Daily Current Affairs - 22nd Oct 2017

Aadhaar-bank account link must: RBI

  • The Reserve Bank of India (RBI) clarified that linking of Aadhaar to bank accounts was mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.
  • The clarification comes after a section of the media, citing a reply to a Right to Information Act application, reported that the linking of Aadhaar and bank accounts was not mandatory.

Banking sector stares at additional Rs40,000 crore NPAs

  • The banking sector fears accretion of more than Rs40,000 crore of bad loans to its books following recent classification of eight consortium accounts of Axis Bank as non-performing assets (NPAs) by the Reserve Bank of India (RBI).
  • The RBI has directed certain reclassifications in the private sector lender’s asset classification and provisioning as on March 2017, subsequent to the annual risk based supervision (RBS) exercise conducted for 2016-17.
  • As a result, Axis Bank had to reclassify 9 standard accounts into NPAs. Of these, 8 accounts are part of consortium lending, according to the latest quarterly results announced by the bank.

EPFO to consider crediting ETF units to PF accounts

  • EPFO is likely to consider next month a proposal to credit subscribers' share of its ETF investments to their provident fund accounts which can be redeemed at the time of withdrawal.
  • As per estimates, EPFO's investment in ETFs is expected to touch Rs 45,000 crore by the end of the current fiscal.
  • EPFO had started investing in Exchange Traded Funds (ETF) in August 2015, putting 5 per cent of its investible deposits in stock linked products. It was raised to 15 per cent for the current fiscal.
  • Once approved, the share of subscribers in the form of ETF units will be credited to their accounts.

Government makes it mandatory for banks and financial institutions to check original identification document of individuals dealing in cash above prescribed threshold.

  • The Government has made it mandatory for banks and financial institutions to check the original identification documents of individuals dealing in cash above the prescribed threshold, to weed out the use of forged or fake copies. The Department of Revenue in the Finance Ministry has issued a gazette notification making an amendment to the Prevention of Money-laundering (Maintenance of Records) Rules.
  • The Gazette notification said in case the officially valid document furnished does not contain updated address, a utility bill like electricity, telephone, post-paid mobile phone, piped gas or water bill which is not more than two months old can be considered as a proof of address. The Prevention of Money Laundering Act (PMLA) forms the core of the legal framework put in place by India to combat money laundering and generation of black money.

IBM to boost cybersecurity awareness with start-ups

  • IBM plans to step up cybersecurity awareness among small and medium Indian businesses through its different co-innovation activities with start-ups.
  • The IT major — which is working with nearly 1,200 start-ups in the country to get expertise for its enterprise clients and offering them its cognitive, cloud platforms — foresees faster adoption of cybersecurity solutions amongst start-ups since a majority of them are ‘born on cloud’.
  • IBM claims the efforts of data theft are getting stronger and institutionalised, resulting in the need for advanced security for small firms. The fact that such businesses are building products and intellectual properties (IP) is creating a need for end-to-end security.

Indian boxers win eight medals in Balkan Open

  • Indian boxers have returned with an impressive haul of eight medals, including four golds, from the third Youth International Championships Balkan Open 2017 at Sofia, Bulgaria.
  • Besides four golds, the Indian Youth women boxers won one silver and three bronze medals while Indian women youth team was also adjudged as the best team in the championship.
  • Nitu, Sakshi, Shashi and Neha won the golds, while the silver went to Ankushita Boro.
  • The bronze medals were won by Joy Kumari, Sapna and Anupama.

Indian companies top global list on reporting CSR

  • India has emerged as the top country for reporting corporate responsibility information in the annual financial report of companies, but the quality of disclosures has to improve, according to a KPMG survey.
  • The survey explored trends in corporate responsibility reporting, including reporting on the UN’s Sustainable Development Goals (SDGs), on human rights and carbon reduction targets.
  • The reporting or linkage of SDGs in India was below the global average of 39%, with only 18 companies linking their business activities with the goals in their business reporting.

Iran pays a heavy price

  • In a late development, Iran’s participation was cancelled by the FIBA for not having paid its fees for the last one-and-half-years.
  • Iran had already arrived in India for what would have been its first tournament in over three decades.

Nobel laureates lead new group to tackle world's economic woes

  • Nobel laureates Joseph Stiglitz and Michael Spence are leading a new initiative to find solutions to what they see as a dysfunctioning market economy.
  • The Commission on Global Economic Transformation is aiming to tackle global economic challenges from stagnating growth and inequality to migration and climate change. It intends to meet with elected officials and policy makers to share its recommendations.

Police Commemoration Day being observed across the country: October 21

  • The Police Commemoration Day is being observed across the country on October 21.
  • The day commemorates the sacrifices of ten policemen while defending the borders with China in 1959, besides 34,408 other police personnel, who have sacrificed their lives since independence to safeguard the unity and integrity of the nation. Indian Police personnel were responsible for manning the 2,500 mile long border of India with Tibet until the autumn of 1959.

Prime Minister Narendra Modi inaugurates first phase of Ghogha-Dahej RORO ferry service in Bhavnagar, Gujarat

  • Prime Minister Narendra Modi inaugurated the first phase of ambitious Ghogha-Dahej Roll-on Roll-off ferry service at Ghogha in Bhavnagar district in Gujarat.
  • The ferry service will connect Saurashtra and South Gujarat, save the time and fuel and it will also be environment friendly. He said, during the second phase of the RO-RO project, vehicles could be carried between Ghogha and Dahej.

Prime Minister Narendra Modi says right use of fertilizer and new techniques will help in doubling the farmers' income by 2022.

  • Prime Minister has said that cooperative major IFFCO's initiatives to train the farming community on right use of fertilisers, advanced techniques and cash-less transactions will help in doubling farmers' income by 2022.
  • In a message on the occasion of the cooperative's golden jubilee year, Mr Modi said, IFFCO's contribution in the upliftment of farmers and co-operative organisations is praiseworthy.
  • Founded in 1967 with just 57 cooperatives, IFFCO is today an amalgamation of over 36,000 Indian cooperatives. On its 50th year, it is conducting training programmes for farmers at 125 locations across the country.

Sovereign Gold Bond Scheme 2017 -18– Issue Price for the next subscription period i.e. October 23-25, 2017 would be Rs. 2,971– per gram

  • The Government of India, in consultation with the Reserve Bank of India (RBI), had floated Series III of Sovereign Gold Bonds 2017-18, for the period from October 09, 2017 to December 27, 2017 (with subscription period Monday to Wednesday every week). The Bonds will be issued on the succeeding Monday after each subscription period.
  • For the next subscription period i.e. October 23-25, 2017, the issue price shall be Rs. 2,971/ (Rupees Two thousand Nine hundred Seventy One only) – per gram with Settlement on October 30, 2017.

Surat ready to shine with global diamond exchange in 3 years

  • The fragmented and largely unorganised diamond polishing and trading industry would shortly organise itself at a single location, with Surat set to get an international diamond exchange in three years.
  • After a delay of two years, Surat Diamond Bourse (SDB) has awarded the contract to PSP Projects.

Telangana CM lays foundation stone for mega textile park in Warangal

  • Telangana Chief Minister K Chandrasekhara Rao laid the foundation stone for the Kakatiya Mega Textile Park, which is a fibre-to-fabric integrated textile cluster proposed to be built on 1,200 acres of land near Shayampet in the Warangal district.
  • Telangana is one of the largest producers of long-staple cotton with a production of around 6 million bales per annum. Cotton cultivation accounts for almost 50 per cent of the total Kharif acreage in the current season. The upcoming textile park will enhance the scope for value addition to the cotton crop within the state.