Banking & Financial News India & states News

About Atal Tinkering Labs
 Atal Tinkering Labs are dedicated works spaces where students from Class 6th to Class 12th learn innovation

skills and develop ideas that will go on to transform India.

 The labs are powered to acquaint students with up to date equipment such as 3D printers, robotics &

electronics development tools, Internet of things & sensors etc.

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Chhattisgarh govt to distribute 5.5 mn smartphones for free under the Sanchar Kranti Yojana (SKY)
To reduce the digital divide, the Chhattisgarh government has decided to distribute around 5.5 million smartphones for free under the Sanchar Kranti Yojana (SKY).
"The state cabinet in August approved the proposal to distribute free smartphones under the SKY launched in the state to reduce the digital divide," said the state's Industry Minister Amar Agrawal, adding that the distribution would be taken up in two phases.


HDFC becomes the first bank in India to launch DigiPOS
HDFC Bank has become the first bank in India to launch DigiPOS, a Point of Sale (POS) machine that offers a complete suite of digital payment options. DigiPOS will offer customers various digital payment options such as UPI, Bharat QR, SMS Pay and PayZapp, in addition to the facility to pay through debit / credit cards.
The bank has a network of over 4 lakh PoS machines used by 3 lakh merchants across 4000 locations. In the next 3-4 months, HDFC Bank will convert its entire network of over 4 lakh PoS machines to DigiPOS without any investment by the merchants. The pilots are beeing carried out in all four metros with large retailers.


Union Cabinet approves amalgamation of Public Sector Banks through Alternative Mechanism
The Union Cabinet on 23 August 2017 approved amalgamation of Public Sector Banks through an Alternative Mechanism (AM) with an aim to facilitate consolidation among the Nationalised Banks to create strong and competitive banks.
The decision regarding creating strong and competitive banks will be completely based on commercial considerations.
The proposal of Consolidation must start from the Boards of Banks.
The proposals received from the banks for in-principle approval to formulate schemes of amalgamation should be placed before the Alternative Mechanism (AM).

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India-Nepal signed 8 agreements to boost the bilateral relations
India and Nepal on 24 August 2017 signed eight agreements in different areas of mutual benefit including demand reduction and prevention of illicit trafficking in narcotic drugs and cooperation in the field of standardization and conformity assessment among others. The agreements were signed in New Delhi during Nepal Prime Minister Sher Bahadur Deuba visit to India.
Nepal PM Deuba is on a five-day long state visit to in India (23 August to 27 August 2017). The signed agreements will help the two nations to boost the bilateral relations.
List of MoUs/Agreements signed during the visit of Prime Minister of Nepal to India
 MoU on modalities for utilization of India's housing grant component to support reconstruction of 50000

houses

 MoU on implementation of the grant component of India's post-earthquake reconstruction package in the

education sector in Nepal

 MoU on implementation of the grant component of India's post-earthquake reconstruction package in the

cultural heritage sector in Nepal

 MoU on implementation of the grant component of India's post-earthquake reconstruction package in the

health sector in Nepal

 MoU for implementation arrangement on cost sharing, schedules and safeguard issues for construction of

Mechi bridge under ADB's SASEC road connectivity programme (Tranche 2), funded by Union Government

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 MoU on drug demand reduction and prevention of illicit trafficking in narcotic drugs, psychotropic substances

and precursor chemical and related matters

 Agreement on cooperation in the field of standardization and conformity assessment

 MoU between the institute of chartered accountants of India and the institute of chartered accountants of

Nepal

Cabinet Committee on Economic Affairs approves closure of Bharat Wagon and Engineering Company
The Cabinet Committee on Economic Affairs (CCEA) on 23 August 2017 approved the proposal of Union Ministry of Railways to close the Bharat Wagon and Engineering Company Limited (BWEL).
The BWEL is a Central Public Sector Enterprise (CPSE) under the Union Ministry of Railways.
The BWEL's 626 employees will be benefitted from the voluntary retirement scheme to be offered at 2007 pay scale. The Union Government will have to provide one time grant off Rupees 151.18 crore towards severance package and

for clearing the current liabilities of the company.

In view of the continues poor physical and financial performance of the company for more than 10 years, in spite of financial assistance and other support provided by the Ministry of Railways combined with low probability of its revival

in future, the BWEL is being wound up.

