cooperation in areas of traditional systems of medicine and homoeopathy.

The MoU aims to establish cooperation in the following areas:

  • Promotion including the regulation of teaching, practice, drugs and drugless therapies, traditional medicine and homeopathy.
  • Exchange of experts for the training of practitioners, paramedics, scientists, teaching professionals and students in traditional systems of medicine and homeopathy.
  • Accommodation of interested scientists, practitioners, paramedics and students in institutions for research, educational and training programmes on traditional medicine.
  • Mutual recognition of officially recognised systems of medicine, educational qualifications in traditional systems of medicine and homeopathy, pharmacopoeias and formularies.
  • Setting up of academic chairs on traditional systems of medicine and homeopathy.

Appointment


Kookhyun Shim appointed as new head of Kia Motors India

  • South Korean auto maker Kia Motors today said it has appointed Kookhyun Shim as the Managing Director and Chief Executive Officer of India operations.
  • Shim will be responsible for driving Kia Motors’ expansion in the Indian market, Kia Motors India said in a statement.
  • He will also oversee the construction of Kia Motor’s first manufacturing facility, which is coming up in Andhra Pradesh.
  • Kia has already announced to invest USD 1.1 billion for the plant.
  • Shim, 58, brings over 30 years of experience in the automotive industry to his new role, having most recently served as head of Kia Motors Manufacturing Georgia Plant Coordination Group.
  • Prior to this, he was responsible for company’s production in Slovakia.

Emami signs Salman Khan as brand ambassador for edible oil biz

  • Emami Group today said it has roped in Bollywood star Salman Khan as the brand ambassador for its edible oil business, which is a part of Emami Agrotech Ltd.
  • Salman joins hands with legendary superstar Amitabh Bachchan in endorsing the group’s edible oil brands, the group said in a statement.
  • Emami has three brands in the edible oil business – Emami Healthy & Tasty, Himani Best Choice and Rasoi.
  • Emami brands are endorsed by celebrities like Shah Rukh Khan, Hrithik Roshan, Kareena Kapoor Khan, Kangana Ranaut, Shahid Kapoor and Sania Mirza, among others.

Sports


Viswanathan Anand wins bronze in World Blitz Chess championship 2017

  • Chess grandmaster Viswanathan Anand bagged a bronze in the World Blitz Chess Championship held in Riyadh, Saudi Arabia, after his gold winning performance in the Rapid section only a couple of days back!
  • On the first day of the championship, Anand suffered a loss at the hands of Ian Nepomniachtchi of Russia, however he put on a class act on the final day as he won against Maxime Vachier-Lagrave of France.
  • Magnus Carlsen of Norway, World Classical champion, displayed his skills after winning consecutive matches on the final day.

Highlights:

  • On the final day, Carlsen had seven points from eleven rounds and he ended with an overall tally of sixteen points, scoring a 9/10 on the final day
  • Anand also had a score of seven points and his score of 7.5 points in the last 10 games was good enough for a 2nd place tie with Sergey Karjakin of Russia
  • Karjakin’s performance was not up to the mark on the final day as he could muster just 5.5 points and ended on 14.5 points like Anand
  • The women’s title was won by China’s Ju Wenjun
  • India’s Dronavalli Harika was the best-placed Indian, finishing 19th, followed by Padmini Rout at 22nd, S Vijayalakshmi at 34th and Eesha Karavade at 35th

Awards and Honors


JNPT wins ‘Samudra Manthan – Caring Organisation of the Year’ award

  • The Jawaharlal Nehru Port Trust, India’s Premier Container Port, has won the ‘Samudra Manthan – Caring Organisation of the Year’ award.
  • The award was instituted by Bhandarkar Shipping, which is a leading publication in the maritime industry. It aims to fuel healthy competition in the maritime sector and impart an impetus to the industry to emerge stronger to work for the benefit of trade and the economy.
  • Among the total 14 categories of Samudra Manthan award, JNPT was the winner in the “Caring Organization of the Year” category. Speaking on the occasion, JNPT’s Deputy Chairman Neeraj Bansal said that the port is fully committed to the welfare of its employees and their families.

Index


ixigo bags 1st place in Workplace Experience Ranking for 2017

  • India’s leading travel search marketplace, ixigo, has been recognized as the best place to work by Workplace Experience Ranking among large startups in India.
  • Culturro collaborated with BW Business World in partnership with Indian Angel Network and F6s to develop a platform to recognize the startups that contribute to the holistic growth of their employees.
  • The survey was organized to evaluate the overall experience of employees at their organization.
  • The productivity of the employees and their tenure in the company largely depends on their experience within the organization.
  • The parameters under which the organizations were measured were enablement, communication, organizational alignment, ownership, well being, agility, performance focus, growth and development, innovation and developing leaders.

 

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