Current Affairs Update – 3 August, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 3 August, 2017. These are very important for the upcoming IBPS PO, IBPS RRB  & Other Exams.

Banking & Financial News
Kotak Mahindra Bank launches Aadhaar-based instant forex remittance

  • Kotak Mahindra Bank today
    announced the launch of Kotak Remit – an Aadhaar-based integrated outward forex
    remittance solution for both customers and non-customers. The 24×7 forex
    remittance service offers a completely paperless process that enables users to
    register online using Aadhaar and PAN numbers, and initiate remittances
    instantly, the bank said in a release.
  • The bank has partnered with
    Earthport Plc, the leading network for cross-border payments, to transfer money
    seamlessly across the world. The partnership significantly reduces the cost per
    remittance for users as well as cuts down on the time taken from as high as up
    to four days to less than 24 hours, it said.
  • Kotak Remit offers remittances in
    15 currencies. Users will receive a notification at every stage of the
    transaction process, keeping them abreast of the entire remittance lifecycle.
    The portal can also save beneficiary details to facilitate quick repeat
    remittances. A customer can remit up to $25,000 or equivalent per financial
    year through Kotak Remit. Under Kotak Remit, the purpose for outward forex
    remittance can include remittance for family maintenance and savings,
    education, medical treatment, immigration, employment and travel for education
    and medical treatment.
RBI is the first central bank in Asia to cut interest rates this year

  • The Reserve Bank of India on
    Wednesday used the room provided by slumping inflation to cut its main policy
    rate – the first easing by an Asian central bank this year – but it kept the
    market guessing on whether there’s more space for trimming.
  • The rate cut is the RBI’s first
    since one of the same size in October and a show of confidence in a country
    that has experienced a surge in foreign investments into debt and shares this
  • Cutting the repo rate by 25 basis
    points to 6.00 per cent – the lowest since November 2010 – had been widely
    anticipated as a slump in food prices sent June consumer inflation to a more
    than five-year low of 1.54 per cent.
  • The RBI said reduced prices
    provided “some space” for monetary policy accommodation: inflation is
    now well below the RBI’s 4 per cent target and its projection of 2.0-3.5 per
    cent in April-September.
MAHSR sanctioned for implementation with financial assistance from

  • Union Railway Minister Suresh
    Prabhu informed the Lok Sabha during Question Hour session on 2 August 2017
    that the Mumbai-Ahmedabad high-speed rail project (MAHSR), has been sanctioned
    for implementation with the technical and financial assistance of the Japan
  • Prabhu stated that both India and
    Japan had signed a MoU for the training of 4000 officials of Indian Railways in
    2015, among which so far 137 officers have been trained.
  • Further, Prabhu informed the
    lower house of the Parliament that procurement of high speed rolling stocks is
    an integral part of the MAHSR project and that the government envisages
    promoting make in India of high speed rolling stock in a phased manner.
  • The project is a proposed
    high-speed rail line that would connect Mumbai in Maharashtra with Gujarat’s
    Ahmedabad in Western India.
  • The line, also known as the
    bullet train, would be India’s first high-speed rail line.
  • The construction of the corridor
    is expected to start by the end of 2018 and reach completion by 2023.
  • The entire rail corridor would be
    elevated, fully fenced and would have a fully integrated network signalling.
  • The project is a part of Modi’s
    key promises, which he made ahead of the general elections in 2014.


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Government approves MoU for BRICS agriculture research platform

  • The Cabinet Committee on Economic
    Affairs today gave ex-post facto approval for an MoU signed by India and other
    BRICS nations for setting up of an agriculture research platform.
  • In October last year, a
    memorandum of understanding (MoU) for setting up agriculture research platform
    (ARP) was signed by foreign ministers of BRICS countries in the 8th BRICS
    Summit held at Goa, an official release said.
  • The ex-post facto approval to the
    same MoU was given by the CCEA in a meeting held today, the release said.
  • BRICS-ARP will act as a global
    platform for science-led agriculture-based sustainable development for
    addressing the issues of world hunger, under-nutrition, poverty and inequality,
    particularly between farmers’ and non-farmers’ income, and enhancing
    agricultural trade, bio-security and climate resilient agriculture, the
    statement added.
  • Establishment of BRICS
    Agriculture Research Platform was proposed by Prime Minister Narendra Modi
    during the 7th BRICS Summit held on July 9, 2015 at Ufa in Russia.
News related to India and states
Indian Army develops app, Humraaz, for soldiers to track promotions,

