Current Affairs | JANUARY 2018 Capsule

1. The Income Tax (IT) Department has launched anon-line chat service on its national website -- www.incometaxindia.gov.in’.

Note: A customer support executive having expertise in tax-related matters helps the users in resolving their queries on-line. The facility is available on all working days from Monday to Friday between 10 AM and 6 PM.

2. The Indian Institute of Corporate Affairs (IICA) has signed a MoU with theIndia Post Payments Bank to provide training on payment banking.

Note: Under the agreement, IICA has been entrusted with the key responsibility of capacity building of IPPB through training of its officials/employees besides providing research support by instituting Research Chairs in the emerging area of payment banking.

3. TheReserve Bank of India (RBI) will shortly issue new banknotes of Rs. 10 denomination in the Mahatma Gandhi (New) Series.

Note: The new denomination has motif of Sun Temple, Konark on the reverse and the base colour of the note, Chocolate Brown. The dimension of the banknote will be

63 mm x 123 mm.

4. The RBI clearance to register and function as a non-banking finance company (NBFC) --Telangana Industrial Health Clinic Ltd (TIHCL).

Note: It will be the first state promoted and co-financing NBFC. TIHCL had won the SKOCH Platinum Award in Sep 2017 under the smart governance category in the MSME segment.

5. The union Govt has launchedPradhan Mantri Vaya Vandana Yojana (PMVVY) to provide social security during old age, to protect elderly persons aged 60 and above against a future fall in their interest income due to uncertain market conditions.

Note: The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LIC). The scheme provides an assured return of 8% per annum for 10 years.

6. The Pension Fund Regulatory and Development Authority of India (PFRDA) run Atal Pension Yojana (APY) has reached a subscriber base of-- 80 lakhs.

Note: Uttar Pradesh is the highest contributing state at 11.41 lakh APY subscribers, followed by Bihar and Tamil Nadu. APY became operational from 1st June,2015 and is available to all citizens of India in the age group of 18-40 years. A subscriber will receive a minimum guaranteed pension of 1000 to 5000 rupees per month, depending on his contribution, from the age of 60 years.

7. ThePunjab National Bank has signed a MoU with National Scheduled Castes Finance and Development Corporation to provide financial assistance to Scheduled Castes families living below Double Poverty Line.

Note: PNB will be a channelizing agency for loan scheme of NSFDC.

8. The firstAdvance Estimates of National Income 2017-18, the Growth in GDP during 2017-18 has been estimated at -- 6. 5%

Note: Agriculture, forestry, and fishing is likely to slow to 2.1% in the current fiscal from 4.9% in the preceding year.The growth rate in per capita income is estimated at 5.3% during 2017-18, as against 5.7% in the previous year.

9. The Customers will not have to pay any transaction charges for payments through debit card, BHIM app and other payment made for up toRs 2,000.

Note: The merchant discount rate (MDR) will be borne by the government for two years with effect from 1st January,2018 by reimbursing the same to banks.

10.The State Bank of India (SBI) has reduced the base rate and benchmark prime lending rates by 30 basis points each.

    Note: State Bank of India revised down the base rate to 8.65% for existing customers from 8.95%. The benchmark prime lending rates is down from 13.7% to 13.4%. Bank also extended its ongoing waiver on home loan processing fees till the end of this March for new home loan customers and other customers looking to switch their existing loans to SBI.

 11.The union govt has finalized the scheme aimed at cleaning the system of political funding in the country Electoral Bonds.

Note: The bonds will be issued and purchased from the specified branches of the State Bank of India for ten days in January, April, July and October. They will be available in the multiples of one thousand, ten thousand, one lakh, ten lakhs, and one crore rupees.

12.SEBI banned auditor major Price Waterhouse entities from issuing audit certificates for 2 years.

Note: SEBI also ordered disgorgement of over 13 crore rupees wrongful gains from the audit major and it's two erstwhile partners who worked on the IT major's accounts.

13. Niti Aayogwill provide rankings to the 115 aspirational districts.

Note: The ranking will be on 10 parameters which will include nutrition, education and health among others.It will also set up a mechanism for real-time monitoring of government's development programmes by April 2018.

‘Niti Aayog’ will create a dashboard which will reflect the change in ranking of districts on continuous basis by the end of March this year.

14. World Bank projects India's growthrate 7.3% in 2018. Note: India has enormous growth potential compared to other emerging economies as an ambitious government undertakes comprehensive reforms.

15. BSE and NSEhas launched the new interest rate futures (IRF) contracts offering 7.17% yield on government bonds. Note: An IRF is a contract between a buyer and a seller agreeing to the future delivery of any interest-bearing asset such as government bonds.

16. Retail inflation crossed the RBI's comfort level and rose5.21% in December.

Note: As per the data released by the Central Statistics Office (CSO) inflation for the food basket increased to 4.96% in December from 4.42% in the preceding month.

