Current Affairs Update – 1st September, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 1st September, 2015. These are Important for the upcoming IBPS PO V Exam. We are also providing 5 Stock GK Expected Questions.

Finance/Banking/RBI –

RTGS will not operate on 2nd, 4th saturdays: RBI

  • The RTGS system, which allows real time transfer of large funds, will not be operated on second and fourth Saturdays with banks observing public holiday on that days, the Reserve Bank said on Tuesday.
  • However, the system will operate for full days on other Saturdays of a month, RBI said in a notification.
  • Banks are observing public holiday on every second and fourth Saturdays of a month.
  • RBI has also effected changes in RTGS time window.
  • As per the new time schedule for regular days, including Saturdays except second and fourth, business opening would be at 0800 hours while initial cut off (customer transactions) would be 1630 hours. The final cut-off (inter-bank transactions) will be at 1945 hours and IDL reversal between 1945-2000 hours.
  • The close of business is at 2000 hours.
  • As per earlier timings for Saturdays or short days, the initial cut-off was at 1400 hrs and final cut off at 1500 hours.
  • The close of business was at 1530 hours.
  • RTGS means Real Time Gross Settlement which refers to continuous or real time settlement of funds.
  • It is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh. There is no upper ceiling for RTGS transactions.

At 7 per cent, India remains fastest growing major economy

  • India remained the fastest growing major economy of the world for a second straight quarter, with GDP growing at 7 per cent during April-June 2015 against 6.7 per cent in April-June 2014. Growth in the previous quarter, January-March 2015, was, however, higher at 7.5 per cent.
  • Data released the Central Statistics Office (CSO) on Monday showed marginal improvement in private consumption expenditure but gross capital formation rate — a barometer for investments — continued to decline. It was down to 27.8 per cent from 29.2 per cent in April–June 2014.
  • A source at the CSO explained that growth would have been better had it not been for the poor rabi crop.
  • Growth during the quarter was driven primarily by the services sector. The manufacturing and construction industries recorded favourable growth too. The agriculture sector saw a decline, growing at a mere 0.6 per cent. Growth also slowed in the sectors ‘mining and quarrying’ and ‘electricity, gas, water supply and utility services’.
  • In terms of the gross value added, (GVA) growth was 7.1 per cent against 7.4 per cent in April-July 2014. The revised methodology for GDP (Gross Domestic Product) calculation subtracts subsidy and adds taxes to the GVA to arrive at the GDP.
  • The Modi Government’s budget announcement of higher public spending this financial year did not reflect in the data released as at growth was low at 2.7 per cent in ‘public administration, defence and other services’.

Union Government approved Smart National Common Mobility Card model for seamless travel across India

  • The Union Ministry of Urban Development on 1 September 2015 gave approval for Smart National Common Mobility Card (NCMC) model for seamless travel across India.
  • The model will enable commuters to travel by different metros and other transport systems across the country besides retail shopping and purchases.

Features of Smart National Common Mobility Card (NCMC)
  • It is based on EMV Open Loop Card system with stored value model.
  • It meets travel needs based on stored value of money and can be used for travelling by any means of transport and also enables account based retail applications.
  • The model is an improved version of nationwide common card prevalent in Singapore.
  • The National Payments Corporation of India (NPCI) will be involved in indigenous development and management of Clearing and Settlement of payments, Simulating Cards, Terminals and network, a support base of vendors for providing certified tools, cards, terminals and other services.
  •  The Centre for Development of Advanced Computing (C-DAC) will develop the standards and hardware for Metro gates/validators along with related ecosystems.
  • Funding of 4.47 crore rupees approved by the ministry for developing the model.

Reliance Entertainment ties up with French studio Pathe

  • Anil Ambani’s film production and distribution outfit Reliance Entertainment has tied up with French film production and distribution house Pathe to distribute director Gurinder Chaddha’s next movie titled Viceroy’s House.
  • This is the first time that Pathe has collaborated with an Indian outfit for the distribution of a film.
  • Pathé will distribute the film in the UK and France and will handle sales throughout the rest of the world while Reliance Entertainment will distribute the film in India.
  • The company holds leadership position in the art-house and indie film distribution space in the UK and France.
  • Apart from producing and distributing films (in cinema and home video), the company also owns cinema halls in France, Netherlands and Switzerland (total of 1,000 screens).

Appointments –

Anjali Duggal takes charge as Financial Services Secretary

  • Anjuly Chib Duggal, a Punjab cadre IAS officer, has assumed charge as Secretary in the Department of Financial Services in the Finance Ministry.
  • She has replaced Hasmukh Adhia, who has taken over as Revenue Secretary in the same Ministry.
  • Prior to taking over as Financial Services Secretary, Anjuly was holding the charge of Corporate Affairs Secretary.
  • She had also earlier worked in various capacities including Joint Secretary, Additional Secretary and Special Secretary in the Department of Expenditure in Finance Ministry.

