Current Affairs Update – 2nd August, 2016

Hello and welcome to exampundit . Here are the important Current Affairs for 2nd August, 2016. These are important for the upcoming RBI Grade B Phase I and BMSB PO 2016 Exams.

Current Affairs at a Glance – 2nd August, 2016

  1. The Reserve Bank of India (RBI) on Monday released
    guidelines for ‘on tap’ licensing of universal private sector banks under which
    the applicants can apply for a banking licence anytime
    as opposed to a
    limited-period window that the central bank previously used to open for
    applications. The released guidelines states
    individuals with 10 years senior-level experience are eligible to promote a
    bank
    , but large industry houses have been excluded as eligible entities.
    The large industry houses, however, can invest up to 10 per cent.
  2. Canara HSBC Oriental Bank of Commerce Life Insurance has launched a
    new linked insurance product ‘iNVESTSHIELD’ that aims to protect and meet
    an individual’s present and future financial needs.
  3. Rajya Sabha on 1 August 2016 passed
    Indian
    Medical Council (Amendment) Bill, 2016
    by voice vote. The Bill seeks
    to amend the Indian Medical Council Act, 1956. 
    It also seeks to replace the Indian Medical Council (Amendment)
    Ordinance, 2016. The Bill states that its provisions will come in to force from
    24 May 2016.
  4. Senior IAS officer Bhaskar Khulbe has been appointed
    as secretary to Prime Minister Narendra Modi
    .
  5. Deepak Iyer was on 1 August 2016
    appointed as Managing Director of
    Mondelez International’s India Business
    .
  6. The Patna Pirates on 31 July 2016 won the fourth edition of Pro Kabaddi League by defeating Jaipur
    Pink Panthers 37-29 at Gachibowli Stadium, Hyderabad, Telangana.
  7. A book titled R D Burmania:
    Panchamemoirs
    authored by Chaitanya Padukone was
    released in July 2016. The book throws light on the legendary musician Rahul
    Dev Burman, whose cabaret tunes still reverberate at pubs and discotheques.
  8. Translator and artist Anita Gopalan on 25 July 2016 was awarded the 2016 PEN/Heim
    Translation Fund Grants for her English translation of Hindi novel Simsim by
    Geet Chaturvedi.

Finance/Industry/Banking –
RBI issues bank licence norms, bars conglomerates

  • The Reserve Bank of India (RBI)
    on Monday released guidelines for ‘on tap’ licensing of universal private
    sector banks under which the applicants can apply for a banking licence anytime
    as opposed to a limited-period window that the central bank previously used to
    open for applications.
  • The released guidelines states
    individuals with 10 years senior-level experience are eligible to promote a
    bank, but large industry houses have been excluded as eligible entities. The
    large industry houses, however, can invest up to 10 per cent.
  • Apart from this, the universal
    bank has to list on exchanges within six years of business commencement and
    must have realistic and viable business plan.
  • It must address financial
    inclusion and must open at least 25 per cent branches in unbanked rural
    centres.
  • In-principle nod for bank will be
    valid for 18 months from date of grant.
  • Earlier in 2004, the RBI had
    granted licenses to Yes Bank and Kotak Mahindra Bank.
  • After Raghuram Rajan took over as
    central bank governor, he opened the banking license window once again after
    which IDFC Bank and Bandhan Bank were issued license and it was announced that
    an ‘on-tap’ license regime would be introduced.
Canara HSBC OBC Life launches iNVESTSHIELD plan

  • Canara HSBC Oriental Bank of
    Commerce Life Insurance has launched a new linked insurance product
    ‘iNVESTSHIELD’ that aims to protect and meet an individual’s present and future
    financial needs.
  • This is an online linked plan
    with ‘Premium Funding’ option whereby in the event of the life insured’s death
    —  in addition to the immediate benefit
    payout (higher of Sum Assured or 105% premium paid), the insurer funds the
    remaining premiums for the remaining policy term  and the fund value is also paid on maturity.
  • The customer also has a
    flexibility of multiple funds depending upon the risk appetite and switching
    between funds as well as systematic investment. 
Lok Sabha passes Bill on Reconstruction of Financial Assets

  • The Lok Sabha on 1 August 2016
    passed the Enforcement of Security Interest and Recovery of Debts Laws and
    Miscellaneous Provisions (Amendment) Bill, 2016.
The bill seeks to amend four laws:

  • The Securitisation and
    Reconstruction of Financial Assets and Enforcement of Security Interest Act,
    2002
  • The Recovery of Debts due to
    Banks and Financial Institutions Act, 1993
  • The Indian Stamp Act, 1899
  • The Depositories Act, 1996
Highlights of the Bill

  • It simplifies the procedures by
    which there will be a quick disposal of claims of banks and financial
    institutions.
  • It will empower the Reserve Bank
    of India (RBI) to examine the statements and any information of Asset
    Reconstruction Companies related to their business.
  • The RBI may penalise a company if
    it fails to comply with any directions issued by the central bank.
  • It says the stamp duty will not be
    charged on transactions undertaken for transfer of financial assets in favour
    of asset reconstruction companies. Financial assets include loans and
    collaterals.
India –
Parliament passes Indian Medical Council (Amendment) Bill, 2016