  • The Indian Army has developed a
    mobile application named Humraaz. The app will allow serving soldiers to track
    details like postings and promotions.
  • Reports suggest that an army
    official has said that through the app ‘Humraaz’, soldiers can also view their
    monthly salary slips and the Form 16 and also download them.
  • The mobile app has been developed
    in-house by the Army and will be launched in the second week of August 2017.
    The app will allow prompt communication of information to junior commissioned
    officers and other personnel.
  • For security reasons, the
    installation of the application has been linked to verification of Aadhaar
  • The Aadhaar details will be
    verified with the Army database over National Information Centre cloud and Army
    personal will get a one-time-password on their registered mobile number.
  • Hence, to enable usage of this
    mobile application, the latest mobile number of individuals should be linked to
    his Aadhaar number.
WCD Ministry launches contest for logo design for ‘Women of India

  • The Ministry of Women and Child
    Development on 2 August 2017 launched a contest for designing a logo for the
    ‘Women of India Festival’, which is scheduled to be held at Dilli Haat in New
    Delhi in October 2017.
  • The festival is being organised and
    fully funded by the Ministry as a part of their major initiative of economic
    empowerment of women.
  • The festival lays a platform for
    designers who aspire to see their creation displayed on a National platform.
  • The event would see on display
    the biggest selection of organic products prepared or grown by women.
  • Participants would include lakhs
    of visitors and buyers from both India and abroad.
  • Details of the contest have been
    made available on the official social media accounts (Facebook and Twitter) of
    the Women and Child Development Ministry.
  • The last date to submit entries
    is 21 August 2017.
EC rejects opposition’s demand to remove NOTA in Gujarat Rajya Sabha

  • The Election Commission on 3
    August 2017 rejected the demands of the political parties to remove the None of
    the Above (NOTA) option in the upcoming Rajya Sabha polls in Gujarat.
  • The Commission said that the NOTA
    option will be applicable in the Rajya Sabha Elections in Gujarat. The
    electoral body made this announcement in the wake of protests by the opposition
    against the insertion of the option.
  • On 1 August, the Congress had
    approached the EC seeking removal of the option, claiming it violated the
    Constitution and the electoral laws.
  • A day later, the BJP also
    approached the EC with a similar demand. The party said in a memorandum to the
    EC that the use of NOTA in the upcoming elections has become an issue of
    contention and debate among the political parties and therefore, a proper
    consensus should be made before its use in the Rajya Sabha election.
ASI protected monuments to be declared Polythene Free Zones

  • The Archaeological Survey of
    India has declared all ASI protected Monuments and Archaeological Sites as
    ‘Polythene Free Zone’.
  • The same was announced by Mahesh
    Sharma, Minister of State for Culture and Tourism (Independent Charge) in a
    written reply in the Rajya Sabha on 2 August 2017.
  • The national body has directed
    all of its field offices to take necessary steps to comply with the same order.
    In this regard, Secretary (Culture) has also issued a Demi-official (D.O)
    letter to all the Chief Secretaries of States to bring forth their active
    cooperation in making all the centrally protected monument sites as polythene
    free zones.
  • The move follows a recommendation
    by the Ministry of Culture that suggested prohibition on the use of polythene.

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Union Cabinet clears proposal to extend proxy voting for NRIs

  • The Union Cabinet has cleared a
    proposal to extend proxy voting to overseas Indians by amending electoral laws.
    This was informed by a senior government functionary.
  • For overseas Indians, the
    Representation of the People Act needs to be amended to include proxy voting as
    other means to cast their votes. While NRIs and overseas Indians are free to
    cast their votes in constituencies where they are registered, according to the
    proposal, they will also be allowed to use the option of proxy, which as of now
    is only available to service personnel.
  • An expert committee in the
    Election Commission working on the issue had, in 2015, forwarded the legal
    framework to the law ministry to amend electoral laws to allow overseas Indians
    use proxy voting.
  • The Union Cabinet has also
    cleared a proposal to extend proxy voting to overseas Indians by amending electoral
    laws. This was informed by a senior government functionary.
  • For overseas Indians, the
    Representation of the People Act needs to be amended to include proxy voting as
    other means to cast their votes. While NRIs and overseas Indians are free to
    cast their votes in constituencies where they are registered, according to the
    proposal, they will also be allowed to use the option of proxy, which as of now
    is only available to service personnel.
Hassan Rouhani sworn in as Iran’s President for second term

  • Hassan Rouhani was on 3 August
    2017 officially sworn in as the President of Iran for a second term.
  • Iran’s supreme leader Ayatollah
    Ali Khamanei gave his official approval for Rouhani’s appointment by giving him
    a decree to assign him his duties.
  • Rouhani will administer the oath
    before the parliament on 5 August 2017 and before that, he has to present his
    cabinet before the parliament for a vote of confidence.
  • As per Iran’s Election Law, a
    president-elect is required to get the Leader’s approval before being sworn-in
    before the Parliament.
  • Rouhani won the re-election in
    May 2017, after securing 57 per cent of the votes and defeating his main
    contender Ebrahim Raeisi.


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