1. Cabinet
Approved raising of over Rs 9000 cr through NABARD for Completing Irrigation
Projects
i. The Union Cabinet has approved raising
extra budgetary resources up to 9,020 crore rupees for Long
Term Irrigation Fund in 2017-18 under Pradhan Mantri Krishi Sinchayee
Yojana (PMKSY). According to Finance Minister Arun Jaitley, the amount
will be raised by NABARD through Bonds.
ii. The Fund seeks to make loans from NABARD
attractive for states by ensuring lending rate of 6 per cent per
annum.
2. CCEA
Approves Proposal of DIPAM for Strategic Disinvestment
i. The
Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of Department of Investment and
Public Asset Management (DIPAM) for the strategic disinvestment. The
approval will help in speedy completion of strategic disinvestment
transactions.
ii. The department will set up an alternative
mechanism comprising of the Finance Minister, Minister for Road Transport and
Highways and Minister of Administrative Department, to decide on the matters
relating to terms and conditions of the sale from the stage of inviting of
Express of Interests till inviting of financial bid.
3. Italy
to Host G-7 Interior Ministers' Summit on Security
i. Italy will host a summit of G-7
interior ministers centered on security issues in the fall. According
to Italian Interior Minister Marco Minniti, the meeting is being organized at
the request of Italy's G-7 partners: Canada, France, Germany, the United
Kingdom, Japan and the United States.
ii. Italy currently holds the rotating helm of
the Group of Seven industrialized nations. The summit is expected to be held in
October 2017.
4. NABARD
Awards for Corporation Bank
i.
Corporation Bank has bagged
the best performance awards for SHG-bank linkage program for Karnataka for
2015-16 and 2016-17 from National Bank for Agriculture and Rural
Development (Nabard).
ii. The bank was given the award for its
overall performance under SHG-bank linkage program for 2015-16 and 2016-17
among commercial banks operating in Karnataka. The bank has formed more than
1.32 lakh self-help groups (SHGs).
5. SBI
Gives Leg-up to CSR Initiatives
i. State
Bank of India has launched
a CSR (Corporate Social Responsibility) initiative, SBI
Gram Seva, which will work in the areas of health, education,
environment and rural infrastructure.
ii. The SBI Foundation will identify and
partner with NGOs to carry out CSR initiatives under which
it adopt five villages each from 10 village panchayats with each
village getting around Rs 2.40 crore over the next three years.
6. Karnataka
Bank on Social Media
i.
Karnataka Bank Ltd has
ventured into social media by opening its official pages in social networking
sites such as FaceBook, Twitter, Instagram, and YouTube.
ii.
Mahabaleshwara MS, MD and
CEO of the bank, unveiled the official social handles of the bank in Mangaluru.
The official social handle of the bank is @karnatakabank for Twitter and
Facebook, and @officialkarnatakabank for Instagram.
7. Karur
Vysya Bank Opens its First Aadhaar Enrollment Centre
i. Karur
Vysya Bank rolled out an Aadhaar
Enrollment Centre at its Nelson Manickam Road Branch in Chennai.
ii. The facility was inaugurated by D M Gajare,
assistant director general, Unique Identification Authority of India (UIDAI),
Regional Office, Bengaluru. KVB is the first private sector bank to
provide this service in India.
8. RCom's
Merger with Aircel Gets NCLT Nod
i. The
National Company Law Tribunal (NCLT) admitted proposals for the merger between Aircel and Reliance
Communications wireless business, as well as the latter's sale of its
tower business to Canada's Brookfield.
ii. The telecom department had also asked
NCLT to direct RCom and Aircel to get permission from the Supreme Court before
filing their merger plea. The Merged entities will be called as 'Aircom' and
both will have 50% equity stake.
9. Reliance
Defence is Now Reliance Naval and Engineering
i. Anil Ambani’s Reliance
Infrastructure-controlled Reliance Defence and Engineering is
changing its name to Reliance Naval and Engineering Ltd (RNEL). According
to the Company, change of name is in line with company’s focus on building
capabilities for the Indian Navy and the Coast Guard.
ii. The company is set to seek
shareholders’ approval for the name change in its AGM on August 22. After the
Reliance Group acquired a controlling stake in Pipavav Defence and Offshore
Engineering in 2016, it changed the name of the company to Reliance Defence and
Engineering.
10. Government
Slaps USD264 Million Penalty on RIL
i. The government has imposed a new penalty
of USD 264 million (about Rs 1,700 crore) on Reliance Industries Ltd and its
partners for producing less than the targeted natural gas from eastern
offshore KG-D6 fields in 2015-16.
ii. The Production Sharing Contract (PSC) allows
RIL and its partners BP Plc of the UK and Canada’s Niko Resources to deduct all
capital and operating expenses from the sale of gas before sharing profit with
the government.
11. Uber
Launches B2B Model for Business
i. Ridesharing app Uber has
launched a business to business model called "Uber for
Business " to enable new use cases like daily commute, late-night
rides home from work, between-office transportation.
ii. This new model comes with the features
like Set-and-forget travel programs, New permissions, Different access for
different groups and A fresh user interface.
12. Karur
Vysya Bank Appoints P R Seshadri as MD and CEO
i. Karur
Vysya Bank Ltd has informed
BSE that the Reserve Bank of India has accorded their approval for the
appointment of Shri P R Seshadri as Managing Director & Chief
Executive Officer of the Bank for a period of three years from the
date of his taking charge.
ii. He has replaced K Venkataraman.
13. RBI
Makes Aadhaar Linkage Mandatory for Farmers
i. To ensure hassle-free benefits to
farmers under Interest Subvention Scheme, the Reserve Bank of India has
advised banks to make Aadhaar linkage mandatory for availing short-term
crop loans up to Rs 3 lakh in 2017-18.
ii. In order to provide short-term crop loans to
farmers at an interest rate of 7 percent during the year 2017-18, the RBI said
it has been decided to offer interest subvention of 2 percent to lending
institutions, public sector banks, private sector commercial banks
on use of their own resources.
14. IAAF
World Championships 2017
i. The
16th edition of IAAF (International Association of Athletics Federations) World
Championships 2017 was held in London. The championships were held in the London Stadium in
Stratford. 'Hero-the Hedgehog' was a Mascot of 2017 IAAF World
Championships and 'Whizbee-the Bee' was the Mascot for the
Para Athletics.
ii. The USA topped the tally of Medals with 30
medals. Top 5 Countries in the list of Medals were-
- US (30 Medals)
- Kenya (11 Medals)
- Great Britain (6 Medals)
- Poland (8 Medals)
- China (7 Medals)
Important
Highlights of The Event-
- Legendary Sprinter Usain Bolt Retires.
- Justin Gatlin wins men’s 100m gold.
- Davinder Singh Kang has become the first Indian to qualify for the
final round of the javelin throw at World Championships.
- High jump champion Ruth Beitia of Spain receives Fair Play Award.
15. Real
Madrid Beats Barcelona to Win 2017 Spanish Super Cup
i. Real
Madrid defeated Barcelona in
the second leg of the 2017 Spanish Super Cup to seal the win
at the Bernabeu, Spain.
ii. Real Madrid achieved the feat without
Cristiano Ronaldo, who was slapped with a five-game ban for pushing the referee
after he was sent-off in the first leg.
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