DAILY CURRENT AFFAIRS: JULY 5, 2018

Daily Current Affairs (July 5, 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.

NATIONAL

Government Approves for Hike in MSP For Kharif Crops

The Centre has raised the minimum support price (MSP) at which the government will buy all Kharif crops for the 2018-19 season. The Cabinet Committee on Economic Affairs (CCEA), at its meeting, approved the MSP of 14 Kharif (summer-sown) crops.

The government has raised the MSP of the common rice variety by 13 percent. The government had fixed last year’s rice purchase price for the common variety at Rs 1,550 ($22.63) per 100 kilogrammes.

It also raised the support price for a superior rice variety to Rs 1,770, up from Rs 1,590 last year.


Bengaluru Gets India’s 1st e-Waste Plant

The Centre has announced a state-of-the-art e-waste recycling unit for Bengaluru, India’s technology capital which produces an estimated one lakh tonne of electronic waste a year.  The Chemicals and Fertilizers Ministry is setting up the facility.

The Central Institute of Plastics Engineering and Technology (CIPET), a research institute that comes under the ministry, will set up the unit in the next four months.

The project would promote entrepreneurship opportunities for strategic utilisation of high performance plastics and metal waste. India generates about 18 lakh tonne e-waste a year, which is growing at 30% annually.


Madhya Pradesh launched power bill waiver scheme ‘Sambal’ scheme

In Madhya Pradesh, the government has launched an outstanding power bill waiver scheme and subsidised power scheme ‘Sambal’ for labourers and poor families.

The registered labourers of the unorganised sector and Below Poverty Line (BPL) families would be provided electricity at a cost of 200  rupees per month while Power connection would be provided free of cost to the beneficiaries.

The objective of this scheme is to make sure that all the households have power facility in the state.


Sunil Mehta committee recommended for project ‘Sashakt’

The Sunil Mehta committee which was formed with a view to tackle Non-Performing Assets (NPAs) and creating credit capacity submitted its report with recommendations to Finance Minister Piyush Goyal.

The Sunil Mehta panel presented project ‘Sashakt’ and has recommended a five-pronged strategy to deal with stressed assets.

The committee will ensure a robust Governance and credit architecture is put in place to prevent similar build up of non performing loans in the future.


ISRO’s first ‘pad abort’ test successful

The first ‘pad abort’ test critical for a future human space mission was conducted successfully.

The test was conducted at the Satish Dhawan Space Centre, Sriharikota.

The Crew Escape System is an emergency escape measure to quickly pull the crew module, the astronaut cabin — along with astronauts out to a safe distance from the launch vehicle in the event of a launch abort.

ISRO Chairman: K.Sivan


BANKING AND ECONOMY

Bank of China gets RBI Licence to Operate In India

The RBI has issued licence to Bank of China to set up its first branch in India. It was a commitment made by the Prime Minister Modi to the President of China.

Bank of China is one of the very few state-owned commercial banks in China. India and China have been focusing on expanding their economic ties notwithstanding differences on several sticky issues including on the boundary dispute.

Bank of China

Headquarters: Beijing, China


Govt keeps small savings interest rates unchanged

The government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the July-September quarter.

The move is aimed at matching the hardening interest rates in the banking sector. Interest rates for small savings schemes are notified on a quarterly basis.

Interest rate for the five-year Senior Citizens Savings Scheme has been retained at 8.3 per cent. Interest on savings deposits has been retained at 4 percent annually.

Public Provident Fund (PPF) and National Savings Certificate (NSC) will fetch annual interest rate of 7.6 per cent while Kisan Vikas Patra (KVP) will yield 7.3 percent and mature in 11 months.

The girl child savings scheme Sukanya Samriddhi account will offer 8.1 percent rate.

Term deposits of 1-5 years will fetch interest rate of 6.6-7.4 percent, to be paid quarterly, while the five-year recurring deposit is pegged at 6.9 per cent.


