Current Affairs Daily Digest – February 16 2019
1.RBI lifts cap on FPI investments in corporate bonds
The Reserve Bank of India (RBI) withdrew the 20 per cent limit on investments by FPIs in corporate bonds of an entity with a view to encourage more foreign investments. As part of the review of the FPI investment in corporate debt undertaken in April 2018, it was stipulated that no FPI should have an exposure of more than 20 per cent of its corporate bond portfolio to a single corporate (including exposure to entities related to the corporate).
While the provision was aimed at incentivising FPIs to maintain a portfolio of assets, market feedback indicates that foreign portfolio investors (FPIs) have been constrained by this stipulation, the RBI said.
2.JP Morgan creates first US bank-backed crypto-currency
US investment bank JP Morgan has created a crypto-currency to help settle payments between clients in its wholesale payments business. JPM Coin is the first digital currency to be backed by a major US bank.
The crypto-currency, which runs on blockchain technology, has been used successfully to move money between the bank and a client account.
Virtual currencies can be used to pay for things in the real world, such as a hotel room, food or even a house.Digital tokens are held in online wallets, and can be sent anonymously between users. For this reason, crypto-currencies are attractive to people who want to make illegal purchases on the Dark Web – a part of the internet that is not indexed by search engines.
3.PepsiCo’s Kurkure signs Taapsee Pannu as brand ambassador
Kurkure, the snack brand owned by PepsiCo India, announced that it has appointed actor Taapsee Pannu as its brand ambassador. The brand has also launched a television campaign to unveil a new brand positioning ‘Khayal toh chatpata hai’ (loosely translated into ‘It’s a fun thought’) to celebrate the progressive thinking that young Indian homemakers bring in to the traditional Indian families.
Kurkure, the snack brand owned by PepsiCo India, announced that it has appointed actor Taapsee Pannu as its brand ambassador.
4.PM visits Yavatmal in Maharashtra, unveils various development projects
The Prime Minister, Shri Narendra Modi, visited Yavatmal in Maharashtra ,where he inaugurated and laid the foundation stone for various development projects. The PM laid the foundation stone of 10 road construction projects, under which 176 km of roads will be constructed at a cost of Rs. 456 crore, drawn from Central Road Fund. The projects will be completed in 18 months; it will improve market access to the farmers in the region and contribute to the economic development of the region.
The PM launched and remotely flagged off Hamsafar Express which will run between Ajni (Nagpur) and Pune. The train comprises three-tier air-conditioned coaches; it will provide overnight service between Nagpur and Pune.
The PM inaugurated a NIIH (National Institute of Immunohaematology) Centre for Research, Management and Control for treatment, education, protection and eradication of sickle cell anaemia and thalassemia, two diseases which are prevalent in the region.
The PM inaugurated Eklavya Model Residential School, Nanded. The school has a capacity of 420 students. Spread over 16 acres, the school is equipped with state-of-the-art facilities, including residential facility, provision for food, playground, IT facilities.
5. 5th India-Bangladesh Joint Consultative Committee Meeting held in Delhi
The 5th India-Bangladesh Joint Consultative Committee Meeting was held in New Delhi .External Affairs Minister Sushma Swaraj and Foreign Affairs Minister of Bangladesh Dr Abdul Momen co-chaired the meeting.
The last Joint Consultative Committee Meeting between the two countries was held in October 2017 at Dhaka. Earlier, Mrs Swaraj held a bilateral meeting with Mr Momen. The Foreign Affairs Minister of Bangladesh arrived in New Delhi on a four day visit to India. It is the first high-level visit from Bangladesh since Prime Minister Sheikh Hasina’s victory in the parliamentary elections in December last year.
6.India’s First Agromet Forecast Centre Inaugurated In Karnataka
Union Minister for Science & Technology, Earth Sciences, Environment, Forest and Climate Change, Dr. Harsh Vardhan, inaugurated the North Karnataka Agromet Forecasting and Research Centre (NKAFC), India’s first agromet forecast centre, at University of Agricultural Sciences (UAS) in Dharwad, Karnataka.
The main objective of the centre is to give accurate reports on the weather which would enable the farmers to protect the crops and get a good yield. About 25 lakh farmers in the region would be kept updated with information via various platforms like WhatsApp, SMS, social networking sites and community radio stations.
7.Expert committee recommends Rs 9,750 monthly national minimum wage
A uniform national minimum wage of Rs 9,750 per month or region-wise minimum wages ranging from Rs 8,892-Rs 11,622 per month for five regions (as of July 2018) have been recommended by an expert committee on determining the methodology for fixing the national minimum wage. The recommendations could form the basis for a national minimum wage in the country covering all workers — irrespective of their skills, sectors, occupations and rural-urban locations.
The report of the 7-member expert panel, which was submitted in January and made public for consultations on Thursday, has also recommended an additional house rent allowance, averaging up to Rs 55 per day, that is, Rs 1,430 per month for urban workers over and above the national minimum wage saying house rent accounts for a significant proportion of the overall non-food component.
8.PATA conference-mart inaugurated in Rishikesh
The rich culture and natural splendour of Uttarakhand have for long been attracting tourists. In addition to this, the State Government is working to connect investors and those in the business with the adventure tourism possibilities available in the State. The State’s Tourism and Culture minister Satpal Maharaj said this at the inauguration of the Pacific Asia Travel Association (PATA) adventure travel and responsible tourism conference and mart-2019 at the Ganga Resort in Rishikesh .
The State is working in coordination with the Centre to boost tourism. Citing the example of Kedarnath, he said that after the 2013 disaster, Kedarnath had been rebuilt with the active support of prime minister Narendra Modi. Tourism secretary (GoI) Yogendra Tripathi appreciated PATA for choosing Rishikesh as the venue of the programme since there are immense possibilities for adventure tourism here.
9.Nehwal beats Sindhu to become national champion for 4th time
World number nine Saina Nehwal became the national champion for the fourth time, defeating world number six PV Sindhu in the women’s singles final of Senior National Badminton Championship. Nehwal, who had previously won senior nationals in 2006, 2007 and 2017, won with the scoreline of 21-18, 21-15. Saina had defeated Sindhu in the 2017 final as well.
10.Govt panel proposes national minimum wage of Rs 375 per day
In an official statement made public , a government panel has recommended a national minimum wage of “Rs375 per day or Rs9,750 per month plus an additional housing allowance of RS 1,430 per month for workers in cities”. The minimum wage would be “irrespective of sectors, skills, occupations and rural-urban locations”. Currently, minimum wages are decided by respective state governments.
11.Arunachal receives second highest central funds under BADP
New Delhi has released second highest central funds to Arunachal Pradesh after Jammu & Kashmir under the border area development project (BADP). Official statistics in possession of this correspondent said that a total of Rs 1,100 crore central funds have been released to all the 17 states that share its border with foreign countries during 2017-18.
Arunachal Pradesh has received a sum of Rs 154.14 crore during 2017-18 whereas Jammu & Kashmir has received a sum of Rs 198.89 crore.Assam has received Rs 56.00 crore during the same period.
The Centre is implementing the Border Area Development Programme (BADP) through the state governments, in 396 border blocks of 111 border districts in 17 states including Arunachal Pradesh, Assam, Bihar, Gujarat, Himachal Pradesh, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Punjab,Rajasthan, Sikkim, Tripura, Uttar Pradesh, Uttarakhand and West Bengal.