Sitharaman sets up Task Force on Artificial Intelligence for Economic Transformation
The Union Government on 25 August 2017 constituted a task force on Artificial Intelligence (AI) for the country's Economic Transformation. The 18-member panel, headed by Dr V. Kamakoti of IIT Madras, will comprise of experts, academics, researchers and industry leaders.
The panel has been asked to explore the possibilities to leverage Artificial Intelligence for development across various fields. The task force will submit concrete and implementable recommendations for government, industry and research institutions.

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In addition to regular members, official participation from the following organizations shall also be requested:

1. 2. 3. 4. 5.

NITI Aayog

Department of Science & Technology

Ministry of Electronics and Information Technology

DRDO UIDAI

Commerce and Industry Minister Nirmala Sitharaman who constituted the task force on Artificial Intelligence said that with rapid development in the fields of information technology and hardware, the world is about to witness a fourth industrial revolution.

She said driven by the power of big data, high computing capacity, artificial intelligence and analytics, Industry 4.0 aims to digitise the manufacturing sector.


Union Government restricts import of gold, silver items from South Korea
The Union government on 25 August 2017 restricted gold and silver imports from South Korea.
The decision was formally announced by the Directorate General of Foreign Trade (DGFT) in the Union Commerce Ministry through a notification, which read, "Imports from South Korea of articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal, articles of goldsmiths' and silversmiths' wares and parts thereof

and coins are restricted."

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The move was made in a bid to check a sudden increase in inbound shipments of precious metals from the country.

The importers will now have to obtain a license from the DGFT for importing gold and silver from South Korea.

India is the world's biggest gold consumer after China and it imposes a 10 percent import duty on gold and silver.
The customs duty does not apply to countries with which India has Free Trade Agreements (FTAs), like South Korea. India had signed a free trade agreement with the nation in January 2010.


Microsoft India to develop 'farm price forecasting model' for Karnataka farmers
The Agriculture Department of Karnataka has signed a Memorandum of Understanding (MoU) with software giant Microsoft India to develop a unique 'farm price forecasting model'.
The first-of-its-kind initiative will use the latest IT tools to aid farmers, administrators and other stakeholders to understand the market behaviour in advance. The move will enable the farmers of Karnataka, who struggle with the

market's unpredictability, to be more prepared.

The project is being supervised by the Karnataka Agriculture Prices Commission (KAPC).
The initiative will be a "multi-variate" platform that will take into consideration various factors beyond conventional supply-demand equation while forecasting prices of crops.
It will examine a number of related factors including weather, rainfall and external factors, which impact market behaviour.


Australian Trade Minister to lead 'Business Week' in India
Australia's Minister for Trade, Tourism and Investment Steven Ciobo will lead a major mission named to India - the second Australia Business Week in India (ABWI) - to India. The mission scheduled to be held from 28 August to 1 September 2017 will aim at deepening the collaboration between the two nations in different fields.
www.exampundit.in Fields that will be covered during the visit include agri-business and food, higher education and research and smart cities and infrastructure, Australia's Minister for Trade, Tourism and Investment.
According to a statement, 2nd ABWI arranged by the Australian Trade and Investment Commission will attract many business leaders. The statement says that over 50 business events and activities with Indian business and government, will take place across the six cities of New Delhi, Mumbai, Kolkata, Bhopal, Bengaluru and Hyderabad.


DIPP releases Consolidated FDI Policy
The Department of Industrial Policy & Promotion (DIPP) on 28 August 2017 released the Consolidated Foreign Direct Investment (FDI) Policy containing all the changes in rules and procedures notified by the Union Government over the past year.
The new consolidated document aims to ensure greater ease of doing business in India and an investor-friendly climate for foreign investors so that the country attracts more FDI.
Highlights of the policy
 The consolidated policy lays down the general conditions on FDI, procedures for government approval and

sector specific conditions on FDI.

 For the first time, the document has included start-ups. As per the norms, start-ups can raise up to 100 per

cent of funds from Foreign Venture Capital Investor (FVCI).

 The start-ups can issue equity or equity linked instruments or debt instruments to FVCI against receipt of

foreign remittance.

