Tuesday, August 02, 2016

Current Affairs Update – 2nd August, 2016

Hello and welcome to exampundit . Here are the important Current Affairs for 2nd August, 2016. These are important for the upcoming RBI Grade B Phase I and BMSB PO 2016 Exams.


Current Affairs at a Glance – 2nd August, 2016
  1. The Reserve Bank of India (RBI) on Monday released guidelines for 'on tap' licensing of universal private sector banks under which the applicants can apply for a banking licence anytime as opposed to a limited-period window that the central bank previously used to open for applications. The released guidelines states individuals with 10 years senior-level experience are eligible to promote a bank, but large industry houses have been excluded as eligible entities. The large industry houses, however, can invest up to 10 per cent.
  2. Canara HSBC Oriental Bank of Commerce Life Insurance has launched a new linked insurance product 'iNVESTSHIELD' that aims to protect and meet an individual's present and future financial needs.
  3. Rajya Sabha on 1 August 2016 passed Indian Medical Council (Amendment) Bill, 2016 by voice vote. The Bill seeks to amend the Indian Medical Council Act, 1956.  It also seeks to replace the Indian Medical Council (Amendment) Ordinance, 2016. The Bill states that its provisions will come in to force from 24 May 2016.
  4. Senior IAS officer Bhaskar Khulbe has been appointed as secretary to Prime Minister Narendra Modi.
  5. Deepak Iyer was on 1 August 2016 appointed as Managing Director of Mondelez International's India Business.
  6. The Patna Pirates on 31 July 2016 won the fourth edition of Pro Kabaddi League by defeating Jaipur Pink Panthers 37-29 at Gachibowli Stadium, Hyderabad, Telangana.
  7. A book titled R D Burmania: Panchamemoirs authored by Chaitanya Padukone was released in July 2016. The book throws light on the legendary musician Rahul Dev Burman, whose cabaret tunes still reverberate at pubs and discotheques.
  8. Translator and artist Anita Gopalan on 25 July 2016 was awarded the 2016 PEN/Heim Translation Fund Grants for her English translation of Hindi novel Simsim by Geet Chaturvedi.



Finance/Industry/Banking –

RBI issues bank licence norms, bars conglomerates


  • The Reserve Bank of India (RBI) on Monday released guidelines for 'on tap' licensing of universal private sector banks under which the applicants can apply for a banking licence anytime as opposed to a limited-period window that the central bank previously used to open for applications.
  • The released guidelines states individuals with 10 years senior-level experience are eligible to promote a bank, but large industry houses have been excluded as eligible entities. The large industry houses, however, can invest up to 10 per cent.
  • Apart from this, the universal bank has to list on exchanges within six years of business commencement and must have realistic and viable business plan.
  • It must address financial inclusion and must open at least 25 per cent branches in unbanked rural centres.
  • In-principle nod for bank will be valid for 18 months from date of grant.
  • Earlier in 2004, the RBI had granted licenses to Yes Bank and Kotak Mahindra Bank.
  • After Raghuram Rajan took over as central bank governor, he opened the banking license window once again after which IDFC Bank and Bandhan Bank were issued license and it was announced that an 'on-tap' license regime would be introduced.

Canara HSBC OBC Life launches iNVESTSHIELD plan


  • Canara HSBC Oriental Bank of Commerce Life Insurance has launched a new linked insurance product 'iNVESTSHIELD' that aims to protect and meet an individual's present and future financial needs.
  • This is an online linked plan with ‘Premium Funding’ option whereby in the event of the life insured’s death —  in addition to the immediate benefit payout (higher of Sum Assured or 105% premium paid), the insurer funds the remaining premiums for the remaining policy term  and the fund value is also paid on maturity.
  • The customer also has a flexibility of multiple funds depending upon the risk appetite and switching between funds as well as systematic investment. 


Lok Sabha passes Bill on Reconstruction of Financial Assets


  • The Lok Sabha on 1 August 2016 passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016.
The bill seeks to amend four laws:

  • The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
  • The Recovery of Debts due to Banks and Financial Institutions Act, 1993
  • The Indian Stamp Act, 1899
  • The Depositories Act, 1996
Highlights of the Bill

  • It simplifies the procedures by which there will be a quick disposal of claims of banks and financial institutions.
  • It will empower the Reserve Bank of India (RBI) to examine the statements and any information of Asset Reconstruction Companies related to their business.
  • The RBI may penalise a company if it fails to comply with any directions issued by the central bank.
  • It says the stamp duty will not be charged on transactions undertaken for transfer of financial assets in favour of asset reconstruction companies. Financial assets include loans and collaterals.

