Current Affairs Updates - 11 January 2018

Current Affairs Updates - 11 January 2018

New Appointments: National

Renowned scientist K Sivan appointed as the chairman of Indian Space Research Organisation (ISRO) to replace AS Kiran Kumar.

• Sivan is popularly known as the "Rocket Man" for his significant contribution in the development of cryogenic engines for India's space programme.

National Payments Corporation of India (NPCI) appointed Dilip Asbe as its MD & CEO .

• NPCI was set up by the Reserve Bank of India in 2009 as the central infrastructure for various retail payment systems in India.

Brand Ambassador

Music maestro AR Rahman was named the official brand ambassador of Sikkim at a function.

• Extending a warm welcome to Rahman at the opening ceremony of the Sikkim Red Panda Winter Carnival, Chief Minister Pawan Kumar Chamling said he was grateful to the musician for accepting his proposal. 

Banking/Economic Affairs

India's growth rate in 2018 is projected to hit 7.3 per cent and 7.5 per cent in the next two years, according to the World Bank.

• India is estimated to have grown at 6.7 per cent in 2017 despite initial setbacks from demonetisation and the Goods and Services Tax (GST), according to the 2018 Global Economics Prospect released by the World Bank here yesterday. 

Punjab National Bank (PNB) and National Scheduled Castes Finance and Development Corporation (NSFDC) have tied up to provide financial assistance for economic empowerment of persons belonging to Scheduled Caste (SC) families living below Double Poverty Line (DPL).

• A Memorandum of Agreement to this effect was signed by B.M.Padha, Corporate General Manager , Priority Sector & Financial Inclusion Division, PNB and Devanand, General Manager, NSFDC.

State Bank of India (SBI) is planning to raise 2 billion dollar by issuing bonds in U.S. dollar or in some other convertible currency in the current and the next financial year.

• The bank’s board has approved the fund raising on Monday. The lender may raise the funds in more than one tranches. The funds could be used to boost credit demand.

National Affairs

In an attempt to address security and privacy concerns around leakage of Aadhaar numbers and data, the Unique Identification Authority of India introduced two new measures - virtual ID and limited KYC.

• The virtual identity or virtual ID will be a random 16-digit number mapped to the Aadhaar number of a citizen, and will come with an expiration date.
• The VID will not be duplicable by agencies performing authentication of Aadhaar number, and hence will ensure safety of the Aadhaar number.

Direct Tax Collections for F.Y. 2017-2018 show Growth of 18.2% up to December, 2017

• Gross collections (before adjusting for refunds) have increased by 12.6% to Rs. 7.68 lakh crore during April to December, 2017. Refunds amounting to Rs.1.12 lakh crore have been issued during April to December, 2017.

Defence & Railway

Indian Railways launches transparent and efficient "New Online Vendor Registration System" in its research arm RDSO.

• In-line with the philosophy of the Government to make systems and procedures digital and transparent, Research Designs & Standards Organisation (RDSO), (headquartered at Lucknow), the research arm of Ministry of Railways, has launched New Online Vendor Registration System. 

Agreements (MoU)

South Korea and the Gujarat Chamber of Commerce and Industry (GCCI) signed a memorandum of understanding for co-operation between industries in Gujarat and the East Asian country, with a focus on automobile, defence and textiles sectors.

• The main objective of the MoU is to help Gujarat-based small and medium enterprises (SMEs) to explore opportunities through joint ventures with South Korean firms, especially in areas of automobile, defence and textiles, said GCCI president Shailesh Patwari.

Flipkart’s payments arm PhonePe said it has partnered mobile wallet company FreeCharge to allow the latter’s customers pay for transactions at PhonePe’s partner merchants.

• Once linked, PhonePe customers will be able to spend their FreeCharge wallet balance at all online and offline merchant outlets that accept payments via PhonePe, it added.

India will sign a pact with the United Kingdom for a return of illegal Indian migrants within a month of their being detected by authorities.

• The U.K. has consistently raised the issue of return of illegal migrants — said to number in thousands — with India. The memorandum of understanding comes ahead of Prime Minister Narendra Modi’s proposed visit in March.

Summit /Conference / Events / Host

President Ram Nath Kovind to inaugurate 4th International Dharma-Dhamma Conference on 'State and Social Order in Dharma-Dhamma Traditions' at Rajgir in Nalanda district.

• The event is being organised as part of the commemorative events to celebrate the Silver Jubilee year of ASEAN-India Dialogue Partnership, with support of the Union Ministry of External Affairs.

Sports: Awards & Honours

Veteran cueist Aditya Mehta won the Kolkata Open 2018 International Invitation Snooker Championship at the Hindustan Club.

• He edged out Englishman Alfie Burden 5-4 in a thrilling final.
• Mehta started well with a break of 93 in the opening frame but Alfie countered him with break of 75 to come at par. 

Manali girl Aanchal Thakur becomes the first Indian to win a medal at an international skiing event.

• Aanchal Thakur made history by winning India's first-ever international medal in skiing.
• The 21-year-old clinched bronze in the coveted Alpine Ejder Cup organised by the Federation Internationale de Ski. She won the medal in the slalom race category.

Obituary 

Peter Sutherland, first WTO Director-General, passes away in Dublin.

• Peter Sutherland, the first Director-General of the World Trade Organization (WTO), has passed away in his home city of Dublin. He was 71.