Current Affairs Update – 11 August, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 11 August, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

Banking & Financial
ICICI Bank launches instant credit card facility with limit up to Rs 4

  • After introducing instant loans,
    ICICI Bank on Wednesday announced the launch of instant credit cards.
  • The savings account customers of
    the bank will now be able to get credit card instantly, in a completely digital
    and paperless manner.
  • ICICI Bank customers can credit
    card with a credit limit of upto Rs 4 lakh 
    based on pre-checked bureau scores.
Key Highlights:

  • ICICI Bank introduces instant
    credit card facility with a credit limit of up to Rs 4 lakh
  • The procedure to get credit card
    will be completely digital and paperless
  • A customer can get a credit card
    by signing into internet banking account
HDFC Bank launches Digital Command Centre

  • To keep pace with digitally savvy
    customers, HDFC Bank has launched an in-house state-of-the-art Digital Command
    Centre (DCC) in Mumbai. The Digital Command Centre has been set up to listen,
    understand and acquire valuable insights on the brand through the customers’
    conversations on social media. In the time to come, the DCC will complement the
    bank’s endeavor to understand customers better by providing real-time inputs
    based on the social media conversations, thus deepening brand engagement.
  • DCC has been developed using the
    LocoBuzz tool and consists of dedicated dashboards for real-time, continuous
    monitoring of HDFC Bank social media channels like Facebook, Twitter, YouTube,
    LinkedIn, Snapchat, Pinterest, and Instagram. The Bank’s official Twitter
    handles are: @HDFCBank,  @HDFCBank_Cares,
    @HDFC_Bank, @HDFCBankNews #HDFCBank
  • At the DCC, there are dedicated
    screens providing real-time visualization & analytics of the buzz around
    the brand. A dedicated team from Digital Banking will monitor the data to
    provide real-time intelligence and actionable inputs to the businesses.
The Digital Command Centre highlights:

  • Real-Time Monitoring of Online
  • Quicker customer response times
    and resolution management
  • Monitor online sentiment and
    customer feedback on products
  • Analyze trends in customer
    behavior to businesses
  • Tracks 15,000 mentions per day
    & over 4.5 mentions lac per month
  • Mentions are mapped against 20+
    product categories & 850+ sub categories
  • Generates 15+ product and
    campaign reports per week
  • Online funds and business
Parliament passes Banking Amendment Bill empowering RBI to deal with
wilful defaulters

  • Rajya Sabha on 10 August 2017
    passed the Banking Regulation (Amendment) Bill, 2017. The Lok Sabha has already
    passed the Bill. Now, the bill will be sent to President Ramnath Kovind for his
  • The bill seeks to amend the
    Banking Regulation Act, 1949 to insert provisions for handling cases related to
    stressed assets of banks. Stressed assets are loans where the borrower has
    defaulted in repayment or where the loan has been restructured.
  • The bill will replace the Banking
    Regulation (Amendment) Ordinance, 2017 which was promulgated on 4 May 2017. The
    legislation will also enable the Central government to authorize the Reserve
    Bank of India (RBI) to direct banking companies to resolve specific stressed
    assets by initiating insolvency resolution process.
  • The RBI has also been empowered
    to issue other directions for resolution, and appoint or approve appointment,
    authorities or committees to advise banking companies for resolution of
    stressed assets.

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India and US to co-host Global Entrepreneurship Summit at Hyderabad in
November 2017

  • Prime Minister Narendra Modi on
    10 August 2017 said that India and US will co-host the Global Entrepreneurship
    Summit at Hyderabad from 28 to 30 November 2017.
  • In a series of tweets, Modi said,
    the Summit is a unique opportunity for bringing together entrepreneurs and
    start ups with the global leader.
  • The Prime Minister said he is
    looking forward to the presence of Ivanka Trump at Global Entrepreneurship
    Summit as the leader of the US delegation.
  • Ivanka Trump is the daughter of
    US President Donald Trump. Modi during his meeting with Trump in Washington in
    June 2017 had invited Ivanka for the Global Entrepreneurship Summit.
  • In the reply to Modi’s tweet,
    Ivanka tweeted, “Honored to lead the US delegation to #GES2017 in India &
    meet with Prime Minister Modi & passionate entrepreneurs from around the
National Mission for Clean Ganga approves 10 projects worth more than
Rs 2000 Cr

