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GA- 08 & 09 Aug 2018(August 10, 2018)

4 months ago 0 comments

Dear Aspirants,

For cracking the banking examinations, it is important to keep yourself updated with the News which is happening inside and outside the world. You must have to be well-acquainted with all this latest and current News. So, we on the daily basis use to provide you the Daily GA Dose, which covers all the sections of today’s News.

Here is Daily GA Dose of the day. Make yourself benefited from the same.

Aug 09: International Day of the World’s Indigenous Peoples
  • The International Day of the World’s Indigenous Peoples is observed every year on Aug 09 in recognition of the first meeting of the United Nations Working Group on Indigenous Populations in Geneva in 1982.
  • 2018 theme: ‘Indigenous peoples’ migration and movement’.
  • The theme focuses on the current situation of indigenous territories, the root causes of migration, trans-border movement and displacement, with a specific focus on indigenous peoples living in urban areas and across international borders.
  • On this day, people from around the world are encouraged to spread the UN’s message on the protection and promotion of the rights of indigenous peoples.

RBI to pay Rs. 50,000 crore dividend to Government for FY18
  • The Reserve Bank of India (RBI) transferred surplus (dividend) of Rs. 50,000 crore to Govt for year ended in Jun 2018, over 63% more than Rs 30,659 crore which it transferred in 2017.
  • Earlier in 2017, RBI had slashed surplus in the wake of demonetisation as its expenditure shot up largely because of sharp rise in provisions and cost of printing currency notes.
  • Technically, transfer of profits of RBI is provided in Section 47 of RBI Act, 1934.
  • With increase in RBI surplus by close to Rs 20,000 crore, Centre’s prospect of meeting fiscal deficit target (pegged at 3.3% of GDP this financial year) has improved based on fiscal consolidation and budget assumptions.
  • For year 2015-16, RBI board had approved transfer of surplus amounting to Rs 65,876 crore to govt and for year 2014-15, it had paid Rs 65,896 crore, which came as boon to Govt in covering fiscal deficit target.
  • The surplus transferred to government was Rs 52,679 crore in 2013-14.

SBI launches unified payment terminal
  • India’s largest lender, State Bank of India (SBI) launched its Multi Option Payment Acceptance Device (MOPAD) for digital payments convenience of merchants and consumers.
  • It aims to provide digital convenience to customers and ease of doing business for merchants at the same time.
  • SBI will roll-out this new initiative on all SBI PoS terminals in a phased manner.
  • Multi Option Payment Acceptance Device (MOPAD) aims at providing convenience to merchants by eliminating multiple machines that they keep in order to facilitate transaction from different sources.
  • It will allow customers to make payments through cards, Bharat QR, UPI and SBI Buddy (e-wallet) on single Point–of–Sale (PoS) terminal.
  • It will help merchants to integrate different kinds of transaction through one PoS machine, which will help in eliminate their operational inconvenience and streamline cash flow.
  • Customers will receive a charge-slip as proof of payment after processing any type of transactions through MOPAD.

NITI Aayog and CII launch partnership on SDGs
  • The NITI Aayog and Confederation of Indian Industry (CII) signed MoU on Sustainable Development Goals (SDGs) and entered into three-year partnership.
  • It was signed during Govt and Business Partnership Conclave, jointly organised by NITI Aayog, CII and United Nations, held in New Delhi.
  • It focuses on specific activities that seek to develop vision and action agenda for businesses and industries to contribute to SDGs, annual status reports and sector-specific best practise documents.
  • Confederation of Indian Industry (CII), headquartered at New Delhi, is an association of Indian businesses which works to create environment conducive to growth of industry in India.

Centre appoints Swaminathan Gurumurthy and Satish Marathe as non-official directors
  • The Appointments Committee of Cabinet (ACC) approved appointment of Chartered Accountant, Swaminathan Gurumurthy and businessman, Satish Kashinath Marathe as another non-official director on Central Board of Reserve Bank of India (RBI).
  • They have been appointed for period of four years.
  • RBI’s Central Board of Directors comprises RBI Governor, Deputy Governors (maximum 4), four non-official Directors which are nominated by Central Government (each Non-official director represents the local Boards located in Delhi, Chennai, Kolkata and Mumbai representing 4 regions of India).
  • 10 Non-official Directors nominated by RBI itself.
  • These 10 are persons having expertise in various segments of Indian Economy.
  • Besides, there is one representative (usually Financial Services Secretary) of Central Govt nominated under Section 8 (1) (d) of the RBI Act.

