6th & 7th September Current Affairs 2019 | Daily GK Updates | September Current Affairs for Government Exams

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6th & 7th September Current Affairs 2019

Daily GK Updates & September Current Affairs for Government Exams

Welcome to Current Affairs Section of Instajobalerts.com. Our Current Affairs Of September 2019 page covers various sections like banking & finance September Current Affairs 2019, business & economy, Indian and International affairs 2019, defense, environment current affairs, persons and many for Bank PO & Clerk Exams, Insurance, UPSC, SSC, Railway, State PSC & other Competitive Exams.

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Venkaiah Naidu released Glorious Diaspora Pride of India in New Delhi

The Vice President of India, Shri M. Venkaiah Naidu releasing the Coffee Table Book titled Glorious Diaspora-Pride of India in New Delhi. The book contains the brief profiles of the recipients of Pravasi Bharatiya Samman Awards (PBSA) from 2003 to 2019. The Coffee Table Book was brought out by the Indian Diaspora Club. The club was appreciated for the contributed for the welfare of the nation through their philanthropic and charitable work.

First Mega Food Park was held in Telangana

07 September 2019 Current Affairs: The first Mega Food Park in Telangana was held at Lakkampally village in Nizamabad district. It was inaugurated by the Union Minister for Food Processing Harsimrat Kaur Badal. The food park was promoted by Smart Agro Food Park. The Smart Agro Mega Food Park was set up in 78 acres of land at a cost of Rs.108.95 crore.

The facilities in the park include a 5,000-tonne warehouse each for raw materials, finished goods, and commodities, 500-tonne deep freeze, Turmeric-Curcumin, Oleoresin Extraction unit of 5 tonnes a day, quality control lab and other related food processing facilities.

India to offer USD 1 billion for the development of Vladivostok

06 September 2019 Current Affairs: Prime Minister Narendra Modi has announced a $1 billion line of credit for the development of Vladivostok, the resource-rich Far East region of Russia. He made the announcement at the 5th Eastern Economic Forum at Vladivostok during his visit to Russia.

PM Modi unveiled the Act Far East policy in the presence of Russian President Putin at Vladivostok. The policy aims to boost India’s engagement with Russia’s Far East region. India has actively engaged East Asia as part of its Act East policy.

Delhi ranks 118th and Mumbai at 119th spot in EIUs Global Liveability Index 2019

05 September 2019 Current Affairs: Global Liveability Index prepared by the Economist Intelligence Unit(EIU) ranked Delhi in the 118th spot from 6 places from 112th spot. It is the biggest decline in Asia. Mumbai dropped by two places to rank at 119th spot this year. The list was topped by Vienna, It is the second consecutive time whereas Damascus the capital of Syria was ranked last at 140th position. Russia’s St. Petersburg topped the list among BRICS nations at 71st spot.

Govt launches updated Credit linked Capital Subsidy Scheme for MSMEs

07 September 2019 Current Affairs: The Cabinet Committee on Economic Affairs approved an outlay of Rs 2,900 crore for the scheme. The upper limit on overall annual spending on the subsidy disbursal. There is an additional 10 percent subsidy for SC-ST entrepreneurs while special provisions have been made for 117 aspirational districts, hill states, and the northeastern region.

The committee is set up under the MSME secretary to look into the issue of delayed payments. The finance ministry estimates that public sector undertakings owe MSMEs above Rs 48,000 crore.

The government is brainstorming ways to improve the TReDS (Trade Receivables Discounting System) platform and the online bill discounting platform which helps MSMEs raise funds by selling their trade receivables to corporates.

RBI declines Equitas request to extend listing deadline for small finance bank

07 September 2019 Current Affairs: The Reserve Bank of India (RBI) turned down a proposal by Equitas Holdings seeking an extension of the listing deadline for its subsidiary Equitas Small Finance Bank (ESFB) ordered freezing of the small finance bank’s chief executive’s remuneration at the existing level.

RBI communication to the small finance bank on Friday, the central bank told Equitas that its request for extension of timeline for listing of share of ESFB .ESFB was not permitted to open new branches and further restrictions may be imposed if the bank fails to make satisfactory progress towards listing of its shares.

The small finance banks (SFBs) within three years of reaching net worth of ₹500 crore is mandatory as outlined in the guidelines for licensing of SFBs and as communicated to the bank at the time of granting of ‘in-principle’ approval and granting of license.The bank without an initial public offering (IPO) by giving its existing shareholders a direct 47% stake in the small finance bank. Since the announcement of this scheme, the stock has lost 8%.

The Reserve Bank of India (RBI) barred Bandhan Bank from opening new branches without its approval and ordered the bank to freeze the salary of its chief executive Chandra Shekhar Ghosh over its failure to meet shareholding norms. The licence guidelines, the bank’s promoter, Bandhan Financial Holdings Ltd, had to reduce its stake from 82% to 40% within three years of commencing business. The Kolkata-based bank announced the acquisition of Gruh Finance Ltd, the affordable housing finance arm of Housing Development Finance Corp. (HDFC) to lower the promoter holding of Bandhan Financial Holdings in the bank.

Five institutes are awarded IoE

06 September 2019 Current Affairs: The Ministry of Human Resource Development (MHRD) on the guidance of the University Grants Commission (UGC) and master board of trusty has awarded the Institutions of Eminence (IoE) title 5 institutes. The 5 institutes are IIT-Madras, Banaras Hindu University, IIT-Kharagpur, University of Delhi and the University of Hyderabad.

