DAILY CURRENT AFFAIRS: 2 NOV 2017

DAILY CURRENT AFFAIRS: 2 NOV 2017

(DAILY NEWS INDIA)

SHARED BY: WWW.DAILYGK.IN

1.      GOVT FIXES SOVEREIGN GOLD BOND RATE AT RS 2,945 PER GRAM

i. Reserve Bank of India has announced that purchase price for the latest Sovereign Gold Bond series which opened on October 30, 2017 has been fixed at Rs 2,945 per gram gold. These bonds can be subscribed from Monday to Wednesday every week.

ii. The price is based on the simple average closing price for gold of 999 purity of the last three business days of the week preceding the subscription period.

iii. Investors applying online and making the payment digitally will be eligible for a discount of Rs 50 per gram. Thus for such investors, the issue price will be Rs 2,895 per gram of gold.

iv. Investment in these bonds can be done in multiples of 1 gm of gold. Investors have an option to hold these bonds in either physical or dematerialised form.

2.      DELHI TO HOST 9TH GLOBAL GREEN FILM FESTIVAL

i. The 9th edition of ‘CMS Vatavaran’, a global film festival on environment and wildlife, will begin on November 2, 2017 in New Delhi. 113 films, including four films from Kashmir will be showcased during this 5-day film festival, ‘CMS Vatavaran’.

ii. Theme of CMS Vatavaran is “Conservation 4 Water”. Seminars, workshops, exhibitions and an award ceremony focusing on the environmental, social and economic aspects of water conservation will also be held during the course of this film festival.

iii. Aim of this festival is to spread awareness about water conservation and sensitize people through films and discussions regarding water conservation.

iv. The event is supported and partnered by Ministry of Environment Forest and Climate Change, National Geographic, United Nations Educational, Scientific and Cultural Organization, United Nations Development Programme and World Wide Fund for Nature.

3.      SBI CUTS BENCHMARK LENDING RATE BY 0.05 PC ACROSS MATURITIES

i. With effect from November 1, 2017, State Bank of India has cut its benchmark lending rate by 0.05 per cent across maturities. This decision has reduced SBI’s marginal cost of funds based lending rate from 8.00 per cent to 7.95 per cent.

ii. SBI’s MCLR on overnight borrowings has been reduced from 7.75 per cent to 7.70 per cent, while the rate for three-year tenures has been lowered to 8.10 per cent from 8.15 per cent.

iii. Another public sector bank, Allahabad Bank too reduced MCLR rate by 0.15 per cent across maturities. Allahabad Bank’s one-year MCLR now stands at 8.30 per cent.

iv. Reserve Bank of India has been urging that banks should make efforts to transmit the benefits of earlier cuts in the policy rates to borrowers.

4.      AIIB GRANTS RS. 13,000 CR LOAN TO ANDHRA PRADESH

i. Asian Infrastructure Investment Bank approved Rs. 13,000 cr loan for five project in Andhra Pradesh.

ii. Five projects for which the loan has been granted, includes two projects of roads and buildings department, one project of Panchayat Raj department and one project each of rural safe drinking water department and municipal and urban development department. Few months ago, Andhra Pradesh state government had sent proposals to the Union Government seeking aid for these five projects.

iii. Union Government recommended these projects to AIIM for further help and clearance. AIIB team of technical representatives headed by Dr D. J. Pandiyan held a meeting with Andhra Pradesh Chief Secretary Dinesh Kumar for an elaborate discussion about these proposed projects.

5.      PRESIDENT OF INDIA INAUGURATES GLOBAL CLUBFOOT CONFERENCE IN NEW DELHI

i. The President of India, Ram Nath Kovind, inaugurated the Global Clubfoot Conference, organised by the CURE India in partnership with the Ministry of Health and Family Welfare, in New Delhi.

ii. Clubfoot is one of the most common orthopaedic birth defects that affects the child’s mobility. It can cause permanent disability if not treated early.

iii. The President said that, public hospitals are partnering with CURE International India to treat as many children as possible. The programme is now active in 29 states of India. He stated that, still as per the current rate only 8,000 fresh cases are brought for treatment every year. Whereas 50,000 children are born every year in India with clubfoot.

6.      CORE SECTOR GROWTH HITS 6-MONTH HIGH OF 5.2% IN SEPTEMBER

i. As per data released by Union Commerce and Industry Ministry on October 31, 2017, core industries registered a growth of 5.2% in September 2017. 8 core sectors growth slips to 3.6% in May. Coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity are together referred to as core industries.

ii. In September 2017, Production of coal, natural gas, refinery products, electricity generation and steel products increased. Crude output and cement production was stagnant while fertilisers output contracted.

iii. 5.2% growth in September 2017 marks a 6-month high for the index of core industries. Core industries grew at 4.4% in August 2017 and 5.3% in September 2016.

iv. Strong core sector growth implies higher industrial output in September 2017 as core industries have 41% weight in the Index of Industrial production.

v. On half yearly basis, for April-September 2017, core sector output was placed at 3.3% compared to 5.4% in the same period last fiscal

7.      IMPORTANT CABINET APPROVALS- 01ST NOVEMBER 2017

i. The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given the following set of approvals. The full list of Cabinet Approvals is given as follows.

ii. The Cabinet has approved- Trade Agreement between India and Ethiopia for strengthening and promoting trade and economic cooperation.

iii. Signing an Agreement between India and Armenia on cooperation and mutual assistance in customs matters. Amendment in the National Council for Teacher Education Act, 1993- The amendment seeks to grant retrospective recognition to the Central/State/Union Territory funded Institutions/Universities conducting Teacher Education Courses without NCTE recognition till the academic year 2017-2018.

iv. Ongoing Centrally Sponsored Scheme (State Plans) - Rashtriya Krishi Vikas Yojana, as Rashtriya Krishi Vikas Yojana- Remunerative Approaches for Agriculture and Allied sector Rejuvenation for three years i.e. 2017-18 to 2019-20.

v. Special Banking Arrangement for payment of outstanding subsidy to fertilizer companies during 2016-17.

8.      GOVT SETS UP ARUN JAITLEY-PANEL TO OVERSEE PSU BANK MERGERS

i. The government set up a ministerial panel, led by finance minister Arun Jaitley, to consider and oversee mergers among the country’s 21 state-run banks.

ii. Members of the panel on PSU bank consolidation include railway and coal minister Piyush Goyal, and defence minister Nirmala Sitharaman.

9.      SBI SANCTIONS RS 2,317 CR FOR FINANCING SOLAR POWER PROJECTS

i. State Bank of India announced sanction of credit facilities amounting to Rs 2,317 cr to corporates for financing Grid Connected Rooftop Solar projects under an SBI-World Bank program.

ii. This funding will create solar power capacity aggregating 575 MW. The renewable energy space can avail loans for establishing grid-connected rooftop solar projects at the bank’s marginal cost of funds based lending rate plus 15 basis points.