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Union Minister launches Sampoorna Bima Gram Yojana
The Union Minister for Communications, Manoj Sinha on 13 October 2017 launched the Sampoorna Bima Gram (SBG) Yojana, an initiative for expansion of client base of Postal Life Insurance.
During the launch, the Minister said that Prime Minister Narendra Modi's vision to provide banking services through the postal network needs to be taken forward to provide affordable life insurance services to people living in rural areas of the country. He said that all villages under the Saansad Adarsh Gram Yojana will be brought under its ambit.
About Sampoorna Bima Gram Yojana
 Under the Yojana, at least one village having a minimum of 100 households will be identified in each of the

revenue districts of the country.

 Following this, effort will be taken to cover all households of that identified village with a minimum of one

RPLI (Rural Postal Life Insurance) policy each.

 The main objective of the scheme is to cover all households in the identified Sampoorna Bima Gram village.

 Under the scheme expansion of clientele base of PLI, it has now been decided that benefits of PLI will no more

be confined to Government and semi-Government employees, but will also be available to professionals such as Doctors, Engineers, Lawyers, Charted Accountants and Bankers.

 The decision has been taken to expand the cover of social security and bring maximum number of people

under the protection of Postal Life Insurance (PLI).

 These major initiatives being undertaken by Department of Posts are expected to serve as an instrument of

securing lives of people as well as enhancing financial inclusion.
Postal Life Insurance (PLI)
 The scheme, which was introduced in 1884, is one of the oldest life insurance schemes introduced for the

benefit of Government and semi-Government employees.

 The Rural Postal Life Insurance (RPLI) was introduced on 24 March 1995 on the recommendations of Malhotra

www.exampundit.in Committee.

 The scheme provides insurance cover to people residing in rural areas, especially weaker sections and women

living in rural areas.

 The main highlight of the schemes include Low Premium and High Bonus.

 Till 31 March 2017, there were 46.8 lakh PLI and 146.8 lakh RPLI policies across the country.

HDFC Bank launches SmartUp zones to nurture, collaborate with start-ups
HDFC Bank wants to become the 'Go To' bank and preferred banker for the start-up community in the country, a top executive of the private sector bank said.
Towards this end, HDFC Bank on Thursday announced the launch of SmartUp zones in its branches across India.
"We have now completely revamped our offering for start-ups. Our aim is to become the Go-to Bank and preferred banker in the start-ups community. Numbers will follow," Smita Bhagat, Senior Executive Vice-President and Head of

E-Commerce and Branch Banking, HDFC Bank, told BusinessLine in an interview here.

A SmartUp Zone is an exclusive area inside the branch dedicated to start-ups. In the first phase, SmartUp zones will be launched in over 65 branches in 30 cities including Tier-2 and-3 cities that are emerging as start-up hubs.


CCEA approves SANKALP & STRIVE Schemes to boost Skill India Mission

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The Cabinet Committee on Economic Affairs (CCEA) on 11 October 2017 approved two World Bank supported schemes

Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) and Skill Strengthening for Industrial Value Enhancement (STRIVE) to boost Skill India Mission.

SANKALP is Rs 4455 crore centrally sponsored scheme including Rs 3300 crore loan support from World Bank whereas STRIVE is a Rs 2200 crore central sector scheme with half of the scheme outlay as World bank loan assistance.
SANKALP and STRIVE are outcome focused schemes.
Highlights of STRIVE scheme
 STRIVE scheme will incentivize ITIs to improve overall performance including apprenticeship by involving

SMEs, business association and industry clusters.

 It will develop a robust mechanism for delivering quality skill development training by strengthening

institutions- State Skill Development Missions (SSDMs), National Skill Development Corporation (NSDC), Sector Skill Councils, ITIs and National Skill Development Agency (NSDA) etc.

 It will support universalization of National Skills Qualification Framework (NSQF) including National Quality

Assurance Framework (NQAF) across the skill development schemes.

