21-22 September 2017 Current Affairs

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22 Sep, 2017

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1) Which Central American country was hit by 7.1 magnitude earthquake on 19 September 2017 resulting in extensive damage and death of over 250 people? – Mexico

Explanation: Mexico’s central region was hit by a powerful earthquake on 19 September 2017 that measured 7.1 on Richter scale. Dozens of buildings tumbled into mounds of rubble or were severely damaged in densely populated parts of capital Mexico City and nearby states. States of Puebla and Morelos were worst hit. At least 269 people died and more than 1800 were injured.

This earthquake was the deadliest in Mexico since the 1985 quake on the same date that killed over 10,000 people. It came less than two weeks after a quake caused 90 deaths in the country’s south. Mexico is one of the world’s most seismically active regions, sitting atop several intersecting tectonic plates.

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2) The Union Cabinet on 20 September 2017 gave its approval to a revamped ‘Khelo India’ scheme that will focus on nurturing sports talent in the country and connecting rural India to global games. What is the main provision under this scheme? – 1,000 selected athletes will receive an annual scholarship of Rs. 500,000 each for 8 years

Explanation: The Union cabinet on 20 September 2017 approved a revamped ‘Khelo India’ (Play India) scheme under which 1,000 selected athletes will receive an annual scholarship of Rs. 500,000 each for eight years. The scheme, which would cost the government Rs. 1,756 crore between 2017-18 and 2019-20, will also promote 20 universities across India as hubs of sporting excellence.

It is worth mentioning that until now, sports schemes were focused on building infrastructure such as stadiums. However, the revamped ‘Khelo India’ scheme will focus on nurturing talent and connecting rural India to global games. Corporate entities will also be allowed to fund the ‘Khelo India’ scheme under corporate social responsibility (CSR).

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3) All peer-to-peer lending (P2P) platforms will be regulated by which entity as was notified by the Union Government on 20 September 2017? – Reserve Bank of India

Explanation: According to a gazette notification issued on 20 September 2017, Reserve Bank of India (RBI) will now regulate all peer-to-peer lending (P2P) platforms in the country. Such platforms will now be treated as non-banking financial companies (NBFCs). The notification is a precursor to the norms that RBI is likely to release for regulation of P2P lending in India.

P2P lending is primarily a form of crowd-funding used to raise loans which are paid back with interest. It can be defined as the use of an online platform that matches lenders with borrowers in order to provide unsecured loans.

According to the RBI, P2P lending promotes alternative forms of finance, where formal finance is unable to reach and also has the potential to soften the lending rates as a result of lower operational costs and enhanced competition with the traditional lending channels. If properly regulated, P2P lending platforms can do this more effectively.

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4) Tata Steel on 19 September 2017 signed an MoU with which German steel major that will create Europe’s second-largest steel enterprise? – Thyssenkrupp AG

Explanation: Tata Steel Ltd and German steel major Thyssenkrupp AG signed a memorandum of understanding (MoU) to create Europe’s second-largest steel enterprise by combining the flat steel businesses of the two companies.

The two entities will create a 50:50 joint-venture that will combine Tata’s plants in the Netherlands and the UK with Thyssenkrupp’s German assets.

The new entity will be managed through a lean holding company based in Amsterdam, the Netherlands and will be Europe’s second largest steel producer after ArcelorMittal. The joint venture would have a pro forma turnover of about €15 billion per annum (Rs. 1,15,000 crore).

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5) Liliane Bettencourt, listed by Forbes as the richest woman in the world with a fortune of almost $50 billion, died on 20 September 2017. She was associated with which cosmetics entity? – L’Oreal

Explanation: Liliane Bettencourt was the heiress of the French cosmetics giant L’Oreal. She was the daughter of L’Oreal founder Eugene Schueller who passed away in 1957 and thus inherited the L’Oreal empire.

L’Oreal is a $126 billion global cosmetics brand today and is France’s fourth-largest listed firm.

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The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.

 


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