Daily Current Affairs 26th September,2017

1) Karnataka government launches Vision-2025 project

  • The Karnataka Government Chief Minister Siddaramaiah has launched ‘Vision-2025’ project across the state. It aimed at evolving a draft policy for development of the state in next seven years by seeking the opinion of the public.
  • Under the project, the government would seek public opinion on how they want their dream state to be in the next seven years. The CM has also launched the website ‘www.navakarnataka2025.in’.

2) TRIFED Organised National Workshop on Minimum Support Price for Minor Forest Produce

  • Minister of Tribal Affairs Shri Jual Oram inaugurated the National Workshop organized by TRIFED on “Minimum Support Price (MSP) for Minor Forest Produces (MFP) scheme – Taking it to the next level for a Fair and Equitable Deal to the Tribals”.
  •  This scheme is already implemented in 9 States and now it is expanded nationwide.TRIFED has also signed MoU with Amazon for the marketing of tribal handicrafts scaled-up for the empowerment of tribals.

3) Platts Top 250 Global Energy Company Rankings 2017: IOC 7th, ONGC 11th, RIL 3rd largest energy firm

  • The Platts Top 250 Global Energy Company Rankings is published by S&P Global Platts annually.The companies are ranked based on financial performance depending on four important factors namely asset worth, revenues, profits, and return on invested capital.
  • 1strank was secured by Russian gas firm Gazrpom. 2ndrank was bagged by German utility E.ON. 3rdrank was obtained by Indian energy producer, Reliance Industries Ltd (RIL). RIL has the world’s biggest refinery complex.
  • Other Indian firms in the top of the list are Indian Oil Corporation (IOC) in 7th position and Oil and Natural Gas Corporation (ONGC) in 11th position.

4) Shashi Shankar appointed CMD of ONGC

  • Shashi Shankar was appointed as the Chairman and Managing Director (CMD) of India’s biggest oil and gas producer ONGC. The Appointments Committee of the Cabinet has approved his appointment to the post of CMD.
  • Shankar, at present director (technical and field services), ONGC, will take over the charge as CMD from October 1. He will replace Dinesh K Sarraf. Mr Shankar will have a nearly four-year term until March 2021.

5) ADB Lowers India Growth Forecast for this Fiscal

  • Asian Development Bank (ADB) has downgraded India’s growth projection to 7 percent for the current fiscal while lowering its forecast for the next financial year as well.
  • India’s GDP growth is downgraded to 7 percent in the financial year 2017-18, a 0.4 percentage point drop from the April forecast. In the financial year 2018-19, the forecast is adjusted down to 7.4 percent, from 7.6 percent, according to the Asian Development Outlook 2017 update.

6) BDL Signs Contract for Supply of MRSAM to Indian Army

  • Bharat Dynamics Limited (BDL) has signed a contract with Research Centre Imarat (RCI) for the supply of Medium Range Surface-to-Air Missiles (MRSAM) to Indian Army.
  • The contract was signed to facilitate production, deliveries and product support of MRSAM system for the Indian Army.

7) Two Indians on Fortune’s List of ‘Most Powerful Women in International Business’

  • Two Indian women have featured on Fortune’s list of Most Powerful Women in business outside the US. Managing Director and CEO of ICICI Bank Chanda Kochhar was ranked fifth and Managing Director and CEO of Axis BankShikha Sharma was ranked at 21.
  • Group Executive Chairman of Spain’s Banco Santander Ana Botín topped the list. The 50 global businesswomen represent 17 countries and many industries.

8) RBI caps bank investments in private equity funds at 10%

  • Reserve Bank of India (RBI) has barred banks from investing in category III alternative investment funds (AIFs), specified norms for their participation in commodity derivatives clearing on investing in financial services firms announced on 25th of Sept. 2017.
  • Banks may invest as much as 10% in the paid-up capital/unit capital in category I and II funds, but cannot invest in category III funds.As per RBI, so far there was no specific rule on investing in AIFs.No bank make investment of more than 10% of the paid-up capital/unit capital in a category I/ category II alternative investment fund.
  • The capital conservation buffer(CCB)  is designed to ensure that banks build up capital buffers outside periods of stress which can be drawn down as losses are incurred.

9) SEBI imposes Rs 4 lakh penalty on Swagruha Infrastructure

  • Markets regulator SEBI has imposed a penalty of Rs 4 lakh on Swagruha Infrastructure Ltd (SIL) for failing tomake necessary disclosures for 11 continuous years announced on 25th of Sept. 2017.
  • .As per SEBI SIL violated the provisions of SAST (Substantial Acquisition of Shares and Takeovers) Regulations.As per SAST Regulations, SIL was required to make yearly disclosures about changes in shareholding of certain entities to the exchange within 30 days from the financial year ending March 31 as well as the record date for dividend declaration.

10) Union Home Minister launches PENCIL Platform for Effective Enforcement of No Child Labour Project

  • On 26th September 2017, Union Home Minister Rajnath Singh launched the PENCIL Platform for Effective Enforcement of No Child Labour Project (NCLP), in the National Conference on Child Labour, in New Delhi.
  • PENCIL (Platform for Effective Enforcement for No Child Labour) is an electronic platform for no child labour. It was developed by the Labour Ministry.
  • PENCIL portal has five components namely:
    · Child Tracking System
    · Complaint Corner
    · State Government
    · National Child Labour Project
    · Convergence.

11) Lakshmanan Wins 5,000m gold in Athletics Nationals

  • Reigning Asian champion Govindan Lakshmanan of Services cruised to victory in the men’s 5000-metre race on the opening day of the 57th National Open Athletics Championships at the Nehru Stadium in Chennai.
  • Lakshmanan has recently won gold in the 3,000m event at the Asian Indoor Games in Ashgabat, Turkmenistan.

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