 It will provide the required push to the National Skill Development Mission 2015 and its various sub missions.
Highlights of SANKALP scheme
 SANKALP envisages setting up of Trainers and Assessors academies with self-sustainable models. Over 50 such

academies are to be set up in priority sectors.

 It will leverage institutions for training the trainers in both long & short term VET thereby bringing about

convergence. Additional trainer academies will also be set up.

 Greater decentralization in skill planning will be ensured by institutional strengthening at the State level which

includes setting up of SSDMs and allowing states to come up with District and State level Skill Development Plans (DSDP/SSDP).

 It aims at enhancement of inclusion of underprivileged and marginalized communities including women,

Scheduled Castes (SCs), Schedule Tribes (STs) and Persons with Disabilities (PWD).

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Union Cabinet approves signing of the MoC between India and Japan on establishing LNG Market
The Union Cabinet on 11 October 2017 approved the signing of the Memorandum of Cooperation (MoC) between India and Japan for establishing a liquid, flexible and global Liquefied Natural Gas (LNG) Market.
The MoC will promote bilateral relationship between India and Japan in the energy sector.
It will contribute to the diversification of gas supplies for India.
It will strengthen the energy security and lead to more competitive prices for consumers.
It will provide a framework to cooperate in facilitating flexibility in LNG contracts and abolition of Destination Restriction Clause.


India to send 3-lakh youth to Japan for on-job training
Under the government's skill development programme, India will send 3-lakh youth to Japan for on-job training for 3- 5 years, Union Minister Dharmendra Pradhan said.
The Union Cabinet has approved signing of Memorandum of Cooperation (MoC) between Japan and India on the 'Technical Intern Training Program (TITP)'.
The Technical Intern Training Program (TITP) is an ambitious program to send one Lakh Indian technical interns to Japan for on the job training for a period of 3-5 yrs.

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These youth will work in the Japanese ecosystem and will get employment opportunities there along with

accommodation facility.

It is also expected that about 50,000 out of one lakh interns may also get jobs in Japan.


Deutsche Bank launches India's first paperless import payments system
Deutsche Bank announced that it has launched the first paperless import payment solution in India with its TradePay system.
Deutsche Bank's TradePay uses the Reserve Bank of India's Import Data Processing and Monitoring System (IDPMS) to verify import payments by checking them against details made available by the client on the system, eliminating the need for clients to share any physical documentation.
The data is then enriched by the client to meet regulatory requirements, validated by Deutsche Bank and converted into a payment-ready state.


National Investment and Infrastructure Fund inks pact worth $1 b with Abu Dhabi Investment Authority
The National Investment and Infrastructure Fund (NIIF) of India on Monday said it has signed an investment agreement worth $1 billion with Abu Dhabi Investment Authority (ADIA).
The government has set up NIIF with the aim to attract investments from both domestic and international sources for infrastructure development in commercially viable projects.
"As part of the comprehensive partnership agreement, ADIA will become the first institutional investor in NIIF's Master Fund and a shareholder in National Investment and Infrastructure Limited, the NIIF's investment management

company," the NIIF said in a statement.

www.exampundit.in India to have 530 mn smartphone users by 2018: Study

With a rise in smartphone ownership globally, China will have highest number of smartphone users, 1.3 billion, in 2018, followed by India with 530 million users.
The US will be a distant third, with 229 million users.
According to a new study by US-based media agency Zenith, smartphone ownership globally will continue to expand in 2018.
The agency said that 66 per cent of individuals in 52 countries will own a smartphone in 2018 — up from 63 per cent in 2017.
Zenith estimated that 59 per cent of all internet ad spending will go to ads viewed on mobile devices in 2017.


MCX launches India's first commodity options in gold
The Multi-Commodity Exchange of India Ltd (MCX) on Tuesday launched India's first commodity options in gold, giving stakeholders a new set of financial instruments to hedge their price risks.
Launched by Union Finance Minister Arun Jaitley in New Delhi on the auspicious day of Dhanteras, the gold options received an encouraging response on Day 1.
The total traded notional value for gold options stood at ₹1,259 crore, while the total traded volume totalled 4,220 lots (1 kg each).

