Professional Documents
Culture Documents
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Reliance Group, Nippon Life launch India funds for Japan investors
i. As Prime Minister Narendra Modi sought greater investments from Japan, financial sector giant
Nippon Life today said it will partner Anil Ambani-led Reliance Group for a proposed Reliance
Bank and launched two India-focussed funds for Japanese investors.
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ii. The two funds will direct investments by Japanese retail investors into Indian equity and bond
markets. This was stated by Nippon and Reliance Life in a joint statement.
iii. The announcements coincided with Mr Modi's first official visit to Japan as Prime Minister,
during which he invited Japanese investments into India and said that businessmen from the two
countries can give a direction to world economy.
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10. Anita Wlodarczyk of Poland set world record in womens hammer throw
i. Anita Wlodarczyk of Poland on 31 August 2014 set world record in the womens hammer throw at
the Internationales Stadionfest (ISTAF) Berlin Athletics meet at Berlin's Olympic stadium in
Germany.
ii. With a throw of 79.58 meters she improved the world record by 16 centimetres.
iii. She broke the three year old world record of 79.42 meters set by Betty Heidler of Germany in
May 2011 in Halle, Germany.
11. Jaipur Pink Panthers won the inaugural title of Pro Kabaddi League
i. Jaipur Pink Panther (JPP) owned by Abhisek Bachchan on 31 August 2014 won the inaugural title
of the Star Sports Pro Kabaddi League. To win its first title of the tournament, Jaipur Pink Panther
defeated U Mumba 35-24 at the NSCI Stadium in Mumbai.
ii. U Mumba that emerged as the runner up of the tournament is owned by Unilazer Sports.
12. Zimbabwe beat Australia for first time in 31 years
i. In Cricket, hosts Zimbabwe defeated Australia by 3 wickets in the fourth match of the tri-nation
series, also featuring South Africa. This is was Zimbabwe's first victory over Australia in 31 years.
ii. Opting to bat first at the Harare Sports Club, Australia posted 209 for 9 in the stipulated 50 overs.
Skipper Michael Clarke top scored with an unbeaten 68.
iii. In reply, Zimbabwe overhauled the target with 2 overs to spare, courtesy captain Elton
Chigumbura's battling 52 not out. He was adjudged man of the match.
1. National Sports Day was celebrated on the 29 August
i. National Sports Day was celebrated on the 29 August throughout the country.
ii. National Sports Day is celebrated to mark the birth anniversary of hockey player Dhyan Chand.
This day is celebrated by organizing friendly matches between different Indian hockey teams at the
Dhyan Chand National stadium in New Delhi.
iii. The National Stadium was constructed in the respect and honor of Dhyan Chand.
Major Dhyan Chand The Hockey Wizard
Major Dhyan Chand was Indias greatest hockey player. He has scored over 1000 goals between
1926 and 1948. He helped India win 3 Olympic Gold medals including the first in 1928 (Amsterdum
Olympic games) and then in 1932 ( Los Angeles Olympic games) and 1936 (Berlin Olympic games).
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i. Public sector Indian Bank will revise the interest rate on foreign currency non-resident (banking)
term deposits from tomorrow.
ii. For FCNR (B) deposits, in USD, the revised interest rate has been revised to 2.34 per cent (from
2.36 per cent) for deposits of one year and above but less than two years, the Chennai-based bank
said in a statement.
iii. For deposits of two years and above but less than three years, it has been revised to 2.71 per cent
from the existing 2.76 per cent.
iv. Interest rates have been revised to 3.64 per cent for deposits of three years and above but less than
four years from the existing 3.71 per cent, it said.
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supporter of the Civil Rights Movement and marched alongside Martin Luther King Jr. He was also
named as a UNICEF Goodwill Ambassador in 1987.
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i. The 'Pradhan Mantri Jan Dhan Yojana', an ambitious financial inclusion scheme under which the
government intends to provide every household with a bank account and insurance cover, was
launched by Prime Minister Narendra Modi on Thursday.
ii. The scheme, about which Modi made the announcement in his Independence Day speech, was
launched across the country simultaneously amid his emphasis that it lies at the core of "our
development philosophy of 'Sabka Sath Sabka Vikas'".
iii. '1.5 crore bank accounts will be opened on first day of Jan Dhan Yojana'
iv. Jan Dhan Yojana, a dream project to open at least one bank account to every household.
v. Noting that 10 crore people do not have bank account, the Finance Minister aims to cover 7.5
crore people under Jan Dhan Yojana by January 25, 2015.
vi. As a first step, under the scheme, every account holder will get a 'RuPay' debit card with Rs
30,000 life insurance besides accidental insurance of up to Rs 1 lakh.
vii. The scheme will provide overdraft, debt card facility," she said. "Jan Dhan Yojana will provide
accidental insurance cover,".
