Current Affair Today
ONGC Videsh Ltd and its partners have acquired a 10 percent in a large offshore oilfield in Abu Dhabi for USD 600 million, the first time an Indian company has set foot in the oil-rich Emirate.
OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and a unit of Bharat Petroleum Corp Ltd (BPCL), paid a signing amount of USD 600 million for a 10 percent stake in Abu Dhabi National Oil Co's (ADNOC) 40-year Lower Zakum Concession, Offshore Abu Dhabi.
The current production of this field is about 400,000 barrels of oil per day (20 million tonnes per annum) and Indian consortium's annual share shall be about 2 million tonnes.
The field is to achieve plateau target of 450,000 barrels of oil per day by 2025.This is the first time that Indian oil companies have taken part in an Abu Dhabi oil and gas concession.The concession, which has a term of 40 years with an effective date of March 9, 2018, was signed by ONGC Group Chairman Shashi Shanker and ADNOC Group Chief Executive Sultan Ahmed Al Jaber.
ADNOC is finalising the potential partners for the remaining 30 percent of the available 40 percent stake in the Lower Zakum Concession earmarked for international oil and gas companies.The deal "will help India meet its growing demand for energy and refined products, create opportunities for ADNOC to increase its market share in a key growth market, and build a solid foundation as ADNOC explores potential international investments, particularly focused on downstream opportunities.
India Post Payments Bank (IPPB) Expansion Programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018.
All 1.55 lakh post office branches will operate as access points and 650 payments bank branches will provide them back-end support.Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with ability to provide digital payment services at the doorstep with the help of Postmen and Gramin Dak Sewaks (GDS).
In 2015, RBI had granted 'in-principle' approval to 11 entities, including the Department of Posts, to set up payments banks. Payments banks can accept deposits of up to Rs 1 lakh per account from individuals and small businesses.
Unlike traditional banks, payments banks are not allowed to give loans or credit to customers.
The new model of banking allows mobile firms, super market chains and others to cater to banking requirements of individuals and small businesses. A payments bank is a differentiated bank and confines its activities to acceptance of demand deposits, remittance services, Internet banking and other specified services.
IPPB will be the third payments bank to have full fledged operations after Airtel Payments Bank and Paytm.IPPB will also enable more than 17 crore active account-holders of Post Office Savings Bank to make interoperable digital payments including the benefit of NEFT, RTGS, UPI and bill payment services. Additionally, the IPPB will enable acceptance of digital payments across post offices in the country in line with the digital payments initiative of the government.
Renowned Hindi writer Krishna Sobti has been conferred upon the Jnanpith Award on Saturday for her contribution to Hindi Literature.
She could not receive the award personally at a function in Balyogi Auditorium in Parliament campus. Noted Poet Ashok Bajpai received the award from Jananpith Award Committee Chairman Justice Bijendra Jain and noted Hindi critic Dr Namvar Singh on behalf of Krishna Sobti.
Union Home Minister Shri Rajnath Singh inaugurates the 24th All-India Forensic Science Conference in Ahmedabad. Government has decided to establish a Cyber Crime Reporting Portal to report Cyber Crimes Against Women. We will also establish a dedicated Cyber Crime Laboratory to stop Crimes Against Women and Children, he added. Shri Rajnath Singh was addressing the gathering after inaugurating the 24th All-India Forensic Science Conference in Ahmedabad.
Forensic science can be extremely useful in cyberspace. Our cyber forensic experts played an important role in preventing radicalisation of our youth. I laud the efforts of our cyber experts in counter-radicalisation.Centre is preparing a huge infrastructure for Crime Control.We have come up with the Crime and Criminal Tracking Network & Systems. By connecting this centralised database with courts and forensic labs we will create an Inter-Operable Criminal Justice System.
New technologies like Artificial Intelligence, Blockchain Technology, Cloud Computing, 3D Printing, Robotics and Internet of Things are posing new security challenges before us. Forensic experts should transform these challenges into opportunities.The Union Home Minister called upon the universities to come up with uniform syllabus on forensics and work towards quality education.Forensic experts play an important role in making a case foolproof.
Todays forensic science has evolved during the past 150-200 years. Forensic lab was first established in India by the Britishers but they relied more on force than forensics.
India's financial capital Mumbai, with a total wealth of USD 950 billion, has been named among the top 15 wealthiest cities globally, while New York topped the list.
According to a New World Wealth report , the economic hub of India is the 12th wealthiest city, followed by Toronto with a total wealth of USD 944 billion, Frankfurt (14th, USD 912 billion) and Paris (15th, USD 860 billion). Total wealth, refers to the private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities, business interests) less any liabilities.Government funds are excluded from the figures.
London ranked second in the list with USD 2.7 trillion, followed by Tokyo (USD 2.5 trillion), and San Francisco Bay area (USD 2.3 trillion).Others in the list include Beijing (USD 2.2 trillion), Shanghai (USD 2 trillion), Los Angeles (USD 1.4 trillion), Hong Kong (USD 1.3 trillion), Sydney (USD 1 trillion), Singapore (USD 1 trillion) and Chicago (USD 988 billion).
Mumbai, also features among the top 10 cities in terms of billionaire population. The city is home to 28 billionaires, individuals with USD 1 billion or more in net assets.Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange (BSE), the 12th largest stock exchange in the world. Major industries in the city include financial services, real estate and media
Prime Minister Narendra Modi today officially launched the foundation stone-laying ceremony for the first Hindu temple in the capital of the UAE, home to over three million people of Indian origin.
PM Modi witnessed the groundbreaking ceremony which was live-streamed to the Dubai Opera House where he was interacting with the Indian community.
He thanked Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan on behalf of 125 crore Indians for the construction of the grand temple.I believe this temple will not be only unique in terms of architecture and splendour, but will also give a message of 'Vasudhaiva Kutumbakam' (world is one) to people across the world.
This is the first stone temple to be built in Abu Dhabi off Dubai-Abu Dhabi highway.PM Modi is visiting the United Arab Emirates for the second time after his 2015 trip to the country.The first Hindu temple in Abu Dhabi will come up on 55,000 square metres of land.The temple will be hand-carved by Indian temple artisans and assembled in the UAE. It will be completed by 2020, and open to people of all religious backgrounds.It will be the first traditional Hindu stone temple in the Middle East.
Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha (BAPS), is a socio-spiritual Hindu organisation set up in 1907 that runs more than 1,100 temples and cultural compounds around the world.
The temple will incorporate all aspects and features of a traditional Hindu temple as part of a fully functional, social, cultural and spiritual complex.It will replicate the BAPS temple in New Delhi and the one under construction in New Jersey.
List of MoUs/Agreements signed during visit of Prime Minister to Palestine
1. MOU between India and Palestine for setting up of India-Palestine Super-specialty hospital at Beit Sahour in Bethelhem Governorate at a cost ofUS$ 30 million
2. MOU between India and Palestine for construction of India Palestine Centre for Empowring women, "Turathi” at a cost ofUS$ 5 million
3. MOU between India and Palestine for setting up of new National Printing Press at Ramallah at a cost ofUS$ 5 million
4. MOU between India and Palestine Construction of school in Muthalth Al Shuhada Village at a cost ofUS$ 1 million
5. MOU between India and Palestine Construction of school in Tamoon village in Tubas Governorate in Palestine at a cost ofUS$ 1.1 million
6. MOU between India and Palestine Assistance of US$ US$ 0.25 millionfor construction of additional floor to Jawahar Lal Nehru for Boys at Abu Dees