Current Affairs – June, 2019

Latest Current Affairs June, 2019 with Current Affairs, news summary on current events of National and International importance of June, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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India-assisted IT- Biotechnology Park inaugurated in Cote d’Ivoire

Mahatma Gandhi Information Technology and Biotechnology Park (MGIT-BP) built with India’s assistance was recently inaugurated at Grand-Bassam in Cote d’Ivoire. It was jointly inaugurated by Sailas Thangal, Ambassador of India to Cote d’Ivoire and country’s Vice President Daniel Kablan Duccan.

About MGIT-BP

It is a dedicated Free Trade Zone (FTZ) for IT and Biotechnology.  It is being built with India’s assistance through EXIM Bank Line of Credit (LoC) of $20 million.

MGIT-BP Project consists of two parts

(1) Architectural concept and design for buildings of FTZ and construction of main building to host IT enterprises. 1st part of project was implemented by Shapoorji Pallonji, an Indian Conglomerate company.

(2) Supply and commissioning of equipment which included, computer assembly plant, VSAT (very small aperture terminal) with satellite earth station, human DNA lab, networking lab, data storage area network, an audio-visual lab, and a power generator. 2nd part was implemented by United Telecom Limited (UTL), an Indian company specializing in telecom networks.

Significance of MGIT-BP

It shows growing and shining example of cooperation between India and Cote d’Ivoire, energised by high-level of political commitment from both nations.  It is expected to bring direct benefit to Cote d’Ivoire’s people.

It will further consolidate cooperation and bilateral relations between India and Cote d’Ivoire, especially in context of technology transfer and sharing of development experience to build capacities of partner countries in Africa.

It is important milestone to mark 150th celebration of birth anniversary of Mahatma Gandhi. It also showcases India’s commitment to expediting projects under 100 days plan.

Background

In July 2018, Prime Minister Narendra Modi made Africa a priority for India’s foreign policy while outlining 10 principles of India’s engagement with Africa in Kampala, Uganda.

Over the years, there has been a significant intensification of India’s engagement with Cote d’Ivoire with India extending six Lines of Credits (LoCs) aggregating to $207.70 million aimed at building infrastructure, improving Ivorian skills and create opportunities.

RBI: Payments related Data to be stored only in India

Reserve Bank of India recently clarified that all Payment System Operators (PSOs) shall store entire payment data in systems located only in India. It means that the data related to payments must be stored in systems located only in India. This follows a clarification sought by PSOs on issue of data localization.

Key Highlights

Background: In April 2018 RBI had issued a directive on ‘Storage of Payment System Data‘ by which it had advised all system providers to ensure that within a 6 months period, entire data relating to payment systems operated by them is stored in a system only in India.

No Limit on Payment processing outside India:  In Frequently Asked Questions (FAQs) on certain implementation issues raised by Payment System Operators (PSOs), RBI had mentioned that there is no bar on processing of payment transactions outside India (if PSOs desires so) but after processing data shall be stored only in India and complete end-to-end transaction details should be part of data.

Sharing of Data: Depending upon nature or origin of transaction and with prior approval of RBI, data can be shared with overseas regulator, if required.

Transaction Details: Data should include end-to-end transaction details and information pertaining to transaction related to payment or settlement that is either gathered or processed or transmitted, as part of a payment message/instruction.

Data Type: The data could be relating to customer data such as name, mobile number, PAN details, Aadhaar number or even Payment-sensitive data like customer and beneficiary account details, payment credential- PIN, OTP and transaction data like originating and destination system information amount etc.

Data Processed Abroad: In case the data processing is done abroad, then data should be brought back from systems abroad to India not later than 1 business day or 24 hours from payment processing, whichever is earlier.

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