Current Affairs Update – 31st August, 2016

Hello and welcome to exampundit . Here are the important Current Affairs for 31 August, 2016. These are important for the upcoming IBPS PO VI Mains, Bank of Baroda and Bank of Maharashtra PO Exams.

Current Affairs at a Glance– 31st August, 2016
  1. Indian economy grew at the
    slowest pace in last six quarters at 7.1 per cent in the April-June period of current fiscal
    mainly on subdued performance of mining, construction and farm sectors.
  2. National Payments Corporation of India (NPCI), the umbrella organisation
    for all retail payments system in India, has launched a pilot project for Bharat Bill
    Payment System (BBPS) with 26 Bharat Bill Payment Operating Units (BBPOUs)
    .
  3. Credit Analysis and Research Ltd (CARE Ratings) today said it has
    signed agreements with two companies to
    set up a credit rating agency in Nepal
    .
  4. Jharkhand is the first state in the
    country to have implemented Public Fund Management
    System (PFMS),
    an official release said here today.
  5. Sony Pictures Networks India (SPN) today announced that SPN and its affiliates
    have entered into definitive agreements to acquire TEN Sports Network from Zee
    Entertainment Enterprises Ltd (ZEE) and its subsidiaries for $385 million (Rs 2,600 crore).
  6. Extending the Prime Minister’s
    Digital India vision, the Government of Goa on
    Tuesday signed a Memorandum of
    Understanding (MoU) with Google India to
    promote digital literacy and drive digital transformation across the State
    .
    As a first step to realize this vision, the Goa State Government will launch ‘Internet
    Safety Education’
    ​for students
    in Goa in association with Google India.
  7. Gujarat in the last week of
    August 2016 has become the first state to distribute 2 crore LED bulbs under
    Unnat Jyoti by Affordable LEDs for All (UJALA) scheme
    . The state achieved
    the milestone in only 96 days. Over 42 lakh households have benefitted from the
    scheme.
  8. India’s 100-year-old athlete, Man Kaur,
    on 30 August 2016 won Gold medal at the
    American Masters Games in the 100-meter dash
    . She took a minute-and-a-half
    to cross the finish line in Vancouver.

Finance/Banking –
GDP growth slows down to 7.1%

  • Indian economy grew at the
    slowest pace in last six quarters at 7.1 per cent in the April-June period of
    current fiscal mainly on subdued performance of mining, construction and farm
    sectors.
  • GDP had recorded 7.5 per cent growth
    in the April-June quarter of last fiscal and 7.9 per cent in January-March
    quarter. The previous low was 6.6 per cent GDP growth in the October-December
    quarter of the 2014-15 fiscal.
  • According to the data released by
    the Central Statistics Office (CSO), the Gross Value Added (GVA), which is
    estimated at the base price, showed a growth of 7.3 per cent in the first
    quarter of 2016-17.
  • The Gross Domestic Product (GDP)
    growth data is calculated under the new methodology at market price, while GVA
    is calculated primarily at factor cost. GDP is GVA plus taxes on products minus
    subsidies on them.
  • The economic activities which
    registered growth of over 7 per cent in the April-June quarter, over year-ago
    period, are manufacturing; electricity, gas, water supply & other utility
    services; trade, hotels, transport & communication and services related to
    broadcasting; financial, insurance, real estate and professional services and
    public administration, defence and other services.
  • Growth in agriculture; forestry
    and fishing; mining & quarrying and construction is estimated to be 1.8 per
    cent, (-) 0.4 per cent, and 1.5 per cent respectively.
NPCI launches pilot project for Bharat Bill Payment System

