Current Affairs Update – 31st August, 2016

Hello and welcome to exampundit . Here are the important Current Affairs for 31 August, 2016. These are important for the upcoming IBPS PO VI Mains, Bank of Baroda and Bank of Maharashtra PO Exams.


Current Affairs at a Glance– 31st August, 2016
  1. Indian economy grew at the slowest pace in last six quarters at 7.1 per cent in the April-June period of current fiscal mainly on subdued performance of mining, construction and farm sectors.
  2. National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in India, has launched a pilot project for Bharat Bill Payment System (BBPS) with 26 Bharat Bill Payment Operating Units (BBPOUs).
  3. Credit Analysis and Research Ltd (CARE Ratings) today said it has signed agreements with two companies to set up a credit rating agency in Nepal.
  4. Jharkhand is the first state in the country to have implemented Public Fund Management System (PFMS), an official release said here today.
  5. Sony Pictures Networks India (SPN) today announced that SPN and its affiliates have entered into definitive agreements to acquire TEN Sports Network from Zee Entertainment Enterprises Ltd (ZEE) and its subsidiaries for $385 million (Rs 2,600 crore).
  6. Extending the Prime Minister's Digital India vision, the Government of Goa on Tuesday signed a Memorandum of Understanding (MoU) with Google India to promote digital literacy and drive digital transformation across the State. As a first step to realize this vision, the Goa State Government will launch 'Internet Safety Education’ ​for students in Goa in association with Google India.
  7. Gujarat in the last week of August 2016 has become the first state to distribute 2 crore LED bulbs under Unnat Jyoti by Affordable LEDs for All (UJALA) scheme. The state achieved the milestone in only 96 days. Over 42 lakh households have benefitted from the scheme.
  8. India’s 100-year-old athlete, Man Kaur, on 30 August 2016 won Gold medal at the American Masters Games in the 100-meter dash. She took a minute-and-a-half to cross the finish line in Vancouver.



Finance/Banking –

GDP growth slows down to 7.1%


  • Indian economy grew at the slowest pace in last six quarters at 7.1 per cent in the April-June period of current fiscal mainly on subdued performance of mining, construction and farm sectors.
  • GDP had recorded 7.5 per cent growth in the April-June quarter of last fiscal and 7.9 per cent in January-March quarter. The previous low was 6.6 per cent GDP growth in the October-December quarter of the 2014-15 fiscal.
  • According to the data released by the Central Statistics Office (CSO), the Gross Value Added (GVA), which is estimated at the base price, showed a growth of 7.3 per cent in the first quarter of 2016-17.
  • The Gross Domestic Product (GDP) growth data is calculated under the new methodology at market price, while GVA is calculated primarily at factor cost. GDP is GVA plus taxes on products minus subsidies on them.
  • The economic activities which registered growth of over 7 per cent in the April-June quarter, over year-ago period, are manufacturing; electricity, gas, water supply & other utility services; trade, hotels, transport & communication and services related to broadcasting; financial, insurance, real estate and professional services and public administration, defence and other services.
  • Growth in agriculture; forestry and fishing; mining & quarrying and construction is estimated to be 1.8 per cent, (-) 0.4 per cent, and 1.5 per cent respectively.

NPCI launches pilot project for Bharat Bill Payment System


  • National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in India, has launched a pilot project for Bharat Bill Payment System (BBPS) with 26 Bharat Bill Payment Operating Units (BBPOUs).
  • In the first phase, BBPS will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone and Direct-to-Home (DTH).
  • BBPS is the Reserve Bank of India (RBI) mandated system which will provide interoperable bill payment services to customers. It is an integrated platform connecting banks and non-bank entities in bill aggregation business like billers, payment service providers, retail bill outlets etc.
  • As on date, 62 entities have received in-principle approval from RBI to function as Operating Units (OU), out of which 52 are banking entities and 10 are non-banking entities.
  • NPCI functions as the authorised Bharat Bill Payment Central Unit (BBPCU). It will undertake clearing and settlement activities related to transactions routed through BBPS.
  • The RBI authorised BBPOUs will on-board billers, aggregators and payment gateways. They would also set up agent network and customer touch points to handle bill payments through different delivery channels including self-service, assisted, electronic and manual modes.
  • Banking sector participants in BPPS pilot include AP Mahesh Co-operative Urban Bank, Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank, Indian Bank, Punjab National Bank, State Bank of India, The Saraswat Co-Op Bank.
  • Non-Bank participants in BPPS pilot include Avenues India Pvt. Ltd, Common Service Centre, Euronet Services India Pvt. Ltd, IndiaIdeas.com (Billdesk), ITZ Cash Card Ltd, One97 Communications Ltd (Paytm), Oxigen Services India Pvt. Ltd.

CARE to launch credit agency in Nepal, inks MoU


  • Credit Analysis and Research Ltd (CARE Ratings) today said it has signed agreements with two companies to set up a credit rating agency in Nepal.
  • As per the MoU, CARE Ratings will hold 51 per cent equity worth Rs 2 crore while Vishal Group will own 19 per cent and Emerging Nepal 10 per cent.
  • The balance 20 per cent would be held by banks, Insurancecompanies, FIs and corporate bodies in Nepal subject to a maximum of 9 per cent legal entity, it added.
  • Vishal Group is a public limited company in financial services. Emerging Nepalis a company engaged in venture capital activities.
  • The rating agency has started CARE Ratings Africain 2015, and it also partnered with ARC Ratings as part of its global ambition.

