NITI Aayog co-hosted Conference on The Future of Indian Banking

The Future of Indian Banking” conference was co-hosted by NITI Aayog along with the Foundation for Economic Growth and Welfare (EGROW Foundation) on February 22, 2019 at the Civil Services Officers’ Institute (CSOI)New DelhiDr. Rajiv Kumar, Vice Chairman, NITI Aayog, inaugurated the event.

It was aimed to increase and elevate the discourse on the banking sector in India, and help develop insights to inform the continued evolution of the Indian banking sector for optimally supporting the growing credit needs of the Indian economy.

The progress made by the Indian banking system in the past 4 years that provided a strong foundation for a long runway for expanding credit and supporting accelerating growth of India’s economy, was highlighted by Dr. Rajiv Kumar, and he indicated that there was still a lot of work to be done in improving the financial system and furthering reforms in the financial sector.

PM Modi addressed the Global Business Summit in New Delhi

Prime Minister Narendra Modi addressed the Global Business Summit in New Delhi.

He announced that India would be made a 10 trillion-dollar economy- the third largest in the world.

He highlighted the role of his government’s policies in establishing a high growth rate and controlling inflation.

The government would provide conducive environment for start-ups and promote renewable sources of energy.

Rajnath Singh inaugurated Waste to Wonder Park in Delhi

Union Home Minister Rajnath Singh inaugurated ‘Waste to Wonder Park’ which houses the replicas of seven wonders of the world at Sarai Kale Khan, Delhi.

It was built by the South Delhi Municipal Corporation (SDMC)and is the first-of-its-kind tourist attraction in the world, with the replicas of the Taj Mahal, the Great Pyramid of GizaEiffel TowerLeaning Tower of PisaChrist the Redeemer statue of Rio de Janeiro, Rome’s Colosseum, and the Statute of Liberty.


Union minister Smriti Irani launched the Integrated Large Scale Eri Farming in Arunachal Pradesh

Union textiles minister Smriti Irani,during her 2-day visit to the North-East, launched the Integrated Large Scale Eri Farming under North East Region Textile Promotion Scheme (NERTPS) in Itanagar, Arunachal Pradesh and will cover about one thousand acres land for Eri Farming in the chosen districts of the state.

5 districts of the state,namely,Papumpare, East Kameng, Siang, East Siang and West Siang, will be covered by the project initially.
About Arunachal Pradesh
♦ Capital – Itanagar
♦ Chief Minister – Pema Khandu
♦ Governor – Brig. Dr. B. D. Mishra



FATF condemns Pulwama attack, keeps Pak in ‘Grey’ list for failing to stop terror financing

Financial Action Task Force (FATF)condemned the Pulwama terror attack in Kashmir,which led to death of 40 CRPF jawans and decided to keep Pakistan in the ‘grey’ list owing to continued funding of terrorist groups such as Jaish-e-Mohammad, Lashkar-e-Taiba and Jamat-ud-Dawa.

It stressed on the fact that Pakistan should work continuously to formulate an action plan and work to reduce its strategic deficiencies, analyse the terror financing risks posed by the terrorist groups and conduct supervision on the basis of risk-sensitivity.


3-day navy drill from Gulf to Indian Ocean announced by Iran

Iran announced that it will be launching a 3-day annual navy drill named “Velayat 97” in the Gulf and the Indian Ocean, including a sensitive global shipping route, with an aim to evaluate the equipment of the navy, practice launching weapons and enable the troops to gain readiness in battle.

It will be held in the waters of Strait of Hormuz, Makran coast, Oman Sea and the north of the Indian oceanand will cover an area of 2 million square kilometres for 3 days.

It will showcase Iran’s submarines, warships, helicopters and drones and will also include missile launches from the vessels.
Related Point

  • The Strait of Homruz, located between the Persian Gulf and the Gulf of Oman, is an international transit route where American forces pass routinely and has seen tense encounters between the American and Iranian forces in the past.

About Iran
♦ Capital – Tehran
♦ Currency – Iranian Rial
♦ President – Hassan Rouhani


President Bashir declares year-long state of emergency in Sudan

A state of emergency was declared in Sudan by its President Omar al-Bashir. The government was dissolved at both the cabinet and local levels.

It was due to continuous protests by the general public since 19 December who were furious by the mismanagement of the nation’s economy and wanted the leader to step down.

About Bashir
♦ He rose to power in 1989 by overthrowing the elected government of then leader Sadiq al-Mahdi.
♦ He faces charges for face charges of war crimes and genocide in Darfur and is also wanted by the International Criminal Court.
♦ His term ends in 2020.