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MCX has currently launched a Gold Option contract, keeping Gold (1 Kg) futures as the underlying asset, with expiry

on November 28, 2017 and January 29, 2018.

Oil minister Pradhan launches Piped Natural Gas project in Odisha
Oil Minister Dharmendra Pradhan on Friday launched supply of Piped Natural Gas (PNG) project under 'Pradhan Mantri Urja Ganga' (PMUG) in Odisha.
With this, GAIL started supply of environment-friendly PNG to 255 houses in Nalco Nagar located at Chandrasekharpur area in the state capital here. The supply of PNG to a limited households was done ahead of its schedule in March 2018.
PMUG will pass through five states like Uttar Pradesh, Bihar, Jharkhand, Odisha and West Bengal. The longest stretch of the project, which is about 769 km, will be built in Odisha.


Assam to host Global Investors Summit in February, 2018
Assam would be hosting its first Global Investors Summit in Guwahati from 3- 4 February 2018. It would be inaugurated by Prime Minister Narendra Modi.
The state government plans to utilise the event to showcase Assam's business potential with attractive policies in order to attract more investments. The decision was taken during the state's cabinet meeting, which was held recently.
Besides this, cabinet also approved amendments to Preferential Purchase Policy to boost businesses of the micro, small and medium enterprises (MSME).


Gujarat signs MoUs worth 10,400 Cr with 3 companies under Make in Gujarat
www.exampundit.in The state government of Gujarat on 17 October 2017 signed 3 MoUs worth Rs 10,400 Cr with three companies that have the potential of creating 21,300 job opportunities in the state.
The MoU's were signed under the Make in Gujarat initiative in the presence of the state's Chief Minister, Vijay Rupani. The three companies that signed the MoUs include United Phosphorous Limited (UPL), Grasim Industries Limited (GIL) and Arvind Limited.
First MoU
 The state signed a MoU worth Rs 6000 Cr with United Phosphorous Limited. According to the pact, the

company will set up a plant to produce agro-chemicals and intermediates at Gujarat Industrial Development Corporation's (GIDC) Chemical Zone in Dahej.

 The GIDC would be providing the company with a 6 lakh sqm land to set up the chemical plant.

 This project will provide skill development and employment opportunities to more than 10,000

unemployed youth.

 UPL has big chemical projects in nine different countries including China and France.

Second MoU
 The Industries and Mines Department of Gujarat has signed a MoU worth Rs 4100 Cr with Grasim

Industries Ltd (GIL) who are producers of manmade fibre to set up two fibre manufacturing plants.

 The plants will be set up at Kharach-Kosamba and the other at Vilayat in Bharuch district.

 The two units are expected to generate employment opportunities for around 1300 people.

 The units will be operational by 2018 and 2020.

 As a result of these units, there will be enough opportunities to develop other small enterprises and the

transport sector.
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Third MoU
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The final MoU worth Rs 300 Cr was signed with textile manufacturer Arvind Limited. The apparel company has agreed to set up a garment manufacturing unit at Dehgam near Gandhinagar.

The company plans to start the project by September 2018.

The unit aims to achieve an annual production of 2.40 Cr of shirts and jeans.

The manufacturing unit has the potential to create 10,000 jobs, among which 80 per cent will be for

women, as a majority of women are employed in the Garment and Apparel sector.

The MoU was been signed days after the state government announced its new garments and apparel

policy.

Income Tax Department launches 'online chat' to address taxpayer's queries
The Income Tax Department has launched an online chat service for taxpayers to answer their basic queries and doubts relating to direct tax issues.
The initiative is aimed at enhancing taxpayer services in the country. A team of experts from the department and independent tax practitioners has been deputed to answer the general queries of a taxpayer.
Users can enter the chat room by providing their email-id and ask questions as a guest.
The feature also gives an option to the taxpayers for emailing the entire chat to their email ids for future reference.


India signs MoC with Japan on Technical Intern Training Programme
India on 17 October 2017 signed a Memorandum of Cooperation (MoU) with Japan on Technical Intern Training Programme (TITP).

