Hello and welcome to exampundit. Here are the Daily Current Affairs of 5 January, 2018. These are important for Syndicate Bank PGDBF, ECGC PO, UIIC AO and IBPS Clerk Mains 2017.
Finance and Banking
Paytm Payments Bank, IndusInd tie-up for fixed deposit facility
- Paytm Payments Bank today said it has partnered Induslnd Bank to introduce a facility to create a fixed deposit when the customer balance exceeds Rs 1 lakh at the end of day.
- Paytm Payments Bank customers can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85 per cent annual interest, the company said in a statement.
- Additionally, if a customer becomes a senior citizen before the maturity period, the account will be auto renewed under the senior citizen scheme, thus earning higher interest, it added.
TIHCL gets RBI nod to operate as NBFC
- Telangana Industrial Health Clinic Ltd (TIHCL), a State government initiative, has got RBI clearance to register and function as a non-banking finance company (NBFC).
- It will be the first State promoted and co-financing NBFC, according to B Yerram Raju, TIHCL’s advisor and director. TIHCL was floated in 2017 with a corpus of ₹100 crore, which included contributions from the State and Central governments, financial institutions, industrial units and high networth individuals.
- Lenders such as Karur Vysya Bank, Vijaya Bank, Canara Bank, Union Bank, SBI and SIDBI have evinced interest in partnering with TIHCL.
- TIHCL’s innovative institutional intervention to resolve the stressed assets in micro and small manufacturing enterprises attracted the attention of policymakers at the national level, said Yerram Raju.
- It had won the SKOCH Platinum Award in September 2017 under the smart governance category in the MSME segment, he added.
- In the past couple of months, its proof of concept resulted in 23 micro and small enterprises contributing to the share share capital to an extent of ₹2.30 lakh.
Google Tez signed up as Reliance Energy’s payment window
- Reliance Energy announced on Friday it has become the first utility to link up with Google for its Google Tez, a Unified Payments Interface (UPI)-based payment platform. Customers can now download the Tez app and identify their bank account through their registered phone banking mobile number which would be mapped to the bank account and a Virtual Payment Address shall be created to effect all payments.
- Compared with other online payment options, Google Tez takes less time to make payments as there is no need to enter card details, CVV numbers, OTP and other processes, a spokesperson said.
- Since Google is one of the most popular and universally accepted search engines, it will be an easily adopted platform for consumers as the Tez app will automatically sync with the Google Account on the phone to speed up billing transactions. With multiple online payment options created, the Reliance Energy’s current contribution of digital payments avenues is more than one-third (35 per cent) in Mumbai, saving consumers the bother of standing in long queues.
- Some other options include Paytm, PayUmoney, Freecharge, Bill Desk, and UPI-based Phonepe etc. for cashless, digital and hassle-free payment experience for its consumers.
Government launches Pradhan Mantri Vaya Vandana Yojana (PMVVY)
- Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age and to protect elderly persons aged 60 and above against a future fall in their interest income due to uncertain market conditions. The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LIC).
- The scheme provides an assured return of 8% per annum for 10 years. The differential return, i.e. the difference between return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis. Pension is payable at the end of each period during the policy tenure of 10 years as per the frequency of monthly/quarterly/ half-yearly/yearly as chosen by the subscriber at the time of purchase. Minimum purchase price under the scheme is Rs.1,50,000/- for a minimum pension of Rs. 1,000/- per month and the maximum purchase price is Rs.7,50,000/- for a maximum pension of Rs.5,000/- per month. The scheme is exempted from Goods and Services Tax (GST). The scheme is open for subscription till 3rd May 2018.
- Senior Citizens Savings Scheme, 2014 is a deposit scheme for individuals who have attained the age of 60 years. However, persons retiring on superannuation or under any Voluntary Retirement Scheme (VRS) who have attained the age of 55 years and retiring defense personnel who have attained the age of 50 years can also open the account subject to certain conditions. The upper limit of investment under this Scheme is rupees fifteen lakh. The rate of interest under the scheme for the quarter 01.01.2018 to 31.03.2018 is 8.3%. The deposits made in the scheme are exempt from income tax under section 80C of Income Tax Act, 1961. However, the interest earned on the deposit is not exempt from income tax. Provisions of Tax Deduction at Source (TDS) are applicable to the Scheme.
India and states
India’s first National Park for differently abled people inaugurated in Hyderabad
- In a first of its kind, the authorities in Hyderabad are set to open a park meant for people with special needs. Dubbed as National Park for Special Needs, the park will have special equipment for children with a various physical disabilities.
- Municipal Administration and Urban Development Minister K T Rama Rao will inaugurate the park on Friday. GHMC officials said a lot of care had been taken to design and develop the park in a barrier-free environment.
- Spread over an acre of land at Nalgonda crossroads and developed with a cost of Rs 52.10 lakh, unique aspect of the park is that it has been divided into five blocks, with each block or section providing services to children and even adults who have various kinds of disabilities.
