Current Affairs 26 August 2020

We are here for you to provide the important Recent and Latest Current Affairs 26 August 2020, which have unique updates of Latest Current Affairs 2020 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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Top 20 Current Affairs of 26 August 2020

NATIONAL AFFAIRS

APEDA Signed MoUs with AFC India Ltd and NCUI for Cooperation in Interest of Agriculture & Allied Sectors

i.On August 25, 2020, Agricultural and Processed Food Products Export Development Authority (APEDA), under the Ministry of Commerce and Industry, has signed two MoUs (Memorandum of Understanding) one each with AFC ((formerly Agricultural Finance Corporation Ltd) India Limited, and National Cooperative Union of India (NCUI), Delhi for working together in the interest of agriculture and allied sectors.
ii.APEDA MoU with AFC India inked by Diwakar Nath Misra, Chairman APEDA and B.Ganeshan, Managing Director (MD), AFC India Ltd. to introduce critical technology intervention requirement for organic production system.
iii.APEDA MoU with NCUI was signed by Dr. Tarun Bajaj, Director APEDA and Mr. N.Satyanarayana, Chief Executive, NCUI to achieve the goal of Doubling the Farmers Income.
About AFC India Ltd:
AFC India Ltd., is a deemed to be Govt. organization, wholly owned by Commercial Banks, NABARD (National Bank for Agriculture and Rural Development) and EXIM Bank (Export-Import Bank of India), established in 1968. 
Headquarter– Mumbai, Maharashtra
About National Cooperative Union of India (NCUI):
President– Dr. Chandra Pal Singh Yadav
Headquarter– New Delhi
<<Read Full News>>

Nitin Gadkari inaugurated and laid foundation stones for 45 highway projects in Madhya Pradesh

i.On 25th August 2020, Nitin Jairam Gadkari, Union Minister for Road Transport and Highways inaugurated and laid foundation stones for 45 highway projects in Madhya Pradesh(MP) during a virtual event. 
ii.He also announced that Rs.700 crore from the Central Road Fund(CRF) will be utilised for the road sector of Madhya Pradesh.
iii.Shivraj Singh Chauhan, Chief Minister of Madhya Pradesh presided over the virtual event.
About Ministry for Road Transport and Highways(MoRTH):
Union Minister– Nitin Jairam Gadkari
Minister of State– Vijay Kumar Singh
<<Read Full News>>

Niti Aayog Task Force headed by  Ramesh Chand Recommends Linking of Sugarcane Prices to Sugar Rate

i.The final report of the Niti Aayog Task Force headed by  Ramesh Chand, Niti Aayog Member(Agriculture), “Sugarcane and Sugar Industry” recommended linking of Sugarcane prices to sugar rate to maintain the financial state and stability of the  industry and to clear the arrears of the sugarcane farmers.
ii.The report recommended to shift sugarcane cultivation areas to less water intensive crops by providing incentives to the farmers. 
iii.Currently around 3 lakh hectares are under sugarcane cultivation that produce around 20 lakh tonnes of sugarcane. 
About NITI Aayog:
Chairman– Narendra Modi
Chief Executive Officer (CEO)– Amitabh Kant
Headquarter– New Delhi
<<Read Full News>>

BANKING & FINANCE

Indian Govt, AIIB Inked $500 Mn Loan Agreement to Improve Quality & Safety of Mumbai’s Suburban Railway System 

i.On August 24, 2020, a quartet loan agreement was inked between Government of India, the Government of Maharashtra, Mumbai Railway Vikas Corporation (MRVC) and the Asian Infrastructure Investment Bank (AIIB) for Mumbai Urban Transport Project-III. The agreement aims to improve the network capacity, reduction in journey time and fatal accidents of commuters, service quality and safety of the suburban railway system in Mumbai, Maharashtra.
ii.The total estimated cost of the project is $997 million, of which $500 million will be financed by the AIIB, $310 million by the Government of Maharashtra and $187 million by the Ministry of Railways. The loan from the AIIB has a 5-year grace period and a maturity of 30 years.
About Asian Infrastructure Investment Bank (AIIB):
President– Jin Liqun
Headquarters– Beijing, China
About Maharashtra:
Chief Minister (CM)– Uddhav Bal Thackeray
Capital– Mumbai
Governor– Bhagat Singh Koshyari
<<Read Full News>>