17. The commodity Exchange theNational Commodity and Derivatives Exchange (NCDEX) has launched India’s first

Agri-commodity options contract in guar seeds. Note: The Union Finance Minister Arun Jaitley has

launched India’s first agri-commodity options contract in guar seeds on the commodity bourse National

Commodity and Derivatives Exchange Limited

(NCDEX), purpose of this new initiative is to benefit farmers and ensure better prices in the coming days.

18. According to, the World Economic ForumIndia has been ranked 30th in the Global Manufacturing Index. Note: In top ten, Japan has been found to have the best structure of production in the Geneva-based WEF’s first

Readiness for the future of production report.

19. As per the data released by National Family and Health Survey (NFHS-4), the richest state in India is Delhi. Note: As per the data released by National Family and Health Survey (NFHS-4), Delhi is the richest state in India while Bihar is the poorest state. The report outlines that poverty is widespread in rural India as 29% of rural India has wealth levels equivalent to bottom 20% of the country’s population. While for urban India, the figure is just 3.3%.

20. International Chemical Company has acquired ‘Tata

Chemicals Urea Plant, located at Babrala, Uttar Pradesh. Note: A Norwegian Chemical Company Yara International has acquired ‘Tata Chemicals Urea Plant, located at Babrala in Uttar Pradesh. It is India’s first-ever FDI in Fertilizer sector.

21. President Ram Nath Kovind has inaugurated the

‘Economic Democracy Conclave’ at Thane, Maharashtra. Note: The conclave being organized by Rambhau Mhalgi Prabodhini with an aim to create a platform for young entrepreneurs and self-employed individuals.

22. Indian IT Company Tata Consultancy Services (TCS) has signed a USD 690 million deal with M&G Prudential, the UK and European savings and investments business of Prudential plc

Note: Now, TCS will digitally transform M&G Prudential’s business and deliver enhanced service for its UK savings and retirement customers. The value of this agreement exceeds over 10 years and covers the support of over 4 million customer policies.

23.The first Indian bank HDFC Bank Ltd. to cross Rs. 5 trillion market capitalization.

Note: HDFC bank has become first Indian bank to cross Rs. 5 trillion market capitalization, making it only the third Indian company to achieve this milestone. Reliance Industry Ltd remained the most valued company with a market cap of Rs. 5.82 trillion, followed by Tata Consultancy Services Ltd with a market cap of Rs. 5.57 trillion.

24. The Pension Fund Regulatory and Development Authority (PFRDA) has permitted partial withdrawal under the National Pension System for purchase of residential premises, treatment of critical illness, marriage of Children and higher education.

Note: The withdrawal will be permitted only three times during the tenure of the subscription.

25. India’s rank in the list of wealthiest countries –Sixth. Note: According to a report by New World Wealth, India has been ranked sixth in the list of wealthiest countries with the total wealth of 8,230 billion US dollars. The United States is the wealthiest country in the world as the total wealth held in 2017 amounted to 64,584 billion dollars. The China at the second place with 24,803 billion dollars and Japan with 19,522 billion dollars at third.

26. According to the World Economic Forum (WEF), India’s ranked among emerging economies on an Inclusive Development Index (IDI-2018) -- 62nd.

Note: The index takes into the account the living standards, environmental sustainability and protection of future generations from further indebtedness.

27. According to the Reserve Bank of India (RBI), largest source of Foreign Direct Investment (FDI) in India in FY17

--Mauritius.

Note: It has 21.8% share at market value.

28. According to the IMF’s latest World Economic Outlook (WEO) update, India’s GDP growth forecast for 2018 --

7.4%.

Note: India’s GDP growth forecast has projected to 7.4% in

2018 and 7.8% in 2019. China is expected to grow at 6.6% and 6.4% for year 2018 and 2019, respectively.

29. Paytm and AGTech Holdings Ltd have formed a joint venture to launch a gaming platform aimed at mobile users in India -- Gamepind.

Note: The joint venture between Alibaba’s AGTech (45%)

Holdings and Paytm (55%)was originally signed in July 2017.

30. National Investment and Infrastructure Fund (NIIF) has collaborated with DP World to create an investment platform for ports, terminals, transportation, and logistic businesses in India.

31. Indian Overseas Bank has signed a pact with National Housing Bank (NHB) for Rural Housing Interest Subsidy Scheme (RHISS) scheme.

Note: The purpose of the RHISS is to provide subsidy for housing loans taken by those living in rural areas for construction and modifications of their dwelling units. Now, IOB will be able to extend the benefit of RHISS to its rural home loan customers of its 923 rural branches spread across India.

32. Indian's first company to cross the Rs. 6-lakh crore mark in market capitalization -- Reliance Industries (RIL).

Note: RIL is owned 40% by its chairman Mukesh Ambani.

According to Bloomberg’s billionaire index, he is the richest Indian with the personal wealth of USD 40.7 billion and the 20th richest globally.

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