WBCS Current Affairs 14/08/2015 to 20/08/2015

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1. Cochin International Airport Ltd (CIAL) of Kerala has become the first airport in the world to fully operate on solar power. It achieved this feat after Kerala Chief Minister Oommen Chand officially commissioned the 12 MWp solar power plant near the cargo complex of airport. Key facts The plant comprises 46,150 solar panels laid across 45 acres near the cargo complex. The plant has been installed by the Kolkata-based Vikram Solar Pvt. Ltd. It is capable of generating 50,000 units of electricity daily. It is coupled with an existing 1 MW solar plant commissioned in 2013. It will make airport absolutely power neutral in terms of energy consumption as it consumes around 50000 to 60000 units of electricity per day. The plant system is without any battery storage as it is directly connected to the grid. Environmental impact: This green power project will not result in any carbon dioxide emissions over the next 25 years. It will produce clean source of energy equivalent to non-clean energy produced from coal fired power plants by burning more than 3 lakh metric tonnes of Coals. This plant is also equivalent to planting 30 lakh trees.

2. Bangladesh has become the first country in the world to receive funds from United Nations for its fast growing Solar Home Systems. In this regard, UN Framework Convention for Climate Change (UNFCCC) has issued carbon credits (CC) worth 3.56 million US dollars to two Bangladeshi organisations. The two organisations are Grameen Shakti: Founded by Nobel Laureate Muhammad Yunus with an aim to take clean solar power systems and communication technology to villages. Infrastructure Development Company Ltd (IDCOL): It state-owned development financial institution in Bangladesh. It finances and promotes infrastructure and renewable energy projects in the country.

3. Himachal Pradesh Government has launched Rajiv Gandhi Illuminating Scheme for Hill Town Advancement (RISHTA) project, which is an efficient smart LED based street lighting project. With this Himachal Pradesh becomes first state in North India to do so. It was launched by State Chief Minister Virbhadra Singh from the capital city of Shimla. About RISHTA project The scheme is also known as Centralized Control and Monitoring System (CCMS) Smart Street Lighting Scheme for Urban Local bodies which implements LED based street lighting project. This project is being implemented by collaboration of state Urban Development Department and Energy Efficient Services Limited (EESL). Investment: For this project EESL will invest all the capital upfront to implementation of Project. Municipalities will pay back this investment to EESL over a period of 7 years from energy and cost savings that will accrue as a result of installation of energy efficient LED lights. In this project total of 63,484 street lights will be replaced with LEDs in all the Urban Local Bodies to achieve 45 to 55 percent energy savings.

4. India’s Public Service Broadcaster Prasar Bharati and Digital Television Russia (DTR) have signed a memorandum of understanding (MoU) for Joint TV Programme cooperation. The MoU aimed at co-producing TV programmes, dubbing and repackaging of popular programmes from the both countries. It also seeks to improve aspects related to technology modernisation, news exchange and programmes in order to set the stage for a new media era in both the countries.

5. Union Government has appointed Ashwani Lohani as Chairman and Managing Director (CMD) of state owned national carrier Air India Ltd. His name was cleared by the Appointments Committee of Cabinet (ACC) chaired by Prime Minister Narendra Modi. He will have tenure of three years and succeed senior IAS officer Rohit Nandan whose extended tenure is ending on 21 August 2015.

6. On 19 August the Bombay Stock Exchange (BSE) has extended the direct market access facility (DMA) to foreign portfolio investors (FPI). Henceforth, the foreign investors will have direct access to the exchange trading system in Indian stock market without any manual interventions of the broker. Earlier FPI had to conduct stock exchange trading in BSE through the broker who used to manually place the orders on their behalf. According to SEBI regulations FPI seeking to avail DMA facility would not have to enter into a separate ‘broker- client agreement’ and it would be replaced by a simpler ‘terms and conditions’ document. Broker’s role: Henceforth the broker have to specifically authorize their clients and have to provide a technologically secure DMA system to their FPI clients. They are obliged to maintain client KYC records relating to exchange trading and have to maintain client margins in a separate bank account and also have to send settlement updates to the client including delivery/payment schedules. Implications: This step by BSE will provide FPI clients a direct control over their orders, now they can execute orders faster, secure and in transparent manner. It will increase liquidity in stock exchange market and will have lower impact costs for large orders. The FPI clients can now audit trails in better way and can use hedging and arbitrage opportunities through the use of decision support tools i.e. algorithms for trading in better way About BSE: Bombay Stock Exchange is the oldest stock exchange in Asia formed by eight native stock brokers association in 1875 located at Dalal street, Mumbai. It got temporary approval by Bombay government in 1927 and permanent approval by Indian Government on 31 Aug 1957. Today it is 10th largest stock market in the world by market capitalization at $1.7 trillion and has more than 5,000 companies listed in it.

