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Current Affairs Today – August 14 2015

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Dear Readers, We cover some important news in Current Affairs Today Section, which are not covered in Daily Detailed News, More Current Affairs coverage will help you to Score Good Marks in Competitive Exam.

**Blue Heading are Detailed News, Click the News to Read More**

Indian Affairs 

UP CM launches mobile app for people

samajwadi-party-app

  • Uttar Pradesh Chief Minister Akhilesh Yadav launched of ‘Samajwadi Akhilesh’ mobile application, a channel through which users will stay connected with Samajwadi Party.
  • This  application users will now be able to receive notification messages directly from the CM and learn more about his initiatives for the state
  • People  will always be empowered with the latest information.It  will keep you updated.
  • Besides CM’s achievements, feeds from FB and Twitter, videos and interviews of CM, one can also read and share news related to him.
  • This applications also highlights initiatives and achievements of Samajwadi Party.
Govt to spend Rs 14,000 crore to promote eco-friendly vehicles 
  • Government will spend Rs 14,000 crore to promote hybrid and electric vehicles in the country, Heavy Industries Minister Anant Geete.
  • Domestic automobile industry needs to become sustainable in the wake of stiff global competition, specially when we are competing with developed nations.
  • Under the National Electric Mobility Mission, we are making special efforts to make Prime Minister’s ‘Make in India’ drive a success,”
International climate office to be set up in Pune
  • An International Climate Variability and Predictability project office would be set up in Pune for implementation of intra-seasonal, seasonal and inter-annual variability and predictability of monsoon systems.
  • An agreement has already been signed in February this year in this regard between Indian Institute of Tropical Meteorology (ESSO-IITM) and World Climate Research Programme, Geneva, the Union Cabinet was informed
  • Hosting of the office will not only give it an international recognition but will also help ESSO-IITM scientists to establish fruitful cooperation with the global community of climate researchers.
  • It will lead to better understanding of climate variability and development of climate prediction models that are useful for the global community.

International Affairs

2015 US-India Cyber Dialogue held in Washington, DC

  • 2015 US – India Cyber Dialogue was held on 11 and 12 August 2015 at the US Department of State in Washington, DC.
  • The whole-of-government Cyber Dialogue, fourth in the series, was led by the U.S. Cybersecurity Coordinator and Special Assistant to the President Michael Daniel and by India’s Deputy National Security Advisor Arvind Gupta.
  • The two delegations identified a variety of opportunities for increased collaboration on cyber security capacity-building, cyber security research and development, combatting cyber crime, international security, and Internet governance, and intend to pursue an array of follow-on activities to bolster their cyber security partnership and achieve concrete outcomes.
  • The two countries decided to hold the next round of the Cyber Dialogue in Delhi in 2016.

Aim:

To increase global cyber security and promote the digital economy, the United States and India have committed to robust cooperation on cyber issues.

Business

Tata Sons raise stake in AirAsia India from 30% to 41%
  • Tata Sons will raise its stake to 41.06 percent in low-cost carrier AirAsia India .
  • The airline, which is facing stiff competition, is also set for top management reshuffle with CEO Mittu Chandilya expected to be elevated as Managing Director in addition to his current responsibility.
  • We are in the process of subscribing to the capital of AirAsia India which will take up our stake to 41.06 percent from the current 30 percent,” a Tata Sons spokesperson said.

Banking & Finance 

IRDAI allows Banks to tie up with insurers

According to the new bancassurance guidelines, Insurance Regulatory and Development Authority of India (IRDA) have allowed banks to tie up with a maximum of nine insurers from three segments which are life, non–life and standalone health insurers.

  • These tie-up is not mandatory on the banks and it has been left to them they are free to take their call on the number of tie-up.
  • Within a short time, IRDA is likely notifying the new guidelines on the bancassurance norms.
  • IRDA has been making efforts to launch a policy of open architecture bancassurance policy but was unable to finalize the broad features of the new policy as they were not agreed by the various stake holders of the insurance industry.
  • Bancassurance is a French term referred as selling of insurance through a bank’s. Thus it can be said that Bancassurance “Banks as Insurance Agents”.

RBI notified Interest Subvention Scheme 2015-16 of Union Government for banks

  • Reserve Bank of India on 13 August 2015 notified the Union Budget-2015-16 Interest Subvention Scheme (ISS).Farmers can now gets corp loans at just 4% next financial year as GOI has approved implementation of interest rate subvention schemes with an extension.
  • The central bank said that interest subvention of 2 percent per annum will be made available to public and private sector banks provided they lend short term credit at the ground level at 7 percent per annum to farmers. The bank said that additional interest subvention of 3 percent will be available to farmers.
  • The government in the Budget for 2015-16 proposed to implement interest subvention scheme in the 2015-16 fiscal for short-term crop loans up to 3 lakh rupees.
  • After that, extended ISS to Public Sector Banks (PSBs), private sector commercial banks, rural regional banks (RRBs), cooperative banks and NABARD.
  • The benefit of interest subvention will be available to small and marginal farmers having Kisan Credit Card for a further period of up to six months post-harvest on the same rate as available to crop loan.

