Friday, August 05, 2016

Current Affairs Update – 5th August, 2016

Hello and welcome to exampundit . Here are the important Current Affairs for 5th August, 2016. These are important for the upcoming RBI Grade B Phase I and BMSB PO 2016 Exams.


Current Affairs at a Glance – 5th August, 2016
  1. The Reserve Bank of India (RBI) Governor, Raghuram Rajan, on 4 August 2016 launched Sachet portal, sachet.rbi.org.in, to check illegal money collection. The portal will help anyone can obtain information regarding entities that are allowed to accept deposits, lodge complaints and share information regarding illegal acceptance of deposits by unscrupulous entities.
  2. The Reserve Bank of India (RBI) on 4 August 2016 constituted a committee to look at various facets of household finance in India. The Committee will be chaired by Tarun Ramadorai, Professor of Financial Economics, University of Oxford.
  3. Former Comptroller and Auditor General (CAG) of India Vinod Rai on 1 August 2016 stepped down from private sector lender IDFC Bank’s board.
  4. Bharatiya Janata Party (BJP) announced its state president Vijay Rupani as the new chief minister of Gujarat and Nitin Patel as deputy chief minister of Gujarat on Friday at Kamalam, the party headquarters in Gandhinagar.
  5. The board of Asian Development Bank has re-elected Takehiko Nakao as the multilateral funding agency's president for a five-year term beginning November.
  6. Rattled by a slew of rape cases including the horrific Bulandshahr gangrape, the UP Police on Friday launched 'Operation Vishwas' here to instill confidence and sense of security among women.
  7. Tata Trusts today said it has signed an agreement with Gilead Sciences to explore collaboration to tackle the viral hepatitis in the country.
  8. Noted sports promoter and founder chairperson of Reliance Foundation, Nita Ambani was elected as an individual member of International Olympic Committee (IOC) on 4 August 2016. She was elected by IOC members at the 129th Session of the world body in Rio de Janeiro.
  9. Tunisia's President Beji Caid Essebsi on 3 August 2016 named Youssef Chahed as the Prime Minister of the country.
  10. D K Gayen on 4 August 2016 assumed charge of General Manager of East Central Railway (ECR) with headquarters at Hajipur in Bihar.
  11. The International Olympic Committee (IOC) on 3 August 2016 agreed to add five new sports to the progaramme for 2020 Tokyo Olympics. The sports to be added include Baseball/Softball, Karate, Skateboard, Climbing Sports and surfing in the 2020 Tokyo Olympics.




Finance/Banking/Industry –

RBI launches Sachet portal to check illegal money collection


  • The Reserve Bank of India (RBI) Governor, Raghuram Rajan, on 4 August 2016 launched Sachet portal, sachet.rbi.org.in, to check illegal money collection.
  • The portal will help anyone can obtain information regarding entities that are allowed to accept deposits, lodge complaints and share information regarding illegal acceptance of deposits by unscrupulous entities.
Key highlights of Sachet

  • The website is available in vernacular languages for the benefit of the people of different regions of the country.
  • It will be helpful for the regulators in quick follow up of the unlawful money collection activities.
  • It will also enable people get information regarding the financial entities that are allowed to accept the deposits.
  • People will get the space to lodge complaints and share information regarding illegal collection of deposits by unscrupulous entities in their areas.

RBI constitutes Tarun Ramadorai Committee on Household Finance


  • The Reserve Bank of India (RBI) on 4 August 2016 constituted a committee to look at various facets of household finance in India. The Committee will be chaired by Tarun Ramadorai, Professor of Financial Economics, University of Oxford.
  • It will have representation from financial sector regulators namely, Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA) apart from Reserve Bank of India (RBI).
Terms of reference of the Tarun Ramadorai Committee

  • To benchmark the current depth of household financial markets in India among those in other major world markets and to identify areas of priority for growth and change.
  • To characterize and evaluate Indian households' demands in formal financial markets (for assets such as pensions as well as liabilities such as home loans) over the coming decade.
  • To consider whether, how and why the financial allocations of Indian households deviate from desirable financial allocation and behaviour like the large household allocation to gold.
  • To evaluate the design of new systems and the redesign of existing systems of incentives and regulations to encourage better participation by Indian households in formal financial markets.
  • To assess the role of new financial technologies and products in the cost-effective provision of high-quality financial products to Indian households while containing risks.
  • The Committee is expected to submit its report by end of July 2017.

Vinod Rai steps down from IDFC Bank’s board


  • Former Comptroller and Auditor General (CAG) of India Vinod Rai on 1 August 2016 stepped down from private sector lender IDFC Bank’s board.
  • However, Rai will continue to be the non-executive independent chairman of IDFC Ltd.
  • The decision was taken to avoid conflict of interest as Rai is also the chairman of Bank Board Bureau (BBB). THE BBB will not only select board members of public sector banks but will also devise strategies for them.
  • Rai was on IDFC Bank board since its inception in October 2015. He was appointed as the Chairman of Bank Board Bureau on 28 February 2016.