NABARD Introduced  a Debt and Credit Guarantee Product, ‘Structured Finance and Partial Guarantee Programme to NBFC-MFIs’

i.The National Bank for Agriculture and Rural Development (NABARD) has introduced, ‘Structured Finance and Partial Guarantee Program for Non-Banking Finance Companies (NBFC)-Micro Finance Institutions (MFIs)’, a dedicated debt and credit guarantee product.
ii.It will  ensure uninterrupted flow of credit to the last mile  in rural areas hit by the COVID-19 pandemic. 
iii.NABARD has signed a pact with Vivriti Capital and Ujjivan Small Finance Bank on 14 August 2020 to introduce the initiative, which will enhance sustainable finance access to  microenterprises and low-income households.
About NABARD:
Headquarters– Mumbai, Maharashtra
Chairman– G R Chintala
About Ujjivan Small Finance Bank:
HeadOffice– Bengaluru, Karnataka
MD & Chief Executive Officer(CEO)– Nitin Chugh
Tagline– We believe in your belief
<<Read Full News>>

ICICI Bank Becomes the 1st Bank in India Uses Satellite Data to Assess Credit Worthiness of Farmers

i.ICICI Bank uses satellite data(imagery from Earth observation satellites) to assess credit worthiness of farmers. 
ii.ICICI Bank has become the 1st bank in India to use such a technique to measure an array of parameters related to the land, irrigation and crop patterns and use it in combination with demographic and financial parameters to make quick lending decisions for farmers.
iii.The satellite data with demographic and financial details, provides strong information on the land asset of the farmer.
About ICICI Bank:
Headquarters– Mumbai, Maharashtra
MD & CEO– Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka
<<Read Full News>>

MasterCard and Goals101.ai Partnered to create Targeted and Personalised Offers for Bank Cardholders

i.Mastercard has entered into an alliance with Goals101.ai, the leading bank-tech and Artificial Intelligence(AI) company. 
ii.Through this alliance, Goals101.ai connects merchants and issuers using big data, AI and automation to create targeted and personalized offers for Bank cardholders. iii.Through this partnership, Mastercard and Goals101.ai will  launch a section within the platform called ‘For You’ which will unify all the bank channels and properties into one.
About Mastercard:
Headquarters– New York, United States
Chief Executive Officer– Ajay Banga(Michael Miebach will succeed him by Jan1, 2021)
About Goals101.ai:
Headquarters- New Delhi, India
Chairman & MD- Visham Sikand
<<Read Full News>>

SBI General Insurance Launched a 1st of its Kind offering, ‘Shagun – Gift an Insurance’ Policy for Personal Accident

i.SBI General Insurance Co Ltd  launched a 1st of its kind offering, ‘Shagun – Gift an Insurance’, a unique gift of Personal Accident policy.
ii.It provides complete financial protection to the insured person against uncertainties such as accidental death and partial or total disabilities, and permanent &  temporary disabilities resulting from an accident. 
iii.This policy can be gifted to anyone like friends, families, domestic helpers in the age group of 18 years to 65 years.
About SBI General Insurance Co Ltd:
Headquarters– Mumbai, Maharashtra
MD and CEO– Prakash Chandra(P.C.) Kandpal 
<<Read Full News>>

