Daily Current Affairs – 12th October 20117

Daily Current Affairs

Launch of Mobile Health App `MedWatch’ By the Indian Air Force

  • On the occasion of its 85th anniversary, the Indian Air Force has launched an innovative mobile health App named `MedWatch’ in keeping with the Prime Minister’s vision of ‘Digital India’.
  • MedWatch’, available on the IAF’s AFCEL network, comprises a host of features that will provide authentic health information to all IAF personnel. A Reminder Tool to enable timely immunization for the children of all Air Warriors is an important component of the App. This will directly enable ‘Mission Indradhanush’ of the Govt of India.
  • ‘MedWatch’, the first mobile health app in the three Armed Services, was launched by Air Chief Marshal BS Dhanoa.

Gujarat govt to set up 16 new GIDC townships to encourage SMEs

  • The Gujarat Govt. will set up 16 new Gujarat Industrial Development Corporation (GIDC) townships in 2400-hectare area to encourage the Small and Medium Enterprises (SMEs).
  • This township will attract 15,000 industrial units and about 20,000 crore rupees investments is likely to come up in the state following this policy.
  • Garment makers will get Rs. 4,000 subsidies per woman worker and Rs. 3500 rupees subsidy per male worker.

Chennai Metro Rail introduces free bicycle ride scheme

  • The Chennai Metro Rail (CMRL) has introduced a free bicycle ride scheme for its customers.
  • It has tied up with a private agency to provide 100-hours of bicycle ride free of cost every month.The free ride is available in four metro stations including in Ekkattuthangal, Nehru Park, Thirumangalam and Anna Nagar Tower.
  • The move will reduce dependence on private vehicles and services to be economical as well for the travelers.

UP government launches ‘Sankalp Seva’ bus service

  • On 11th October 2017, Uttar Pradesh Chief Minister Yogi Aditynath flagged off 50 buses under the ‘Sankalp Seva’ bus service in Lucknow, Uttar Pradesh.
  • The buses launched under ‘Sankalp Seva’ bus service will connect 6,000 villages. Uttar Pradesh Transport Minister Swatantra Dev Singh was also present at the event.
  • CM Yogi said that, to honour the sacrifices of the martyrs, the state government will construct ‘Gaurav Marg Path’ which will contain statues of the martyrs.

NMCG signs agreement to set up sewage treatment plants in Haridwar, Varanasi

The Central Government approved setting up of Sewage Treatment Plants (STPs) at Haridwar and Varanasi under its Namami Gange programme.

STPs at Haridwar & Varanasi:

  • The National Mission for Clean Ganga (NMCG) has signed an agreement with Uttarakhand Pey Jal Nigam and Uttar Pradesh Jal Nigam and private players for setting up first STPs in Haridwar and Varanasi under hybrid annuity mode.
  • The project would be done in public-private partnership mode for a combined cost of Rs.324.69 crore. Union Water Resources Minister Nitin Gadkari presided over the programme where the agreement was signed.
  • The 50 Million Litres Daily (MLD)-capacity STP in Varanasi was awarded to a consortium (a group of companies) led by Essel Infra Projects Limited. Its estimated cost is Rs.153.16 crore.

Manohar Lal Khattar announces ration cards for nomadic tribe in Haryana

  • Chief Minister Manohar Lal Khattar announced ration cards for nomadic tribes living in different parts of Haryana.
  • Khattar announced that, the Food, Civil Supplies and Consumer Affairs Department would organise camps to issue ration cards to nomadic tribes. This would provide identification to them as permanent residents.
  • Krishan Kumar, Minister of State for Welfare of Scheduled Castes and Backward Classes said that, the Haryana government has also opened hostels in 11 districts for students belonging to these tribes and poor children belonging to other castes.

Govt to set up think tank for oil sector

  • The Union Govt will soon get Cabinet approval for setting up of high-powered think tank under Ministry of Petroleum to look into key issues related to oil and gas sector.
  • Besides, Petroleum Ministry also has send proposal to Union Cabinet for setting up domestic gas trading hub to adopt better mechanism for price discovery of both domestic as well as imported gas.

Global Hunger Index – India slips 3 positions to 100th among 119 nations

  • India has ranked at 100th position among 119 countries on the Global Hunger Index (GHI), 2017. This year’s ranking marks a drop of three positions as compared to 97th rank in Global Hunger Index 2016.
  • India’s GHI 2017 score of 4 places it at the high end of the “serious” hunger problem category.

SEBI fixes penalty for non-compliance of shareholding norms

  • SEBI announced that, listed companies not following the norms with regard to Minimum Public Shareholding (MPS) would be taken action including fine (penalty) and delisting.
  • According to MPS norms, any listed company must have at least 25 % as public shareholders and 75 % can be held by promoters. Companies not following these norms should to pay a fine of Rs.5,000 a day.
  • The entire promoter holding, except for compliance to MPS, will be frozen by depositories. The promoter group and directors of the particular company will not be allowed to hold any position in other companies.
  • If the non-compliance continues for more than 1 year, the amount of fine per day will double to Rs.10,000. Such companies might be de-listed of their shares from stock exchanges.

