AUGUST 2018 CURRENT AFFAIR - FUNDAMAKERS
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Made By Rakshnda Ma’am
August 2018
Current Affair
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Important Days
Date Day Extra Info
01 August Earth Overshoot Day
01 August – World Breast Feeding Week
07 August
06 August Hiroshima Day, Anti-Nuclear Day
07 August National Handloom Day
09 August Quit India Day 76th Anniversary. Also called Kranti Diwas or
August Kranti Diwas
09 August International Day of the World’s Theme 2018 – ‘Indigenous peoples’ migration and
Indigenous Peoples movement’
09 August Nagasaki Day
10 August World Bio Fuel Day
12 August International Youth Day Theme 2018 – ‘Safe space for Youth’
12 August World Elephant Day
15 August India’s Independence Day 72nd Independence Day
19 August World Photography Day
19 August Humanitarian Day
20 August World Mosquito Day
21 August World Senior Citizen Day
21 August International Day of Remembrance and
Tribute to the Victims of Terrorism
23 August International Day for the
Remembrance of the Slave Trade and its
Abolition
29 August National Sports Day To mark the birthday of the hockey player
Dhyan Chand
30 August Small Industry Day
30 August International Day of the Victims
of Enforced Disappearances
MOU Industry/States/Others
The Union Ministry of Water Resources, the NABARD and the National Water Development Agency (NWDA)
signed a revised Memorandum of Agreement (MoA) for funding of central share of 99 prioritised irrigation
projects under Pradhan Mantri Krishi Sinchayee Yojana (PMKSY).
National Small Industries Corporation (NSIC) signed an MoU with SME Corporation Malaysia for exchange of
information and cooperation in areas such as policies to aid development of small and medium businesses
(SMBs) in the two countries.
Prasar Bharati and Mizzima Media Group of Myanmar signed an MoU to realize cooperation and collaboration
in broadcasting and content sharing.
A Memorandum of Understanding(MoU) was signed between the National Skill Development Corporation
(NSDC) and National Health Agency (NHA), to provide capacity building for Pradhan Mantri Jan Arogya Yojana
(PMJAY) to ensure effective rollout and continued quality implementation.
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Appointments and Resignations
Name Post Set to Replace and other info
President Ram Nath Kovind gave Madhya Pradesh Governor Anadiben Patel additional charge of Chhattisgarh
following the demise of its Governor Balramji Dass Tandon.
Arun Jaitley Minister of Finance and Minister of He took charge after a 3 month interval. In
Corporate Affairs Mr. Jaitley’s absence, Railway Minister Piyush
Goyal took care of Finance and Corporate
Affairs.
M.K. Stalin DMK President Dravida Munnetra Kazhagam (DMK) is a state
political party in the state of Tamil Nadu and
Union Territory of Puducherry.
Balesh Sharma Vodafone Idea’s first CEO The merger of Vodafone India and Idea
Cellular is complete after the National
Company Law Tribunal (NCLT) approved the
merger, creating India’s largest telecom
operator with over 400 million subscribers, a
joint statement by the two companies said on
31 August.
G Satheesh Reddy Chairman of the Defence Research S Christopher
Development Organisation (DRDO)
Satya Pal Malik Governor of Jammu & Kashmir Will replace NN Vohra
Lal Ji Tandon Governor of Bihar Will replace Satya Pal Malik
Satyadeo Narayan Arya Governor of Haryana Will replace Kaptan Singh Solanki
Kaptan Singh Solanki Governor of Tripura Will replace Tathagata Roy
Tathagata Roy Governor of Meghalaya Will replace Ganga Prasad
Ganga Prasad Governor of Sikkim Will replace Shriniwas Dadasaheb Patil
Baby Rani Maurya Governor of Uttarakhand Will replace Krishan Kant Paul
Sandeep Bakhshi Chief Operating Officer (COO) of
ICICI Bank
Rana Kapoor Yes Bank CEO Re-appointed
Prachi Mishra Managing Director and Chief India
Economist of Goldman Sachs
Ashish Kumar Bhutani Chief Executive Officer (CEO) of
Pradhan Mantri Fasal Bima Yojana
(PMFBY)
Geeta Mittal First woman judge of J&K High Court
Ram Sewak Sharma Chairperson of the Telecom Re-appointed for 2 years
Regulatory Authority of India (TRAI)
Rekha Sharma Chairperson of National Commission Lalitha Kumarmangalam (had demitted office
for Women in September 2017)
Justice Manjula Chellur Chairperson of Appellate Tribunal Justice Ranjana P. Desai (who retired on
for Electricity November 30, 2017)
N Raghuram Chairman of the International Raghuram is the first Indian and Asian to
Nitrogen Initiative (INI) be elected to the Chair. He will succeed
Mark Sutton of the UK Centre for Ecology
and
Hydrology, Edinburgh.
Uday Kumar Varma Assocham Secretary General
Actor Akshay Kumar Road Safety Brand Ambassador By Road Transport & Highways MInistry
Raveena Tandon Brand Ambassador of the Sanjay
Gandhi National Park (SGNP)
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Parineeti Chopra Brand Ambassador of fashion brand
Rangriti by Biba Apparels Pvt Ltd
Satya S. Tripathi Assistant Secretary-General at UN
Environment Programme’s New
York office
Michelle Bachelet UN Human Rights Chief Zeid Ra’ad Al Hussein
(Chile’s twice-serving
president)
Emmerson President of Zimbabwe
Mnangagwa
Iván Duque Márquez President of Columbia Juan Manuel Santos Calderón
Mario Abdo Benítez President of Paraguay Horacio Cartes
Ibrahim Boubacar President of Mali Re-elected for a 5 year term
Keita
Scott Morrison Prime Minister of Australia Malcolm Turnbull
Imran Khan Prime Minister of Pakistan Shahid Khaqan Abbasi
RESIGNATIONS:
Anil Ambani resigned as director of Reliance Naval and Engineering.
National Housing Bank (NHB) Managing Director Sriram Kalyanaraman has resigned amidst allegations of
favouring housing finance companies.
Indian origin business executive Indra K. Nooyi will step down as the Chief Executive of global food and beverages
major PepsiCo, Inc. in October.
Allahabad Bank’s MD and CEO Usha Ananthasubramanian was fired on her last day in office, in relation to the PNB
scam. She had served as the CEO and Managing Director of PNB from 2015 to 2017, and was named in the CBI
chargesheet.
Ajay Data, Founder & CEO of Data XGen Plus and a global leader in email linguistic services, is selected as a new
council member of Country Code Supporting Organisation (ccNSO). Ajay Data is the first Indian to have been
selected as a member of ccNSO.
The Asia-Pacific Institute of Broadcasting Development (AIBD) elected Fayyaz Sheheryar, Director-General of All
India Radio, as its new President. This is the first time India has been elected for the position of president of
AIBD.