India –

UP Police launch Operation Vishwas


  • Rattled by a slew of rape cases including the horrific Bulandshahr gangrape, the UP Police on Friday launched 'Operation Vishwas' here to instill confidence and sense of security among women.
  • The police have identified 1200 people accused of sexual offenses and the proceedings for imposing Goonda Act on them will be ensured during the operation, he said.
  • The month-long operation will also run in Hardoi, Lahimpur Kheri, Rarbareli, Sitapur, Unnao, Faizabad, Sultanpur, Barabanki, Ambedkarnagar and Amethi besides Lucknow, he said.
  • Operation Milan was launched on April 28 in Lucknow zone.
  • All the district police chiefs of the zone have been asked to direct police station in-charges concerned to concentrate on Operation Vishwas.

Tata Trusts, Gilead sign MoU on viral hepatitis in India


  • Tata Trusts today said it has signed an agreement with Gilead Sciences to explore collaboration to tackle the viral hepatitis in the country.
  • Under the Memorandum of Understanding (MoU), Tata Trusts and Gilead will form a joint program committee to implement activities related to prevention, awareness and education, testing and treatment of viral hepatitis, a release said.

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Appointments –

Vijay Rupani appointed as new Gujarat CM


  • Bharatiya Janata Party (BJP) announced its state president Vijay Rupani as the new chief minister and Nitin Patel as deputy chief minister of Gujarat on Friday at Kamalam, the party headquarters in Gandhinagar.
  • Ironically, Rupani, who just turned 61 on August 2, had withdrawn himself from the race for the new CM on Thursday. 
  • The move not only hints at a stamp of approval from BJP national president Amit Shah but is also seen as the party's masterstroke to field a 'neutral' community candidate in Rupani, who is a Jain Baniya.

Takehiko Nakao re-elected as ADB President


  • The board of Asian Development Bank has re-elected Takehiko Nakao as the multilateral funding agency's president for a five-year term beginning November.
  • Nakao was first elected as ADB president on April 28, 2013 to serve the three-and-half-years remaining term of his predecessor Haruhiko Kuroda.
  • Being the ninth president of ADB, he was the sole nominee after ADB's Governors were invited from May 31 to June 30, 2016, to make nominations for the organisation's presidency, the release added.

Nita Ambani becomes first Indian woman IOC member


  • Noted sports promoter and founder chairperson of Reliance Foundation, Nita Ambani was elected as an individual member of International Olympic Committee (IOC) on 4 August 2016. She was elected by IOC members at the 129th Session of the world body in Rio de Janeiro.
  • With this, she also becomes the first Indian woman to join the prestigious body which governs Olympic sports in the world.
  • Nita, the owner of Mumbai Indians cricket team franchise and founder of Indian Super League football tournament, was nominated for the post in June 2016 by the IOC Executive Board. 52-year-old Nita is the only current active individual member of the IOC from India and she will serve at the high-profile world body until she attains the age of 70.
  • Sir Dorabji Tata was the first person to represent India in the IOC. Raja Randhir Singh is currently holding the post of an honorary member after serving the international body from 2000-2014.

Youssef Chahed appointed as Prime Minister of Tunisia


  • Tunisia's President Beji Caid Essebsi on 3 August 2016 named Youssef Chahed as the Prime Minister of the country. Chahed's appointment came after parliament ousted Habib Essid in a vote of no-confidence because of his handling of economic reforms and security.
  • Prior to this, Chahed was Minister for Local Affairs of Tunisia. He is an agricultural sciences specialist and academic who has taught in France and Tunisia.

D K Gayen assumes charge as General Manager of East Central Railway


  • D K Gayen on 4 August 2016 assumed charge of General Manager of East Central Railway (ECR) with headquarters at Hajipur in Bihar. Gayen succeeds Rajeev Mishra, GM of Eastern Railways, who was holding additional charge of ECR.
  • Gayen is a 1979 batch officer of Indian Railway Service for Mechanical Engineers (IRSME). Gayen was earlier working as Chief Mechanical Engineer of South Eastern Railway at Kolkata.

Sports –

IOC agrees to add five sports in 2020 Tokyo Olympics


  • The International Olympic Committee (IOC) on 3 August 2016 agreed to add five new sports to the progaramme for 2020 Tokyo Olympics. The sports to be added include Baseball/Softball, Karate, Skateboard, Climbing Sports and surfing in the 2020 Tokyo Olympics.
  • The decision was taken by the 129th IOC session being held in Rio de Janeiro.
  • The Organising Committee for the Tokyo 2020 Games proposed the five new sports in response to the new flexibility provided by Olympic Agenda 2020. Tokyo 2020, the first Organising Committee able to take advantage of the change, submitted its proposal for the five new sports to the IOC in September 2015.





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