A K Jha takes charge as NTPC interim CMD

  • NTPC’s Director (Technical) A K Jha today took additional charge of Chairman & Managing Director of the company as an interim measure.
  • After refusing to give extension to Arup Roy Choudhury as CMD of NTPC, the government has decided to give additional charge to Jha for three months from September 1 as an interim arrangement.
  • A search committee headed by Power Secretary P K Pujari is currently looking for a full-time CMD for NTPC.
  • The committee will send the list of short-listed candidates to the Appointments Committee of the Cabinet for a final call.
  • Jha, 58, is a graduate in Mechanical Engineering from BIT Sindri, Ranchi University, and holds LLB from the Delhi University.
  • He joined NTPC in 1977 as an Executive Trainee and was directly associated with its flagship project — Singrauli (5x200 MW).

Sports –

India beat Sri Lanka by 117 runs to win series 2-1 in Sri Lanka after 22 years

  • India today clinched their first Test series victory on Sri Lankan soil in 22 years with an emphatic 117-run win over the hosts in the third and final cricket Test despite a valiant century by rival skipper Angelo Mathews.
  • After setting a daunting victory target of 386, India managed to dismiss the Sri Lankans for 268 on a wicket which slowed down considerably to wrap up the series 2-1, their first overseas series victory since June, 2011 against the West Indies.
  • It was new captain Virat Kohli’s first series win ever since he took over reins of the team from Mahendra Singh Dhoni.
  • The last time an Indian team won a series in Sri Lanka was way back in 1993 under Mohammed Azharuddin’s leadership when they sealed the series with 1-0 scoreline.
  • The fifth day’s action was not devoid of drama as more on-field altercation took place with Kusal Perera being involved in a heated exchange with Indian players.
  • Ashwin took the last wicket of Nuwan Pradep to bring about India’s moment of glory, triggering scenes of wild celebrations in the dressing room as the players hugged each other and picked up the stumps as mementos.

Ishant Sharma, three Sri Lankans charged for misconduct

  • India paceman Ishant Sharma and three Sri Lankan players have been charged for misconduct during the ongoing third test between the neighbours, the International Cricket Council (ICC) said on Tuesday.
  • Sharma, who was fined 65 per cent of his match fees for giving send-offs to Lahiru Thirimanne and Dinesh Chandimal in the second test, landed in trouble with the Sri Lankans in the final contest as well.
  • Thirimanne, Chandimal and paceman Dhammika Prasad, who had an animated altercation with Ishant on Monday, have also been charged with code of conduct breaches, the ICC said.

World –

Highest mountain of North America Mt McKinley renamed as Denali

  • The highest mountain of North America was on 28 August 2015 renamed as Denali instead of its existing name Mt McKinley by US President Barack Obama. This designation will now recognize the sacred status of Denali to generations of Alaska Natives.
  • The mountain, which sits in the 6 million-acre Denali national park, has been known as Denali in Alaska since 1975. Now officially, the Denali name will be used by all and it will also take effect for all federal usage and on all official maps.
  • The change comes after a debate between lawmakers from Alaska and Ohio. In January 2015, Republican Senate Lisa Murkowski of Alaska introduced legislation that sought to officially call the mountain what Alaskans and indigenous people called it Denali or The High One.
  • The historic change came during Obama's three-day presidential trip to Alaska. It is the latest bid by the President to fulfill his 2008 campaign promise to improve relations between the federal government and the nation’s Native American tribes.

Tejinder Pal Singh named as Australian of the Day by Commonwealth Bank

  • An Indian-origin driver in Australia Tejinder Pal Singh was on 31 August 2015 named as Australian of the Day by Commonwealth Bank of Australia for feeding the homeless in Darwin for the past three years.
  • He dedicated the last Sunday of every month to feed the poor and homeless in northern Darwin after his night shift as a cabbie. He cooked around 30 kg of Indian food to feed the homeless. The free lunch comprises chickpeas, rice and vegetarian curry.
  • His van itself carries the sign Free Indian food for hungry and needy people, Provide Sikh family.
  • The Commonwealth Bank has been sponsoring the Australian of the Day campaign for over 35 years. The campaign recognises the extraordinary Australians who have made a big difference to the country.

Books & Authors –

30 Women in Power: Their Voices, Their Stories by Naina Lal Kidwai

  • The book 30 Women in Power: Their Voices, Their Stories was in news in August 2015. It was written and edited by Naina Lal Kidwai.
  • It is a collection of narratives on modern Indian women who have been pioneers and led large organizations - in banking, law, the media, advertising, government services, health care, consulting, the fast-moving consumer goods sector and the not-for-profit space.
  • She is an executive director on the board of HSBC Asia-Pacific and the chairman of HSBC India.
  • She is also a non-executive director of Nestle SA and was the first woman president of the Federation of Indian Chambers of Commerce and Industry (FICCI).

Daily Expected Questions on Stock GK:

1. Dada Dhuniwale Thermal Power Plant is located in which state?
- Madhya Pradesh

2. Sri Penusila Narasimha Wildlife Sanctuary is located in which state?
- Andhra Pradesh

3. Kanaka Durga Temple is located in which state?
- Andhra Pradesh

4. Captain Roop Singh Stadium is located in which city/state?
- Gowalior, Madhya Pradesh

5. Which of the following is the capital city of Paraguay

- Asuncion


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