Current Affairs Update – 4 August, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 4 August, 2017. These are very important for the upcoming IBPS PO, IBPS RRB  & Other Exams.

Also Read: No proposal for consolidation of PSBs: Government

Banking & Financial
Lok Sabha passes NABARD (Amendment) Bill, 2017

  • The Lok Sabha on 3 August 2017
    passed the National Bank for Agriculture and Rural Development (Amendment)
    Bill, 2017 by voice vote.
  • The Bill enables exit of the
    Reserve Bank of India (RBI) from the 
    National Bank for Agriculture and Rural Development (NABARD) and
    increase authorised capital of the development institution six times to Rs
    30000 crore.
  • The Bill also seeks to amend
    certain clauses in the light of reference of the Micro, Small and Medium
    Enterprises (MSMEs) Development Act, 2006 in the proposed legislation.      
Key highlights of the Bill

  • Increase in capital of
    NABARD:  Under the 1981 Act, NABARD may
    have a capital of Rs 100 crore.  This
    capital can be further increased to Rs 5000 crore by the Union Government in
    consultation with the RBI.
  • The Bill allows the Union
    Government to increase this capital to Rs 30000 crore.  The capital may be increased to more than Rs
    30000 crore by the Union Government in consultation with the RBI, if necessary.
  • Transfer of the RBI’s share to
    the Union Government:  Under the 1981
    Act, the Union Government and the RBI together must hold at least 51% of the
    share capital of NABARD.  The Bill provides
    that the Union Government alone must hold at least 51% of the share capital of
    NABARD.  The Bill transfers the share
    capital held by the RBI and valued at Rs 20 crore to the Union Government.  The Union Government will give an equal
    amount to the RBI.
  • Micro, small and medium
    enterprises (MSME):  The Bill replaces
    the terms ‘small-scale industry’ and ‘industry in the tiny and decentralised
    sector’ with the terms ‘micro enterprise’, ‘small enterprise’ and ‘medium enterprise’
    as defined in the MSME Development Act, 2006. 
    Under the 1981 Act, NABARD was responsible for providing credit and
    other facilities to industries having an investment of upto Rs 20 lakh in
    machinery and plant.  The Bill extends
    this to apply to enterprises with investment upto Rs 10 crore in the
    manufacturing sector and Rs five crore in the services sector.
  • Under the 1981 Act, experts from
    small-scale industries are included in the Board of Directors and the Advisory
    Council of NABARD.  Further, banks
    providing loans to small-scale, tiny and decentralised sector industries are
    eligible to receive financial assistance from NABARD.  The Bill extends these provisions to the
    micro, small, and medium enterprises.
  • Consistency with the Companies
    Act, 2013:  The Bill substitutes
    references to provisions of the Companies Act, 1956 under the NABARD Act, 1981,
    with references to the Companies Act, 2013. 
    These include provisions that deal with: (i) definition of a government
    company, and (ii) qualifications of auditors.

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News related to India & states
ISRO to sign MoU with CSIR-NPL to make desi GPS a reality soon

  • Seeking to make desi GPS –
    indigenous regional positioning system named as Navigation with Indian
    Constellation (NavIC) – independent from the US clock system, the Indian Space
    Research Organisation (ISRO) will on Friday sign an MoU with CSIR-National
    Physical Laboratory (NPL) for time and frequency traceability services.
  • The move will help the desi GPS
    get formally synchronized with the Indian Standard Time (IST) which is being maintained
    by the Delhi-based NPL – the timekeeper of India.
  • The step will help in making the
    desi GPS fully operational in the market for commercial purposes as time
    synchronisation is essential for all kinds of services – be it financial
    transactions, stock handling, digital archiving, time stamping, national security
    or prevention of cyber crimes.
  • Though India can source the IST
    from the US-based NIST, the accuracy of time may vary. Aswal told TOI, “Though
    millisecond or microsecond accuracy is sufficient for day-to-day activities,
    the ISRO needs accuracy up to nanoseconds level for navigation, surveillance
    and other national missions.”
Aadhaar mandatory for registration of death from Oct 1

  • The government has made Aadhaar
    number mandatory for the registration of death from October 1, to prevent
    identity fraud.
  • The home ministry said today that
    it would be applicable for the residents of all states except Jammu and
    Kashmir, Assam and Meghalaya, for which a date would be notified separately.
    “Aadhaar number will be required for the purpose of establishing the identity
    of the deceased for the purpose of death registration with effect from October
    1,” according to a notification issued by the home ministry.
  • The office of the Registrar
    General, which functions under the home ministry, said the use of Aadhaar will result
    in ensuring accuracy of the details provided by the relatives or dependents or
    acquaintances of the deceased. “It will provide an effective method to prevent
    identity fraud. It will also help in recording the identity of the deceased
    person. Further, it will obviate the need for producing multiple documents to
    prove the identity of the deceased person,” it said.
Bihar government decides compulsory retirement for non-performing
teachers & officials above 50