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 Person residing outside India (other than citizens of Pakistan and Bangladesh) can purchase convertible notes

issued by Indian start-up company for Rs 25 lakh or more in a single tranche.

 Non Resident Indians can also acquire convertible notes on non-repatriation basis.

 A citizen of Pakistan or an entity incorporated in Pakistan is also barred from investing in defence, space,

atomic energy sectors, etc.

 A start-up company, engaged in a sector that requires government approval for foreign investment, can issue

convertible notes to a non-resident only with approval of the Government.

 The start-up issuing convertible notes will be required to provide reports as prescribed by the RBI.

 It also said the rule allowing foreign airlines to own up to 49 per cent in Indian carriers do not apply to Air

India.


RBI issues new Rs 200, Rs 50 banknotes
The Reserve Bank of India recently introduced two new denomination banknotes of Rs 200 and Rs 50 in the Mahatma Gandhi (New) Series, bearing the signature of RBI Governor Urjit Patel.
Initially, the new Rs 200 notes will be circulated by select RBI offices and some banks. It may not be available through ATMs as they will have to be recalibrated to accommodate the new note.
The demonetisation of higher denomination notes of Rs 500 and Rs 1000 in late 2016 had led to huge currency shortage, as almost 86 percent of the currency in circulation was withdrawn. The shortage backed up by the delay in ATM recalibration had led to full chaos and confusion among the common public.


India, Germany sign a deal to improve grid integration of renewable energy
India and Germany signed an agreement on technical cooperation under the Indo-German Energy Programme - Green Energy Corridors (IGEN-GEC) on 28 August 2017.
www.exampundit.in The agreement was signed between Government of India's Ministry of New and Renewable Energy (MNRE) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH India on behalf of the Government of the Federal Republic of Germany.


Prime Minister Narendra Modi dedicates to nation 11 completed highway projects in Rajasthan
Prime Minister Narendra Modi on 29 August 2017 dedicated to the nation 11 completed highway projects in Rajasthan, covering a total length of about 873 kilometres. The projects include six Lane Cable Stayed Bridge across River Chambal at Kota, four laning of Gomati Chauraha - Udaipur section and four laning of Rajsamand - Bhilwara section.
During his visit to Udaipur, Modi also laid the foundation stone of national highway projects including the Jaipur Ring Road. The total outlay on these projects is estimated to be over Rs 15000 crore.
Speaking on the occasion, Prime Minister Narendra Modi said, Centre is standing shoulder to shoulder with the people of Rajasthan who are battling the floods. He assured all possible support in this connection. The Prime Minister said the number of projects being inaugurated in August is a matter of joy for the people of Rajasthan. He said some of the projects being inaugurated in August were pending for years. Modi said the focus of his government is a timely

completion of projects.

Ministry of Textiles proposes to hold Pan India camps for weavers and artisans
The Ministry of Textiles on 28 August 2017 proposed to organise Pan India camps in handlooms and handicrafts clusters, under the 'Hastkala Sahyog Shivir' initiative.

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According to an official release, the camps will be organized between 7 and 17 October 2017. The initiative is dedicated

to Pandit Deendayal Upadhyay 'Garib Kalyan Varsh', the birth centenary year of Pandit Deendayal Upadhyay - late senior leader of Bharatiya Jana Sangh, the forerunner of the present day Bharatiya Janata Party.

The following services will be provided to the weavers and artisans in these camps:
 Issuance of credit facilities through MUDRA scheme

 Assistance for technological enhancement under Hathkargha Samvardhan Sahayata

 Distribution of modern tool kits and equipments

 Issuance of Yarn Pass Book

 Enrollment under IGNOU/NIOS courses

 Access to Common Service Centre facilities

 Buyer-seller meets and expos
Further, the proposed camps will be organized in more than 200 handloom Block Level Clusters and Weavers' Service Centres and more than 200 handicraft clusters in collaboration with State Governments.


