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INDIAN AFFAIRS
Madhya Pradesh approves Rs 7546 crore Narmada, Parvati river linking project
Madhya Pradesh State Government has approved Rs 7546-crore project for linking Narmada River with Parvati River. This project aims to create irrigation facilities on two lakh hectares of agriculture land in Malwa region of Madhya Pradesh.
Narmada-Parvati River Linking Project:
i. Approval in this regard was given by Narmada Control Board (NCB), at a meeting chaired by Madhya Pradesh Chief Minister, Shivraj Singh Chouhan.
ii. The project is to be implemented in four phases, wherein each phase will create irrigation facilities on at least 50000 hectares of agricultural land.
iii. Farmers of 369 villages of Sehore and Shajapur districts of Madhya Pradesh will get direct benefits from this project.
iv. As a part of this project, nearly 1.08-million-acre-feet water will be lifted from Indira Sagar Reservoir, and water required for irrigation will be supplied through underground pipelines.
Quick Facts about Madhya Pradesh:
♦ Capital – Bhopal
♦ Current Chief Minister – Shivraj Singh Chouhan
♦ Current Governor – Om Prakash Kohli
♦ Important National Park – Bandhavgarh National Park
14th Inclusive Finance India Summit begins in New Delhi
14th Inclusive Finance India Summit began in New Delhi on December 11, 2017. This summit is being held with an objective to deliberate upon strategies for achieving universal financial inclusion in India.
Highlights of 14th Inclusive Finance India Summit:
i. The two-day 14th Inclusive Finance India Summit is divided into 17 sessions. 90 leaders from across the world will be attending this event.
ii. It will offer a platform to leaders and industry experts to debate and discuss the challenges and issues faced in furthering financial inclusion in India.
iii. The summit witnessed the release and presentation of the Inclusive Finance India Report. This report provides an analysis of financial inclusion progress attained during the course of the year.
iv. A book titled ‘Talking financial inclusion in liberalized India: Conversations with Governors of the RBI’, edited by Prof. MS Sriram was released on the first day of the summit.
India and Morocco sign agreements for cooperation in Water Resources, Road, Marine and Health Sectors
On December 14, India and Morocco signed several agreements for cooperation in areas of Water Resources, Road, Marine and Health Sectors. These agreements were signed during the course of the visit of Moroccan Government’s delegation led by Mr. Abdelkader Amara (Morocco’s Minister for Equipment, Transport, Logistics and Water).
List of Agreements signed with Morocco:
i. Memorandum of Understanding (MoU) on cooperation in the field of Water Resources
ii. Agreement to establish cooperation between Higher Institute of Maritime Studies (ISEM) of Morocco and Indian Maritime University (IMU)
iii. Framework Agreement for Cooperation in Training between National Ports Agency (NPA) of Morocco and the Indian Maritime University (IMU)
iv. Cooperation Framework Agreement between Indian Academy of Highway Engineers (IAHE) and Institute of Training in Engines and Road Maintenance of Morocco (IFEER)
v.Memorandum of Understanding (MoU) for enhanced cooperation in the health sector covering areas such as Drug Regulation and Pharmaceutical quality control, Non-communicable diseases, including child cardiovascular diseases and cancer, training in ad ministration and management of health services and hospitals, maternal, child and neonatal health and communicable diseases.
vi. Memorandum of Understanding (MoU) for collaboration in the field of telemedicine between Marrakech Mohamed VI University Hospital, Morocco and Jawaharlal Institute of Post Graduate Medical Education and Research (JIPMER), Puducherry.
Quick Facts about Morocco:
♦ Capital – Rabat
♦ Currency – Moroccan dirham
♦ Current Prime Minister – Saadeddine Othmani
♦ Important River – Draa, Sebou
UP governor Ram Naik unveiled Kumbh 2019 logo
On 12th December 2017, Uttar Pradesh Governor Ram Naik unveiled a new multi-coloured logo for the Kumbh Mela that is scheduled to be held in Allahabad in January 2019.