  • Rajya Sabha on 1 August 2016 passed
    Indian Medical Council (Amendment) Bill, 2016 by voice vote. The Bill seeks to
    amend the Indian Medical Council Act, 1956.
  • It also seeks to replace the
    Indian Medical Council (Amendment) Ordinance, 2016. The Bill states that its
    provisions will come in to force from 24 May 2016.
  • The bill was passed in Lok Sabha
    on 19 July 2016 after being introduced by Minister of Health and Family
    Welfare, Jagat Prakash Nadda on the same day. Now it will be sent to President
    Pranab Mukherjee for his nod.
The Indian Medical Council (Amendment) Bill, 2016

  • It seeks to introduce a uniform
    entrance examination for all medical educational institutions. This would be
    applicable at the undergraduate and the post-graduate level.
  • It states that in case a state
    has not opted for the uniform entrance examination, then the examination will
    not be applicable at the undergraduate level for the academic year 2016-17.
    This provision will apply to state government seats in government and private
    medical colleges.
Sponsored

(adsbygoogle = window.adsbygoogle || []).push({});

Parliament passes National Institutes of Technology, Science Education
and Research (Amendment) Bill,
2016

  • Rajya Sabha on 1 August 2016
    passed the National Institutes of Technology, Science Education and Research
    (Amendment) Bill, 2016.
  • Lok Sabha passed the bill on 21
    July 2016. Now, the bill will be sent to the President for his assent.
Key features of the Bill

  • The Bill seeks to establish the
    National Institute of Technology (NIT), Andhra Pradesh as an institute of
    national importance under the National Institutes of Technology, Science
    Education and Research (NITSER) Act, 2007.
  • The NIT will be deemed to have
    been an institute of national importance as on 20 August 2015. This is the day
    the central government approved its establishment.
Appointments –
Bhaskar Khulbe appointed Secretary to Prime Minister Narendra Modi

  • Senior IAS officer Bhaskar Khulbe
    has been appointed as secretary to Prime Minister Narendra Modi.
  • He was Additional Secretary in
    Prime Minister’s Office.
  • The Appointments Committee of
    Cabinet has approved appointment of Mr Khulbe as Secretary to Prime Minister
    with effect from Friday, an order issued today by Department of Personnel and
    Training, said.
  • Mr Khulbe is a 1983 batch IAS
    officer of West Bengal cadre.
  • He looks after work related to
    Cabinet Secretariat and thrust areas of the government, among others. 
Deepak Iyer appointed as Managing Director of Mondelez India

  • Deepak Iyer was on 1 August 2016
    appointed as Managing Director of Mondelez International’s India Business.
  • He succeeds Chandramouli
    Venkatesan, who led the business as Managing Director of India operations for
    two years and was with the company for more than a decade.
  • Iyer, as Managing Director of
    Mondelez India Foods, will be part of the Asia Pacific Leadership Team and
    report into Maurizio Brusadelli, President of Asia Pacific, Mondelez
    International.
Sports –
Patna Pirates beats Jaipur Pink Panthers to win Pro Kabaddi League
Season 4

  • The Patna Pirates on 31 July 2016
    won the fourth edition of Pro Kabaddi League by defeating Jaipur Pink Panthers
    37-29 at Gachibowli Stadium, Hyderabad, Telangana.
  • With this win, Patna Pirates
    became the only team to lift the trophy twice in the tournament’s history of
    four editions.
  • The Puneri Paltan was placed at
    the third place in the edition after they defeated Telugu Titans by 40-35
    score.
Books & Authors –
R D Burmania: Panchamemoirs authored by Chaitanya Padukone released

  • A book titled R D Burmania:
    Panchamemoirs authored by Chaitanya Padukone was released in July 2016. The
    book throws light on the legendary musician Rahul Dev Burman, whose cabaret
    tunes still reverberate at pubs and discotheques.
  • It also claims that Burman hated
    composing such songs and even believed that the genre was just a passing fad.
  • The book chimes a tribute that
    strings together amazing, amusing and fascinating anecdotes, incidents and
    idiosyncrasies as well as rare, startling photographs while unraveling the
    mystique behind Bollywood’s most adored composer-singer RD Burman.
Awards & Honors –
Anita Gopalan wins 2016 PEN/Heim Translation Fund Grants

  • Translator and artist Anita
    Gopalan on 25 July 2016 was awarded the 2016 PEN/Heim Translation Fund Grants
    for her English translation of Hindi novel Simsim by Geet Chaturvedi.
  • Gopalan is the second Indian
    translator to be selected for the grant.
  • Simsim, the lyrical,
    award-winning novella was first published in 2008. It is recognized for its
    groundbreaking contribution to contemporary Hindi fiction.
  • Simsim focuses on four central
    characters and a decaying library sitting on prime Mumbai real estate. The book
    narrates the clash between two Indias, i.e. one old and traditional, and the
    other driven by consumerism and corporate greed.

Regards

Team ExamPundit