99 per cent of demonetised notes returned: RBI report
The Reserve Bank of India (RBI) on 30 August 2017 released the Status of the Return of SBNs- Reserve Bank of India (RBI) Annual Report 2016-17. The report states that around 99 per cent of the demonetised notes that is Rs 15.28 lakh crore have been returned to the bank.
The high-value currency notes of Rs 500 and Rs 1000 were banned by Union Government in November 2016 as a means to combat counterfeiting, black money and the financing of terrorist activities.
RBI was under intense scrutiny since January 2017 after the window for depositing the withdrawn Rs 500 and Rs 1000 banknotes was closed.
Until 30 June 2017, demonetised notes were received by RBI either directly or from bank branches or post offices through the currency chest mechanism. Some of these notes are still in the currency chests.
www.exampundit.in The value of the Specified Bank Notes (SBNs) received by the currency chests was credited to the banks' account and after an estimation, it was found that Rs 15.28 trillion value of SBNs have been returned.
The currency in Rs 1000 and Rs 500 denomination in circulation was at Rs 15.44 lakh crore before November 2016.
An estimated Rs 16000 crore worth of demonetised notes have not come back to the RBI so far.


Union Cabinet approves equivalence of posts in PSUs, Banks, Insurance companies
The Union Cabinet on 30 August 2017 approved the norms for establishing equivalence of posts in Government, Public Sector Undertakings (PSUs), Banks, Insurance Institutions for claiming benefit of OBC reservations.
This approval came after nearly 24 years. This will ensure that the children of those serving in lower categories in PSUs and other institutions can get the benefit of OBC reservations.
It will prevent treatment of children of OBC category individuals in senior positions as non Creamy Layer by virtue of wrong interpretation of income standards.
The cabinet also approved the increase in the Creamy Layer ceiling of OBCs from Rs 6 lakh per annum to Rs 8 lakh per annum. This increase came with the increase in the Consumer Price Index.


Joint Proposal by India & China in WTO on Aggregate Measurement of Support

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India and China have jointly submitted a proposal to the World Trade Organisation (WTO) calling for the elimination

of the most trade-distorting form of farm subsidies, known as Aggregate Measurement of Support (AMS) as a prerequisite for consideration of other reforms in domestic support negotiations.

The proposal is significant in view of the ongoing negotiations for the upcoming 11th Ministerial Conference of the WTO, which is scheduled to be held in Buenos Aires in December 2017. It counters the efforts of some countries to

target the subsidies of the developing countries while letting the developed countries retain their huge farm subsidies.

Union Cabinet approves MoU on India-Israel Industrial R&D and Technological Innovation Fund
The Union Cabinet, presided by Prime Minister Narendra Modi, on 30 August 2017 approved a Memorandum of Understanding (MoU) between India and Israel.
The MoU is on India-Israel Industrial R&D and Technological Innovation Fund (I4F), which was concluded in July 2017.
As per the terms and conditions of the MoU, India and Israel will make a contribution of four million US dollars each for the Fund annually for five years.


Amazon to help implement Karnataka's Ksheera Bhagya Scheme
Amazon on 30 August 2017 announced a partnership with the Akshaya Patra Foundation to implement the Karnataka Government's Ksheera Bhagya Scheme in the city.
Under the scheme, the school children of the city would be provided a glass of milk each five days a week. This scheme ensures that children start their day in school with a healthy glass of milk, which is rich in protein and fat, essential for healthy growth and all-round development of children.


Bihar government releases Rs 1935 Cr to undertake relief operations in flood-hit areas
www.exampundit.in The state government of Bihar has released Rs 1935 Cr to undertake relief operations in flood affected areas of the state.
The decision was taken by the state cabinet, which was chaired by the state's Chief Minister, Nitish Kumar.
The released fund would be utilised for:
 Payment of ex-gratia to the families of the deceased.

 Monetary assistance of Rs 6000 per affected family.

 Operation of relief camps for those affected by the disaster.

 Arrangement of food for people and fodder for cattle.

Besides this, Prime Minister Narendra Modi after making an aerial survey of the affected areas, announced Rs 500 Cr as immediate relief for the flood-hit state. Modi also announced Rs 2 lakh each for the kin of those who died in the course of the disaster.


News related to India & states


Karnataka to create ecosystem for using nanotechnology across verticals
The state government of Karnataka would be creating an ecosystem to bring all stakeholders to use nanotechnology across verticals including energy, medicine, engineering, transport and communication.

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The information was shared by renowned scientist C N R Rao at a preview of the 'Bengaluru India Nano 2017' on 2

November 2017 in Bengaluru. "Our endeavour is to create an ecosystem for bringing industry, research and academia on one platform with the state government support to use nanotechnology and nano science across verticals," said

Rao.


