Current Affairs Today – August 11 2017
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Lok Sabha passes State Banks (Repeal and Amendment) Bill, 2017
On August 10, 2017, the Lok Sabha passed State Banks (Repeal and Amendment) Bill 2017 to repeal the SBI (Subsidiary Banks) Act 1959, State Bank of Hyderabad Act 1956 and to further amend the State Bank of India Act, 1955, following the merger of five associates with the parent State Bank of India.
i. From April 1, 2017, State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP), State Bank of Travancore (SBT) and Bharatiya Mahila Bankwere merged into State Bank of India (SBI).
ii. On account of this merger, these subsidiary banks ceased to exist and, therefore, it became necessary to repeal the SBI India (Subsidiary Banks) Act and the State Bank of Hyderabad Act which established these subsidiaries.
Economic Survey Volume II admits achieving 7.5% growth target for this fiscal as tough
As per Economic Survey 2016-17 Volume II, tabled in Parliament by Finance Minister Arun Jaitley on August 11, 2017, meeting the upper end of the 6.75-7.5 per cent GDP growth forecast for 2017-18 will be a challenge.
i. In context of farm loan waivers, the report mentioned that they could reduce aggregate demand by as much as 0.7 per cent of GDP, imparting a significant deflationary shock to the economy.
ii. The Economic Survey also highlighted the fact that there has been significant moderation in Consumer Price Index (CPI) headline inflation during the last three years and that the current inflation is running well below the 4 percent target, suggesting that inflation by March 2018 is likely to be below the RBI’s medium term target of 4 per cent.
iii. Moreover, the fiscal deficit target of 3 per cent of Gross Domestic Product (GDP) under the Fiscal Responsibility and Budget Management (FRBM) framework is projected to be achieved in 2018-19.
Ministry of Commerce and Industry gave approval of Industrial Parks in Andhra Pradesh
Department of Industrial Policy and Promotion (DIPP) under Ministry of Commerce and Industry has approved two projects for development of industrial clusters at Hindupur and Bobbili in the respective districts of Ananatapur and Vizianagaram of Andhra Pradesh.
i.It comes under ‘Modified Industrial Infrastructure Up gradation Scheme (MIIUS)’ .
ii.The objective of the above projects is to provide quality and reliable infrastructure to industrial units located in these clusters.
iii. These projects aim to provide road network, drainage, power and water supply networks.
iv. It also provide some other common services like health centres, canteens, crèches, dormitories, parking areas, etc.
v.These projects are likely to be functional by 31st March, 2018.
Details of the project are given below:
|SL. NO.||Name of the Project||Date Approval||Project Cost|
Rs. In crore
Rs. In crore
|Released central grant|
Rs. In crore
|1.||Upgadation of Hindupur Growth centre& IP Gollapuram,AnantpurDistict||01.03.2016||54.20||14.93||4.48|
|2.||Upgradation of industrial Growth centre, Bobbili, Vizianagaram District||01.03.2016||30.61||8.68||2.60|
vii. The total cost for the up gradation of these projects is Rs. 84.81 crore.
Telengana CM initiates 2000-crore SriramSagar modernisation Project
Telangana Chief Minister K Chandrasekhar Raohas initiated Rs2,000-crore project that seeks to modernise and strengthen its network. It has been initiated to modernise the SriramSagar project and increase the area served by this lifeline project.
i. The project on the Godavari River has the capacity to boost water supply to several districts in the State.
ii. The State plans to keep the reservoir full throughout the year by filling it with water from the Kaleshwaram project.
iii. The project aims to ensure that water will flow continuously in the canals of SRSP and all lakes will get steady inflow of water.
iv. Mending plan
Under the SriramSagar project revival and repairing initiative, water from the PranahithaRiver, which joins the Godavari, will be diverted at Medigadda and pumped into the SriramSagar project.
v. Water diversion
Under the Kaleshwaram lift irrigation project, from Medigadda, water will be diverted to Yellampally SRSP flood canals and Mid Manair and Lower Manair.
vi. Flood canals will be converted into reservoirs and the flow capacity of all canals will be increased.