Jharkhand becomes first state to implement PFMS


  • Jharkhand is the first state in the country to have implemented Public Fund Management System (PFMS), an official release said here today.
  • Development Commissioner Amit Khare said Union Finance Secretary Ashok Lavasa appreciated the implementation of Jharkhand's public fund management system.
  • Lavasa's appreciation came during a video conference with finance secretaries from all states, it said.
  • Khare told Lavasa that all the 32 treasuries across Jharkhand were computerised and cyber treasury was established, the release added.

Sony Pictures Networks to acquire TEN Sports for $385 mn


  • Sony Pictures Networks India (SPN) today announced that SPN and its affiliates have entered into definitive agreements to acquire TEN Sports Network from Zee Entertainment Enterprises Ltd (ZEE) and its subsidiaries for $385 million (Rs 2,600 crore).
  • The completion of the acquisition is subject to regulatory approval.
  • The acquisition will add South Asia’s leading sports network to SPN’s existing portfolio of channels.
  • The TEN Sports channels being acquired include TEN 1, TEN 1 HD, TEN 2, TEN 3, TEN Golf HD, TEN Cricket, and TEN Sports that operate in several countries, including the Indian sub-continent, Maldives, Singapore, Hong Kong, West Asia and Caribbean.
  • TEN Sports holds broadcast rights to major cricket boards (South Africa, Pakistan, Sri Lanka, West Indies and Zimbabwe).


Sponsored






India –

Goa signs an MoU with Google India to promote digital literacy


  • Extending the Prime Minister's Digital India vision, the Government of Goa on Tuesday signed a Memorandum of Understanding (MoU) with Google India to promote digital literacy and drive digital transformation across the State.
  • Chief Minister Laxmikant Parsekar ​and Vice President, Google South East Asia and India ​Rajan Anandan, ​ signed the MoU.
  • As a first step to realize this vision, the Goa State Government will launch 'Internet Safety Education’ ​for students in Goa in association with Google India. The State government has given a nod to include internet safety education as part of the school curriculum of classes IX and XII in government schools across the State.
  • Google has created a curriculum in consultation with experts, developed and shared modules for integration in curriculum. As part of the program, Google India has initiated teacher trainings and will soon expand to cover 460 schools, teaching over 80,000 students on how to stay safe online, said Mr. Rajan Anandan.
  • Chief Minister Parsekar said that this step will be a turning point in the field of IT in Goa and will be known as one of the milestones.

Gujarat becomes first state to distribute 2 crore LED Bulbs under UJALA


  • Gujarat in the last week of August 2016 has become the first state to distribute 2 crore LED bulbs under Unnat Jyoti by Affordable LEDs for All (UJALA) scheme.
  • The state achieved the milestone in only 96 days. Over 42 lakh households have benefitted from the scheme.
  • The distribution of 2 crore LED bulbs has led to an annual energy savings of 259 crore kWh, which is equivalent to lighting up 5 lakh Indian homes for an entire year. Besides, Gujarat has also benefitted from daily CO2 emission reduction of 5000 tonnes.
  • Energy Efficiency Services Limited (EESL), under the administration of Ministry of Power, Government of India, is distributing approximately 2 lakh bulbs daily in Gujarat.
About Unnat Jyoti by Affordable LEDs for All
UJALA was launched by Prime Minister Narendra Modi on 1 May 2015.
The scheme replaced the Bachat Lamp Yojana.
Within 1 year of its launch, 9 crore LED bulbs were sold in the country, reducing their electricity bills by 55 billion rupees.

MoUD and Amar Chitra Katha signs MoU to publish and distribute comic book on Swachh Bharat Mission

  • The Ministry of Urban Development (MoUD) on 31 August 2016 signed a Memorandum of understanding (MoU) with Amar Chitra Katha to publish and distribute a special edition of a comic book. The comic book will focus on Swachh Bharat Mission.
  • The 32-page comic book will carry messages pertaining to sanitation and solid waste components of Swachh Bharat Mission.

Key highlights of the comic book
  • The book would comprise a series of inspirational stories from the mission, cleanliness rankings of cities, the public figures and ambassadors, environmental impact.
  • It will also contain stories of individuals and organizations that can inspire children to the concept of Swachhata.
  • There will be an interactive workbook of tips and tricks, which children can use to clean their own areas.
  • It will also include a section about how to organize community cleanliness drives.
  • Amar Chitra Katha will be developing and creating the special edition comic book in English. It will also be translated into Hindi.


Sports –

Man Kaur, 100-year-old athlete from India, wins Gold Medal at Masters Games


  • India’s 100-year-old athlete, Man Kaur, on 30 August 2016 won Gold medal at the American Masters Games in the 100-meter dash. She took a minute-and-a-half to cross the finish line in Vancouver.
  • Kaur from Chandigarh was the only female competitor in her age category at the competition for older athletes.
  • Earlier, she won gold medals in the javelin and shot put. Kaur has now won more than 20 medals in Masters Games across the globe.
  • The World Masters Games is an international multi-sport event that takes place every four years, with regional games in between. The average age of the athletes is 49, and there's one man who is even older than Kaur 101-year-old Nihal Gill of Richmond, British Columbia.




Regards



Team ExamPundit

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