7. With an intention of curbing black money generation the government approved signing and ratification of the Tax information exchange agreements between India and Seychelles. According to the agreement both the nations will exchange information with each other regarding taxes so as to curb tax evasion and avoidance by its citizens. As per the agreement the information provided by each nation will be treated as confidential and may be disclosed only to persons or concern authorities (Judiciary) who in relation to taxes covered under the agreement.

8. Three Indian companies Hindustan Unilever Sun Pharma Industries and Tata Consultancy Services (TCS) and have been named among the world’s 100 most innovative companies by Forbes. Hindustan Unilever the FMCG has been ranked 41 on the list whereas TCS stood at number 64 and Sun Pharma at 71 in the Forbes list of ‘The World’s Most Innovative Companies’.

9. In order to reduce air pollution due to vehicles the Ministry of Road Transport & Highways issued a notification to introduce Bharat Stage IV (BS-IV) compliant four wheeler vehicles though out the country from 1 April 2017. As per the notification from 1 April 2017 all newly manufactured four-wheeled vehicle that are complaint with the BS-IV standards will be allowed to registered and move on roads. From 1 April, 2010 vehicles in few cities of NCR, Mumbai, Kolkatta, Chennai, Ahmadabad, Bangalore, Hyderabad including Secunderabad, Kanpur, Pune, Surat, Agra, Lucknow and Sholapur were already running with BS IV complaint engine. More 50 cities were added till 1 April 2015. About Bharat Stage emission standards: Bharat stage emission standards also known as “Bharat Stage” are emission standards instituted by the Government of India in accordance with European regulation standard ‘Euro norms’ to regulate the output of air pollutants that vehicles emits. India adopted “Barat stage” in accordance with ‘Euro norms’ from year 2000 and stage wise introduced Bharat Stage compatible fuel and ungraded and modified vehicles throughout the country. Each stage specifies a certain limit on the pollutants released, Higher the Bharat Stage goes lesser it emits pollutants. The BS-IV complaint vehicles release less pollutants {Carbon Mono-oxide (CO), Hydrocarbon (HC), Oxides of Nitrogen (NOx) and Sulphur (SOx)} i.e. 0.025 Respirable suspended particulate matter (RSPM) as compared to its preceding Bharat Stage complaint vehicles. Stages: BS-I Euro 1 2000 BS-II Euro 2 2005 BS-III Euro 3 2010 BS-IV Euro 4 2015 (63 cities till 1 April 2015) Note: Earlier Saumitra Chaudhri Committee has recommended to introduce even lesser pollutant releasing BS-V (0.005 rspm) and BS-VI (0.0025 rspm) throughout the nation by 2022 and 2024 respectively.

10. Bangladesh novelist Zia Haider Rahman has won James Tait Black award 2015, UK’s oldest literary prize for his first novel, In the Light of What We Know. His debut novel’s story is based on an investment banker in a lead role who receives a visit from an old friend and addresses a whole range of issues including Afghanistan war, the rise of Muslim fundamentalism and global banking crisis. He received this prize at the 2015 Edinburgh international book festival along with Richard Benson who had won this award for his novel The Valley: A Hundred Years in the Life of a Yorkshire Family in the biography category. Rahman was born in the Sylhet region of rural Bangladesh. Later he had migrated to United Kingdom. Prior to shifting to writing career, he had worked as an investment banker and a human rights lawyer. About James Tait Black award It is annual literary award bestowed on person for literature written in the English language in UK and is oldest literary award in the country. Establish: It was instituted in 1919 in memory James Tait Black. It is given in three categories viz. Fiction, Biography and Drama (introduced in 2012) by the University of Edinburgh in Scotland. The award carries monetary prize of 10000 British pounds.

