Current Affairs Update – 1st September, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 1st September, 2015. These are Important for the upcoming IBPS PO V Exam. We are also providing 5 Stock GK Expected Questions.

Finance/Banking/RBI
RTGS will not operate
on 2nd, 4th saturdays: RBI

  • The RTGS system, which allows real time transfer of large
    funds, will not be operated on second and fourth Saturdays with banks observing
    public holiday on that days, the Reserve Bank said on Tuesday.
  • However, the system will operate for full days on other
    Saturdays of a month, RBI said in a notification.
  • Banks are observing public holiday on every second and
    fourth Saturdays of a month.
  • RBI has also effected changes in RTGS time window.
  • As per the new time schedule for regular days, including
    Saturdays except second and fourth, business opening would be at 0800 hours
    while initial cut off (customer transactions) would be 1630 hours. The final
    cut-off (inter-bank transactions) will be at 1945 hours and IDL reversal
    between 1945-2000 hours.
  • The close of business is at 2000 hours.
  • As per earlier timings for Saturdays or short days, the
    initial cut-off was at 1400 hrs and final cut off at 1500 hours.
  • The close of business was at 1530 hours.
  • RTGS means Real Time Gross Settlement which refers to
    continuous or real time settlement of funds.
  • It is primarily meant for large value transactions. The
    minimum amount to be remitted through RTGS is Rs 2 lakh. There is no upper
    ceiling for RTGS transactions.

At 7 per cent, India
remains fastest growing major economy

  • India remained the fastest growing major economy of the
    world for a second straight quarter, with GDP growing at 7 per cent during
    April-June 2015 against 6.7 per cent in April-June 2014. Growth in the previous
    quarter, January-March 2015, was, however, higher at 7.5 per cent.
  • Data released the Central Statistics Office (CSO) on Monday
    showed marginal improvement in private consumption expenditure but gross
    capital formation rate — a barometer for investments — continued to decline. It
    was down to 27.8 per cent from 29.2 per cent in April–June 2014.
  • A source at the CSO explained that growth would have been
    better had it not been for the poor rabi crop.
  • Growth during the quarter was driven primarily by the
    services sector. The manufacturing and construction industries recorded
    favourable growth too. The agriculture sector saw a decline, growing at a mere
    0.6 per cent. Growth also slowed in the sectors ‘mining and quarrying’ and
    ‘electricity, gas, water supply and utility services’.
  • In terms of the gross value added, (GVA) growth was 7.1 per
    cent against 7.4 per cent in April-July 2014. The revised methodology for GDP
    (Gross Domestic Product) calculation subtracts subsidy and adds taxes to the
    GVA to arrive at the GDP.
  • The Modi Government’s budget announcement of higher public
    spending this financial year did not reflect in the data released as at growth
    was low at 2.7 per cent in ‘public administration, defence and other services’.

Union Government
approved Smart National Common Mobility Card model for seamless travel across

India

  • The Union Ministry of Urban Development on 1 September 2015
    gave approval for Smart National Common Mobility Card (NCMC) model for seamless
    travel across India.
  • The model will enable commuters to travel by different
    metros and other transport systems across the country besides retail shopping
    and purchases.

Features of Smart
National Common Mobility Card (NCMC)
  • It is based on EMV Open Loop Card system with stored value
    model.
  • It meets travel needs based on stored value of money and can
    be used for travelling by any means of transport and also enables account based
    retail applications.
  • The model is an improved version of nationwide common card
    prevalent in Singapore.
  • The National Payments Corporation of India (NPCI) will be
    involved in indigenous development and management of Clearing and Settlement of
    payments, Simulating Cards, Terminals and network, a support base of vendors
    for providing certified tools, cards, terminals and other services.
  •  The Centre for
    Development of Advanced Computing (C-DAC) will develop the standards and
    hardware for Metro gates/validators along with related ecosystems.
  • Funding of 4.47 crore rupees approved by the ministry for
    developing the model.

Reliance
Entertainment ties up with French studio Pathe

  • Anil Ambani’s film production and distribution outfit
    Reliance Entertainment has tied up with French film production and distribution
    house Pathe to distribute director Gurinder Chaddha’s next movie titled
    Viceroy’s House.
  • This is the first time that Pathe has collaborated with an
    Indian outfit for the distribution of a film.
  • Pathé will distribute the film in the UK and France and will
    handle sales throughout the rest of the world while Reliance Entertainment will
    distribute the film in India.
  • The company holds leadership position in the art-house and
    indie film distribution space in the UK and France.
  • Apart from producing and distributing films (in cinema and
    home video), the company also owns cinema halls in France, Netherlands and
    Switzerland (total of 1,000 screens).

Appointments
Anjali Duggal takes
charge as Financial Services Secretary

  • Anjuly Chib Duggal, a Punjab cadre IAS officer, has assumed
    charge as Secretary in the Department of Financial Services in the Finance
    Ministry.
  • She has replaced Hasmukh Adhia, who has taken over as
    Revenue Secretary in the same Ministry.
  • Prior to taking over as Financial Services Secretary, Anjuly
    was holding the charge of Corporate Affairs Secretary.
  • She had also earlier worked in various capacities including
    Joint Secretary, Additional Secretary and Special Secretary in the Department
    of Expenditure in Finance Ministry.