Kumbh Mela logo unveiled:
i.  The logo comprises temples, seers, a kalash (pitcher) and a ‘Swastika’. It was launched by Ram Naik at a function in the Raj Bhawan, New Delhi.
ii. Ram Naik also launched the Kumbh’s tagline “Chalo Kumbh Chalo-Chalo, Kumbh Chalo”, Uttar Pradesh Tourism’s slogan “UP Nahin Dekha to India Nahin Dekha” and a one-stop travel solution portal.
iii. The Kumbh Mela is believed to be the largest religious gathering on earth and is held every 12 years on the banks of the ‘Sangam’ in Allahabad.
Some wildlife sanctuaries of Uttar Pradesh:
♦ Bakhira Sanctuary
♦ Chandra Prabha Wildlife Sanctuary
♦ Hastinapur Wildlife Sanctuary
♦ Kachhua Sanctuary
Delhi govt sets up expert panel under Kirti Bhushan to recommend hospital norms
On December 14, 2017, Delhi Government set-up a nine-member expert panel to look into the functioning of private hospitals and nursing homes.
Mandate and Members of the Panel:
i. The panel has been asked to recommend norms to be followed by the clinics, including determining the ceiling of profit margin on medicines and consumables. Besides, it will also look into complaints of overcharging by private hospitals.
ii. The panel will be headed by Delhi government’s Director-General of Health Services, Dr. Kirti Bhushan and will comprise government healthcare officials as well as representatives of doctors’ bodies.
iii. President of the Delhi Medical Council, Dr. Arun Gupta and President of the Indian Medical Association, Dr. K.K. Aggarwal are also a part of this panel.
iv .The panel will submit its report by December 31, 2017.
Japan to offer grant for vocational training centre in Rajasthan
Japan has decided to offer a grant worth 8.4 million Yen for the construction of a vocational training centre for poor women and youth in Rajasthan’s Baran district.
Japans offers grant for vocational training centre in Rajasthan:
i. The signing ceremony for the project to be executed under Japan’s Grant Assistance for Grassroots Projects (GGP), will be held on December 19,2017 at the Embassy of Japan in New Delhi.
ii. It will be signed between Ambassador of Japan to India Kenji Hiramatsu and the representative of the Centre for Community Economics and Development Consultants Society.
iii. The Grant Assistance for Grassroots Projects (GGP) for development projects are designed to meet the diverse basic human needs of the people in developing countries.
About Centre for Community Economics and Development Consultants Society:
♦ Chairperson – Justice V. S. Dave
♦ Secretary – Mr. Sharad Joshi
♦ Head Office – Swaraj, Jaipur
4th India-Australia-Japan Trilateral Dialogue held in New Delhi
On 13th December 2017, the 4th India-Australia-Japan Trilateral Dialogue hosted by Foreign Secretary Subrahmanyam Jaishankar begun in New Delhi.
4th India-Australia-Japan Trilateral Dialogue:
i. Secretary of Department of Foreign Affairs and Trade of Australia Ms. Frances Adamson and Vice Minister of Foreign Affairs of Japan Mr. Shinsuke J. Sugiyama participated in the Trilateral Dialogue.
ii. The three sides highlighted the growing convergence of their countries’ interests in the Indo-Pacific region and underscored their shared commitment to peace, democracy, economic growth etc.
iii. The Japanese Vice Minister Mr. Shinsuke J. Sugiyama proposed to host the next round in Tokyo.
Some dams of Uttar Pradesh:
♦ Dhanraul Dam – Ghaghar River
♦ Dhurwara Dam – Betwa River
♦ Matatila Dam – Betwa River
♦ Parichha Dam – Betwa River
PM Modi addresses FICCI’s 90th Annual General Meet (AGM) in New Delhi
On 13th December 2017, Prime Minister Narendra Modi addressed the Federation of Indian Chambers of Commerce and Industry (FICCI) 90th Annual General Meeting at the Vigyan Bhavan in New Delhi.
FICCI’s 90th Annual General Meet (AGM):
i. Rashesh Shah, the Chairman & CEO of Edelweiss Group took charge as FICCI President. The theme for this year’s AGM is ‘Indian Business in a New India’.
ii. Highlights of PM Modi’s address: Over 5 crore toilets were built in the last three years. There have been 3 crore new entrepreneurs in the last three years.
iii. Today more than 30 crore people have bank accounts. Under Mundra scheme, over Rs. 4 lakh crore in loans have been given without guarantees to about 9.75 lakh youth for business.