- Among various sections or blocks, there is a separate Ortho Sensory block that will provide physiotherapy facilities. The remaining sections of the park will have facilities related to hearing, mental disabilities and facilities for visually impaired persons.
Delhi government launches mobile health van for homeless addicts
- Delhi Deputy Chief Minister Manish Sisodia on Friday flagged off a mobile health van here to treat homeless drug addicts.
- Sisodia launched the van at a government night shelter in Yamuna Bazar area of north Delhi.
- The Deputy Chief Minister said the biggest challenge of homeless in the area and the prime inhibitor for them using night shelters is drug addiction.
- MLA Alka Lamba, Department of Women and Child Development Chief Shilpa Shinde and other officials were also present at the function.
- “This launch is one more step in the government’s aim towards reduction and complete stoppage of substance abuse through detox, strategic intervention, restoration or rehabilitation and behaviour modification of the city’s homeless addicts,” an official statement said.
Himachal CM announces ‘Gudiya’ helpline to fight crime against women
- In one of his key decisions after taking over as Himachal Pradesh Chief Minister, Jai Ram Thakur on Friday announced setting up of 24×7 ‘Gudiya’ helpline for safety of women. The helpline will work directly under the supervision of the Chief Minister’s Office (CMO) and action will have to follow mandatorily within 48 hours.
- Gudiya is the nickname given to 16-year-old schoolgirl from Kotkhai who went missing on her way home from school at Mahasu and whose body was later found dumped in the forests two days later. After widespread protests, including violence in which the police station at Kotkhai was set ablaze, the case was referred to the CBI by Himachal Pradesh High Court.
- The BJP, in its Vision Document released before the Assembly polls held late last year, had promised a helpline to check crime against women.
- At a press meet at the Press Club in Shimla, the Chief Minister said three special crime cells would be set up, each in three police ranges of Mandi, Kangra and Shimla, which would be required to report all such cases of crime against women with no time loss.
- The CM also announced ‘Atal Helpline’ for dealing with complaints of corruption. The BJP, during the election campaign, had also promised Hoshiar Singh help line to report information relating to general crime, including forest felling. This will also be made functional soon, said the CM.
Indian Navy & Cochin Port Trust enter into MoU
- The Indian Navy and Cochin Port Trust (CPT) have entered into an Memorandum of Understanding for utilising the Port’s berthing facility at Mattancherry wharf for Naval ships.
- As per the MoU, Cochin Port’s Q2 and Q3 berths at Mattacherry wharf, totaling 228 metre quay length, would be be handed over to the Indian Navy for five years for berthing their ships.
- The Indian Navy had requested for an exclusive berthing facility in Cochin Port for berthing their ships during reconstruction period of their berths.
- This is a landmark decision in the history of Cochin Port and would go a long way in the combined efforts of the Port and Navy for ensuring the safety of the nation, it added.
- The MoU was signed yesterday on behalf of Cochin Port Trust by Goutam Gupta, Traffic Manager and Commodore Deepak Kumar, Chief Staff Officer (Ops), Southern Naval Command for Indian Navy, a Port Trust release said here today.
NASA to launch GOLD, ICON Missions to explore nearest space
- National Aeronautics and Space Administration (NASA) on 4 January 2018 announced to launch two missions to explore 60 miles (96 KM) of area above Earth’s surface.
- The Global-scale Observations of the Limb and Disk (GOLD) mission will be launched aboard a commercial communications satellite in January 2018 itself, while the other mission Ionospheric Connection Explorer (ICON) will be launched later in 2018.
What is expected out of GOLD and ICON Missions?
- Once both the missions will be launched, GOLD and ICON will team up to explore the ionosphere, a boundary area between Earth and the space which features sea of electrically-charged electrons and ions and strong Sun radiations.
- These layers of near-Earth space are increasingly becoming a part of human domain as it is home to radio signals which is used to guide airplanes, ships and Global Positioning System (GPS) satellites.
- These two missions are complementary in nature. ICON mission will move in low-Earth orbit at 350 miles (560 km) above Earth, will fly through and just above the ionosphere, like a close-up camera.
- While, GOLD mission will run in geostationary orbit over the Western Hemisphere 22000 miles (about 35398 km) above the planet’s surface. It will build up a full-disk view of the ionosphere and the upper atmosphere in every half hour.
- GOLD and ICON will cooperate with each other when ICON will pass through GOLD’s field of view and each mission will get a snapshot of the same region.
Toyota’s former president Tatsuro Toyoda dies at 88
- Toyota’s former president Tatsuro Toyoda, who helped the Japanese auto giant establish a foothold in North America, has died at the age of 88, the company said today.
- Toyoda, an uncle of current Toyota CEO Akio Toyoda, died of pneumonia on December 30, the firm said in a statement.
- His funeral has already been held and was attended by close relatives, but Toyota said it plans to hold a separate farewell ceremony.
- Toyoda joined the company — founded by his father Kiichiro Toyoda — in 1953 and in 1984 became the first president of a new firm formed by Toyota and General Motors.