A K Jha takes charge
as NTPC interim CMD
  • NTPC’s Director (Technical) A K Jha today took additional
    charge of Chairman & Managing Director of the company as an interim
    measure.
  • After refusing to give extension to Arup Roy Choudhury as
    CMD of NTPC, the government has decided to give additional charge to Jha for
    three months from September 1 as an interim arrangement.
  • A search committee headed by Power Secretary P K Pujari is
    currently looking for a full-time CMD for NTPC.
  • The committee will send the list of short-listed candidates
    to the Appointments Committee of the Cabinet for a final call.
  • Jha, 58, is a graduate in Mechanical Engineering from BIT
    Sindri, Ranchi University, and holds LLB from the Delhi University.
  • He joined NTPC in 1977 as an Executive Trainee and was
    directly associated with its flagship project — Singrauli (5×200 MW).

Sports
India beat Sri Lanka
by 117 runs to win series 2-1 in Sri Lanka after 22 years

  • India today clinched their first Test series victory on Sri
    Lankan soil in 22 years with an emphatic 117-run win over the hosts in the
    third and final cricket Test despite a valiant century by rival skipper Angelo
    Mathews.
  • After setting a daunting victory target of 386, India
    managed to dismiss the Sri Lankans for 268 on a wicket which slowed down
    considerably to wrap up the series 2-1, their first overseas series victory
    since June, 2011 against the West Indies.
  • It was new captain Virat Kohli’s first series win ever since
    he took over reins of the team from Mahendra Singh Dhoni.
  • The last time an Indian team won a series in Sri Lanka was
    way back in 1993 under Mohammed Azharuddin’s leadership when they sealed the
    series with 1-0 scoreline.
  • The fifth day’s action was not devoid of drama as more
    on-field altercation took place with Kusal Perera being involved in a heated
    exchange with Indian players.
  • Ashwin took the last wicket of Nuwan Pradep to bring about
    India’s moment of glory, triggering scenes of wild celebrations in the dressing
    room as the players hugged each other and picked up the stumps as mementos.

Ishant Sharma, three
Sri Lankans charged for misconduct

  • India paceman Ishant Sharma and three Sri Lankan players
    have been charged for misconduct during the ongoing third test between the
    neighbours, the International Cricket Council (ICC) said on Tuesday.
  • Sharma, who was fined 65 per cent of his match fees for
    giving send-offs to Lahiru Thirimanne and Dinesh Chandimal in the second test,
    landed in trouble with the Sri Lankans in the final contest as well.
  • Thirimanne, Chandimal and paceman Dhammika Prasad, who had
    an animated altercation with Ishant on Monday, have also been charged with code
    of conduct breaches, the ICC said.

World
Highest mountain of
North America Mt McKinley renamed as Denali
  • The highest mountain of North America was on 28 August 2015
    renamed as Denali instead of its existing name Mt McKinley by US President
    Barack Obama. This designation will now recognize the sacred status of Denali
    to generations of Alaska Natives.
  • The mountain, which sits in the 6 million-acre Denali
    national park, has been known as Denali in Alaska since 1975. Now officially,
    the Denali name will be used by all and it will also take effect for all
    federal usage and on all official maps.
  • The change comes after a debate between lawmakers from
    Alaska and Ohio. In January 2015, Republican Senate Lisa Murkowski of Alaska
    introduced legislation that sought to officially call the mountain what
    Alaskans and indigenous people called it Denali or The High One.
  • The historic change came during Obama’s three-day
    presidential trip to Alaska. It is the latest bid by the President to fulfill
    his 2008 campaign promise to improve relations between the federal government
    and the nation’s Native American tribes.

Tejinder Pal Singh
named as Australian of the Day by Commonwealth Bank

  • An Indian-origin driver in Australia Tejinder Pal Singh was
    on 31 August 2015 named as Australian of the Day by Commonwealth Bank of
    Australia for feeding the homeless in Darwin for the past three years.
  • He dedicated the last Sunday of every month to feed the poor
    and homeless in northern Darwin after his night shift as a cabbie. He cooked
    around 30 kg of Indian food to feed the homeless. The free lunch comprises
    chickpeas, rice and vegetarian curry.
  • His van itself carries the sign Free Indian food for hungry
    and needy people, Provide Sikh family.
  • The Commonwealth Bank has been sponsoring the Australian of
    the Day campaign for over 35 years. The campaign recognises the extraordinary
    Australians who have made a big difference to the country.

Books
& Authors –
30 Women in Power:
Their Voices, Their Stories by Naina Lal Kidwai
  • The book 30 Women in Power: Their Voices, Their Stories was
    in news in August 2015. It was written and edited by Naina Lal Kidwai.
  • It is a collection of narratives on modern Indian women who
    have been pioneers and led large organizations – in banking, law, the media,
    advertising, government services, health care, consulting, the fast-moving
    consumer goods sector and the not-for-profit space.
  • She is an executive director on the board of HSBC
    Asia-Pacific and the chairman of HSBC India.
  • She is also a non-executive director of Nestle SA and was
    the first woman president of the Federation of Indian Chambers of Commerce and
    Industry (FICCI).

Daily
Expected Questions on Stock GK:


1. Dada Dhuniwale
Thermal Power Plant is located in which state?
– Madhya Pradesh
2. Sri Penusila
Narasimha Wildlife Sanctuary is located in which state?
– Andhra Pradesh
3. Kanaka Durga Temple
is located in which state?
– Andhra Pradesh
4. Captain Roop Singh
Stadium is located in which city/state?
– Gowalior, Madhya Pradesh
5. Which of the
following is the capital city of Paraguay

– Asuncion








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