India –

Parliament passes Indian Medical Council (Amendment) Bill, 2016


  • Rajya Sabha on 1 August 2016 passed Indian Medical Council (Amendment) Bill, 2016 by voice vote. The Bill seeks to amend the Indian Medical Council Act, 1956.
  • It also seeks to replace the Indian Medical Council (Amendment) Ordinance, 2016. The Bill states that its provisions will come in to force from 24 May 2016.
  • The bill was passed in Lok Sabha on 19 July 2016 after being introduced by Minister of Health and Family Welfare, Jagat Prakash Nadda on the same day. Now it will be sent to President Pranab Mukherjee for his nod.
The Indian Medical Council (Amendment) Bill, 2016

  • It seeks to introduce a uniform entrance examination for all medical educational institutions. This would be applicable at the undergraduate and the post-graduate level.
  • It states that in case a state has not opted for the uniform entrance examination, then the examination will not be applicable at the undergraduate level for the academic year 2016-17. This provision will apply to state government seats in government and private medical colleges.


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Parliament passes National Institutes of Technology, Science Education and Research (Amendment) Bill, 2016


  • Rajya Sabha on 1 August 2016 passed the National Institutes of Technology, Science Education and Research (Amendment) Bill, 2016.
  • Lok Sabha passed the bill on 21 July 2016. Now, the bill will be sent to the President for his assent.
Key features of the Bill

  • The Bill seeks to establish the National Institute of Technology (NIT), Andhra Pradesh as an institute of national importance under the National Institutes of Technology, Science Education and Research (NITSER) Act, 2007.
  • The NIT will be deemed to have been an institute of national importance as on 20 August 2015. This is the day the central government approved its establishment.

Appointments –

Bhaskar Khulbe appointed Secretary to Prime Minister Narendra Modi


  • Senior IAS officer Bhaskar Khulbe has been appointed as secretary to Prime Minister Narendra Modi.
  • He was Additional Secretary in Prime Minister's Office.
  • The Appointments Committee of Cabinet has approved appointment of Mr Khulbe as Secretary to Prime Minister with effect from Friday, an order issued today by Department of Personnel and Training, said.
  • Mr Khulbe is a 1983 batch IAS officer of West Bengal cadre.
  • He looks after work related to Cabinet Secretariat and thrust areas of the government, among others. 

Deepak Iyer appointed as Managing Director of Mondelez India


  • Deepak Iyer was on 1 August 2016 appointed as Managing Director of Mondelez International's India Business.
  • He succeeds Chandramouli Venkatesan, who led the business as Managing Director of India operations for two years and was with the company for more than a decade.
  • Iyer, as Managing Director of Mondelez India Foods, will be part of the Asia Pacific Leadership Team and report into Maurizio Brusadelli, President of Asia Pacific, Mondelez International.

Sports –

Patna Pirates beats Jaipur Pink Panthers to win Pro Kabaddi League Season 4


  • The Patna Pirates on 31 July 2016 won the fourth edition of Pro Kabaddi League by defeating Jaipur Pink Panthers 37-29 at Gachibowli Stadium, Hyderabad, Telangana.
  • With this win, Patna Pirates became the only team to lift the trophy twice in the tournament’s history of four editions.
  • The Puneri Paltan was placed at the third place in the edition after they defeated Telugu Titans by 40-35 score.

Books & Authors –

R D Burmania: Panchamemoirs authored by Chaitanya Padukone released


  • A book titled R D Burmania: Panchamemoirs authored by Chaitanya Padukone was released in July 2016. The book throws light on the legendary musician Rahul Dev Burman, whose cabaret tunes still reverberate at pubs and discotheques.
  • It also claims that Burman hated composing such songs and even believed that the genre was just a passing fad.
  • The book chimes a tribute that strings together amazing, amusing and fascinating anecdotes, incidents and idiosyncrasies as well as rare, startling photographs while unraveling the mystique behind Bollywood's most adored composer-singer RD Burman.


Awards & Honors –

Anita Gopalan wins 2016 PEN/Heim Translation Fund Grants


  • Translator and artist Anita Gopalan on 25 July 2016 was awarded the 2016 PEN/Heim Translation Fund Grants for her English translation of Hindi novel Simsim by Geet Chaturvedi.
  • Gopalan is the second Indian translator to be selected for the grant.
  • Simsim, the lyrical, award-winning novella was first published in 2008. It is recognized for its groundbreaking contribution to contemporary Hindi fiction.
  • Simsim focuses on four central characters and a decaying library sitting on prime Mumbai real estate. The book narrates the clash between two Indias, i.e. one old and traditional, and the other driven by consumerism and corporate greed.



Regards



Team ExamPundit

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