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resolution to this effect at its annual general meeting (AGM) in Mumbai yesterday, leading to their
cessation.
iv. The new government wants to change all previous UPA appointed directors but to start with it is
looking at appointments that need confirmation now, they said.
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Supreme court: People facing criminal, corruption charges shouldn't be made ministers
i. Sending a strong message that people against whom criminal and corruption charges have been
framed be not inducted as ministers, the Supreme Court today said Prime Minister and Chief
Ministers should desist from making such appointments and act in national interest.
ii. A five-judge Constitution bench headed by Chief Justice RM Lodha, however, stopped short of
prescribing disqualification for such people from becoming ministers, leaving it to the wisdom of the
PM and CMs not to recommend such names to the President and Governor.
iii. Observing that it cannot add disqualification in Article 75 (1) (appointment of PM and Council of
Ministers), the Bench, however, said that the PM and CMs should not consider people with criminal
antecedents and against whom charges have been framed in serious offences, including corruption,
for appointment as ministers.
iv. It further said that the Constitution reposes immense trust in the PM and CMs and they are
expected to act with constitutional responsibility and morality.
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Note: K R Kamath, who is the chairman and managing director of Punjab National Bank, was the
previous chairman of this Association. K R Kamath was chairman for two consecutive tenures, that
is, 2012-13 and 2013-14.
About Indian Banks Association
i. The Indian Banks' Association (IBA) was formed on the 26 September 1946 with 22 members. As
on 1 April 2014 IBA has 189 members.
ii. Homi P Mody was the First Chairman of IBA.
iii. IBA is an association of Indian banks and financial institutions. It is based in Mumbai.
iv. The members comprises of Public Sector Banks, Private Sector Banks, Foreign Banks having
offices in India and Urban Co-operative Banks.
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Prime Minister Narendra Modi announced Pradhan Mantri Krishi Seenchayi Yojana
i. Pradhan Mantri Krishi Seenchayi Yojana was announced by Prime Minister Narendra Modi . The
Yojna has been announced to meet the irrigation needs of all farmers across the country. Sum of
1000 crore rupees has been allocated for implementation of the scheme.
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Background
Earlier, the Pradhan Mantri Krishi Seenchayi Yojana was proposed in the Lok Sabha on 10 July
2014 by Arun Jaitley, the Union Finance Minister in his maiden Budget Speech. The scheme was
planned to provide assured irrigation to mitigate risk to the farmer since bulk of the farm lands are
rain fed and it depends on monsoon.
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Weightlifter Ragala Venkat Rahul won first gold for India at Youth Olympics
i. Weightlifter Ragala Venkat Rahul on 22 August 2014 bagged Silver medal in the 77 kg category
by lifting 141 kg in Snatch and 175 kg in Clean and Jerk to finish with a total of 316 kg. With this,
Rahul won India's first medal of the second Youth Olympic Games in Nanjing, China.
ii. Silver medal of Rahul was also India's first medal in Weightlifting in Youth Olympics. It was also
his personal best performance in the total lift, which was six kg more than he did at the 2013 Asian
Youth Games held in Nanjing.
iii. Apart from this, Maymon Poulose in the 110 meter hurdles and Mithra Varun in the discus throw
qualified for the Final-A stage, which is the second stage.
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Guru Hanuman Akhara chosen for 2014 Rashtritya Khel Protsahan Puraskar
i. Guru Hanuman Akhara, a Delhi-based wrestling academy was chosen for the 2014 Rashtritya Khel
Protsahan Puraskar (RKPP) . The Akhara was chosen in the category of establishment and
management of sports academies of excellence.
ii. Rashtritya Khel Protsahan Puraskar will be given on 29 August 2014 at the National Sports
Awards function by the President of India, Pranab Mukherjee along with Arjuna, Dronacharya and
Dhyan Chand awards.
