Current Affairs Update – 14th August, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 14th August, 2015. These are Important for the upcoming UIIC Assistant 2015 Exam and IBPS RRB 2015 Exam.

Finance/Banking –

RBI notified Interest Subvention Scheme 2015-16 of Union Government for banks

  • Reserve Bank of India on 13 August 2015 notified the Union Budget-2015-16 Interest Subvention Scheme (ISS) and asked all banks to provide interest concession of 2 percent on short term crop loans of up to 3 lakh rupees.
  • The central bank in its notification said that interest subvention of 2 percent per annum will be made available to public and private sector banks provided they lend short term credit at the ground level at 7 percent per annum to farmers.
  • The bank said that additional interest subvention of 3 percent will be available to farmers for repaying the loan promptly from the date of disbursement of the crop loan. This implies that farmers paying promptly would get short term crop loans at 4 percent during the year 2015-16.

Irda allows banks to tie up with nine insurers

  • The Insurance Regulatory and Development Authority of India (IRDA) has allowed banks to tie up with a maximum of nine insurers from three segments —life, non–life and standalone health insurers — as part of the new bancassurance guidelines.
  • While such a tie-up will not be mandatory on the banks and it has been left to them to take a call on the number of tie-ups, Irda is likely notify the new guidelines on the bancassurance norm shortly.

Axis Bank launches multi-currency contactless card with Visa

  • Axis Bank will upgrade close to about one-fourth, or 50,000, of its point of sale (PoS) machines so that they can accept debit and credit card payments from contactless cards.
  • On Wednesday , the bank launched contactless multi-currency forex cards in partnership with Visa -the payments gateway company.
  • Axis Bank would be the first bank to issue multi-currency contactless cards or 'tap and pay' cards which can be loaded in 15 currencies such as Swiss Franc and Hong Kong dollar besides the three main currencies -US dollar, Euro and British Pound.
  • Axis Bank has also launched contactless debit and credit cards for its premium customers.

Pahal Scheme acknowledged by Guinness Book of World Records as largest cash transfer program

  • Union Government’s ambitious Pratyaksha Hastaantarit Laabh (PAHAL) scheme was on 13 August 2015 acknowledged as the world’s largest cash transfer program (households) by the Guinness Book of World Records.
  • The scheme was formally launched as Direct Benefit Transfer Scheme for LPG subsidy in 2013 in 291 districts under the aegis of Union Ministry of Petroleum and Natural Gas.
  • The scheme was modified and named as Pahal in November 2014 and was then again launched in 54 districts. Later it was extended nationwide on 1 January 2015.

About Pratyaksha Hastaantarit Laabh (PAHAL) scheme
  • The scheme aims at reducing eliminating duplication or bogus LPG connections and its diversion. It also seeks to meet substantive savings in LPG subsidy.
  • Under the scheme, subsidized liquefied petroleum gas (LPG) cylinders are sold at market rates and consumers are entitled to receive LPG subsidy directly into their bank accounts.
  • It is done either through bank account or Aadhaar linkage.
  • Currently it covers more than 9.75 crore LPG consumers across the country.

India –

India, Slovak Republic signed MoU for technical cooperation in Railway Sector

  • India and Slovak Republic on 13 August 2015 signed a Memorandum of Understanding (MoU) on technical cooperation in railway sector. The MoU was signed in New Delhi by Ganga Ram Agarwal, Secretary of Railway Board of India and Zigmund Bertok, Ambassador of Slovak Republic to India.

The potential cooperation areas mentioned in the MoU are:
  • Infrastructure building and management– station development and workshop modernisation
  • Information & communication technologies especially for passenger amenities
  • Modernisation of rolling stock
  • Modernisation of Signaling & Telecom
  • Any other area mutually agreed between the Parties, falling within the scope of this MoU

Sports –

Rahane makes it into record books by taking 8 catches

  • India’s Ajinkya Rahane on Friday became the first fielder in Test history to take eight catches, achieving the feat in the ongoing first cricket match against Sri Lanka in Galle.
  • Rahane caught Rangana Herath at slip off Amit Mishra to enter the record books after going past five international players — Yajurvindra Singh (India), Greg Chappell (Australia), Hashan Tilakaratne (Sri Lanka), Stephen Flemimg (New Zealand) and Mathew Hayden (Australia), all of whom took 7 catches in a match.
  • Incidentally Yajuvindra took 7 catches in a Test after Independence Day in 1977, while Rahane has done it on the eve of August 15.
  • Rahane was instrumental in sending three Sri Lankan batsmen back to the pavilion during the first innings before the Mumbai player took five catches in the second essay.
  • Englishman Wally Hammond though holds the record for most catches — 10 — in first class cricket, having achieved the feat as a Gloucestershire fielder against Surrey in 1928.
  • England wicketkeeper Jack Russell — in 1995 — and South African glovesman AB de Villiers — in 2013 —have 11 dismissals each in a Test match.

Indian Men's Hockey team won European series against Spain 2-1

  • Indian Men's Hockey Team on 13 August 2015 won three match series of their European Tour 2-1 after registering second win in the third and final match of the series. Indian team defeated Spain 4-2 at Teresa in Spain.
  • For India, Rupinder Pal scored the first goal in 24th minute followed by Akashdeep Singh in 45th minute and the third and fourth goals by Ramandeep Singh.
  • The first match of the series was won by Spain 4-1. The second match was won by India 2-0.

World –

2015 United States-India Cyber Dialogue held in Washington, DC

  • 2015 US - India Cyber Dialogue was held on 11 and 12 August 2015 at the US Department of State in Washington, DC. The dialogue was held with an aim to increase global cyber security and promote the digital economy.
  • The whole-of-government Cyber Dialogue, fourth in the series, was led by the US Cyber security Coordinator and Special Assistant to the President Michael Daniel and by India's Deputy National Security Advisor Arvind Gupta.

Obituaries –

Om Prakash Munjal, founder of Hero Cycle Limited, passed away

  • The founder of Hero Cycle Om Prakash Munjal passed away on 13 August 2015 following a brief illness at the DMC Hero Heart Centre, Ludhiana. He was 87.
  • Om Prakash was born on 26 August 1928 in Kamalia, Punjab (then British India). Later, he shifted to Amritsar in 1944 to start a bicycle spare parts business with his three brothers and began the complete manufacturing of bicycle under brand name Hero.
  • Today the Hero Cycles Limited is the world’s largest integrated bicycle manufacturing company that manufactures 7.5 million cycles per year. Hero Group now has its foot print in sectors like bicycle components, automotive, automotive components, IT, services etc.


Team ExamPundit


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