Daily Current Affairs 4th October, 2017

Daily Current Affairs 4 October 2017 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

Cabinet apprised of MoU with Switzerland for tilting trains

The Union Cabinet was apprised of a MoU signed with Switzerland on technical cooperation in the rail sector, including development of tilting trains that tilt on approaching a bend.

• The MoU will enable technical cooperation in a range of areas including traction propulsion equipment, freight and passenger cars, tilting trains, railway electrification equipment, train scheduling and operation improvement, railway station modernisation, multimodal transport and tunnelling technology.

Govt sets up high-level committee for water management in NE region

Centre has set up a high-level committee for proper management of water resources in the North-Eastern region . The Committee will be headed by NITI Aayog Vice Chairman Rajiv Kumar.

• It will facilitate optimising benefits of appropriate water management in the form of hydro-electric power, agriculture, bio-diversity conservation, reduced flood damage erosion, inland water transport, forestry, fishery and eco tourism.

Kovind appoints 5-member commission to examine sub-categorisation of OBCs

President Ram Nath Kovind appointed a five-member Commission headed by Delhi High Court’s former Chief Justice G Rohini to examine subcategorisation of Other Backward Classes (OBCs) under Article 340 of the Constitution. This decision has been taken to ensure more backward among the OBC communities to avail the benefits of reservation

Country’s first ITI for dibyangans in Dibrugarh

Foundation stone for the first ever Industrial Training Institute for the Dibyangans exclusively was laid on October 3 at Dibrugarh ITI Complex at Borboruah, Dibrugarh in Assam by Chief Minister Sarbananda Sonowal.

• Chief Minister Sarbananda Sonowal termed the initiative as a historic moment and a true manifestation of Prime Minister Narendra Modi’s vision of “Lakshya Antyodaya, Path Antyodaya”.

This is a one of a kind institute in the country in order to set up a new pathway for empowerment of the differently abled youth of the state.

First community toilet for transgenders inaugurated in Bhopal

Madhya Pradesh Chief Minister Shivraj Singh Chouhan inaugurated a toilet in the Mangalwara area for the exclusive use of transgenders. The toilet, constructed by the Bhopal Municipal Corporation (BMC), was the first of its kind in the country. Transgender people live in large numbers in the Mangalwara locality.

Turtle Sanctuary to be set up in Allahabad

In order to protect the rich aquatic biodiversity of river Ganga from escalating anthropogenic pressures, development of a Turtle sanctuary in Allahabad, UP along with a River Biodiversity Park at Sangam (confluence of Ganga, Yamuna and mythical Sarasvati) have been approved under Namami Gange programme.

• The project at an estimated cost of Rs 1.34 crore would include development of River Biodiversity Park and awareness about the importance of river Ganga and imperativeness of its conservation has been approved.

BANKING & FINANCE

NABARD sanctions Rs. 273.06 crore to Andhra Pradesh for development projects

The National Bank for Agriculture and Rural Development (NABARD) has sanctioned an amount Rs. 273.06 crore to the Andhra Pradesh Government under Rural Infrastructure Development Fund (RIDF) for Rural Water supply, Road and Bridge projects.

• The projects involve laying of new roads in rural areas and widening and strengthening of the existing ones to improve the rural connectivity.

AIIB, ADB approves $100 million loan for India’s power sector

China-led AIIB and multilateral funding agency ADB will co-finance a USD 100-million loan for India to improve power transmission network and expand the use of solar and wind energy

• India is the second largest shareholder in the AIIB. The bank has an authorised capital of USD 100 billion.

ECONOMY

RBI keeps repo rate, reverse repo rate unchanged

The Reserve Bank of India (RBI) has kept the repo rate and reverse repo rate unchanged at 6 percent and 5.75 percent respectively. The RBI’s six-member Monetary Policy Committee (MPC) announced the policy decision without any surprise for the financial markets.

Now the policy rates are:

• Repo Rate: Unchanged at 6%
• Revrese Repo Rate: Unchanged at 5.75%
• Marginal Standing Facility (MSF) Rate: Unchanged at 6.25%
• Bank Rate: Unchanged at 6.25%
• Cash Reserve Ratio: Unchanged at 4%
• Statutory Liquidity Ratio (SLR): Changed by 50 basis points to 19.5%

RBI lowers 2017-18 growth projection to 6.7 per cent

The Reserve Bank of India (RBI) has lowered the country’s growth projection for 2017-18, pegging the Gross Value Added (GVA) at 6.7 per cent, from 7.3 per cent earlier, due to lower kharif foodgrain production and disruptions arising from the implementations of GST. 

• GVA is considered a more accurate index of growth as it excludes the component of taxes and subsidies that go into calculation of the Gross Domestic Product (GDP).

Fitch lowers India’s growth forecast to 6.9%

Fitch Ratings has lowered India’s economic growth forecast for the current fiscal to 6.9 per cent from 7.4 per cent after the GDP growth “unexpectedly faltered” in the April-June quarter. However, it expects the economic activity to accelerate in the second half of the fiscal year.

Global IT spending to hit $3.7 trillion in 2018

According to market research firm Gartner, Global IT spending in India is projected to hit $3.7 trillion in 2018 — a 4.3 per cent increase from 2017.

• Enterprise software and IT services are expected to exhibit strongest growth with 9.4 per cent ($387 billion) and 5.3 per cent ($980 billion) respectively.

SPORTS

Racer Mahaveer Raghunathan becomes first Indian to claim European title

Racer Mahaveer Raghunathan became the first Indian to win a European Racing Championship, when he sped to victory in the last two races of the Boss GP Championship (Formula Class) held at Imola, Italy.

Pooja Kadian hands India its first gold in Wushu World C’ships

Pooja Kadian created history as she bagged India’s first ever gold medal at Wushu World Championships in Russia.

• Pooja, an ace Central Reserve Police Force’s (CRPF) Wushu champion, finished on top of the podium in the 75 kg women’s Sanda Category after defeating Evgeniya Stepanova of Russia in the final.

APPOINTMENTS

Rajnish Kumar to replace Arundhati Bhattacharya as SBI chief next week

The Centre has appointed Rajnish Kumar to head State Bank of India, the country’s biggest bank. Kumar will replace Arundhati Bhattacharya whose term comes to an end this week.

• Kumar, currently a managing director with the bank, joined SBI as a probationary officer in 1980 and has worked in various departments.

ICMR Chief Soumya Swaminathan Appointed WHO Deputy Director General

The World Health Organization (WHO) has appointed Soumya Swaminathan one of two deputy directors general, the first time such a post has been ever created within the organisation. The position is also the highest post held by an Indian in the WHO. Dr. Swaminathan is currently the Director General of the Indian Council of Medical Research (ICMR).

• Dr. Swaminathan has been appointed as Deputy Director General for Programmes and Ms. Jane Ellison, who was Special Parliamentary Adviser to the UK’s Chancellor of the Exchequer, has been appointed as a Deputy Director General for Corporate Operations (DDC).

AWARDS

Nobel Prize in Chemistry awarded for method to visualise biomolecules

The Royal Swedish Academy of Sciences has decided to confer the Nobel Prize in Chemistry 2017 to three scientists for developing a technique to produce detailed images of life’s complex molecular machinery.

• Jacques Dubochet, Joachim Frank and Richard Henderson have thereby received a £825,000 prize for developing an effective method for generating 3D images of life-building structures.
• The technique they developed, called cryo-electron microscopy, has allowed the structure of biomolecules to be studied in high-resolution for the first time, an advance that revolutionised the field of biochemistry.

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