Current Affairs for August 5, 2019
BANKING AND ECONOMY
- IIT-Delhi has showcased its innovative projects (supported under the Uchchtar Avishar Yojana and IMPRINT schemes of Ministry of Human Resource Development) at the TechEx.
Uchchtar Avishar Yojana
Date not confirmed; but in 2015 Minister for Human Resource Development announced the annual investment of Rs.250.00 crore for this scheme
Ministry of Human Resource Development
To promote innovation in students for the areas that are related to manufacturing and design industry in order to link academia and industry.
IMPRINT (Impacting Research, Innovation and Technology)
Ministry of Human Resource Development
To boost technical and scientific knowledge in India by strengthening technical institutions.
- Defence Research and Development Organization (DRDO) has successfully test-fired the ‘Quick Reaction Surface to Air Missile’ from Integrated Test Range in Chandipur, Odisha.
- “Economic Valuation of Tiger Reserves in India: A Value+ Approach” Phase- II (2016-19) report has been released by National Tiger Conservation Authority.
- Aim:- To highlight the economic value of tiger of conservation to humans.
- Authors: – Centre for Ecological Services Management at the Indian Institute of Forest Management (IIFM), Indian Institute of Forest Management (IIFM) and National Tiger Conservation Authority (NTCA).
- Findings: – The total monetary valuation of the following 10 tiger reserves range between 5094.91 crore to 16202.11 crore annually.
- Reserves: – 10 tiger reserves were surveyed in Phase II which include:
Anamalai (Tamil Nadu)
Dudhwa (Uttar Pradesh)
Nagarjunsagar-Srisailam (Andhra Pradesh)
Pakke (Arunachal Pradesh)
Panna (Madhya Pradesh)
Similipal (Odisha) and Valmiki (Bihar)
- Microsoft India and Apollo Hospitals Group have partnered to set up the National Clinical Coordination Committee (NCCC).
- Function: – NCCC will advise on the effective use of Artificial Intelligence in cardiovascular treatment.
- AI-powered Cardiovascular Disease Risk Score API (application program interface) will be built on Microsoft Azure to predict the risk of disease.
- Aim: – To reduce Non-Communicable Diseases (NCD) and attain WHO’s target of reducing the risk of premature deaths (between 30 to 69 years of age) from NCD by 25%, by 2025.
- Article 370 and Article 35(A) — that give the state of Jammu & Kashmir a host of special rights – have been revoked by Parliament.
- Article 370 (under Part XXI of the Constitution): – defines that state’s residents live under a separate set of laws, including those related to citizenship, ownership of property, and fundamental rights, as compared to other Indians.
- Article 35A (also known as Permanent Residents Law): – defines the permanent resident of the Jammu and Kashmir. It bars any person from outside J&K from acquiring property in the state.
- Implication: – Anybody can now purchase the property in J&K and now a separate Union Territory will be created for J&K with legislature.
- Besides, Ladakh has also been granted the status of UT without legislature.
- ISRO will build the Space Situational Awareness Control Centre in Peenya, Bengaluru.
- Space Situational Awareness & Management (SSAM) would be the priority of this centre to protect the Indian space assets from collision with inactive satellites, pieces of orbiting objects, or any other space debris.
- Rajya Sabha has passed the Motor Vehicles (Amendment) Bill 2019, which seeks to give power to government to frame laws to regulate the cab aggregators in India.
- The bill, for the first time, recognized cab aggregators (like Uber and Ola) as a separate entity as digital intermediaries or marketplaces which can be used by passengers to connect with a driver for transportation.
- The bill allows taxi aggregators to obtain licence from state government as it is a state subject.
- Cab aggregators will also have to comply with Information Technology Act, 2000.
- According to Global Witness’s (human rights watchdog) report, at least 164 land and environmental activists were murdered in 2018 (207 deaths in 2017).
- Philippines (30 murders) became the most dangerous place for activists and indigenous communities, by overtaking Brazil.
- India witnessed 23 deaths related to environmental activism in 2018 with the biggest single massacre in Tamil Nadu (murdered 13 people) after protesting the environmental impact of a copper mine.
- Guatemala recorded the sharpest rise, with 16 deaths in 2018, roughly 5X more than 2017.
- Ministry of Development of North Eastern Region (DoNER) has decided to launch 200 projects worth Rs 3,000 crore for development of North-East Region.