11. Bangladesh has won maiden Under-16 South Asian Football Federation (SAFF) championship title 2015. In the title clash played at the Sylhet District Stadium the hosts defeated defending champions India 4-2 in penalties shoot out. In the regular play, both team had scored equal one goal against each other. The goals were scored by Fahim Murshed (Bangladesh) in the 46th minute and later Amay Morajkar (India) scored equalised goal in the 60th minute of the match. In the penalty shootout, Bangladesh did not miss any of their four penalties, while India failed to score its second and fourth shootout resulting Bangladesh to win title for the first time. In this edition Under-16 SAFF tournament Bangladesh, India, Nepal, Sri Lanka, Afghanistan and the Maldives had participated.

12. Union Tourism Ministry will soon confer the title of ‘Twin National Heritage Cities’ on the temple towns of Rishikesh and Haridwar. This will be the first instance in the country in which tag is being given to any of the cities. Both heritage cities will receive funds which have been earmarked for the development. Under the Twin National Heritage Cities, development plan has been proposed to develop two cities as world-class yoga and spirituality centres. The first priority of this development plan is to improve the infrastructure and traffic situation in these cities. Haridwar is very rich in cultural heritage as it has more than 370 heritage sites while Rishikesh has around 30 heritage sites. These heritage sites include old temples, akharas, dharamshalas, havelis, etc and have many artefacts and murals of historic value.

13. On 20 August 2015 Central government announced 30 per cent income tax rebate for establishment of new manufacturing plants and machinery in 21 ‘backward’ districts of Bihar. In order to give boost to economy and to attract new manufacturing units in 21 backward districts of Bihar Finance Ministry announced this special concession for five years under section 32 of the IT Act. 30 per cent income tax rebate: As per Finance Ministry notification 15 per cent additional depreciation on previous 20 per cent and 15 per cent investment allowance for new plant and machinery on previous 15 per cent will be added under section 32 of the IT Act. This altogether sum up 30 per cent tax rebate on income tax which will be applicable to new enterprises on the cost of their plant and machinery acquired and installed during the period from April 2015 to March 2020. It should be noted that this is second major announcement by Centre followed by Rs 1.25 lakh crore package announced earlier to Bihar. Note: The said section 32AD was first “inserted” in the I-T Act in the Finance Bill, 2015 in order to provide incentive and economic boost to the newly bifurcated states of Andhra Pradesh and Telangana. The notified 21 Districts are: The notified districts include Patna, Nalanda, Bhojpur, Rohtas, Kaimur, Gaya, Jehanabad, Aurangabad, Nawada, Vaishali, Sheohar, Samastipur, Darbhanga, Madhubani, Purnea, Katihar, Araria, Jamui, Lakhisarai, Supaul and Muzaffarpur

14. Former Olympic champion Sebastian Coe from United Kingdom has been elected as President of International Association of Athletics Federations (IAAF). In the election for this post he defeated Sergei Bubka of Ukraine by securing 115 votes. He succeeds Senegalese Lamine Diack who had led the IAAF for 16 years since 1999. He becomes only the sixth president in the organisation’s 103-year history.

15. Union Government has constituted a three member panel to assess the situation over the student protest in Film and Television Institute of India (FTII) in Pune. The three member panel has been constituted by Union Ministry of Information and Broadcasting (I&B). It will will be headed by the Registrar of Newspapers (RNI) S M Khan and comprise of two officials from I&B Ministry. The panel will submit its report on the situation in FTII to ministry.

16. Reserve Bank of India granted ‘in-principle’ approval to 11 applicants to start payments banks. The Committee of the Central Board (CCB) of RBI has selected 11 entities among the 41 applicant who has the reach and the technological and financial strength to provide service to the customers and promote government’s initiative of financial inclusion across the country. The selected applicants are: Reliance Industries Airtel M Commerce Services Tech Mahindra Vodafone m-pesa Aditya Birla Nuvo Department of Posts Cholamandalam Distribution Services Fino PayTech PayTm National Securities Depository Ltd (NSDL) Sun Pharma. As per RBI notification for Payment Banks: RBI has given ‘in principle’ approval to these 11 applicants to set payment banks is valid for 18 month period. The payments banks will be able to take deposits and remittances, internet banking and other specified services but cannot undertake lending services. Their holding are restricted to a maximum balance of Rs 1 lakh per individual customer. They can issue ATM/debit cards but not credit cards and can also issue other prepaid payment instruments. They can distribute non-risk sharing simple financial products like mutual funds and insurance products. Non resident Indians will not be allowed to open accounts in payment banks. Finance Minister had directed RBI to create a framework for licensing payment banks so as to meet government’s financial inclusion target. It is mandatory for payment banks to hold minimum capital of Rs. 100 crore. FDI of 74 per cent is allowed in payment bank. Selection: The applicants were detailed inspected by an External Advisory Committee (EAC) under the Chairmanship of Dr. Nachiket Mor the Director, Central Board of the Reserve Bank of India.

