02.04.2018 to 04.04.2018
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DAILY UPDATED CURRENT AFFAIRS – 02.04.2018 TO 04.04.2018 ECONOMY Jio Payments Bank begins operations • Mukesh Ambani-led Jio Payments Bank Limited has commenced operations as a payments bank with effect from April 3, 2018. • The RBI had issued licence to the bank under section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India. • Reliance Industries Limited (RIL) was one of the 11 applicants which was issued in-principal approval for setting up a payments bank in August 2015. • Telecom major Bharti Airtel was the first to begin payment bank services in November 2016. • Paytm founder Vijay Shekhar Sharma promoted Paytm Payments Bank began operations from May 2017 last year while FINO Payments Bank Limited kicked-off in June last year. Birla group's Aditya Birla Idea Payments Bank was the latest in this space. • While, the Department of Posts, which also got a license for a payment bank is yet to start its services formally, who is running services on pilot basis currently. • Payments banks can accept a restricted deposit, which is currently limited to Rs 1 lakh per customer and may be increased further. The minimum capital requirement is Rs 100 crore. SEBI eases algorithm trade rules in commodity exchanges • In a bid to relax algorithm trading norms at commodity derivatives exchanges, markets regulator SEBI today raised the limit to process up to 100 orders per second by a user for such trade from the existing limit of 20 orders per second. • Algorithmic trading or ‘algo’ in market parlance refers to orders generated at a super-fast speed by use of advanced mathematical models that involve automated execution of trade, and it is mostly used by large institutional investors. • This technology-driven trading enables traders to take advantage of any profit making opportunities arising in the market much before a human trader can even spot them. It was introduced in India in 2009. What is 'High-Frequency Trading - HFT' High-frequency trading (HFT) is a program trading platform that uses powerful computers to transact a large number of orders at very fast speeds. It uses complex algorithms to analyze multiple markets and execute orders based on market conditions. Typically, the traders with the fastest execution speeds are more profitable than traders with slower execution speeds. HFT trading are often backed by algo trading, which spot trading opportunity. SIDBI launches Samridhi virtual assistant and Bankability Kit • Small Industries Development Bank of India (SIDBI) has celebrated its foundation day(2 April 1990). Chairman Managing Director of SIDBI Mohammad Mustafa launched a series of initiatives from its Lucknow bank headquarters. • An MoU was signed with The New India Assurance Co. Ltd. and two MSMEs were issued insurance policies. Chairman SIDBI also launched ‘Samridhhi- the virtual assistant’ on banks revamped universal loan portal www.udyamimitra.in. During the day, a ‘Bankability Kit’ (brought in partnership with Bank of Baroda and IDBI Bank) was also launched. • Small Industries Development Bank of India(SIDBI)-Founded: 2 April 1990, Headquarters: Lucknow, U.P. • Chairman Managing Director of SIDBI: Shri Mohammad Mustafa. CEO: Dr. Kshatrapati Shivaji New India Assurance(NIACL)-Headquarters: Mumbai, CEO: Shri G. Srinivasan It is the "largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations". It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973. Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became an re-insurance company as per the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance got autonomy. Atal Pension Yojana subscriber base touches over 97 lakh: PFRDA According to Pension Fund Regulatory and Development Authority (PFRDA), the subscriber base of Atal Pension Yojana (APY) stood at 97.05 lakh at end of 2017-18 fiscal. It was lower than target of 1 crore set by pension regulator PFRDA. The scheme saw addition of over 48.21 lakh subscribers in 2017-18. Atal Pension Yojana • Atal Pension Yojana (previously known as Swavalamban Yojana) is a government-backed pension scheme in India targeted at the unorganised sector. It was mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley. • The most significant part of this Scheme is co-contribution by government of Rs.1000/- per annum or 50% of the total contribution whichever is lower, for the first 5 years if one joins the scheme before the end of the first year of its launch, that is 31 December, 2015. • The minimum age of joining APY is 18 years and maximum age is 40 years. The age of exit and start of pension would be 60 