About Federation of Indian Chambers of Commerce & Industry (FICCI):
♦ Formation – 1927
♦ Headquarters – New Delhi
♦ Services – Business promotion, networking, policy reforms
INTERNATIONAL AFFAIRS
11th ministerial conference of WTO held in Buenos Aires, Argentina
World Trade Organisation’s (WTO’s) 11th Ministerial Conference (MC11) was held in Buenos Aires, Argentina, from 11th – 14th December 2017.A multi-ministry Indian delegation to this conference was led by Union Commerce and Industry Minister, Suresh Prabhu.Â
i. India insisted that WTO should arrive at a permanent solution on issue of public stockholding for food security.
ii. European Union has donated EUR 1 million to the WTO’s Doha Development Agenda Global Trust Fund.
iii. International Trade Centre (ITC), the United Nations Conference on Trade and Development (UNCTAD) and the World Trade Organization (WTO) unveiled Global Trade Helpdesk……………………………………………………Click here to Read more
‘Feminism’ is Merriam-Webster’s Word of the year 2017
‘Feminism’ has been named word of the year 2017 by the American dictionary Merriam-Webster.
‘Feminism’ – Word of the year 2017:
i. Merriam-Webster said that it had seen a 70% increase in online searches for the word ‘feminism’ in 2017, compared to 2016.
ii. The largest spike in searches came in the last weeks of January 2017, following the Women’s March in Washington DC and around the world.
About Merriam-Webster:
♦ Founded – 1831
♦ Founder – George Merriam, Charles Merriam
♦ Publication types – Reference books, online dictionaries
Sri Lanka becomes 163rd nation to accede to landmine ban treaty
On 14th December 2017, Sri Lanka became the 163rd nation to accede to the anti-personnel mine ban convention.
Sri Lanka – 163rd nation to accede to landmine ban treaty:
i. Sri Lanka’s Permanent Mission to the UN Rohan Perera deposited the Instrument of Accession to the Convention of the Prohibition of the use, stockpiling, production and transfer of anti-personnel mines and on their destruction.
ii. The Convention on the Prohibition of the Use, Stockpiling, Production and Transfer of Anti-Personnel Mines and on Their Destruction, commonly referred to as theMine Ban Treaty or Ottawa Treaty, was adopted on September 18, 1997.
iii. It prohibits the use, stockpiling, production and transfer of antipersonnel mines. Sri Lanka, in March 2016, had pledged that it will be acceding to the convention to become the 163rd state of the Convention.
About Ottawa Treaty:
♦ Signed – 3 December 1997
♦ Location – Ottawa, Ontario, Canada
♦ Effective – 1 March 1999
BANKING & FINANCE
RBI imposes restrictions on Corporation Bank as its bad loans crosses 10%
Reserve Bank of India (RBI) has initiated prompt corrective action (PCA) against Corporation Bank owing to its high non-performing loans and requirement to raise capital.
Prompt Corrective Action (PCA) against Corporation Bank:
i. PCA has been initiated against Corporation Bank as its net non-performing loans crossed 10% and it reported losses of Rs 1035 crore in the second quarter ending 2017. Besides, capital adequacy ratio of Corporation Bank is at 10.23% while it is required to maintain 10.875% for March 2018.
ii. Banks facing PCA are restricted from carrying out certain banking activities. These include, restrictions on opening branches, recruiting staff and giving increments to employees. In addition to these, Banks facing PCA can offer loans only to selected entities having high investment ratings.
iii. Corporation Bank is the eighth bank to face PCA in last ten months.
iv .Other seven banks include Oriental Bank of Commerce, Dena Bank, Central Bank of India, IDBI Bank, Indian Overseas Bank, Bank of Maharashtra and UCO Bank
Quick Facts about Corporation Bank:
♦ Founded in – 1906
♦ Headquarters – Mangalore, Karnataka
♦ Current MD & CEO – Jai Kumar Garg
♦ Tagline – ‘A Premier Public Sector Bank’
India signs loan agreement with World Bank for $250 Million for SANKALP Project
On December 13, 2017, India signed Financing Agreement for International Bank for Reconstruction and Development (IBRD) loan of USD 250 million for the Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) Project.