17. State run insurer, Life Insurance Corporation of India (LIC) has launched its maiden unit linked insurance plan (ULIP) product across the country. The ULIP which is also called as ‘New Endowment Plus’ offers investment-cum-insurance provision during the term policy providing dual benefit for the policy holder. Specifications of ULIP: It provides dual benefits of risk cover and investment opportunity in market to the policy holder and also provides option of partial withdrawal under this plan. ULIP provides four fund options to policy holders in form of — bond fund, balance fund, secured fund, and growth fund to which policy holder can switch over according to their conveniences. Policy holders can switch over among the fund options for four times in a given policy for free of charge. ULIP provides double death benefit .i.e. it gives assured amount equal to the higher of basic sum assured or policy holder’s fund value on death before or after the date of commencement of risk. It also provides accident death benefit to rider which provides for an additional amount equal to accident death benefit sum assured on death due to accident. The basic sum assured under ULIP is higher by 10 times the annualised premium and 105% of the total premiums paid. The minimum lock-in period for ULIP plan is for five years and if surrender before that an additional charge is levied.

18. Chinese personal computer and smartphone giant Lenovo has roped with electronics contract manufacturer Flextronics to start manufacturing facility in Sriperambudur, near Chennai. Lenovo has forayed in Indian smartphone manufacturing sector after the latest entrant Foxconn who will manufacture the phones in its facility and will invest $ 5 billion over a period of five years in India.

19. United National Party (UNP) led United National Front for Good Governance (UNFGG) has emerged as largest group by winning 106 seats out of total 225 seats in Sri Lankan Parliamentary election 2015. Leader of the UNFGG and UNP and current Prime Minister Ranil Wickremesinghe is expected to form a new government with the support of 95 MPs of United People’s Freedom Alliance (UPFA) loyal to President Maithripala Sirisena.

20. Union Government has completed the demarcation of eco-sensitive zone (ESZ) around the Okhla Bird Sanctuary in the national capital region (NCR) of Delhi. It was announced by Union Environment Minister Prakash Javadekar mentioning that notification in this regard will be issued soon. Earlier, National Green Tribunal (NGT) had passed an order barring any infrastructure development within 10 kilometre radius from the sanctuary’s boundary. This order did not allow the people to get occupancy certificates who had booked flats in this protected area. In order solve this problem NGT had directed the Union Ministry of Environment to issue the final notification on ESZ demarcation around the sanctuary. Once the final demarcation notification is issued by the government, the home buyers outside the ESZ will be allowed to get occupancy certificates of their flats which were pending due to NGT’s order. About Okhla Bird Sanctuary Okhla Bird Sanctuary is situated in Noida Gautam Buddh Nagar district on Delhi-Uttar Pradesh state border. Location: Okhla barrage over Yamuna River at the point where the river enters Uttar Pradesh. It was designated a bird sanctuary in 1990 with an area of 3.5 square kilometres by the Uttar Pradesh Government of under the Wildlife Protection Act, 1972. Okhla Bird Sanctuary is known as a haven for over 300 bird species, especially waterbirds.

21. India’s historic Mughal mausoleum Taj Mahal has ranked fifth position in the prestigious list of most attractive travel hotspot in the world. It was revealed in the recently released Ultimate Travelist of Lonely Planet which has described the monument as a magnificent Mughal masterpiece. Top Four travel hotspot in the world The Temples of Angkor: It was placed at first position in the list. These temples are UNESCO World Heritage site located in northern Cambodia. It has more than 1,000 temples, shrines and tombs which attracts more than 2 million tourists annually. The Great Barrier Reef: A UNESCO World Heritage located in Australia is placed at number two position. Inca city of Machu Picchu: It was placed at third position. It is also UNESCO World Heritage site, located in Peru. Great Wall of China: It was placed at fourth position in the list. It is also a UNESCO World Heritage site, located in China. Ultimate Travelist of Lonely Planet was compiled based on ideas and voting of travel writers and its staff on their favourites sights which had inspired, enthused and excited them the most.

