Daily Current Affairs 23rd February 2018

1. EPFO cuts interest rate to 8.55% for 2017-18

EPFO cuts interest rate to 8.55% for 2017-18Retirement fund body Employees’ Provident Fund Organisation (EPFO) has reduced the interest rate on deposits to 8.55% for the financial year 2017-18 following a general decline in interest rates.

The move will affect around six crore subscribers and leave EPFO with a surplus of Rs 586 crore against Rs 695 crore in the previous financial year.

EPFO had earlier this year sold Rs 3,700-crore equity shares in the market, earning a profit of Rs 1,100 crore as a result of which it was felt that the retirement fund body could retain the interest rate for the current financial year at 8.65%.

EPFO cuts interest rate

Key points:
Employees’ Provident Fund Organisation (EPFO)
Founded: 4 March 1952, New Delhi
Headquarters: New Delhi
CEO: V. P. Joy

Source: The Economic Times

2. India International Textiles Expo begins in Colombo

India International Textiles Expo begins in ColomboA three-day India International Textiles Expo (IITExpo) of India began in Sri Lanka capital of Colombo.

It is being organized by Powerloom Development & Export Promotion Council (PDEXCIL) to the support of Union Ministry of Textiles & Ministry of Commerce & Industry.

The event was inaugurated by Sri Lankan minister of Special Assignments Dr Sarath Amunugama.

At the event, about 45 exhibitors from various textile clusters of India are displaying the variety of fabrics, home textiles, traditional items etc. suitable for apparel, industrial, technical application and general consumers.

Source: DD News

3. Capital First gets NHB nod for merger with IDFC Bank

Capital First gets NHB nod for merger with IDFC BankCapital First announced that the regulator National Housing Bank (NHB) has approved the merger of the company along with Capital Home Finance and Capital First Securities Limited with IDFC Bank.

The amalgamation is subject to the receipt of approval from the Reserve Bank of India and other statutory and regulatory approvals.

The share swap ratio for the merger is fixed at 139:10, meaning IDFC Bank will issue 139 shares for every 10 shares of Capital First.

Key points:
National Housing Bank (NHB)
Headquarters: New Delhi
Chairpersons: Sriram Kalyanaraman

IDFC (Infrastructure Development Finance Company) Bank
Headquarters: Mumbai
Chairmen: Rajiv Lall

Source: The Economic Times

4. UP govt signs pact with Amazon India for khadi products sale

UP govt signs pact with Amazon India for khadi products saleUttar Pradesh’s Khadi and Village Industries Board signed a pact with Amazon India to facilitate online selling of Khadi products.

As part of a MoU, Amazon India will educate, train and enable rural khadi artisans to directly sell their products to Amazon.in customers across the country under the brand of UP Khadi.

The portfolio online will include products such as khadi shirts, kurtas, dhotis, towels and gourmet food which has a tremendous potential and demand in urban areas.

Source: The Economic Times

5. Telangana, Taiwan signs agreement for better technology partnership

Telangana, Taiwan signs agreement for better technology partnershipThe Telangana Government signed a Memorandum of Understanding (MOU) with Taoyuan City of Taiwan for better technology partnership in the state.

The World Congress on Information Technology (WCIT) 2018, concluded earlier with Telangana, India handing over the baton to Armenia for the 2019 edition.

IT Minister K T Rama Rao and principal secretary Jayesh Ranjan signed the agreement with Robert Huang, Director of the Board of Taiwan company at World IT Congress 2018

Key points:
Capital: Taipei
Currency: New Taiwan dollar
President: Tsai Ing-wen

Source: Business Standard

6. India ranks 81st in global corruption perception index

India ranks 81st in global corruption perception indexIndia has been ranked 81st in the global corruption perception index for 2017, released by Transparency International, which named the country among the “worst offenders” in terms of graft and press freedom in the Asia Pacific region.

The index ranks 180 countries and territories by their perceived levels of public sector corruption, placed India at the 81st place.

In the 2016 India was in the 79th place among 176 countries.

The index uses a scale of 0 to 100, where 0 is highly corrupt and 100 is very clean.

In the latest ranking New Zealand and Denmark were placed the highest, with scores of 89 and 88, respectively.

On the other hand Syria, South Sudan and Somalia were ranked lowest with scores of 14, 12 and 9, respectively.

Source: The Economic Times

7. India signs a MoU with Canada’s IDRC (International Development Research Centre)

India signs a MoU with Canada's IDRCA Memorandum of Understanding between the Government of the Republic of India and Canada’s IDRC (International Development Research Centre), to usher the programme based research support in addressing current and future global and local developmental challenges.

IDRC has funded 551 research activities worth CA$159 million in India through institutions, researchers and NGOs. During the last five years (2012-17), 96 research projects worth CA$ 51 million were funded by the IDRC in India.

Source: Business Standard

8. Parivartan scheme launched in Haryana

Parivartan scheme launched in HaryanaThe Haryana government launched Parivartan, a scheme designed to address 10 issues, including cleanliness and pollution, in 46 developmental blocks of the state.

The scheme was launched by Chief Minister Manohar Lal Khattar and 46 top officials of the state.

The 10 issues include facilitation of financing, making agriculture profitable and sustainable, improving health services, implementing Swachh Bharat, decongesting market areas, engaging the youth, checking air pollution, ensuring availability of identity-related services, effective policing, and ensuring road order and conduct.

Key points:
Capital: Chandigarh
Chief minister: Manohar Lal Khattar
Governor: Kaptan Singh Solanki
Sultanpur National Park, Kalesar National Park in Haryana

Source: Business Standard


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