Daily Current Affairs: August 07, 2021

Daily Current Affairs (August 07, 2021) 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.

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Important Days

National Handloom Day (India) – 07 August

• The National Handloom Day (India) is observed on 07 August every year. This day is celebrated to honour the handloom weaving community for their immense contribution to the socio-economic development of India. India celebrated its 7^th National Handloom Day on 07 August 2021.

National News

Virendra Kumar is set to launch the ‘PM-DAKSH’ portal mobile app on 7 August

• Union Minister for Social Justice and Empowerment Virendra Kumar will launch the ‘PM-DAKSH’ portal and mobile app on 7 August 2021 at Nalanda Auditorium, Dr. Ambedkar International Centre, Delhi.
• The Union Ministry of Social Justice and Empowerment, in collaboration with National e-Governance Division (NeGD), had developed this portal and app to make the skill development schemes accessible to the target groups of Backward Classes, Scheduled Castes and Safai Karamcharis.
• By virtue of this initiative, the youth of the target groups will now be able to avail the benefits of skill development training programs more easily.

Indian Railways launches one-stop passengers helpline ‘Rail Madad’

• Indian Railways launched an integrated one-stop solution ‘Rail Madad’ in which the national transporter has merged a number of existing helplines that were used for various purposes into one.
• Rail Madad is the integrated and innovative one-stop solution for customer grievance, enquiry, suggestion and assistance, providing passengers with the choice to access Rail Madad through multiple channels, namely, Web, App, SMS, Social Media and Helpline number (139) during the journey for expeditious resolution of their complaints.

State News

Himachal Pradesh State Handicrafts & Handloom Corporation signed an MoU with Flipkart for online sale

• A memorandum of understanding (MoU) was signed between the Himachal Pradesh State Handicrafts and Handloom Corporation and Flipkart for online sale and promotion of the products made by local artisans and craftsmen to customers across the globe in the presence of Himachal Pradesh Chief Minister Jai Ram Thakur.
• The pact signed between the two is an important step towards the promotion of the rural economy and boost the sale of handicraft and handloom products of Himachal Pradesh.

Himachal Pradesh    

• Capital: Shimla (Summer), Dharamshala (Winter)
• Chief Minister: Jai Ram Thakur
• Governor: Rajendra Vishwanath Arlekar
• National Parks: Inderkila National Park, Simbalbara National Park, Great Himalayan National Park, Pin Valley National Park, Khirganga National Park

Union Government releases Rs. 2400 crores to Uttar Pradesh to accelerate the implementation of the Jal Jeevan Mission

• The Union Jal Shakti Ministry has released Rs 2400 crore grant-in-aid to Uttar Pradesh against an allocation of Rs. 10,870 crores for the financial year 2021–22 under the Jal Jeevan Mission.
• Union Jal Shakti Minister Gajendra Singh Shekhawat, while approving this four-fold increase in allocation, assured full assistance to Uttar Pradesh for making provision of tap water supply in every rural home by 2024.

Uttar Pradesh

• Capital: Lucknow
• Chief Minister: Yogi Adityanath
• Governor: Anandiben Patel
• National Park: Dudhwa National Park

International News

Bangladesh starts a mass COVID-19 vaccination programme

• Bangladesh started a mass COVID-19 vaccination programme.
• This campaign aims to vaccinate about 32 lakh people between August 8–12 across Bangladesh.
• To allow a maximum number of people to take advantage of the campaign, the Bangladesh Government has allowed people to come to the vaccination centre with their National Identity Document (NID) cards without getting registered in advance on the Surokha

Bangladesh

• Capital: Dhaka
• Currency: Taka
• Prime minister: Sheikh Hasina
• President: Abdul Hamid

Banking & Economy

RBI gives banks 3 months excess to meet new current account rules

• The Reserve Bank of India (RBI) has given banks three more months, till 31 October from the deadline of 31 July, to implement the new rules on opening current accounts.