National Democratic Alliance (NDA) candidate Harivansh Narayan Singh was announced as the new Rajya Sabha
Deputy Chairman after he received 125 votes, while Congress’ BK Hariprasad got 105 votes out of the total 332.
The Indian Banks’ Association has appointed Egon Zehnder International (Headquarters – Zürich, Switzerland)
as a ‘Knowledge Partner’ to the Banks Board Bureau to design, implement and institutionalise a flagship
leadership development strategy for public sector banks in India.
Awards and Recognitions
Award Name Person/Institution Extra Knowledge
Rajiv Gandhi National Sadbhavana Gopalkrishna Gandhi He is former West Bengal Governor
Award
“Shalaka Samman” for 2017-18 Javed Akhtar Hindi Academy Delhi gave the award
Hindu Playwright Award 2018 Annie Zaidi Award for her play Untitled-1
Legion of Merit (Degree of General Dalbir Singh Awarded by US government for
Commander) Suhag (Retired) exceptionally meritorious service as chief
of the Army staff, Indian Army
Dr B.C. Roy National Award Eminent neurosurgeon Dr As Eminent Medical Person of the Year
B.K. Misra award
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Outstanding Parliamentarians Award for the year 2013 was given to Manipur’s Governor and five time Rajya
Sabha member Dr Najma A. Heptulla and for year 2014, the award was presented to Bharatiya Janata Party’s
(BJP) Lok Sabha member Hukumdev Narayan Yadav.
President Ram Nath Kovind presented Outstanding Parliamentarians Award for the year 2015 to Congress
leader Ghulam Nabi Azad.
Trinamool Congress’ Dinesh Trivedi was also honoured by the Outstanding Parliamentarians Award for the
year 2016.
Biju Janata Dal (BJD) Member of Parliament (MP) from Odisha’s Cuttack Bhartruhari Mahatab was also
honoured with the Outstanding Parliamentarian Award for 2017.
K. Anvar Sadath, vice chairman and executive director of Kerala Infrastructure and Technology For Education
(KITE), has become the first Indian to receive The International Contributions Award.
An Indian-born, Australian-raised mathematics genius Akshay Venkatesh has been awarded the Fields Medal,
which is often called the Nobel Prize of mathematics.
Shimla-based filmmaker Devkanya Lotheta’s film “Behind the Bars” has won the first prize under the Short
Film Award Scheme — 2018 of the National Human Rights Commission (NHRC).
Indian-American high school student Avi Goel has won the world championship at the International Geography
Bee’s junior varsity division which was held in Berlin, Germany. 14-year old Avi is a tenth grader at Silver
Creek High School in Evergreen, San Jose, California.
Nobel Prize-winning scientist Marie Curie was the most influential woman in history, Britain’s BBC found in a
poll, highlighting her role in curing cancer. Readers of BBC History magazine ranked Polish-born Madam Curie
at the top of a list of 100 women who changed the world, for becoming the first person to win two Nobel Prizes
and for her research into radioactivity – a word that she coined.
“Lost in Transaltion” actress Scarlett Johansson (American actress and singer) has been named as the world’s
highest paid female actress by Forbes.
Smitha V. Crishna, a third-generation heir of the Godrej family, ranks first in the Kotak Wealth Hurun-Leading
Wealthy Women 2018 list with an estimated wealth of ₹ 37,570 crore. Ms. “mitha owns one-fifth of the Godrej
Group.
Delhi government’s additional director of health S K Arora has been awarded the prestigious WHO World No
Tobacco Day 2017 Award for his extraordinary contribution towards tobacco control.
Reliance Power said its wholly-owned subsidiary Reliance Power Netherlands BV has won an international
arbitration award of $56 million (Rs 390 crore).
PepsiCo’s India-born CEO Indra Nooyi will be honoured with the Game Changer of the Year award by a global
cultural organisation in recognition of her business achievements, humanitarian record and advocacy for
women and girls around the world.
Two Indian nationals, Bharat Vatwani and Sonam Wangchuk, were given the Ramon Magsaysay award,
popularly known as Asia’s Nobel Prize.
Vatwani has dedicated his life for rescuing mentally ill people from the streets of India — who number around
400,000 according to estimates — and providing them with shelter and treatment through his Shraddha
Rehabilitaion Foundation.
Wangchuk has been recognised for “his uniquely systematic, collaborative and community—driven reform of
learning systems in remote northern India, thus improving the life opportunities of Ladakhi youth, and his
constructive engagement of all sectors in local society to harness science and culture creatively for economic
progress, thus setting an example for minority peoples in the world”.
Indian poet-diplomat Abhay K. has become the first Indian poet invited to record his poems at the Library of
Congress in Washington D.C. in ‘The Poet and the Poem’ series conducted by poet Grace Cavalieri.
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Conference and Summits
Summit Place Extra Knowledge
National Conference on Child Marriage New Delhi
Motivating & Attracting Youth in New Delhi
Agriculture (MAYA)
Investors’ Conference for the Holistic Pravasi Bharatiya NITI Aayog hosted the conference
Development of Islands Kendra, New Delhi
Fifth act east business show Meghalaya The show was hosted to strengthen business
ties between ASEAN countries northeastern
states.
ATAL (Arunachal Transformation & Arunachal Pradesh To be held in September
Aspirational Leadership) Conclave
India Baja 2018 Jaisalmer, It is the Indian edition of the greatest
Rajasthan challenge of all extreme motorsport
competitions in the world
‘One District One Product’ Summit Lucknow, Uttar Under the ‘One District One Product’ scheme,
Pradesh the state government has set a goal of
providing employment to 25 lakh people in
five years through the financial assistance of
Rs. 25,000 crores.
4th Annual Sustainable Smart Cities Bengaluru,
India Conference Karnataka
Bengaluru Space Expo Bengaluru, To be held in September. Theme – Creating
Karnataka dynamism in Indian space ecosystem
6th International Buddhist Conclave New Delhi and
2018 Ajanta
(Maharashtra)
World’s largest Water Colour Festival Ranchi, Jharkhand
India-Kenya Joint Trade Committee Nairobi, Kenya
Meeting
Indian Ocean Conference Hanoi, Vietnam Theme - Building Regional Architectures
11th World Hindi Conference Port Louis, Theme - “Hindi World and Indian Culture” or
Mauritius “Hindi Vishwa Aur Bharatiy Sanskriti”.
