Current Affairs Update – 28 July, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 28 July, 2017. These are very important for the upcoming IBPS PO, IBPS RRB  & Other Exams.

Banking & Financial News
Canara Bank launches “CANDI”-its first digital branch in Bengaluru

  • Taking its ambitious vision of
    moving into cashless banking, Public sector lender Canara Bank has launched its
    first ‘Digital Banking Branch’ at Spencer Towers in MG Road, Bengaluru.
  • The branch is reportedly titled
    “CANDI” and it will aim to provide an end-to-end digital experience to
  • As a part of its digital
    campaign, the bank has unveiled several customer friendly mobile apps. These
    innovations will enable customers to get most of the information related to
    their accounts without visiting the branch.
  • The most eye catching feature of
    the digital bank is the infusion of artificial intelligence. A humanoid has
    been introduced in the branch to addresses basic queries of customers on
    banking products and services.With this, the bank becomes the first in the
    public sector category to initiate artificial intelligence in banking.
  • This is a first-of-its kind
    initiative by a public sector bank in the country.
  • The branch offers a variety of
    tools and devices that include Customer On-Board Application.These options
    facilitate instant opening of Savings Bank account by the customer on his own
    using fingerprint/ IRIS authentication, printing of personalised debit card,
    cheque book, mobile/ Internet banking registration, generation of e-Passheet
    and issuance of virtual welcome kit.
  • An app-based token and queue
    management system are also provided by the bank to enable paperless appointment
    system with the help of cloud technology. It further offers Digital Challan to
    facilitate filling up challans digitally by customers at their own convenience
    for services like cash deposit, fund transfer, and cheque clearing.

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Lok Sabha passes Companies Act (Amendment) Bill, 2016

  • The Lok Sabha on 27 July 2017
    passed the Companies Act (Amendment) Bill, 2016 that seeks to amend Companies
    Act, 2013 to remove complexities and improve ease of doing business.
  • The bill was passed with a voice
    vote and was moved by Union Minister of Finance and Corporate Affairs Arjun Ram
Provisions of the Bill

  • It removes the limit on layers of
    subsidiaries and intermediaries.  This is
    in line with the Companies Law Committee’s (CLC) recommendations which noted
    that imposing such limits would affect the company’s structuring and ability to
    raise funds.
  • It calls for a group of people
    who exercise beneficial control (above 25 per cent) in a company to disclose
    such interest.
  • It removes the requirement of
    offer letter that is issued to individuals to whom a private offer of shares
    has been made, but retains the provision related to notifying the Registrar of
    the return of allotment.
  • It calls for appointment of a
    technical member who must be at least of the level of an Additional Secretary.
  • It permits an Independent
    Director to have a financial relationship of up to 10 per cent of his total
    income with the company.  
  • It amends provisions related to
    the composition of the Selection Committee of the National Companies Law
    Tribunal and the National Companies Law Appellate Tribunal.
News related to India & states
PM Modi inaugurates Dr APJ Abdul Kalam Memorial in Rameswaram

  • The Prime Minister, Narendra
    Modi, on 27 July 2017 inaugurated the Dr. APJ Abdul Kalam memorial at Pei
    Karumbu, Rameswaram in Tamil Nadu.
  • The PM unveiled the statue of Dr.
    Kalam, and offered floral tributes at Kalam Sthal.
  • In addition, the Prime Minister
    flagged off the Kalam Sandesh Vahini, an exhibition bus which shall travel
    across various States of the country and reach Rashtrapati Bhavan in New Delhi
    on 15 October 2017, which marks the birth anniversary of the former President.
National Centre for Seismology launches app India Quake for Earthquake
Parameter Dissemination