ECONOMY & BUSINESS

Tech Mahindra, NITI Aayog’s WEP Partnered to Support Women Entrepreneurs in India

i.On August 24, 2020, IT (Information Technology) services major Tech Mahindra has joined hands with NITI (National Institution for Transforming India) Aayog’s Women Entrepreneurship Platform (WEP) to support Indian women entrepreneurs.
ii.In this regard, Tech Mahindra has partnered with the winners of Women Transforming India (WTI) Awards, to provide mentorship. WTI awards is an initiative of the WEP to recognise women leaders in entrepreneurship across various sectors like healthcare and life sciences, agritech and education, among others.
iii.Also, Tech Mahindra’s research and development arm, Makers Lab, will support women entrepreneurs through joint research, building go-to-market strategies to drive their growth.
About Tech Mahindra:
Managing Director (MD) and Chief Executive Officer (CEO)– Chander Prakash Gurnani
Headquarter– Pune, Maharashtra
About NITI Aayog:
Chairman– Prime Minister of India (Narendra Modi)
Chief Executive Officer (CEO)– Amitabh Kant
Headquarters– New Delhi
<<Read Full News>>

ReNew Power & UNEP Partnered to Increase Access to Clean Energy

i.On August 25, 2020, ReNew Power and the United Nations Environment Programme (UNEP) have signed a partnership agreement to promote increased access to renewable energy and improved energy efficiency. This Memorandum of Understanding (MoU) is a part of progressive strategies that India has adopted to realise its Nationally Determined Contributions (NDC) under the Paris Agreement.
ii.The aim is to shift the heating and cooling sector to an energy efficient one. 
iii.In accordance with MoU, ReNew Power will join hands with UNEP’s District Energy in Cities Initiative as an implementation partner for renewable energy installations across India.
About United Nations Environment Programme (UNEP):
Executive Director- Inger Andersen
Headquarter– Nairobi, Kenya
About ReNew Power:
Chairman and Managing Director (CMD)– Sumant Sinha
Headquarters– Gurugram, Haryana
<<Read Full News>>

MCX Launched India’s 1st Tradeable Real-Time Bullion Index, ‘MCX iCOMDEX Bullion’

On August 24, 2020 Multi-Commodity Exchange of India Ltd (MCX), India’s first listed, national-level, electronic exchange, launched futures trading on the country’s first tradeable real-time bullion index, MCX iCOMDEX Bullion , or Bulldex. The index will track the real-time performance of the gold (1kg) and silver (30kg) futures contracts, the flagship future products on the Exchange.

• Currently, it carries around 70.52% weight for gold and 29.48% for silver. The weights will be rebalanced every January.

Note– MCX has waived the transaction fee for 1st 3 months 
About MCX iCOMDEX Bullion Index future contract:
Trade– The MCX iCOMDEX Bullion Index future contracts that expire in September, October and November, 2020 are available for trade.
Equal to 50 times– The contract has a lot size equivalent to 50 times the base of MCX iCOMDEX Bullion Index.
Tick Size– The tick size (minimum price movement) for the contract is Rs 1. 
Cash Settlement– Contracts will be finally settled in cash at the expiry when each contract expires.
Final Settlement Price-The final settlement price will be the base index price arrived on the basis of Volume Weighted Average Price (VWAP) of the constituents of the underlying index between 4.00 p.m. and 5.00 p.m. on the expiry day of the index futures contract.
About Multi-Commodity Exchange of India Ltd:
Headquarters-Mumbai, Maharashtra 
Chairman– Saurabh Chandra
MD & CEO- P.S. Reddy

AWARDS & RECOGNITIONS

Neelakantha Bhanu Prakash bags 1st ever Gold Medal for India in MCWC; Named ‘World’s Fastest Human Calculator’ title

Twenty-Year old Neelakantha Bhanu Prakash Jonnalagadda of Hyderabad has bagged the first ever Gold Medal for India in Mental Calculations (MC) World Cup (MCWC) held on August 15, 2020 by Mind Sports Olympiad (MSO). 
i.The MSO was held virtually with 30 participants, who were upto 57 years of age. The participants were from 13 countries including the UK, Germany, UAE, France, Greece and Lebanon.
ii.Bhanu Prakash had secured the gold medal with a score of  167, Lebanese contender Mohammed El Mir secured the Silver Medal with a score 102 and Asmita Pal  from the UAE  bagged the Bronze medal with a score of 100 points.
iii.He has created a new All Time Record and has beaten the records of Math Maestros like Shakuntala Devi and Scott Flansburg. 
iv.India’s Aryan Shukla finished fourth with a score of 96.
About Neelakantha Bhanu Prakash Jonnalagadda:
Neelakantha Bhanu Prakash is a student of Mathematics (Honors) at Delhi University’s St Stephen College and holds 4 World Records and 50 Limca records for being the fastest human calculator in the world.
About MSO:
The MSO is an international event with over 60 different board game competitions ranging from classics like Chess, Scrabble and 7 Wonders. It was first held in 1998. 

