Court seeks response from Reserve Bank, if the benefits of interest rates declined from the banks

1. Court seeks response from Reserve Bank, if the benefits of interest rates declined from the banks –

The Supreme Court has asked banks to respond to the complaint against the delay in giving interest rate reduction to customers taking loans at floating rate against the RBI.

A bench of Chief Justice Ranjan Gogoi , Justice SK Kaul and Justice KM Joseph has asked the Reserve Bank of India to respond to the public trust ‘ Manilife Foundation ‘ within six weeks on its complaint. In his complaint, the trust has alleged that despite the RBI decision on the repo rate and the reverse repo rate, banks and financial institutions adopt a sluggish approach in reducing interest rates. Customers are delayed in giving benefits of rate reduction.

The Reserve Bank reviews its monetary policy every two months and decides the repo rate. The central bank provides short-term loans to banks and financial institutions only on the basis of repo rate. At this rate, the direction of further interest rate in banks is decided. The repo rate has an impact on the EMI of other loans including housing and vehicle loan.

2. The nature of the world can be changed by India’s success in achieving sustainable development goals – United Nations General Assembly –

United Nations General Assembly Chairman Maria Fernandez Espinosa has said that the success of India in achieving the goal of sustainable development can be brought about in the world. He said that India holds great importance for this multi-faceted system. After assuming the post of President of the United Nations General Assembly, he had come to India and met Prime Minister Narendra Modi.

3. North Korea persuaded to send observer to the destroyed nuclear site, US Secretary of State told –

North Korea has agreed to allow international observers to go to the destroyed nuclear test site. US Secretary of State Mike Pompey said on Monday that North Korea has made significant progress towards nuclear disarmament. One day before Pompeo met the North Korean ruler Kim Jong.

Pompeio, who was on a tour of North Korea for the fourth time, said , “The President is ready to allow international observers to go on the Kim Pungye-N nuclear test site.” North Korea’s nuclear disarmament program is a long process. We have made meaningful progress in this direction. After agreeing on logistics between the two countries, the supervisor will visit the site soon.

North Korea destroyed Putangi-Re site in May, but international observers have not yet allowed them to confirm their claim.

American President Donald Trump had talked about nuclear dissatisfaction with Kim for the first time in Singapore in June this year. However, critics believed that the North Korean leader’s commitment to nuclear disarmament is unclear.

4. After playing 93 one-day internationals, 42 T20 debut at the age of 31, this batsman has scored so many runs –

Australian opener Aaron Finch of the Australian cricket team got the chance to make a Test debut at the age of 31. Generally, any player’s cricket career begins to fall on the slope after coming to this stage of age, but Finch debuted in Test cricket at this age. In the first innings of his debut Test, Finch played a very patient innings and hit half-century in the opposite direction.

After playing 9 ODIs and 42 T20 matches, debut in Test

Finch’s debut in Test cricket is quite a lie. Not only in age terms, he has played 93 ODIs and 42 T20 matches for Australia and now he has got a chance in Test cricket. Well if Steve Smith and David Warner did not get a banner, then hardly would Finch have the chance to play Test cricket. Anyway, Finch did well to start his Test career. He scored 62 in the first innings of 161 balls against Pakistan in the first innings. Finch is an aggressive batsman and he is very much appreciated by the patience he has played in his first Test match. In this innings he scored 5 boundaries and a six. Finch shared a 142-run partnership with his opening partner Usman Khawaja for the first wicket and gave a good start to the team. Usman Khawaja also scored 85 runs in the first innings.

5. ESIC wins ‘ISSA GOOD Practice Award, Asia & the Pacific 2018’ –

The Employees’ State Insurance Corporation (ESIC) has won the ‘ISSA Good Practice Award’ for Administrative Solution for Coverage Extension at the “Regional Social Security Forum for Asia and the Pacific” held at Kuala Lumpur, Malaysia recently. The award recognizes the measures taken by ESIC for extension of coverage-SPREE (Scheme for Promoting Registration of Employers and Employees), reduced rate of contribution rates for 24 months in newly implemented areas and raising the wage limit for coverage under the ESI Act, etc. The Regional Social Security Forum for Asia and the Pacific is a triennial Forum, which is the most important social security event in the Region.

6. Nobel Prize in economics awarded to William Nordhaus and Paul Romer –

American economists William Nordhaus and Paul Romer have been awarded the Economics Nobel Prize 2018 for their work on understanding how economies can grow sustainably. Nordhaus, a professor at Yale University, is best known for his work on climate economics. Romer, of NYU’s Stern School of Business, is a proponent of a theory that examines how the world can achieve sustainable growth. It is also known as The Sveriges Riksbank Prize and was established in 1968.

7. Flipkart partners Bajaj Allianz to offer insurance for mobile phones –

Flipkart, a leading e-commerce player, has tied up with Bajaj Allianz General Insurance to offer customised insurance to leading mobile brands being sold on the e-commerce major’s platform. This marks decade-old Flipkart’s foray into insurance after it secured a corporate agent licence from the insurance regulator, IRDAI. The insurance will be available from October 10 when Flipkart’s Big Billion Days (TBBD) begins.

8. 4 day long India International Science Festival (IISF-2018) concludes in Lucknow –

The four day long mega science expo, India International Science Festival (IISF) concluded in Lucknow. IISF-2018 witnessed a footfall of more than 10 lakh people and more than 22 thousand registrations, the highest in its four year history making it the largest festival of its kind in Asia. IISF which was inaugurated by the President of India Shri Ram Nath Kovind , saw a confluence of Scientists, researchers, students, farmers and people from a wide spectrum discussing, debating, and witnessing how science and technology is shaping New India. IISF-2018 with its focal theme “Science for Transformation” had more than23 special events in its 4th edition. The fifth edition of the science festival will be held in eastern India.

9. Home Minister stressed on better coordination and use of new technology for aviation security –

The Union Home Minister, Shri Rajnath Singh has stressed the need for better coordination among all stakeholders for the security of the country’s fastest aviation security. When addressing an international seminar on aviation security in New Delhi, he said, to ensure all stakeholders especially BCAS associated with aviation and using new Prudyogiki for CISF aviation security as well as better coordination between the trained human resource force.

The two-day seminar organized on Global Cooperation: Secure Aviation was organized by the Central Industrial Security Force on the occasion of Golden Jubilee Year of its establishment.

Referring to the terrorist threats for the aviation sector, Mr. Singh said that civil aviation security is a very challenging area, because it always remains on the target of terrorist organizations. Terrorists are always looking for such occasions where they can attract more people’s attention and take media coverage. He said that the new technology continues to be invented daily for the attack on the aviation sector. The incident of an attacker coming to London using a liquid explosive in London and hiding in a bung in 2009 in Amsterdam is a clear proof that terrorists can go to any extent to target the aviation sector.

10. Strengthening forest fire management will help achieve long term climate change goals –

Dr. Harshvardhan, Union Environment, Forest and Climate Change, emphasized on the participation of people in making people’s movements in public movement, saying that forest, fire management is a part of long-term vision for sustainable forest management. Dr. Harshavardhana was presenting a report on strengthening forest fire management in India in New Delhi today. He said that the suggested recommendations in the report should be implemented effectively. He said that the implementation of the recommendations will reduce the incidence of fire in forests. The Environment Minister suggested that the ministry of science and technology should also be included in the fire to control incidents of fire.