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Current Affairs Today – 7th August 2019
IMPORTANT DAYS AND THEMES
7th August: National Handloom Day
- 5th National Handloom day is observed today on 7th August 2019.
- Objective: to honour and revive the roots of handlooms and thus provide work to weavers and to spread awareness about the importance of the handloom industry to the socio economic development of the country.
- Handloom Mela and exhibition, workshops, panel discussion were organised and special stalls were put up for handloom products at Gandhinagar and Kolkata NIFT campuses.
- On 7 August, 2015 Prime Minister Narendra Modi inaugurated the first National Handloom Day at Madras University in Chennai.
BANKING AND FINANCE CURRENT AFFAIRS
RBI cuts 35bps repo rate in August policy
- RBI Governor Shaktikanta Das announced third bi-monthly policy review by the Monetary Policy Committee (MPC) for 2019-20.
- RBI announced a 35 basis points (bps) cut to the benchmark repo rate on 7th August.
- This reduction is the fourth in a row since Shaktikanta Das took over as the governor in December 2018.
- It is the lowest since April 2010.
Policy Rates:
- Repo Rate: 5.40%
- Reverse Repo Rate: 5.15%
- Marginal Standing Facility Rate: 5.65%
- Bank Rate: 6.00%
Reserve Ratios:
- Cash Reserve Ratio (CRR): 4%
- Statutory liquidity ratio (SLR): 18.75%
Some Other Important Decisions:
- RBI has reduced its GDP growth forecast for 2019-20 from 7% to 6.9%.
- The RBI will set a Central Payment Fraud Registry to track frauds in the payment systems.
- RBI plans to issue detailed guidelines on permitting banks to on-lend through NBFCs. The move aims to increase credit flow to certain priority sectors which contribute significantly to the economic growth in terms of exports and employment.
- NEFT system will be made available on a 24×7 basis from December 2019.
Extra Shots:
RBI: The Reserve Bank of India is India’s central banking institution, which controls the issuance and supply of the Indian rupee.
- Founded: 1 April 1935, Kolkata
- Headquarters: Mumbai
- Governor: Shaktikanta Das
- Deputy Governors: B P Kanungo, M K Jain, N S Vishwanathan
RBI announces NEFT facility will be available round-the-clock for customers
- The Reserve Bank of India today announced that the National Electronic Funds Transfer(NEFT) facility will be available round-the-clock for the customers.
- The RBI will make available the NEFT system on a 24×7 basis from December 2019.
- Currently, NEFT payment system operated by the Reserve Bank as a retail payment system is available for customers from 8 AM to 7 PM on all working days of the week except 2nd and 4th Saturdays of the month.
Extra Shots:
RBI: The Reserve Bank of India is India’s central banking institution, which controls the issuance and supply of the Indian rupee.
- Founded: 1 April 1935, Kolkata
- Headquarters: Mumbai
- Governor: Shaktikanta Das
- Deputy Governors: B P Kanungo, M K Jain, N S Vishwanathan
BUSINESS AND ECONOMY
Mastercard launches identity check express to secure online transactions
- Mastercard announced the launch of Identity Check Express.
- It is a next-generation, mobile-first authentication solution aims to redefine the e-commerce journey for Indian consumers.
- The solution will help eliminate unnecessary friction and enhance the security of online transactions.
- Global Mastercard Cybersecurity Summit held for the first time in India.
Extra Shots:
Mastercard Incorporated is an American multinational financial services corporation.
- Headquarters: Purchase, Harrison, New York, United States
- CEO: Ajaypal Singh Banga
IIFL Finance to raise up to 1,000 crore through bonds
- IIFL Finance will raise up to Rs 1,000 crore through a public issue of bonds
- The main or the purpose of business growth and expansion.
- The bonds will offer yield of 10.5% per anum for tenor of 69 months and 10% for shorter tenor of 15 months for the secured category, the non-banking financial company (NBFC).
Extra Shots:
IIFL Holdings Limited d/b/a IIFL and India Infoline, is an Indian diversified financial services company.