22. Union Government has announced 1.25 lakh crore rupees special package for poll bound Bihar as part of Prime Minister’s Bihar Package. It was announced by the Prime Minister Narendra Modi in Arrah, Bihar. Key facts The special package to Bihar was declared in line with the on-going national social sector schemes of Union Government. These schemes are Pradhan Mantri Jeevan Jyoti Bima Yojana, Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jan Dhan Yojana, Free LPG connections to BPL and Swachh Vidyalaya Abhiyan. Roads and Railways: Off the total package amount around 55 thousand crore rupees will be spent on 4 laning and widening of highways. It will include construction of bridges across Sone, Kosi and Ganga, rivers and 12 Rail overbridges. Besides, around 14 thousand crore rupees will be provided for rural roads. Barauni Refinery: Over 21,000 crore rupees will be allocated for expansion of Barauni Refinery and setting up of new Petrochemical Plant along with construction of Gas pipelines and massive expansion in domestic LPG connections. Electrification: Around 16,000 crore rupees will be earmarked for electrification of villages and towns and over 3000 crore rupees for farmers welfare. Other investments: It will include over 40500 crore rupees which is unspent amount of 2013 Package given to state for the ongoing works of National Highways and Ultra Mega Power Project in Banka.

23. Tata Trust to develop 264 villages in Vijayawada Lok Sabha constituency of Andhra Pradesh under Sansad Adarsh Gram Yojana(SAGY) initiative. This is fruit of the labor of existing MP of Vijayawada Srinivas Kesineni, who had approached Ratan Tata, chairman emeritus of Tata Sons seeking his collaboration to develop model villages in his constituency under SAGY initiative. This initiative by the Tata Trusts is first of its kind where a Trust had planned to bring about grass-root level changes and to develop model village under SAGY initiative.

24. India’s largest private sector lender ICICI Bank has launched ‘Smart Vault’ first of its kind fully automated digital locker facility in India. It was launched by Managing Director (MD) and CEO of ICICI Bank, Chanda Kochhar in New Delhi. Key features of Smart Vault’ The locker is equipped with multi-layer security system, including PIN, biometric and debit cards authentication. This system has been designed in lines with Make In India programme as it has been manufactured and designed by Indian partners of ICICI Bank. Customers can access the vault without any intervention by the branch staff and the facility will be available to customers even on weekends and post banking hours. The vault facility uses advance robotic technology to access the lockers from the safe vault. The lockers will be available in three different sizes and charges will depend on the size.

25. India’s First Lady Suvra Mukherjee, wife of President Pranab Mukherjee passed away in New Delhi. She was 74. On 7th August 2015, she had suffered a cardiac arrest and was admitted to Research and Referral Army Hospital.

26. India’s largest banking entity State Bank of India (SBI) launched a Mobile wallet application dubbed as ‘SBI Buddy’. It was launched by Union Finance Minister Arun Jaitley at a function held at State Bank Bhavan, Nariman Point in Mumbai. SBI’s first female Chairperson Arundhati Bhattacharya was also present on the occasion. Key features of SBI Buddy Aims at providing convenient and secure digital payment system to its customers. It was launched in collaboration with Accenture and Mastercard. The application is available in 13 languages with several features including bill payment, all types of ticket bookings for movies, flights, payment and cash transfer among others. It also has features like reminders to recharge, bill payments, dues settlement etc. At present the app is available only on android based phones and can be downloaded from Google Play Store. SBI soon is going to launch this app on Apple App Store.

27. Industrial Development Bank of India (IDBI) has appointed Kishor Piraji Kharat as its new Managing Director & Chief Executive Officer. Kishor Kharat is a graduate in commerce and law who is also a certified associate of the Indian Institute of Bankers.