Information about Loan for SANKALP Project:Â
i. IBRD is a member institution of the World Bank Group.
ii. Objective of SANKALP project is to strengthen institutional mechanisms for skill development as well as to increase access to quality and market-relevant training for the work force.
iii .Institutional Strengthening at the National as well as State Levels for Planning, Delivering, and Monitoring High-Quality Market-Relevant Training, Improved access to and completion of skills training for female trainees and other disadvantaged groups, Improved Quality and Market Relevance of Skills Development Programs and Expanding skills training through private-public partnerships (PPPs) are the key result areas of SANKALP Project.
Quick Facts about IBRD:
♦ Formed in – 1944
♦ Headquarters – Washington D.C., US
♦ Parent Organisation – World Bank Group
Yes Bank partners Pantomath Advisory for MSME sector
Private sector lender, Yes Bank has collaborated with advisory services firm, Pantomath Advisory to develop a Micro Small and Medium Enterprises (MSME) ecosystem focused on Maharashtra and Gujarat.
Yes Bank – Pantomath Advisory Collaboration:
i. Yes Bank is following  ‘Alliances, Relationships & Technology (ART)’ approach to digital banking and is thereby entering into partnership with financial technology (Fintech) firms to offer unique financial solutions to its customers.
ii. This collaboration with Pantomath Advisory is also a part of this approach and aims to enable better access to capital, knowledge and skills for helping MSMEs to scale up their businesses.
iii. Pantomath Advisory is an advisory firm providing services in the fields of corporate affairs, finance, secretarial & legal and business solutions.
Quick Facts about Yes Bank:
♦ Founded in – 2004
♦ Headquarters – Mumbai, Maharashtra
♦ Current MD & CEO – Rana Kapoor
♦ Tagline – ‘Experience our Expertise’
RBI imposes penalty of Rs 3 crore on IndusInd Bank
Reserve Bank of India (RBI) has imposed Rs 3 crore penalty on IndusInd Bank for violation of income classification norms.
i. Through an inspection, RBI had observed that IndusInd Bank breached Income Recognition and Asset Classification (IRAC) norms.
ii. Besides, it was observed that IndusInd Bank did not adhere to regulatory restrictions pertaining to non-fund based (NFB) facilities.
iii. However, RBI categorically mentioned that this penalty was solely for non-compliance with regulatory norms and does not invalidate any transaction or agreement entered into by IndusInd bank with its customers
Quick Facts about IndusInd Bank:
♦ Founded in – 1994
♦ Headquarters – Mumbai, Maharashtra
♦ Current CEO – Ramesh Sobti
FundsIndia partners with Yes Bank to launch UPI on mobile
Online investment platform, FundsIndia.com, has partnered with private sector lender, YES BANK to launch Unified Payments Interface (UPI) on its Android app for mutual fund payments.
FundsIndia-Yes Bank UPI on mobile:
i. On account of this tie-up, FundsIndia has become the first online mutual fund distributor to support UPI for client payments.
ii. UPI facilitates instant processing of payments and is currently the fastest way to complete mutual fund transactions as compared to National Electronic Funds Transfer (NEFT), Net Banking and other payment methods.
iii. To use this feature, a Virtual Payment Address (VPA) is required. FundsIndia users can create their own VPA on the FundsIndia Android app (backed by Yes Bank’s engine). Thereafter the user has to link the VPA with his/her bank account.
iv. FundsIndia’s UPI integration supports payments from 58 banks
AWARDS & RECOGNITIONS
Retired Basketball Legend Michael Jordan becomes the Highest-Paid Athlete of All Time – Forbes
In the latest list of Highest-Paid Athlete of All Time, released by Forbes, retired Basketball Legend Michael Jordan has been named as the highest-paid athlete of all time.
Michael Jordan – Highest-Paid Athlete of All Time:
i. Michael Jordan who is 54 years old has $1.7 billion in the bank. Former world number one golfer Tiger Woods has secured the second spot, with $1.7 billionpretax.
iii. Late America golfer Arnold Palmer is at number 3 with $1.4 billion to his name. He is followed by retired golfer Jack Nicklaus with $1.2 billion.