24th World Congress of Philosophy Beijing, China Theme - “Learning To Be Human”
(WCP)
Mountain Echoes Literature Festival Thimphu, Bhutan
4th Asian Electoral Stakeholders Forum Colombo, Sri Lanka Theme - Advancing Election Transparency
and Integrity: Promoting and Defending
Democracy Together
G20 Digital Economy Ministerial Salta, Argentina Theme - Building consensus for fair and
Meeting sustainable development
Nepal-India Literature Festival 2018 Birgunj, Nepal
Special meeting of Senior Officials of the Kathmandu, Nepal Theme - Towards a peaceful, Prosperous and
Bay of Bengal Initiatives for Multi- Sustainable Bay of Bengal Region
Sectoral, Technical and Economic
Cooperation (BIMSTEC)
First SAARC Agri Cooperative Business Kathmandu, Nepal Theme - Organizing and Strengthening
Forum Family Farmers
6th RCEP Trade Ministers’ Meeting Singapore
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International News
An intertidal art gallery, filled with around 30 sculptures acting as a habitat for coral and other marine species,
was opened in the Maldives. The gallery, called the Coralarium, is located at the Fairmont Maldives Sirru Fen
Fushi resort.
Chinese scientists claimed to have created the world’ first single-chromosome yeast while not affecting the
majority of its functions, a breakthrough that could help in furthering research related to aging and diseases in
humans.
India plans to launch an “Understanding India” programme in China to “demystify” the country and create a
better understanding of it.
Typhoon Jongdari made landfall in Shanghai’s coastal Jinshan district, according to the National Meteorological
Centre. The situation has been handled in a timely manner and the rain has weakened, it said.
Sri Lanka’s Hambantota port is gearing up to become a leading port in the Indian Ocean region. The location of
the port had always been extremely advantageous as it was located just a little less than half a nautical mile
from the sea lanes.
In Sri Lanka, the ten-day festival of the historic Esala Maha Perehera began In Kandy with a grand procession.
The procession set off from the biggest Buddhist temple in Sri Lanka, Sri Dalada Maligawa at an auspicious
time.
India handed over the first lot of houses built for Indian-origin people in Sri Lanka’s tea plantation areas on
12th August, 2018. India had committed 60,000 houses under the ‘innovative Indian housing project’. It is the
largest Indian assistance project in any country with a grant of over USD 350 million.
In a ceremony on the sidelines of the 51st ASEAN Foreign Ministers’ Meeting in Singapore, Iran officially joined
the Treaty of Amity and Cooperation in Southeast Asia.
Japan has pipped China as the world’s second-largest stock market. The Chinese market was worth $6.09
trillion next to Japan’s $6.17 trillion.
Facebook announced the launch of a “Digital Literacy Library” to help young people build the skills they need
to safely enjoy online technology.
Apple Inc. became the first U.S.-based company with a market value of $1 trillion, four decades after it was co-
founded by Steve Jobs in a Silicon Valley garage and later revolutionized the worlds of computing, music and
mobile communications.
Typhoon Jongdari made landfall in Shanghai’s coastal Jinshan district, according to the National Meteorological
Centre. The situation has been handled in a timely manner and the rain has weakened, it said.
The Indian Embassy in Nepal handed over 30 ambulances and six buses to various hospitals, non-profit
charitable organizations and educational institutions of Nepal on the occasion of India’s 72nd Independence
Day.
External Affairs Minister Sushma Swaraj inaugurated ‘Panini Language Laboratory’ at Mahatma Gandhi
Institute (MGI) at Port Louis in Mauritius.
An influential American lawmaker has said she would introduce a historic legislation to posthumously award
Mahatma Gandhi a Congressional Gold Medal, the highest civilian award in the US, for inspiring peaceful
movements for civil rights around the world.
Iran unveiled its first domestic fighter jet with President Hassan Rouhani insisting that Tehran’s military
strength was only designed to deter enemies and create “lasting peace”.
Scientists have set a new Guinness World Record by creating the smallest medical robot – a device measuring
just 120 nanometres that could assist in future cancer and Alzheimer’s treatments.
National News
The Union Cabinet at a meeting chaired by Prime Minister Narendra Modi has approved raising of Extra
Budgetary Resources (EBR) of Rs 15,000 crore through NABARD for the Swachh Bharat Mission (Gramin)
during 2018-19.
The Inland Waterways Authority of India (IWAI) launched a dedicated portal to connect cargo owners and
shippers with real time data on availability of vessels. Named as the ‘Forum of Cargo-Owners and Logistics-
Operators’ (FOCAL), the link of the portal is available on the homepage of IWAI.
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Prime Minister Narendra Modi set rolling a new slogan, ‘Saaf Niyat, Sahi Vikas’, about his government as he
gave away over 1 lakh houses to women under the flagship Pradhan Mantri Awaas Yojana (rural) scheme,
calling it a Rakshabandhan gift.
The Supreme Court will have three serving women judges for the first time, after the Centre cleared the
elevation of Madras High Court Chief Justice Indira Banerjee.
The other two judges are R Banumathi, appointed in August 2014, and Indu Malhotra, appointed in April 2018.
Notably, SC will have a total of 22 male judges including two new male appointees.
Ranchi man Ranjit Srivastava,38, has developed Indian version of ‘Sophia,’ a social humanoid robot developed
by a Hong Kong based company, named Rashmi which can speak Hindi, Bhojpuri and Marathi along with
English.
FICCI Ladies Organisation, the women’s wing of Federation of Indian Chamber of Commerce and Industry has
launched a mobile application “WOW” (Wellness of Women) aimed at creating awareness on preventive
healthcare. This easy to use platform allows users to talk to doctors through video conferencing or connect
with them via voice or email.
Ministry of Micro, Small and Medium Enterprises (MSME) has launched the Mission Solar Charkha for
implementation of 50 Solar Charkha Clusters across the country with a budget of Rs.550 crore for the year
2018-19 and 2019-20. The scheme will generate direct employment to nearly one lakh persons.
The Ministry of Culture launched a scheme called “Seva Bhoj Yojna” to reimburse central share of CGST and
IGST on food, prasad, langar or bhandara offered by religious and charitable institutions. The scheme has a
total outlay of Rs 325.00 crore for financial years 2018-19 and 2019-20.
The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the first extension of Concessional
Financing Scheme (CFS) to support Indian Entities bidding for strategically important infrastructure projects
abroad for five years till 2023.
In order to sustain and accelerate the adoption of energy efficient textile technologies in the power loom sector
and cost savings due to use of such technology, Ministry of Textiles and Ministry of Power (GoI) have joined
hands under the initiative SAATHI (Sustainable and Accelerated Adoption of efficient Textile technologies to
Help Small Industries).
Commerce and Industry Minister Suresh Prabhu launched a logo and tagline for Geographical Indications (GI)
to increase awareness about intellectual property rights (IPRs) in the country.
The Governor of Manipur, Dr. Najma A. Heptulla inaugurated the project ‘Development of North East Circuit:
Imphal & Khongjom’ implemented under the Swadesh Darshan Scheme of Ministry of Tourism, Government of
India on August 14. The project is the first project to be completed under the Swadesh Darshan Scheme of
the Government of India.
