Daily Current Affairs (Aug  7 2020) like many other sections is inevitable and this also helps to score in the      Banking awareness, Static GK and Financial Awareness sections. Remember, Banking Awareness and Static Awareness Questions are asked from the General Awareness section. This will also help you to ride your preparations for the forthcoming exams.

Also, Don’t forget to attend the  Daily Current Affairs Quiz : Aug 7, 2020  now @ our Bankersdaily Tests.

Important Days

National Handloom Day- August 7:

  • National Handloom Day was observed on August 7. It was chosen to commemorate the Swadeshi Movement which was launched on this day in 1905 in the Calcutta Town hall to protest against the partition of Bengal by the British Government.

National News:

Indian Railways launches real-time delay monitoring app “OHE Inspection”:

  • Indian Railways has launched an Overhead Equipment (OHE) Inspection app which will help in minimizing the train delays & long waits due to technical snags. App has been rolled out on a Pan India basis. It has a feature of GPS based tracking of patrol man.


Chhattisgarh Government Launches Schemes For Tendu Leaves and Cow Dung Collectors:

  • Chhattisgarh Chief Minister Bhupesh Baghel launched a social security scheme namely “Shaheed Mahendra Karma Tendupatta Sangrahak Samajik Suraksha Yojana” for Tendu Leaves collectors in the state covering over 12 lakh families, mostly tribals and forest dwellers.


  • Capital: Raipur
  • Chief Minister: Bhupesh Baghel  
  • Governor: AnusuiyaUikey


Haryana Government launched Mahila Evam Kishori Samman Yojana & Mukhya Mantri Doodh Uphar Yojana:

  • Haryana CM Manohar Lal Khattar launched “Mahila Evam Kishori Samman Yojana” to provide free sanitary napkins to girls and women of below poverty line (BPL) families, and also initiated “Mukhya Mantri Doodh Uphar Yojana” to provide fortified flavoured skimmed milk powder to women and children.


Haryana CM Manohar Lal Khattar launched Parivar Pehchan Patras:

  • Chief Minister of Haryana Manohar Lal Khattar launched a unique identity card, the Parivar Pehchan Patras (PPP), an initiative of the state government developed by the team CMO (Chief Minister’s Office) for effective and efficient delivery of central and state schemes to the people in a transparent way.


  • Capital:Chandigarh
  • Chief Minister:Manohar Lal Khattar
  • Governor:Satyadev Narayan Arya
  • National Parks(NP):Sultanpur NP, Kalesar NP
  • Dance:Phag, Dhamal, Loor, Khoria.


Maharashtra announces partnership with Google for introducing digital education tools in schools:

  • Maharashtra has announced a partnership with Google for introducing digital education tools in schools. It will enable 2.3 crore students & teachers to access the Google’s blended learning programmes that combine classroom approach with online learning.


  • Capital: Mumbai
  • Chief Minister: Uddhav Thackeray
  • Governor: Bhagat Singh Koshyari


NFDC to organize first ever virtual patriotic film festival from August 7:

  • National Film Development Corporation is organizing a first of its kind, online patriotic film festival. The festival is a part of Independence Day Celebrations by the Ministry of Information and Broadcasting. It will run till the 21st of August.


Union Education Minister laid the foundation stone of Indian Institute of Management (IIM) Sirmaur in Himachal Pradesh:

  • Union Education Minister Ramesh Pokhriyal, along with Himachal Pradesh Chief Minister Anurag Singh Thakur and Minister of State for Education Sanjay Dhotre has laid the foundation stone for the Indian Institute of Management Sirmaur.
  • The foundation stone was laid at a 210 acre land in Dhaula Kuan, Himachal Pradesh in virtual mode.

Himachal Pradesh:   

  • Capital:Shimla
  • Chief Minister:Jai Ram Thakur
  • Governor:BandaruDattatreya

International News

India extends Line of Credit worth 18 million US dollars to Maldives for expansion of fishing facilities at MIFCO:

  • India has extended Line of Credit worth 18 million US dollars to the Government of Maldives for the expansion of fishing facilities at Maldives Industrial Fisheries Company (MIFCO).
  • It is part of the 800 million US dollars Line Of Credit offered by India with repayment tenor of 20 years and a 5-year


  • Capital: Male
  • Currency: Maldivian Rufiyaa
  • President: Ibrahim Mohamed Solih

Banking and Economy:

RBI to set up ‘innovation hub’ to promote financial inclusion, efficient banking:

  • RBI launched ‘Innovation Hub’ for ideation & incubation of new capabilities that can be leveraged to deepen financial inclusion. The hub is being launched to promote the start-ups in the country.
  • It will help in ideation and incubation of new capabilities. Minimum Criteria of net worth for Sandbox entities is Rs 25 lakh.


RBI permits banks to invest in debt instruments through mutual funds:

  • RBI has permitted banks to invest in debt instruments through mutual funds or exchange traded funds without allocating additional charges. This will result in substantial capital savings for banks & is expected to give a boost to the corporate bond market.

