Current Affairs Update – 5th August, 2016

• The Reserve Bank of India (RBI)
  Governor, Raghuram Rajan, on 4 August 2016 launched Sachet portal,
  sachet.rbi.org.in, to check illegal money collection.
• The portal will help anyone can
  obtain information regarding entities that are allowed to accept deposits,
  lodge complaints and share information regarding illegal acceptance of deposits
  by unscrupulous entities.

• The website is available in
  vernacular languages for the benefit of the people of different regions of the
  country.
• It will be helpful for the
  regulators in quick follow up of the unlawful money collection activities.
• It will also enable people get
  information regarding the financial entities that are allowed to accept the
  deposits.
• People will get the space to
  lodge complaints and share information regarding illegal collection of deposits
  by unscrupulous entities in their areas.

• The Reserve Bank of India (RBI)
  on 4 August 2016 constituted a committee to look at various facets of household
  finance in India. The Committee will be chaired by Tarun Ramadorai, Professor
  of Financial Economics, University of Oxford.
• It will have representation from
  financial sector regulators namely, Securities and Exchange Board of India
  (SEBI), Insurance Regulatory and Development Authority of India (IRDAI),
  Pension Fund Regulatory and Development Authority (PFRDA) apart from Reserve
  Bank of India (RBI).

• To benchmark the current depth of
  household financial markets in India among those in other major world markets
  and to identify areas of priority for growth and change.
• To characterize and evaluate
  Indian households’ demands in formal financial markets (for assets such as
  pensions as well as liabilities such as home loans) over the coming decade.
• To consider whether, how and why
  the financial allocations of Indian households deviate from desirable financial
  allocation and behaviour like the large household allocation to gold.
• To evaluate the design of new
  systems and the redesign of existing systems of incentives and regulations to
  encourage better participation by Indian households in formal financial
  markets.
• To assess the role of new
  financial technologies and products in the cost-effective provision of
  high-quality financial products to Indian households while containing risks.
• The Committee is expected to
  submit its report by end of July 2017.

• Former Comptroller and Auditor
  General (CAG) of India Vinod Rai on 1 August 2016 stepped down from private
  sector lender IDFC Bank’s board.
• However, Rai will continue to be
  the non-executive independent chairman of IDFC Ltd.
• The decision was taken to avoid
  conflict of interest as Rai is also the chairman of Bank Board Bureau (BBB).
  THE BBB will not only select board members of public sector banks but will also
  devise strategies for them.
• Rai was on IDFC Bank board since
  its inception in October 2015. He was appointed as the Chairman of Bank Board
  Bureau on 28 February 2016.

• Rattled by a slew of rape cases
  including the horrific Bulandshahr gangrape, the UP Police on Friday launched
  ‘Operation Vishwas’ here to instill confidence and sense of security among
  women.
• The police have identified 1200
  people accused of sexual offenses and the proceedings for imposing Goonda Act
  on them will be ensured during the operation, he said.
• The month-long operation will
  also run in Hardoi, Lahimpur Kheri, Rarbareli, Sitapur, Unnao, Faizabad,
  Sultanpur, Barabanki, Ambedkarnagar and Amethi besides Lucknow, he said.
• Operation Milan was launched on
  April 28 in Lucknow zone.
• All the district police chiefs of
  the zone have been asked to direct police station in-charges concerned to concentrate
  on Operation Vishwas.

• Tata Trusts today said it has
  signed an agreement with Gilead Sciences to explore collaboration to tackle the
  viral hepatitis in the country.
• Under the Memorandum of
  Understanding (MoU), Tata Trusts and Gilead will form a joint program committee
  to implement activities related to prevention, awareness and education, testing
  and treatment of viral hepatitis, a release said.

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

• Bharatiya Janata Party (BJP)
  announced its state president Vijay Rupani as the new chief minister and Nitin
  Patel as deputy chief minister of Gujarat on Friday at Kamalam, the party
  headquarters in Gandhinagar.
• Ironically, Rupani, who just
  turned 61 on August 2, had withdrawn himself from the race for the new CM on
  Thursday.
• The move not only hints at a
  stamp of approval from BJP national president Amit Shah but is also seen as the
  party’s masterstroke to field a ‘neutral’ community candidate in Rupani, who is
  a Jain Baniya.

• The board of Asian Development
  Bank has re-elected Takehiko Nakao as the multilateral funding agency’s president
  for a five-year term beginning November.
• Nakao was first elected as ADB
  president on April 28, 2013 to serve the three-and-half-years remaining term of
  his predecessor Haruhiko Kuroda.
• Being the ninth president of ADB,
  he was the sole nominee after ADB’s Governors were invited from May 31 to June
  30, 2016, to make nominations for the organisation’s presidency, the release
  added.

• Noted sports promoter and founder
  chairperson of Reliance Foundation, Nita Ambani was elected as an individual
  member of International Olympic Committee (IOC) on 4 August 2016. She was
  elected by IOC members at the 129th Session of the world body in Rio de
  Janeiro.
• With this, she also becomes the
  first Indian woman to join the prestigious body which governs Olympic sports in
  the world.
• Nita, the owner of Mumbai Indians
  cricket team franchise and founder of Indian Super League football tournament,
  was nominated for the post in June 2016 by the IOC Executive Board. 52-year-old
  Nita is the only current active individual member of the IOC from India and she
  will serve at the high-profile world body until she attains the age of 70.
• Sir Dorabji Tata was the first
  person to represent India in the IOC. Raja Randhir Singh is currently holding
  the post of an honorary member after serving the international body from
  2000-2014.

• Tunisia’s President Beji Caid
  Essebsi on 3 August 2016 named Youssef Chahed as the Prime Minister of the
  country. Chahed’s appointment came after parliament ousted Habib Essid in a
  vote of no-confidence because of his handling of economic reforms and security.
• Prior to this, Chahed was
  Minister for Local Affairs of Tunisia. He is an agricultural sciences
  specialist and academic who has taught in France and Tunisia.

• D K Gayen on 4 August 2016
  assumed charge of General Manager of East Central Railway (ECR) with
  headquarters at Hajipur in Bihar. Gayen succeeds Rajeev Mishra, GM of Eastern
  Railways, who was holding additional charge of ECR.
• Gayen is a 1979 batch officer of
  Indian Railway Service for Mechanical Engineers (IRSME). Gayen was earlier
  working as Chief Mechanical Engineer of South Eastern Railway at Kolkata.

• The International Olympic
  Committee (IOC) on 3 August 2016 agreed to add five new sports to the
  progaramme for 2020 Tokyo Olympics. The sports to be added include
  Baseball/Softball, Karate, Skateboard, Climbing Sports and surfing in the 2020
  Tokyo Olympics.
• The decision was taken by the
  129th IOC session being held in Rio de Janeiro.
• The Organising Committee for the
  Tokyo 2020 Games proposed the five new sports in response to the new
  flexibility provided by Olympic Agenda 2020. Tokyo 2020, the first Organising
  Committee able to take advantage of the change, submitted its proposal for the
  five new sports to the IOC in September 2015.