Other awardees of Rashtritya Khel Protsahan Puraskar are
i. Oil and Natural Gas Corporation (employment of sports persons and sports welfare measures)
ii. Jindal Steel Works (community sports identification and nurturing of budding/young talent)
iii. Child Link Foundation of India Magic Bus (other forms of sports activities not covered in the
categories mentioned in the schemes)
ii. The Indian Prime Minister Narendra Modi on this eve greeted Afghanistans President Hamid
Karzai on behalf the Government and people of India.
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i. Government today hiked the import duty on raw and refined sugar from 15 per cent to 25 per cent
to help the sugar industry clear cane arrears to farmers.
ii. The hike in duty is aimed at curbing import of sugar and improving the bearish sentiment in
domestic market.
iii. The sugar imports have been putting pressure on domestic prices and have prevented millers from
clearing cane arrears to farmers.
iv. However the move is expected to make the sweetener costlier for the common man.
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iv. Japan has been moving investment away from China after adoption of "China plus One" policy in
2008 to reduce over dependence on Beijing. Prime Minister Sheikh Hasina during her visit to Japan
in May, 2014 had offered 40 industrial plots in the Export Processing Zones to Japan.
v. The Commerce Minister told reporters that the allocation of the Exclusive Economic Zone will be
finalised during the forthcoming visit of the Japanese Premier to Bangladesh on 6th September.
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i. Hockey India on Thursday added its 23rd associate member by welcoming on board Hockey
Madhya Pradesh under its wings.
ii. Prior to being the associate member of Hockey India, Hockey Madhya Pradesh was known as
Madhya Pradesh Hockey Association, HI said in a statement.
iii. Speaking on the newly formed Hockey Madhya Pradesh, HI Secretary General Narinder Batra
said, "I welcome Hockey Madhya Pradesh to the family of Hockey India and we look forward to
them to continuing their commendable work that they have been doing since their inception as
Madhya Pradesh Hockey Association.
Note:i. Hockey India currently has 25 permanent, 23 associate, 2 members through State Olympic
Associations, 6 Academy members and 1 Hoc-Key Member.
ii. Nitin Dhimole is the President and Lok Bahadur is the General Secretary of the Hockey Madhya
Pradesh.
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i. Thailand coup leader, Army Chief Prayuth Chan-ocha, has been elected Prime Minister of
Thailand.
ii. He was backed by 191 members of the 197-strong junta-picked national assembly, with three
abstentions and three voters absent. No assembly member opposed the selection of the army chief,
who was the sole candidate for the post.
iii. Prayuth seized power from an elected government in a bloodless coup on May 22nd, shortly after
Yingluck Shinawatra was dismissed as Prime Minister in a controversial court ruling.
Note: Prayuth seized power from an elected government in a bloodless coup on May 22nd, shortly
after Yingluck Shinawatra was dismissed as Prime Minister in a controversial court ruling.
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i. Bangladesh has decided to join the newly formed BRICS Bank, an initiative of the world's five
emerging economies - Brazil, Russia, India, China and South Africa.
ii. This was informed to news reporters by Finance Minister A.M.A. Muhith last evening. Talking to
our correspondent, the Finance Minister said the Ministry had sent letters to Bangladesh Missions in
the five countries to know about the details of joining the bank.
iii. The Finance Minister also said that he had earlier expressed willingness of Bangladesh to join the
BRICS Bank to Indian High Commissioner, Pankaj Saran.
Note: Named as 'New Development Bank', BRICS Bank was formed after an agreement was signed
by BRICS countries during July, 2014 Summit in Brazil, with the aim at easing financing constraints
faced by BRICS and other developing countries to address infrastructure gaps and sustainable
development needs.
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ii. The PACs controversial 2011 draft report on the 2G scam, which had strongly indicted former
Telecom Minister A Raja and come down heavily on the PMO and the Cabinet Secretariat for not
taking corrective action, continued to be on its unfinished agenda for three years.
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i. World-renowned yoga guru and founder of the Iyengar School of Yoga BKS Iyengar passed away
here early this morning following illness.
ii. 96-year-old Iyengar had been ailing since some time and was admitted to a private hospital here a
week back. He was put on dialysis after his condition worsened two days back.He breathed his last at
3.15 am.
iii. Iyengar, honoured with Padma Vibhushan, is survived by a son and daughter.