The project which covers two sites – Kangla Fort in Imphal and Khongjom was taken up at an estimated cost of
Rs. 72,22,82607 under the Union Ministry of Tourism.
The central government launched an online management system – Bidder Information Management System
(BIMS)– to expedite land acquisition and the bidding process for road construction.
PHD Chamber of Commerce and Industry (PHDCCI) and Confederation of Nepalese Industries (CNI) have
signed an MoU to establish India-Nepal Centre in Kathmandu, Nepal. It will further strengthen economic
engagement between the two countries.
The Government of India has released 470 million Nepali rupees grant for Terai roads project in Nepal. The
amount has been released to maintain fund liquidity for the ongoing construction of 14 road packages under
Postal Highway Project.
PM Modi inaugurated 400-bed Nepal-Bharat Maitri Pashupati Dharamshala in Kathmandu, Nepal. The Nepal
Bharat Maitri Pashupati Dharamshala has been built by the Government of India with an assistance of over 20
crore Nepali rupees.
Prime Minister Narendra Modi, on the occasion of Independence Day, announced the launch of ‘Pradhan
Mantri Jan Arogya Abhiyaan’ on September 25. The scheme is the flagship project of Ayushman Bharat, the
national healthcare policy launched by the Government earlier this year. Ayushman Bharat, also refered to as
‘Modicare’, was launched by the Government of India in February this year.
A mere 19 per cent of people in the 15-65 age group use Internet in India, according to a report named
“AfterAccess: ICT access and use in India and the Global South”. It was published by Lirneasia, a policy and
regulation think tank in collaboration with the Cellular Operators Association of India.
The Union Cabinet gave its approval for the joint issue of postage stamps between India and South Africa on
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the theme of 20 years of strategic partnership between the two countries. A commemorative postage stamp,
released in June, depicts the images of Rashtriya Swayamsevak Sangh thinker Deendayal Upadhyaya and Oliver
Reginald Tambo of South Africa.
The Ministry of HRD has embarked on a major and new initiative Project called ‘Study Webs of Active Learning
for Young Aspiring Minds’ (SWAYAM), which will provide one integrated platform and portal for online
courses. This covers all higher education subjects and skill sector courses.
Union Minister of Commerce & Industry and Aviation Suresh Prabhu launched ‘Niryat Mitra’ – mobile App in
New Delhi. It provides wide range of information required to undertake international trade right from the
policy provisions for export and import, applicable GST rate, available export incentives, tariff, preferential
tariff, market access requirements – SPS and TBT measures.
HRD Minister has said that IIT-PAL lectures would now be available in handheld devices via the ‘SWAYAM’
portal in order to reduce students’ dependence on coaching classes.
On the occasion of “World Biofuel Day 2018” on 10th August, PM Narendra Modi unveiled a Booklet on
“National Policy on Biofuels 2018”, and launched “Pro Active and Responsive facilitation by Interactive and
Virtuous Environmental Single window Hub”[PARIVESH].
Giving a boost to rural road connectivity, the Cabinet Committee on Economic Affairs, chaired by the Prime
Minister Narendra Modi, approved the continuation of Pradhan Mantri Gram Sadak Yojana (PMGSY) beyond
the 12th five year plan period.
Human Resource Development (HRD) Ministry announced a spending of Rs 418 crore from 2018-20 on
collaborative research between Indian and foreign institutes under the ‘Scheme for promotion of Academic
and Research Collaboration’ (SPARC).
Santhali has become the first Indian tribal language to get a Wikipedia edition in its own script after the
Santhali Wikipedia went live earlier this month. Santhali is written in Ol Chiki script and spoken by 6.4 million
people, according to the 2001 census, in India alone and its speakers live mostly in Jharkhand, West Bengal,
Odisha and Assam. It is also spoken in Bangladesh and Nepal.
The civil aviation ministry has approved a proposal for setting up of water aerodromes in the country, with
Chilika Lake in Odisha, Sardar Sarovar Dam and Sabarmati River Front in Gujarat being identified in the first
phase for development of such facilities.
The Union Government has unlocked green funds worth over Rs 66,000 crore to increase the country’s forest
cover.
The Minister of State for Culture (I/C) and Minister of State for Environment Forest and Climate Change, Dr.
Mahesh Sharma inaugurated an exhibition entitled ‘Prathibandhit Sahitya mein Swatantrata Sangram’
(Freedom Movement through Proscribed Literature) in the premises of National Archives of India, in New
Delhi.
NITI Aayog has launched “Pitch to MOVE” – a mobility pitch competition that aims to provide budding
entrepreneurs of India a unique opportunity to pitch their business ideas to a distinguished jury.
In the wake of PM Modi’s vision for creating digital museums at stations using QR code, Ministry of Railway has
made “digital screens” operational at 22 stations on this Independence Day (15.08.2018) as an innovative low
cost solution to spread awareness among public about the opulent heritage of Indian Railways. Being initiated
on a pilot basis, the project aims at showcasing the legacy of Indian Railways through one to two minute-long
movie clips on digital LED screens at the entrance gate of railway stations and also at different comfort areas.
Urdu author Ismat Chughtai, known for her literary works exploring free speech, social liberation, and gender
equality, was on 21st August paid homage by search engine giant Google with a colourful doodle on her 107th
birthday.
INS Vikramaditya, India’s only aircraft carrier, is going to be fitted with marine hydraulic system for the first
time as part of its upgrade that will give an edge to the air-capable wing of the ship.
IIT-Kharagpur launched its Re-Water Research Institute, which will primarily look at treating and converting
sewage water into potable water. The pilot plant at IIT-Kharagpur is expected to be ready by March 2019.
The health ministry issued new images for the pictorial warning on packs of cigarette and other tobacco
products. The new pictures, which will be used with effect from September 1, will have to be accompanied with
a quitline number.
According to a health ministry order, all packs of tobacco products must have “tobacco causes cancer” and
“tobacco causes painful death” written in white on a red background, and the words “quit today call 1800-11-
2356” in white on a black background along with the pictorial warning.
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The Centre declared the Kerala floods a ‘calamity of severe nature’, amid demands for declaring it a national
disaster.
Under its scheme SPARC to forge international research partnerships, the Human Research Development
(HRD) Ministry will fund 600 projects in top-ranked institutes with a total of about Rs 400 crore, according to
the IIT- Kharagpur, the coordinating centre for the scheme. SPARC – Scheme for promotion of Academic and
Research Collaboration
After the launch of the government e-marketplace (GeM), the centre is trying to replicate its success at a much
larger scale by bringing together all logistics players on one platform through a national logistics e-
marketplace for better price discovery and reducing logistics cost.
The test run for the online logistics marketplace is likely to begin by March 2019.
The highest pollution is due to transport in the national capital of Delhi. At the same time, Madhya Pradesh’s
capital Bhopal has the lowest level of pollution.
