Current Affairs Update – 11 August, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 11 August, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

Banking & Financial News

ICICI Bank launches instant credit card facility with limit up to Rs 4 lakh

  • After introducing instant loans, ICICI Bank on Wednesday announced the launch of instant credit cards.
  • The savings account customers of the bank will now be able to get credit card instantly, in a completely digital and paperless manner.
  • ICICI Bank customers can credit card with a credit limit of upto Rs 4 lakh  based on pre-checked bureau scores.
Key Highlights:

  • ICICI Bank introduces instant credit card facility with a credit limit of up to Rs 4 lakh
  • The procedure to get credit card will be completely digital and paperless
  • A customer can get a credit card by signing into internet banking account

HDFC Bank launches Digital Command Centre

  • To keep pace with digitally savvy customers, HDFC Bank has launched an in-house state-of-the-art Digital Command Centre (DCC) in Mumbai. The Digital Command Centre has been set up to listen, understand and acquire valuable insights on the brand through the customers’ conversations on social media. In the time to come, the DCC will complement the bank’s endeavor to understand customers better by providing real-time inputs based on the social media conversations, thus deepening brand engagement.
  • DCC has been developed using the LocoBuzz tool and consists of dedicated dashboards for real-time, continuous monitoring of HDFC Bank social media channels like Facebook, Twitter, YouTube, LinkedIn, Snapchat, Pinterest, and Instagram. The Bank's official Twitter handles are: @HDFCBank,  @HDFCBank_Cares, @HDFC_Bank, @HDFCBankNews #HDFCBank
  • At the DCC, there are dedicated screens providing real-time visualization & analytics of the buzz around the brand. A dedicated team from Digital Banking will monitor the data to provide real-time intelligence and actionable inputs to the businesses.
The Digital Command Centre highlights:

  • Real-Time Monitoring of Online Conversations
  • Quicker customer response times and resolution management
  • Monitor online sentiment and customer feedback on products
  • Analyze trends in customer behavior to businesses
  • Tracks 15,000 mentions per day & over 4.5 mentions lac per month
  • Mentions are mapped against 20+ product categories & 850+ sub categories
  • Generates 15+ product and campaign reports per week
  • Online funds and business insights

Parliament passes Banking Amendment Bill empowering RBI to deal with wilful defaulters

  • Rajya Sabha on 10 August 2017 passed the Banking Regulation (Amendment) Bill, 2017. The Lok Sabha has already passed the Bill. Now, the bill will be sent to President Ramnath Kovind for his nod.
  • The bill seeks to amend the Banking Regulation Act, 1949 to insert provisions for handling cases related to stressed assets of banks. Stressed assets are loans where the borrower has defaulted in repayment or where the loan has been restructured.
  • The bill will replace the Banking Regulation (Amendment) Ordinance, 2017 which was promulgated on 4 May 2017. The legislation will also enable the Central government to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process.
  • The RBI has also been empowered to issue other directions for resolution, and appoint or approve appointment, authorities or committees to advise banking companies for resolution of stressed assets.


India and US to co-host Global Entrepreneurship Summit at Hyderabad in November 2017

  • Prime Minister Narendra Modi on 10 August 2017 said that India and US will co-host the Global Entrepreneurship Summit at Hyderabad from 28 to 30 November 2017.
  • In a series of tweets, Modi said, the Summit is a unique opportunity for bringing together entrepreneurs and start ups with the global leader.
  • The Prime Minister said he is looking forward to the presence of Ivanka Trump at Global Entrepreneurship Summit as the leader of the US delegation.
  • Ivanka Trump is the daughter of US President Donald Trump. Modi during his meeting with Trump in Washington in June 2017 had invited Ivanka for the Global Entrepreneurship Summit.
  • In the reply to Modi’s tweet, Ivanka tweeted, “Honored to lead the US delegation to #GES2017 in India & meet with Prime Minister Modi & passionate entrepreneurs from around the globe!”

National Mission for Clean Ganga approves 10 projects worth more than Rs 2000 Cr

  • The National Mission for Clean Ganga on 10 August 2017 approved 10 projects worth more than Rs 2000 Cr. The projects would be carried out in the states of Uttar Pradesh, Bihar and West Bengal.
  • Among the ten projects, eight relate to sewage infrastructure and treatment, one to river front development and one to Ganga Knowledge Centre. The projects were approved in the 5th meeting of the Executive Committee of National Mission for Clean Ganga.

