Current Affairs Update – 5th August, 2016

Hello and welcome to exampundit . Here are the important Current Affairs for 5th August, 2016. These are important for the upcoming RBI Grade B Phase I and BMSB PO 2016 Exams.

Current Affairs at a Glance – 5th August, 2016

  1. The Reserve Bank of India (RBI)
    Governor, Raghuram Rajan, on 4 August 2016 launched Sachet portal, sachet.rbi.org.in, to check illegal
    money collection
    . The portal will help anyone can obtain information
    regarding entities that are allowed to accept deposits, lodge complaints and
    share information regarding illegal acceptance of deposits by unscrupulous
    entities.
  2. The Reserve Bank of India (RBI)
    on 4 August 2016 constituted a committee to look at various facets of household finance
    in India
    . The Committee will be chaired by Tarun Ramadorai, Professor of
    Financial Economics, University of Oxford.
  3. Former Comptroller and Auditor
    General (CAG) of India Vinod Rai on
    1 August 2016 stepped
    down from
    private sector lender IDFC Bank’s
    board
    .
  4. Bharatiya Janata Party (BJP)
    announced its state president Vijay Rupani as the new chief minister of Gujarat and
    Nitin Patel as deputy chief minister of Gujarat on Friday at Kamalam, the party
    headquarters in Gandhinagar.
  5. The board of Asian Development Bank has re-elected Takehiko
    Nakao as the multilateral funding agency’s president
    for a five-year
    term beginning November.
  6. Rattled by a slew of rape cases
    including the horrific Bulandshahr gangrape, the UP Police on Friday launched ‘Operation
    Vishwas’
    here to instill
    confidence and sense of security among women.
  7. Tata Trusts today said it has signed an agreement with Gilead Sciences to explore collaboration to
    tackle the viral hepatitis in the country
    .
  8. Noted sports promoter and founder
    chairperson of Reliance Foundation, Nita Ambani was
    elected as an individual member of
    International Olympic Committee (IOC)
    on 4 August 2016. She was elected by
    IOC members at the 129th Session of the world body in Rio de Janeiro.
  9. Tunisia’s President Beji Caid Essebsi on 3 August 2016 named Youssef
    Chahed as the Prime Minister of the country.
  10. D K Gayen on 4 August 2016 assumed charge of General Manager of East Central Railway (ECR) with headquarters at
    Hajipur in Bihar.
  11. The International Olympic Committee (IOC) on 3 August 2016 agreed to add five new sports to the
    progaramme for 2020 Tokyo Olympics
    . The sports to be added include Baseball/Softball,
    Karate, Skateboard, Climbing Sports and surfing
    in the 2020 Tokyo
    Olympics.

Finance/Banking/Industry –
RBI launches Sachet portal to check illegal money collection

  • The Reserve Bank of India (RBI)
    Governor, Raghuram Rajan, on 4 August 2016 launched Sachet portal,
    sachet.rbi.org.in, to check illegal money collection.
  • The portal will help anyone can
    obtain information regarding entities that are allowed to accept deposits,
    lodge complaints and share information regarding illegal acceptance of deposits
    by unscrupulous entities.
Key highlights of Sachet

  • The website is available in
    vernacular languages for the benefit of the people of different regions of the
    country.
  • It will be helpful for the
    regulators in quick follow up of the unlawful money collection activities.
  • It will also enable people get
    information regarding the financial entities that are allowed to accept the
    deposits.
  • People will get the space to
    lodge complaints and share information regarding illegal collection of deposits
    by unscrupulous entities in their areas.
RBI constitutes Tarun Ramadorai Committee on Household Finance

  • The Reserve Bank of India (RBI)
    on 4 August 2016 constituted a committee to look at various facets of household
    finance in India. The Committee will be chaired by Tarun Ramadorai, Professor
    of Financial Economics, University of Oxford.
  • It will have representation from
    financial sector regulators namely, Securities and Exchange Board of India
    (SEBI), Insurance Regulatory and Development Authority of India (IRDAI),
    Pension Fund Regulatory and Development Authority (PFRDA) apart from Reserve
    Bank of India (RBI).
Terms of reference of the Tarun Ramadorai Committee

  • To benchmark the current depth of
    household financial markets in India among those in other major world markets
    and to identify areas of priority for growth and change.
  • To characterize and evaluate
    Indian households’ demands in formal financial markets (for assets such as
    pensions as well as liabilities such as home loans) over the coming decade.
  • To consider whether, how and why
    the financial allocations of Indian households deviate from desirable financial
    allocation and behaviour like the large household allocation to gold.
  • To evaluate the design of new
    systems and the redesign of existing systems of incentives and regulations to
    encourage better participation by Indian households in formal financial
    markets.
  • To assess the role of new
    financial technologies and products in the cost-effective provision of
    high-quality financial products to Indian households while containing risks.
  • The Committee is expected to
    submit its report by end of July 2017.
Vinod Rai steps down from IDFC Bank’s board

  • Former Comptroller and Auditor
    General (CAG) of India Vinod Rai on 1 August 2016 stepped down from private
    sector lender IDFC Bank’s board.
  • However, Rai will continue to be
    the non-executive independent chairman of IDFC Ltd.
  • The decision was taken to avoid
    conflict of interest as Rai is also the chairman of Bank Board Bureau (BBB).
    THE BBB will not only select board members of public sector banks but will also
    devise strategies for them.
  • Rai was on IDFC Bank board since
    its inception in October 2015. He was appointed as the Chairman of Bank Board
    Bureau on 28 February 2016.
India –
UP Police launch Operation Vishwas

