1. Modi inaugurates new Afghan Parliament built by India in Kabul
i. Prime
Minister Modi received a warm embrace and welcome by Afghan president Ashraf
Ghani in Kabul where he arrived on Friday for delegation-level bilateral talks
and for inaugurating the new Afghan Parliament building. Calling India and
Afghanistan’s friendship antiquated and “bound by a thousand ties”, Ghani
thanked India for its “valuable assistance” as Afghanistan weathers “hard
times”.
ii. “Pleased to
welcome PM Modi to Kabul. Though, India & Afghanistan need no introduction,
we are bound by a thousand ties… We have stood by each other in the best and
worst of times,” Ghani tweeted.
iii.
Delegation-level bilateral talks between the two countries were held at
Dilkosha Palace, the Afghan presidential office. Modi later inaugurated the
Afghan parliament building that was constructed by India at a cost of USD 90
million. The Prime Minister also addressed the two houses.
iv. Ghani and
Modi toured the parliament building and arrived at the main session hall in the
presence of the guests, including member of the Afghan parliament, Khaama press
reported.
2. IndianOil, Oil India sign MoU with Rosneft
i. Indian Oil
Corporation and Oil India Ltd have signed a memorandum of understanding with
Russian national oil company Rosneft for cooperation in geologic survey,
exploration and production of hydrocarbons in select onshore areas in Russia.
ii. The MoU
document was signed during the visit of Prime Minister Narendra Modi to Russia.
In all, 16 agreements were signed between Indian and Russian firms in the field
of nuclear energy, hydrocarbon, defence and other sectors.
iii. “The MoU
document lays the foundation for a long-term partnership between IndianOil, OIL
and Rosneft. As a first step, the parties have agreed to examine the
possibility of cooperation in respect of the Taas-Yuryakh Neftegazodobycha LLC
asset,” an official statement from IndianOil stated.
iv.
“Implementation of the terms of the agreement signed will give additional
impetus to the development of one of the largest oil assets in East Siberia,”
the statement added.
3. Veteran actress Sadhana passes away in Mumbai
i. Yesteryear
Hindi film actress Sadhana, known for popularising the fashionable Sadhana cut
(fringe haircut), passed away in Mumbai at the age of 74, according to reports.
ii. Known for
memorable films, such as Love in Shimla, Parakh, Waqt, Woh Kaun Thi, Mera
Saaya, Geeta Mera Naam among others, Sadhana was known for her on-screen simple
looks as well glamour quotient, and is closely associated with some of the most
memorable Hindi film songs during the 1960s.
iii. Sadhana was
said to be ailing for some time and had been operated for a lesion in her mouth
last year.
iv. “RIP Sadhana
aunty...Your legacy of beauty, poise and utmost grace....will live on
forever...”, tweeted Karan Johar, well-known Hindi film producer and director.
4. Reliance Defence signs $6 billion pact with Russian arms firm as
Modi visits Moscow
i. Reliance
Defence said on Thursday it had signed a manufacturing and maintenance deal
potentially worth $6 billion with Russia's Almaz-Antey, the maker of an air
defence system that sources said the Indian military was poised to buy.
ii. The
partnership between the Indian firm controlled by billionaire Anil Ambani and
the Russian firm was announced as Prime Minister Narendra Modi began a trip to
Moscow aimed at strengthening defence ties.
iii. Earlier
this week, Indian defence ministry sources said the government had cleared the
purchase of five S-400 air defence systems that are estimated to cost about
$4.5 billion in a bid to modernise the country's defences against airborne
attacks.
iv. India is
forecast to spend $250 billion over the next decade to upgrade its military and
Modi's government wants a greater role for Indian state and defence firms.
Reliance is forging close ties with Russia to jumpstart its ambitions to
develop a defence business from scratch. It said it had also discussed joint
implementation of modernisation, repair and overhaul of Almaz-Antey systems
already in service in India.
v. The company
also plans to bid for contracts for local manufacture of helicopters,
submarines and ships. Earlier this month, Ambani's Reliance Infrastructure took
sole management control of Pipavav Defence and Offshore Engineering Co which
has built patrol vessels for the Indian navy.
5. Reserve Bank of India Invites Applications for Innovative Payment
Solutions
i. India’s
central bank The Reserve Bank of India has invited applications for “Payment
System Innovation Awards” to encourage innovative solutions in the field of
Payment and Settlement System. With this initiative, the RBI is hoping to
transform the way transactions are processed in the world’s fastest growing
emerging economy.
ii. Some broad
areas which the contest will hope to cover are:
- Payment security
including fraud prevention
- Customer
convenience and cost reduction
- Mobile payments
- Acceptance/electronic
payment infrastructure
- Use of emerging
technologies for payments
iii. The
Institute for Development and Research in Banking Technology (IDRBT), which is
the technology arm of the RBI, will organize the competition. A panel of
experts will shortlist the most innovative applications, and the best three
will be rewarded with citations/prizes. The winners may also be given a chance
to present their ideas/ technologies to the industry representatives.
iv. Among the
most revolutionary technologies that are disrupting the payments sector is the
blockchain technology, which is the technology underpinning the cryptocurrency
bitcoin. The blockchain is able to serve the crucial purpose of cutting down
transaction costs while facilitating fast, reliable, and secure payments. The
initiative by the central bank will also lend confidence to the cryptocurrency
businesses in India as the regulator has often maintained a cautious stance on
the digital currencies.
v. RBI has
already issued new licenses to 10 small banks and 11 payment banks that would
use technology to disrupt banking. India has been lagging behind in the fintech
race, but similar initiatives may catapult the nation to a higher spot.
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