Reserve Bank of India (RBI):

  • Headquarters: Mumbai, Maharashtra
  • Formation: 1 April 1935
  • Governor: Shaktikanta Das


Oman India Joint Investment Fund II Acquired 1.63% stake in DCB Bank:

  • Oman India Joint Investment Fund (OIJIF) II acquired 5.07 million (50,69,903) shares or 1.63% stake in DCB Bank Limited(DCB Bank)through a block trade (bulk deal) on stock exchanges. The stake is valued at Rs 42 crore.


PayU introduces payouts solutions to scale up financial operations for merchant:

  • PayU has introduced Payouts from Payins feature that will help merchants in receiving payins (settlements and payments) directly into virtual accounts created by PayU, eliminating the need for constant recharging.


IBBI amends Insolvency & Bankruptcy Board of India:

  • Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India, Liquidation Process, Third Amendment, Regulations, 2020. The Regulations require the committee of creditors to fix the fee payable to the liquidator.

Insolvency and Bankruptcy Board of India (IBBI):

  • Headquarters: New Delhi.
  • Chairperson: Dr. M.S Sahoo


RBI announces special liquidity facility of Rs 5,000 crore each  for NABARD and NHB:

  • Reserve Bank of India (RBI) announced additional special liquidity facility of 5,000 crore each for the National Housing Bank (NHB) and the National Bank for Agriculture and Rural Development (NABARD) at the policy repo rate of 4 per cent.

National Bank for Agriculture and Rural Development (NABARD):

  • Headquarters: Mumbai
  • Formation: July 12, 1982
  • Chairman: Chintala Govinda Rajulu

National Housing Bank (NHB):

  • Headquarters: New Delhi
  • Chairman: R V Verma
  • Managing Director: Sarada Kumar Hota


RBI sets up panel under KV Kamath for one-time restructuring of loans:

  • RBI has decided to provide a window under Prudential Framework to enable lenders to implement a resolution plan in respect of eligible corporate exposures — without a change in ownership — as well as personal loans, while classifying such exposures as standard assets.
  • The central bank constitutes an Expert Committee under KV Kamath.

Acquisitions and Mergers

Airtel Payments Bank ties up with Bharti AXA General Insurance to offer “Shop Insurance” for its retailers and merchants:

  • Airtel Payments Bank’s Smart Plan Shop Package policy along with Bharti AXA General Insurance provides financial protection in case of damage to assets inside the shop due to fire and allied perils, burglary, etc. Sum Insured: Rs 2 Lakhs- Rs 25 lakhs.

Science and Technology

IISc develops India’s first ever unique mobile RT-PCR lab in Bengaluru:

  • Karnataka launched the country’s only ICMR-approved mobile RT-PCR lab in Bengaluru. The IISc, Bengaluru has developed what it calls MITR (Mobile Infection Testing and Reporting) lab, which is capable of conducting 9000 tests per month.


Suresh Raina and Harmanpreet Kaur appointed as global brand ambassadors of WTF Sports:

  • Indian cricketers Suresh Raina and Harmanpreet Kaur were appointed as the global brand ambassadors of the Win Trade Fantasy (WTF) The app at present hosts Fantasy Cricket, Football and Basketball. It lets users strategize and use their sports knowledge to get rewards.

Awards and Recognitions

Journalist Dipankar Ghose and PARI, a Non-Profit Journalism Website Bags Prem Bhatia award 2020:

  • Indian Express Special Correspondent Dipankar Ghose has won the Prem Bhatia Award for political reporting for his work on issues related to the Covid-19 pandemic, including the migrant labour crisis.
  • People’s Archive of Rural India (PARI) a non-profit journalism website – ‘Outstanding Environmental Reporting of The Year 2020’.


‘Moothon’ and ‘Son Rise’ wins awards at 20th edition of New York Indian Film Festival:

  • Malayalam film ‘Moothon’ and National Award winning documentary ‘Son Rise’ won awards at the 20th edition of New York Indian Film Festival(NYIFF) of Indo-American Arts Council (IAAC) which was conducted as a virtual event with the celebrities of the film industries and award winners participating from all across India and the United States.


Reliance Industries ranked No. 2 brand globally after Apple; Report by FutureBrand Index:

  • Mukesh Ambani’s oil-to-telecom conglomerate Reliance Industries has been ranked second biggest brand after Apple on the FutureBrand Index Samsung is ranked third, followed by Nvidia, Moutai, Nike, Microsoft, ASML, PayPal and Netflix.

Obituary News

Pulitzer Prize-winning fiction novelist Shirley Ann Grau died at 91:

  • Pulitzer Prize-winner Shirley Ann Grau died at the age of 91 due to stroke in New Orleans, Louisiana, United States. She was born on July 8, 1929 in New Orleans, Louisiana, United States.

Daily Current Affairs Quiz : Aug 7, 2020

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