  • Rattled by a slew of rape cases
    including the horrific Bulandshahr gangrape, the UP Police on Friday launched
    ‘Operation Vishwas’ here to instill confidence and sense of security among
    women.
  • The police have identified 1200
    people accused of sexual offenses and the proceedings for imposing Goonda Act
    on them will be ensured during the operation, he said.
  • The month-long operation will
    also run in Hardoi, Lahimpur Kheri, Rarbareli, Sitapur, Unnao, Faizabad,
    Sultanpur, Barabanki, Ambedkarnagar and Amethi besides Lucknow, he said.
  • Operation Milan was launched on
    April 28 in Lucknow zone.
  • All the district police chiefs of
    the zone have been asked to direct police station in-charges concerned to concentrate
    on Operation Vishwas.
Tata Trusts, Gilead sign MoU on viral hepatitis in India

  • Tata Trusts today said it has
    signed an agreement with Gilead Sciences to explore collaboration to tackle the
    viral hepatitis in the country.
  • Under the Memorandum of
    Understanding (MoU), Tata Trusts and Gilead will form a joint program committee
    to implement activities related to prevention, awareness and education, testing
    and treatment of viral hepatitis, a release said.
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Appointments –
Vijay Rupani appointed as new Gujarat CM

  • Bharatiya Janata Party (BJP)
    announced its state president Vijay Rupani as the new chief minister and Nitin
    Patel as deputy chief minister of Gujarat on Friday at Kamalam, the party
    headquarters in Gandhinagar.
  • Ironically, Rupani, who just
    turned 61 on August 2, had withdrawn himself from the race for the new CM on
    Thursday. 
  • The move not only hints at a
    stamp of approval from BJP national president Amit Shah but is also seen as the
    party’s masterstroke to field a ‘neutral’ community candidate in Rupani, who is
    a Jain Baniya.
Takehiko Nakao re-elected as ADB President

  • The board of Asian Development
    Bank has re-elected Takehiko Nakao as the multilateral funding agency’s president
    for a five-year term beginning November.
  • Nakao was first elected as ADB
    president on April 28, 2013 to serve the three-and-half-years remaining term of
    his predecessor Haruhiko Kuroda.
  • Being the ninth president of ADB,
    he was the sole nominee after ADB’s Governors were invited from May 31 to June
    30, 2016, to make nominations for the organisation’s presidency, the release
    added.
Nita Ambani becomes first Indian woman IOC member

  • Noted sports promoter and founder
    chairperson of Reliance Foundation, Nita Ambani was elected as an individual
    member of International Olympic Committee (IOC) on 4 August 2016. She was
    elected by IOC members at the 129th Session of the world body in Rio de
    Janeiro.
  • With this, she also becomes the
    first Indian woman to join the prestigious body which governs Olympic sports in
    the world.
  • Nita, the owner of Mumbai Indians
    cricket team franchise and founder of Indian Super League football tournament,
    was nominated for the post in June 2016 by the IOC Executive Board. 52-year-old
    Nita is the only current active individual member of the IOC from India and she
    will serve at the high-profile world body until she attains the age of 70.
  • Sir Dorabji Tata was the first
    person to represent India in the IOC. Raja Randhir Singh is currently holding
    the post of an honorary member after serving the international body from
    2000-2014.
Youssef Chahed appointed as Prime Minister of Tunisia

  • Tunisia’s President Beji Caid
    Essebsi on 3 August 2016 named Youssef Chahed as the Prime Minister of the
    country. Chahed’s appointment came after parliament ousted Habib Essid in a
    vote of no-confidence because of his handling of economic reforms and security.
  • Prior to this, Chahed was
    Minister for Local Affairs of Tunisia. He is an agricultural sciences
    specialist and academic who has taught in France and Tunisia.
D K Gayen assumes charge as General Manager of East Central Railway

  • D K Gayen on 4 August 2016
    assumed charge of General Manager of East Central Railway (ECR) with
    headquarters at Hajipur in Bihar. Gayen succeeds Rajeev Mishra, GM of Eastern
    Railways, who was holding additional charge of ECR.
  • Gayen is a 1979 batch officer of
    Indian Railway Service for Mechanical Engineers (IRSME). Gayen was earlier
    working as Chief Mechanical Engineer of South Eastern Railway at Kolkata.
Sports –
IOC agrees to add five sports in 2020 Tokyo Olympics

  • The International Olympic
    Committee (IOC) on 3 August 2016 agreed to add five new sports to the
    progaramme for 2020 Tokyo Olympics. The sports to be added include
    Baseball/Softball, Karate, Skateboard, Climbing Sports and surfing in the 2020
    Tokyo Olympics.
  • The decision was taken by the
    129th IOC session being held in Rio de Janeiro.
  • The Organising Committee for the
    Tokyo 2020 Games proposed the five new sports in response to the new
    flexibility provided by Olympic Agenda 2020. Tokyo 2020, the first Organising
    Committee able to take advantage of the change, submitted its proposal for the
    five new sports to the IOC in September 2015.

Regards

Team ExamPundit