RBI defers deadline for stressed firms to meet financial parameters

• The Reserve Bank of India (RBI) has decided to defer the deadline for the achievement of four financial parameters under the Resolution Framework 1.0 for COVID-19 related stress to 1 October 2022.
• The four parameters — total debt to EBIDTA ratio, current ratio, debt service coverage ratio and average debt service coverage ratio — relate
• to the operational performance of the borrowing entities. Originally, these ratios were required to be met by 31 March 2022.

RBI:

• Headquarters: Mumbai
• Founded: 1 April 1935
• Governor: Shaktikanta Das

RBI plans to conduct 4 VRRR auctions to absorb surplus liquidity

• The Reserve Bank of India (RBI) has planned to conduct four variable reverse repo rate (VRRR) auctions in the fortnight beginning 13 August till 24 September, to absorb surplus liquidity from the banking system.
• The quantum of VRRR will increase by Rs. 50,000 crores with each auction. The first VRRR will be for Rs. 2.50 lakh crores, the second (on 27 August) will be for Rs. 3 lakh crores, the third (on 9 September) will be for Rs. Rs. 3.5 lakh crores and the fourth will be for Rs. 24 lakh crores.

RBI:

• Headquarters: Mumbai
• Founded: 1 April 1935
• Governor: Shaktikanta Das

RBI may deploy LTRR to mop up excess liquidity with banks

• The Reserve Bank of India (RBI) have broached the possibility of conducting Long Term Variable Rate Reverse Repo (LTRR) auctions with banks in the run-up to the normalisation of its ultra-accommodative policy.
• The central bank is exploring LTRR as an instrument to absorb surplus liquidity for a longer duration from the banking system at a time when credit demand is muted and retail inflation is sticky.

LTRR:

• Long Term Variable Rate Reverse Repo (LTRR) is one of the instruments to manage durable liquidity under the RBI’s revised liquidity management framework. It has a tenor of over 14 days.

RBI:

• Headquarters: Mumbai
• Founded: 1 April 1935
• Governor: Shaktikanta Das

ADB approved $300 million additional loan support for upgrading rural roads in Maharashtra

• Asian Development Bank (ADB) approved a $300 million loans as additional financing for the ongoing Maharashtra Rural Connectivity Improvement Project that is upgrading rural roads and connecting remote areas with markets.
• The ongoing project, approved in August 2019, has been improving and maintaining the condition and safety of 2,100 kilometres (km) of rural roads across Maharashtra.
• The additional financing will improve an additional 1,100 rural roads and 230 bridges for a total length of 2,900 km in 34 districts.
• The additional financing aims to help accelerate Maharashtra’s economic recovery from COVID-19 devastation by generating rural employment and transforming agriculture.
• Maharashtra Government is aiming to increase the average growth rate of agriculture and allied activities to more than 5 per cent per year by 2030.
• The project will also provide last-mile connectivity to a large number of small villages, enhancing access to health and education facilities and greatly benefitting the poor and vulnerable population by increasing agriculture productivity.

Asian Development Bank

• Headquarters: Mandaluyong, Philippines
• President: Masatsugu Asakawa

SEBI cuts pre-IPO lock-in for non-promoters to six months

• The Securities and Exchange Board of India (SEBI) relaxed the lock-in period concerning pre-IPO shareholding and approved the concept of ‘controlling shareholders’.
• The market regulator has also eased the framework for the issuance of stock options and increased the investment headroom for alternative investment funds (AIFs) in unlisted companies.
• SEBI has halved the lock-in period to 18 months that promoters have to observe on 20 per cent of their shareholding following an initial public offering (IPO).
• The lock-in on pre-IPO shareholding of non-promoters has also been halved to six months, while the minimum lock-in for venture capital funds will be six months from the date of acquisition, as against one year at present.