  • The Bihar Government on 3 August
    2017 informed that it has decided to compulsory retirement to the
    non-performing head masters, teachers and education department officials above
    the age of 50 years.
  • The decision was taken after the
    review of the education department by Chief Minister Nitish Kumar. The review
    meeting was attended by Deputy CM Sushil Kumar Modi, education minister Krishna
    Nandan Prasad Verma, chief secretary Anjani Kumar Singh, development
    commissioner Shishir Kumar Sinha and principal secretary, department of
    education, RK Mahajan among others.
  • The Chief Secretary Anjani Kumar
    Singh said the state government is in process of identifying non-performing
    institutions and all those responsible for the poor show will be given
    compulsory retirement. He informed that those teachers having failed thrice in
    assessment test would be removed or will be given compulsory retirement, as per
    government norms.
  • In addition, a committee headed
    by RK Mahajan is working to identify such non-performing headmasters, teachers,
    block education officers or district education officers.
Book Tatkal Train Tickets now and Pay Later: Indian Railways

  • Indian Railways on 2 August 2017
    announced that people can now pay later for tickets booked under the tatkal
    quota on the Indian Railway Catering and Tourism Corp (IRCTC) website.
  • Till now, this service was
    available only for general reservations.
  • The book now and pay later mode
    enables customers to book tatkal e-ticket and pay the fare within a period of
    15 days.
  • While booking an e-ticket, the
    customer will be provided with an ‘ePaylater’ scheme and a service charge of
    3.5 per cent will be levied on the transaction amount along with other taxes.
  • Once the e-ticket is booked with
    the ePaylater option, an email link and SMS will be sent to the customer for
    making the payment within the stipulated period.
  • However, if a customer fails to
    make the payment within stipulated period, it will lead to levy of penal
    interest at the rate of 36 per cent per annum and may also lead to ticket
    cancellation or user account deactivation.
  • The users, who will use this
    facility, will be able to pay through cash, debit card or credit card by opting
    to have tickets delivered at their doorstep.

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Government to develop green airports in Andhra Pradesh

  • As a part of Government of
    India’s initiative to develop green airports, two airports in Andhra Pradesh-
    Tirupati and Vijayawada are going to go completely green!
  • The work on the same has already
    begun with the Airports Authority of India (AAI) commencing the process of
    installing 1 Mega Watt solar power plant at both the airports.
  • The AAI has set up Solar Power
    Plants at various locations/airports for its captive power consumption based on
    the capacity permissible under Net-Metering policy of States.
  • It has also completed
    installation of solar power plants at 29 airports/locations with a total
    capacity of 12.84 MWp.
  • The Cochin International Airport
    Limited (CIAL) in Kerala is the first airport in the world to be completely
    powered by solar energy.
Air Marshal Hemant Narayan Bhagwat appointed Air Officer-in-charge
Administration of Indian Air Force

  • Air Marshal Hemant Narayan
    Bhagwat took over as Air Officer-in-Charge Administration (AOA) of Indian Air
    Force at Air Headquarters in New Delhi on 1 August 2017.
  • The appointment was announced on
    3 August 2017.
  • He was commended by Chief of Air
    Staff in 1999 and was awarded Vayu Sena Medal by the President of India in 2005
    for his contributions to paratrooping field.
US Senate confirms appointment of three Indian Americans

  • Three Indian-Americans picked by
    President Donald Trump have been confirmed by the US Senate to key governmental
  • While Neil Chatterjee was
    confirmed on 3 August as the member of the Federal Energy Regulatory Commission
    (FERC), a body that oversees electricity, natural gas and oil at the national
    level, Vishal Amin got confirmed as the Intellectual Property (IP) Enforcement
    Coordinator in the Trump administration.
  • The third Indian-American to get
    confirmed to a key governmental position was Krishna R Urs, who was confirmed
    as the US Ambassador to Peru.
World News
ISRO, NASA working towards completion of NISAR mission by 2021

  • The Indian Space Research
    Organisation (ISRO) is working along with the National Aeronautics and Space
    Administration (NASA) to co-develop and launch a dual frequency synthetic
    aperture radar satellite in the NASA-ISRO Synthetic Aperture Radar (NISAR)
    mission 2021.
  • The satellite will be the first
    radar imaging satellite to use dual frequency and it is planned to be used for
    remote sensing purposes, to observe and understand natural processes of the
  • In the joint mission, NASA and
    Jet Propulsion Laboratory will be responsible for the design & development
    of L-band SAR, a 12m unfurlable antenna & its deployment elements, GPS
    system and data recorder. ISRO will be responsible for the design &
    development of S-band SAR, Spacecraft Bus, data transmission system, Spacecraft
    integration & testing, launch using GSLV and on-orbit operations.


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