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TCS and Bharti Foundation announced to spend 200 crore rupees for Clean India Campaign
i. Tata Consultancy Services (TCS) and Bharti Foundation announce to spend 200 crore rupees
for Clean India Campaign.
ii. TCS has decided to provide hygienic sanitation facilities in 10000 schools for girl students. On the
other hand, Bharti Foundation (development arm of Bharti Enterprises) decided to build toilets in
Ludhiana in next three years covering every rural household.
iii. This initiative of Bharti Foundation is part of Satya Bharti Abhiyan where in it will invest in
improving sanitation facilities in government schools in rural Ludhiana by building new toilets for
girls where no such facilities exist.
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Indian neuroscientist Partha Mitra awarded research grant to map the human brain
i. Partha Mitra, an Indian neuroscientist in the United States, was awarded Early Concept Grants for
Exploratory Research (EAGER) to map the human brain on 19 August 2014 under President Barack
Obamas multi-year BRAIN Initiative.
ii. Brain Research through Advancing Innovative Neurotechnologies (BRAIN) is an Initiative by the
US government to identify brain structures.
iii. Partha Mitra was awarded this grant along with Florin Albeanu, a researcher at the National
Science Foundation. With this grant, they would develop a virtual neuroanatomist, an artificialintelligence system that can recognize neural structures and cell types in tiny images of brain slices.
They would also be developing conceptual and physical tools that may help to promote
neuroscience.
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10. Jammu and Kashmir to host Football Federation Cup in August 2015
i. The All India Football Federation (AIFF) announced on 18 August 2014 that Jammu and Kashmir
will host Football Federation Cup in August 2015.
About Federation Cup
i. The Federation Cup is an annual club level football tournament of India. It was started in 1977.
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ii. Presently it is the most important club tournament after the I-League to which it has become a de
facto League Cup. The winning club of the Federation Cup gets a chance to compete in the
continental level in AFC Cup.
iii. The current holders of the Federation Cup are Churchill Brothers which defeated Sporting Clube
de Goa by 31 in the 2014 final held in Kochi.
11. Dutch teenager Max Verstappen to become youngest Formula One driver
i. Max Verstappen of Netherlands will become the youngest Formula One (F1) driver in the F1
history when he will compete for the 2015 season. For the 2015 season he will make the F1 debut
with Scuderia Toro Rosso
ii. Verstappen currently racing in Formula Three is the son of former Formula 1 driver Jos
Verstappen, who had contested for 106 Grands Prix for teams such as Benetton and Tyrrell between
1994 and 2003.
iii. The youngest driver to earn a Championship point is Toro Rosso's Daniil Kvyat, who was 19
when he finished ninth in this season's opening race in Australia. The Russian will be Verstappen's
team-mate in 2015.
i. Taking a step further towards scrapping the Planning Commission, Prime Minister Narendra Modi
Tuesday invited ideas from the people on the new institution to replace the plan body.
ii. The government also announced creation of a special open forum on the website mygov. Nic. In
for suggestions on the new institution.
iii. "We envision the proposed Institution as one that caters to the aspirations of 21st century India
and strengthens participation of the States.... Let the ideas flow," the Prime Minister said in a
statement. It said, "The Prime Minister has invited ideas from people on what shape the new
institution to replace the Planning Commission can take."
iv. Addressing the nation from the Red Fort on Independence Day, Modi had said that the 64-year
old Planning Commission, a vestige of socialist era, would be soon replaced with a new institution to
address the current economic challenges and strengthen the federal structure.
v. "We need a new body with a new soul.... We will have to think about giving a new shape to the
Planning Commission.... Very soon this new institute will start working in place of Planning
Commission," Modi had said.
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iii. The bank is the first in the country to introduce this facility, ICICI Bank said in a statement.
iv. ICICI Bank debit cardholders having fixed deposits with the bank can avail themselves of this
facility to buy products on EMIs of 3, 6, 9 or 12 months.s
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i. The Board of Cricket Control India (BCCI) appointed Ravishankar Jayadritha Shastri as the
Director of Indian Cricket Team on 19 August 2014. The decision came after seeing defeat of Indian
Cricket Team in Test series against England.
ii. Ravi Shastri would be assisting the team for the upcoming ODI series (25 August 2014-5
September 2014) and a single Twenty-20 (7 September 2014) against England. He would be
handling overall cricket affairs of the team. However, Duncan Fletcher will continue to serve as the
head coach of the team.