NBFC bad loans rise to 5% in 5 years: RBI

  • The Reserve Bank of India (RBI) said that, Gross Non-Performing Assets (GNPA) ratio for NBFCs has increased to 5 % at end of March 2017 from 2.9 % at end of March 2012.
  • Non-Banking Financial Companies (NBFCs) have faced a steady reduction in asset quality in the past 5 years. Bad loans of NBFCs amount to around Rs.74,230 crore. RBI said that, the reduction in asset quality could be mapped to the change in NPA recognition norms.
  • The Capital to Risk-weighted Assets Ratio (CRAR) of NBFCs has declined in recent years. Still, it was higher than the prescribed regulatory level of 15 %.

SBI to set up country’s largest innovation centre at Mumbai

  • The nation’s largest lender State Bank of India is creating a 15,000-sqft innovation centre in Navi Mumbai investing around Rs 100 crore.
  • The centre, to be built at its Global IT Centre in Belapur in Navi Mumbai, will be the largest innovation centre by any financial services company in the country.
  • It will have 40 dedicated zones for each technology like blockchain, artificial intelligence and machine learning, among others. The innovation centre is part of a Rs 200-crore allocation that the bank has earmarked for innovation last year.
  • Apart from the proposed innovation centre, Rs 50 crore is allocated for procurements from innovative startups and taking equity stakes in new companies, while the remaining Rs 50 crore is for other needs like software procurements etc. The bank chain has partnered with a Pune-based startup called Primechain for the initiative.

India is second largest market for pharma, biotech workforce

  • India has emerged as the second largest market for the pharmaceuticals and biotechnology industry with 13.7 per cent contribution to the workforce.
  • This report has been reveled by professional networking giant LinkedIn. The report, detailed in the newly released e-book “The Indian Pharma and Biotech Industry”.
  • The pharma and biotech professionals studied in this report were selected based on LinkedIn’s 500+ million-member data as of September 2017.

LG India ties up with Bajaj Finserv to launch co-branded card

  • Consumer Electronics major LG Electronics India announced the launch of an exclusive OEM co-branded card in partnership with Bajaj Finserv.
  • The co-branded card will enable customers to buy all LG products at no-cost EMI option across all LG formats. It will be available to customers buying LG products on a minimum invoice amount of ₹7,000 and maximum of up to ₹2 lakh.

SBI launches SME Assist to provide short-term loans to MSME clients

  • State Bank of India (SBI) launched a new product called ‘SME Assist’ to provide a short-term working capital demand loan to its Micro, Small and Medium Enterprises (MSME) clients.
  • The loans shall be provided on the basis of clients’ input credit claims under Goods and Services Tax (GST), subject to submitting of a certificate from their chartered accountant confirming the input credit claims.
  • Loans under ‘SME Assist’ will be provided at concessional interest rates.
  • Borrowers of loan under ‘SME Assist’ will have the benefit of a moratorium period for the first three months.

Mastercard launches its first Innovation Centre in India

  • American financial technology company Mastercard launched its first innovation lab in India in Pune, Maharashtra.
  • This centre is Mastercard’s ninth lab in the world and the second in Asia Pacific besides Singapore.
  • The centre in Pune will focus on new payment technology ideas for the rapidly growing digital economy in India.
  • In India, Mastercard will collaborate with financial institutions, merchant partners and the technology community to identify and experiment with future technologies in a few key areas including digital payments, data solutions, financial inclusion, alternative payments and safety and security.
  • The first project to be undertaken by this centre will be about providing Indian farmers, access to more buyers which will enable them to run a more profitable business and will eventually pave the way to a cashless agricultural sector.

RBI allows interoperability of wallets in six months

  • Reserve Bank of India (RBI) instructed banks and non-bank entities to make their digital wallets/prepaid payment instruments (PPIs), interoperable through the Unified Payments Interface (UPI) within six months.
  • As per RBI’s master directions, in the first phase, all PPIs that are Know Your Customer (KYC)-compliant should be made interoperable amongst themselves through UPI.
  • In the next phase, interoperability shall be enabled between wallets and bank accounts through UPI.
  • RBI has stated that PPIs will be permitted to be loaded or reloaded by cash, by debit to a bank account, by credit and debit cards, and other PPIs. However, cash loading to PPIs will be limited to Rs 50,000 per month.
  •  At any point of time, PPI’s should not have outstanding amount of more than Rs 100000.

GIC Re launches India’s third largest IPO

  • India’s biggest reinsurer, General Insurance Corp of India (GIC Re)’s Rs. 11,370 crore Initial Public Offer (IPO) opened for subscription on October 11, 2017.
  • GIC Re’s Rs. 11370 crore IPO is Indian primary market’s third largest IPO after Coal India (Rs.15,200 crore in 2010) and Reliance Power (Rs. 11,600 crore in 2008).
  • Following this IPO, government’s stake in GIC Re will fall by 14.22% and will fetch Rs. 9,800 which shall help in meeting its disinvestment target.
  • The issue price range is between Rs 855 to Rs 912 per equity share.
  • Funds raised through this IPO will be used by GIC Re for augmenting the capital base and support business growth.