Projects in Bihar

  • The projects that were approved in Bihar include three major sewage infrastructure projects in Barh, Kankarbagh and Digha, the total cost of which is estimated to be Rs 1461 crore.
  • The projects aim to create additional sewage treatment capacity of 161 MLD (100 MLD in Digha, 50 MLD in Kankarbagh and 11 MLD in Barh).
  • There is presently no sewage treatment plant in the sewerage zones of Kankarbagh and Digha.
  • The creation of 200 MLD sewage treatment capacities has already been sanctioned in the remaining four sewerage zones in Patna – Beur, Saidpur, Karmalichak and Pahari, under the Namami Gange programme.

West Bengal Projects

  • In West Bengal, three projects have been approved with an estimated cost of Rs 495.47 Cr.
  • Among them, two relate to sewage infrastructure and the third one pertains to river front development.
  • Pollution abatement and rehabilitation works for river Ganga in Howrah and Tolly’s Nullah (popularly known as Adi Ganga), a tributary of Ganga in Kolkata have been approved with total estimated cost of Rs 492.34 Cr.

Projects in Uttar Pradesh

  • A project involving sewage infrastructure work in Chunar, located in Mirzapur district of UP, has been approved at an estimated cost of Rs 27.98 Cr.
  • Under the project a sewage treatment plant of 2 MLD capacity will be created apart from interception and diversion of drains.

Lok Sabha passes State Banks (Repeal and Amendment) Bill, 2017

  • The Lok Sabha on 10 August 2017 passed the State Banks (Repeal and Amendment) Bill, 2017.
  • The Bill was passed to repeal the SBI (Subsidiary Banks) Act 1959, State Bank of Hyderabad Act 1956 and to further amend the State Bank of India Act, 1955, following the merger of five associates with the parent SBI.
  • Following the merger, the SBI has come in the list of top 50 banks globally and is ranked at the 45th position.
  • Key highlights of the State Banks (Repeal and Amendment) Bill, 2017
  • Repeal:  It seeks to repeal the two Acts: (i) State Bank of India (Subsidiary Banks) Act, 1959, and (ii) State Bank of Hyderabad Act, 1956.  These Acts established the State Bank of Bikaner, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, and State Bank of Hyderabad.  These banks were subsidiaries of the State Bank of India (SBI).
  • This is consequent to the Union Cabinet granting its approval in February 2017, which allowed the SBI to acquire these subsidiaries.
  • Amendments to the SBI Act, 1955:  The Bill seeks to amend the State Bank of India Act, 1955 to remove references related to subsidiary banks.  These references include: (i) the definition of a subsidiary bank in the 1955 Act, and (ii) powers of SBI to act as an agent of the RBI for a subsidiary bank.

World News

Ministerial meeting of BIMSTEC sets off in Kathmandu

  • The 15th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) ministerial meeting was held at Soaltee Crowne Plaza in Kathmandu, Nepal on 10 August 2017.
  • The two-day meet was inaugurated by Nepal’s Prime Minister Sher Bahadur Deuba and chaired by Deputy Prime Minister and Minister for Foreign Affairs Krishna Bahadur Mahara. The meeting was preceded by the 18th BIMSTEC Senior Officials’ Meeting (SOM), which was chaired by Nepal’s Foreign Secretary Shanker Das Bairagi.
  • The main agenda of the meeting was to finalise a free trade agreement among the BIMSTEC members including negotiations on market access for professionals and reducing the duty on trading goods.
  • It also meant to finalise the date of the fourth BIMSTEC Summit that will be hosted by the Nepal, the current chair of the sub-regional forum.
  • Issues concerning trade in services and goods, investments and connectivity were also discussed at the meet.