- Headquarters: Mumbai
- Founders: Nirmal Jain, Rajamani Venkataraman
NSE and Singapore Exchange gets approval for its GIFT city project
- Centre approved the joint derivative project of India’s National Stock Exchange (NSE) and the Singapore Exchange (SGX) for their international financial centre in GIFT City at Gandhinagar, Gujarat.
- The project was proposed by NSE International Financial Service Centre (IFSC) and SGX Connect. Gujarat International Finance Tec-City (GIFT) is an initiative led by Indian Prime Minister Narendra Modi.
- The project plans to bring together the trading of Nifty products and boost the activities of GIFT City.
Extra Shots:
NSE: The National Stock Exchange of India Limited is the leading stock exchange of India, located in Mumbai.
- Founded: 1992
- Location: Mumbai, Maharashtra
- Established: 1992
- Owner: National Stock Exchange of India Limited
NATIONAL CURRENT AFFAIRS
India proposes user safeguard rules for e-commerce platforms
- India is proposing a series of consumer safeguards that forbid e-commerce companies such as Amazon.com Inc. and Walmart Inc.-owned Flipkart Online Services Pvt..
- E-commerce companies self-declare compliance and also provide a way for customers to contact them directly, said the proposed e-Commerce Guidelines for consumer protection 2019
- Among the key guidelines are those that require platforms like Amazon and Flipkart to declare all details about their sellers including address, website, and email address
Central government approved the project to link Kosi and Mechi rivers
- Union Cabinet approved Rs. 4,900 crore for Kosi-Mechi interlinking project in Bihar.
- The second river interlinking project the Ken-Betwa project in Madhya Pradesh.
- The flood issue became a major reason for destruction and interlinking of Kosi and Mechi provide a little relief to the Seemanchal region of the state.
- AIM: To transfer surplus water of Ken River to the Betwa basin to irrigate India’s worst drought-prone Bundelkhand region.
Raksha Rajya Mantri Shri Shripad Yesso Naik flags off Mountaineering Expedition team to climb Mt. Elbrus
- Raksha Rajya Mantri Shri Shripad Yesso Naik flagged off an Expedition Team of Himalayan Mountaineering Institute (Hmi), Darjeeling to Mt. Elbrus, Russia.
- The expedition team of eight professional mountaineers, led by HMI Principal, GpCapt Jaikishan,plans to summit Mt. Elbrus, the highest peak in European Continent on August 15, 2019 and hoist India’s national flag atop the mountain to coincide with 73rd Independence Day.
INTERNATIONAL CURRENT AFFAIRS
Bangladesh signs uranium supply deal with Russia
- Bangladesh today signed a deal with Russia for the supply of uranium for its 2,400 MW Rooppur Nuclear Power Plant (RNPP).
- The deal was signed today in Dhaka between the Bangladesh Atomic Energy Commission and Russian Nuclear Fuel Supply Company (TVEL).
- Under the deal, Russia will supply the nuclear fuel needed for the plant during its entire life cycle.
Extra Shots:
Russia (Capital/Currency): Moscow/Ruble
- Prime Minister: Dmitry Medvedev
Bangladesh (Capital/Currency): Dhaka/Taka
- Prime Minister: Sheikh Hasina
India contributes USD 5 million to UN Palestine refugee agency
- India contributed USD 5 million to the UN Palestine refugee agency and called for ensuring sustained fiscal support for the organisation’s work.
- The cheque for the amount was handed over to the United Nations Relief and Works Agency (UNRWA) for Palestinian Refugees by Representative of India (ROI) in Palestine, Sunil Kumar, at the Agency’s headquarters in Jerusalem.
Extra Shots:
Palestine (Capital/Currency): Ramallah, East Jerusalem/Israeli new shekel, Jordanian dinar
President: Mahmoud Abbas
SPORTS CURRENT AFFAIRS
Ravichandran Ashwin named as Professional Cricketers Association’s Player of the month
- Ravichandran Ashwin named as Professional Cricketers Association’s Player of the month of July 2019.
- He is the fastest Indian bowler (also in some records the fastest in the world) to reach the 50-, 100-, 150-, 200-, 250- and 300-wicket mark in Test cricket.
- He became the third Indian to win the ICC Cricketer of the Year award.