      APPOINTMENTS & RESIGNATIONS

Aerospace Scientist G Satheesh Reddy gets Two-Year Extension as Chairman of DRDO 

On 24th August, 2020 Renowned Aerospace Scientist Dr G. Satheesh Reddy was given a two-year extension as Chairman of the Defence Research and Development Organisation (DRDO) & as Secretary of the Department of Defence Research & Development(DoDRD) by the Appointments Committee of the Cabinet.
G Satheesh Reddy was appointed to the post in August 2018 for a tenure of two years. 
About Satheesh Reddy:
i.Satheesh Reddy was born in Atmakuru, Nellore District, Andhra Pradesh. 
ii.He was appointed as Scientific advisor to the Defence Minister of India in June, 2015.
iii.Satheesh Reddy also heads Dr APJ Abdul Kalam Missile Complex, a Military Missile Research Centre in Hyderabad, India.
iv.Satheesh Reddy is one of the Chief Architects behind India’s Mission Shakti, Anti Satellite Missile Test (ASAT).
Recent Related News:
i.DRDO provides the drone named “Bharat” to the Indian Army– indigenously developed by the DRDO and will help in monitoring high altitude  areas along LAC in Eastern Ladakh (China Border).
ii.Institute of Nuclear Medicine and Allied Science(INMAS) a Delhi based laboratory of DRDO has developed “Ultra Swachh”, a disinfection unit to disinfect Personal Protective Equipments (PPEs), electronic items, fabrics and other materials.
About DRDO:
Chairman – G Satheesh Reddy
Headquarters  – New Delhi

IEX accepted the resignation of its MD & CEO Rajiv Srivastava

On 24th August 2020, the Board of Directors of Indian Energy Exchange(IEX) accepted the resignation of its Managing Director(MD) and Chief Executive Officer(CEO) Rajiv Srivastava. He was relieved from his position as MD & CEO with immediate effect from 24th August 2020.
Interim MD & CEO:
i.Satyanarayan Goel, the current non-executive chairman of the board of IEX was given additional charges as the interim MD and CEO of the company.
ii.Goel served as the MD and CEO of the company from January 21, 2014 to July 20, 2019.
About Indian Energy Exchange(IEX):
Interim MD & CEO– Satyanarayan Goel
Headquarters– New Delhi

         ACQUISITIONS & MERGERS 

Axis Bank to Acquire 17% Instead of 29% in Max Life Insurance

Axis Bank Ltd(Axis Bank) to acquire 17%(17.002%) of the equity share capital in Max Life Insurance(Max Life), instead of 29%. After the transaction, the total ownership of Axis bank in Max Life will be 18%. The parties have executed definitive agreements.

• Axis Bank and Max Life will approach the respective regulatory authorities, with revised applications for their consideration and approval.

Note– The transaction is subject to regulatory approvals  fromInsurance Regulatory and Development Authority of India (IRDAI) , Reserve Bank of India(RBI) and the Competition Commission of India (CCI).
Key Info
i.Currently Max Financial Services(MFS) holds 72.5% stake in Max Life,  Mitsui Sumitomo Insurance (MSI) a 25.5 % stake and Axis Bank a 1.99% stake.
ii.Post completion of the series of transactions, Max Life will become an 82:18 joint venture between MFS and Axis Bank.
Background:
i.The change comes after the Irdai raised concerns over 4 clauses in the agreement. 
ii.RBI has also raised concerns over the terms of the deal.
Additional Info- Initially Axis Bank had planned to raise its stake in the insurer to 30% for about Rs 1,600 crore.
About Axis Bank Ltd:
Headquarters– Mumbai, Maharashtra
MD & CEO– Amitabh Chaudhry
Tagline– Badhti Ka naam Zindagi
About Max Life Insurance Company:
Headquarters– New Delhi, India
MD & CEO – Prashant Tripathy