Government fixes target of installing 60 Giga watt wind power capacity by 2022
Government has fixed an ambitious target of installing 60 giga watt (GW) wind power capacity in the country by 2022.
i. Power Minister Piyush Goyal said, the current wind power installed capacity in the country is over 32.5 GW.
ii. Till 2016-17 the wind power was being procured through Feed in Tariff determined by respective State Electricity Regulators.
iii. Annual wind power capacity addition of around 5500 megawatt is required to meet wind capacity target of 60 GW by 2022.
Delhi Assembly passes Minimum Wages (Delhi) Amendment Bill 2017,Netaji Subash Varsity bill
The Delhi Assembly has passed the Minimum Wages (Delhi) Amendment Bill 2017 and the Delhi Netaji Subhash University of Technology Bill 2017.
i. The Minimum Wages (Delhi) Amendment Bill 2017 seeks to make the punishment to violators of minimum wages norm stricter.
ii. The bills were reintroduced in the assembly on 9th of August 2017.
iii.The Delhi NetajiSubhash University of Technology Bill 2017 aims to grant the existing NetajiSubhash Institute of Technology (NSIT) the status of a university.
iv. The latest bill carries an additional change relating to the appointing authority in the university.
v. The House had earlier passed both bills in 2015 and sent them to the central government for clearance but the bills were returned by the President to the assembly for “reconsideration”.
vi. In the amended bill, the penalty for violation of law had been raised from the existing Rs 500 to Rs 50,000 and minimum imprisonment of 6 months increased to 3 years.
vii. Under this provision company or factory owners will not be able to dismiss the complainant (worker) till the case is resolved.
15th meeting of the Foreign Ministers of BIMSTEC countries
15th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Ministerial Meeting was held in Kathmandu, Nepal on August 11, 2017.
i. The meeting was attended by foreign ministers from Bangladesh, Bhutan, and Sri Lanka and the deputy foreign ministers from Myanmar and Thailand.Union Minister of External Affairs, Ms. Sushma Swaraj also attended this meeting.
ii. Speaking at the meeting, Ms. Swaraj mentioned that India will host the first BIMSTEC Disaster Management Exercise in October 2017, to build regional capacities.
iii. Progress and achievements in the 14 identified areas of cooperation was reviewed and ways to accelerate the cooperation under the BIMSTEC processes were discussed at the meeting.
iv. Besides, discussions were also held on appointment of the next secretary general, date and venue of the 16th BIMSTEC ministerial meeting.
Bank of England refuses to change animal-fat banknotes
The Bank of England has announced that it would not change the way its new plastic banknotes are made. Some vegetarians and religious groups have concerned about trace amounts of animal fat used in their production.
i. More than 130,000 people signed an online petition last year calling on the BoE to stop using animal products in banknotes.
ii. It emerged that small amounts of tallow – which comes from cows and sheep – were used in its first plastic five pound note.
iii. Some Hindu temples and vegetarian cafes refused to accept the new five pound note featuring World War Two leader Winston Churchill.
iv .About this BoE says new five pound note is more durable and harder to fake.
v. The BoE also mentioned that the only alternative for its polymer banknotes was to use more expensive chemicals derived from palm oil.
ABOUT BANK OF ENGLAND :-
The Bank of England, formally the Governor and Company of the Bank of England, is the central bankof the United Kingdom
♦ Headquarters:Threadneedle Street London,England
♦ Established:27 July 1694
♦ Governor:Mark Carney
BANKING & FINANCE
RBI to pay Rs. 30,659 crore dividend to government
This year, Reserve Bank of India (RBI) will be transferring to the Government Rs 30,659 crore as dividend. This amount is less than half the amount of Rs 65876 crore it transferred to Government last year.
Probable Reasons for lower dividend this year:
i .The reduction in the transfer of surplus to the government could be due to a number of factors including higher cost of printing new currency notes and cost of managing excess liquidity generated from phasing out of Rs 500 and Rs 1000 notes.
ii. During last year, foreign currency reserves of RBI were fetching less return because most of the foreign countries were giving negative returns or very low returns.
iii .Also, throughout the year the reverse repo has been high that means that RBI has to pay to banks. The whole of last year there was surplus liquidity and RBI had to pay more interest to the banks.
