The Hindu Review Daily Gk Update : 8th March 2019
♠The Hindu Review♠
♦ State Bank of India to join SWIFT’s global payment interface
- State Bank of India will soon sign up with the Society for Worldwide Interbank Financial Transactions’ Global Payment Interface (gpi), adding to the list of Indian banks that have subscribed to the interbank communication channel’s new payment interface which is set to make cross-border transactions much more secure and transparent, a top official said.
- We are in the final stages of approval with SBI and we hope to announce the partnership soon,” said Kiran Shetty, CEO Swift India.
- India’s largest lender will join 11 of its counterpart banks that will have subscribed to this payments platform which comes with features such as such as end-to-end payment tracking, access to unaltered remittance information, faster and more transparent transactions. These banks are ICICI Bank, Axis Bank, Punjab National Bank, Yes Bank, City Union Bank, HDFC Bank, Bank of India, Federal Bank Limited, Union Bank of India, Indian Bank and IndusInd Bank.
♦ PM Modi to launch renewable energy projects worth Rs 9,300 crore in UP
- Even as the Uttar Pradesh government is eyeing to build renewable energy capacity of 10,700 mw in near future, Prime Minister Narendra Modi would lay the foundation of alternative energy projects in the state totalling Rs 9,300 crore on Friday.
- Modi is visiting the industrial town of Kanpur on March 8 for the mega ‘ground breaking’ ceremony for about 300 projects worth Rs 65,000 crore across different sectors.
- Talking to newspersons here today, UP alternative energy minister Brijesh Pathak said the state was fast transforming into a green energy province with proposals totalling 20,000 megawatt (mw) under consideration.
♦ Likelihood of GDP growth coming at below 7% in 2019-20 is very high: Nomura
- The likelihood of Indian GDP growth coming at below 7 percent in 2019-20 is “very high” despite aiding factors like low oil prices and an expansionary budget, a report said Wednesday.
- Global slowdown, tight financial conditions and political uncertainty in the election year will be the biggest headwinds for growth, the report by Japanese brokerage Nomura has said.
- “These headwinds are likely to keep the growth mix skewed towards consumption and away from investment,” the report said, adding the elections “worsen the outlook” for fresh investment.
- The report seemed to suggest that the brokerage is not “too pessimistic” with its estimate of 6.8 percent growth in FY20 made public in December as against around 7 percent in FY19. It can be noted that the RBI has pegged FY20 growth at 7.4 percent.
♦ PM releases new series circulation coins of visually impaired friendly
- Prime Minister Narendra Modi has said that his Government is guided by the vision of reaching the last mile and the last person.
- The Prime Minister was speaking at a programme in New Delhi after releasing new series of coins especially designed for visually impaired persons.
- The new series includes coins of Rs.1, Rs.2, Rs.5, Rs.10 and Rs.20 denominations. The Prime Minister said his government is committed towards the empowerment of divyangjans.
- Highlighting the various initiatives taken by the NDA Government for the welfare of the Divyang community, PM Modi said that there is a sensitivity with the Government to make every initiative Divyang friendly.
♦ Cabinet approves ordinance for reservation in teachers cadres
- The Cabinet has approved proposal for promulgation of “The Central Educational Institutions (Reservation in Teachers’ Cadre) Ordinance, 2019.
- This decision will allow filling up of more than 5000 vacancies by direct recruitment in Teachers’ cadre duly ensuring that the Constitutional provisions of Articles 14, 16 and 21 shall be complied with and stipulated reservation criteria for the Scheduled Castes/Scheduled Tribes and Socially and economically backward classes are met with.
- This decision is expected to improve the teaching standards in the higher educational institutions to attract all eligible talented candidates.
♦ Prime Minister Modi flags off Nagpur Metro
- The Prime Minister, Shri Narendra Modi, today, flagged off the Nagpur Metro, through video conference from New Delhi. The 13.5 km long, Khapri- Sitabuldi section of the Nagpur Metro was inaugurated through the digital unveiling of plaque.
- Addressing the gathering through video conference, Prime Minister congratulated the people of Nagpur for the second metro service in Maharashtra. He said that is a special moment for him as he had laid the foundation stone for the Nagpur Metro in 2014. The Metro will provide a better, cost friendly and environment friendly means of transportation for the people in Nagpur, PM added.
- The Prime Minister said that the Union Government and State Government are working continuously for the development of Nagpur, keeping its future requirements in mind. He added that Nagpur metro will create employment opportunities for the youth and will also help in the further growth of the city.
♦ CCEA approves power projects worth over Rs. 31,000 crore
- Cabinet committee of on Economic Affairs (CCEA) has taken several key decisions for strengthening of the power sector today. Approval was given for four projects worth over Rs. 31,000 crore located at Buxar (Bihar), Khurja (UP), Kishtwar (J&K) and Sirwani (Sikkim). In addition to these, Cabinet approved measures to promote development of Hydro Power and to alleviate the stress in thermal power projects.
♦ BoB, Dena, Vijaya Bank merger could open Rs 1,000 cr IT outsourcing window
- The amalgamation of Bank of Baroda (BoB), Vijaya Bank and Dena Bank will create an IT outsourcing opportunity worth about Rs 1,000 crore, in terms of integrating the different technology stacks used by these PSU lenders. According to several people in the know, while existing vendors Infosys and Hewlett-Packard (HP) have a fair chance of clinching this deal, even global majors IBM and Accenture are seen as strong contenders to execute the projects.
- As part of the amalgamation, core banking platform integration will be the first step, and will be followed by integration of applications related to human resources and treasury, apart from product-focussed APIs (Application Programme Interface).
- “Firstly, IT integration will start from integrating platforms. Currently, our bank (BoB) and both Vijaya Bank and Dena Bank are using different versions of Infosys’ Finacle. So, Infosys will take care in onboarding them,” said Vikramaditya Singh Khichi, Executive Director at Bank of Baroda.
♦ Cabinet approves MoU between India and Germany on Cooperation in the field of Occupational Safety and Health
- The Union cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) between India and Germany on Cooperation in the field of Occupational Safety and Health (OSH). The MoU was renewed on 13th November 2018.
- The collaboration till date has immensely helped in adopting the modern training techniques and tolls on various aspects of Occupational Safety and Health in different sectors of economic activity. Under the MoU, German Social Accident Insurance (DGUV) through the International Social Security Association (ISSA) is bringing in knowhow to meet the OSH challenges, especially in the construction and manufacturing sector. Also, it will benefit the large work force by improving their safety and health, and preventing occupational injuries and diseases.
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