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more. 1441, Opp. IOCL Petrol Pump, CRPF Square, Bhubaneswar-750015 1 Ph. : (0674) 6556677, 8093556677. Web : www.vanik.org, E-mail : [email protected] DAILY UPDATED CURRENT AFFAIRS – 02.04.2018 TO 04.04.2018 • Atal Pension Yojana would provide a fixed minimum pension Rs.1000 to Rs.5000 per month starting from the age of 60. Pension Fund Regulatory and Development Authority The Pension Fund Regulatory and Development Authority (PFRDA), a statutory body, is the pension regulator of India which was established by Government of India on August 23, 2003. PFRDA is regulating and administering the National Pension System (NPS) along with administering the Atal Pension Yojana (APY) which is a defined benefits pension scheme for the unorganized sector, guaranteed by the Government of India. Hemant G. Contractor- Chairman of PFRDA. Core sector growth up by 5.3% in February 2018 • According to index of eight core industries released by Ministry of Commerce and Industry, eight core infrastructure sectors grew by 5.3% in February 2018. • In India, there are eight core sectors comprising of coal, crude oil, natural gas, petroleum refinery products, fertilisers, steel, cement and electricity. The eight infrastructure sectors, constitute 40.27% of the total index of industrial production (IIP). RBI bars Axis Bank from importing bullion for FY19 • The Reserve Bank of India (RBI) has dropped Axis Bank from the list of banks that have been authorised to import bullion (gold and silver) for the financial year 2018-19. Last month, the RBI had slapped a fine of Rs 3 crore on Axis Bank for violation of NPA classification norms. • Axis Bank was among the list of 19 banks that were authorised to import gold and silver in the fiscal year 2017-18. • For this financial year, the RBI has released a list of 16 banks including scam-hit Punjab National Bank and controversy-hit ICICI Bank. • Banks import raw gold and silver, and sell it to the trade participants. This activity helps a bank with fees and deepen its relationships with key clientele. Bullion is gold and silver that is officially recognized as being at least 99.5% pure and is in the form of bars or ingots. SoftBank, GCL tie up for $930 mn India JV for solar equipment • Japan's SoftBank Group and Chinese firm GCL Group Ltd have inked a pact to set up a joint venture in India with an investment of USD 930 million to produce and sell solar energy equipment. • The MoU was inked by GCL Group Holdings Ltd and Softbank Investment Advisors (UK) Ltd, an arm Softbank Group on March 29. • In 2015, SoftBank has announced that the firm would invest up to USD 20 billion along with Foxconn Technology Co Ltd and Bharti Enterprises in solar energy in India. Indian Army, HDFC Bank ink MoU on defence salary package • Indian Army has signed Memorandum of Undertaking (MoU) with HDFC Bank on the Defence Salary Package. It is renewed version first MoU signed between Indian Army HDFC Bank and in 2011 and renewed in March 2015. • Currently Indian Army has MoUs on Defence Salary Package with 11 public and private sector banks. • Chief of the Army Staff (COAS): General Bipin Rawat,Vice Chief of the Army Staff (VCOAS): Lieutenant General Sarath Chand • HDFC- CEO: Aditya Puri, Headquarters: Mumbai, Founded: August 1994 NATIONAL NIRF Rankings 2018: IISc Overall Best, AIIMS Best Medical College • As per the ranking released by the national institutional ranking framework (NIRF) The Indian Institute of Science (IISC) in Bengaluru was adjudged the overall best institution in the country • This year for the first time medical and dental colleges were also ranked by the National Institutional Ranking Framework (NIRF). Apart from the medical, NIRF has also added Architecture and Law this year. • NIRF survey broadly covering Teaching, Learning and Resources, Research and Professional practices, Graduation Outcomes, Outreach and inclusivity and Perception. Overall ranking: 1- Indian Institute of Science, Bangalore , 2- IIT Madras , 3- IIT Bombay, 4- IIT Delhi, 5- IIT Kharagpur Top Universities: 1- Indian Institute of Science, Bangalore, 2-Jawaharlal Nehru University, New Delhi, 3- Banaras Hindu University, Varanasi Top Medical Institutes 1- All India Institute of Medical Sciences New Delhi 2- Post Graduate Institute of Medical Education and Research, Chandigarh 3- Christian Medical College, Vellore Top Colleges 1- Miranda House, Delhi University , 2- St, Stephens, Delhi University , 3- Bishop Heber College, Tiruchirappalli Top Engineering Institutes: 1- IIT Madras , 2- IIT Bombay , 3- IIT Delhi Top Management Institutes: 1. IIM, Ahmedabad , 2. IIM, Bangalore, 3. IIM, Calcutta 1441, Opp.