  • National Payments Corporation of
    India (NPCI), the umbrella organisation for all retail payments system in
    India, has launched a pilot project for Bharat Bill Payment System (BBPS) with
    26 Bharat Bill Payment Operating Units (BBPOUs).
  • In the first phase, BBPS will
    cover repetitive payments for everyday utility services such as electricity,
    water, gas, telephone and Direct-to-Home (DTH).
  • BBPS is the Reserve Bank of India
    (RBI) mandated system which will provide interoperable bill payment services to
    customers. It is an integrated platform connecting banks and non-bank entities
    in bill aggregation business like billers, payment service providers, retail
    bill outlets etc.
  • As on date, 62 entities have
    received in-principle approval from RBI to function as Operating Units (OU),
    out of which 52 are banking entities and 10 are non-banking entities.
  • NPCI functions as the authorised
    Bharat Bill Payment Central Unit (BBPCU). It will undertake clearing and
    settlement activities related to transactions routed through BBPS.
  • The RBI authorised BBPOUs will
    on-board billers, aggregators and payment gateways. They would also set up
    agent network and customer touch points to handle bill payments through
    different delivery channels including self-service, assisted, electronic and
    manual modes.
  • Banking sector participants in
    BPPS pilot include AP Mahesh Co-operative Urban Bank, Axis Bank, HDFC Bank,
    ICICI Bank, IDBI Bank, Indian Bank, Punjab National Bank, State Bank of India,
    The Saraswat Co-Op Bank.
  • Non-Bank participants in BPPS
    pilot include Avenues India Pvt. Ltd, Common Service Centre, Euronet Services
    India Pvt. Ltd, IndiaIdeas.com (Billdesk), ITZ Cash Card Ltd, One97
    Communications Ltd (Paytm), Oxigen Services India Pvt. Ltd.
CARE to launch credit agency in Nepal, inks MoU

  • Credit Analysis and Research Ltd
    (CARE Ratings) today said it has signed agreements with two companies to set up
    a credit rating agency in Nepal.
  • As per the MoU, CARE Ratings will
    hold 51 per cent equity worth Rs 2 crore while Vishal Group will own 19 per
    cent and Emerging Nepal 10 per cent.
  • The balance 20 per cent would be
    held by banks, Insurancecompanies, FIs and corporate bodies in Nepal subject to
    a maximum of 9 per cent legal entity, it added.
  • Vishal Group is a public limited
    company in financial services. Emerging Nepalis a company engaged in venture
    capital activities.
  • The rating agency has started
    CARE Ratings Africain 2015, and it also partnered with ARC Ratings as part of
    its global ambition.
Jharkhand becomes first state to implement PFMS

  • Jharkhand is the first state in
    the country to have implemented Public Fund Management System (PFMS), an official
    release said here today.
  • Development Commissioner Amit
    Khare said Union Finance Secretary Ashok Lavasa appreciated the implementation
    of Jharkhand’s public fund management system.
  • Lavasa’s appreciation came during
    a video conference with finance secretaries from all states, it said.
  • Khare told Lavasa that all the 32
    treasuries across Jharkhand were computerised and cyber treasury was established,
    the release added.
Sony Pictures Networks to acquire TEN Sports for $385 mn

  • Sony Pictures Networks India
    (SPN) today announced that SPN and its affiliates have entered into definitive
    agreements to acquire TEN Sports Network from Zee Entertainment Enterprises Ltd
    (ZEE) and its subsidiaries for $385 million (Rs 2,600 crore).
  • The completion of the acquisition
    is subject to regulatory approval.
  • The acquisition will add South
    Asia’s leading sports network to SPN’s existing portfolio of channels.
  • The TEN Sports channels being
    acquired include TEN 1, TEN 1 HD, TEN 2, TEN 3, TEN Golf HD, TEN Cricket, and
    TEN Sports that operate in several countries, including the Indian
    sub-continent, Maldives, Singapore, Hong Kong, West Asia and Caribbean.
  • TEN Sports holds broadcast rights
    to major cricket boards (South Africa, Pakistan, Sri Lanka, West Indies and
    Zimbabwe).
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India –
Goa signs an MoU with Google India to promote digital literacy

