BFSI & Economy

  • The union finance minister Arun Jaitley has officially launched a new Payments Bank ‘Paytm Payments Bank’ at an event in New Delhi.The Payments banks is a new model of banks conceptualized by the Reserve Bank of India (RBI). Currently, India has four Payments Bank Paytm Payments Bank, Airtel Payments Bank, India Post Payments Bank and Fino Payments Bank. Paytm Payments Bank is a mobile-first bank with zero charges on all online transactions and no minimum balance requirement. Paytm Payments Bank also provides free personalized RuPay digital debit card.
  • Former economic affairs secretary ‘Shaktikanta Das’ has been appointed India’s G20 Sherpa for the Development Track of the grouping. The Department of Economic Affairs will provide necessary support to the Sherpa.
  • India and Greece have signed Air Services Agreement and MoU on Cooperation in the field of New and Renewable Energy in New Delhi.The pacts were inked after talks between Sushma Swaraj (External Affairs Minister) and visiting Minister for Foreign Affairs of Greece Nikos Kotzias.
  • The union govt. has fixed the issue price of Sovereign Gold Bond(SGB) at 2,961 rupees per gram for the next subscription period under Sovereign Gold Bond Scheme 2017 -18.
  • Foreign direct investment (FDI) in the country increased by 17% to USD 25.35 billion during April-September fiscal. The main sectors which attract foreign inflows include services, telecom, trading, computer hardware and software and automobile.
  • The Union Government with the approval President of India has constituted 15th Finance Commission which will make recommendations for the five years commencing 1 April 2020 till 31 March 2025. The commission will recommend devolution of shareable central taxes to States. It will also review several important aspects of federal fiscal finance. It will make its report available by 30th October 2019.
  • Multi-lateral funding agency Asian Development Bank (ADB) announced that it increase annual funding to India to up to $4 billion from existing $2.7 billion from next year to accelerate inclusive economic transformation.
  • Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry has doubled rates for incentives under Merchandise Exports from India Scheme (MEIS) from 2% to 4% of value of exports. The rates for incentives under this scheme have been enhanced for two subsectors of textiles industry — readymade garments and made-ups.
  • State Bank of India (SBI), the largest commercial bank in India will soon launch country’s first integrated lifestyle and banking digital service platform named YONO (acronym for ‘You Only Need One’).YONO is first digital banking platform that will allow customers to meet their lifestyle needs across 14 categories including booking and renting cabs, entertainment, dining experience, travel and stay etc.
  • The Sub-Committee of Financial Stability and Development Council (FSDC) reviewed major global and domestic developments that could impinge country’s financial stability. The sub-committee meeting was headed by Reserve Bank of India (RBI) Governor Urjit Patel.
  • The Union Government launched new all-in-one mobile application called UMANG with an aim to make Government services accessible on mobile phone of the citizens. The UMANG app offers 162 services from 33 state and central government departments and four states under a one-single platform
  • The Union Cabinet has approved India’s Membership for European Bank for Reconstruction & Development (EBRD). Department of Economic Affairs, Ministry of Finance will take necessary steps to acquire the membership of the EBRD.
  • The government has decided to allow Digital Payments for charging Electric Vehicles through various platforms including the BHIM app and Bharat QR code.
  • Indian online payments company BillDesk has launched cryptocurrency exchange Coinome in India which allows for the trading of Bitcoin and Bitcoin Cash.Mumbai-based Coinome allows users to register via an instant e-KYC process by using Aadhaar number.

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  • South Africa’s Demi-Leigh Nel-Peters (22) was crowned Miss Universe at pageant held at The AXIS at Planet Hollywood in Las Vegas, Nevada, United States. With this she becomes, second South African to win this crown after Margaret Gardiner who had won Miss Universe 1978.


