29 December 2018 - Daily Current Affairs

1. India pips China in FDI inflows for the first time in 20 years

For the first time in two decades, India has been getting more foreign investment than its neighbor China. In 2018, India saw more than $38 billion of inbound deals compared with China’s $32 billion.
India’s foreign direct investment (FDI) was the highest ever with 235 deals amounting to $37.76 billion this calendar year, according to data from Dealogic, a global M&A and capital markets data provider, beating China, which has historically been the favorite for emerging market bets.
China’s trade standoff with the US is seen as a major reason for the slowdown.

Source: The Economic Times

2. Arunachal touches record high revenue generation

The Arunachal Pradesh government has created a record of a total revenue generation of Rs 1,598.49 crore in 2017-18, reaching a new high in the last 30 years.
The revenue generation had crossed the Rs 1,000 cr mark for two consecutive years since Arunachal Pradesh attained statehood in 1987.
The source of revenue generation by the state government includes share of central taxes, state taxes among others.
Chief Minister Pema Khandu had said at a recent meeting, "The state has witnessed faster change, greater transparency and unprecedented development in all sectors.

Source: Business Standard

3. All Indian airports set to install body scanners from 2019

Airports in India will be able to use body scanners from next year and spare “clean” passengers physical frisking.
The Bureau of Civil Aviation Security (BCAS) is soon going to come out with technical specifications of these scanners and then airports can install and machines meeting those norms.
The scanners to be used in India will need to be customized for Indian ‘conditions’ so that it can penetrate the layers of clothes unique to the country — like chunnat (front fold) of a sari, lungiand pallus.

Source: The Economic Times

4. Internet access in India has crossed 50 crore milestone

The number of internet connections in India has grown by 65% from March 2016 to cross the 50 crore mark in 2018, in line with the target set by the Narendra Modi government three years ago.
As per the latest information from the Telecom Regulatory Authority of India (Trai), by the end of September 2018, there were 56 crore narrowband and broadband connections in India.
Just five states - Karnataka, Tamil Nadu, Andhra Pradesh (including Telangana), Gujarat and Maharashtra — account for 20 crore or 36% of all internet connections in India.
Boosting rural connectivity, the Centre’s BharatNet project has so far connected 1.1 lakh gram panchayats (GPs)with internet through a network of optical fiber cable. Of the states, UP has the maximum GPs connected (27,940), followed by Maharashtra (15,126) and Madhya Pradesh (12,689).

Source: The Economic Times

5. Train 18 to begin operations in Jan 2019: Sources

According to the sources, Train 18, India's fastest train, will begin operations in January 2019 at a curtailed speed of 130 kmph.
Train 18, which is set to replace the Shatabdi series, has the potential to run between 160 kmph to 200 kmph.
At trials, it breached the 180-kmph mark.
"Train 18 is likely to run in January after the report of the Chief Commissioner Railway Safety (CCRS) is approved by the board.
The report has suggested several conditions which need to be met before we can run the train at 130 kmph," the source said, adding that Prime Minister Narendra Modi will flag off the train.
As reported earlier, the train is likely to run in the Delhi-Varanasi

Source: Business Standard

Banking & Finance

6. Bank-led resolution of NPAs set to begin

Indian Banks’ Association (IBA) has set up an oversight committee with a former deputy governor from Reserve Bank of India to kick-start bank-led resolution of stressed assets under the inter-creditor agreement.
The association has now asked the 34 lenders to initiate and send the resolution proposals under the scheme.
A senior IBA official said banks have been told to provide forensic reports and credit rating of the borrower along with the resolution plan “Under Project Sashakt, an overseeing committee (OC) is to be set up to look into these resolutions.
We will have six members,” he said, adding that former RBI deputy governor HR Khan, former Canara Bank chairman MBN Rao, former SEBI chief M Damodaran and former State Bank of India chairman Janki Ballabh will be part of the overseeing committee.