Fiona Kolbinger first woman to win 4,000km cycling race
- German cancer researcher Fiona Kolbinger won the mixed annual 4,000km(2,485 miles) cycling Transcontinental Race from Burgas in Bulgaria.
- She becomes the first woman to win one of the world’s toughest cycling races.
- She took 10 days, 2 hours and 48 minutes to complete the challenge .It includes about 40,000 metres (131,000ft) of climbing.
Extra Shots:
Bulgaria (Capital/Currency): Sofia/Lev
- President: Rumen Radev
DEFENCE CURRENT AFFAIRS
5th edition of ‘IASMC’ kicks off in Jaisalmer
- The 5th edition of International Army Scout Masters Competition was inaugurated at the Jaisalmer Military Station under the aegis of the Southern Command.
- Army Scout Master Teams from Armenia, Belarus, China, Kazakhstan, Russia, Sudan, Uzbekistan and India are participating in the 9-day event from August 6 to 14.
Extra Shots:
Chief of Indian Army: General Bipin Rawat
AWARDS
ISRO announces Vikram Sarabhai Journalism Award in Space Science, Technology and Research
- ISRO has announced its “Vikram Sarabhai Journalism Award in Space Science, Technology and Research”.
- OBJECTIVE: to recognize and reward journalists who have actively contributed towards the field of space science, applications, and research.
- The nominations are open to all Indians who have a good experience in journalism.
- The articles published from 2019 to 2020 will be considered, says the Indian Space Research Organisation (ISRO).
- There are two categories of awards, wherein the first category holds a cash price of Rs 5,00,000, a medal and citation and two journalists or freelancers of print media will be awarded.
- The second category of the award holds 3 cash prizes of Rs 3,00,000, 2,00,000 and 1,00,000 and citation each for journalists or freelancers of print media.
Extra Shots:
ISRO: The Indian Space Research Organisation is the space agency of the Government of India.
- Founded: 15 August 1969
- Headquarters: Bengaluru
- Founder: Vikram Sarabhai
- Director: Kailasavadivoo Sivan
SCIENCE & TECHNOLOGY
IIT Guwahati builds hand-held device to detect bacteria
- Indian Institute of Technology (IIT) Guwahati researchers has developed a low-cost, hand-held device for rapid detection of bacteria, bringing portable bacterial detection kits closer to reality.
- Low-cost diagnostic device is a biocompatible sensor that can detect bacteria without cell culture and microbiological assays.
- The ready-to-use diagnostic tool could facilitate rapid detection and diagnosis at the point of care.
OBITUARIES
Veteran BJP Leader, Former External Affairs Minister Sushma Swaraj passes away
- Former External Affairs Minister Sushma Swaraj passed away in New Delhi last night after suffering a massive cardiac arrest.
- She was 67.
- Sushma Swaraj had a kidney transplant in 2016 and had opted out of contesting Lok Sabha polls earlier this year for health reasons.
Extra Shots:
- She became the youngest cabinet minister in Haryana in 1977.
- She served as the 5th Chief Minister of Delhi from 13th October to 3rd December 1998.
- She was a seven-time Member of Parliament.
- She served as MLA for three terms.
- Sushma Swaraj won from Vidisha constituency in Madhya Pradesh for a second term in 2014. Swaraj took charge as Foreign Minister on 26th May, 2014.
- After Indira Gandhi, she was the second woman to hold the External Affairs Ministry.
Former DMK Minister Jennifer Chandran passes away
- Former Fisheries Minister S. Jennifer Chandran died of renal failure at an age of 61.
- She served as a Minister in the DMK government from 1996-2001.
- She won from the Tiruchendur Assembly constituency in 1996 and contested unsuccessfully in 2001.
Nobel laureate Toni Morrison passed away
- Nobel laureate Toni Morrison passed away at an age of 88.
- Morrison was the author of 11 novels as well as children’s books and essay collections. Among them were celebrated works like “Song of Solomon,” which received the National Book Critics Circle Award in 1977, and “Beloved,” which won the Pulitzer Prize in 1988.
- She was the first African-American woman to win the Nobel Prize in Literature.
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