Daily GK Updates - 3rd May, 2017

­­­­NATIONAL UPDATES:

1. Madhya Pradesh becomes 1st state to shift to January to December financial year: Madhya Pradesh has become the first Indian state to switch to the January-December financial year from existing April-March cycle. A decision to this effect has been taken at the state cabinet meeting in Bhopal. This will break a 150-year old tradition of adopting the financial year from April to March.

2. India’s Second Tallest Flag Pole inaugurated in Kolhapur: India’s second tallest flag pole (303 feet high) in Kolhapur (Maharashtra). The pole has been constructed in the Police training academy garden as a part of the Kolhapur beautification project. The country’s tallest flag pole (360 feet high) is located at the Indo-Pak Attari Border.

3. AIIB grants $160 mn for Andhra Pradesh Power project: China-sponsored Asian Infrastructure Investment Bank (AIIB) approved USD 160 million loan for a power project in Andhra Pradesh, the first credit from the bank for an Indian project.

The AIIB, in which India is the second largest shareholder after China, has approved the project with the objective to strengthen the power transmission and distribution system in Andhra Pradesh, said a bank statement.

4. Indian army successfully test fires Block-III version of BrahMos cruise missile: Indian Army (IA) has successfully test-fired an advanced (Block-III) version of the BrahMos land-attack cruise missile from a mobile autonomous launcher (MAL)in the Andaman and Nicobar Islands. The missile has been developed by the ‘BrahMos Aerospace Private Limited’, a joint venture between the Russian Federation's NPO Mashinostroeyenia and Defence Research and Development Organisation (DRDO) India.

5. Govt. to set up Rashtriya Swachhata Kendra at Rajghat: The union government will set up ‘Rashtriya Swachhata Kendra’ under Swachh Bharat Mission at Rajghat in New Delhi. Under the mission, around four crore individual toilets have been created.

6. Mr. Anthony Lianzuala: New Controller General of Accounts: Anthony Lianzuala took over as the New Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance, in New Delhi. A graduate from the Hindu College of Delhi University, he is highly credited for his IT initiatives in the North-Eastern Region.

7. Mallikarjun Kharge appointed as new chairman of PAC: Mallikarjun Kharge is the new chairman of the 21-member (14 from Lok Sabha and 7 from Rajya Sabha) Public Accounts Committee (PAC) of Parliament.

INTERNATIONAL UPDATES:

1. 'World Press Freedom Day' being observed today: The ‘World Press Freedom Day’ is observed on 3rd May every year across the world to raise awareness of the importance of freedom of the press and remind governments of their duty to respect and uphold the right to freedom of expression enshrined under Article 19 of the 1948 Universal Declaration of Human Rights. The theme of the year  2017  is ‘Critical Minds for Critical Times: Media’s role in advancing peaceful, just and inclusive societies’.

OTHER UPDATES:

BANKING & FINANCE

1. Infosys Finacle and the Commercial Bank of Qatar have completed a pilot on the “first ever” cloud-based blockchain network to process international remittances: The bank, along with its subsidiary Alternatifbank (ABank) in Turkey, and its associates National Bank of Oman and United Arab Bank in the UAE, have formed a grid for routing cross-border business transactions across the India-GCC corridor.

BUSINESS & ECONOMY

2. IREDA to raise $300 million: The government’s principal clean energy financing arm, the Indian Renewable Energy Development Agency (IREDA) seeks to raise at least $150 million through Masala bonds. This issuance will have a Green shoe Option to retain over-subscription up to $150 million. The proceeds from the fund raise will be used for lending to renewable energy projects in accordance with IREDA’s Green Bond Framework, approved by the Climate Bonds Initiative, UK.

3. SEBI sets up panel on cyber security: Securities and Exchange Board of India (SEBI) has set up a high-level panel on cyber security to suggest measures to safeguard the capital markets from attacks. The four-member committee would be chaired by Madhabi Puri Buch, whole-time member at SEBI. The panel will oversee and provide overall guidance on cyber security initiatives to the regulator and for the entire capital market.

4. UN report says India expected to achieve 7.1% growth this year: According to a UN report, the economic growth for India is projected to be stable at 7.1% in 2017 before edging up to 7.5% in 2018.