Note:

A committee under Sunil Mehta on Project Sashakt had submitted a report to the government suggesting a five-pronged approach for resolution of loans.
It included an inter-creditor agreement (ICA) to resolve in-house bad loans of Rs 50-500 crore.
According to the committee report, stressed assets of banks towards loans of up to Rs 500 crore would be around Rs 3.1 lakh crore.
Sashakt India Asset Management has been registered as an AMC and banks are in talk with investors to set up an alternative investment fund (AIF) to fund the AMC.

Source: The Economic Times

7. New ED for Corporation Bank

The Centre has appointed Birupaksha Mishra as an Executive Director of Corporation Bank.
He has taken over the charge on December 26.
Mishra is a Post Graduate and a Certified Associate of Indian Institute of Bankers (CAIIB).
Prior to this appointment, he was General Manager in Central Bank of India.

Source: The Hindu Business line

8. Govt to infuse Rs 28,615 cr in 7 PSBs soon

The government is likely to infuse Rs 28,615 crore into seven public sector banks (PSBs) through recapitalization bonds by the end of this month.
The amount infused will help the banks meet the regulatory capital requirement, and its disbursement might take place before December 31.
Out of these seven PSBs, Bank of India is likely to get the highest amount of Rs 10,086 crore, followed by Oriental Bank of Commerce, which might get Rs 5,500 crore through recapitalization bonds, sources added.
Other banks that are likely to receive capital infusion in this round included Bank of Maharashtra which may get Rs 4,498 crore, UCO Bank (Rs 3,056 crore) and United Bank of India (Rs 2,159 crore).
The government had earlier announced an infusion of Rs 65,000 crore in PSBs in 2018-19, of which Rs 23,000 crore has already been disbursed, while Rs 42,000 crore is remaining.

Note:

Eleven out of the total 21 PSBs are under the RBI’s Prompt Corrective Action (PCA) framework, which imposes lending restrictions on weak banks.
These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra.

Source: The Hindu Business line

Honours & Awards

9. Chamba SP Monika Bhutunguru conferred 'Champion of Change' award

According to the Himachal Pradesh Police; the Chamba superintendent of police was conferred the 'Champion of Change' award by Vice President M Venkaiah Naidu for her exemplary administrative work.
The award ceremony was held in Delhi on 26^th Dec 2018.
Chamba SP Monika Bhutunguru was conferred one of the most prestigious awards by the vice president at Vigyan Bhawan for her immense contribution, exemplary work and bringing a significant change in the district.
The award selection jury was led by former Chief Justice of India K G Balakrishna and former Supreme Court judge Sudha Mishra.

Source: Business standard

10. Michelle Obama, America’s most admired woman

After Hillary Clinton, US former first lady Michelle Obama tops the list of America’s most admired woman.
Former President Barack Obama was the most admired man for the 11th year in a row while President Donald Trump finished second for the fourth consecutive year.
According to Gallup’s report of the most admired man and woman in the world, Barack Obama and Michelle Obama hold the topmost positions.
Renowned US talk show host Oprah Winfrey holds the second position.

Source: UNI

Arts & Culture

11. President Ramnath Kovind launch 'Sadbhaav Utsav' in Mumbai

President Ramnath Kovind launched 'Sadbhaav Utsav' in Mumbai.
He participated in the Wellness festival organized on the occasion of 100 year anniversary of the Yoga Institute.
The programme is organized at Bandra Kurla Complex's MMRDA ground.
Maharashtra Governor C Vidyasagar Rao, Chief Minister Devendra Fadnavis, and Yoga Institute Director Dr Hansaji Jaidev were present at the event.

Source: DD News

International Affairs

12. UAE resumes Damascus embassy in Syria after 6 years of suspension

The United Arab Emirates has resumed its diplomatic service at Damascus in Syria after six years of suspension signaling a thaw in the relations between the two countries, as also with the Arab world.
The Ministry in a statement said the move underscores the UAE government’s keenness to restore relations between the two brotherly countries to their normal course.
UAE had closed its Embassy in the early years of the Syrian conflict.

Source: DD News