Lok Sabha passes State Banks (Repeal and Amendment) Bill, 2017
- The government has announced on Friday that there should be the merge of the many of the Banks with the lending bank, SBI whcih will help in the increase of the economic of the loan in the capital growth, as the Lok Sabha passed the bill approving the amalgamation.
- Minister of State for Finance Santosh Gangwar said, “The merger will bring about increased capital base and increased ability to give loans. Also, small banks will get access to products like mutual funds,”
- “We want every person to have access to banking services …No bank branches will be closed down, rather wherever required, we will open branches. The merger has been planned keeping in mind the benefit of people and going forward its benefits will be seen,” Gangwar said.
- “Therefore, certain amendments are necessary in the said Act in so far as they relate to the subsidiary banks. The amendments are consequential in nature,” it said.
- The Ministry of Finance is an important ministry within the Government of India concerned with the economy of India, serving as the Indian Treasury Department
- Formed: 29 October 1946
- Jurisdiction: Government of India
- Headquarters: North Block, Cabinet Secretariat, Raisina Hill, New Delhi – 110 001
- Cabinet minister: Arun Jaitley
- Minister of state: Santosh Gangwar, Arjun Ram Meghwal
- Programs: Pradhan Mantri Jan Dhan Yojana,
Economic Survey Volume II admits achieving 7.5% growth target for this fiscal as tough
- The second phase of the economic survey that is the volume two which is of the year 2016-17 has been started in the Parliament on Friday. By this there is the high achievement and wind of the 6.75-7.5 per cent growth projected previously will be difficult due to appreciation of rupee, farm loan waivers and transitionary challenges from implementing GST.
- By this survey there is the any of the structural growth can be come in the Indian economy by the any of the ready of the any of the facility like the launch of the GST; Positive impacts of demonetization; decision in principle to privatize Air India; further rationalization of energy subsidies and Actions to address the Twin Balance Sheet (TBS) challenge.
- By this survey there is the Farm loan waivers can decrease the aggregate demand by as much as 0.7 percent of GDP, by the any of the defamation on the impact of the economic growth.
- For the first time in this year the government has put the second phase of the volume of the mid-year economic survey for the year 2016-17 highlighting the new factors that the economy faces since the last such exercise in February.
15th meeting of the Foreign Ministers of BIMSTEC countries
- The 15th BIMSTEC ministerial had been going to held in the Kathmandu on 11 August. The ministerial meeting has been increased by the 18th session of the BIMSTEC Senior Officials’ Meeting (SOM), it is said in the report of the media, Ministry of Foreign Affairs Monday.
- Prime Minister Sher Bahadur Deuba has been installed the some of the aspect 10th of August. The Foreign/External Affairs visiting has been done in the aspect of the Prime Minister the same day.
- The SOM has raised the matter of the formation of Eminent Persons’ Group (EPG), BIMSTEC FTA, and MoU for the Establishment of the BIMSTEC Grid Interconnection, among others and prepare agenda for the ministerial meeting.
- Deputy Prime Minister and Minister for Foreign Affairs, Krishna Bahadur Mahara, will headed the 15th ministeril meeting of the leader of Nepali severeign of the Foreign Secretary, Shanker Das Bairagi, to chair the eighteenth session of BIMSTEC-SOM.
- Nepal, officially the Federal Democratic Republic of Nepal, is a landlocked central Himalayan country in South Asia
- Capital: Kathmandu
- Currency: Nepalese rupee
- Prime minister: Sher Bahadur Deuba
- President: Bidhya Devi Bhandari
- Destinations: Kathmandu, Pokhara, Chitwan National Park
Bank of England refuses to change animal-fat banknotes
- On Thursday, the central bank has given the statement for the continuation of the using trace amounts of tallow, that has been comes in the animal fat, in the formation of the new plastic notes despite protests from vegetarians and religious groups.
- “The bank was supposed to represent all of the British public. Their decision to continue using animal parts in the manufacture of polymer notes shows this to be untrue,” he said in a statement on Thursday.
- “By only having bank notes containing animal parts they are forcing vegans, vegetarians, Hindus, Sikhs, Jains and others to handle products that directly conflict with their deeply held belief and practices,” he said.