Appointments & Resigns

Om Prakash Rawat appointed as new Election Commissioner

Election Comissioner

Om Prakash Rawat, a former Madhya Pradesh cadre IAS officer was appointed as the new Election Commissioner . His appointment will come into effect from the day he assumes office.

  • Rawat born on December 2, 1953, a 1977 batch officer  will have a tenure of more than three years which will end in December, 2018. He had retired from government service in December 2014.
  • An EC or a CEC has a tenure of six years in office or till he or she attains the age of 65 years, whichever is earlier.
  • In 1993, he was a Director in the Defence Ministry. He has also served as Principal Secretary to Babu Lal Gaur, the then Chief Minister of Madhya Pradesh between 2004 and 2006.
  • While Naseem Zaidi is the Chief Election Commissioner, Achal Kumar Joti is the other Election Commissioner. Rawat’s second stint at the Centre began in March 2012 and he was Secretary, Department of Public Enterprises in the Ministry of Heavy Industries when he retired.
  • An awardee of state government’s ‘recognition of forest rights‘ in 2009, Rawat did his MSc in Social Development Planning in 1989 in the United Kingdom.

Indian-American Atul Keshap appointed as new US Envoy to Srilanka

Indian-American Atul Keshap  44 has been confirmed as the US Ambassador to Sri Lanka and Maldives, becoming the second Indian-origin diplomat to be posted to the region after Richard Rahul Verma.

  • He is currently working as Deputy Assistant Secretary of State in South and Central Asian Affairs Bureau of State Department. He joined the Foreign Service in 1994.
  • Mr Keshap and Dr Verma, the US envoy to India, both are from  Punjab
  • He was the deputy political counselor at the US Embassy in New Delhi from 2005 to 2008.
  • His father, Keshap Chander Sen, was a UN development economist working in Nigeria. His mother, Zoe Calvert, had been in the US Foreign Service when she met and married Sen in London. She had also served at the US embassy in India.
  • In 2003, keshap  moved to the White House as director for North African and Middle Eastern regional affairs on the staff of the National Security Council.
  • He was also the director for UN Human Rights in the Bureau of International Organization Affairs from 2008 to 2010.

Foodpanda India co-founder Rohit Chadda steps down as MD

Rohit Chadda, co-founder of online food ordering and delivery firm Foodpanda India, has stepped down as managing director (MD)

  • Foodpanda India was co-founded by Chadda, Amit Kohli and Akhilesh Bali in 2012 and currently has around 12,000 restaurant partners in over 200 cities in the country.
  • Foodpanda had appointed Saurabh Kochhar as its India CEO and chief business officer of global operations in March this year. Foodpanda India is owned by Foodpanda group.
  • The Foodpanda group is active in over 40 countries across five continents. It started as independent startups in multiple countries across South & East Asia, incubated by the same investor – Rocket Internet.
  • The Foodpanda group has raised over USD 300 million in multiple rounds of funding with the last one being of USD 100 million.

Awards

Sports

Indian Men’s Hockey team won European series

  • Indian Men hockey team won European series by winning 2 matches in three matches series after winning final match.by 4-2 against spain
  • In the series first match was won by spain by 4-1 after second by 2-0 and final match was won by India
  • Ramandeep Singh (17th) and Akashdeep Singh (33rd) scored two field goals to register the win for India.

Obituary

The founder of Hero Cycle Om Prakash Munjal passes away

Hero cycle founder

Om Prakash  Munjal, chairmanemeritus of Hero Cycles and one of the founders of the Hero Group, died  in Ludhiana. He was 86. Munjal, who led Hero Cycles for almost 60 years, retired from active business roles  leaving the chairmanship of the company to son Pankaj Munjal.

  • Munjal, along with his three brothers including family patriarch Brijmohan Lall Munjal, started a bicycle spare parts business in Amritsar in 1944.
  • They after  moved the base to Ludhiana, named the company ‘Hero‘ and set up India’s first bicycle manufacturing unit in 1956. 
  • During  early of 1980s, Hero Cycles emerged as the largest manufacturer of bicycles by volume in the world. A Rs 3,000 crore company now, it has diversified into other businesses such as auto parts manufacturing and hospitality.

Important Days

World Organ Donation Day

  • World Organ Donation Day-Aug 13, organized by UNSO.
  • United Network for Organ Sharing (UNOS) is the private, non-profit organization that manages the nation’s organ transplant system under contract with the federal government.
  • Organ donation has risen by more than three times over the past six months in Delhi, giving new hope to patients with organ failures. The trend can be attributed to better coordination between authorities.

Click here to view: Current Affairs August 2015