Current Affairs Daily Updates: 01 March 2018

Mentor for Bank Exams

  • K S Dwivedi is the new DGP of Bihar.
  • PNB appointed A K Pradhan as Group Chief Risk Officer.
  • Sudhir Tripathy is the new Jharkhand Chief Secretary.
Banking and Economy
1. Indian economy grows 5-quarter high of 7.2% in Oct-Dec quarter:
  • In the third quarter of FY 2017-18, Indian economy grew at 7.2% which was highest in last 5 quarters.
  • With this India regained the status of fastest growing economy.
  • The economy is expected to grow at 6.6% in the entire financial year ending this March as per the estimate of Central Statistical Organization (CSO). The earlier estimate was 6.5%.
  • Last year (FY 2016-17), the economy grew at 7.1%.
  • IMF in its latest update predicted a growth rate of 7.4% for FY 2018-19.
2. Indian economy to grow at 7.6% in 2018-19: Moody’s
  • Moody’s has estimated India’s growth projections to be at 7.6% in 2018 and 7.5% in 2019.
  • It said the Indian economy is starting to recover from the disruptions caused by demonetization and GST.
  • According to the Economic Survey, the economy is likely to grow at 7-7.5% in 2018-19.
  • Last year, Moody’s Investors Service upgraded India’s sovereign bond rating for the first time in nearly 14 years.
About Moody’s:
Moody’s is a well known credit rating agency. Along with Standard & Poor (S&P) and Fitch, it is considered one of the three big credit rating agencies.
Headquarter- New York, USA                         founded in 1909
3. Core sector grows at 6.7 % in January:
  • The eight core sectors -coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity
  • These core sectors grew at 6.7% in January as against 4.2% in December.
  • These sectors constitute around 41% weightage of Index of Industrial Production (IIP) which reflects health of manufacturing sector.
  • IIP is released by Central Statistical Office (CSOevery month.
  • Base year- 2011-12
  • Components- MiningManufacturing (maximum weightage about 77%), electricity
4. India ranks 47th in Inclusive Internet Index:
  • India is ranked 47th out of 86 countries in Inclusive Internet Index 2017.
  • The report was published by Facebook’s Economic Intelligence Unit (EIU).
  • In 2017, India had ranked 36th.
  • Sweden has topped the chart followed by Singapore and USA.
  • Apprximately 8 billion people in the world still don’t have access to internet.