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ii. Jetpac said that its application would be removed from Apple's online App Store in the days ahead
and that it would stop supporting the software in the middle of September.
iii. Jetpac was founded about three years ago and is based in San Francisco.
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Humiliating defeat against England puts India to 5th position in ICC Rankings
i. With a humiliating defeat in the test series against England, India has been relegated to fifth
position behind South Africa, Australia, England and Sri Lanka in the latest ICC Test team rankings.
ii. The latest ICC Test ranking was released in Dubai today.
South Africa leads the ICC Test team ranking with 124 points followed by Australia with 123 points,
England with 104 points and Sri Lanka with 101 points.
iii. A pathetic display in England has pushed the Men in Blue to the fifth position in the ranking
table. No Indian batsman or bowler has been able to find a place in top ten.
i. Janmashtami, the birthday of Lord Krishna, is being celebrated in various parts of the country
today.
ii. The President, Vice President and Prime Minister have greeted the people on the occasion.. In his
message, President Pranab Mukherjee said that Lord Krishna's message of righteous conduct and
action inspires everyone to strengthen moral foundations of the society and strive selflessly to take
the country to new heights
iii. Vice President Hamid Ansari said that Lord Krishna's message of performing our duties with
sincerity and devotion, without attachment to the results of our actions remains a pertinent principle
for salvation of humanity.
iv. In his message, Prime Minister Narendra Modi said, may Lord Krishna bless people with peace,
prosperity and happiness.
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i. Rajni Razdan on 16 August 2014 became the new Chairperson of the Union Public Service
Commission (UPSC). She was appointed as Chairperson of UPSC by the President Pranab
Mukherjee on 14 August 2014.
ii. She replaced Prof. D P Agrawal who completed his six-year tenure as Chairman of UPSC on 16
August 2014. He was appointed as Chairman of UPSC on 16 August 2008.
iii. She will serve as UPSC Chairperson for next six years. She had joined as UPSC member on 19
April 2010.
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i. India ranked fifth amongst top ten wind power producers in the world by adding 1,700 MW
capacity in 2013, a report said.
ii. China was the leading wind power producer by adding 16,100 MW capacity in 2013, followed
by USA, Germany and Spain, Renewables 2014 Global Status Report said.
iii. By the end of 2013, China, the US, Brazil, Canada and Germany remained the top countries for
total installed renewable power capacity, the report said.
iv. According to the report, over the past few years the costs of electricity generation from onshore
wind and particularly solar PV (photo-voltaic) have fallen sharply which has resulted in an increase
in wind and solar power projects being built without public financial support.
v. In terms of annual investment in the wind energy sector and production, China ranked number one
followed by Germany, UK, India and Canada.
vi. Worldwide more than 35,000 MW wind power capacity was added taking the total number to
3,18,000 MW in 2013 to which India contributed 1,700 MW.
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Note: India won 65 medals in the 2010 Asian Games in Guangzhou in China with 12 medals (5 gold,
2 silver, 5 bronze) coming from athletics.
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i. Mahela Jayawardene ended his illustrious 17-year test career in near perfect style in the whitewash
win for Sri Lanka against Pakistan on Monday.
ii. A half-century at his home ground, another century stand with his friend and favourite batting
partner Kumar Sangakkara, capped with his teammates carrying him off the field on their shoulders.
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iii. In retirement he will be preparing a special place in his trophy cabinet for his 15-year test cap as
he turns his attention to playing at next years World Cup, before quitting international cricket
altogether.
iv. Jayawardene made his debut against India in 1997 as a 20-year-old and scored a half-century in
his first innings which largely went unnoticed because of Sri Lankas record breaking 952-6 with
Sanath Jayasuriya (340) and Roshan Mahanama (225) in a 576-run partnership.
i. Frequent withdrawal of money from ATMs will become expensive from November, with the RBI
imposing a limit of 3 transactions per month from ATMs of other banks and 5 from the same bank in
six metropolitan cities.
ii. A customer will be required to pay a fee of up to Rs 20 for using Automated Teller Machines
(ATMs) beyond the permitted numbers of transactions in Delhi, Mumbai, Chennai, Bangalore,
Kolkata and Hyderabad.
