Current Affairs Update – 1st August, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 1st August, 2015. These are Important for the upcoming IBPS RRB Officer Scale I and Office Assistant Exam.

Finance/Industry –

Centre to pump Rs. 70,000 cr. into PSU banks

  • The Modi government on Friday announced a big-bucks boost to investments in the economy. Union Finance Minister Arun Jaitley told Parliament that the Centre will over the next four years infuse Rs.70,000 crore out of budgetary allocations into state-owned banks.
  • Later, Minister of State for Finance Jayant Sinha told reporters that the proposed National Investment and Infrastructure Fund (NIIF) that the Union Cabinet had approved on Wednesday will make equity investments of Rs. 20,000 crore every year in commercially viable long gestation projects which will help to kick-start the economy.
  • The Centre will own 49 per cent of this new Mumbai-based fund, which won’t be answerable to Parliament nor audited by the CAG. It will be run on a commercialbasis by managers, who will be paid globally competitive salaries.
  • Of the Rs. 70,000 crore planned to be infused out of budgetary allocations into state-owned banks over the next four years, as much as Rs. 25,000 crore will be provided to public sector banks this year itself, Union Finance Minister Arun Jaitley told Parliament on Friday.

Thomas Cook India acquires Sri Lankan travel firm Luxe Asia

  • Thomas Cook (India) Ltd. has acquired Sri Lanka-based destination management company Luxe Asia through its wholly-owned subsidiary Thomas Cook Lanka (Pvt.) Ltd. for an unspecified amount. The company will be operated as an independent entity.
  • Thomas Cook (India) is a part of Canadian Investor of Indian origin Prem Watsa led Fairfax Financial Holdings.
  • Based in Sri Lanka, Luxe Asia is focussed on inbound tourism from key global markets and services both tour operator and traveller segments across its ten destinations in the Indian Ocean Region and Asia.
  • Meanwhile, Thomas Cook (India) has entered into a marketing alliance with home shopping network SHOP CJ Network Pvt. Ltd. to promote its ‘Holiday Savings Account’, a holiday solution for India’s middle class travellers.

India –

Kochi gets India’s first harbour defence system

  • The naval harbour here has become the first in the country to get a top-notch defence system — which will enable operators to foresee, and respond to, surface and sub-surface threats to vital assets along the harbour and warships in the quay.
  • the Integrated Underwater Harbour Defence and Surveillance System (IUHDSS), a state-of-the-art automated system capable of detecting, identifying, tracking and generating warning for surface and underwater threats, was commissioned by Vice-Admiral Sunil Lanba, Flag Officer Commanding-in-Chief of the Southern Naval Command.
  • The system, comprising a cluster of coastal surveillance radars, high-power underwater sensors and diver detection sonars, was designed by Israeli Aerospace Industries (IAI) ELTA.
  • Besides Kochi, naval harbours at Mumbai, Visakhapatnam and Port Blair are slated to be equipped with the system as a force protection measure. The multi-agency Joint Operations Centre (JOC), set up at these places to coordinate coastal security operations, will receive real-time images relayed by these sensors and the command and control of the operations launched in response to threats will vest with the coastal defence Commanders-in-Chief – Flag Officers Commanding-in-Chief of the three naval commands and the Commander-in-Chief of the Andaman and Nicobar joint services command.
  • The project is said to cost around Rs 270 crore, said sources.

Appointments –

Ved Prakash Mahawar takes charge as Director (Onshore) at ONGC

  • Public sector oil exploration and production company ONGC announced that Ved Prakash Mahawar had joined the board of directors as Director (Onshore) on Saturday. Mahawar will directly look after all onshore operations across the country.
  • With 33 years of experience in managing drilling and operation functions, Mahawar was earlier the OSD (Onshore) at New Delhi. He has also headed the Tripura asset of ONGC as Executive Director - Asset Manager.
  • Mahawar also played an important role in establishing the Well Control School at the Institute of Drilling Technology (IDT), Dehradun, which has been imparting training to ONGC employees and oil personnel from other Indian as well foreign oil companies.

ONGC Videsh names Sudhir Sharma as Director (Exploration)

  • ONGC's overseas investment arm ONGC Videsh announced the appointment of Sudhir Sharma to the board of the company as the Director (Exploration).
  • Sharma has worked for over three decades in various domestic and overseas capacities in ONGC Videsh. He was most recently the Country Manager and Legal Representative for the company's Colombia operations for over a year. He has also been the Head of Business Development in ONGC Videsh.

Sports –

Sania Mirza recommended for Rajiv Gandhi Khel Ratna

  • The Sports Ministry on Saturday confirmed that Wimbledon doubles champion Sania Mirza has been recommended for the Rajiv Gandhi Khel Ratna.
  • Sania won her first women’s doubles Grand Slam title with Swiss partner Martina Hingis in June. She also became World No. 1 before winning the Grasscourt major.


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