  • Harsh Vardhan, Union Minister of
    Science & Technology, Earth Sciences and Environment, Forests & Climate
    Change, on 27 July 2017 launched an app India Quake for Earthquake Parameter
  • The minister launched the
    application on the occasion of Foundation Day of Ministry of Earth Sciences in
    New Delhi.
  • The National Centre for
    Seismology (NCS) operates national seismological network with 84 stations.
    These stations are connected to NCS headquarter through Very Small Aperture
    Terminal (VSAT) for real time data communication. In the event of an
    earthquake, NCS locates them using data from its network and disseminate
    earthquake parameters to all the concerned government department and other
    stake holders through SMS, email and fax. However, this causes delay in
    dissemination and also restricts the number of recipients.
  • To overcome this, the NCS
    developed a Mobile App India Quake for automatic dissemination of earthquake
    parameter (location, time and magnitude) after the occurrence of earthquakes.
World News
Amazon’s Jeff Bezos briefly overtakes Gates to become world’s richest

  • Jeff Bezos, the founder of Amazon
    became the world’s richest man on 27 July 2017, dethroning Microsoft founder
    Bill Gates from the position briefly.
  • With a jump in the share price of
    the US tech giant, Bezos’s net worth topped $90.5 billion on the morning of 27
    July, ahead of Bill Gates’ estimated worth of $90 billion, according to Forbes
    and Bloomberg.
  • However, a dip in Amazon’s stock
    price in the afternoon made him slip back to $88.8 billion, behind Gates whose
    net worth is estimated to be $89.8 billion.
  • Gates has been the world’s
    richest person since 2013 on the Bloomberg Billionaires Index.


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Iran successfully launches rocket designed to carry satellites

  • Iran successfully launched its
    most advanced satellite-carrying rocket called ‘Simorgh’ into space on 27 July
  • The launch took place at the Imam
    Khomeini National Space Station in Semnan, some 220 kilometers (138 miles) east
    of Tehran.
  • The development marks a
    significant step forward for the Islamic Republic’s young space program. It
    also raises alarm among the nation’s adversaries who fear that the same technology
    could be used to produce long-range missiles. The U.S. State Department has
    termed the launch as “provocative.”
  • The rocket is capable of carrying
    a satellite weighing 250 kilograms (550 pounds).
Trump administration urges NSG members to support India’s application

  • Donald Trump’s administration has
    urged other members of the Nuclear Suppliers Group to support India’s
    membership bid to the elite grouping. The NSG controls international nuclear
  • The US Department of Defence and
    Department of State said in a joint report that the United States welcomed
    India’s application to join the NSG and it continues to re-affirm that India is
    ready for the membership. It also added that the US has called upon other NSG
    members to support India’s application.
  • The Trump administration also
    re-affirmed its support for India’s membership in the Australia Group and the
    Wassenaar Arrangement as soon as India meets each group’s membership criteria.
  • The report further read that both
    the US and India share a commitment to preventing the proliferation of weapons
    of mass destruction and their means of delivery.
BRICS nations sign memorandum to facilitate taxation cooperation
  • The 2017 BRICS Labour and
    Employment ministers meeting that concluded in Chongqing, China on 27 July 2017
    saw the signing of the BRICS Taxation Cooperation Memorandum.
  • The document, signed by the Heads
    of Tax Authorities of the five BRICS Nations, aims to establish a mechanism for
    taxation cooperation and is the bloc’s first document that elevates taxation
    cooperation to the institutional level.
  • The authorities also agreed to
    cooperate on taxation information exchange, improve consultation procedures
    efficiency, boost taxation capacities and plan paths for coordination of
    taxation policies and tax collection.
  • Besides this, all the five
    nations agreed to work together to ensure stable employment and better quality
    of life for their people.
  • The meeting comes ahead of the
    2017 BRICS Summit, which is scheduled to be held in Xiamen, China from 3-5
    September 2017.

World Hepatitis Day 2017 observed globally

  • The World Hepatitis Day was
    observed globally on 28 July 2017 with the theme “Eliminate
    Hepatitis” to mobilize intensified action towards the health targets in
    the 2030 Sustainable Development Goals.
  • This year’s theme is aimed at
    achieving elimination of hepatitis, greater awareness, increased diagnosis
    including universal vaccination, blood and injection safety, harm reduction and
  • The Day aims to bring the world
    together under a single theme to raise awareness of the global burden of viral
    hepatitis and to influence real change.

All of  the news were already published in our Current Affairs Portal.


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