Current Affairs & News Update 18th September 2015
Current Affairs & News Update 18th September 2015
1. RBI approves 10 entities to set up Small Finance Banks
The Reserve Bank of India (RBI) has granted in principle approval to 10 entities to set up small finance banks to provide basic banking services to small farmers and micro industries. The in-principle approval will enable these entities comply with the guidelines on Small Finance Banks and will be valid for 18 months. 10 entities are: Au Financiers (India) Ltd, Capital Local Area Bank, Disha Microfin Private Ltd, Equitas Holdings P Limited, ESAF Microfinance and Investments Private Ltd, Janalakshmi Financial Services Private Limited, RGVN (North East) Microfinance Limited, Suryoday Micro Finance Private Ltd, Ujjivan Financial Services Private Ltd and Utkarsh Micro Finance Private Ltd. As per RBI guidelines, the small finance banks can provide basic banking services in order to promote financial inclusion. Read More
2. Godavari, Krishna Rivers formally interlinked in Andhra Pradesh
Godavari River was formally interlinked with the Krishna River at Ibrahimpatnam near Vijayawada in Andhra Pradesh. Both rivers were interlinked after Chief Minister N Chandrababu Naidu inaugurated a pylon at Ibrahimpatnam. State government has named this historic occasion as ‘Krishna-Godavari Pavitra Sangamam’ meaning holy confluence in Telugu.
The interlinking irrigation project located at Pattisam village in West Godavari district will pump Godavari River’s water into a canal 4 km under the Pattiseema Lift Irrigation Scheme. The pumped water will meet Krishna River at Ibrahimpatnam in Vijaywada district through 174 km long link canal. The stored water by interlinking rivers at Prakasam Barrage in Vijayawada will be diverted to irrigate paddy crop on 7 lakh acres in the Krishna, West and East Godavari districts, which are often called the rice bowl of the country. Read More
3. Nepal’s Parliament approves new Constitution
Nepal’s Parliament has overwhelmingly approved a new constitution after seven years of painstaking efforts and deliberations. The new constituent was passed by a 507-25 vote in the 601-seat Constituent Assembly (CA) after the voting and is due to come into effect on 20 September 2015. The lawmakers of CA from Nepali Congress, Communist Party of Nepal (Unified Marxist–Leninist) and UCPN- Maoist supported the draft constitution. It should be noted that this is fifth constitution enacted by Nepal. The previous four constitutions were enacted in 1959, 1962, 1990 and 1999.
Features of Nepal’s new constitution
Establishes Nepal as secular and federal democratic republic. It moves away from the existing unitary structure.
The constitution vest executive rights of the country on the Council of Ministers headed by Prime Minister. While the President would be ceremonial head-of-the-state. Read More
4. India, Cambodia ink 2 MoUs for bilateral cooperation in Tourism, Mekong Ganga Project
India and Cambodia have signed two Memoranda of Understanding (MoUs) to boost bilateral cooperation in the field of Tourism and another related to umbrella projects under Mekong Ganga Cooperation initiative. These MoUs were signed in the presence of Indian Vice President M.Hamid Ansari and his Cambodian counterpart Prime Minister Hun Sen in Phnom Penh. The second MoU for umbrella projects under Mekong Ganga Cooperation initiative covers five Quick Impact Projects including
2 projects in Health care.
1 project on Agriculture.
1 project in Women’s Empowerment through Information and Communications Technology (ICT).
50,000 US dollars grant for the Cambodia-India Entrepreneurship Development Centre (CIEDC) which was launched in February 2006. Read More
5. Union Government bans NSCN-K for 5 years
Union Government has banned Naga rebel group National Socialist Council of Nagaland- Khaplang (NSCN-K) for five years. The organisation has been banned under the Unlawful Activities (Prevention) Act, 1967. Decision in this regard was taken at Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi. NSCN-K was has been banned following due legal process as it had unilaterally abrogated the ceasefire agreement with the Union government and perpetrated a string of terror attacks. In June 2015, it was involved in brutal killing of 18 soldiers of 6 Dogra Regiment in an ambush in Chandel district of Manipur.
About National Socialist Council of Nagaland
The NSCN was formed 1980 with an objective of establishing a sovereign state of Nagalim by unifying all the areas inhabited by the Naga people in Northeast India and Myanmar. Read More
6. Union Cabinet approves creation of posts of directors for 4 new NIDs
Union cabinet has approved the creation of four posts of directors for four new National Institutes of Design (NIDs). Four posts of directors will be for four new NIDs located at Bhopal (Madhya Pradesh), Kurukshetra (Haryana), Jorhat (Assam) and Vijayawada (Andhra Pradesh). The decision was taken by the Union Cabinet meeting chaired by Prime Minister Narendra Modi in line with provision mentioned in National Design Policy, 2007. National Design Policy, 2007 has Action Plan for implementation of the policy for setting up of four more NIDs on the pattern of NID, Ahmedabad in order to spread quality education in design to all regions of India It should be noted that in February, 2014 Union Cabinet already had approved financial implications including salaries for setting up of these new four NIDs. Read More
7. Union Cabinet approves Shyama Prasad Mukherjee Rurban mission for rural development
The Union Cabinet has approved Shyama Prasad Mukherjee Rurban mission (SPMRM) for its ambitious bid to spur social, economic and infrastructure development in rural areas. In this regard, Union Government has earmarked over 5,000 crore rupees for the mission to develop 300 clusters over next three years across the country.
Aim: SPMRM through development of rurban growth clusters aims at catalyzing overall regional growth.
Twin objectives: It seeks to achieve of strengthening rural areas and de burdening the urban areas. Thus it seeks for balanced regional development and growth of the country by simultaneously benefiting the rural as well as urban areas of the country.
The State Governments would identify the clusters which have latent potential for growth in accordance with the Framework for Implementation. Read More
8. Hangzhou City of China chosen to host 2022 Asian Games
Capital city of Zhejiang Province Hangzhou in East China has been chosen by the Olympic Council of Asia (OCA) to host the 2022 Asian Games. Hangzhou was the only candidate city for the 2022 Asian Games i.e. XIX edition of games. This decision was taken by the OCA at its 34th Congress held in Ashkhabad, Turkmenistan. It will be the third Chinese city to host the Asian games following Beijing in 1990 and Guangzhou in 2010. Hangzhou is best known for the West Lake, a placid and tourist attraction. It is also home base of Chinese Internet (ecommerce) giant Alibaba.
About Asian Games
Asian Games also known as Asiad is a pancontinental multi-sport event (44 sports events) among athletes from all over Asia.
It is held every four years and regulated and organized by the OCA since 1982. Read More
9. Union Cabinet approves 150 days employment under MGNREGA in the drought hit areas
Union Cabinet has approved 150 days employment per household under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in the drought hit areas of the country. Decision in this regard was taken by Union Cabinet Meeting chaired by Prime Minister Narendra Modi in New Delhi. Additional 50 days of unskilled manual work under the MGNREGA scheme will benefit people in drought-hit areas which are facing monsoon deficit affecting kharif crops and rural income. The move will enable state governments to provide additional wage employment to the rural poor from present 100 days in drought and natural calamities affected areas. Cabinet committee on Economic Affairs (CCEA) also approved setting up of committee to propose Exim bank scheme in order to offer concessional finance to companies bidding for infra projects abroad. Read More
News Stories from earlier this month