iii. The new guidelines, which were issued in pursuance of a representation made to the central bank
by Indian Banks' Association, will come into effect from November 1, 2014.
iv. "The number of mandatory free ATM transactions for savings bank account customers at other
banks ATMs is reduced from the present 5 to 3 transactions per month (inclusive of both financial
and non-financial transactions) for transactions done at the ATMs located in 6 metro centres," RBI
said in a notification.
v. With regard to own bank ATMs, RBI said that banks will have to permit at least 5 free
transactions per month (both financial and non-financial).
vi. Banks have been allowed to charge a maximum fee of Rs 20 per transaction beyond the
stipulated ceilings.
vii. The Reserve Bank of India (RBI) also made it clear that the said reduction will not apply to
small/no frills/basic savings bank deposit account holders.
Note: i. Also, it will not be applicable for account holders other than the six metro cities.
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ii. The Reserve Bank said the cap on the number of free ATM transactions have been imposed in
view of the growing cost of ATM deployment and maintenance incurred by banks and also in view
of rising interchange outgo due to free usages.
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Note: i. The main features of the scheme include Rs 5,000 overdraft facility for Aadhar-linked
accounts, Ru Pay Debit Card with inbuilt Rs 1 lakh accident insurance cover and minimum
monthly remuneration of Rs 5,000 to business correspondents who will provide the last link between
the account holders and the bank.
ii. The scheme, to be pushed by the government in a mission mode, seeks to provide two accounts to
7.5 crore identified households by August 2018.
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PM Modi inducts INS Kolkata, says it will boost our military prowess
i. Prime Minister Narendra Modi on Saturday commissioned INS Kolkata, India's largest
indigenously built warship, at the Naval Dockyard in Mumbai.
ii. It is an advanced version, but significantly more versatile, of the Delhi-Class ships INS Delhi,
INS Mysore and INS Mumbai which will add considerable teeth to India's maritime warfare
capabilities with all-round capabilities against enemy submarines, surface warships, anti-ship
missiles and fighter aircraft.
iii. Defence minister Arun Jaitley and chief of naval staff Admiral RK Dhowan were also present
during the ceremony.
iv. "INS Kolkata is entirely built in India and it is a symbol of self-reliance," said Modi while
addressing the sailors at the commissioning ceremony.
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v. The warship, constructed by the Mazagon Dockyards Limited, has been designed by Navy's
design bureau. The 6,800 tonne warship is a technology demonstrator and will showcase a giant leap
in shipbuilding technology in the country.
Note: The Prime Minister had dedicated India's largest warship INS Vikramaditya to the nation in
June in his first outing after taking charge.
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Bhutan, Nepal two most peaceful countries in South Asian region: GPI
i. Bhutan and Nepal are the two most peaceful countries in the South Asian region.
ii. According to Global Peace Index, 2014 released recently Bhutan stands at 16th position and
Nepal at 76th position.
iii. Banghladesh is ahead of India, Pakistan and Afghanistan in terms of 'state of peace'.
iv. While Bangladesh occupied 98th position, India was rated at 143, Pakistan 154, and
Afghanistan at 161.
v. The Global Peace Index is the world's leading measure of global peacefulness produced by the
Institute for Economics and Peace, gauging domestic and international conflict, safety and security in
162 countries by using 22 indicators.
vi. Sri Lanka has been rated at 105th position.
Note: Iceland, Denmark and Austria were ranked first, second and third respectively. India was
rated at 143.
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Former RBI Governor Bimal Jalan to head the Expenditure Management Commission
i. The Union Government decided to appoint former RBI governor Bimal Jalan as the head of the
Expenditure Management Commission. ii. He would be tasked to suggest ways for managing public
finances by reducing food, fertiliser and oil subsidies to include fiscal deficit.
Expenditure Management Commission
i. Union Finance minister Arun Jaitley had announced the setting up of an Expenditure Management
Commission in the Union Budget 2014-15 in July 2014.
ii. The purpose of setting up the commission is to cut-off the spending and review government
expenditure to get maximum output.
iii. The Commission will submit its interim report before the Budget of 2015-16 and its final report
before the Budget of 2016-17.
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i. Karnataka and Kerala governments have signed an MoU for rural livelihood mission.
ii. The Karnataka Minister for Rural Development and Panchyatraj, H K Patil, and the Kerala Chief
Minister, Ommen Chandy, had signed the MoU on August 13 at Thiruvanathapuram.
iii. As per the MoU, Kerala Governements Kudumbashree and Karnataka State Rural Livelihood
Mission are to help train and hand-hold rural Self Help Groups (SHGs) in Karnataka.