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The MoC was signed by Dharmendra Pradhan, Union Minister for Petroleum & Natural Gas and Skill Development and Entrepreneurship and Katsunobu Kato, Japanese Minister of Health, Labour and Welfare of Japan at the Ministry of Health Labour and Welfare in Tokyo, Japan.
The pact was signed during the visit of the Union Minister Skill Development Minister to Tokyo.
Key Highlights
 Under the programme, India will send 3-lakh youth to Japan as technical interns for on-the-job training

for a period of 3-5 years.

 The MoC is expected to boost bilateral cooperation between India and Japan in the field of skill

development.

 India is the third country with which Japan has signed the MoC as per the requirements of the Technical

Intern Training Act scheduled to enter into force in November 2017.

 According to Japan's official data for 2016, approximately 2.3 lakh technical intern trainees from multiple

countries are on training in the island nation.

 In 2016, about 1, 08,709 technical interns entered Japan from various partner countries such as Vietnam,

China and Indonesia that account for large numbers.

Chhattisgarh government reduces interest on loan given to women under Saksham Yojna
The state government of Chhattisgarh has reduced the rate of interest on loan given to women and their self-help groups under Saksham Yojna.

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The rate of interest on loans has been cut from 6.5 per cent to 5 per cent to benefit more women and their SHGs under

the Yojna. The decision was taken by the state's Women and Child Development Minister, Ramsheela Sahu while chairing a meeting of the governing body of Chhattisgarh Mahila Kosh (CMK) at Raipur.

The initiative will allow the women and SHGs to easily avail the loan facility for self-employment and thereby become self-dependent.


EPFO launches new facility to link UAN with Aadhaar online
The Employees' Provident Fund Organisation (EPFO) on 18 October 2017 launched a new online facility for its members to make it easier for them to link their 12-digit unique Aadhaar number with their Universal Account Number.
The new initiative will facilitate the EPFO members to link their respective Universal Account Number (UAN) and other relevant details with Aadhaar online. The main objective behind the development is to ensure better and speedy EPFO services.


Bharti Airtel to acquire Tata's consumer mobile business
Tata Sons Ltd will sell its consumer mobile business to India's largest telecom operator Bharti Airtel Ltd virtually for free, as part of the group chairman's strategy to exit businesses which have been a prolonged drag and have little

visibility of future profits.

Airtel is acquiring the assets on a debt-free, cash-free basis, except for it assuming a fraction of the unpaid spectrum fees that the Tata group owes to the department of telecommunications (DoT), the companies said in a joint statement

on Thursday.

The telecom industry, particularly smaller operators such as Tata Teleservices Ltd, has been hobbled by a crippling price war after the entry of Reliance Jio Infocomm Ltd, backed by India's richest man Mukesh Ambani.

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IndusInd Bank to acquire microlender Bharat Financial for Rs15,500 cr
Hinduja group promoted IndusInd Bank Ltd and microlender Bharat Financial Inclusion Ltd (BFIL) have agreed to merge, in what the two lenders say, would bring in synergies and reduce costs.
IndusInd Bank Ltd on Saturday signed an all-share deal to buy Bharat Financial Inclusion Ltd for close to Rs15,500 crore ($2.4 billion), boosting its presence in microfinance lending and rural banking.
IndusInd will give Bharat Financial's shareholders 639 of its shares for every 1,000 shares they own in the microfinance lender, according to a joint statement issued by the companies.


ICICI Bank's AI-powered chatbot iPal completes 6 million responses, interacts with 3.1 million customers in eight

months
ICICI Bank launched its artificial intelligence-powered chatbot, named iPal, in February 2017. Eight months since the launch, the bank has released some numbers: Six million queries answered and 3.1 million customers have interacted with the bot, which managed a 90 percent accuracy rate. According to ICICI Bank, the fact that its AI-led chatbot service is offered both on the mobile app as well as on its website makes it the first bank in India to do so.
According to some numbers released by the bank, iPal addresses close to 1 million queries a month on the website and the app. It is available 24x7 and is available to domestic as well as NRI customers.