28. On 17 August the Finance Ministry has imposed definitive anti-dumping duty on ‘flax’ or ‘linen’ fabric imports from China and Hong Kong for period of five years. Accordingly the revenue department has imposed anti-dumping duty of 0.75 US dollars per metre on ‘flax’ fabric imported from China and 0.65 UD dollars per meter fabric imported from Hong Kong. The duty was recommended by Directorate General of Anti-Dumping Duty (DGAD) followed by petition filed by Jaya Shree Textiles, a unit of Aditya Birla Nuvo Ltd. It should be noted here that the anti-dumping duty is applicable only on those flax fabrics with flax content of over 50 per cent.

29. On 17 August the Reserve Bank of India (RBI) suspends licence of seven non-banking finance companies (NBFCs). The seven NBFCs whose licences were suspended are – Religare Finance, Artisans Micro Finance, Eden Trade & Commerce, RCS Parivar Finance, Nott Investments, Dewra Stocks & Securities, Swetasree Finance. Being a dormant entity, Religare Finance licence was suspended by RBI as it did not conducted lending operation for long period of time.

30. China successfully tested the power system (engines) of its stated to be the largest space launch vehicle viz. Long March-5 carrier. In the test engines of the rocket were successfully fired on the ground. This power system will be used in China’s ambitious Chang’e-5 lunar mission of 2017.

31. Maharashtra government has roped Cricket legend Sachin Tendulkar as its new ambassador for the Tiger Conservation Project. His association will help state government to raise awareness about saving the tigers in the state. In this regard Mr. Tendulkar has accepted an offer which was forwarded by state Forest Minister Sudhir Mungantiwar on July 29, 2015 on the eve of World Tiger Day.

32. As per the fourth advance estimate released by Agriculture Ministry on 17 August, the estimated foodgrain production have declined by 4.66 per cent to 252.68 million tonnes (MT) in 2014-15 crop year due to poor monsoon and unseasonal rains. The estimate includes Wheat, rice, coarse cereals and pulses in the foodgrain basket. Key Facts for Foodgrain Production 2014-15: The estimated foodgrain production for 2014-15 has lower by 12.36 MT to 252.68 MT as against record production of 265.04 MT achieved in 2013-14. Rice output has declined to 104.80 MT as against the record output of 106.65 MT in the previous year. Wheat production has fallen to 88.94 MT as against a record 95.85 MT achieved in the previous year. Coarse cereals output have declined to 41.75 MT as against 43.29 MT in the previous year. Pulses and oilseeds output have dropped to 17.20 MT and 26.68 MT respectively as against 19.25 MT and 32.74 MT achieved in the previous year. Cotton output has also declined marginally to 35.48 million bales (of 170 kgs each) from 35.80 million bales in the previous year. Jute output too fell to 11.45 million bales (of 180 kg each) from 11.69 million bales in the period under the review. Sugarcane output is estimated to have risen to 359.33 MT as against 352.21 MT in the said period last year. Reason for declined production: The reason for declined production is due to 12 per cent deficit monsoon in 2014-15 kharif season and unseasonal rains/hailstorms during February-March 2015 that affected rabi season production. Note: The government releases four advance estimates followed by a final estimate of foodgrain production for each financial year.

33. This is the first time that Union government has appointed the two candidates from the private sector to head the Public Sector Banks (PSBs). Appointed persons are P S jayakumar: MD and CEO of Bank of Baroda (BoB). Rakesh Sharma: MD and CEO of Canara Bank. Apart from these appointments, Union Government also appointed MD and CEO of other three PSBs who are serving government officials. They are MO Rego: MD and CEO of Bank of India (BoI). Kishore Kharat Piraji: MD and CEO IDBI Bank. Usha Ananthasubramanian: MD and CEO of Punjab National Bank (PNB). Union government appointment non-executive chairman for 5 PSUs namely Bank of India, Canara Bank, Bank of Baroda, Indian Bank and Vijaya Bank. It should be noted that these appointments were made by Union Finance Ministry as part seven pronged plan called Indradhanush Mission to revamp functioning of PSBs.

34. Andy Murray of Great Britain has won Rogers Cup Masters Tournament 2015 also known as the Canada Masters. In the final match played at Montreal, Canada he defeated world number one Novak Djokovic of Serbia by 6-4, 4-6, 6-3 score. It was Murray’s overall 11th Masters Title and first victory against the world number 1 since Wimbledon final of 2013.