  • Extending the Prime Minister’s
    Digital India vision, the Government of Goa on Tuesday signed a Memorandum of
    Understanding (MoU) with Google India to promote digital literacy and drive
    digital transformation across the State.
  • Chief Minister Laxmikant Parsekar
    ​and Vice President, Google South East Asia and India ​Rajan Anandan, ​ signed
    the MoU.
  • As a first step to realize this
    vision, the Goa State Government will launch ‘Internet Safety Education’ ​for
    students in Goa in association with Google India. The State government has
    given a nod to include internet safety education as part of the school
    curriculum of classes IX and XII in government schools across the State.
  • Google has created a curriculum
    in consultation with experts, developed and shared modules for integration in
    curriculum. As part of the program, Google India has initiated teacher
    trainings and will soon expand to cover 460 schools, teaching over 80,000 students
    on how to stay safe online, said Mr. Rajan Anandan.
  • Chief Minister Parsekar said that
    this step will be a turning point in the field of IT in Goa and will be known
    as one of the milestones.
Gujarat becomes first state to distribute 2 crore LED Bulbs under UJALA

  • Gujarat in the last week of
    August 2016 has become the first state to distribute 2 crore LED bulbs under
    Unnat Jyoti by Affordable LEDs for All (UJALA) scheme.
  • The state achieved the milestone
    in only 96 days. Over 42 lakh households have benefitted from the scheme.
  • The distribution of 2 crore LED
    bulbs has led to an annual energy savings of 259 crore kWh, which is equivalent
    to lighting up 5 lakh Indian homes for an entire year. Besides, Gujarat has
    also benefitted from daily CO2 emission reduction of 5000 tonnes.
  • Energy Efficiency Services
    Limited (EESL), under the administration of Ministry of Power, Government of
    India, is distributing approximately 2 lakh bulbs daily in Gujarat.
About Unnat Jyoti by Affordable LEDs for All
UJALA was launched by Prime
Minister Narendra Modi on 1 May 2015.
The scheme replaced the Bachat
Lamp Yojana.
Within 1 year of its launch, 9
crore LED bulbs were sold in the country, reducing their electricity bills by
55 billion rupees.
MoUD and Amar Chitra Katha signs MoU to publish and distribute comic
book on Swachh Bharat Mission
  • The Ministry of Urban Development
    (MoUD) on 31 August 2016 signed a Memorandum of understanding (MoU) with Amar
    Chitra Katha to publish and distribute a special edition of a comic book. The
    comic book will focus on Swachh Bharat Mission.
  • The 32-page comic book will carry
    messages pertaining to sanitation and solid waste components of Swachh Bharat
    Mission.

Key highlights of the comic book
  • The book would comprise a series
    of inspirational stories from the mission, cleanliness rankings of cities, the
    public figures and ambassadors, environmental impact.
  • It will also contain stories of
    individuals and organizations that can inspire children to the concept of
    Swachhata.
  • There will be an interactive
    workbook of tips and tricks, which children can use to clean their own areas.
  • It will also include a section
    about how to organize community cleanliness drives.
  • Amar Chitra Katha will be
    developing and creating the special edition comic book in English. It will also
    be translated into Hindi.

Sports –
Man Kaur, 100-year-old athlete from India, wins Gold Medal at Masters
Games

  • India’s 100-year-old athlete, Man
    Kaur, on 30 August 2016 won Gold medal at the American Masters Games in the
    100-meter dash. She took a minute-and-a-half to cross the finish line in
    Vancouver.
  • Kaur from Chandigarh was the only
    female competitor in her age category at the competition for older athletes.
  • Earlier, she won gold medals in
    the javelin and shot put. Kaur has now won more than 20 medals in Masters Games
    across the globe.
  • The World Masters Games is an
    international multi-sport event that takes place every four years, with
    regional games in between. The average age of the athletes is 49, and there’s
    one man who is even older than Kaur 101-year-old Nihal Gill of Richmond,
    British Columbia.

Regards

Team ExamPundit

This post was last modified on November 27, 2017 8:55 am