Daily Current Affairs 1st April, 2017

Daily Current Affairs 1st April, 2017


India becomes associate member of IEA

  • India, world’s 3rd largest energy consumer has joined International Energy Association (IAE) as associate member. India will also now have a greater say in global energy issues.
  • With India as a associate member, IEA now formally covers 70{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} of the world’s energy consumption, thus increasing its relevance.
  • India’s participation will enrich the energy efficiency and renewable sectors of IEA members and other countries.
  • India will gain from IEA’s data gathering processes, survey methodologies and range of energy data, which will enable India in the near future to set up its own robust integrated database agency.
  • It also gives an opportunity to India to be the voice of the developing world and represent the interests of the emerging markets. It will enable India to be involved in the key committees and dialogues of the IEA.

About International Energy Association

  • The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organization established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis.
  • The IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market and other energy sectors.
  • The IEA has a broad role in promoting alternate energy sources (including renewable energy), rational energy policies, and multinational energy technology co-operation.
  • IEA member countries are required to maintain total oil stock levels equivalent to at least 90 days of the previous year’s net imports. At the end of July 2009, IEA member countries held a combined stockpile of almost 4.3 billion barrels (680,000,000 m3) of oil.
  • On 1 September 2015, Fatih Birol took office as the new Executive Director, succeeding in this position former Dutch Minister of Economic Affairs, Maria van der Hoeven.

Malaysian Prime Minister Najib Razak Visits India

  • Malaysian Prime Minister Najib Razak is on a 6-day visit to India.
  • This year marks the 60th anniversary of formal diplomatic relations. Malaysia’s father of independence, Tunku Abdul Rahman, visited India in 1962.
  • India and Malaysia signed their strategic partnership in 2010. India has trained Malaysian pilots for the Russian SU-30 aircraft.


SBI gets new logo and enters in the league of top 50 Global Banks

  • From April 1, the associate banks which will be merging with State Bank of India will sport the lender’s signage and logo, with its iconic keyhole set against the background of inky blue.
  • On the design, “SBI” legend will be seen in white colour and will be written in a new font called
  • As per the Reserve Bank of India, all branches of the associate banks will function as branches of SBI from April 1, 2017.
  • With The merger, State Bank of India will enter the league of Top 50 Global Banks with a balance sheet size of Rs. 41 trillion.

Cabinet approves ratification of 2 ILO conventions on prohibiting child labour  

  • The Union Cabinet has given its approval for ratification of two fundamental conventions of International Labour Organization (ILO) concerning with Child Labour.
  • They are Minimum Age Convention (No 138) and Worst Forms of Child Labour Convention (No 182). Now these conventions will be legally binding.
  • Minimum Age Convention (No 138) or Convention 138: It is concerned with minimum age for admission to employment. So far, it has been ratified by 169 countries.
  • Worst Forms of Child Labour Convention (No 182) or Convention 182:It is concerned with the prohibition and immediate action for elimination of the worst forms of Child Labour. It has been ratified by 180 countries.


Project Saksham:

  • The Government has approved Rs. 2,256 crore outlay for Project Saksham to bolster the information technology network for the new GST regime.
  • Project Saksham is the name given to CBEC’s IT Infrastructure Project. This IT Infrastructure project will enable not just the implementation of Goods and Services tax (GST) but also support all existing services in Customs, Central Excise and Service Tax.
  • In addition, it will also enable extension of the Indian Customs Single Window Interface for Facilitating Trade (SWIFT) and other taxpayer-friendly initiatives under Digital Indian and Ease of Doing Business of CBEC.
  • It will enable setting up of an information exchange mechanism with GSTN through the use of pre-agreed Application Programming Interface (API) or other secure methods of message exchange.

Axis Bank ties up with Wells Fargo for US remittances

  • Axis Bank has tied up with Wells Fargo (the third largest American bank by assets) to offer real-time remittances from the Indian diaspora to their relatives back home.
  • Under the arrangement between the two banks, any member of the Indian diaspora with an account with the Wells Fargo will be able to transfer money to their relatives back home and there will be no transaction fee applicable to the money transfers from the USA. But the relative or the beneficiary in India will need to have an account with Axis Bank.

Kotak Mahindra Bank launches 8-11 app to double customer base

  • Kotak Mahindra Bank has launched the ‘811 banking app’ which is part of the lender’s vision to double customer base in 18 months.
  • Customers will be able to open an account on the 811 banking app with zero balance.
  • Only Aadhaar and PAN card would be required to open 811 account which would provide access to over 100 features on mobile. The account offers up to 6 percent interest rate on savings deposits.


Barmer-Munawab, Pipad Road-Bilara rail routes declared as Green Corridors

  • The North Western Railway has declared the Barmer-Munawab and Pipad Road-Bilara rail routes in Rajasthan as Green Corridors.
  • With this total number of green corridors has increased to five.
  • The 114-km-long Manamadurai– Rameswaram stretch of Southern Railway was India’s first ‘Green corridor’.
  • Okha-Kanalus and Porbandar-Wasjaliya railway sections of Gujarat also have been declared green corridors.

About Green Corridor

  • The Green Corridor ensures zero toilet discharge on rail tracks as part of its commitment to clean environment under the ‘Swachh Rail-Swachh Bharat’ initiative.
  • Trains in the section have been equipped with bio-toilets to ensure zero discharge of human waste on the rail tracks and preventing corrosion of the tracks.


82nd Establishment Day of RBI- 01st April 2017

  • The Reserve Bank of India is the central bank of the country.
  • The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis for the functioning of the Bank, which commenced operations on April 1, 1935.
  • Burma (Myanmar) seceded from the Indian Union in 1937 but the Reserve Bank continued to act as the Central Bank for Burma till Japanese Occupation of Burma and later upto April 1947. After the partition of India, the Reserve Bank served as the central bank of Pakistan upto June 1948 when the State Bank of Pakistan commenced operations.
  • The Bank, which was originally set up as a shareholder’s bank, was nationalized in 1949.


Railway Minister released Book Titled ‘Indian Railway- The weaving of a National Tapestry’

  • Minister of Railways Shri Suresh Prabhakar Prabhu released the book titled ‘Indian Railway- The weaving of a National Tapestry’ jointly authored by Shri Bibek Debroy (Member, NITI Aayog) Shri Sanjay Chadha (Joint Secretary, Ministry of Commerce) & Ms. Vidya Krishnamurthi.
  • The theme of this book is the historical development of railways in India, organized into chapters dealing with different periods of development in chronological order.
  • In addition, Minister of Railways Shri Suresh Prabhu also launched Hi-speed free Wi-Fi services for the visitors at National Rail Museum, New Delhi.


Hyderabad becomes first city to have 1 GBPS internet speed:

  • Internet Service Provider (ISP) ACT Fibernet has announced the launch of 1Gbps (gigabits per second) wired broadband internet services in Hyderabad, making the `City of Pearls’ India’s first `Giga City’.







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