       SCIENCE & TECHNOLOGY

IAF Launched “My IAF”, a Mobile Application to Provide Career Related Information

i.On 24th August 2020, Indian Air Force(IAF) Chief of the Air Staff(CAS) Air Chief Marshal (ACM)Rakesh Kumar Singh Bhadauria, launched the mobile application “My IAF”, to provide career related information and details in IAF to the aspirants. 
ii.The application was launched as a part of the ‘Digital India Initiative’.
iii.It was developed in association with the Centre for Development of Advanced Computing (C-DAC).
About Indian Air Force(IAF):
Chief of the Air Staff (CAS)– Rakesh Kumar Singh Bhadauria,
Headquarters– New Delhi.
Motto– Touch the sky with Glory
About Centre for Development of Advanced Computing (C-DAC):
Director General– Dr.Hemant Darbari
Headquarters– Pune, Maharashtra
<<Read Full News>>

India’s ASTROSAT Detected Extreme UV light from AUDFs01 Galaxy

i.On August 24, 2020, in accordance with the Inter-University Centre for Astronomy and Astrophysics (IUCAA) in Pune, Maharashtra, India’s first multi- wavelength satellite observatory, ASTROSAT, has detected an extreme ultraviolet (UV) light from a galaxy called “AUDFs01” which is 9.3 billion light-years away from Earth. The galaxy is located in the Hubble Extreme Deep field (XDF).  
ii.The discovery of UV light from AUDFs01 was made by an international team of astronomers from India, France, Switzerland, the USA (United States of America), Japan and The Netherlands which was led by Dr Kanak Saha, associate professor of astronomy at the IUCAA.
iii.The study is published in “Nature Astronomy”.
About Inter-University Centre for Astronomy and Astrophysics (IUCAA):
Director– Dr Somak Raychaudhury
Location – Pune, Maharashtra
<<Read Full News>>

First in Indian Railways: Ahmedabad Railway Division Introduces Baggage Sanitization and Wrapping Machine 

On 25th August, 2020 Ahmedabad Railway Division launched the Baggage Sanitization and Wrapping Machine  at the Ahmedabad Railway station to ensure  safe travel for the passengers during the Pandemic.
The Ahmedabad Railway Division has introduced the machine after considering the increase in transport and travel services after Unlock-1 Phase.
Key points:
i.The indigenously made baggage sanitization and wrapping machine have been set up  under the Atmanirbhar Bharat concept.
ii.The 360 degree sanitization of the luggage will be done using ultraviolet radiation, there will be no harmful effects of UV rays on tiffins, food, vegetables or water kept in the baggage.
iii.The service is paid and voluntary and charges will vary depending upon the size and weight of the luggage.
iv.The railways has taken this  initiative under the New Innovative Non Fare  Revenue Idea Scheme (NINFRIS).
Recent Related News:
i.Indian Railways  has planned to roll out 151 private train services by 2027 on 109 pairs of routes across the country. 
ii.Indian Railways’ Central Railway zone has installed an Automated Ticket Checking & Managing Access(ATMA) machine, 1st of its kind at Nagpur station.
About Indian Railways:
Chairman – Vinod Kumar Yadav
Headquarters – New Delhi