The Center for Science and Environment (CSE) has released the report named The Urban Commute after
studying 14 cities in the country. The cities which CSE has studied include Delhi, Mumbai, Kolkata, Chennai,
Bangalore, Hyderabad, Ahmedabad, Pune, Jaipur, Lucknow, Kochi, Bhopal, Vijayawada and Chandigarh.
Aptly called Neta app, which was unveiled by former President Pranab Mukherjee, the technology platform will
let users rate their MLAs and MPs and is being billed as an instrument to gauge voter sentiment across
constituencies in the country. The app is created by 27-year-old entrepreneur Pratham Mittal.
Union Railway Minister Piyush Goyal flagged off Kathgodam-Dehradun Naini-Doon Janshatabdi Express via
video conferencing from Rail Bhavan. The new train will be providing direct connectivity between two
important hill stations of Uttarakhand– Mussoorie and Nainital.
In a major decision, the defence ministry approved procurement of 111 utility helicopters for the navy at a cost
of overRs 21,000 crore. Ministry cleared procurement proposals worth nearly Rs 46,000 crore which included
the acquisition of the helicopters.
Real average daily wages in India almost doubled in the first two decades after economic reforms, but low pay
and wage inequality remains a serious challenge to inclusive growth, the International Labour Organization
warned in its India Wage Report published recently.
The Ministry of New and Renewable Energy said 126 MW wind power capacity, part of country’s first inter
state transmission system (ISTS) auction, is commissioned in Bhuj,Gujarat.
The committee on review of penal provisions of Company Act 2013 submitted its final report to Finance and
Corporate Affairs Minister Arun Jaitley in New Delhi. The Committee (Secretary, Ministry of Corporate Affairs,
Injeti Srinivas) was constituted by the government last month to review the existing framework dealing with
offences under the Companies Act, 2013 and related matters and make recommendations to promote better
corporate compliance.
No-frills airline SpiceJet today operated India’s first test flight powered by biojet fuel, marking a new chapter in
the fast-growing domestic aviation sector. The nearly 45-minute flight from Dehradun to the national capital
was operated with a Bombardier Q400 aircraft, partially powered by biojet fuel made from Jatropha plant.
An MoU was signed for the implementation of 362-km Indore-Manmad New Railway Line Project in New Delhi.
Talking about the project, Shipping Minister Nitin Gadkari said, the first of its kind of project will not only
reduce the distance by a huge margin but also boost the developmental process of the tribal areas along the
line.
Union Water Resources Minister Nitin Gadkari signed a memorandum of understanding (MoU) here with 6
states for the construction of the Lakhwar multi-purpose project in the upper Yamuna basin to deal with water
crisis. Chief Ministers of Uttar Pradesh (Yogi Adityanath), Rajasthan (Vasundhara Raje Scindia), Uttarakhand
(Trivendra Singh Rawat), Himachal Pradesh (Jai Ram Thakur), Haryana (Manohar Lal Khattar) and (Delhi
Arvind Kejriwal) signed the MoU. Under the agreement, the 204-metres high project will be constructed near
Uttarakhand’s Lohari village with live storage capacity of 330.66 million cubic metres (MCM).
Understanding the importance of regional languages in India, search giant Google has announced a new
program that will empower offline newspapers and magazines in India to bring their content online.
Announced during the fourth edition of ‘Google for India’ event, the Project Navlekha claims to bring offline
content online in just a few clicks. Google is using its expertise in artificial intelligence for Project Navlekha,
using which, it will quickly render any PDF with Indian language content into editable text, overcoming issues
that usually occur when you try to copy text in Indian languages from a PDF.
The Centre has sanctioned Rs 730 crore for the Gujarat’s Sardar Sarovar Dam project on the Narmada river for
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the current year and also committed soft loan of Rs 1,500 crore for the state’s other irrigation projects, Deputy
Chief Minister Nitin Patel said on 28 August.
The third edition of World’s Biggest Open Innovation Model – Smart India Hackathon 2019 was launched by
the Union Minister for Human Resource Development, Shri Prakash Javadekar in New Delhi.
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its
approval for the umbrella scheme “Ocean Services, Technology, Observations, Resources Modelling and
Science (O-SMART)”, for implementation during the period from 2017-18 to 2019-20 at an overall cost
ofRs.1623 crore.
The Union cabinet approved an additional 2 per cent hike in Dearness Allowance (DA) and Dearness Relief
(DR) for central government employees. The hike will come into effect from July 1, 2018.
In a bid to increase its market share in India’s payments market, Google rebranded its payments app Google
Tez into Google Pay, introduced new features and widened its scope with new tie-ups. Launched first in India
last year as Google Tez, the re-branded Google Pay will now be offered in other countries too. Google said it
will be unifying all of Google’s payment offerings globally.
Andhra Pradesh Chief Minister N Chandrababu Naidu has been invited by the United Nations (UN) to deliver a
keynote address at an event, titled ‘Financing Sustainable Agriculture: Global Challenges and Opportunities’ –
to be organised on the sideline of the annual UN General Assembly in New York on September 24.
NITI Aayog Vice Chairman Dr.Rajiv Kumar, and Chief Executive Officer Shri. Amitabh Kant, unveiled a series of
events to take place in the‘Mobility Week’ from 31 August to 6 September 2018, in the run up to MOVE: The
Global Mobility Summit 2018 on 7 and 8 September 2018 at Vigyan Bhawan, New Delhi. The Summit will be
inaugurated by Hon’ble Prime Minister of India.
Union Human Resource Development Minister Prakash Javadekar has launched the Innovation Cell and Atal
Ranking of Institutions on Innovation Achievements, ARIIA in New Delhi.
State News
Andhra Pradesh
The Andhra Pradesh Government has approved the “Mukhyamantri Yuva Nestam” scheme that makes
unemployed youth in the state, eligible of receiving Rs 1000 per month from the government.
Andhra Pradesh Chief Minister unveiled the world’s first-ever high energy storage device in Amaravati, Andhra
Pradesh. The thermal battery, first-of-its-kind anywhere in the world, is a revolutionary and disruptive
technology patented by Dr. Patrick Glynn in 2016 in India.
Assam
Amid tight security, the second and the final draft of the National Register of Citizens (NRC) of Assam was
released in Guwahati. Out of 3,29,91,384 total applicants, 2,89,83,677 people have been found eligible to be
included in the National Register of Citizens.
In Assam, the Panchayat and Rural Development Department has stressed on accelerating the pace of overall
development of rural areas through successful implementation of various programmes. The department has
also taken steps for conducting a door to door survey under Prime Minister Awas Yojna Grameen
The Central Government which aims to improve digital connectivity and infuse digital literacy in all the states
of the country, recently launched the ‘Digital Northeast Vision Document 2022’ in Guwahati.