  • The National Mission for Clean
    Ganga on 10 August 2017 approved 10 projects worth more than Rs 2000 Cr. The
    projects would be carried out in the states of Uttar Pradesh, Bihar and West
  • Among the ten projects, eight
    relate to sewage infrastructure and treatment, one to river front development
    and one to Ganga Knowledge Centre. The projects were approved in the 5th
    meeting of the Executive Committee of National Mission for Clean Ganga.
Projects in Bihar

  • The projects that were approved
    in Bihar include three major sewage infrastructure projects in Barh, Kankarbagh
    and Digha, the total cost of which is estimated to be Rs 1461 crore.
  • The projects aim to create
    additional sewage treatment capacity of 161 MLD (100 MLD in Digha, 50 MLD in
    Kankarbagh and 11 MLD in Barh).
  • There is presently no sewage
    treatment plant in the sewerage zones of Kankarbagh and Digha.
  • The creation of 200 MLD sewage
    treatment capacities has already been sanctioned in the remaining four sewerage
    zones in Patna – Beur, Saidpur, Karmalichak and Pahari, under the Namami Gange
West Bengal Projects

  • In West Bengal, three projects
    have been approved with an estimated cost of Rs 495.47 Cr.
  • Among them, two relate to sewage
    infrastructure and the third one pertains to river front development.
  • Pollution abatement and
    rehabilitation works for river Ganga in Howrah and Tolly’s Nullah (popularly
    known as Adi Ganga), a tributary of Ganga in Kolkata have been approved with
    total estimated cost of Rs 492.34 Cr.
Projects in Uttar Pradesh

  • A project involving sewage
    infrastructure work in Chunar, located in Mirzapur district of UP, has been
    approved at an estimated cost of Rs 27.98 Cr.
  • Under the project a sewage
    treatment plant of 2 MLD capacity will be created apart from interception and
    diversion of drains.
Lok Sabha passes State Banks (Repeal and Amendment) Bill, 2017

  • The Lok Sabha on 10 August 2017
    passed the State Banks (Repeal and Amendment) Bill, 2017.
  • The Bill was passed to repeal the
    SBI (Subsidiary Banks) Act 1959, State Bank of Hyderabad Act 1956 and to
    further amend the State Bank of India Act, 1955, following the merger of five
    associates with the parent SBI.
  • Following the merger, the SBI has
    come in the list of top 50 banks globally and is ranked at the 45th position.
  • Key highlights of the State Banks
    (Repeal and Amendment) Bill, 2017
  • Repeal:  It seeks to repeal the two Acts: (i) State
    Bank of India (Subsidiary Banks) Act, 1959, and (ii) State Bank of Hyderabad
    Act, 1956.  These Acts established the
    State Bank of Bikaner, State Bank of Mysore, State Bank of Patiala, State Bank
    of Travancore, and State Bank of Hyderabad. 
    These banks were subsidiaries of the State Bank of India (SBI).
  • This is consequent to the Union
    Cabinet granting its approval in February 2017, which allowed the SBI to
    acquire these subsidiaries.
  • Amendments to the SBI Act,
    1955:  The Bill seeks to amend the State
    Bank of India Act, 1955 to remove references related to subsidiary banks.  These references include: (i) the definition
    of a subsidiary bank in the 1955 Act, and (ii) powers of SBI to act as an agent
    of the RBI for a subsidiary bank.
World News
Ministerial meeting of BIMSTEC sets off in Kathmandu

  • The 15th Bay of Bengal Initiative
    for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) ministerial
    meeting was held at Soaltee Crowne Plaza in Kathmandu, Nepal on 10 August 2017.
  • The two-day meet was inaugurated
    by Nepal’s Prime Minister Sher Bahadur Deuba and chaired by Deputy Prime
    Minister and Minister for Foreign Affairs Krishna Bahadur Mahara. The meeting
    was preceded by the 18th BIMSTEC Senior Officials’ Meeting (SOM), which was
    chaired by Nepal’s Foreign Secretary Shanker Das Bairagi.
  • The main agenda of the meeting
    was to finalise a free trade agreement among the BIMSTEC members including
    negotiations on market access for professionals and reducing the duty on
    trading goods.
  • It also meant to finalise the
    date of the fourth BIMSTEC Summit that will be hosted by the Nepal, the current
    chair of the sub-regional forum.
  • Issues concerning trade in
    services and goods, investments and connectivity were also discussed at the
Venkaiah Naidu sworn in as 13th Vice President of the country

