07 & 08 August Current Affairs 2019

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07 & 08 August Current Affairs 2019

Daily GK Updates & August Current Affairs for Government Exams

Welcome to Current Affairs Section of Instajobalerts.com. Our Current Affairs Of August  2019 page covers various sections like banking & finance August Current Affairs 2019, business & economy, Indian and International affairs 2019, defense, environment current affairs, persons and many for Bank PO & Clerk Exams, Insurance, UPSC, SSC, Railway, State PSC & other Competitive Exams.

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RBI cuts bps repo rate in August policy

07 August 2019 Current Affairs: The Reserve Bank of India (RBI) announced a 35 basis points (bps) cut to the benchmark repo rate on 7th August. The announcement was made after the RBI Governor Shaktikanta Das-led third bi-monthly policy review by the Monetary Policy Committee (MPC) for 2019-20. This reduction is the fourth in a row since Shaktikanta Das took over as the governor in December 2018. It is the lowest since April 2010.

The interest rate cut will address the growth concerns by boosting aggregate demand and target private investment as a priority.

MPC’s decisions:

♦ RBI has reduced its GDP growth forecast for 2019-20 from 7% to 6.9%.

♦ The reverse repo rate under the Liquidity adjustment facility (LAF) was revised to 5.15% whereas the policy repo rate under LAF has been reduced by 35 basis points (bps) from 5.75% to 5.40%. The Marginal standing facility (MSF) rate and the Bank Rate has been revised to 5.65%.

♦ The RBI will set a Central Payment Fraud Registry to track frauds in the payment systems.

♦ RBI plans to issue detailed guidelines on permitting banks to on-lend through NBFCs.

The move aims to increase credit flow to certain priority sectors which contribute significantly to the economic growth in terms of exports and employment.

♦ NEFT system will be made available on a 24×7 basis from December 2019.

Former External Affairs Minister Sushma Swaraj passed away

Former External Affairs Minister Sushma Swaraj, 67 years old, passed away on 6th August. She suffered a cardiac arrest and passed away at AIIMS. She underwent a kidney transplant in 2016.

Sushma Swaraj Career: Sushma Swaraj was educated at Sanatan Dharma College in Ambala Cantonment. She earned a bachelor’s degree with majors in Sanskrit and Political Science. She studied law at Punjab University, Chandigarh.

President Ram Nath Kovind gives assent to the abrogation of article of Jammu and Kashmir

07 August 2019 Current Affairs: President Ram Nath Kovind gave his assent to the abrogation of Article 370. It will now revoke the special status to Jammu and Kashmir. The resolution to revoke Article 370 was passed by Lok Sabha on 6 August. It was passed by Rajya Sabha on 5th August.

The notice issued by the President said that as from 6th August, 2019, all clauses mentioned in Article 370.

Kandikuppa Sreekant becomes Power Grid CMD

State-owned Power Grid Corporation Director (Finance) Kandikuppa Sreekant took charge as the company’s chairman and managing director. Kandikuppa Sreekant assumed the charge of the chairman and managing director of Power Grid Corporation of India. His tenure of Kandikuppa Sreekant will be till December 31, 2023. He was serving as the Director of Finance of Power Grid. Sreekant is a B.Com (Hons.) graduate, CMA, and PGDBM (finance).

Reliance Jio overtakes Vodafone Idea network and became India s Largest Telecom Operator

31 July 2019 Current Affairs: Reliance Jio overtook Vodafone-Idea to become India’s leading telecom operator. While the monthly subscriber report from the Telecom Regulatory Authority of India (TRAI).The news comes from data collated off the quarterly financial reports furnished by Bharti Airtel, Reliance Jio and Vodafone-Idea, India’s three leading telecom operators. Bharti Airtel disclosed through TRAI its user base of 320.4 million users while enduring a rough quarter of high subscriber churn rate (subscribers unsubscribing from the network against new subscriptions). Jio’s recently disclosed Q1 FY20 financial report showed 331.3 million subscribers in its network.

Vodafone-Idea’s financial report for the same quarter, it has come to light that the operator group lost 14.1 million in Q1 FY20, declining from the industry-topping 334.1 million subscribers as of March 2019, to stand at 320 million subscribers.

 

India s Naaz Joshi won Miss World Diversity

Naaz Joshi made the country proud with a third successive victory in the beauty pageant Miss World Diversity. She competed against 14 other international contestants in Mauritius.

She dressed up in blue lehenga and choli and portrayed herself as the powerful Indian Goddess, who stands for ‘shakti’ – the feminine source of power and women empowerment. She is a resident of Malviya Nagar, New Delhi. She was sent to her relative’s house in Mumbai.

Central government approved the project to link Kosi and Mechi rivers

07 August 2019 Current Affairs: Union Cabinet approved Rs. 4,900 crore for Kosi-Mechi interlinking project in Bihar. The second river interlinking project the Ken-Betwa project in Madhya Pradesh. The flood issue became a major reason for destruction and interlinking of Kosi and Mechi provide a little relief to the Seemanchal region of the state.