  • Gopi Thonakal created history by becoming first Indian man to win Asian Marathon Championship. He achieved the feat in the 16th edition of the prestigious event held at Dongguan in China.
  • Ace shuttler Kidambi Srikanth bagged the Sportsman of the Year award at the inaugural edition of Indian Sports Honours held in Mumba

Science and Technology

  • Scientists from New Zealand have developed world’s first artificial intelligence politician named SAM. It was created by Nick Gerritsen, entrepreneur in New Zealand.
  • The India Indian Space Research Organisation (ISRO) is set to launch first solar mission Aditya-L1 in 2019. It will be India’s first dedicated scientific mission to study sun. The mission aims to put 1,500-kg heavy class Aditya-L1 satellite into halo orbit around Lagrangian point L1, a point between Sun and Earth. This point is at a distance of about 1.5 million km from earth.
  • The world’s fastest supersonic cruise missile BrahMos was successfully test fired from Indian Air Force’s (IAF) Sukhoi-30MKI fighter jet for the first time.

Revision Notes

National & Business

  • The Union Ministry of Power launched Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGYA) in Manipur. Total of approximately 1.75 lakh households (1.62 lakh rural households and 0.13 lakh urban households) of Manipur are proposed to be included under scheme.
  • The Appointments Committee of the Cabinet (ACC) has appointed senior bureaucrat Badri Narain Sharma as Chairman of National Anti-Profiteering Authority (NAA) under Goods and Services Tax (GST) regime.
  • The Union Ministry of Health and Family Welfare (MoHFW) and Indian Council of Medical Research (ICMR) had launched India Hypertension Management Initiative (IHMI). The IHMI aims to reduce disability and death related to cardiovascular disease (CVD), the leading cause of death in India.
  • Russia has agreed to assist India to set up National Crisis Management Centre (NCMC) in the country to handle disaster and other emergency situations. This was agreed during a meeting between Union Home Minister Rajnath Singh and Russian Minister for Emergency Situations Vladimir Puchkov in Moscow.
  • The 48th International Film Festival of India (IFFI) was held in Panaji in Goa. The closing ceremony was held at Shyama Prasad Mukherjee Stadium in Bambolim
  • Prime Minister Narendra Modi and US President Donald Trump’s advisor and daughter Ivanka Trump jointly inaugurated 8th annual Global Entrepreneurship Summit (GES 2017) in Hyderabad, Telangana.
  • The third Indian Council for Cultural Relations (ICCR) Distinguished Indologist Award for the year 2017 was awarded to Professor Hiroshi Marui of Japan. He was presented with this award by President Ram Nath Kovind at a function in Rashtrapati Bhavan, New Delhi
  • India and Russia have signed comprehensive anti-terror pact agreement for enhancing bilateral cooperation in tackling all forms of terrorism and countering threat posed by narcotics.
  • India’s Ritu Phogat has won Silver medal in Under-23 Senior World Wrestling held in Poland. She won silver medal in 48 kg category.
  • The Union Ministry of Petroleum and Natural Gas had organised a consultative workshop on New National Policy on Biofuels & Pradhan Mantri Ji- Van Yojana (VGF for 2nd Generation Ethanol Bio Refineries) in New Delhi.
  • The Cabinet Committee on Economic Affairs (CCEA) approved ‘Pradhan Mantri Mahila Shakti Kendra’ scheme for a period 2017-18 to 2019-20.
  • The Union Cabinet approved revision in salaries, gratuity, allowances, pension etc. of Judges of Supreme Court and High Courts and retired Judges of Supreme Court and High Courts.
  • India observes its ‘Constitution Day’ today. To spread the importance of the Indian Constitution and to remember the architect of constitution Dr. B. R. Ambedkar
  • Bangalore Metropolitan Transport Corporation (BMTC) will soon introduce Electric buses in the city
  • The National Green Tribunal (NGT) headed by Chairperson Justice Swatanter Kumar, directed all states and Union territories (UT) to submit a Coastal Zone Management Plan (CZMP) to the Union Ministry of Environment & Forests before 30th April next year. They will be liable for an exemplary cost of Rs 5 lakh (if fail to submit a plan), which will be recovered from the salary of the concerned defaulting officers.
  • The Asian Development Bank (ADB) will provide a 150 million USD loan to Nepal to improve its urban infrastructure. The agreement for investment will cover eight municipalities located in southern Terai and far west of Nepal.