Current Affairs for August 14, 2019
BANKING AND ECONOMY
CURRENT AFFAIRS VIDEO
- Delimitation Committee has begun the process of delimiting the constituencies in J&K after the J&K Reorganization Bill has increased the number of seats to 114 from 107.
- The committee is headed by Justice Kuldip Singh.
- Delimiting will be done on the basis of Census 2011.
- Delimitation Commission (established under the provisions of Delimitation Act, 2002):- The main task of the commission is to redraw the boundaries of the various assembly and Lok Sabha constituencies based on a recent census.
Out of the 114 seats, 24 have been kept aside for areas under Pakistan-occupied Kashmir (PoK), which means elections will be conducted for 90 seats.
The old Assembly had a strength of 111 seats (24 kept aside for PoK), while 4 seats for the Ladakh region.
- A high level Committee on Corporate Social Responsibility (CSR) has recommended Ministry of Finance to align schedule 7 of Companies Act 2013 with Sustainable Development Goals.
- Schedule 7 describes the kinds of activities that qualify as CSR.
- It also recommended to make CSR expenditure tax deductible.
- Companies having CSR-prescribed amount below ₹50 lakh may be exempted from forming a CSR Committee.
- According to Ministry of Health data, 57.3% of personnel practising allopathic medicine do not have a medical qualification at present.
- India has a poor doctor-population ratio of 1:1456 against the World Health Organisation standards of 1:1000.
- Section 15 of the Indian Medical Council Act, 1956, prohibits a person other than a medical practitioner enrolled on a State Medical Register to practice medicine in the State.
- A total of 11,46,044 allopathic doctors were registered with the State Medical Councils/Medical Council of India as on December 31, 2018.
- National Green Tribunal has ordered Andhra Pradesh not to proceed with the Godavari-Krishna-Penna river-linking project and stop construction of the Pattiseema, Purushothapatnam and Chintalapudi lift irrigation schemes without environmental clearance.
- India-Russia Cooperation in the Russian Far East forum was held in Vladivostok, Russia. (5th edition of Eastern Economic Forum will also be held here in Sept).
- India and Russia have set a target to upscale bilateral trade between them to $30 billion by 2025 as compared to the $8.3 billion trade in 2018-19.
MoU Signed between India and Russia for Cooperation on: –
Trade, economy, investment, scientific and technical cooperation
Amity University and Far East Federal University have signed an MoU to enhance cooperation in education and research.
An agreement was signed for establishing Centre for Yoga, Representative Offices and Pushkin Centre for Russian Language and Cultural Studies.
National Skill Development Corporation and Far East Investment and Export Agency signed MoU for skill development.
- Karnataka has launched “E-Step” initiative to empower student start-ups as part of the Karnataka Innovation and Technology Society (KITS).
- Under the initiative, students/startups/entrepreneurs will be trained about the basics of entrepreneurship.
- Garden Reach Shipbuilders and Engineers (GRSE) has launched 5th Fast Patrol Vessel (FPV) named Kanaklata Barua for the Indian Coast Guard (ICG) in Kolkata.
- This is the last FPV of the 5- FPV series to be built by GRSE for ICG.
- First FPV developed by GRSE is ICGS Priyadarshini (commissioned in March 2019).
- President of India has approved the Unlawful Activities (Prevention) Amendment (UAPA) Bill, 2019 under which individuals can be declared as terrorists, if they are found to be linked with terrorist.
- Their properties will be seized and travel ban can be imposed upon them once they are declared as terrorists.
- Ministry of Housing and Urban Affairs has launched the 5th edition of Swachh Survekshan 2020 Toolkit, an AI-enabled ‘mSBM app’ and ‘Swachh Nagar’ (a waste management app).
- Apart from this, Swachh Bharat Mission (SBM) Water PLUS Protocol and Toolkit was also launched to ensure that no untreated waste-water is released into the environment.
- mSBM app has been developed by National Informatics Centre.
- A song (sung by Kailash Kher and Monali Thakur) featuring Kangana Ranaut has also been released on the theme of “Swachchta Adhikar Hai”.
- Government has made wearing of helmets by children above 4 years of age under the Motor Vehicles (Amendment) Bill 2019.
- Section 129 of the original Motor Vehicles Act 1988 has been replaced with the amendment mentioning that: –
“Every person above four years or age, driving or riding or being carried on a motorcycle of any class or description shall, while in public place wear protective headgear conforming to such standards as may be prescribed by the Central Government”.
- Western Ghats Ecological Expert Panel (known as Gadgil Commission), headed by Madhav Gadgil (formed in 2010 by Environment Ministry) suggested that the large-scale cultivation of single commercial crops on steep slopes (which is leading to soil erosion and increased run-off) should be shifted.
- It also suggested to control massive encroachment and deforestation in the catchment areas of major rivers.
- It recommended issuing a moratorium on ongoing projects of dams and mines that can impact water resources, until a Western Ghats Ecology Authority was set up to decide whether to allow them to progress or not.
- According to Department of Agricultural Research and Education data, stubble burning incidents have been reduced by 41% in 2018 under the ‘Promotion of Agricultural Mechanization for In-Situ Management of Crop Residue in the State of Punjab, Haryana, Uttar Pradesh & NCT of Delhi’ scheme (launched in 2018).
- More than 4500 villages of Punjab and Haryana were declared as Zero Stubble Burning Villages during 2018.
- The scheme’s budget is 1151.80 Crores. Happy Seeder or Zero Tillage Technology was adopted in 8 lakh hectares of land in North- Western States of India.
- Indian Council of Agricultural Research is the implementing agency for this scheme.