Bihar
Bihar CM Nitish Kumar has launched an ambitious scheme - ‘Mukhyamantri Kanya Utthan Yojana’ - which
promises to provide Rs 54,100 from the birth of a girl child till she graduates.
Chhattisgarh
Chhattisgarh Chief Minister Raman Singh announced that Chhattisgarh is the first among the 28 other states in
the country to provide Right to Skills’ Development to the youth
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Delhi
Delhi has toppled Gujarat from the top spot in a list of 21 states and union territories with the most investment
potential, according to a report by economic think-tank NCAER.
Parts of the national capital will now enjoy free Wi-Fi and high-speed broadband as Union Home Minister
Rajnath Singh launched a slew of “smart city” projects in a function.
Ahead of the Independence Day, the Delhi Police inducted India’s first all-woman Special Weapons and Tactics
(SWAT) team for anti-terrorist operations.
Goa
Goa Chief Minister Manohar Parrikar and Tourism Minister Manohar Ajgaonkar flagged off the Goa Tourism
Development Corporation’s app-based taxi service called “GoaMiles” in Panaji. “GoaMiles”, would ensure that
commuters are not cheated and at the same time would increase the earnings of taxi drivers by “two to three”
times.
Haryana
Expanding its infrastructure footprint in India, online retail major Amazon India opened its largest fulfilment
centre (FC) in Haryana with a view to enhance customer experience ahead of the festive season.
CM Manohar Lal Khattar dedicated the state’s first civil airport at Hisar to the people of Haryana, saying it
would open the possibilities of creating an economic corridor and vibrant industrial ecosystem.
Himachal Pradesh
Himachal Pradesh Chief Minister Jai Ram Thakur launched an awareness campaign named “Horn Not Ok” along
with a statewide mobile app “Shoor Nahin” or no noise in Shimla and Manali. The mobile app “Shoor Nahin”, is
an initiative to check noise pollution in the state. The app has been developed to report any noise pollution
complaint to authorities.
Karnataka
The government of Karnataka launched the ‘Swachhameva Jayate’ campaign in a bid to step up the cleanliness
and hygiene efforts of the state. It programme, implemented by the Rural Decelopment and Panchayat Raj
Department of the state, will first focus on rural areas.
Karnataka launched a round-the-clock information and grievance helpline for Scheduled Castes (SCs) and
Scheduled Tribes (STs) across the state. ‘Kalyana Kendra’ (welfare centre) helpline will allow members of
these communities to get information on the state’s welfare programmes for them as well as register
complaints.
The helpline telephone number is 080-22634300 while Whatsapp and text messaging services can be accessed
on 9901100000.
Kerala
Kerala, Rajasthan, Andhra Pradesh, Maharashtra and Punjab have emerged as the top performers in the first
ever State Energy Efficiency Index released by Bureau of Energy Efficiency (BEE) with Kerala leading the chart.
Industry chamber CII said a task force chaired by its former President Kris Gopalakrishnan is working on
comprehensive relief for flood-affected in Kerala in coordination with the state and district administrations.
The Union Ministry of Earth Sciences has decided to set up a cyclone-warning centre in Thiruvananthapuram.
At present, national weather forecaster India Meteorological Department (IMD) has cyclone warning centres
only in Chennai, Vishakhapatnam, Bhubaneswar, Kolkata, Ahmedabad and Mumbai.
HDFC Bank has announced that it will adopt 30 villages in flood-hit Kerala as part of its long-term relief and
rehabilitation efforts.This initiative is aimed at helping people in the worst-hit parts of the State recover.
Madhya Pradesh
Madhya Pradesh CM Shivraj Singh Chouhan launched Dial 100 Mobile app, which will help the needy at the
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time of emergency. According to Chouhan, as soon as police receive the call through Dial 100 application,
Madhya Pradesh Police will reach the location as soon as possible.
In Madhya Pradesh, in a first of its kind initiative, “Mil -Banche”, an interactive programme between schools
and society is being organized in all government schools of the state.
Maharashtra
A special film festival on the theme “Freedom Struggle and Freedom Fighters” was held in Mumbai,
Maharashtra on 15th August. The festival was organized by the Films Division to mark India’s 72nd
Independence Day.
Nearly two years after a resolution was passed in the Maharashtra Assembly, Chhatrapati Shivaji International
Airport has finally been rechristened as Chhatrapati Shivaji ‘Maharaj’ International Airport. Mumbai’s airport
was formerly known as Sahar International Airport. It was renamed as Chhatrapati Shivaji International
Airport in 1999.
Manipur
The Lok Sabha passed the National Sports University bill, 2017, which seeks to establish a National Sports
University in Manipur to promote sports education.
Odisha
The Odisha government would reward people on returning used bottles and Orissa State Cooperative Milk
Producers Federation (OMFED) polythene containers from October this year.
Union Minister for Oil and Natural Gas Dharmendra Pradhan launched Prime Minister Narendra Modi
authored book ‘Exam Warriors’ in Odisha’s Bhubaneswar city in Odia language.
Odisha Chief Minister Naveen Patnaik announced a universal health scheme – Biju Swasthya Kalyan Yojana
(BSKY) –in the state that will benefit 70 lakh families.
The Odisha Government has tied up with Japan for its mega investment Conclave 2018 to take place in
November this year. The state has already identified 600 acres near capital city Bhubaneswar that could serve
as a dedicated industrial park for Japanese investors.
While Japan will be ‘Country Partner’ to the Make in Odisha conclave, SBI is banking partner for the event.
The Odisha government is setting up a world-class interpretation centre at Dangamal near Bhitarkanika
National Park to showcase its efforts in protecting crocodiles and preserving its rich mangrove diversity.
CM Naveen Patnaik launched ‘My Heart Beats for Hockey’ campaign, a promotional event that aims to spread
the passion and love for the game ahead of the Odisha Men’s Hockey World Cup 2018.
CM launched the ‘Mu Hero…Mu Odisha’ Campaign in Cuttack that aims to recognise exemplary works by Odia
boys and girls towards social transformation.
The Odisha government signed a memorandum of understanding with US-based ‘Malaria No More’ and India-
based Malaria Elimination Trust to curb Malaria menace in the state.
NSIC Integrated Marketing Development Centre for MSMEs inaugurated in Bhubaneshwar
Punjab
Punjab Minister announced that Punjab, the first state in India to launch a mobile app ‘i-Hariyali’ to supply free
saplings, has provided 13 lakh saplings to people through this endeavour so far.
Rajasthan
Rajasthan has become the first Indian state to implement the national policy on biofuels unveiled by the centre
in May this year. High-power Biofuel Authority approved this implementation.
On the eve of Independence Day, the Rajasthan government will organise a human chain along the 650-km-
long Pakistan border under a programme, ‘Shahadat ko Salam’. The programme will be organised by the state
government with the help of Border Security Force and the Army on August 14.
