Current Affairs Update – 4 August, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 4 August, 2017. These are very important for the upcoming IBPS PO, IBPS RRB  & Other Exams.

Also Read: No proposal for consolidation of PSBs: Government

Banking & Financial News

Lok Sabha passes NABARD (Amendment) Bill, 2017

  • The Lok Sabha on 3 August 2017 passed the National Bank for Agriculture and Rural Development (Amendment) Bill, 2017 by voice vote.
  • The Bill enables exit of the Reserve Bank of India (RBI) from the  National Bank for Agriculture and Rural Development (NABARD) and increase authorised capital of the development institution six times to Rs 30000 crore.
  • The Bill also seeks to amend certain clauses in the light of reference of the Micro, Small and Medium Enterprises (MSMEs) Development Act, 2006 in the proposed legislation.      
Key highlights of the Bill

  • Increase in capital of NABARD:  Under the 1981 Act, NABARD may have a capital of Rs 100 crore.  This capital can be further increased to Rs 5000 crore by the Union Government in consultation with the RBI.
  • The Bill allows the Union Government to increase this capital to Rs 30000 crore.  The capital may be increased to more than Rs 30000 crore by the Union Government in consultation with the RBI, if necessary.
  • Transfer of the RBI’s share to the Union Government:  Under the 1981 Act, the Union Government and the RBI together must hold at least 51% of the share capital of NABARD.  The Bill provides that the Union Government alone must hold at least 51% of the share capital of NABARD.  The Bill transfers the share capital held by the RBI and valued at Rs 20 crore to the Union Government.  The Union Government will give an equal amount to the RBI.
  • Micro, small and medium enterprises (MSME):  The Bill replaces the terms ‘small-scale industry’ and ‘industry in the tiny and decentralised sector’ with the terms ‘micro enterprise’, ‘small enterprise’ and ‘medium enterprise’ as defined in the MSME Development Act, 2006.  Under the 1981 Act, NABARD was responsible for providing credit and other facilities to industries having an investment of upto Rs 20 lakh in machinery and plant.  The Bill extends this to apply to enterprises with investment upto Rs 10 crore in the manufacturing sector and Rs five crore in the services sector.
  • Under the 1981 Act, experts from small-scale industries are included in the Board of Directors and the Advisory Council of NABARD.  Further, banks providing loans to small-scale, tiny and decentralised sector industries are eligible to receive financial assistance from NABARD.  The Bill extends these provisions to the micro, small, and medium enterprises.
  • Consistency with the Companies Act, 2013:  The Bill substitutes references to provisions of the Companies Act, 1956 under the NABARD Act, 1981, with references to the Companies Act, 2013.  These include provisions that deal with: (i) definition of a government company, and (ii) qualifications of auditors.


News related to India & states

ISRO to sign MoU with CSIR-NPL to make desi GPS a reality soon

  • Seeking to make desi GPS - indigenous regional positioning system named as Navigation with Indian Constellation (NavIC) - independent from the US clock system, the Indian Space Research Organisation (ISRO) will on Friday sign an MoU with CSIR-National Physical Laboratory (NPL) for time and frequency traceability services.
  • The move will help the desi GPS get formally synchronized with the Indian Standard Time (IST) which is being maintained by the Delhi-based NPL - the timekeeper of India.
  • The step will help in making the desi GPS fully operational in the market for commercial purposes as time synchronisation is essential for all kinds of services - be it financial transactions, stock handling, digital archiving, time stamping, national security or prevention of cyber crimes.
  • Though India can source the IST from the US-based NIST, the accuracy of time may vary. Aswal told TOI, “Though millisecond or microsecond accuracy is sufficient for day-to-day activities, the ISRO needs accuracy up to nanoseconds level for navigation, surveillance and other national missions.”

Aadhaar mandatory for registration of death from Oct 1

  • The government has made Aadhaar number mandatory for the registration of death from October 1, to prevent identity fraud.
  • The home ministry said today that it would be applicable for the residents of all states except Jammu and Kashmir, Assam and Meghalaya, for which a date would be notified separately. “Aadhaar number will be required for the purpose of establishing the identity of the deceased for the purpose of death registration with effect from October 1,” according to a notification issued by the home ministry.
  • The office of the Registrar General, which functions under the home ministry, said the use of Aadhaar will result in ensuring accuracy of the details provided by the relatives or dependents or acquaintances of the deceased. “It will provide an effective method to prevent identity fraud. It will also help in recording the identity of the deceased person. Further, it will obviate the need for producing multiple documents to prove the identity of the deceased person,” it said.

