DAILY CURRENT AFFAIRS: AUGUST 3, 2018
DAILY CURRENT AFFAIRS: AUGUST 3, 2018
Daily Current Affairs (August 3, 2018) 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.
NITI Aayog Launches Global Mobility Hackathon ‘Move Hack’
The NITI Aayog has launched Move Hack, a global mobility hackathon to crowdsource solutions aimed at the future of mobility in India.
The Hackathon will be one of the largest hackathons globally and the Move Hack is focused on 10 themes.
MoveHack aims to bring about innovative, dynamic and scalable solutions to problems pertaining to mobility. The hackathon is organized in partnership with Government of Singapore and is powered by Hacker Earth.
The hackathon has a two-pronged campaign approach (i.e) “Just Code It” and “Just Solve It”.
Advanced Air Defence Interceptor Missile successfully test fired from Abdul Kalam Island
The advanced Air defence interceptor missile has been successfully test fired from Abdul Kalam Island.The missile has been built with indigenous technology.
It has an explosive-carrying capacity of 1.2 tonnes and can hit the target from a distance of 20 km. The interceptor took off from Abdul Kalam Island in Bhadrak district.
The interceptor is a 7.5-metre-long single-stage solid rocket propelled guided missile equipped with a navigation system, a hi-tech computer and an electro-mechanical activator.
1st State to Implement Biofuel Policy: Rajasthan
Rajasthan has become the first State in the country to implement the national policy on biofuels. Soon, the State Government will release Biofuel Rules for 2018.
The state plans on increasing production of oilseeds and establish a Centre for Excellence in Udaipur to promote research in the fields of alternative fuels and energy resources.
Women’s self-help groups (SHGs) will be created by the State Rural Livelihood Development Council to encourage the use of biofuels.
Biodiesel is an alternative fuel which can be used in place of fossil fuels. It is manufactured from vegetable oils, recycled grease, algae, and animal fat.
Chief minister: Vasundhara Raje
Governor: Kalyan Singh
Indo-US Military Cooperation Meeting held in New Delhi
A two-day Indo-US Military Cooperation Meeting began in New Delhi as a prelude to 2 plus 2 Dialogue between the two countries scheduled next month.
The meeting was co-chaired by Lt Gen Satish Dua, Chief of Integrated Defence Staff to the chairman, Chiefs of Staff Committee (CISC) and Lt Gen Bryan Fenton, Deputy Commander, Indo-Pacific Command.
India and the US were also working to have a joint drill of all the three armed forces of the two countries.
Andhra Pradesh Government launched Mukhyamantri Yuva Nestam
The Andhra Pradesh Government has approved the “Mukhyamantri Yuva Nestam” scheme that makes unemployed youth in the state, eligible of receiving Rs 1000 per month from the government.
A website will be launched before the end of this month, in which the unemployed youth would register their details. The disbursement of allowance will start after 15 days of registration which will be credited directly through the bank accounts.
The state government will also impart skill development and train the youth in the fields of their interests.
Chief minister: N. Chandrababu Naidu
Governor: E. S. L. Narasimhan
Zimbabwe’s Mnangagwa wins 1st post-Mugabe election
The Zimbabwe President Emmerson Mnangagwa, a former ally of Robert Mugabe, narrowly won the country’s landmark election.
Mnangagwa won 50.8 per cent of the vote, ahead of Nelson Chamisa of the opposition MDC party on 44.3 per cent.
France’s Parliament Signed Into Law, Asylum and Immigration Bill
The bill is designed to accelerate asylum procedures by cutting the maximum processing time from the current 120 days to 90 days after entering France.
The text was adopted on a final reading by 100 votes in favour to 25 against with 11 abstentions.
The Senate had rejected the bill but the lower house passed the text as President Emmanuel Macron’s La Republique En Marche party holds a large majority.
BANKING AND ECONOMY
Apple becomes first trillion dollar company
Apple became the world’s first trillion-dollar public company.
Apple’s share price has grown fourfold since Tim Cook replaced Jobs as chief executive in 2011.
The company hit a $1tn market capitalisation 42 years after Apple was founded.
The Apple’s stock market value is more than a third the size of the UK economy and larger than the economies of Turkey and Switzerland.