Reliance Industries set to bring Tiffany stores to India

08 August 2019 Current Affairs: India’s Reliance Industries Ltd is partnering with iconic US-based luxury jeweller Tiffany & Co to open a line of stores in the country.

Tiffany popular for its engagement rings and robin’s egg blue boxes plans to open stores in New Delhi and Mumbai in the second half of fiscal years 2019 and 2020 respectively.

The tie-up comes as Reliance, which is run by Asia’s richest man Mukesh Ambani and runs a sprawling conglomerate bolsters its consumer-focused units such as retail and telecoms to match the strength of its dominant oil and gas business. The company bought British toy retailer Hamleys.

P V Sindhu among Forbes list of worlds highest paid female athletes

08 August 2019 Current Affairs: India’s badminton star P.V. Sindhu is the only athlete from the country to be named among the world’s highest-paid female athletes by Forbes, a list topped by tennis great Serena Willams. Sindhu is tied for 13th place in The Highest-Paid Female Athletes 2019 list released by Forbes. She secured total earnings of $5.5 million, She became the first Indian to win the season-ending BWF World Tour finals in 2018

The list of the world’s top 15 female athletes is topped by Williams .She earned total earnings of $29.2 million. She built a venture portfolio worth more than $10 million.The second spot is Naomi Osaka, who won the 2018 US Open She defeated champ Williams at 23-time Grand Slam She has total earnings of $24.3 million. There are 15 female athletes who made at least $5 million during that time period. The top 15 earned a cumulative $146 million, compared with $130 million. Williams and Osaka earned more than twice as much as the third-highest-paid female athlete in the world. Angelique Kerber, who pulled in $11.8 million from tennis.

India gets its first Buddhist dominated Union Territory after Jammu and Kashmir Bifurcation

08 August 2019 Current Affairs: India’s arid mountainous desert region called Ladakh granted an identity sets it apart geographically, administratively and demographically.India’s first Buddhist dominated union territory with a dominant Buddhist population of 1.33 lakh out of a total of 2.74 lakh.The distinction is similar to that of Punjab have a predominant Sikh population, which comprises 57.69% of its total population.Chandigarh and Ladakh will not have a legislative assembly will fall directly under Central command.Ladakh strategically important with India and China. Bharatiya Janata Party member of Parliament (MP) from Ladakh Jamyang Tsering Namgyal pointed out how the region left out of all development initiatives by its Buddhist population to past Indian administrations. In 1948, the president of the Ladakh Buddhist Association requested Pandit Jawaharlal Nehru to either bring Ladakh directly under central administration or make it a part of East Punjab no condition keep Ladakh with Kashmir.

SBI announced repo rate cut after RBI policy announcement

The State Bank of India (SBI), the country’s largest lender, have cut the home loan rates after RBI’s repo rate cut of 35 bps for the fourth time in a row.   SBI announced its Marginal Cost based Lending Rate (MCLR) cut by 15 basis points (bps) across all tenors. It will be effective from August 10, 2019. The move is to provide some respite to home loan borrower. After this move, the one-year MCLR is reduced to 8.25% per annum, from 8.40% annum.

India gets its first D Smart Traffic Signal

Punjab’s Mohali traffic police have launched ‘Intelights’. The system was designed by the students of a Chandigarh university. It is India’s first 3-D Smart Traffic Signal devised on the wireless system. It has been installed at the traffic crossing near the Airport Road. The 3-D Smart Traffic Signal will regulate the traffic signals with a smart bird’s eye. The cost estimated varies from Rs.70 lakh to Rs.1 crore.

Rajasthan government launches new higher education model named RACE

A new higher education model launched in Rajasthan for distribution of faculties and movable assets among the government colleges at the district level to rationalize the availability of resources.

The model will create a pool for sharing of facilities will benefit the colleges lacking infrastructure. Minister of State for Higher Education Bhanwar Singh Bhati inaugurated the model, titled Resource Assistance for Colleges with Excellence in the presence of principals of colleges.

Reserve Bank of India Expands biller categories for Bharat Bill Payment System

08 August 2019 Current Affairs: The Reserve Bank of India allows all categories of billers to accept prepaid recharges under the Bharat Bill Payment System (BBPS). The BBPS currently covers billers in five segments, DTH, electricity, gas, telecom and water bills.

The regulator is expected to issue detailed instructions in this regard by the end of September 2019. The advantages of the BBPS and harness its full potential decided to permit all categories of billers (except prepaid recharges) who provide for recurring bill payments to participate in BBPS on a voluntary basis. Apart from digitization of cash-based bill payments, it will enable standardized bill payment experience, centralized customer grievance redressal mechanism, and standardized customer convenience fee. The regulator allowed on-tap authorization of retail payment systems to companies looking to function as BBPOU, TReDS and white-label ATMs.