Bihar government decides compulsory retirement for non-performing teachers & officials above 50

  • The Bihar Government on 3 August 2017 informed that it has decided to compulsory retirement to the non-performing head masters, teachers and education department officials above the age of 50 years.
  • The decision was taken after the review of the education department by Chief Minister Nitish Kumar. The review meeting was attended by Deputy CM Sushil Kumar Modi, education minister Krishna Nandan Prasad Verma, chief secretary Anjani Kumar Singh, development commissioner Shishir Kumar Sinha and principal secretary, department of education, RK Mahajan among others.
  • The Chief Secretary Anjani Kumar Singh said the state government is in process of identifying non-performing institutions and all those responsible for the poor show will be given compulsory retirement. He informed that those teachers having failed thrice in assessment test would be removed or will be given compulsory retirement, as per government norms.
  • In addition, a committee headed by RK Mahajan is working to identify such non-performing headmasters, teachers, block education officers or district education officers.

Book Tatkal Train Tickets now and Pay Later: Indian Railways

  • Indian Railways on 2 August 2017 announced that people can now pay later for tickets booked under the tatkal quota on the Indian Railway Catering and Tourism Corp (IRCTC) website.
  • Till now, this service was available only for general reservations.
  • The book now and pay later mode enables customers to book tatkal e-ticket and pay the fare within a period of 15 days.
  • While booking an e-ticket, the customer will be provided with an ‘ePaylater’ scheme and a service charge of 3.5 per cent will be levied on the transaction amount along with other taxes.
  • Once the e-ticket is booked with the ePaylater option, an email link and SMS will be sent to the customer for making the payment within the stipulated period.
  • However, if a customer fails to make the payment within stipulated period, it will lead to levy of penal interest at the rate of 36 per cent per annum and may also lead to ticket cancellation or user account deactivation.
  • The users, who will use this facility, will be able to pay through cash, debit card or credit card by opting to have tickets delivered at their doorstep.


Government to develop green airports in Andhra Pradesh

  • As a part of Government of India’s initiative to develop green airports, two airports in Andhra Pradesh- Tirupati and Vijayawada are going to go completely green!
  • The work on the same has already begun with the Airports Authority of India (AAI) commencing the process of installing 1 Mega Watt solar power plant at both the airports.
  • The AAI has set up Solar Power Plants at various locations/airports for its captive power consumption based on the capacity permissible under Net-Metering policy of States.
  • It has also completed installation of solar power plants at 29 airports/locations with a total capacity of 12.84 MWp.
  • The Cochin International Airport Limited (CIAL) in Kerala is the first airport in the world to be completely powered by solar energy.


Air Marshal Hemant Narayan Bhagwat appointed Air Officer-in-charge Administration of Indian Air Force

  • Air Marshal Hemant Narayan Bhagwat took over as Air Officer-in-Charge Administration (AOA) of Indian Air Force at Air Headquarters in New Delhi on 1 August 2017.
  • The appointment was announced on 3 August 2017.
  • He was commended by Chief of Air Staff in 1999 and was awarded Vayu Sena Medal by the President of India in 2005 for his contributions to paratrooping field.

US Senate confirms appointment of three Indian Americans

  • Three Indian-Americans picked by President Donald Trump have been confirmed by the US Senate to key governmental posts.
  • While Neil Chatterjee was confirmed on 3 August as the member of the Federal Energy Regulatory Commission (FERC), a body that oversees electricity, natural gas and oil at the national level, Vishal Amin got confirmed as the Intellectual Property (IP) Enforcement Coordinator in the Trump administration.
  • The third Indian-American to get confirmed to a key governmental position was Krishna R Urs, who was confirmed as the US Ambassador to Peru.

World News

ISRO, NASA working towards completion of NISAR mission by 2021

  • The Indian Space Research Organisation (ISRO) is working along with the National Aeronautics and Space Administration (NASA) to co-develop and launch a dual frequency synthetic aperture radar satellite in the NASA-ISRO Synthetic Aperture Radar (NISAR) mission 2021.
  • The satellite will be the first radar imaging satellite to use dual frequency and it is planned to be used for remote sensing purposes, to observe and understand natural processes of the Earth.
  • In the joint mission, NASA and Jet Propulsion Laboratory will be responsible for the design & development of L-band SAR, a 12m unfurlable antenna & its deployment elements, GPS system and data recorder. ISRO will be responsible for the design & development of S-band SAR, Spacecraft Bus, data transmission system, Spacecraft integration & testing, launch using GSLV and on-orbit operations.


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