President inaugurates 21st World Congress of mental health
The 21st World Congress of Mental Health was inaugurated by President Ram Nath Kovind in New Delhi on 2 November 2017.
The conference was organised by the World Federation for Mental Health in partnership with Caring Foundation and other institutions.
Speaking on the occasion, the President said that the World Congress of Mental Health is taking place in India for the first time and it has come here at an appropriate moment.
The main theme of the conference is 'Partnerships for Mental Health'.


Indo-Kazakhstan bilateral military exercise PRABAL DOSTYK 2017 begins
The bilateral military exercise between India and Kazakhstan 'PRABAL DOSTYK 2017' began on 2 November 2017 at Bakloh, Himachal Pradesh.
Literally defined as 'Robust Friendship', 'Prabal Dostyk 2017' is second edition of the joint military training exercise between both countries.
The first edition of exercise was held in Karaganda region of Kazakhstan in September 2016.
The fourteen day PRABAL DOSTYK is aimed at enhancing the military ties between the two countries for achieving interoperability between the two armies.
www.exampundit.in It also aims to acquaint both forces with each other's operating procedures in the backdrop of counter insurgency and counter terrorism operations under UN mandate.


Google opens first India data centre in Mumbai
Google, the information technology giant, opened its first data centre in India on Wednesday, offering customers the ability to host applications and store data locally. This is part of its effort to compete with global rivals Amazon and Microsoft in this country's fast-growing cloud services space.
Located in Mumbai, Google says the data and applications hosted at its new data centre will help reduce latency (the term in a computer network for the time it takes for a packet of data to get from one designated point to another) by 20-90 per cent for end-users in Mumbai, Chennai, Bengaluru and Hyderabad. The company will also allow users to pay in rupees.


Indian Air Force to participate in air exercise 'Blue Flag-17' in Israel
The Indian Air Force (IAF) would be participating in a two-week-long multilateral air exercise- 'Blue Flag-17'- in Israel starting from 2 November 2017.
According to an official statement by the Defence Ministry, a 45-member contingent of the air force left to take part in the exercise on 31 October 2017. The team led by Group Captain Maluk Singh VSM consists of personnel from

various combat elements of the IAF.

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This is the first time that the Indian Air Force would be operating with its counterpart in Israel in a multilateral exercise

setting since diplomatic relations were established between the two countries in 1990.


Haryana government announces lifetime pensions for 'Hindi Satyagrahis'
The state government of Haryana on 31 October 2017 announced lifetime monthly pension of Rs 10,000 for 'Hindi Satyagrahis' and those from the state who were jailed during the Emergency.
The state government also announced that it would be providing enhanced financial assistance to World War-II veterans and their widows. Besides this, the state's Chief Minister, Manohar Lal Khattar announced 10 hours electricity supply to farmers starting from 1 November 2017.


BRO builds world's highest motorable road in Ladakh
The Border Roads Organisation (BRO) has constructed the world's highest motorable road in Ladakh region of Jammu and Kashmir, passing through Umlingla Top at a height of over 19,300 feet.
The feat was achieved under 'Project Himank' of the organisation. Congratulating the BRO personnel for completing the herculean task, Chief Engineer, Project Himank, Brigadier D M Purvimath, said that constructing the road at an altitude of over 19,300 feet was filled with life threatening challenges.


Union Government announces the launch of Food Regulatory Portal and Nivesh Bandhu portal
Union Minister of Food Processing Industries Harsimrat Kaur Badal on 1 November 2017 announced the launch of the Food Regulatory Portal and Investor Facilitation Portal "Nivesh Bandhu" while chairing the Press Conference detailing

about the World Food India 2017 Expo.

World Food India Expo is a mega event which would showcase the entire value chain in the food sector.
www.exampundit.in 'Food Regulatory Portal'
 MoFPI and FSSAI will jointly launch the 'Food Regulatory Portal', a single interface for food businesses to cater

to both domestic operations and food imports.

 Food Regulatory Portal will be a game changer for effective and transparent implementation of the food safety

laws in the country.

 The portal is strategically aligned with Union Government's mission of One Nation, One Food Law to create an

enabling environment for businesses to operate.