- “As a comparative figure, the total cattle production in the United Kingdom in 2016 was 2.8 million,” the bank noted.
- The Bank of England, formally the Governor and Company of the Bank of England, is the central bank of the United Kingdom and the model on which most modern central banks have been based
- Address: Threadneedle St, London EC2R 8AH, UK
- Reserve: 408 billion GBP
- Bank rate: 0.25%
- Interest rate target: 0.5%
BANKING & FINANCE
RBI to pay Rs. 30,659 crore dividend to government
- On Thursday, the Reserve Bank of India (RBI) has announced that this will fund of 30,659 crore alignment to the government for the year ended 30 June; this is the less of the half of the amount which he had paid last year.
- “The Reserve Bank’s Central Board, at its meeting held on Thursday, approved the transfer of surplus to the Government of India amounting to Rs 30,659 crore for the year ended June 30, 2017,” RBI said in a statement.
- “Foreign currency reserves of RBI were fetching fewer returns because most of the foreign countries were giving negative returns or very low returns. Also, throughout the year the reverse repo has been high that means that RBI has to pay to banks. The whole of last year there was surplus liquidity and RBI had to pay more interest to the banks” said former RBI deputy governor R Gandhi.
- “Operational expenses in cost of printing new currency and the associated logistics of collecting old notes is likely to have gone up” said Saugata Bhattacharya, chief economist at Axis Bank. ” The cost of sterilising the excess liquidity through MSS and reverse repos would also be significant.”
- The Reserve Bank of India is India’s central banking institution, which controls the monetary policy of the Indian rupee
- Address: Central Office Building, Shahid Bhagat Singh Road, Fort, Mumbai, Maharashtra 400001
- Interest on reserves: 4.00%(market determined)
- Bank rate: 6.00%
- Governor: Urjit Patel
SEBI Ties Up With Iran Counterpart for Technical Assistance
- On Thursday, the Markets regulator Sebi has been get in the entry to its parts in the Iran for the promotion of the technical assistance and the facilitation of the cross-border co-operation in the area of securities regulations.
- “The Securities and Exchange Board of India (Sebi) and Securities & Exchange Organization (SEO) of Iran have entered into a bilateral Memorandum of Understanding (MoU) for mutual cooperation and technical assistance,” Sebi said in a statement.
- Sebi has some of the 12 of the MoUs with the many of the state laws and jurisdictions. The regulatory system of the market has been also the multilateral in the MoU of International Organization of Securities Commissions (IOSCO).
- The Securities and Exchange Board of India is the regulator for the securities market in India
- It was established in the year 1988 and given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Founded: 12 April 1992
- Sector: Securities market
- Jurisdiction: India
- Headquarters: Mumbai
- Agency executive: Ajay Tyagi (Chairman)
- Type: Statutory corporation
Science and Technology
Oxford launches Tamil, Gujarati online dictionaries
- Oxford University Press (OUP) has launched the new version of the online dictionaries in Tamil and Gujarati after the release of its Hindi version, by giving its special seek of the Indian languages.
- “OGL is a bold initiative from Oxford University Press for a modern challenge and a huge opportunity. Digital communication across the globe is dominated by English and other major global languages such as Chinese and Spanish. We are at a critical time in the nexus of the Internet and its impact on language diversity and viability, and the time to act is now. As we develop more languages for OGL, we are putting a special focus on Indian languages” Pearsall said.
- “India has a remarkable linguistic landscape with a richness and history that is found in few other places on the planet. Yet with only 35 per cent of the Indian population using the Internet, OGL’s mission to help digital communication through building resources for the world’s languages is clearer than ever,” she said.
- “The availability of curated and well-researched language content in digitised formats not just enables anytime access but also positively impacts learning and educational outcomes,” Sivaramakrishnan Venkateswaran, Managing Director of Oxford University Press India, added.
- “The addition of Gujarati and Tamil to the Oxford Dictionaries API gives a rapidly growing developer community access to this language data in a structured and flexible way, possibly for the first time, and enables the creation of content and applications that serve a huge language population,” added Philip Reimann, Senior Product Manager.