HSBC launches app to track trade transactions

  • HSBC announced the launch of mobile app – Trade Transaction Tracker – to help customers track the status of their trade transactions on a real-time basis.
  • This feature has been built into the existing HSBC net mobile application and has been launched in select countries in which HSBC operates, including India.
  • It will provide a global view of import and export documentary credit and collections transactions, across markets in one single app.

Amul named India’s best FMCG Company in food sector

  • The Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF), which markets Amul brand of milk and milk products was recognised as India’s best Fast Moving Consumer Goods (FMCG) Company in food sector by International Advertising Association (IAA).
  • For this recognition, Amul was presented 5th IAA Leadership Award. The prestigious awards instituted by IAA’s India Chapter recognise excellence to wards contribution in marketing, advertising and media sectors as well as celebrate outstanding achievements of individuals and teams.

SpaceX completes successful launch of recycled rocket Falcon 9

  • SpaceX launched its recycled rocket Falcon 9 and landed it on a drone ship in the Atlantic Ocean.
  • SpaceX has launched the rocket Falcon 9, that had already flown to space and landed it successfully on an ocean platform. It is as part of SpaceX’s effort to recycle costly rocket components.
  • At 6:53 pm (2253 GMT), the tall, white Falcon 9 rocket blasted off from Cape Canaveral, Florida carrying the Echostar 105/SES-11 satellite.
  • The satellite aims to provide television coverage and communications capabilities to North America, Hawaii, Mexico and the Caribbean. It is a “dual-mission” satellite for the US-based operator EchoStar and Luxembourg-based operator SES.
  • About 10 minutes after launch, the tall portion of the rocket, known as the first stage, returned to Earth for a controlled, upright landing on a drone ship called “Of Course I Still Love You,” stationed in the Atlantic.
  • This is the 18th successful landing of Falcon 9 rocket first stage. The Falcon 9’s first stage had previously flown on a cargo mission to the International Space Station in February 2017. SpaceX flew a recycled rocket component for the first time in March 2017.

Actor Prakash Raj receives Karanth award

  • Prakash Raj, actor and film-maker, received the Kota Shivaram Karanth Huttura Prashasti award, at the Kota Shivaram Karanth Theme Park, in Kota, Udupi district of Karnataka.

Boxing coach Sandhu gets national award for senior citizens

  • Long-serving Indian boxing coach Gurbax Singh Sandhu has been honoured with the National Awards for senior citizens by President Ramnath Kovind. He has the distinction of coaching both the men and women boxers.
  • He was India’s longest-serving men’s national coach, occupying the position for two decades before he was handed charge of the women campers earlier this year.
  • That tenure, however, ended up being a short one and he was replaced by Shiv Singh last month. Sandhu was the chief coach when India won its maiden Olympic medal in boxing through Vijender Singh in 2008.

John Flint appointed as CEO of HSBC

  • John Flint currently runs HSBC’s retail and wealth management business. He will take charge as CEO on 21stFebruary, 2018.
  • John Flint would replace current CEO Stuart Gulliver. Gulliver is retiring after seven years in this job.
  • Flint’s main task will be to grow revenues across HSBC’s businesses. As HSBC plans to grow profits again, following a period of restructuring after the 2008-9 financial crisis.

Yuvraj Singh named Laureus’ first Indian ambassador

  • Yuvraj Singh has become the first Indian ambassador of Laureus. Laureus works to improve the lives of young people through sport.
  • Yuvraj Singh said that, it was an honour for him to join the Laureus Family in India, and to find out the great work being done to help young people overcome challenges in their lives.

Tata Teleservices to merge Consumer Mobile Business with Bharti Airtel

  • Bharti Airtel announced the acquisition of Consumer Mobile Businesses (CMB) of Tata Teleservices Ltd (TTSL) and Tata Teleservices Maharastra Ltd (TTML).
  • The merger will be on a debt-free, cash-free basis and all past liabilities and dues will be settled by Tata.
  • As a part of the Agreement, Bharti Airtel will absorb Tata consumer mobile businesses (CMB) operations across the country in nineteen circles (17 under TTSL and 2 under TTML).
  • The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel.

Arjen Robben retires from International Football

  • Arjen robben, the 33 years old football player announced his retirement news from the international football. He played for Bayern Munich, a German club.
  • He is well known for his speed and accurate shots. He scored two goals against Sweden on the last match and it was not enough for his team to get qualified to World cup 2018. That made him to end up his international carrier.

Gurusaidutt wins Bulgarian International

  • Commonwealth Games bronze medallist RMV Gurusaidutt clinched the mens singles title at the Bulgarian International Future Series tournament.
  • Gurusaidutt defeated Muhammed Ali Kurt 21-17 21-16 in a 35-minute match to boost his confidence ahead of next months Senior Nationals Championship.
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