MOST IMP Current Affairs Date 26/05/2017

MOST IMP Current Affairs Date 26/05/2017
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INDIAN AFFAIRS

Recent Approvals by Central government – May 25 2017
Union Cabinet has been apprised of the Memorandum of Understanding (MoU) between India and Bangladesh on cooperation in the peaceful uses of outer space.
i. Cabinet has given its approval to raise Bonds of Rs. 2360 crores for renewable energy through the Indian Renewable Energy Development Agency (IREDA) during the 2017-18.
ii. Cabinet approves Joint Declaration of Intent between Germany and India regarding cooperation in the sector of alternative medicine
iii. Union cabinet has approved phasing out of Foreign Investment Promotion Board (FIPB).
iv. Cabinet has approved the signing of a Memorandum of Understanding (MoU) between Directorate General of Health Services under Union Ministry of Health and Family Welfare National Transplant Organization, Ministry of Health, Social Services and Equality, Spain on cooperation in the organ and tissue procurement and transplantation services.
v. Union Cabinet has given its approval for establishment of new All India Institute of Medical Sciences (AIIMS) at Kamrup, Assam.
Mumbai, Kota among world’s most crowded cities says WEF
According to World Economic Forum (WEF) citing UN Habitat data the list is topped by Dhaka.Dhaka has a population density of 44,500 people per square kilometer.
i. Mumbai has a population density of 31,700 people per square kilometre at the second place.
ii. Medellin in Columbia ranked third with 19,700 people per square kilometer followed by Manila at the 4th place with a density of 14,800.
BANKING & FINANCE
SBI launches national hackathon
State Bank of India (SBI) has launched a National Hackathon for developers, start-ups and students.
Key Notes:
i. The main aim to launch National hackathaon is to come up with innovative ideas and solutions for the banking sector.
ii. Hackathon which will start from June 6, 2017 and ends on June 20, 2017.
iii. The hackathon has named ‘Code For Bank’.
iv. It will focus on the business value driven by technologies like predictive analytics, fin-tech, blockchain, digital payments, IOT, artificial intelligence, machine learning, BOTS and robotic process automation.
v. In the phase 1, participants can register their ideas during May 20-29
RBI allows co-operative banks to issue mobile wallets
On May 25, 2017, Reserve Bank of India announced that it has decided to permit all licensed co-operative banks having their own ATM network to issue semi-closed prepaid payment instruments PPIs like mobile wallets.
♦ A notification has been issued by RBI which enlists strict norms and conditions to be followed by co-operative banks before permitting them to issue wallets for utility bill payments and other activities up to a limit of Rs 10,000.
Besides, RBI has also laid down following criteria:
i. Banks should be core banking or CBS compliant
ii. The net non-performing assets should be less than 3%
iii. The bank should be profitable in the previous financial year.
iv. There should be no monetary penalty being imposed on the entity during the last two financial years
v. A comprehensive customer grievance redressal mechanism should be set up.
vi. The bank should have internal and audit inspection processes both for its branches as well as the head office.
BUSINESS
BHEL commissions 270 MW thermal unit in Maharashtra
BHEL has commissioned a 270 mw thermal unit in Maharashtra.
Key Notes:
i. The project is owned by Maharashtra State Power Generation Company (Mahagenco).
ii. The unit has been commissioned at Parli Thermal Power Station (TPS), located in Beed district in the Marathwada region of Maharashtra.
iii. BHEL has been a major partner in the power development programme of the state.
iv. It has commissioned 16,000 mw of power generation capacity in Maharashtra.
About BHEL
♦ BHEL was established in 1964.
♦ Bharat Heavy Electricals Limited (BHEL) is owned by the Government of India.
♦ It is a power plant equipment manufacturer and operates as engineering and manufacturing company based in New Delhi, India.

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