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iv. The DF-41 missile is a nuclear solid fuelled road mobile intercontinental ballistic missile and the
weapons are meant for deterrence. Further it is speculated that the DF-41 missiles will be able to
carry three nuclear warheads.
13. Maryam Mirzakhani became the first woman to bag Fields Medal
i. Maryam Mirzakhani, an Iranian born mathematician, became the first woman to win coveted
Fields Medal on 13 August 2014 in Seoul, South Korea.
ii. The award recognized her contributions to the field of geometry particularly in studying the
symmetry of curved surfaces such as spheres.
iii. Mirzakhanis work has implications for the study of cryptography and prime numbers as well as
for physics and quantum field theory.
iv. She was one of four mathematicians who were awarded the Fields Medal 2014. Three other
awardees were:
Artur Avila of the Institute of Mathematics of Jussieu, for his contributions in Dynamical Systems
Theory
Manjul Bhargava of Princeton University, for developing new approach in the geometry of
numbers
Martin Hairer of the University of Warwick, for his contributions to the Theory of Stochastic
Partial Differential Equations
14. Kush Kumar became first Indian player to reach semi final of World Junior Squash
Championship
i. Kush Kumar on became the first Indian player to reach the semi-final of World Junior Squash
Championship. The championship is being held in Windhoek, Namibia.
ii. He achieved this feat when he defeated England's George Parker 11-8, 11-8 in straight games in
quarterfinal of the WSF World Junior Individual Squash Championship. From the outset, Kumar had
a firm control of the proceedings, getting his drive on direction and drops to perfection.
II. The President of Korea, Park Geun-hye, gave away the awards.
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NOTE
I. The ICM is held every four years and, traditionally, the IMU awards are presented at this
quadrennial event.
II. The awards include the Fields Medal, the highest award in mathematics, the Rolf Nevanlinna
Prize and the Carl Friedrich Gauss Prize.
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I. Senior advocate Uday Umesh Lalit, who hails from Maharashtra joined the Bar in June 1983
is practising in the apex court since 1986. He will have a tenure of about eight years, including about
months as the Chief Justice of India in 2022 after the retirement of Justice N.V. Ramana.
II. Justice Abhay Manohar Sapre, who hails from Madhya Pradesh became a Judge of Madhya
Pradesh High Court in 1999. Initially he was appointed Chief Justice of Manipur and later shifted to
Gauhati High Court as its Chief Justice. He will have a tenure of over five years.
III. Justice R. Banumathi, who hails from Tamil Nadu was elevated as Judge of the Madras High
Court on April 3, 2003 and elevated as Chief Justice of Jharkhand High Court in November 2013.
She will be first woman judge from Tamil Nadu to occupy the highest judicial office. She will have a
tenure of over six years.
IV. Justice Prafull Chandra Pant, who hails from the then undivided Uttar Pradesh became a
Judge of Uttarakhand High Court in 2004. He was appointed Chief Justice of Meghalaya High Court
from September 2013. He will have a brief tenure of little over three years.
Daily GK Updates: 7th August 2014
1.
2.
vi. ARCs will have to mandatorily disclose the basis of valuations in case the acquisition value of
assets is more than the book value. They will also have to disclose the details of the assets disposed
of at substantial discount during a year and the reasons for this.
3.
4.
5.
Union Cabinet approved the Juvenile Justice Bill, 2014 to amend the Juvenile Justice Act,
2000
i. The Union cabinet on 6 August 2014 approved the Juvenile Justice (Care and Protection of
Children) Bill, 2014 to amend the Juvenile Justice (JJ) Act, 2000. The Union government plans to
introduce the bill in the Monsoon session of Parliament.
ii. The bill empowered the Juvenile Justice Board to decide whether a minor would be tried in a
regular court or sent to a correctional centre.
iii. The bill provides that if a minor is sent to regular court, he would not be sentenced to life or death
if found guilty. Currently, the maximum punishment under the Juvenile Justice Act is three years
confinement at correctional homes.