2017 Forbes’ list of world’s highest-paid athletes:
1 – Cristiano Ronaldo – Football
2 – LeBron James – Basketball
3 – Lionel Messi – Football
Julio Ribeiro to be honoured with ‘Police Jeevan Gaurav Award’
Former Director-General of Police of Punjab and Mumbai Police Commissioner Julio Ribeiro will be honoured with ‘Police Jeevan Gaurav Award’ by the Arvind Inamdar Foundation on December 29, 2017.
Julio Ribeiro – Police Jeevan Gaurav Award:
i. The ceremony will be held in the auditorium of Swatantryveer Savarkar Rashtriya Smarak, Dadar in Central Mumbai. Awards will be presented by noted scientist Raghunath Mashelkar.
ii. This year, apart from Julio Ribeiro, the foundation will honour retired Deputy Superintendent of Police of Nagpur Ramesh Mehta and retired assistant sub-inspector of Beed Pandurang Misal.
About Arvind Inamdar Foundation:
♦ Established – 2015
♦ Purpose – police welfare
♦ Set up by – Arvind Inamdar
SCIENCE & TECHNOLOGY
PM Modi commissions INS Kalvari submarine into the Indian Navy in Mumbai
On December 14, 2017, Prime Minister Narendra Modi commissioned INS Kalvari submarine into the Indian Navy. The commissioning ceremony was held in Mumbai. Union Defence Minister Nirmala Sitharaman and Navy chief Admiral Sunil Lanba was also present at the commissioning ceremony.
i. INS Kalvari is the first of the six Scorpene-class submarines being built by Mazagon Dock Limited (MDL).
ii. The Scorpenes are diesel-electric attack submarines, being built by Mazagaon Dock Ltd under Project 75 with transfer of technology from a French naval defence and energy company……………………………………Click here to Read more
Google opens first machine learning research lab in Asia with ‘Google AI China Center’
On 13th December 2017, ‘Google AI China Center’ was launched by Fei-Fei Li, Google Cloud’s Chief Scientist, at the Google Developer Days event in Shanghai, China.
Google AI China Center:
i. This is google’s first lab in Asia. Fei-Fei Li along with Google Cloud research head Dr. Jia Li will be leading and coordinating research.
ii. The centre will be focused on basic AI research. It will consist of a team of AI researchers in Beijing, supported by Google China’s strong engineering teams.
iii. Besides publishing its own work, the Google AI China Center will also support the AI research community by funding and sponsoring AI conferences and workshops, and working closely with Chinese AI research community.
About Alphabet Inc.:
♦ Headquarters – California, U.S.
♦ CEO – Larry Page
♦ Executive Chairman – Eric Schmidt
Telangana develops ‘Urban Genie’ app to provide jobs to technicians, workers
The Telangana government has developed a mobile application named ‘Urban Genie‘ that will help citizens in urban areas across the state find trained and certified technicians and workers, who will provide household services.
Urban Genie:
i. The Android-based Urban Genie will be available in 73 municipal towns and cities, barring Hyderabad.
ii. Users can avail the services of electricians, plumbers, fitters, carpenters, painters, interior decorators, cleaners, drivers, cooks and even domestic helps through the app.
iii. The technicians and other workers can register their names and numbers on the app and the government will conduct a background check before giving them training and the certification once they are trained.
iv. The mission has set up a City Livelihood Centre (CLC) in every municipality which will monitor this app.
About Mission for Elimination of Poverty in Municipal Areas (MEPMA):
♦ Wing of the department of municipal administration and urban development
♦ Chairman – N Chandrababu Naidu
♦ Vice Chairman – Dr. P Narayana
Bengaluru gets giga broadband speed after Hyderabad
On 13th December 2017, after Hyderabad, ACT Fibernet has now launched the 1Gbps wired broadband internet service in Bengaluru.