OBITUARY

Pascal Lissouba Ex-Congo President passed away

On 24th August 2020, Pascal Lissouba, former President of Republic of Congo, which is also known as Congo-Brazzaville passed away at the age of 88 in Southern France due to illness. He was born in Tsinguidi, Republic of Congo.He belonged to the Pan-African Union for Social Democracy (UADS) party.
About Pascal Lissouba:
i.Pascal became the minister of agriculture in 1960 after Congo became an independent country.
ii.He served as the Prime minister under the Presidency of Alphonse Massamba Debat.
He won the first multi-party presidential elections of the Republic of Congo, in 1992.
iii.He served as the president from 1992 to 1997.
iv.He fled to France in 1997 after he was overthrown by Denis Sassou Nguesso, the current president of Congo, in the civil war.
v.The high court of Justice in Republic of Congo sentenced Pascal Lissouba in absentia to 30 years forced labor for treason and corruption in 2001.
About  Republic of Congo(Congo-Brazzaville):
President– Denis Sassou Nguesso
Prime Minister– Clément Mouamba
Capital– Brazzaville

BOOKS & AUTHORS

‘Running Toward Mystery: The Adventure of an Unconventional Life’ Authored by Tenzin Priyadarshi and Zara Houshmand

On 25th August, 2020 the book ‘Running Toward Mystery: The Adventure of an Unconventional Life’ authored by Tenzin Priyadarshi and co-written by Zara Houshmand released. The book provides an account of how the Dalai Lama traced his Spiritual Teacher Khunu Lama in India. 
Tenzin Priyadarshi is the President and CEO of The Dalai Lama Center for Ethics and Transformative Values at the Massachusetts Institute of Technology (MIT) and Zara Houshmand is an Iranian American author and literary translator.
i.The author Priyadarshi talks about teachers who have influenced his life including Dalai Lama, Former Archbishop of Cape Town Desmond Tutu and Mother Teresa.
ii.The book also shares his thoughts on Science and Technology,  Meditation and Spiritual  Disillusionment and the relationship between Buddhism and the modern world.
iii.Further, he describes his life at MIT and describes how the 2008 financial crisis gave critical momentum for the formation of The Dalai Lama Center for Ethics and Transformative Values.

IMPORTANT DAYS

World Gujarati day 2020: August 24

World Gujarati Day 2020  is celebrated  on 24th August 2020 to commemorate the birth anniversary of the famous Gujarati poet and social reformer, Narmadashankar Dave popularly known as Veer Narmad. The world Gujarati day is dedicated to the Gujarati language and literature.
About Veer Narmad:
i.Veer Narmad was considered as the founder of Modern Gujarati literature and he was also  known as the first poet in Modern times to introduce courage and creativity through ‘Dandio’.
ii.He was a visionary creator, philosopher and a pioneer of social justice.
iii.His poem “Jai Jai Garavi Gujarat” is used as the state song of Gujarat.(the hindi lyric was written by Prasoon Joshi).
Key Point:
On the occasion of World Gujarati day, Prime Minister Narendra Modi extended his wishes to all the gujarati’s around the world.

STATE NEWS

Himachal Pradesh, Micro Tek New Technologies Private Ltd Sign MoU to set up Electronics Manufacturing Unit at Baddi

The Government of Himachal Pradesh (HP) has signed a Memorandum of Understanding (MoU) worth Rs110 Crores with Micro Tek New Technologies Private Ltd for setting up an Electronics Manufacturing Unit at Baddi, Solan District, Himachal Pradesh. 
The  MoU was signed by Director of Industries, Himachal Pradesh, Hans Raj Sharma and Subodh Gupta,Chairman of MicroTek New Technologies Private Ltd.
i.The  unit will manufacture Thermometers, online/offline UPS, high capacity inverters, oximeters and other electrical products.
ii.It is expected to be completed by March, 2021 and will provide direct employment to around 450 people.
Recent Related News:
i.On June 8, 2020 Himachal Pradesh(HP) Chief Minister (CM) Jai Ram Thakur launched ‘Panchvati Yojana’ for the senior citizens of rural areas of the state.
ii.Nadaun Police Station of Hamirpur District in Himachal Pradesh was ranked as one of the best Police Stations of India in the Annual Ranking of Police Stations for 2019 prepared by ministry of Home Affairs.
About Himachal Pradesh:
Chief Minister – Jai Ram Thakur
Governor – Bandaru Dattatreya
National Parks  – Great Himalayan National Park, Pin Valley National Park, Khirganga, Inderkila, Simbalbara

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