Forty new Vande Bharat Express trains by 2022

06 September 2019 Current Affairs: India will have 40 new Vande Bharata Express trains by 2022. Indian Railways finalized the timeline for manufacturing them again and started a tendering process for the purpose.

The production was stopped over allegations of favoritism and lack of transparency, earlier this year. The railway board has now started the tendering process for resuming manufacturing after railway minister Piyush Goyal’s intervention.

A tender will be out by October for the propulsion system of the trains. Two rakes of Vande Bharat Express are currently available for operations and one of them runs between Delhi and Varanasi.

PNB approved its merger with OBC and United Bank of India

06 September 2019 Current Affairs: Punjab National Bank’s (PNB) board has decided to give its in-principle approval for the merger with the Oriental Bank of Commerce and United Bank of India. The move is a part of the announcement of a major bank merger by the Finance Minister Nirmala Sitharaman.

The directors of the Bank approved to commence the amalgamation process. The board also approved a capital infusion of up to Rs.18,000 crore from the government for preferential allotment of equity shares of the bank at a price determined in terms of SEBI (ICDR) Regulations. After the merger, PNB will be the country’s second-largest PSB with Rs.18 lakh crore business. It will also be the second-largest branch network in India.

Earlier, the government announced that the four major bank mergers. The merger of 10 public sector banks to be merged into four was announced by Finance Minister Nirmala Sitharaman. After the merger, there will now be 12 public sector banks after the latest round of consolidation of PSU banks.

India ranks 9th among the top 10 individual nations in gold reserves

06 September 2019 Current Affairs: The World Gold Council (WGC) released the 2019 list of gold reserves. The country who topped the list was the United States(US). They have gold reserves of 8,133.5 tonnes, followed by Germany (3,366.8 tonnes) at second place. India entered the top 10 list this year ranking at 10th spot surpassing the Netherlands (612.5 tonnes) it ranked 9th position in terms of individual countries with 618.2 tonnes, as the International Monetary Fund(IMF) ranks third (2,451.8 tonnes) in the gold reserve list.

RBI makes it Mandatory for Banks to Link Retail Loans with External Benchmarks from October 1

06 September 2019 Current Affairs: The Reserve Bank of India mandatory for banks to link all new floating-rate loans for housing, auto and MSMEs to an external benchmark like repo from October 1.

Industry and retail borrowers complaining that banks do not pass on the entire RBI’s policy rate (repo rate).The Reserve Bank of India (RBI) observed that due to various reasons, the transmission of policy rate changes to the lending rate of banks under the current marginal cost of funds based lending rate (MCLR) framework hThe banks to link all new floating rate personal or retail loans and floating rate loans to MSMEs (micro, small and medium enterprises) toan external benchmark effective October 1, 2019.The Reserve Bank already reduced the repo or short-term lending rate by 110 basis points, but the banks have reportedly passed on only up to 40 bps to borrowers.

The external benchmarks to which the banks will be required to link their lending rates, could be repo, 3-month or 6-month treasury bill yield or any other benchmark published by theFinancial Benchmarks India Private Ltd (FBIL).

Standard Chartered Bank launches new DigiSmart credit card

06 September 2019 Current Affairs: Standard Chartered Bank launched its DigiSmart credit card primarily focused on the ever-growing segment of millennials. The new credit card is available for a nominal monthly fee of only Rs 49. However, this fee will be waived off if the spends of the customer are Rs 5,000 or above in the previous month. The instant discounts and other benefits make this card special. key e-commerce portals, travel, entertainment, fashion, grocery and food delivery can be discounted on various categories of products.Standard Chartered Bank partnered with several companies such as Myntra, Grofers, Yatra, Zomato, Ola and INOX in the initial phase to offer customers with discounts and other benefits.

India ranks 34th in 2019 world travel and tourism competitiveness index

06 September 2019 Current Affairs: According to the Travel and Tourism Competitiveness Index (TTCI) for the year 2019 released by the World Economic Forum(WEF). India ranked at the 34th spot from 6 places from the 2017 report (40th rank). The index topped by Spain It is followed by France and Germany in the second and third places.

Fifteenth Indo-US military training exercise Yudh Abhyas 2019

07 September 2019 Current Affairs: The 15th edition of the biggest joint military exercise Yudh Abhyas 2019 took place between Indian and the United States(US) at Lewis McChord Joint Airforce Base,Washington(US) continue till 18th September.

The main objective is to facilitate interoperability between two nations and train at Battalion level as well as brigade level.

The US side represented by a company of 5-20 Infantry Battalion of the US Army and the Indian side was represented by The Assam Regiment. The Indian army welcomed by Major General of US, Xavier Brunsen.The two armies at the end of the exercise will undertake a joint exercise under a UN(United Nations) mandate where expert academic and military discussions.

UNESCO ties up with Rajasthan to promote states intangible cultural heritage

07 September 2019 Current Affairs: UNESCO and the Rajasthan government joined to promote the state’s intangible cultural heritage. Their main aim is to promote music, art and craft forms, and other intangible cultural heritage of the state to spur socio-economic growth of several artist communities.

The project which will run for around three-and-a-half years will be implemented in Jodhpur, Barmer, Jaisalmer and Bikaner districts.

India and the Rajasthan government’s tourism department today signed a partnership agreement to promote community-based responsible tourism based on the rich intangible cultural heritage of the state.

Vatican awards Yunus the Lamp of Peace of Saint Francis award

Bangladesh Professor Muhammad Yunus was awarded the Lamp of Peace of Saint Francis award by the Vatican. The award recognizes his contribution towards establishing peace and harmony. Papal Basilica of Assisi and Father Mauro Gambetti who is the master of the Holy Convent conferred the award to Yunus.