Daily Current Affairs 7th February, 2018

Daily Current Affairs 7 February 2018 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

60 Solar Cities to be developed across country

The Ministry of New and Renewable Energy under its scheme “Development of Solar Cities” has approved/sanctioned 60 Cities including 13 Pilot and 5 Model Cities up to 12th Five-year Plan period.

President Ram Nath Kovind Inaugurates Mahamastakabhisheka Utsav

The President of India Ram Nath Kovind inaugurated the 88th Mahamastakabhisheka Utsav of Lord Gomateshwara in Hassan district of Karnataka.

• Mahamastakabhisheka of Gommateshwara, who is also known as Bahubali takes place once in 12 years. It is an important Jain pilgrimage centre and lakhs of tourists visit Shravanbelagola to see 57 feet tall monolithic stone statue.

Odisha gets Rs 5,252 cr for railway projects

The union government has allocated Rs 5,252 crore in the Union Budget 2018-19 for railway projects in the state as against the state’s demand for Rs 6,500 crore.

• It received Rs 150 crore more compared with last year’s budget, which is the highest ever allocation for Odisha in any Budget pertaining to railways.

Rs 100 cr in Budget for development of 800 MW advanced boiler

The development of 800 MW advanced ultra super critical thermal power plant project got Rs 100 crore for next year from the Department of Heavy Industry with a target to finalise the turbine design, as per 2018-19 budget papers.

First-Ever Pelican Festival Held At Atapaka Bird Sanctuary In Andhra Pradesh

The Andhra Pradesh government has decided to hold the first-of-its-kind, one-day Pelican Festival at the Atapaka Bird Sanctuary on Kolleru.

• Kolleru is one of the largest freshwater lakes in the country. Atapaka village is located on the borders of the Krishna and the West Godavari districts.

INTERNATIONAL NEWS

SpaceX successfully launches world’s most powerful rocket

Business tycoon Elon Musk’s SpaceX has created history by successfully launching the Falcon Heavy rocket, the most powerful operational rocket in the world, into outer space.

• The rocket, which is on its course to the orbit of planet Mars, is the first step in Musk’s ambitious dream to send humans to Mars and create a colony on the planet.

BANKING & FINANCE

India FY2019 fiscal deficit to come in at 3.5% of GDP: Report

According to the report by BMI Research, a unit of Fitch Group, India’s fiscal deficit is expected to come in at 3.5 per cent of GDP in financial year 2018-19, as policymakers seek to promote economic growth by reducing the pace of fiscal consolidation.

RBI to set up ombudsman for non-banking finance companies

The Reserve Bank of India announced setting up ombudsman for addressing customer grievances in the non-banking finance companies.

• RBI will start with deposit taking NBFCs and widen the scope to cover NBFCs with asset size of Rs 100 crore.
• Banking ombudsman is a quasi judicial authority, created to resolve customer complaints against banks relating to certain services provided by them. The Banking Ombudsman Scheme is operational from 1995.

ECONOMY

RBI keeps key interest rate unchanged at 6% with neutral stance

The Reserve Bank of India (RBI) kept its key interest rate unchanged at 6 per cent for the fourth time in succession at its final bi-monthly monetary policy review of the fiscal, citing concerns about the inflationary push by rising global crude oil prices.

Current Monetary Policy Rates:

• 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): Unchanged at 19.5%

Inflation projected at 5.1-5.6% in the next fiscal

The Reserve Bank of India (RBI) revealed that the estimated inflation for first half of the next fiscal would stand at 5.1 to 5.6 percent. However, RBI Governor Urjit Patel noted that it may ease to 4.6 percent, likely in the second half.

RBI to link Base Rate with Marginal Cost of Lending Rate

To speed up retail transmission by banks of the central bank’s cuts in the lending rate, the Reserve Bank of India (RBI) said that it will link the Base Rate with the Marginal Cost of Funds-based Lending Rate (MCLR) from the next fiscal.

• The RBI introduced the MCLR from April 1, 2016, as a system working in tandem with its policy rates, which commercial banks have been slow in accepting, preferring to continue with the Base Rate regime.
• As per RBI guidelines, banks have to prepare their MCLR which would serve as the internal benchmark lending rate.

BUSINESS

Mumbai Dabbawalas partner with Paytm Payments Bank

Paytm Payments Bank, a digital bank which provides zero balance accounts and zero charges on digital transactions, partnered with the Mumbai Dabbawala Association, the pioneers of home-cooked food delivery.

• As part of this association, around 5000 dabbawalas will now be able to collect instant payments for their Dabba service through Paytm QR. Additionally, they will also avail an easy access to banking and other financial services by opening their bank accounts with Paytm Payments Bank.

Hike, Airtel partner to launch ‘Total’ service for smartphones

• Homegrown messaging app Hike Messenger partnered with telecom service provider Airtel to embed its “Total” service on mobile phones under the latter’s “Mera Pehla Smartphone” programme.

SPORTS

Jhulan Goswami 1st woman in the world to take 200 ODI wickets

Indian women’s cricket team pacer Jhulan Goswami has become the first woman in the world to take 200 wickets in ODI cricket. Goswami achieved the feat playing in her 166th ODI against South Africa.

• Goswami had become the leading wicket-taker in women’s ODIs in May last year, overtaking former Australian pacer Cathryn Fitzpatrick’s record of 180 wickets.

APPOINTMENTS

Hardayal Prasad appointed as SBI Card MD & CEO

SBI Card, the country’s second largest credit card issuer, has appointed Hardayal Prasad as new Managing Director & Chief Executive Officer.

OBITUARY

Kathakali maestro Madavoor Vasudevan Nair passes away

Kathakali maestro Madavoor Vasudevan Nair has passed away. He was 89. He was a recipient of several awards including Padma Bhushan.

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