Daily GK Updates - 21st July, 2017

NATIONAL UPDATES:

1. Reliance Jio launches low cost phone, to be free for users after a certain period: Reliance has released its low cost 4G phone in the price band of Rs. 1500. The co-developed phone, which Intex is making in India, will be priced by Jio through a subsidy model, and will also be marketed by the new telco, with the handset maker not involved in both aspects. A JioPhone user can use the JioPhone for 36 months, and can get a full refund of the security deposit of Rs 1,500 by returning the used JioPhone.

2. Indian Army and DRDO sign pact for development of missiles: Defence Research and Development Organisation has signed a pact with the Army for developing a medium-range surface to air missile. The missile will be produced by the DRDO in collaboration with the Israel Aerospace Industries.

3. New Pension scheme for senior citizens to be launched: Finance Minister Arun Jaitley will launch a new pension scheme for senior citizens, Pradhan Mantri Vaya Vandana Yojana, PMVVY in New Delhi. Under this scheme, senior citizens (60 years and above) in which they will get a guaranteed interest of 8% for 10 years.

4. Railway food unfit for consumption – CAG: The food served by Indian Railways is unfit for human consumption, an audit report on catering services conducted by the CAG has found. The CAG had conducted a joint inspection of 74 stations and 80 trains selected across Zonal Railways.

5. Shankarsinh Vaghela quits Congress: Leader of the opposition of Gujarat assembly and Veteran congress leader Shankarsinh Vaghela announced to quit congress on his 77th birthday. However, it is unlikely that he will launch a new party on his own.

International UPDATES:

1. IMF approves conditional $1.8 bn loan for Greece: The International Monetary Fund’s board has approved a $1.8 billion loan to Greece but will only release the money if the country gets debt relief from its European creditors. If an agreement on debt relief is reached, IMF will join eurozone lenders in an ongoing bailout.

2. China bans Justin Bieber’s performances: China has banned Justin Bieber from performing on the mainland because of his “bad behavior” on & off the stage.

OTHER UPDATES:

BANKING & FINANCE:

1. Bank of Baroda signs an MoU with DGS&D for extending banking services to government e-marketplace: Bank of Baroda has entered into an agreement with Directorate General of Supplies & Disposal for extending various banking services to Govt e-Marketplace (GeM). DGS&D has been mandated to bring greater transparency and efficiency in public procurements.

BUSINESS & ECONOMY:

2. SEBI inks pact with ESMA: SEBI has entered into a pact with European Securities & Markets Authority for exchange of information concerning Central Counterparties. MoU establishes Cooperation arrangements, including exchange of information regarding CCPs which are established and authorised in India by SEBI and which have applied for EU recognition under EMIR.

OBITUARIES:

3. Chester Bennington of Linkin Park fame commits suicide: Chester Bennington, the lead singer of American rock band Linkin Park, allegedly committed suicide. He reportedly had a history of alcohol and drug abuse.