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Rajasthan CM Vasundhara Raje announced that the state will observe September as the “month of nutrition” to
create awareness among people living in the state.
Chief Minister Vasundhara Raje inaugurated the Bhamashah Techno Hub in Jhalana Industrial Area of Jaipur.
She said the country’s biggest centre equipped with the ultra-modern technology will help around 700
entrepreneurs to work under one roof and realise their dreams.
Sikkim
The Khangchendzonga Biosphere Reserve in Sikkim has become the 11th Biosphere Reserve from India that
has been included in the UNESCO designated World Network of Biosphere Reserves (WNBR).
Tamil Nadu
Tamil Nadu Chief Minister Edappadi K. Palaniswami inaugurated ‘India’s tallest film studio’ built by Federation
of Film employees Union of South India on August 26 in Kalaignar city, Paiyanur. The studio is named after
former Chief Minister M.G. Ramachandran. Various floors in this studio will also get their names after former
Chief Ministers who were a part of the film industry.
CM E.Palanisamy launched an app and a website www.plasticpollutionfreetn.org on plastic pollution free
Tamilnadu. He announced the appointment of actors Suriya, Karthi, Jyothika and Vivek as brand ambassadors
of the state’s plastic-free Tamil Nadu campaign and to promote eco-friendly bags. The State Government has
announced that plastic will be banned from January 1 2019.
Telangana
The government of Telangana signed MoUs with Tech Mahindra, Nucleus Vision and Eleven01 Foundation to
launch India’s first Blockchain District (Hyderabad), which will provide a complete ecosystem for the growth
of blockchain technology.
National Wildlife Genetic Resource Bank (NWGRB) was inaugurated at Centre for Cellular and Molecular
Biology’s (CCMB) Laboratory of Conservation of Endangered Species (LaCONES) facility in Hyderabad,
Telangana.
The 72nd Independence Day was celebrated in Telangana with the launch of two major schemes – free eye
screening for all citizens and life insurance for farmers.
Under ‘Kanti Velugu’, the entire population of 3.7 crore will be provided free eye care. The authorities will not
only conduct eye screening but will also provide free medicines, spectacles and arrange for free surgeries, if
required. Chief Minister K. Chandrasekhar Rao also announced the implementation of another scheme, ‘Rytu
Bima’, aimed at providing life insurance cover of Rs 5 lakh to every farmer.
Tripura
In an effort to boost ties between India and Japan in the bamboo craft sector, a team from the Japanese
embassy in New Delhi and stakeholders in the bamboo handicraft sector of Tripura took part in a workshop
called ‘Bridging Japan and India by Bamboo’.
Uttarakhand
The Uttarakhand High Court banned the commercial use of elephants in Corbett Tiger Reserve besides
restricting the number of vehicles entering its ranges in a day to 100.
Uttar Pradesh
Bharatiya Janata Party (BJP) president Amit Shah inaugurated the new Deen Dayal Upadhyaya Junction railway
station, which was earlier known as Mughalsarai.
Defence Minister Nirmala Sitharaman and Uttar Pradesh Chief Minister Yogi Adityanath launched a defence
industrial corridor in Aligarh, Uttar Pradesh. The move is part of the government’s efforts to develop
specialised zones dedicated to defence production in the state. Six nodal points, Agra, Aligarh, Lucknow,
Kanpur, Chitrakoot and Jhansi have been identified in state for the corridor. Another defence corridor was also
launched in Tamil Nadu.
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West Bengal
The city of Kolkata will be the venue for the next event of the ‘CuppaSchoola’ karate tournament, run by the
Indian Professional Karate Council (IPKC) and the Boutspro Ultimate Karate League.
Finance and Banking News
The World Bank has priced the world’s first public bond created and managed using only blockchain in $100
million ($73.16 million) deal designed to test how the technology might improve decades-old bond sales
practices.
A central government report has ranked Punjab National Bank (PNB) as the best PSU bank in the overall digital
transactions category in India.
A major deadline in the process of resolving the country’s most pressing corporate and banking problem of
NPAs, or bad loans, ended on 27th August with the RBI having set a six-month time frame for finalising
resolution plans for around 70 large stressed accounts worth over Rs 3.8 lakh crore.
All the 1.55 lakh post offices in the country would be linked to the India Post Payments Bank (IPPB) system by
December 31, 2018. The India Post Payments Bank is scheduled to be launched nation-wide on September 1.
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval for revision of the
project outlay for setting up of India Post Payments Bank (IPPB) from Rs. 800 crore to Rs. 1,435 crore. IPPB
services shall be available at 650 IPPB branches and 3250 Access Points from 1st September 2018 and in all
1.55 lakh post offices (Access Points) by December 2018.
Mauritius-based SBM Group has received Reserve Bank of India’s approval to operate in the country through a
wholly-owned subsidiary route — the first foreign lender to receive such a licence after local incorporation
was introduced in 2013.
French company IDEMIA has become the first company to be given the certification to manufacture and
personalise RuPay chip contact and contactless cards on the qSPARC v2 platform. The certification is issued by
the National Payments Corporation of India.
India’s co-operative banking sector is set to undergo a transformation with the concept of Umbrella
Organisation (UO) of Urban Co-operative Banks (UCBs) seen as an answer to issues plaguing the sector.
Gujarat is the first State in the country to have an UO for the UCB sector.
The Reserve Bank of India (RBI) will transfer Rs 50,000 crore as surplus to the central government for the year
ended June 30, 2018.
As many as 21 public sector banks (PSBs) and three major private sector lenders have collected a whopping Rs
5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18.
State Bank of India (SBI) launched the Multi-Option Payment Acceptance Device or MOPAD, a unified payment
option that accepts multiple payment methods. Under this, customers will be able to pay through credit or
debit cards, Bharat QR, Unified Payments Interface (UPI) and SBI Buddy (e-wallet) at a Point of Sale (PoS)
terminal. This initiative aims at providing digital convenience to customers and ease of doing business for
merchants at the same time.
Country’s largest lender State Bank of India (SBI) is considered to be the most patriotic brand, according to a
survey conducted by UK-based online market research and data analytics firm YouGov, followed by Tata
Motors, Patanjali, Reliance Jio and BSNL. Around 16% respondents ranked SBI to be the most patriotic brand
overall, followed by Tata Motors and Patanjali with 8% each, and Reliance Jio and BSNL with 6% each.
Axis Bank has become the first bank in the country to introduce Iris Scan Authentication feature for Aadhaar-
based transactions through its micro ATM tablets.
Hongkong and Shanghai Banking Corporation (HSBC) has launched a new digital platform ‘MyDeal’ to simplify
capital raising process through capital markets by providing real-time access to information such as investors’
feedback, profiles, client orders and deal pricing.
DBS Bank has been named the world’s best bank by Global Finance magazine, in a reflection of its ability to
invest in digital innovation while still maintaining stable operations for its customers.