35. Former Cabinet secretary Ajit Kumar Seth has been appointed as the Chairman of the government’s head-hunter, Public Enterprises Selection Board (PESB) on 14 August 2015. As per the order issued by Department of Personnel and Training (DoPT) Ajit Kumar will head PESB by replacing Atul Chaturvedi for period of three years or till he attains 65 years of age. He is an IAS officer of Uttar Pradesh cadre of 1974-batch, whose extended tenure of four years as the Cabinet secretariat had ended on 13 June 2015. Two other IAS officers Gauri Kumar and Anshuman Das the former CMD of NALCO, have been appointed as members in PESB.

36. HDFC has announced to sell its 9 per cent stake in HDFC Life Insurance to its British joint venture partner Standard Life for sum of 1,700 crore rupees. Prior this agreement HDFC had 70.65 per cent stake while Standard life had 26 per cent stakes which will be change to 61.65 per cent and 35 per cent respectively.

37. World’s largest bicycle manufacturer Hero Cycles acquired majority stake in UK-based Avocet Sports for an undisclosed amount. It is the first overseas acquisition of Hero Cycle with an aim to enter into high-end bicycle market in Europe. Manchester-based Avocet is among top three players in bicycles, e-bikes, bicycle parts and accessories in the UK and with Hero Cycles it aims to capture high-end bicycle market in UK and Germany. With the experience of 20 years in high-end bicycles market Avocet has Tie-ups with leading retailers around the globe which includes Tesco, ASDA, Halfords, Amazon.com, Shop Direct, and Hero Cycles.

38. India and Bangladesh have inked a memorandum of understanding (MoU) for full cooperation to tackle the menace of fake Indian currency notes (FICN) smuggling. The MoU was signed at a maiden meeting of the Joint Task Force on Fake Currency Notes (JTFFC) in Dhaka held on 12 and 13 August, 2015.

39. Mumbai based Real estate listing portal Housing.com has acquired Bengaluru-based customer relationship management software company HomeBuy360.

40. Defending champion Carolina Marin Martin of Spain has won the prestigious World Badminton Championship 2015 in women’s single category. In the final match she defeated India’s Saina Nehwal by two set score of 16-21 and 19-21. This second time Carolina Marin had won this championship. Earlier she had won it in 2014 becoming first Spanish women player to win this prestigious title.

41. Ram Nath Kovind sworn-in as 36th Governor of Bihar Acting Chief Justice of Patna High Court Iqbal Ahmed Ansari administered him the oath of office and secrecy as per provisions of Article 159 of Constitution. Mr. Kovind will succeed Keshri Nath Tripathi (Governor of West Bengal) who was holding additional charge of Bihar.

42. The iconic Mughal monument Taj Mahal became the first historical monuments in the world to have a Twitter account of its own. The monument’s official Twitter handle @TajMahal was launched by Uttar Pradesh Chief Minister Akhilesh Yadav on eve of 69th Independence Day in Lucknow.

43. India-US Combined Military Training Exercise YUDH ABHYAS 2015 will be held from 9th September 2015 at Joint Base Lewis McChord in United States. It was announced Union Defence Ministry in New Delhi. This exercise will be the 11th edition of such event in the Yudh Abhyas series.

44. India has imposed definitive anti-dumping duty for period of five years on Potassium Carbonate imports from Taiwan and South Korea. The duty was imposed by Union Finance Ministry based on the recommendations of the Directorate General of Anti-Dumping Duty (DGAD) that works under the aegis of Union Commerce Ministry. This move was taken following the findings of Central Board of Excise and Customs (CBEC) which concluded that Potassium Carbonate imports from Taiwan are entering in the Indian market at dumped prices. The revenue department has imposed anti-dumping duty of 153 US dollar per tonne on Potassium Carbonate imports from Taiwan and 9.45 US dollar per tonne in case of imports from UNID Co Ltd, and 123.86 US dollar per tonne from all other exports from South Korea. Potassium Carbonate It is a white inorganic compound available in powder and granules form applicable in the manufacture of GLS Lamps, TV picture tubes, Ophthalmic glasses. It has also important application in fertilizer industry, drugs and pharmaceuticals and Dyes and rubber industry.