5. EPFO makes online claim mandatory for claims above 10 lakhs:
  • Employment Provident Fund Organization (EPFO) has made it mandatory to file online claims for provident fund withdrawal above Rs 10 lakhs.
  • It has also made it mandatory to file online claims for withdrawals of above Rs 5 lakh under the Employees Pension Scheme 1995.
  • It is another step towards digitization and paperless transaction.
  • Recently EPFO launched a new initiative to link UAN to Aadhar through UMANG app.
About EPFO:
It is one of the largest social security organization of India formed under Employees' Provident Fund and Miscellaneous Provisions Act, 1952.
It has more than 6 crore subscribers and manages a corpus of around Rs 10 lakh crore.
It has launched Universal Account Number (UAN) for all its subscriber for portability across employers.
6. Catholic Syrian Bank ties up with Celebrus:
  • The Catholic Syrian Bank Ltd (CSB) has tied up with Celebrus Capital Ltd (Celebrus), to offer CSB’s customers online trading and demat services.
  • Now CSB’s customers will be able to open a Celebrus trading account free of cost and also enjoy preferred rates on brokerage charges/AMC fees on the demat account.
  • CSB customers will have access to Celebrus’ mobile trading and investment platform – LEAP.
What is demat account?
Just like a bank account is used to store your saving of money, similarly demat account is used to store your financial instruments like shares, bonds, mutual fund etc. And these are stored in electronic or DEMATerialized form, hence the name.
AMC fees is the fees charged by Asset Management Companies for your mutual fund investment.
National Affairs
1. Continuation of PM's Employment Generation Programme approved for three more years:
  • The government today approved the continuation of Prime Minister's Employment Generation Programme (PMEGP).
  • It will be extended beyond the 12th Plan period for three years to 2019-20 with a total outlay of Rs 5,500 crore.
  • The scheme will create sustainable employment opportunities for 15 lakh persons in three financial years.
  • The Khadi and Village Industries Commission (KVIC) is the nodal implementation agency for the PMEGP at the national level.
What is PMEGP?
It is a credit-linked subsidy programme aimed at generating self-employment opportunities through establishment of micro-enterprises in the non-farm sector by helping traditional artisans and unemployed youth.
2. Cabinet approves Trafficking of Persons Bill:
The Cabinet approved Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill, 2018 for introduction in Parliament.
Objective- to tackle the issue of prevention, rescue and rehabilitation of trafficking
Salient features of the bill:
  • To break the organized nexus, both at the national and international level, the Bill provides for the attachment and forfeiture of property and also the proceeds for the crime.
  • Time-bound trial and repatriation of the victims within a period of one year from taking into cognizance.
  • Immediate protection of rescued victims and their rehabilitation.
  • rehabilitation fund for the wellbeing of the victims and providing various legal, medical and financial assistance
  • Designated courts in each district will be established for the speedy trial of the cases.
  • National Investigation Agency (NIA) will perform the tasks of Anti-Trafficking Bureau at the national level
  • The punishment ranges from rigorous minimum 10 years to life and fine not less than 1 lakh rupees.
3. CMFRI to launch e-com portal, mobile app for fishermen:
  • The Central Marine Fisheries Research Institute (CMFRI) has come up with a website and mobile app ‘marinefishsales’.
  • It will help fishermen fetch better price without being dependent on middlemen.
  • Fishermen willing to sell their product will have to form Self Help Group (SHG) and register on the platform.
4. 1,28,509 Affordable Houses Sanctioned for Urban Poor under PMAY(urban):
  • Ministry of Housing & Urban Affairs has approved the construction of 1,28,509 more affordable houses under Pradhan Mantri Awas Yojana (Urban) with an investment of Rs. 9,364 cr with central assistance of Rs. 1,928  cr.
  • The projects where sanctioned across 184 cities in the states of Chhattisgarh (28,029), Haryana (62,451), Uttar Pradesh (36,056) and Puducherry (1973).
Pradhan Mantri Awas Yojna (Urban):
It is under the broad objective of providing housing for all  by 2022. It has following componenets:
  • Slum rehabilitation with the partnership of private players
  • Credit linked subsidy for weaker section
  • Affordable housing in partnership with private and public sector
  • Subsidy for individual house construction
5. Civil Aviation Minister inaugurates Aviation Multi Skill Development Centre:
  • Civil Aviation Minister P Ashok Gajapathi Raju inaugurated a first of its kind, Aviation Multi Skill Development Centre at the Chandigarh Old Airport Terminal building.
  • It is set up in collaboration with the National Skill Development Corporation and supported by the Aerospace and Aviation Sector Skill Council of India.
  • Centre will train about youth in 8 Aviation job roles over the next three years.
6. Haryana approved death penalty for raping minors aged 12 or less:
  • The Haryana Government approved proposal to award death penalty to those guilty of raping girls aged 12 years or less.
  • The minimum punishment for such crime would be rigorous imprisonment not less than 14 years which may extend to imprisonment or person’s natural life.
  • A few months back, Madhya Pradesh had become the first state pass such law to provide death penalty to those found guilty of raping minors below 12.
About Haryana:
Capital- Chandigarh                                       
CM- Manohar Lal Khattar
Governor- Kaptan Singh Solanki
National parks- sultanpur, Kalesar
7. 100 new FOBs will be dedicated to Mumbaikars in next 12 months:
  • Railways Minister Piyush Goyal announced that 100 new Foot Over Bridge (FOBs) will be dedicated for the service of Mumbaikars in next 12 months.
  • In a rare and first of its kind gesture, the three newly constructed Foot Over Bridges at Elphinstone Road, Currey Road &Ambivali stations built by Indian Army were dedicated by the Mumbaikars.
Note- Mumbai Suburban rail is one of the busiest and overcrowded commuter system in the world. Recently a 48,000 crore overhaul was announced to revive the service.
  • Kanchi Shankaracharya Jayendra Saraswati passed away at the age of 82. He was the 69th head of Kanchi Kaamakothi Peetham. Sri Sankara Vijayendra Saraswathi will now become the 70th head of the Math.

Science and Technology
1. Huawei launches world's first commercialised 5G chip set:
  • Huawei has unveiled its first 5G chip set, which will allow mobile devices to access 5G speeds.
  • The Huawei Balong 5G01 is the world's first commercialised 5G modem, allowing users to attain download speeds of around 2.3Gbps.
  • It was unveiled at Mobile World Congress 2018 held in Barcelona, Spain.
  • 5G is wireless communication technology based on third-generation partnership project (3GPP).
About Huawei:
A chinese networking and telecom equipment manufacturing company headquartered in Shenzhen. It is the largest telecom equipment manufacturer in the world.
2. Successful Flight Test of ATGM NAG:
  • The Anti-Tank Guided Missile (ATGM) Nag was successfully flight-tested in desert conditions against two tank targets.
  • The third-generation fire-and-forget ATGM has been developed by the Defence Research and Development Organisation (DRDO).
  • Fire-and-forget missiles do not require further guidance after once launched. They can hit the target even if the launcher is not in the line of sight.
Roger Federer wins Sportsman & Comeback of the Year awards at Laureus:
  • Twenty-times Grand Slam champion Roger Federer has won the 2017 Laureus World Sportsman of the Year and Comeback of the Year awards.
  • The 36-year old Swiss star bagged the honour last night at the 18th edition of the awards ceremony in Monaco.
  • Serena Williams took home the World Sportswoman of the Year award after winning her 23rd grand slam in 2017.
  • Formula 1 constructors' champions Mercedes picked up the Team of the Year trophy, while wheelchair athlete Marcel Hug bagged the Sportsperson of the Year with a Disability.