Current Affairs Update – 28 July, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 28 July, 2017. These are very important for the upcoming IBPS PO, IBPS RRB  & Other Exams.

Banking & Financial News

Canara Bank launches “CANDI”-its first digital branch in Bengaluru

  • Taking its ambitious vision of moving into cashless banking, Public sector lender Canara Bank has launched its first ‘Digital Banking Branch’ at Spencer Towers in MG Road, Bengaluru.
  • The branch is reportedly titled “CANDI” and it will aim to provide an end-to-end digital experience to customers.
  • As a part of its digital campaign, the bank has unveiled several customer friendly mobile apps. These innovations will enable customers to get most of the information related to their accounts without visiting the branch.
  • The most eye catching feature of the digital bank is the infusion of artificial intelligence. A humanoid has been introduced in the branch to addresses basic queries of customers on banking products and services.With this, the bank becomes the first in the public sector category to initiate artificial intelligence in banking.
  • This is a first-of-its kind initiative by a public sector bank in the country.
  • The branch offers a variety of tools and devices that include Customer On-Board Application.These options facilitate instant opening of Savings Bank account by the customer on his own using fingerprint/ IRIS authentication, printing of personalised debit card, cheque book, mobile/ Internet banking registration, generation of e-Passheet and issuance of virtual welcome kit.
  • An app-based token and queue management system are also provided by the bank to enable paperless appointment system with the help of cloud technology. It further offers Digital Challan to facilitate filling up challans digitally by customers at their own convenience for services like cash deposit, fund transfer, and cheque clearing.


Lok Sabha passes Companies Act (Amendment) Bill, 2016

  • The Lok Sabha on 27 July 2017 passed the Companies Act (Amendment) Bill, 2016 that seeks to amend Companies Act, 2013 to remove complexities and improve ease of doing business.
  • The bill was passed with a voice vote and was moved by Union Minister of Finance and Corporate Affairs Arjun Ram Meghwal.           
Provisions of the Bill

  • It removes the limit on layers of subsidiaries and intermediaries.  This is in line with the Companies Law Committee’s (CLC) recommendations which noted that imposing such limits would affect the company’s structuring and ability to raise funds.
  • It calls for a group of people who exercise beneficial control (above 25 per cent) in a company to disclose such interest.
  • It removes the requirement of offer letter that is issued to individuals to whom a private offer of shares has been made, but retains the provision related to notifying the Registrar of the return of allotment.
  • It calls for appointment of a technical member who must be at least of the level of an Additional Secretary.
  • It permits an Independent Director to have a financial relationship of up to 10 per cent of his total income with the company.  
  • It amends provisions related to the composition of the Selection Committee of the National Companies Law Tribunal and the National Companies Law Appellate Tribunal.

News related to India & states

PM Modi inaugurates Dr APJ Abdul Kalam Memorial in Rameswaram

  • The Prime Minister, Narendra Modi, on 27 July 2017 inaugurated the Dr. APJ Abdul Kalam memorial at Pei Karumbu, Rameswaram in Tamil Nadu.
  • The PM unveiled the statue of Dr. Kalam, and offered floral tributes at Kalam Sthal.
  • In addition, the Prime Minister flagged off the Kalam Sandesh Vahini, an exhibition bus which shall travel across various States of the country and reach Rashtrapati Bhavan in New Delhi on 15 October 2017, which marks the birth anniversary of the former President.

National Centre for Seismology launches app India Quake for Earthquake Parameter Dissemination

  • Harsh Vardhan, Union Minister of Science & Technology, Earth Sciences and Environment, Forests & Climate Change, on 27 July 2017 launched an app India Quake for Earthquake Parameter Dissemination.
  • The minister launched the application on the occasion of Foundation Day of Ministry of Earth Sciences in New Delhi.
  • The National Centre for Seismology (NCS) operates national seismological network with 84 stations. These stations are connected to NCS headquarter through Very Small Aperture Terminal (VSAT) for real time data communication. In the event of an earthquake, NCS locates them using data from its network and disseminate earthquake parameters to all the concerned government department and other stake holders through SMS, email and fax. However, this causes delay in dissemination and also restricts the number of recipients.
  • To overcome this, the NCS developed a Mobile App India Quake for automatic dissemination of earthquake parameter (location, time and magnitude) after the occurrence of earthquakes.

World News

Amazon's Jeff Bezos briefly overtakes Gates to become world’s richest person

  • Jeff Bezos, the founder of Amazon became the world’s richest man on 27 July 2017, dethroning Microsoft founder Bill Gates from the position briefly.
  • With a jump in the share price of the US tech giant, Bezos's net worth topped $90.5 billion on the morning of 27 July, ahead of Bill Gates’ estimated worth of $90 billion, according to Forbes and Bloomberg.
  • However, a dip in Amazon's stock price in the afternoon made him slip back to $88.8 billion, behind Gates whose net worth is estimated to be $89.8 billion.
  • Gates has been the world’s richest person since 2013 on the Bloomberg Billionaires Index.


Iran successfully launches rocket designed to carry satellites

  • Iran successfully launched its most advanced satellite-carrying rocket called ‘Simorgh’ into space on 27 July 2017.
  • The launch took place at the Imam Khomeini National Space Station in Semnan, some 220 kilometers (138 miles) east of Tehran.
  • The development marks a significant step forward for the Islamic Republic's young space program. It also raises alarm among the nation’s adversaries who fear that the same technology could be used to produce long-range missiles. The U.S. State Department has termed the launch as "provocative."
  • The rocket is capable of carrying a satellite weighing 250 kilograms (550 pounds).

Trump administration urges NSG members to support India's application

  • Donald Trump’s administration has urged other members of the Nuclear Suppliers Group to support India’s membership bid to the elite grouping. The NSG controls international nuclear trade.
  • The US Department of Defence and Department of State said in a joint report that the United States welcomed India's application to join the NSG and it continues to re-affirm that India is ready for the membership. It also added that the US has called upon other NSG members to support India's application.
  • The Trump administration also re-affirmed its support for India's membership in the Australia Group and the Wassenaar Arrangement as soon as India meets each group's membership criteria.
  • The report further read that both the US and India share a commitment to preventing the proliferation of weapons of mass destruction and their means of delivery.

BRICS nations sign memorandum to facilitate taxation cooperation

  • The 2017 BRICS Labour and Employment ministers meeting that concluded in Chongqing, China on 27 July 2017 saw the signing of the BRICS Taxation Cooperation Memorandum.
  • The document, signed by the Heads of Tax Authorities of the five BRICS Nations, aims to establish a mechanism for taxation cooperation and is the bloc's first document that elevates taxation cooperation to the institutional level.
  • The authorities also agreed to cooperate on taxation information exchange, improve consultation procedures efficiency, boost taxation capacities and plan paths for coordination of taxation policies and tax collection.
  • Besides this, all the five nations agreed to work together to ensure stable employment and better quality of life for their people.
  • The meeting comes ahead of the 2017 BRICS Summit, which is scheduled to be held in Xiamen, China from 3-5 September 2017.


World Hepatitis Day 2017 observed globally

  • The World Hepatitis Day was observed globally on 28 July 2017 with the theme "Eliminate Hepatitis" to mobilize intensified action towards the health targets in the 2030 Sustainable Development Goals.
  • This year's theme is aimed at achieving elimination of hepatitis, greater awareness, increased diagnosis including universal vaccination, blood and injection safety, harm reduction and treatment.
  • The Day aims to bring the world together under a single theme to raise awareness of the global burden of viral hepatitis and to influence real change.

All of  the news were already published in our Current Affairs Portal.



Team ExamPundit