SEBI Ties Up With Iran Counterpart For Technical Assistance
Markets regulator SEBI has entered into a pact with its counterpart in Iran on 10th of August 2017.
i .The Securities and Exchange Board of India (SEBI) and Securities & Exchange Organization (SEO) of Iran have entered into a bilateral Memorandum of Understanding (MoU) for mutual cooperation and technical assistance.
ii. The MoU was signed by SEBI chief Ajay Tyagi & SEO Iran chairman Shapour Mohammadi
iii. The pact will promote technical assistance and facilitate cross-border co-operation in the area of securities regulations.
iv. It will facilitate mutual assistance and contribute towards efficient performance of the supervisory functions.
v. It will also enable effective enforcement of laws and regulations governing the securities markets.
vi. SEBI is also a signatory to the multilateral MoU of International Organization of Securities Commissions (IOSCO).
vii. SEBI has been signing pacts with the jurisdictions to become a signatory to the multilateral MoU of IOSCO
MCX gets SEBI approval for launching gold options
The Multi Commodity Exchange Ltd (MCX) has received markets regulator Securities and Exchange Board of India (SEBI)’s approval to launch country’s first gold options contract.
i. MCX has received the approval to launch options on futures in gold contract from SEBI.
ii. MCX will soon finalise exact contract specifications and launch date.
iii. SEBI has mentioned that options could be launched on futures contract of only those commodities that are among the top five in terms of total trading turnover value of previous 12 months.
iv. For agricultural commodity and agri-processed commodities the average daily turnover of underlying futures contracts in past one year should be at least Rs 200 crore.
v. For other commodities the average daily turnover should be at least Rs 1,000 crore.
vi. SEBI had also stipulated necessary guidelines with regard to the product design and risk management framework to be adopted for trading in options on commodity futures.
The Securities and Exchange Board of India (SEBI) is the regulator for securities market in India.
♦ Formed:12 April 1988
♦ Headquarters:Mumbai, Maharashtra
♦ Chairman :AjayTyagi
Facebook to monitor MSME growth in Odisha, launches SheMeansBusiness
Facebook will monitor the growth of the MSMEs in Odisha after imparting training to them in next one year.
i. Facebook has partnered with the Odisha’s MSME department and Project Mission Shakti to train 25,000 entrepreneurs by the end of 2018.
ii. The state government has plans to organize hands-on workshops for MSME entrepreneurs and women SHGs on ‘Digital Marketing Skills’.
iii. The partnership aimed to reduce the digital divide and empower nearly 25,000 entrepreneurs and SHGs over the next one year.
iv. Facebook will also prepare a data base through registrations in which they will take the email ids and mobile numbers of entrepreneurs in all the workshops.
v. Facebook has launched its She Means Business programme in Bhubaneswar, which was attended by about 1,100 women entrepreneurs of the state.
vi. The programme of Facebook is launched in 16 countries around the world including India.
vii. It is designed to aspire and established women entrepreneurs to help them build and grow their business online.
viii. More than 150 entrepreneurs has created their pages and uploaded their products on their profile.
IOC becomes first Indian refiner to purchase Eagle ford shale oil
Indian Oil Corporation (IOC) bought 1.9 million barrels of U.S. crude in its second import tender making it the first Indian refiner to purchase Eagle Ford shale oil.
i. IOC bought 950,000 barrels of light sweet Eagle Ford shale oil and 950,000 barrels of heavy sour Mars crude for end-October delivery from trading firm.
ii. Indian refiners have turned their sights to crude from the Americas as they are keen to diversify their crude import sources owing to global oil supply cuts.
About Eagle Ford Shale:
♦ Eagle Ford Shale is a sedimentary rock formation deposited during the Cenomanian and Turonian ages of the Late Cretaceous over much of the modern-day state of Texas, US.
♦ The Eagle Ford was one of the most actively drilled targets for unconventional oiland gas in the United States in 2010.
♦ The oil reserves in the Eagle Ford Shale Playwere estimated in 2011 at 3 billion barrels.
SCIENCE & TECHNOLOGY
Oxford launches Tamil,Gujarati online dictionaries
Oxford University Press (OUP) has launched online dictionaries in Tamil and Gujarati as part of its special focus on Indian languages.
i. The Oxford Global Languages (OGL) initiative began in September 2015.
ii.It’s main aim is to build dictionaries and lexicographical resources for around 100 of the world’s languages and to make them available online.
iii. The programme’s objective is to transform the experience of millions of people worldwide.
iv. It helps in making content in their language available in digital form on websites, in apps, and in many different tools and service.
v. Digital communication across the globe is dominated by English and other major global languages such as Chinese and Spanish.
vi. They are putting a special focus on Indian languages.The Tamil and Gujarati versions follow the launch of the Hindi online dictionary last year.
vii. The OGL initiative will also build a new type of language database which enables multiple links between languages and other content.
