Current Affairs Today - Current Affairs 2017

हिंदी करंट अफेयर्स प्रश्नोत्तरी 2017 के लिए यहाँ क्लिक करें.

Current Affairs Daily Digest: October 4, 2017

The Current Affairs Daily Digest for October 4, 2017 with important tid-bits on current affairs.

China to build World’s highest power pylon

China’s Zhejiang Electric Power Company has started construction of giant power supply pylon, claimed to be world’s tallest, in country’s east Zhejiang Province. The 380-metre tall pylon will be four times height of London’s iconic Big Ben. The pylon will carry power cables between Zhoushan’s Jintang and Cezi islands, a distance of 2.6km. After completion it will break previous world record for the tallest power pylon currently held by China’s Damaoshan pylon, which stands at 370 m.

Ministry of Health ranks first in Swachh Bharat initiative

The Union Ministry of Health and Family Welfare was adjudged as best department for its contribution during ‘Swachhta Pakhwada’, an inter-ministry initiative of Swachh Bharat Mission. The Ministry had observed Swachhta Pakhwada from February 1-15, 2017. The award was presented on third anniversary of the Mission on October 2, 2017 and was received by Health Secretary C. K. Mishra on behalf of the Ministry.

Cabinet approves Extradition Treaty between India and Lithuania

The Union Cabinet has approved signing and ratification of Extradition Treaty between India and Lithuania. The Treaty will provide legal framework for seeking extradition of economic offenders, terrorists and other criminals from and to Lithuania. It will also help in extradition of fugitive criminals including terrorists for criminal prosecutions from Lithuania who have committed crimes against India. It will bring criminals to justice, with a view to ensure peace and tranquility to public at large.

Cabinet approves MoU between India and Myanmar on Upgradation of Women’s Police Training Centre

The Union Cabinet has approved Memorandum of Understanding (MoU) signed between India and Myanmar on upgradation of the Women’s Police Training Centre at Yamethin, Myanmar. It was signed in September, 2017. The MoU covers upgradation of Yamethin Women’s Police Training Centre to further augment capabilities of Myanmar Government to build capacities of its police force with technical and financial assistance from India.

India’s first ITI for Divyangans (Disabled) will come up in Assam

India’s first-ever Industrial Training Institute (ITI) for the Divyangans (Disabled) will come up in Assam. Its foundation stone was recently laid at Dibrugarh ITI Complex at Borboruah in Assam. The ITI will have sixty seats for three different trades with 20 seats per trade, as per guidelines of National Council for Vocational Training (NCVT). The three different trades included in curriculum of ITI are Computer Operator and Programming Assistant, Cutting and Sewing Technology and Hair & Skin Care.

HDFC Life launches service bot Neo

The HDFC Life Insurance Company has launched service bot ‘Neo’ that uses artificial intelligence for customer service. It is second bot put in operation by HDFC Life after the launch of SPOK, which was an email answering bot for customer queries. The Neo bot will be available 24/7 and hasi capability to authenticate customers and give frequently sought details, like fund value, sum assured and premium amount. Other life insurers like PNB Metlife have launched VR humanoids like Kushi leveraging power of AI, chat bots, natural language processing.

Ukhnaa Khurelsukh appointed as Prime Minister of Mongolia

Ukhnaa Khurelsukh was appointed as new Prime Minister of Mongolia. He was selected by ruling Mongolian People’s Party and nomination was approved by Mongolia’s parliament. He replaces PM Jargaltulga Erdenebat who lost his job in September 2017 over allegations of graft. The Prime Minister of Mongolia is head of government and heads Mongolian cabinet. He is appointed by President of Mongolia and can be removed by State Great Hural (lower house of parliament) with a vote of no confidence.

October 4-10: World Space Week

The World Space Week (WSW) is observed every year from October 4-10. It is an international celebration of science and technology, and their contribution to betterment of human condition. The 2017 theme for the week is “Exploring New Worlds In Space”. It is an outward facing theme that serves to inspire the world.

October 4: World Animal Day

The World Animal Day (WAD) is observed every year on October 4 to improve welfare standards and status of animals around the globe. The day is observed by encouraging individuals, animal welfare organisations, community groups, youth and children’s clubs and businesses to organise events in celebration of this day.

RBI keeps repo rate unchanged at 6%

The six member Monetary Policy Committee (MPC) of Reserve Bank of India (RBI) has decided to maintain status quo in policy rates by keeping repo rate unchanged at 6.0% under liquidity adjustment facility. It was RBI’s fourth bimonthly policy review for financial year 2017-18.

The decision of MPC was consistent with neutral stance of monetary policy in consonance with objective of achieving medium-term inflation target of 4% within a band of +/- 2%, while supporting growth.

Policy Rates

Repo rate: It is rate at which RBI lends to its clients generally against government securities. It was unchanged at 6%.

Reverse Repo Rate: It is rate at which banks lend funds to RBI. It was unchanged at 5.75%.

Marginal Standing Facility (MSF) Rate: It is rate at which scheduled banks can borrow funds overnight from RBI against government securities. It is very short term borrowing scheme for scheduled banks. It was unchanged at 6.25%.

Bank Rate: It is rate charged by central bank for lending funds to commercial banks. It was unchanged 6.25%. It influences lending rates of commercial banks. Higher bank rate will translate to higher lending rates by banks.

Cash Reserve Ratio (CRR): It is amount of funds that banks have to keep with RBI. It was unchanged at 4%. The RBI uses CRR to drain out excessive money from system.

Statutory Liquidity Ratio (SLR): It was changed to 19.5% from 20%. It is amount that banks have to maintain a stipulated proportion of their net demand and time liabilities (NDTL) in form of liquid assets like cash, gold and unencumbered securities, treasury bills, dated securities etc.

Key Highlights of 4th bi-monthly policy

RBI has indicated rise in inflation and is expected to rise from its current level and range between 4.2-4.6% in second half of this year. It also has indicated a fall in GVA (Gross Value Addition) growth rate. The projection of real GVA growth for 2017-18 has been revised down to 6.7% from August 2017 projection of 7.3%.

According to RBI, various structural reforms introduced in recent period will likely be growth augmenting over medium- to long-term by improving business environment, enhancing transparency and increasing formalisation of economy.