The Provision for Children in conflict zones and Corporal punishment in the JJ Bill, 2014
i. The Bill proposes up to seven year rigorous imprisonment, 5 lakh rupees fine or both for
militant groups who recruit child soldiers or use children for any purpose.
ii. The Bill widens the definition of corporal punishment by including physical and verbal abuse.
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iii. It proposes stringent punishment for those who subject "a child to corporal punishment causing
hurt and emotional distress for the child".
iv. Offenders could face jail term between six months on first conviction. Depending on the gravity
of physical injury and mental trauma of the child, the offender could be punished with three to five
years in jail and up to 1 lakh rupees fine.
v. If the offender is an employee of an institution dealing with children, he can be dismissed from
service for repeat offence. Even the management of such institution can be sentenced to up to three
year jail and 1 lakh rupees fine for non-compliance or non-cooperation in any probe.
vi. Those ragging students within or outside an institution can be sentenced to up to three years in jail
and fined up to 1 lakh rupee. Anybody found to abet or propagate ragging can land in jail, too.
Note: If the Bill is passed in Parliament, India will join 40 other countries where corporal
punishment is a penal offence.
6.
7.
8.
Vladimir Putin signed decree baning imports of agricultural products from West
i. Russian President Vladimir Putin on 6 August 2014 signed a decree that bans imports of
agricultural products from all countries that have imposed sanctions on Russia over the crisis in
Ukraine. Major sanctions were made by the US and EU.
ii. Putin by targeting the western food exports aims to ensure the safety of Russia and this move
threatens to upset trade worth tens of billions of dollars.
iii. Ban on the food imports, should continue for up to one year. The decree that immediately came
into force asked the government to draw up a detailed list of products that would be banned.
iv. The decree stating ban on imports of agricultural products would have a heavy impact on Russia,
as it hugely depends on imported foodstuffs of which making are from West.
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Background
The Western Nations like the US and European Union (EU) has imposed several sanctions on Russia
after alleging that Russia is supporting the rebels of Ukraine. They imposed asset freezes and loan
bans on a score of individuals and companies.
9.
10. Chandra Shekhar Ghosh, CMD of Bandhan won Entrepreneur of the Year award
i. Chandra Shekhar Ghosh, CMD of Bandhan, has received the Entrepreneur of the Year award
from the All India Management Association (AIMA).
ii. Among the other awardees of the year were M G George Muthoot, Chairman, Muthoot Group
(Emerging Business Leader of the Year), N Chandrasekaren, CEO & Managing Director, TCS
(Indian MNC of the Year), Rakeysh Omprakash Mehra, Film Producer, Director of Bhaag, Milkha
Bhaag (Director of the Year) and S. S. Badrinath, Founder and Chairman, Emeritus of Sankara
Nethralaya (Outstanding Institution Builder).
iii. The AIMA Managing India Awards 2014 were given away at a function in the Capital by Union
Home Affairs Minister Rajnath Singh on Wednesday.
iv. Every year, AIMA celebrates the achievements of outstanding companies, entrepreneurs and
managers, who have made salutary contribution to nation building.
11. SEBI gets powers to clamp down on fraudulent deposit schemes
i. The Securities Laws (amendment) Bill, 2014, which was approved unanimously by the Lok Sabha
on Wednesday, allows SEBI to issue disgorgement orders.
ii. SEBI, in its little over two decades of existence, has issued disgorgement orders only on two
occasions; once, in 2006, during the IPO irregularities issue, and for the second time in the Satyam
Computer scandal.
iii. The money collected will now be parked in SEBIs Investor Protection and Education Fund.
iv. This fund should not be confused with the Investor Education and Protection Fund that has been
set up under the company law, Finance Minister Arun Jaitley clarified during a parliamentary
discussion on the Bill.
v. They are two separate funds. The IEPF under SEBI will have disgorged monies from the
regulators directions. The other investor protection fund maintained under the company law is
mainly unclaimed dividends, Jaitley said.
vi. Over the last one year since the promulgation of an ordinance to initiate action against illegal
deposit-taking schemes the IEPF under SEBI has garnered a corpus of 30 crore.
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vii. This move to explicitly empower SEBI to issue disgorgement orders is a big thing and augurs
well for investor protection. So far, SEBI saw it only as an implicit power. Now that it will be
explicit, SEBI will, in all its actions, first look at the possibility of disgorgement from the offenders,
MS Sahoo, Secretary, Institute of Company Secretaries of India, said.
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