Important Daily Current Affairs Updates – 25th October 2017
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Madhya Pradesh Tops in Digital Initiatives: Survey
Madhya Pradesh has emerged as the top state in terms of digital initiatives undertaken, with a maximum score of 100.1 on performance index, followed by Maharashtra at 99.9 and Andhra Pradesh at 99.8, according to a report by Coeus Age Consulting. Chhattisgarh (97.4) and Karnataka (95.3) occupied the fourth and fifth positions in the list, respectively. The report is based on a comparative assessment of digital initiatives by 36 states and Union Territories.
State – Madhya Pradesh
Capital – Bhopal
CM – Shivraj Singh Chouhan
Governor – Om Prakash Kohli (Add Charge)
RCom-Sistema Merger Gets Final Nod from DoT
Reliance Communication had received the final approval on its merger with Sistema from the Department of Telecommunication (DoT). This merger will also extend validity of RCom’s spectrum portfolio in the highly valued 800 and 850 MHz band in eight major telecom circles across the country – Delhi, Gujarat, Tamil Nadu, Karnataka, Kerala, Kolkata, UP-West and West Bengal – by a period of 12 years from 2021 to 2033. This specific spectrum is best suited for delivering 4G LTE services.
The closure of merger transaction will be completed in November 2017. However, RCom will carry on SSTL business in India under MTS brand.
The merger between Reliance Communication and Sistema Shyam Teleservices Ltd. was announced in 2015.
Anil Dhirubhai Ambani is the Chairman of Reliance Group.
BANKING & ECONOMY
RBI to Make LEI Must for Companies with Over Rs 5 Crore Exposure
After making Legal Entity Identifier (LEI) mandatory for transactions in interest rate, forex and credit derivative market, the Reserve Bank of India (RBI) is set to make LEI compulsory for companies having aggregate fund-based and non-fund based exposure over Rs 5 crore. Banks will be required to capture this number in the Central Repository of Information on Large Credits (CRILC) database that captures details of loan above Rs 5 crore. The LEI number will help banks in monitoring the aggregate exposure of corporate borrowers. Firms can obtain their LEI code from Legal Entity Identifier India Ltd. (LEIL).
RBI – Reserve Bank of India
Headquarters – Mumbai
Present Governor of RBI – Urjit Patel
What is LEI?
The LEI is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction. It is a unique 20 digit alphanumeric code that is assigned to a legal entity.
India and Asian Development Bank Sign $300 Million Loan
The Asian Development Bank and the Government of India signed a $300 million loan to continue a series of fiscal reforms in the State of West Bengal to improve the quality of public service delivery. The Second West Bengal Development Finance Program targets a further increase in public investment through reduction of unproductive expenditure. The Program aims to further deepen the reforms with focus on expenditure rationalization, improvement in revenue administration, and facilitation of more private investment in the state.
ADB – Asian Development Bank
Headquarters of ADB – Manila, Philippines
President of ADB – Takehiko Nakao
Cabinet Approves Rs 2.11 lakh cr PSBs’ Capitalisation Plan
The Indian government has announced an allocation of Rs 2.11 lakh crore over 2 years for the recapitalization of public sector banks. As part of the plan, the government will essentially issue bonds to banks worth Rs 1.35 lakh crore while Rs 76,000 crore will come through budgetary support. Lenders will subscribe to these bonds as part of their investment portfolio. The money raised by the government will then be used to recapitalize banks.
For the current year, the government has set a fiscal deficit target of 3.2 percent of GDP.
Union Minister for Finance – Arun Jaitley
Constituency – Gujarat, Rajya Sabha
RBI Slaps Rs2-cr Penalty on IDFC Bank
The Reserve Bank of India has imposed a monetary penalty of Rs 2 crore on IDFC Bank for contravention of regulatory restrictions pertaining to loans and advances. The penalty has been imposed in the exercise of powers vested in RBI under the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to certain directions issued by RBI.
Headquarter of IDFC Bank – Mumbai
Managing Director & CEO of IDFC Limited – Sunil Kakar
RBI Sets up Task Force on ‘Public Credit Registry’
The Reserve Bank of India has constituted a 10-member ‘High Level Task Force on Public Credit Registry (PCR) for India’, which will suggest a roadmap for developing a transparent, comprehensive and near-real-time PCR for India. The committee will be Headed by YM Deosthalee, ex-CMD, L&T Finance Holdings. The terms of reference of the task force include reviewing the current availability of information on credit in India and assessing the gaps in India.
EEPC India Signs Pact with Punjab National Bank
The Engineering Export Promotion Council (EEPC) of India has signed an MoU with Punjab National Bank to provide easy access to finance for SMEs and merchant exporters of the council. PNB will provide finance with assurance that loans up to Rs. 10 crore would be provided within six to seven weeks at competitive rates. As per the agreement, PNB would also extend foreign currency loan facilities and provide advisory support to EEPC India members.
Headquarters of PNB – New Delhi
MD & CEO of PNB – Sunil Mehta
Nicaragua Signs Paris Climate Agreement
Central American country Nicaragua has signed the Paris Agreement on climate change, leaving the United States and Syria as the only two countries holing out to sign this global climate pact. According to Nicaragua’s President Daniel Ortega, the Paris Agreement is the only international mechanism that offers the conditions to face global warming and its effects. Previously, Nicaragua refused to sign the agreement on the grounds that it did not require to combat global warming.
President Donald Trump on 1 June 2017 withdrew the United States from the landmark 2015 Paris agreement to fight climate change.
Till June 2017, 195 UNFCCC members have signed the agreement, 148 of which have ratified it.
30th Edition of CORPAT Begins Between Indian-Indonesian Navy
Indian Navy Ship Sukanya under the command of Commander SA Deodhar has arrived at Belawan Indonesia to participate in the 30th edition of CORPAT (Coordinated Patrol) and 3rd Bilateral exercise between the Indian Navy and the Indonesian Navy. The exercise is aimed to foster closer maritime ties with countries located on the rim of the Indian Ocean. The two navies have been carrying out CORPAT on respective sides of the International Maritime Boundary Line (IMBL) twice a year since 2002.
Country – Indonesia
Capital – Jakarta
Currency – Indonesian rupiah
Jitu Rai and Heena Sidhu Strike Gold in ISSF World Cup
Jitu Rai and Heena Sidhu combined to give India their first gold medal of the International Shooting Sports Federation (ISSF) World Cup Final in New Delhi. They clinched the top honors in the 10m air pistol mixed team event on the opening day of competitions. Rai and Sidhu picked up their third gold together in the mixed team event, being held officially for the first time at an ISSF World Cup.
Jitu Rai is a Commonwealth and Asian Games gold medallist.
Hina Sidhu is also a Commonwealth Games gold-winner.
Scott Fleming Joins NBA India as Head of Basketball Operations
The National Basketball Association (NBA) announced that former India men’s national team head coach Scott Fleming has joined NBA India as Head of Basketball Operations. Scott Fleming will oversee the league’s youth and elite basketball development in India, including the Reliance Foundation Jr. NBA program, NBA Academy India and NBA Basketball School.
NBA Headquarters in – New York City, USA
Padma Vibhushan Thumri Singer Girija Devi Passes Away
Eminent classical singer and Padma Vibhushan awardee Girija Devi died in Kolkata. She was 88 years old. She was considered as the “Queen of Thumri” and fondly called Appa Ji. She was from the “Benaras Gharana”.