Current Affairs 4th July 2017 - Banking, SSC, UPSC Affairs

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FINO Payments Bank commenced operations as a payments bank with effect from 30th June 2017 according to the Reserve Bank of India. It was one of the 11 applicants which were issued and in-principle approval for setting up a payments bank. Fino Playtech was founded on 13th July 2006 is headquartered at Mumbai, with offices across India. The payments bank will be registered as a public limited company under the Companies Act, 2013 and licensed under Section 22 of the Banking Regulation Act, 1949.

The Financial Stability Board (FSB), an International body for the global financial system placed India in the league of countries that are compliant or largely compliant on the implementation of priority area reforms.  The G20 Summit in Germany to be attended by Prime Minister Narendra Modi, among other world leaders, the FSB has submitted its status report on progress in financial regulatory reforms in various jurisdictions, including India. The country includes Argentina, Australia, Brazil, Canada, China, Hong Kong, Indonesia, Japan, Mexico, South Korea, Russia, Singapore, South Africa, Switzerland, Turkey and the United States of America.

Armed Forces Special Powers Act (AFSPA) declared Entire Nagaland as “disturbed area” for six more months. It is a disturbed and dangerous condition where the use of armed forces in aid of the civil power is necessary. The Central Government declares the whole state to be a ‘disturbed area’ for a period of six months with effect from 30th June 2017 for the purpose of Section 3 of the Armed Forces (Special Powers) Act, 1958.

Aadhaar architect Nandan Nilekani and Helion Venture’s Sanjeev Aggarwal launched an investment fund called Fundamental with a capital of $100 million to back startups looking for growth capital. The platform will focus on consumer Internet and software-as-a-service (SAAS) companies and make an investment from $10 million to $25 million in these companies. The fund, which has so far closed $50 million, will see one-third of the corpus coming from Nilekani and Aggarwal. Fundamental has already brought on board six entrepreneurs who will also invest in the fund. 

President Pranab Mukherjee approved the promulgation of the Prevention of Cruelty to Animals (Karnataka Amendment) Ordinance, 2017, making it possible for Kambala - a traditional buffalo race - to be conducted. They are organised in the Dakshin Kannada and Udupi districts of coastal Karnataka. The Government passed a Bill to exempt Kambala and bullock-cart racing from the ambit of the Prevention of Cruelty to Animals Act, 1960.

Syndicate Bank appoints Melwyn Rego as Managing Director and Chief Executive Officer from the month of July. He has also held the position of Deputy Managing Director, IDBI Bank. He was a rank holder at a programme on International Capital Markets at Oxford University, UK. He has also participated in several seminars including those organised by Entrepreneurship Development Institute / World Bank at Washington.

India slipped to the 88th place in terms of money parked by its citizens with Swiss National Bank (SNB). The analysis shows that the money officially held by Indians with banks in Switzerland now accounts for a meagre 0.04% of the total funds kept by all foreign clients in the Swiss banking system. India was ranked in top-50 continuously in terms of holdings in Swiss banks between 1996 and 2007 but slowly declined in fourth coming years.

Google Doodle Celebrates 140 years of Grand Slam of Wimbledon carrying a green background, which is a tribute to the grass courts of matches are played.  Roger Federer and Pete Sampras are joint most successful players in the Men's Singles category as they have won 7 titles. Andy Murray and Angelique Kerber are the top seeds in Men's Singles and Women's Singles category respectively.

Signature Global Ropes appointed Vidya Balan as Brand Ambassador. Vidya Balan has been associated with awareness programme related to sanitation and hygiene. She was a brand ambassador for Nirmal Bharat Abhiyaan under the Rural Development Ministry. Signature Global has launched 9 affordable housing projects, comprising about 9,300 units.

World Health Organisation (WHO) declared the end of the latest Ebola virus disease (EVD) outbreak in the Democratic Republic of Congo (DRC). The announcement comes 42 days (two 21-day incubation cycles of the virus) after the last confirmed Ebola patient in the affected Bas-Uélé province of DRC tested negative for the disease for the second time. Ebola virus disease (EVD) is a viral hemorrhagic fever of humans and other primates caused by Ebolaviruses.

Kerala Chief Minister Pinarayi Vijayan launched a Group of Technology Companies G-Ride app. It is a digital ridesharing platform designed and deployed for the Information Technology industry by the Group of Technology Companies (Gtech). The main aim is to launch this app is to bring down the use of vehicles by half. The G-Ride app automatically matches co-workers and neighbours and help them travel together to work. It is available in Android and iOS versions.

Union Minister of State for Skill Development and Entrepreneurship Rajeev Pratap Rudy and MP Chief Minister Shivraj Singh Chouhan laid the foundation stone of the country’s biggest Global Skill Park in Bhopal.  The 37-acre land has been allotted in Narela Shankari area of Bhopal for the Global Skill Park. The park will be constructed at a cost of 645 crore rupees.

The Centre and Asian Development Bank (ADB) signed a 220 million dollar loan for improving connectivity as well as transport efficiency and safety on State Highways of Rajasthan. A 500 million dollar for Rajasthan State Highways Investment Program, approved by ADB Board in May this year. It will improve about one thousand kilometres of State Highways and major district roads.  The Asian Development Bank started in 1960 as a financial institution to improve economic growth and cooperation in one of the poorest regions in the world.

Prime Minister Narendra Modi released a photo book titled "President Pranab Mukherjee - A Statesman", at an event in Rashtrapati Bhawan. The book mainly covers the Presidency and documents his various roles. It is a comprehensive photographic record of India's 13th president.

India successfully test-fired its developed quick reaction surface-to-air short range missile (QR-SAM). It was test fired in a launch complex-3 at the Integrated Test Range (ITR) at Chandipur. The QR-SAM has been developed by the Defence Research and Development Organisation (DRDO) and other establishments.

National Multi-Commodity Exchange (NMCE) will merge with Indian Commodity Exchange (ICEX). This is the first merger deal in the commodity exchange space in India. It has been approved by the boards of both exchanges and is expected to be completed by December 2017. It offers the world’s first diamond futures contract, which has already received in-principle approval from the marker regulator Securities and Exchange Board of India (SEBI).

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  • Visits by World Presidents, Prime Ministers,
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