Daily GK Updates - 1st August, 2018

NATIONAL UPDATES:

1. Startup India Yatra begins in Chhattisgarh : The Startup India Yatra was launched on July 30 2018 in Raipur.To promote job creation in tier 2 and tier 3 towns and cities, Startup India organizes the Startup India Yatra in one state every month.The Startup India initiative envisages to build a robust startup ecosystem in the country for nurturing innovation and providing opportunities to budding entrepreneurs.

2. Largest pan-India rural sanitation survey : The largest pan-India rural sanitation survey will commenced on 1st August 2018 under the Ministry of Drinking Water and Sanitation.It will also rank districts based on their sanitation level.The criteria set for ranking includes construction and use of toilets under the Swach Bharat Mission- Gramin, direct observation of sanitation at public places and feedback from citizens.

3. ONGC won top honours at Swachhta Pakwada : Oil and Natural Gas Corp (ONGC) bagged top honours at the Swachhta Pakwada Awards.Swachhta Pakwada Awards is an oil ministry initiative to honour companies and individuals doing exemplary work in cleanliness.Indian Oil Corp (IOC) bagged the runner-up’s award.The Ministry celebrated Swachhta Pakhwada from July 1, 2018, to July 15, 2018, with the theme ‘Innovation and Sustainability’.

4. Vijay Thakur made MEA Secretary : Indian ambassador to Ireland Vijay Thakur Singh was named as the Secretary (East) in the Ministry of External Affairs (MEA).Singh will take over as the Secretary (East), MEA with effect from October 1, after incumbent Secretary (East) in the MEA Preeti Saran.Vijay Thakur Singh is currently serving as an Ambassador in Dublin, is a 1985 batch officer of the Indian Foreign Service.

5. Rajasthan first to implement biofuel policy : Rajasthan has become the first State in the country to implement the national policy on biofuels unveiled by the Centre in May 2018.The state will lay emphasis on increasing production of oilseeds.It will establish a Centre for Excellence in Udaipur to promote research in the fields of alternative fuels and energy resources.

6. Rajiv Sadbhavana Award for Gopal Gandhi : Former West Bengal Governor Gopalkrishna Gandhi has been chosen for Rajiv Gandhi Sadbhavana Award 2018 for promoting communal harmony and peace.The award carries a citation and a cash award of Rs. 10 lakh.Former recipients of the award include Mother Teresa, Ustad Bismillah Khan, Mohammed Yunus, Lata Mangeshkar, Sunil Dutt, Dilip Kumar, Kapila Vatsyayan, Teesta Setalvad.

7. Lok Sabha passes IBC amendment bill : The Lok Sabha has passed the Insolvency and Bankruptcy Code (Second Amendment) Bill 2018.The Bill amends the Insolvency and Bankruptcy Code, 2016 to clarify that allottees under a real estate project should be treated as financial creditors.Financial creditors will be able to decide the future of defaulting builders alongside their lenders.

INTERNATIONAL UPDATES:

1. Mauritius’s SBM gets RBI approval : Mauritius-based SBM Group has received Reserve Bank of India’s approval to operate in the country through a wholly-owned subsidiary route.It is the first foreign lender to receive such a licence after local incorporation was introduced in 2013.SBM, which has been in India since 1994, currently operates through four branches, in Mumbai, Chennai, Hyderabad and Ramachandrapuram.

OTHER UPDATES:

BUSINESS/ECONOMY:

1.India’s Q1 fiscal deficit at 68.7% : The government of India reported a fiscal deficit of ₹ 4.29 trillion ($62.57 billion) for April-June, or 68.7% of the budgeted target for the current fiscal year 2018-19 compared with 80.8% a year ago.The fiscal deficit target for the current financial year is Rs 6.24 lakh crore.Rs 2.37 lakh crore was the net tax revenue during the April-June quarter.

2. IWAI launches Dedicated Portal for cargo : The Inland Waterways Authority of India (IWAI) launched a dedicated portal to connect cargo owners and shippers with real time data on availability of vessels.Named as the ‘Forum of Cargo-Owners and Logistics-Operators’, the link of the portal is available on the homepage of IWAI.

It has been designed and developed by the in-house IT Department and the Traffic Wing of IWAI

3. Digital payments to touch one trillion dollar : According to the NITI Aayog’s “Digital Payment: Trends, Issues and Opportunities” report, digital payments market in India is set to become a trillion-dollar industry in the next five years.It will be led by growth in mobile payments which are slated to rise to $190 billion by 2023 from $10 billion in 2017-18.This would present huge business opportunities for players in the digital space.

BANKING/FINANCE:

1. Deepak re-appointed as director on HDFC board : Deepak Parekh was re-appointed as a Non-Executive Director on the board of the country’s largest mortgage lender HDFC.HDFC Chairman Parekh secured approval of 77.36% shareholders at the annual general meeting (AGM) of the company.Parekh has been at the helm of HDFC for close to 30 years.