BitBay launches trading platform for digital currency
BitBay is one of the top ten cryptocurrency trading platforms in the world. It has launched a platform for trade and exchange of digital currencies such as bitcoin, litecoin, ether, Lisk, monero, dash and gamecredits.
i. The company will also work towards creating awareness about digital currencies.
ii. It also helps in removing misconceptions related to these currencies in a market like India.
iii. The company would also try to attract potential investors and offer an all-round platform to trade as well as exchange multiple cryptocurrencies at BitBay.
iv. All members who register for the demo, with higher volume transaction till 24th August will get reward coins powered by Gamecredits and MobileGo.
v. BitBay is the only exchange in India that provides trade and exchange of multiple cryptocurrencies, high level security standards, including a “cold wallets” policy and two-factor authentication solutions.
vi. It will be offering six digital currencies to keep and trade with local currency and will carry out demo trading from August 10 till August 24.
vii. As per the company this would be done without real money to make users understand aspects of trading.
Appointments & Resigns
Reenat Sandhu accredited as the next Ambassador of India to the Republic of San Marino
ReenatSandhu, (lFS: 1989), presently Ambassador of lndia to ltaly. She has been concurrently accredited as the next Ambassador of lndia to the Republic of San Marino, with residence in Rome.
i. It has been announced on 11th of August 2017.
ii. She is expected to take up the assignment shortly.
ABOUT SAN MARINO :-
♦Capital :City of San Marino
Official Language :Italian
Real Madrid won the 2017 UEFA super cup football tournament
Real Madrid, a professional football club of Spain, has won the 2017 UEFA Super Cup football tournament by defeating Manchester United in the final by 2-1.
i. UEFA(Union of European Football Associations)European Super Cup held at the Philip II Arena in Skopje, Macedonia on 8th of August 2017.
ii.It is their 4th UEFA Super Cup title.
iii. UEFA awards €2.2 million to the runners-up and €3.2 million to the winners of the Super Cup.
iv.The UEFA Super Cup is an annual football match organised by UEFA.
v.It is contested by the reigning champions of the two main European club competitions, the UEFA Champions League and the UEFA Europa League.
vi.It takes place at the start of the domestic season, in mid-August.
Davinder singhkang,First Indian To Qualify for Javelin Throw World Championship Finals
Davinder Singh Kang has become the first Indian to qualify for the final round of the javelin throw World Championships.
i.The IAAF World Athletics Championships is going on in London.
ii.Kang, who was competing in the qualification round of Group B qualified for the finals.
iii.Kang’s best effort of 84.22m placed him in the 7th position among the other qualifiers for the final round.
iv.Thirteen throwers — 5 from Group A and 7 from Group B crossed the automatic qualification mark of 83m and all of them will compete in the final round on August 12.
v.Kang had 82.22m in his opening throw and then came up with 82.14m in his second.
India drops one spot to 97th in latest FIFA rankings
According to the previous FIFA rankings ,India dropped one step to be placed 97th in the latest edition of the FIFA rankings issued on 10th of August 2017.
i.India still has 341 rating points with no changes from their last month’s tally.
ii.Brazil has gained the top spot from Germany.
iii.Canada, meanwhile, jumped five spots to 95th following their performances in the CONCACAF Gold Cup.
iv.Among Asian countries, India is the 12th highest ranked team in the continent while Iran leads the chart at 24th spot.
Here is the latest FIFA ranking as of August 10:
Poet, Writer Vijay Nambisan passed away
Poet and writer Vijay Nambisan passed away on 10th of August 2017.He became the first All India Poetry Champion in 1988. He was 54 years old.
i.He co-authored Gemini, a poetry book,with Jeet Thayil and Dom Moraes.
ii.His poem ‘Madras Central’ made him won the All India Poetry Competition organised by the Poetry Society of India in association with the British Council.
iii.He was graduated from IIT Madras, Chennai, Nambisan also translated the devotional poetry of famous poets — Poonthanam and MelpathurNarayanaBhattathiri.
iv.His wife Kavery Nambisan, is also a famous writer.
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