Today Current Affairs 25th October 2017

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Ministries of Power and Textiles have joined hands under SAATHI (Sustainable and Accelerated Adoption of efficient Textile technologies to Help small  Industries) initiative. Under this initiative, Energy Efficiency Services Limited (EESL), a PSU under Ministry of Power, will procure energy efficient power looms, motors. The SAATHI initiative will be jointly implemented by EESL and office of Textile Commissioner on the pan-India basis. It will be implemented in the key cluster.

The National Basketball Association (NBA) announced that former India men’s national team head coach Scott Fleming has joined NBA India as Head of Basketball Operations. Scott Fleming will oversee the league’s youth and elite basketball development in India, including the Reliance Foundation Jr. NBA program, NBA Academy India, and NBA Basketball School.

 The Reserve Bank of India imposed a monetary penalty of Rs 2 crore on IDFC Bank for contravention of regulatory restrictions pertaining to loans and advances. The penalty has been imposed in the exercise of powers vested in RBI under the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to certain directions issued by RBI.

Jitu Rai and Heena Sidhu combined to give India their first gold medal of the International Shooting Sports Federation‬ (ISSF) World Cup Final in New Delhi.   They clinched the top honors in the 10m air pistol mixed team event on the opening day of competitions. Rai and Sidhu picked up their third gold together in the mixed team event, being held officially for the first time at an ISSF World Cup.

The Asian Development Bank and the Government of India signed a $300 million loan to continue a series of fiscal reforms in the State of West Bengal to improve the quality of public service delivery. The Second West Bengal Development Finance Program targets a further increase in public investment through the reduction of unproductive expenditure.

Central American country Nicaragua signed the Paris climate change agreement and presented the relevant documents for the agreement at the United Nations. Earlier, Nicaraguan Government did not sign the agreement arguing that the accord did not put sufficient onus on wealthy countries to tackle climate change and was not ambitious enough in its objectives. It is to be noted that Nicaragua has no oil and its government pursues green energy policies. More than 50% of its electricity is produced by geothermic, wind, solar, biomass and wave power.

Gujarat Government announces additional benefits for karma-yogis working on fix pay on 11 months contract. The additional benefits are in the form of 11 additional casual leaves, maximum 90 days maternity leave with pay for women karma yogis after completion of one year for maximum two children, TA/DA up to Rs.250 as per slabs and Rs.2-lakh exgratia amount on accidental or natural death during duty payable to the next in kin.

The Indian government announced an allocation of Rs 2.11 lakh crore over 2 years for the recapitalization of public sector banks. As part of the plan, the government will essentially issue bonds to banks worth Rs 1.35 lakh crore while Rs 76,000 crore will come through budgetary support. Lenders will subscribe to these bonds as part of their investment portfolio. The money raised by the government will then be used to recapitalize banks.

The Union Cabinet approved the biggest ever highway project to develop and expand approximately 83,000 km of roads at an investment of Rs 6.9 lakh crore by 2022. The project also includes the new 28,400 km Bharatmala highway program connecting border areas, improving international, port and coastal connectivity.  Bharatmala is government's mega plan and the second-largest highways project after National Highway Development Project that saw the development of about 50,000 km and aims at improving connectivity in border and other areas.