SBI launches India's first bond index series in UK
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State Bank of India (SBI) launched India's first bond index series for overseas investors at the London Stock Exchange

(LSE).
The FTSE SBI Bond Index Series, launched by India's largest commercial bank along with global index and data provider FTSE Russell, is positioned as a first-of-its-kind transparent benchmark for investors in international markets to analyse India's government bond market.
"In respect of the Indian government bond market, we didn't have any international indices on which the international investors could take a call. With the launch of this index alongside FTSE Russell, our intention is to give people a benchmark based on which they can make investment calls," SBI Chairman Arundhati Bhattacharya said at the launch

ceremony at the LSE on Friday.

The FTSE SBI Bond Index Series "demonstrates SBI's commitment to play befitting leadership role" in development of India's bond market, SBI said in a statement.


India, Switzerland sign two MoUs for technical cooperation in Railways
India and Switzerland on 31 August 2017 signed two Memorandums of Understanding (MoUs) in the field of Railways.
The two MoUs were signed between Ministry of Railways and Swiss Confederation after high-level talks between Indian Prime Minister Narendra Modi and Doris Leuthard, President of Swiss Confederation during her visit to New Delhi.
The MoU was signed between Ministry of Railways and Federal Department of the Environment, Transport and Communications of the Swiss Confederation for technical cooperation in Rail Sector.
It was signed by Ashwani Lohani, Chairman Railway Board and Andreas Baum, Swiss Ambassador to India in the presence of Indian Prime Minister and Swiss President.
The second MoU was signed between Konkan Railway Corporation Limited (KRCL) and Swiss Federal Institute of Technology (ETH) Zurich.
www.exampundit.in It was signed by Sanjay Gupta, Chairman and Managing Director (CMD) of Konkan Railway Corporation Ltd. (KRCL) and Prof. Sarah Springman, Rector of ETH Zurich.


PM Modi inaugurates annual conference 'Rajaswa Gyan Sangam' in Delhi
Prime Minister Narendra Modi inaugurated the annual conference, Rajaswa Gyan Sangam, 2017 at Vigyan Bhawan, New Delhi on 1 September 2017.
The conference, jointly organised by the Central Board of Direct Taxes and the Central Board of Excise and Customs, will be held from 1 to 2 September 2017. Modi inaugurated the function in the presence Union Finance Minister and

Ministers of State (Finance).

The Prime Minister addressed the tax administrators during the conference. The closing function would be conducted on 2 September 2017.
The conference would host several Joint Sessions of the officers of the two Boards.
One of the plenary sessions will be addressed by Sadhguru Jaggi Vasudev on the first day. He would be speaking on 'Inner Engineering - Technologies for Well Being'.
Central Vigilance Commissioner K V Chowdary would be addressing the joint session on the second day.


New Development Bank approves USD 1.4 billion loan for projects in India, China and Russia

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The New Development Bank (NDB) in the last week of August 2017 approved USD 1.4 billion loans for sustainable

development projects in India, China and Russia.

The Board of Directors of the Bank approved four infrastructure and sustainable development projects in the three countries.
The loans were approved ahead of the BRICS Summit to be held in Xiamen city of China from 3 September to 5 September 2017.
Key highlights
 For India, the ADB approved USD 470 million loan for Madhya Pradesh's Multi-Village Rural Drinking Water

Supply Scheme Project.

 The other loans approved included China's Hunan Green Area Watershed Environmental Development

Project, which would get two billion yuan to enhance flood control, and improve water quality in Xiang River watershed.

 In addition, China's Jiangxi Industrial Low-Carbon Restructuring and Green Development Pilot Project will get

a USD 200 million loan to promote energy conservation, resources recycling and pollutants reduction through technology upgrade.

 The Bank will also provide a USD 460 million loan to the Russian Federation for the development of

infrastructure and implementation of information technology systems of Russia's judicial system in Russia.