SEBI:

• Headquarters: Mumbai
• Chairman: Ajay Tyagi

SIDBI launches Swavalamban Challenge Fund to promote entrepreneurship

• Small Industries Development Bank of India (SIDBI), in partnership with Foreign, Commonwealth & Development Office, UK (FCDO UK), has launched ‘Swavalamban Challenge Fund’ (SCF) to lend a helping hand to the entrepreneurs.
• A challenge fund is a fund support mechanism to allocate funds for specific purposes using competition among organisations.

Indian Bank signs up with IIMB’s incubation arm for exclusive credit to startups

• Indian Bank has signed up with S. Raghavan Centre for Entrepreneurial Learning (NSRCEL), the incubation arm of Indian Institute of Management Bangalore (IIMB), for extending exclusive credit to startups. Under this pact, Indian Bank would extend loans of up to Rs. 50 crores.
• NSRCEL is known for bringing up startups, industry mentors and eminent academicians from the parent institution, IIM Bangalore and researchers who thrive on continuous interaction of theory and practice.

Agreements and MoU’s

Tata Motors and Sundaram Finance partner to offer 100% vehicle financing to customers

• Tata Motors has partnered with Sundaram Finance to offer 100% financing options to customers. The financing option is available across Tata’s passenger segment offering in India. This scheme, however, is not applicable for the Nexon EV.

NABARD partners with Central Warehousing Corporation to help FPOs

• National Bank for Agriculture and Rural Development (NABARD) has partnered with the Central Warehousing Corporation (CWC) to offer storage facilities for the Farmers Producer Organisation (FPOs) at lower rates for the next 5 years.

NABARD signs an MoU with Assam Infrastructure Financing Authority to boost infra projects in Assam

• National Bank for Agriculture and Rural Development (NABARD) has signed a Memorandum of Understanding (MoU) with AIFA (Assam Infrastructure Financing Authority) to give a boost to execute development projects in Assam.
• The MoU involving 13,200 crores will essentially be used for infrastructural development for NABARD Infrastructure Development Assistance (NIDA) and Rural Infrastructure Assistance to State Government (RIAS) in rural and semi-urban areas across Assam.

Flipkart signs an MoU with Haryana to support local MSMEs under a supplier development programme

• Flipkart signed a Memorandum of Understanding (MoU) with the Directorate of Micro, Small and Medium Enterprises (MSME), Government of Haryana, to support MSMEs under Walmart’s supplier development programme called ‘Walmart Vriddhi’.

Science and Technology

India’s first indigenous aircraft carrier INS Vikrant sets sail for maiden sea trials

• India’s first indigenous aircraft carrier (IAC) ‘INS Vikrant’ was launched for sea trials from Kochi, Kerala.
• INS Vikrant is 262 metres long, 62 metres wide and 59 metres high, including the superstructure.

 Appointments

Dhriti Banerjee becomes the first woman director of the Zoological Survey of India

• Dhriti Banerjee was appointed as the first woman director of the Zoological Survey of India (ZSI). This is the first time in the ZSI’s history that a woman was appointed for the post of director.

Books and Authors

A new book titled ‘A Begum & A Rani: Hazrat Mahal and Lakshmibai in 1857’ was authored by Rudrangshu Mukherjee

• Renowned historian and author Rudrangshu Mukherjee’s new book titled ‘A Begum & A Rani: Hazrat Mahal and Lakshmibai in 1857’ was released. This book was published by Penguin Random House of India.

Sports News

Indian wrestler Bajrang Punia wins a bronze medal at the 2020 Tokyo Olympics

• Indian wrestler Bajrang Punia won a bronze medal at the 2020 Tokyo Olympics by defeating Daulet Niyazbekov (Kazakhstan). She won the bronze medal in the Men’s freestyle wrestling 65 kg category.

Neeraj Chopra becomes the first Indian athlete to win a gold medal in the Olympic Games

• Neeraj Chopra became the first Indian athlete and second Indian individual gold medalist in the Olympic Games. He won the gold medal in Javelin’s throw at the 2020 Tokyo Olympics Games.
• Jakub Vadlejch and Vitezslav Vesely of the Czech Republic came at the second and third positions, respectively.

Daily CA August 7 Oneliner:

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