Daily Current Affairs: February 08, 2017

Current Affairs February 8, 2017

RBI keeps repo rate unchanged at 6.25 percent

The Reserve Bank of India announced monetary policy keeping its key policy rate or the repo rate unchanged at 6.25 percent for the second time in a row with reverse repo rate, marginal standing facility rate and the bank rate unchanged respectively.

Key Policy Rates:

  • Repo Rate: 6.25 percent (Unchanged)
  • Reverse Repo Rate: 5.75 percent (Unchanged)
  • Statutory Liquidity Ratio (SLR): 20.50 percent (Unchanged)
  • Marginal Standing Facility (MSF): 6.75 percent (Unchanged)
  • Cash Reserve Ratio (CRR): 4 percent (Unchanged)
  • Bank Rate: 6.75 percent (Unchanged)

Mahindra Lifespace, SBI to create platform on home finance

Mahindra group realty firm Mahindra Lifespace Developers today announced a partnership with State Bank of India (SBI) to set up a platform for providing quicker and convenient financing of home purchases.

  • As part of the Memorandum of Understanding (MoU) signed, the two companies will collaborate to provide exclusive home ownership solutions for customers serviced by each other

Federal Bank partners with Commodity Online for loan distribution

Federal Bank Limited has partnered with online data and information portal Commodity Online for the distribution of loans against warehouse receipts and collateral management services across the country.

RBI to set up separate Enforcement Department

The Reserve Bank said it will set up a separate Enforcement Department beginning next fiscal to deal with non-compliance of various regulations of the central bank and with a view to developing a sound framework and process for enforcement action.

RBI announces setting up of Standing Committee on Cyber Security

The Reserve Bank of India has constituted an inter department Standing Committee on Cyber Security to establish an ongoing system of security review and analysis of the emerging threats to protect the Indian banking system from cyber attacks.

The decision has been taken based on the recommendations of the expert panel on information technology examination and cyber security headed by Meena Hemachandra.

Cabinet approves ‘Pradhan Mantri Gramin Digital Saksharta Abhiyan’ for covering 6 crore rural households

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved ‘Pradhan Mantri Gramin Digital Saksharta Abhiyan’ (PMGDISHA) to make 6 crore rural households digitally literate.

  • The outlay for this project is Rs.2,351.38 crore to usher in digital literacy in rural India by March,.2019. This is in line with the announcement made by Finance Minister in the Union Budget 2016-17.
  • PMGDISHA is expected to be one of the largest digital literacy programmes in the world. Under the scheme, 25 lakh candidates will be trained in the FY 2016-17; 275 lakh in the FY 2017-18; and 300 lakh in the FY 2018-19.

17th International Counter Terrorism Seminar held

17th International Seminar on Counter Terrorism, being organised by National Security Guard, held in Manesar, Haryana.

  • The theme of the two-day seminar is synergizing the national and international Special Forces to meet challenges of terrorism and Improvised Explosive Devices (IED).

Gujarat becomes first state to establish cashless system for PDS

Gujarat has become the first state in the country for establishing cashless system in its public distribution system (PDS) of food grains.

  • The beneficiaries under NFSA (National Food Security Act) will need to carry only Aadhaar cards for getting their food grain in Gujarat.

Yatra.com inks MoU with Andhra Pradesh to promote homestays

Yatra.com has signed a memorandum of understanding with the Government of Andhra Pradesh to promote homestays and enhance tourism in the state through their holiday packages

1.26 lakh people including CM register to become teacher for a day in MP

The ‘Mile Banche Madhya Pradesh’ programme has been getting an overwhelming response with over 1.26 lakh volunteers including MP Chief Minister Shivraj Singh Chouhan besides pensioners, media persons, homemakers and other professionals getting registered to play the role of a ‘teacher’ for a day in government-run schools.

Arunachal Pradesh becomes first state in North East to adopt e-Cabinet solution

Arunachal Pradesh became the first state in the northeast to implement e-Cabinet solution for the state cabinet members. Using this system, the cabinet members can access the cabinet notes before the meeting.

Govt approves Revenue Insurance Scheme for plantation crops

The Commerce Ministry has approved the pilot Revenue Insurance Scheme for plantation crops for protecting the growers from the risks such as yield loss, pest attacks and income decline caused by fall in prices

  • The Price Stabilization Fund (PSF) Scheme, 2003 was closed on September 30, 2013 and Revenue Insurance Scheme for Plantation Crops (RISPC) is an improved form of the PSF

Niti Aayog to rank states on digital metrics

To foster competition among states, the government’s think tank Niti Aayog has decided to rank the states/UTs on the basis of digital transactions.

Gupshup partners with MSEC to launch Mahavoter chatbot

The Maharashtra State Election Board (MSEC) has partnered with Gupshup to launch a chatbot in a bid to increase voter engagement and turnout in the upcoming local body elections.

  • The Mahavoter chatbot on Facebook Messenger will encourage young voters, especially first timers, to go out and vote.

India ranks 43rd out of 45 nations in IP environment

India continues to languish near the bottom in an international intellectual property index, ranking 43rd out of 45 global economies, according to a report by the US Chamber of Commerce’s Global Intellectual Property Center (GIPC).

  • The US ranks on top, followed by UK, Germany, Japan and Sweden respectively.

IAAF Bans Russia From World Athletics Championships In London

Russia will not be part of August’s World Athletics Championships in London after their doping ban was extended by the world governing body.

China becomes world’s largest producer of solar power

China has surpassed Germany to become the world’s largest producer of solar energy after nearly doubling its installed photovoltaic capacity in 2016.

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