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DBS is the first Asian bank to receive the accolade from the New York-based publication, which last year gave
the title to ING Bank.
Karnataka Vikas Grameen Bank launched a new deposit scheme ‘Vikas Bonanza 456’, offering higher rate of
interest. The scheme is applicable to all segments of depositors.
Fino Payments Bank has been barred by the Reserve Bank of India from adding new customers since the end of
May 2018.
HDFC Life Insurance Company inked an agreement with Vijaya Bank to tap customers of the state-owned
lender.
Edelweiss Tokio Life insurance and Fincare Small Finance Bank (SFB) have announced a bancassurance
partnership. The stated aim is to push life insurance to the rural population.
Exim Bank of India has signed a multilateral cooperation agreement with member development banks of
BRICS to undertake “collaborative research” in distributed ledger/blockchain technology.
Bajaj Allianz General Insurance has entered into a bancassurance deal with Vijaya Bank. This corporate agency
agreement will enable distribution of Bajaj Allianz General Insurance products through the bank’s network of
2,129 branches across the country.
In an effort to offer hassle-free and seamless financing options to its customers, Bajaj Finance Ltd., the lending
arm of Bajaj Finserv along with RBL Bank Ltd. offer interest-free cash withdrawal facility for up to 50 days
through Bajaj Finserv RBL Bank SuperCard.
Airtel Payments Bank has tied up with Bharti Axa Life Insurance to offer the bank’s customers insurance cover
under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). With this, Airtel Payments Bank also becomes
the first payments bank in India to offer the Government of India-backed life insurance scheme.
Reserve Bank of India (RBI) hiked the repo rate by 25 basis points to 6.50 percent while maintain neutral
stance on the stability in the market. The six member Monetary Policy Committee (MPC) said that its decision
is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the
medium-term target for consumer price index (CPI) inflation of 4 percent.
Highlighting the inflation, the MPC projected 4.6 percent in Q2FY19, 4.8 percent in H2 of FY19 and 5 percent in
Q1FY20. The Reserve Bank of India (RBI) Governor Urjit Patel said that Monetary Policy committee (MPC) has
projected the GDP growth at 7.4% for this fiscal year as in the June statement.
Current Rates:
Repo Rate: 6.50% Reverse Repo Rate: 6.25%
Marginal Standing Facility (MSF) Rate: 6.75% Bank Rate: 6.75%
Cash Reserve Ratio (CRR): 4% Statutory liquidity ratio (SLR): 19.5%
Business News
Telecom major Bharti Airtel launched its “Bandwith on Demand” platform globally to enable businesses manage
bandwidth requirements on a real-time basis.
Bandhan Bank has surpassed YES Bank’s market capitalisation (market cap) to become the sixth most valuable
private sector bank and seventh most valued listed lender.
Reliance Industries announced that its telecom subsidiary Jio has entered into an MoU with State Bank of India
(SBI) to deepen their digital partnership.
PayPal, a global technology platform and digital payments leader, has announced its strategic partnership with
HDFC Bank to offer safer, faster and convenient payment experiences for the bank’s card holders.
Digital payments major Paytm announced the acquisition of Bengaluru-based smart-savings management start-
up Balance Tech for an undisclosed amount.
Paytm has partnered with Alibaba to start its cloud business in Bengaluru. This will provide AI tools to
developers, startups and enterprises with CRM, campaign management and payment solutions.
Retail giant Walmart Inc. acquired approximately 77 per cent stake in e-commerce major Flipkart. Remainder of
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the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global
and Microsoft Corp.
The Competition Commission has cleared US retail giant Walmart’s proposed acquisition of Flipkart, a deal
estimated to be worth $16 billion. In May, Walmart announced acquisition of 77 per cent stake of Flipkart in its
biggest takeover till date.
The Competition Commission of India (CCI) has approved the acquisition of food and agri products
manufacturer Ruchi Soya by consumer edible oils major Adani Wilmar.
Bharat Sanchar Nigam Ltd (BSNL) has launched BSNL WINGS, a VOIP based service. In WINGS, there is no SIM or
cable wiring as is a VOIP service through an app. The WINGS service offers unlimited free audio/video calling for
one year.
Online retailer Flipkart has acquired AI-led speech recognition Liv.ai, in a bid to target the next 200 million
online shoppers.
Online retailer Flipkart has launched an independent platform for refurbished products, starting with a mobile
site. Called ‘2GUD’, the platform initially offers smartphones, laptops, tablets and electronic accessories, with
large appliances to be added soon. Prices will vary from 50-80% of the original product’s price depending on the
level of certification.
Digital marketplace for financial services Freecharge has announced the launch of a new category of service
offering in partnership with AbhiBus.
The merger of Vodafone India and Idea Cellular is complete after the National Company Law Tribunal (NCLT)
approved the merger, creating India’s largest telecom operator with over 400 million subscribers. Now -
Vodafone Idea Limited
Economy News
The Goods and Services Tax (GST) Council in its meeting decided to start a pilot project to give 20 per cent
cashback of the GST paid to incentivise digital payment in the country.
The United Arab Emirates (UAE) has emerged as the top source of inward remittances, while Kerala has
received the maximum funds sent from abroad, according to the Reserve Bank of India’s survey of inward
remittances for 2016-17.
India’s foreign exchange (Forex) reserves plunged by $1.82 billion during the week ended August 10. According
to the Reserve Bank of India (RBI) weekly statistical supplement, the overall forex reserves plunged to $400.88
billion from $402.70 billion reported for the week ended August 3.
The Securities and Exchange Board of India (SEBI) drastically cut the timeline for listing of debt securities to 6
days from 12 days at present. This will make the existing process of issuance of such securities simpler and cost-
effective. The new rule would be applicable for all public issues of debt securities from October 1, 2018.
All India Financial Inclusion Survey (NAFIS), conducted by National Bank for Agriculture and Rural
Development (NABARD), revealed that farm households register higher income than the families solely
dependent on non-farm livelihood activities in rural areas.
The Receivables Exchange of India (RXIL) (Headquarters – Mumbai, Maharashtra) said that the Hindustan
Aeronautics (HAL) has become the first public sector enterprise to make a transaction on the “TReDS platform”.
No ATM will be replenished with cash after 9pm in cities and 6pm in rural areas from next year, and two armed
guards will accompany crisp notes in transit as per a new directive issued by the home ministry.
The deadline for putting money in the ATMs located in Maoist-hit areas is 4 pm while private cash handling
agencies must collect money from the banks in the first half of the day and transport notes only in armoured
vehicles.
The new Standard Operating Procedures (SoPs) would come into effect from February 8, 2019 in view of the
spurt in incidents of attacks on cash vans, cash vaults, ATM frauds and other internal frauds leading to increased
sense of insecurity.
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