  • Former Union Minister Muppavarapu
    Venkaiah Naidu has sworn in as the 13th Vice President of India on 11 August
    2017. He has been administered the oath of office and secrecy by President Ram
    Nath Kovind at a special function at Rashtrapati Bhavan.
  • After the ceremony, Naidu took
    charge as the Chairman of Rajya Sabha at Parliament House and presided over the
    proceedings in the Upper House.
  • Before proceeding to the
    Parliament House this morning, Naidu paid tributes to Mahatma Gandhi at Raj
    Ghat, Deen Dayal Upadhyay at DDU Park and Sardar Patel at Patel Chowk.
  • Naidu was elected as the Vice
    President on 5 August 2017 by defeating opposition candidate Gopal Krishna

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Prasoon Joshi to replace Pehlaj Nihalani as censor board chief

  • The government has replaced Central
    Board of Film Certification chairperson Pehlaj Nihalani with famous lyricist
    Prasoon Joshi as the chief of the film certification body.
  • “In exercise of the powers
    conferred by sub-section (1) of section 3 of the Cinematograph Act, 1952 (37 of
    1952) read with rule 3 of the Cinematograph (Certification) Rules, 1983, the
    Central Government is pleased to appoint Sh. Prasoon Joshi as Chairperson of
    the Central Board of Film Certification in an honorary capacity from 11th
    August, 2017 for a period of three years or until further orders, whichever is
    earlier,” said a release by the Press Information Bureau on Friday evening.
  • This marks the end of Mr.
    Nihalani’s stint – which had its share of controversies – as the censor board
  • His controversial decisions
    included demanding multiple cuts in Madhur Bhandarkar’s film Indu Sarkaron the
    1975-77 Emergency and his refusal to clear Lipstick Under My Burkha, a film that
    explored female sexuality.
  • Director Alankrita Shrivastava
    won her case after challenging the censor board at an appeals tribunal.
  • He had also objected to the word
    ‘intercourse’ in the recently released Shah Rukh Khan-starrer When Harry Met
    Sejal and had also asked for words like “cow” and “Hindu
    India” in a documentary on Nobel Laureate Amartya Sen to be bleeped.
David Rasquinha appointed as Exim Bank MD

  • David Rasquinha, who is currently
    Deputy Managing Director of Exim Bank of India, has been appointed as Managing
    Director of the bank. This appointment will be valid for a period of three years.
  • The Appointments Committee of the
    Cabinet has given its nod for elevation of Rasquinha to the post of Managing
    Director, official sources said. A formal order in this regard is expected from
    the Department of Financial Services in the Finance Ministry in the next few
    days, they said.
Milkha Singh appointed WHO’s ambassador for physical activity

  • Sprint legend Milkha Singh has
    been appointed as the World Health Organisation’s goodwill ambassador for
    physical activity in South-East Asia Region (SEAR), the global health body said
    on Friday.
  • As WHO goodwill ambassador,
    Singh, also known as ‘the Flying Sikh’, will promote WHO SEAR’s
    non-communicable diseases (NCDs) prevention and control action plan which seeks
    to reduce the level of insufficient physical activity by 10 per cent and NCDs
    by 25 per cent by 2025, Poonam Khetrapal Singh, Regional Director, WHO
    South-East Asia said.
  • WHO recommends at least 60
    minutes of physical activity for children daily and 150 minutes of activity for
    adults weekly to stave off non-communicable diseases. Physical activity helps
    those aged 65 years and above to maintain cognitive functioning and reduce the
    risk of depression, the world health body said. To facilitate this, WHO has
    also been advocating with governments to create public spaces for recreational
    and organised sport. It has been advocating for physical activity as a “best
    buy” intervention for reducing the risk of deaths due to NCDs.
Sports News
Real Madrid beats Manchester United to win 2017 UEFA Super Cup

  • Real Madrid on 8 August 2017
    defeated Manchester United, the winners of the 2016–17 UEFA Europa League, to
    grab the 2017 UEFA Super Cup.
  • Real Madrid won the match 2–1 for
    their fourth UEFA Super Cup title.
  • The match was played at the
    Philip II Arena in Skopje, Macedonia. It was the first UEFA final staged in the
  • Real Madrid’s Isco was declared
    the Man of the Match.
Veteran poet Vijay Nambisan passes away

  • Noted poet and writer Vijay
    Nambisan on 10 August 2017 passed away following a prolonged illness. He was
  • Nambisan’s poem ‘Madras Central’,
    published in 1988, won him his first All India Poetry Competition award
    organised by the Poetry Society of India and the British Council.
  • Some of his popular books are
    ‘Language as an Ethic’ and ‘Bihar is in the Eyes of Beholder’.
  • His last book of poems was titled


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