Venkaiah Naidu sworn in as 13th Vice President of the country

  • Former Union Minister Muppavarapu Venkaiah Naidu has sworn in as the 13th Vice President of India on 11 August 2017. He has been administered the oath of office and secrecy by President Ram Nath Kovind at a special function at Rashtrapati Bhavan.
  • After the ceremony, Naidu took charge as the Chairman of Rajya Sabha at Parliament House and presided over the proceedings in the Upper House.
  • Before proceeding to the Parliament House this morning, Naidu paid tributes to Mahatma Gandhi at Raj Ghat, Deen Dayal Upadhyay at DDU Park and Sardar Patel at Patel Chowk.
  • Naidu was elected as the Vice President on 5 August 2017 by defeating opposition candidate Gopal Krishna Gandhi.


Prasoon Joshi to replace Pehlaj Nihalani as censor board chief

  • The government has replaced Central Board of Film Certification chairperson Pehlaj Nihalani with famous lyricist Prasoon Joshi as the chief of the film certification body.
  • “In exercise of the powers conferred by sub-section (1) of section 3 of the Cinematograph Act, 1952 (37 of 1952) read with rule 3 of the Cinematograph (Certification) Rules, 1983, the Central Government is pleased to appoint Sh. Prasoon Joshi as Chairperson of the Central Board of Film Certification in an honorary capacity from 11th August, 2017 for a period of three years or until further orders, whichever is earlier,” said a release by the Press Information Bureau on Friday evening.
  • This marks the end of Mr. Nihalani's stint – which had its share of controversies – as the censor board chief.
  • His controversial decisions included demanding multiple cuts in Madhur Bhandarkar's film Indu Sarkaron the 1975-77 Emergency and his refusal to clear Lipstick Under My Burkha, a film that explored female sexuality.
  • Director Alankrita Shrivastava won her case after challenging the censor board at an appeals tribunal.
  • He had also objected to the word 'intercourse' in the recently released Shah Rukh Khan-starrer When Harry Met Sejal and had also asked for words like "cow" and "Hindu India" in a documentary on Nobel Laureate Amartya Sen to be bleeped.

David Rasquinha appointed as Exim Bank MD

  • David Rasquinha, who is currently Deputy Managing Director of Exim Bank of India, has been appointed as Managing Director of the bank. This appointment will be valid for a period of three years.
  • The Appointments Committee of the Cabinet has given its nod for elevation of Rasquinha to the post of Managing Director, official sources said. A formal order in this regard is expected from the Department of Financial Services in the Finance Ministry in the next few days, they said.

Milkha Singh appointed WHO’s ambassador for physical activity

  • Sprint legend Milkha Singh has been appointed as the World Health Organisation’s goodwill ambassador for physical activity in South-East Asia Region (SEAR), the global health body said on Friday.
  • As WHO goodwill ambassador, Singh, also known as ‘the Flying Sikh’, will promote WHO SEAR’s non-communicable diseases (NCDs) prevention and control action plan which seeks to reduce the level of insufficient physical activity by 10 per cent and NCDs by 25 per cent by 2025, Poonam Khetrapal Singh, Regional Director, WHO South-East Asia said.
  • WHO recommends at least 60 minutes of physical activity for children daily and 150 minutes of activity for adults weekly to stave off non-communicable diseases. Physical activity helps those aged 65 years and above to maintain cognitive functioning and reduce the risk of depression, the world health body said. To facilitate this, WHO has also been advocating with governments to create public spaces for recreational and organised sport. It has been advocating for physical activity as a “best buy” intervention for reducing the risk of deaths due to NCDs.

Sports News

Real Madrid beats Manchester United to win 2017 UEFA Super Cup

  • Real Madrid on 8 August 2017 defeated Manchester United, the winners of the 2016–17 UEFA Europa League, to grab the 2017 UEFA Super Cup.
  • Real Madrid won the match 2–1 for their fourth UEFA Super Cup title.
  • The match was played at the Philip II Arena in Skopje, Macedonia. It was the first UEFA final staged in the country.
  • Real Madrid’s Isco was declared the Man of the Match.


Veteran poet Vijay Nambisan passes away

  • Noted poet and writer Vijay Nambisan on 10 August 2017 passed away following a prolonged illness. He was 54.
  • Nambisan’s poem 'Madras Central', published in 1988, won him his first All India Poetry Competition award organised by the Poetry Society of India and the British Council.
  • Some of his popular books are 'Language as an Ethic' and 'Bihar is in the Eyes of Beholder'.
  • His last book of poems was titled Infinities.


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