- National Pharmaceutical Pricing Authority (NPPA) had announced price ceiling on orthopaedic knee implants in 2017 so that their cost does not increase beyond 10% in a given year.
- NPPA (estb. in 1997 under Ministry of Chemicals & Fertilizers) controls the prices of essential medical drugs and enforces the Drugs Prices Control Order (issued by Govt. under Essential Commodities Act).
- Sales of knee implants has been increased by 30% during the period of July, 2018 to June, 2019 due to affordable cost.
- Alejandro Eduardo Giammattei Falla has been elected as the President of Guatemala.
BANKING AND ECONOMY
- RBI has issued norms for Regulatory Sandbox to be used by FinTech companies.
- The minimum worth of the company should be Rs 25 Lakhs.
- The company should be registered or licensed to operate in India.
- Cryptocurrency, Credit Information, Credit Registry will not be a part of the sandbox.
- Ola has ‘acqui-hired’ AI start-up Pikup.ai.
- Aqui-hire refers to buying out a company primarily for the skills and expertise of its staff, rather than for the products or services it supplies.
- As announced in the Budget 2019, government will give a one-time partial guarantee of six months to banks for lending credit to fundamentally sound NBFCs/HFCs amounting to a total of ₹1 lakh crore for first loss of up to 10%.
- Now, the Government has issued final guidelines for this, according to which: –
CRAR (capital to risk weighted assets ratio) should not go below the regulatory minimum level during the period for exercise of the option to buy back the assets.
Promoter should ensure this by infusing equity, when required.
As per the guidelines issued, the window for one-time partial credit guarantee will be for a period of six months, or till such date by which ₹1 lakh crore assets get purchased by banks.
It further said that the pool of assets should have minimum rating of ‘AA’ or equivalent at fair value prior to the partial credit guarantee by the Government of India.
- Oyo Hotels and Homes and ACKO General Insurance have partnered to provide insurance cover to the customers of OYO as a complimentary benefit within booking price in India.
- Insurance against accidental death, baggage damage, accidental medical expenses up to Rs 10 Lakh, for the entire duration of their stay, will be offered.
- Bank of Baroda has reduced its Marginal Cost of funds based Lending Rate (MCLR) to 8.35% (a 10 bps cut) from 8.45% after the repo rate cut.
- RBI declared that Housing Finance Companies (HFCs) will be treated as a category of NBFCs after the Finance Act, 2019 (proposed in Budget 2019) amended the National Housing Bank Act (NHB), 1987, to confer certain powers upon RBI for regulation of HFCs.
- A revised regulatory framework for these entities will be released soon by RBI.
- In the meantime, HFCs will comply with the directions issued by NHB’s until the RBI issues a revised framework.
- Supervision, grievance redressal mechanism, returns of HFCs will be examined by NHB.
Detailed Finance Bill is covered in July Spotlight : – https://anujjindal.in/wp-content/uploads/2019/08/July-Spotlight.pdf
- Justice Madan Lokur has been appointed as the non-resident panel of Supreme Court Judge of Fiji.
- It is the first time that an Indian has been appointed to the Supreme Court of another country.
- M S Dhoni has been appointed as the brand ambassador of Cars24 (a used cars selling platform). Dhoni has also bought equity in Cars24.
- World Organ Donation Day is observed on August 13.
- According to National Health Portal, approx. 5 Lakh people, in India, are dying due to lack of organ availability.
- Rajasthan has been awarded with the “best innovation and initiative leadership” award for its achievements in higher education at the 14th “World Education Summit” held in New Delhi.
- Bihar School Examination Board has won an award in ‘government’s initiative to promote and develop the technologies’ category for promoting technology in conducting exams.
- Purpose of the summit is to focus on the academic sector, challenges and opportunities in the respective field.
- Priyam Chatterjee has become the first Indian chef to be awarded with the “Chevalier de l’Ordre du Merite Agricoleto” (Order of Agricultural Merit) honour by France.
- Reason: – For promoting gastronomic activities in India.
- Gastronomy is the study of relationship between food and culture, the science of good eating.
- For the first time since 1998, cricket has been added in the Commonwealth Games by adding Women’s T20I series.
- It will be played in 2022 Birmingham Commonwealth Games to be held in Birmingham, UK where 8 international cricket teams will participate.
- Beach volleyball and Para-table tennis games have also been added.
- Shooting sport will not be a part of this game.
- Wesley Sneijder (Netherlands’ most-capped football player) has announced retirement from football.
- PT Usha has been appointed as a member of the Asian Athletics Association’s (AAA) Athletes Commission for a second time.
- The other members of the commission are Olga Rypakova (Kazakhstan), Wang Yu (China), Lee Hup Wei (Malaysia) and Saad Shaddad (Saudi Arabia).
- Anjum Moudgil and Lajja Gauswami won gold medals in the World Police and Fire Games 2019 held in Chengdu, China.
- Lajja won the gold in the rifle 3-position event, while Anjum won the silver in this event.
- In the team competition, Anjum along with Monu, Vimlesh and Shamsher won gold and Anjum has also won gold in the individual event of Rifle prone Master.
- Rifle 3P Gold is won by Vimlesh Kumar Rathour.
- YONEX BWF World Senior Championships 2019 (organized by Badminton World Federation) has been won by Ajith Haridas and Vijay Lancy (both at 40+ age) in men’s doubles category, held at Katowice, Poland.
- Men’s Singles: – Hirofumi Fujino (Japan)
- Women’s Singles: – Molthila Kitjanon (Thailand)
- A book on the life of actress Sridevi – “Sridevi: Girl Woman Superstar”- has been written by Satyarth Nayak and has been published by Penguin Random House India.