Govt raises import duty on 328 textile products to curb imports
  • The Union Govt doubled import duties on 328 textile products to 20% from existing rate of 10% under Section 159 of the Customs Act, 1962.
  • Earlier in Jul 2018, Govt had doubled import duty on over 50 textile products — including jackets, suits and carpets to 20%.
  • The increment will give edge to domestic manufacturers as imported products are currently cheaper.
  • It will curb soaring imports from China and focus more on local value addition in labour-intensive sector.
  • It will help to promote ‘Make in India’ as imports of these goods had surged drastically in last one year especially post GST.

Govt launches Niryat Mitra mobile app
  • The Union Ministry of Commerce and Industry launched Niryat Mitra mobile application for exporters and importers of the country.
  • It was developed by the largest exporters organisation of the country, Federation of Indian Export Organisations (FIEO).
  • Niryat Mitra app provides wide range of information required to undertake international trade right from policy provisions for export and import, applicable GST rate, available export incentives, tariff, preferential tariff, market access requirements – SPS and TBT measures.
  • Federation of Indian Export Organisations (FIEO), headquartered in New Delhi, is apex and largest trade promotion organisation in India.

AIIA inks MoU with IIT Delhi 
  • The premier institute of Ayurveda under the AYUSH Ministry, All India Institute of Ayurveda (AIIA) signed Memorandum of Understanding (MoU) with IIT Delhi to boost research in traditional medicine and streamline hospital care facilities in the country.
  • It was signed at two-day conference of heads of AYUSH National Institutes organised by All India Institute of Ayurveda (AIIA) aimed at upgrading the national institutes of traditional medicine at par with the IITs and IIMs.
  • The faculties of IIT Delhi and AIIA will work together in projects to look at ways to integrate technology with Ayurveda.
  • All India Institute of Ayurveda (AIIA), located in New Delhi, is apex institute for Ayurveda in the country under Ministry of AYUSH.
  • It aims at bringing synergy between traditional wisdom of Ayurveda and modern tools and technology.

Govt, NABARD and NWDA ink revised MoA for 99 projects
  • The Union Govt, NABARD and National Water Development Agency (NWDA) signed revised Memorandum of Agreement (MoA) for funding of central share of 99 prioritized irrigation projects under Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) through Long Term Irrigation Fund (LTIF).
  • It will enable Ministry of Water Resources to release Central Assistance to prioritized projects under PMKSY as per requirements from time to time.
  • Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), implemented by Ministries of Agriculture, Water Resources and Rural Development, was launched in Jul 2015 with overarching vision to ensure access to some means of protective irrigation for all agricultural farms in the country and to produce ‘per drop more crop’, thus bringing much desired rural prosperity.
  • It has outlay of Rs 50000 crore with implementation period of over five-year till April 2020.

India has highest gender gap in mobile phone ownership 
  • According to the recent study released by LIRNEAsia, India has highest gender gap in mobile phone ownership amongst 18 comparable countries and ranks among the lowest in women’s access to Internet.
  • Only 43% of women in India own mobile phones compared to almost 80% of Indian males mostly because of lack of awareness.
  • There is substantial urban-rural divide in mobile phone ownership with 71% urban penetration and 55% in rural.
  • The gender gap in internet usage is accentuated in rural regions at 52% as compared to 34% in urban areas.
  • LIRNEAsia is an information and communications technology (ICT) policy think tank that is involved in pro-poor, pro-market research in Asia-Pacific since 2005.

Govt launches BIMS and Bhoomi Rashi – PFMS Linkage Portals
  • The Union Ministry of Road Transport & Highway (MoRTH) launched two IT initiative Bidder Information Management System (BIMS) and Bhoomi Rashi and PFMS linkage to expedite pre construction processes relating to bidding and land acquisition respectively.
  • BIMS portal aims at streamlining process of pre-qualification of bidders for EPC Mode of contracts for National Highway works with enhanced transparency and objectivity.
  • It will be used by all project implementation agencies of MoRTH for maintenance of technical information of civil works of contractors, concessionaires and for online technical evaluation of civil works bids.
  • Bhoomi Rashi portal, developed by MoRTH and National Informatics Centre (NIC), comprises entire revenue data of country, right down to 6.4 lakh villages.
  • The portal has been created for expediting process of publication of notifications for land acquisition.