- The University of Oxford is a collegiate research university located in Oxford, England
- It has no known date of foundation, but there is evidence of teaching as far back as 1096,
- Address: Oxford OX1 3BD, UK
- Acceptance rate: 17.5% (2015)
- Founded: Oxford, United Kingdom
- Undergraduate tuition and fees: 9,250 GBP (2017)
- Phone: +44 1865 270000
- Chancellor: Chris Patten
- Color: Oxford Blue
Real Madrid won the 2017 UEFA super cup football tournament
- Casemiro and Isco have state the win by the winning of the Manchester United by 2-1 in the 2017 UEFA European Super Cup at the Philip II Arena in Skopje, Macedonia, on Tuesday.
- UEFA Champions League champion has been bagged really the two of the raign in the Romelu Lukaku has beated the some of the score in the season’s Europa League winners United to ensure a nervy finish.
- The game was of the in the last was 24th minute by that Casemiro has been ended the fine cross of the just of the right at the Dani Carvajal. Brazilian player that is the mid of the Casemiro appeared to be offside, but the goal was given.
- The UEFA Champions League is an annual continental club football competition organised by the Union of European Football Associations and contested by top-division European clubs
- Current champion: Real Madrid C.F. (12th title)
- Venue: Wales
- Date founded: 1955
- Founders: L’Équipe, Gabriel Hanot, Jacques Ferran, Jacques Goddet, Jacques de Ryswick
- Instances: 2017–18 UEFA Champions League,
AWARDS & RECOGNITION
Young professors receive Early Career Awards from DOE
- Lin Lin, who is the assistance professor of mathematics, and Eric Neuscamman, an assistant professor of chemistry, has been awarded 2017 Early Career Research Program awards, that is given by the Department of Energy to further their work on new materials.
- “In many important areas of research — such as defect structure and evolution, coupled chemical reactions and pathways, transport properties, non-equilibrium structures and assembly of hierarchical functional materials — the properties and functionalities that are critical to macroscopic behavior start to manifest themselves at the mesoscale,” said Lin.
- “Processes that move electrons between molecules play crucial roles in battery technology, light harvesting, liquid fuels production and many other high‐priority areas of energy science,” he wrote in his application for the award.
- The United States Department of Energy is a Cabinet-level department of the United States Government concerned with the United States’ policies regarding energy and safety in handling nuclear material
- Founder: Jimmy Carter
- Founded: 4 August 1977
- Number of employees: 93,094
- Annual budget: 27.9 billion USD (2015)
- Subsidiaries: United States Department of Energy national laboratories,
- Predecessors: Energy Research and Development Administration, United States Bureau of Mines
Poet, Writer Vijay Nambisan passed away
- Vijay Nambisan, who was the great poet and writer, who poem, ‘Madras Central’ was in the fame and also won the All Indian Poetry Competition in 1988, has died on July 10 at the age of 54.
- Besides this he has also written the ‘Bihar is in the Eyes of the Beholder’ and translations of two 16th century Kerala poets, from Sanskrit and Malayalam. His first collection of poems since 1992, ‘First Infinities’ was published in 2015.
- First Infinities (Poetrywala, 2015): “Too much sensitivity always makes for bad poetry…Too much sensitivity prevents wounds from healing also; and I must therefore thank all our political parties, and prominent national figures, in business, journalism, publishing, the arts, sport and Hindi cinema for contributing to the deadening, the cautery of those tendrils which demand fresh air and love, and peace, in excess. It is a poetical mistake to use abstractions. Let me say, then, that I thank everyone by whose means I have become so accustomed to living in this country, on this planet, that I should be much more a misfit anywhere else.”
International Lefthanders Day
- On the August 13 is celebrated International Left-Handers Day yearly by Lefthanders International. This was first celebrated on the 13th of August, in the year 1976.
- As the names say it is the awareness between the people who faced the difficulties in the left-handers in a predominantly right-handed world. This festival shows their uniqueness and differences, as they are total of the seven to ten percent of the world’s population.
- In the society there are about the hundred of the millions of the people has been chose their work as the right handed tools and objects.