Current Affairs Daily Updates: 02 March 2018

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Current Affairs Daily Updates: 03 March 2018
Justice Ajay Rastogi was sworn-in as the Chief Justice of Tripura High Court.
Vinay Kumar has been appointed as the next ambassador to Afghanistan.
Luminous Power technology has signed Virat Kohli as the brand ambassador for its new independent brand Amaze.
SBI hikes lending rate for the first time since 2016, others follow
  • SBI, country’s largest lender increased the one year Marginal Cost of Fund based Lending Rate (MCLR) by 20bps to 8.15% from 7.95%.
  • Other banks like ICICI, PNB etc. followed suit. ICICI Bank, the largest private sector bank, raised one-year MCLR by 10bps from 8.20% to 8.30%.
  • After the MCLR system came into effect in April 2016, this is the first time banks have increased the benchmark lending rate.
  • This will make home loan, personal loan etc costlier.
  • Reason for increase in lending rateliquidity deficit in banks led to increase in interest rate in fixed deposits recently. This increased cost of deposit was bound to be passed on to the cost of lending to maintain profit margin.
Finance ministry looks to consolidate overseas operations of PSU banks
  • India's government will consolidate 35 overseas branches of state-run PSU banks and 69 more branches are under review.
  • The government will also examine and shut down all non-viable offshore operations of state banks to cut costs.
  • The government will also consolidate equity stakes in joint ventures having multiple state-run bank partners.
  • Indian banking system has come under renewed scrutiny after a recent $2 billion fraud in Punjab National Bank, the country's second biggest state lender.
  • SBI has highest number of oversea branches (52), followed by Bank of Baroda and Bank of India.
  • Country wise UK has largest number of overseas branches of PSBs followed by Hongkong and UAE.
Current Finance Secretary- Rajeev Kumar
Chief Economic Advisor to Govt of India- Arvind Subramanian
Chief Economic Advisor in the Ministry of Finance- Sanjeev Sanyal
Head of Prime Minister’s Economic Advisory Council- Bibek Debroy
Tata-Boeing joint venture establishes aerospace facility in Hyderabad
  • Tata and Boeing Aerospace limited has rolled out its state of the art production facility at Adibhatla on the outskirts of Hyderabad in the presence of Defence Minister Nirmala Sitaraman.
  • The facility is the joint venture between Boeing and Tata Advanced Systems and Boeing’s first equity joint venture in India.
  • It will co-produce Boeing AH-64 Apache helicopter fuselages and other aero-structures.
  • The Hyderabad production facility will eventually be the sole producer of AH-64 fuselages globally.
EESL to install energy-efficient LEDs across all airports
  • Energy Efficiency Services Limited (EESL) signed a Memorandum of Understanding (MoU) here today, with the Airports Authority of India (AAI) for installing energy-efficient LED lights at airports.
  • The MoU is signed under the Building Energy Efficiency Programme (BEEP).
  • EESL is a, a joint venture of PSUs under the Ministry of Power
  • For this, EESL will make an investment of Rs 24.41 crore.