RAP eased for foreigners visiting 29 Andaman and Nicobar Islands
  • The Union Home Ministry excluded 29 inhabited islands in Andaman and Nicobar from Restricted Area Permit (RAP) regime under the Foreigners (Restricted Areas) Order, 1963 till Dec 2022.
  • The decision aims to increase footfalls and promote tourism.
  • The lifting will allow foreigners to visit these islands without prior permission from the government.
  • Citizens of Afghanistan, China and Pakistan and foreign nationals having their origin in these countries will continue to require RAP to visit Union Territory.
  • Restricted Area Permit (RAP) regime RAP regime has been notified under Foreigners (Restricted Areas) Order, 1963.

Govt sets up GoM headed by Suresh Prabhu
  • Union Government constituted four-member Group of Ministers (GoM) headed by Union Minister of Commerce and Industry, Suresh Prabhu to decide on 16-member Regional Comprehensive Economic Partnership (RCEP) negotiations.
  • It has been constituted to advise Prime Minister on whether to continue with or withdraw from RCEP negotiations.
  • The GoM also includes Interim Finance and Power Minister Piyush Goyal, Defence Minister Nirmala Sitharaman and Housing and Urban Affairs Minister Hardeep Puri.
  • It will help fine tune India’s strategy for the upcoming RCEP ministerial meet in Aug 2018 in Singapore.
  • It will also help to finalize India’s position before RCEP Summit scheduled to be held in Nov 2018.
  • Regional Comprehensive Economic Partnership (RCEP) is proposed free trade agreement (FTA) or comprehensive regional economic integration agreement between the 10-ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) and its six FTA partners (Australia, New Zealand, India, China, Japan and Korea).

Lok Sabha passes SC and ST (Prevention of Atrocities) Amendment Bill, 2018
  • Lok Sabha unanimously passed Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Amendment Bill, 2018 to reverse effects of Supreme Court  order concerning certain safeguards against arrests under SC/ST law.
  • Scheduled Castes and Tribes (Prevention of Atrocities) Act, 1989 is popularly known as Prevention of Atrocities (PoA) Act or simply Atrocities Act.
  • It seeks to amend the Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Act, 1989.
  • The Bill states that investigating officer will not require approval of any authority for arrest of accused.
  • The Act states that persons accused of committing offence under Act cannot apply for anticipatory bail.

Parliament passes bill to provide constitutional status to NCBC
  • Parliament passed Constitution (One Hundred and Twenty-Third Amendment) Bill, 2017 to provide constitutional status to the National Commission for Backward Classes (NCBC).
  • The bill will be sent to President for his assent (as per 368 of Constitution).
  • Parliament also passed separate bill to repeal National Commission for Backward Classes Act, 1993 as it will become irrelevant once Constitution (123rd Amendment) Bill comes into force.
  • The Constitution (123rd Amendment) Bill provides for granting of constitutional status to NCBC on par with National Commission for Scheduled Castes (NNCSC) and National Commission for Scheduled Tribes (NCSTs).
  • It empowers President to specify socially and educationally backward classes in various states and union territories in consultation with Governor of concerned state.

Pakistan, Russia sign agreement
  • Pakistan and Russia signed contract on admission of service members of Pakistan in Russia’s Military Training Institutes.
  • It was signed at conclusion of first meeting of Russia-Pakistan Joint Military Consultative Committee (JMCC), the highest forum of defence collaboration between both countries held in Rawalpindi, Pakistan.
  • This will be for first time, Pakistani soldiers will undergo training at Russian military institutes.

Earth at risk of becoming irreversible hothouse
  • According to the recent study, the Earth is at the risk of entering an irreversible hothouse condition – where the global temperatures will rise by four to five degrees even if targets under 2015 Paris climate deal are met.
  • Hothouse Earth climate will in long-term stabilise at global average of 4-5 degrees Celsius higher than pre-industrial temperatures with sea level 10-60 metres higher than today.
  • Currently, global average temperatures are just over 1 degree Celsius above pre-industrial and rising at 0.17 degree Celsius per decade.

Tokyo 2020 becomes 1st Olympics to deploy facial recognition technology to increase security
  • Tokyo 2020 is going to become the first Olympics to use facial recognition technology to increase security around all venues.
  • Games organisers have partnered with Japanese telecommunications and information technology giant NEC to develop the first system of this kind to be implemented at an Olympics games.
  • The technology will use IC chips within identification cards to automatically verify the identity of those entering over 40 sporting venues.
  • The technology takes only 0.3 seconds to match up face with pre-registered photo, making it world’s fastest such system.
  • It will concentrate on strengthening security and decreasing waiting times for athletes.
  • It will help to prevent fraudulent entry by people borrowing, stealing or faking an ID card.


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