- Franky Zapata (from France) has become the first person to cross the English Channel on his Flyboard Air, a jet-powered hoverboard.
- The English Channel is the body of water that links the southern part of the North Sea to the Atlantic Ocean and separates Southern England from Northern France.
- 8th Interregional Ministerial Meeting of Regional Comprehensive Economic Partnership (RCEP) 2019 was held in Beijing, China.
- Netherlands has banned Burqa, niqab, motor helmets and ski masks at public places.
- France was the first European country which banned wearing of a full-face veil in public places in April 2011.
BANKING AND ECONOMY
- RBI has restricted NBFCs (both deposits and non-deposit taking) from charging pre-payment /foreclosure charges from individual borrowers on any floating rate term loans.
- Foreclosure = Full repayment of the remaining loan amount in one single payment instead of paying in the monthly instalments.
- Pre-Payment = Repay the loan before the schedule date to avail the benefit of lower interest rates.
- Karnataka Bank has partnered with Finwizard Technology Pvt Ltd (also known as fisdom) – a fintech company- to provide wealth management services to the bank’s customers.
- The bank will provide services through its ‘KBL Mobile Plus’ application.
- Reliance Industrial and Investments and Holdings Ltd. has bought 87.6% stake in Shopsense Retail Technology Pvt Ltd for Rs 295.25 crore.
- Government has relaxed rules for setting up branches by foreign re-insurers in the International Financial Services Centre/ India’s financial special economic zone (IFSC).
- The minimum requirement of net owned funds has been reduced to Rs 1,000 crore from Rs 5,000 crores.
- Budget 2019: – It allows an additional deduction of up to Rs 1.50 lakh for interest on loans borrowed up to March 31, 2020 to purchase of the house valued up to Rs 45 lakh.
- RBI has released the ‘Fit and Proper’ Criteria for Elected Directors on the Boards of PSBs Directions, 2019 to set up the Nomination and Remuneration Committee (NRC) for electing director to the board of Director of Public Sector Banks.
NRC should include 3 non-executive directors (of these non-executive directors, one-half shall be independent directors and should include at least one member from Risk Management Committee of the board).
As per the directions, the candidate should be a graduate at least.
He/she should be between 35-67 years old.
Any nominee director appointed by government and the director nominated under Section 19(f) of the SBI Act or Section 9(3)(c) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980 should not be part of the Committee.
Impact: – No person with political connections will be able get into the PSB boards as elected directors.
- From India, Statue of Unity has been shortlisted for “The Structure Award 2019” given by UK-based Institution of Structural Engineering Award.
- A total of 49 monuments across the world have been selected for this award (to be announced in November 2019).
- Andy Serkis (Actor and Director) has been chosen for the “International Honor for Excellence” (highest award of International Broadcasting Convention- IBC).
- Reason: – For his excellence in depicting extraordinary humanity in the computer-generated characters.
- Satwiksairaj Rankireddy and Chirag Shetty won the men’s doubles title at Thailand Open BWF Super 500 Badminton Championship 2019 held in Bangkok.
- They have become the 1st Indian Pair to Win (Badminton World Federation) BWF Super 500 Tournament.
- Lewis Hamilton has won the Formula 1 of Hungarian Grand Prix 2019 (motor race).
- Mick Schumacher won the Formula 2 race in Hungarian Grand Prix.
- Vinesh Phogat (Wrestling) won the Gold medal in the Poland Open held in Warsaw, Poland.
- Alex Marquez won the Czech Moto2 Grand Prix (motorcycle racing) held in Brno, Czech Republic.
- Marc Marquez won Czech Moto Grand Prix (recording the 50th win of his career).
- Dominic Thiem won the Kitzbuhel Clay Court Tournament 2019 (organized by Association of Tennis Professionals) held in Kitzbuhel, Austria.
- Borussia Dortmund Football club has won the 10th edition of German Super Cup 2019, also known as DFL-Supercup (football).
- Lovlina Borgohain and Neeraj won the gold medals at the 21st edition Magomed Salam Umakhanov Memorial International Boxing Tournament 2019 held in Kaspiysk, Russia.
- It was organised by European Boxing Confederation (EUBC).
- India won 6 medals – 2 golds, 1 silver and 3 bronze.
- Algeria has won the Africa Cup of Nations 2019 (men’s football championship) held in Cairo, Egypt.
- Donn Alan Pennebaker (an American documentary filmmaker and one of the pioneers of Direct Cinema) has passed away.