45. Union Government has launched a seven pronged plan called Indradhanush Mission to revamp functioning of public sector banks (PSBs). It was launched by Union Finance Minister Arun Jaitley in New Delhi. Facts about Indradhanush Mission The seven shades of Indradhanush mission include appointments, de-stressing PSBs, capitalisation, empowerment, framework of accountability and governance reforms. It seeks to achieve the objective of economic growth revival through improving credit and minimising the political interference in the functioning of PSBs.

46. Union Government has decided to set up a Bank Board Bureau (BBB) to monitor key performance indicators of two dozen public sector banks (PSBs). It was announced by Union Finance Minister Arun Jailtley as part of a seven-pronged revamp plan for PSBs dubbed as Indradhanush (rainbow) plan. Facts about Bank Board Bureau Bank Board Bureau (BBB) will start the functioning from next financial year i.e. from 1st April 2016 and the selection of its member will start in the next six months. It will replace existing system Appointments Board in which appointments for top level jobs at PSBs are made by an appointments committee led by the Reserve Bank of India (RBI) Governor. Composition: The BBB will be a body of ’eminent’ professionals and shall consist of only one government official. It will be six members body with at least 3 former bankers, 2 professionals and secretary, department of financial services representing government. Functions: Give recommendations for appointment of full-time Directors as well as non-Executive Chairman of PSBs. Give advice to PSBs in developing differentiated strategies for raising funds through innovative financial methods and instruments and to deal with issues of stressed assets. Guide banks on mergers and consolidations.

47. Ace Indian Archer Abhishek Verma has won gold medal in Archery World Cup in the stage 3 in the compound men’s individual section. In the individual final held in Wroclaw in Poland he defeated Esmaeil Ebadi of Iran by 148-145 score in the five round match. In the summit clash, Verma had shot 13 perfect 10s pointers, including five arrows closest to the centre from the total 15 arrows.

48. Gujarat Government has declared ban on the use of plastic in the State for the first time. It was announced by Gujarat’s first women Chief Minister Anandiben Patel after unfurling the National Flag at the Independence Day ceremony in Mahisagar district of Gujarat. This decision was taken keeping in view protection of environment, cleanliness and cattle health. It should be several municipal bodies in the state already have banned use of plastic bags thinner than 40 microns. Apart from plastic ban decision, she also announced that 159 towns and 8 cities in the state now have 100 per cent in-house toilets and nearly 8 lakh toilets have been built in rural areas.

49. Kerala Government has declared state totally digital, thus becoming first state in the country to achieve it. It was announced by Kerala Chief Minister Oommen Chandy during his Independence Day speech held in the capital Thiruvananthapuram.

50. On the eve of celebration of 69th Independence Day at Red Fort Prime Minister Narendra Modi announced a new campaign ‘Start-up India; Stand up India’ an initiative to promote bank finance for Start-ups (an entrepreneurial venture). The campaign was announced with an aim to boost entrepreneurship among the youth and to create employment in India. As per the initiative PM urged 1.25 lakh bank branches to provide finance to at least one Dalit or Adivasi and at least one woman entrepreneur. The initiative is expected to open a new dimension to entrepreneurship and to set up a network of start-ups in the country. It also aims to make India a number one country in Start-ups.

51. Tata Sons has decided to increase its stake in low-cost carrier AirAsia India from 30 per cent to 41 per cent by infusing fresh capital. AirAsia India is a joint venture between Malaysian low-cost airline AirAsia Berhad, Tata Sons and Arun Bhatia’s Telestra Tradeplace.

52. India’s third largest private sector lender, Axis Bank has launched the first Contactless Debit, Credit and Multi-Currency Forex Card in association with VISA payWave in the country. Axis Bank will offer a contactless debit/credit cards to its 1.7 million premium customers which also enables withdrawal of 15 currencies via Multi-Currency Forex facility. To facilitate contactless cards operations bank will upgrade 50,000, of its point of sale (PoS) machines across the country. How does Axix Bank’s Contactless Card works? Axis Bank Contactless cards contain a chip and an antenna (based on radio frequency) that facilitates seamless, faster and hassle free payments. The customer has to enter the purchase amount in the contactless PoS terminal and then simply has to tap the card on the terminal to complete his/her payment wirelessly and in a secure manner. The bank has introduced this card in line with RBI’s guidelines of promoting PIN-less small ticket transactions and to provide service to its customers with the global standards.