India, Jordan sign 12 agreements
  • India and Jordan have inked 12 agreements in areas including Defence, Health and Cultural Exchange Programme.
  • MoU for cooperation between Prasar Bharati and Jordan TV Cooperation and Indian Institute of Mass Communication and Jordan Media Institute (JMI).
  • India will provide five million Dollar assistance to Jordan in the form of vaccines and medicines this year.
  • The King Abdullah II of Jordan arrived in New Delhi on Tuesday evening on a three-day visit to India.
About Jordan:
Capital- Amman
Currency- Jordanian dollar
WCD Ministry approves Rs 2,900 cr projects under Nirbhaya fund for 8 major cities
  • Women and Child Development Ministry has approved projects worth over 2,900 crore rupees under the Nirbhaya fund for eight major cities to make them safer for women.
  • These cities are Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad and Lucknow.
  • The Nirbhaya Fund which aims at improving safety for women, was set up in the aftermath of the gruesome gangrape and murder of a paramedical student in Delhi in 2012.
  • Some programmes are- Police Didi in MumbaiABHAYAM vans for quick response to women in distress; ‘Bharosa’ like one stop crisis centre; ‘She Teams’ of women for surveillance.
  • A model forensic science laboratory in Chandigarh has been sanctioned.
Delhi govt to set up State Sanskrit Education Council
  • The Delhi government has decided to set up its State Sanskrit Education Council to improve the state of formal education of the language.
  • Sanskrit is one of the 22 scheduled languages mentioned in the 8th schedule of our Constitution.
  • It is also one of the six languages to get classical language status due to its antiquity and rich corpus of literature.
Cabinet clears Fugitive Economic Offenders Bill
  • Union Cabinet today approved Fugitive Economic Offenders Bill - 2018 to deal with those escaping overseas to avoid getting caught.
  • Aim- to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian Courts.
  • It will allow the government to confiscate all the assets in India, including Benami properties, after the economic offenders are declared fugitives.
  • Economic offences worth 100 crore rupees or more will come under the purview of the Bill.
  • National Financial Reporting Authority (NFRA) will be constituted which will act as an independent regulator for auditing profession.
  • The jurisdiction of NFRA will be expanded to listed companies and large unlisted companies.
Telangana launched an integrated app for all government services
  • Telangana launched m-Governance mobile application called ‘T App Folio’.
  • It will citizens with one point access to government services like MeeSeva servicesRTA servicesfee payments and bill payment services etc.
  • Telangana has become the second state government in India to set up a mobile service delivery gateway in place for the provision of government to citizen (G2C) services.
  • It is being launched in both Telugu and English.
  • Telangana state has been ranked number 1 in digital transactions based on the number of e-transactions per 1,000 population.
Delhi govt to set up State Sanskrit Education Council
  • The Delhi government has decided to set up its State Sanskrit Education Council to improve the state of formal education of the language.
  • Sanskrit is one of the 22 scheduled languages mentioned in the 8th schedule of our Constitution.
  • It is also one of the six languages to get classical language status due to its antiquity and rich corpus of literature.
Avaada power to install 500 MW solar capacity in Andhra Pradesh
  • Avaada power limited will invest Rs 3,500 crore to establish 500 MW solar projects in Andhra Pradesh
  • It will provide clean energy to 2.4 million houses and generate 1200 job opportunities.
  • Andhra Pradesh has a target of producing 18 GW renewable energy capacity by 2022.
  • India too has an ambitious target of producing 175 GW of renewable energy by 2022 and 100 MW of which will come from solar energy.
First mega food park in Maharashtra inaugurated at Satara
  • Inaugurated by- Harsimrat Kaur Badal
  • This is the 12th mega park of the country.
  • It will help the government to achieve its target of doubling farmers’ income by 2022.
  • Scheme for food processing- Pradhan Mantri Kisan SAMPADA Yojna
Lakshadweep joins UDAY scheme
  • The Union Territory of Lakshwadeep has joined the Ujwal Discom Assurance Yojana (UDAY).
  • With this the UT derive an overall net benefit of Rs 8 crore due to access to cheaper fund, reduction in AT&C loss (Aggregate Technical and Commercial loss), improving energy efficiency etc.

Moon to get its first mobile phone network
  • The moon will get its first mobile network (a 4G network) next year.
  • Vodafone Germany, Nokia and Carmaker Audi are working jointly to make this a reality. It will the first privately funded moon mission.
  • The companies are working with Berlin-based company PTScientists on the project, with a launch scheduled in 2019 from Cape Canaveral on a SpaceX Falcon 9 rocket.
  • It will enable high-definition streaming from the lunar landscape back to earth.
Pankaj Advani guides India to semi-finals of IBSF World Team Snooker
  • Multiple World billiards and snooker Champion Pankaj Advani led Indian team to the semi-final stage at the IBSF World Cup Team Snooker being held in Doha.
IOC restores Russia's Olympic membership
  • International Olympic Committee (IOC) has restored Russia's Olympic membership.
  • Russia was banned from recent winter Olympics in South Korea due to systematic state sponsored doping.
  • A total of 168 Russians competed as part of a neutral OAR (Olympic Athletes from Russia) team at the Winter Olympics and was the third largest to win 17 medals, including two golds.
  • The IOC planned to reinstate Russia after the Games - so long as there were no more failed tests.