1Gbps wired broadband internet service in Bengaluru:
i. The plan costs Rs 5,999 for 1 month, Rs 35,994 for 6 months and Rs 71,988 for 12 months subscription.
ii. ACT Fibernet is introducing curated broadband plans for retail and Small Medium Enterpris(SME)) customers under this service. Under retail, ACT GIGA plan will offer 1 Gbps broadband speed with 1250 GB FUP upload and 1250 GB FUP download at Rs 5999.
iii. Under the SME (Small Medium Enterprise), ACT Fibernet has introduced a new plan ACT SME GIGA Plus at INR 15,000.
About Atria Convergence Technologies Pvt. Ltd., (ACT):
♦ Headquarters – Bengaluru
♦ MD – Sunder Raju
♦ CEO – Bala Malladi
SPORTS
Sachin Siwach named Asian Boxing Confederation’s youth boxer of year 2017
On 13th December 2017, world youth champion Sachin Siwach was named the Asian Boxing Confederation’s best youth boxer of the year 2017.
Sachin Siwach – Asian Boxing Confederation’s youth boxer of 2017:
i. Sachin Siwachm claimed the Asian youth championships silver this year besides a gold at the Youth Commonwealth Games. He polled 36.2 % votes in his category in the online poll and clinched the first position.
ii. India also fetched the Best Asian International Technical Official (ITO) award with Lenny D’Gama winning the online poll.
iii. Lenny D’Gama officiated at the ASBC Asian Confederation Junior Boxing Championships in Puerto Princesa and also in the Asian Women’s Boxing Championships in Ho Chi Minh City. He polled 45.5 % of the total votes to claim the award.
About Asian Boxing Council:
♦ Type – Federation of national professional boxing commissions
♦ Headquarters – Thailand
♦ President – Pol.Gen.Kovid Bhakdibhumi
OBITUARY
Actor-director Neeraj Vora passes away at 54
On 14th December 2017, Actor-Director Neeraj Vora, who was suffering from an illness for a long time now passed away in Mumbai.
Death of Neeraj Vora:
i. Neeraj Vora who was an actor-director was in coma from past 13 months after suffering from a massive heart-attack and brain stroke. He breathed his last at Criti Care hospital in Andheri, Mumbai.
ii. He has acted in films like ‘Mann’, ‘Holi’, ‘Virasat’, ‘Rangeela’ etc. He has directed films such as ‘Phir Hera Pheri’ and ‘Khiladi 420’.
Some of the lakes in Mumbai:
♦ Tansa Lake, Vihar Lake, Tulsi Lake
Journalist, author Rabisankar Bal passed away
On 12th December 2017, renowned journalist and Bengali author Rabisankar Bal died at a hospital following a brief illness, in Kolkata.
Death of Rabisankar Bal:
i. Rabisankar Bal was ailing for some time and was admitted to the railway run B.R. Singh Hospital on 11th December 2017.
ii. Rabisankar Bal, a novelist and short story writer was born in 1962. He has written over 15 novels, five short story collections, one volume each of poetry and literary essays over a period of 30 years.
iii. He had received West Bengal government’s Sutapa Roychowdhury Memorial Prize. He had also edited a Bengali translation of Saadat Hasan Manto’s writings.Some of the temples in West Bengal:
♦ Ananta Basudeba temple – Hooghly
♦ Bargabhima temple – Purba Medinipur
♦ Ghanteshwar temple – Ubidpur Khanakul
♦ Hangseshwari temple – Hooghly
IMPORTANT DAYS
National Energy Conservation Day – December 14
On 14th December 2017, National Energy Conservation Day was celebrated all over India.
National Energy Conservation Day:
i. President Ram Nath Kovind presided as the Chief Guest over the National Energy Conservation Day celebrations in New Delhi.
ii. Ram Nath Kovind gave away National Energy Conservation Awards to industries that have demonstrated measurable reductions in their energy use as part of the National Energy Conservation Awards Programme.
iii. During the event, a short film on the Energy Efficiency achievements in the Industry Sector was shown.
iv. The Energy Conservation Day is organized on 14th December each year by Bureau of Energy Efficiency (BEE) with an aim to demonstrate India’s achievements in energy efficiency and conservation.
About Bureau of Energy Efficiency (BEE):
♦ Headquarters – SEWA Bhavan
♦ Parent organization – Ministry of Power
♦ Purpose – Development of policies and strategies, with an emphasis on self-regulation and market principles under the Energy Conservation Act, 2001