India’s GDP Growth To Rise To 7.5% This Fiscal: Morgan Stanley
According to Morgan Stanley, India’s economic growth momentum is likely to pick up further in the April-June period and the country is expected to clock GDP growth of 7.5 per cent in this financial year.
The growth recovery will remain robust, supported initially by consumption and exports.
In the January-March quarter, India’s gross domestic product (GDP) grew at the fastest pace in seven quarters at 7.7%.
The report forecasts Consumer Price Index (CPI) inflation to remain slightly above the inflation target of 4% and the current account deficit below 2.5% of GDP.
RJio, SBI ally for digital services
RIL’s telecom subsidiary Reliance Jio and country’s largest lender State Bank of India (SBI) are entering into a partnership to extend next generation digital banking and payments services to customers.
MyJio, one of India’s largest over-the-top (OTT) mobile applications, will now extend the financial services capabilities of SBI and Jio Payments Bank.
SBI YONO’s digital banking features and solutions will be enabled through the MyJio platform for a seamless, integrated and superior customer experience.
International Finance Corporation invests in $25 million in MRHFL
IFC, an affiliate of World Bank, has invested ₹1.6 billion ($25 million) in Mahindra Rural Housing Finance Ltd.
MRHFL will use the proceeds to give loans to low-income borrowers in villages, said a company release.
MRHFL has 85% of its portfolio in the rural areas with an average loan size of only $1,200.
IFC has already committed Rs 6.4 billion ($100 million) in Mahindra & Mahindra Financial Services Ltd (MMFSL) to increase loans to farmers for buying tractors, commercial vehicles, and other equipment for modern farming. Both MRHFL and MMFSL are part of the Mahindra & Mahindra Group.
NABARD Sanctions Rs772 crore For Water Projects in Haryana
NABARD has sanctioned Rs 722 crore for eight water projects in the rural areas of Haryana, state Minister for Public Health Engineering Banwari Lal.
The state government has also sent three more project proposals, costing Rs 236.85 crore. The second proposal aims to supply water to 109 villages and nine hamlets.
Fortune 500 list 2018 features 7 Indian companies; RIL tops in the Indian Private sector
Seven Indian companies have made it to the latest Fortune 500 list of the world’s biggest corporations in terms of revenue, with state-owned IOC continuing to be the highest ranked Indian firm and Reliance Industries jumping 55 places.
In the list topped by retail giant Walmart, Indian Oil Corp (IOC) with 23 per cent rise in revenues at USD 65.9 billion was ranked 137th, up from the 168th position in 2017.
Richest Indian Mukesh Ambani-led RIL was the top private sector company from the country as it jumped from 203rd rank last year to 148th.
RBI bars Fino Payments Bank from enrolling new customers
The Fino Payments Bank was served a notice by the RBI to stop adding new customers after the regulator noticed certain anomalies with regard to the deposits of existing account holders.
The bank was seen violating the norms related to the deposit limit and that certain accounts were found to have deposits exceeding ₹1 lakh.
As per RBI’s operating guideline for payment banks, the aggregate limit for customers should not exceed ₹1 lakh and in case it exceeds, the excess amount should automatically be transferred to any other bank account, provided by the customer while opening an account with the payment banks.
AWARDS AND HONOURS
President Gives Away Outstanding Parliamentarian Awards
The President Ram Nath Kovind gave away the Outstanding Parliamentarian awards.
The Awardees were Najma Heptullah, Hukumdev Narayan Yadav, Ghulam Nabi Azad, Dinesh Trivedi and Bhartru hari Mahtab.
Dr Najma Heptullah won the award for 2013, Hukum Dev Narayan for 2014, Ghulam Nabi Azad for 2015, Dinesh Trivedi for 2016 and Bhartruhari Mahtab for 2017.
World Junior Squash Championships 2018 Concluded
The World Junior Squash Championships 2018 was held in Chennai, India. Cyrus Poncha is the tournament director. India finished in 11th position.
- Men’s Individual category- Mostafa Asal (Egypt)
- Women’s Individual category- Rowan Elaraby (Egypt)
- Men’s Team- Egypt
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