YES Bank gets nod for MF business

Yes Bank has received approval from capital markets regulator SEBI to start mutual fund business.

This approval is subsequent to the Reserve Bank of India’s (RBI) approval granted to Yes Bank to sponsor a mutual fund followed by SEBI’s in-principle approval received subsequently.

YES Asset Management (India), a wholly owned subsidiary of YES Bank, will launch fund offerings across the spectrum in both debt and equity markets over the next 6-12 months.

This strategic initiative will further complement Yes Bank’s retail liabilities and wealth management strategy.


IIFL: India’s No.1 banker for equity issuances for private sector companies in FY17

According to Prime Database Investment Bankers League table for FY 2017-18, IIFL is India’s top investment bank for equity issuances by private sector companies.

IIFL Holdings Ltd. (IIFL) is a category I Merchant Banker and a part of leading diversified financial services group. I

IIFL is a publicly listed company and is engaged in Investment Banking, Securities dealing, Wealth & Asset Management and Loans & Mortgages.

IIFL Group, promoted by first generation professionals has marquee private equity investors such as Fairfax, General Atlantic and CDC.


NABARD Sanctions Over Rs 735 crore For Bengal For Rural Infra Projects

NABARD has sanctioned Rs 735.53 crore in the first quarter of the current fiscal under the Rural Infrastructure Development Fund (RIDF) for West Bengal for facilitating the execution of 86 projects.

They include six solar power, one medium irrigation, five minor irrigation and 12 flood protection projects, besides 57 projects for the widening and strengthening of roads and five rural bridges.


Reliance Industries launches Jio GigaFiber broadband services

The Reliance Industries has unveiled ‘Jio GigaFiber’, the much-awaited fibre-to-the-home (FTTH) broadband service.

The company claimed it will be the largest greenfield fixed-line broadband rollout anywhere in the world, with a rollout in 1,100 cities simultaneously.

Jio GigaFiber broadband will come with a set top box for TV and will have enabled voice command feature for TV. Besides, it will have a TV calling feature.


APPOINTMENTS

Uttam Dhillon: Head Of Drug Enforcement Agency In US

Uttam Dhillon, an Indian-American top White House lawyer, has been appointed as the new head of the crucial Drug Enforcement Agency (DEA) that combats the smuggling and use of narcotics in the US.

Dhillon replaces Robert Patterson, who has retired after 30 years of service.

Dhillon, currently was working in the White House as Deputy Counsel and Deputy Assistant to President Donald Trump. Dhillon had also served as an Associate Deputy Attorney General in the Department of Justice.


Jose Eladio Alcain: New Head of Mission and Chief Military Observer for UNMOGIP

UN Secretary-General Antonio Guterres has appointed a veteran Uruguayan Army official José Eladio Alcain as head of the United Nations mission tasked with monitoring the ceasefire line between India and Pakistan.

Major General José Eladio Alcain of Uruguay will be Head of Mission and Chief Military Observer for the United Nations Military Observer Group in India and Pakistan (UNMOGIP). Most recently, he held the position of Director of the National Health Service of the Armed Forces (2015-2018).

He will succeed Major General Per Gustaf Lodin of Sweden, who will complete his two-year assignment this month.


OBITUARY

Tony Award Winner Liliane Montevecchi Passes Away

The Paris-born dancer, actor, and singer, Liliane Montevecchi has passed away.

She is a Tony award winner.

Montevecchi was best known for her performance in the musical ‘Nine,’ which won her a Tony Award.


SPORTS

Major General Vikram Dogra completes Ironman Triathlon

Major General VD Dogra became the first serving Indian Army officer and the only General across the world to have completed a gruelling ‘Ironman’ competition held in Austria.

The Ironman is an international triathlon consisting of three consecutive events- 3.8 km of swimming, 180 km cycling and 42.2 km of running a full marathon. It is considered the toughest one day sporting event in the world.


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