Economy and Finance

RBI bundles NBFCs into a single type to offer operational flexibility

The Reserve Bank of India (RBI), in accordance with an announcement made during the last bi-monthly policy, decided to create a single category for the NBFCs (non-banking financial companies) by bundling their present three-tier structure. It was also decided that exposures to all NBFCs, excluding core investment companies, will be risk weighted as per credit ratings.

These steps have been undertaken to provide greater operational flexibility to the NBFCs, reducing the number of categories into which they are divided, on the principle of regulation by activity and not regulation by entity.

For example, asset finance companies, loan companies and investment companies have been categorised as NBFC- investment and credit companies (NBFC-ICCs).


Zimbabwe Starts Trading New Currency RTGS dollar

Zimbabwe’s central bank announced the discontinuation of its official currency, quasi-currency bond note officially pegged at parity with the U.S. dollar and launched a new currency called RTGS dollars, to resolve a long-term monetary crisis.

U.S. dollars to banks at a rate of 2.5 RTGS to the greenback.


HAL places order with Thales for 2.75-inch rocket launchers to equip Indian armed forces

HAL (Hindustan Aeronautics Limited) has signed a contract with Thales, a French aerospace and defence company,for supplying 1352.75-inch (70-mm) rocket launchers, to improve the tactical capabilities of the Indian armed forces.

The contract states that each of the Indian Army and Air Force’s multi-role attack helicopters (18 Advanced Light Helicopters and 15 Light Combat Helicopters) will equipped with four 2.75-inch (70-mm) 12-tube rocket launchers. These rocket launchers can be used on both light and combat helicopters.

These rocket launchers are manufactured using a composite material which makes them 50 per cent lighter than metal launchers and reduces the possibility of corrosion.



Australian wicket-keeper, Alyssa Healy, sets Guinness World Record at MCG

Australia’s wicketkeeper Alyssa Healy set a new Guinness World Record after achieving the feat for the ‘highest catch of a cricket ball’ at the Melbourne Cricket Ground(MCG).

She caught a ball which was dropped from a drone,80 metres above the cricket ground.

The record was previously set by the England’s Kristan Baumgartner with a catch from 62 metres and before her, former England captain,Nasser Hussain held it with 49 metres.



Overview Of The “Digital India Awards 2018”

The Digital India Awards are aimed at encouraging Government entities, which have made significant contributions towards the implementation of e-Governance and shown an exemplary & innovative approach to achieve administrative efficiency and transparency.

Union Minister of Electronics & IT, Law & Justice,Shri Ravi Shankar Prasad, conferred “Digital India Awards 2018” at the exclusive ceremony. 35 awards were conferred to teams and individuals.


JSPL won the FICCI CSR Award for Women Empowerment

Jindal Steel and Power Ltd (JSPL) was conferred with the prestigious ‘FICCI CSR Award‘ for Women Empowerment for its innovative and high impact women empowerment programmes, implemented by the company’s CSR Arm – JSPL Foundation, across its operational areas in India.

Director, JSPL and the Co-Chairperson of JSPL Foundation Shallu Jindal received the award from Union Commerce and Industry and Civil Aviation Minister Suresh Prabhu in New Delhi.
About FICCI CSR Awards

  • Federation of Indian Chambers of Commerce & Industry (FICCI) Corporate Social Responsibility (CSR) Awards are India’s first CSR award, instituted in 1999 by FICCI.
  • The aim of the award is to identify and recognize the efforts of companies in integrating and internalizing Corporate Social Responsibility (CSR).
  • This year is the 17th year of the FICCI CSR Awards.

Kareena Kapoor Khan named brand ambassador of Swasth Immunised India

Bollywood actress, Kareena Kapoor Khan is named as the brand ambassador of Swasth Immunised India, a year-long campaign initiated by Network18 and Serum Institute of India which promotes immunisation of babies under two years of age.

The campaign was launched at Mumbai and Adar Poonawalla, President, Vaccine Manufacturers Association of India and CEO, Serum Institute of India (SII)Natasha Poonawalla, Executive Director, SII, and Dr Nitin Shah, section head of pediatrics department at PD Hinduja National Hospital, were present at the event.


Justice Uma Nath Singh takes oath as First Lokayukta of Nagaland

Justice Uma Nath Singh took the oath as the first lokayukta of Nagaland. He was formerly the Chief Justice of Meghalaya High Court. His tenure would last for a period of 5 years or until he turns 70, whichever occurs earlier.

The oath was administered to him by Governor of Nagaland P.B Acharya at Raj Bhavan. The ceremony was also attended by Chief Minister of Nagaland Neiphiu Rio, Opposition Leader T R Zeliang, Cabinet Ministers, MLAs and other dignitaries.


Thought of the Day

“Be there for others, but never leave yourself behind. 

Quiz based on Daily Current Affairs 23rd February 2019

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