Current Affairs: Daily GK Update 24th August 2017

• The decision regarding creating strong and competitive banks would be solely based on commercial considerations.
• The proposal must start from the Boards of Banks.
• The proposals received from Banks for in-principle approval to formulate schemes of amalgamation shall be placed before the Alternative Mechanism (AM).
• After in-principle approval, the Banks will take steps in accordance with law and SEBI’s requirements.
• The final scheme will be notified by Central Government in consultation with the Reserve Bank of India.

ii. In the latest rankings, Chinese Internet billionaire- Tencent Chairman Ma Huateng, the latter has slipped to No. 2, with a fortune worth $36.7 billion. Jack Ma currently ranks as the world’s No. 18 richest man and is No. 1 in Asia.

• Alibaba Group Holding Limited is a Chinese e-commerce company.
• Alibaba Headquarters in Hangzhou, China.

• The Supreme Court had raised this ceiling from Rs. 1,00,000 to Rs. 6,00,000 in 2013 and is to be revised every 3 years.

ii. All the nine judges arrive at the same conclusion, though through different but concurring judgments, that right to privacy is intrinsic to right to life and liberty. With this now India has total seven fundamental rights.

ii. The agreement would help both regulators to work closely in enhancing mutual cooperation and bilateral relations.

• R. S. Sharma is the Present Chairman of Telecom Regulatory Authority of India.

ii. As a first pilot project, four offices of MEA – Regional Passport Office (RPO), Protector of Emigrants (PoE) office, Branch Secretariat and Regional Office of ICCR – have been assimilated and brought under one roof at the state-of-art office.

• Sushma Swaraj is an Indian politician, former Supreme Court lawyer and the current Minister of External Affairs of India.

1. MoU on Modalities for Utilization of India’s Housing Grant Component to support Reconstruction of 50,000 Houses.
2. MoU on Implementation of the Grant Component of India’s Post-Earthquake Reconstruction Package in the Education Sector in Nepal.
3. MoU on Implementation of the Grant Component of India’s Post-Earthquake Reconstruction Package in the Cultural Heritage Sector in Nepal.
4. MoU on Implementation of the Grant Component of India’s Post-Earthquake Reconstruction Package in the Health Sector in Nepal.
5. MoU for Implementation Arrangement on Cost Sharing, Schedules and Safeguard Issues for Construction of Mechi Bridge under ADB’s SASEC Road Connectivity Program.
6. MoU on Drug Demand Reduction and Prevention of Illicit Trafficking in Narcotic Drugs, Psychotropic Substances and Precursor Chemical and Related Matters.
7. Agreement on Cooperation in the Field of Standardization and Conformity Assessment.
8. MoU between the Institute of Chartered Accountants of India and the Institute of Chartered Accountants of Nepal.

ii. Home Minister Rajnath Singh lead the Indian delegation which includes senior officers from Home and External Affairs Ministries and National Disaster Management Authority. India had joined the SCO in June 2017 in Kazakhstan capital Astana.

• The Capital of Kyrgyz Republic is Bishkek.
• Its Currency is Kyrgyzstani som.

ii. The ‘Project Brainwave’ uses the massive field-programmable gate array (FPGA) infrastructure that Microsoft has been deploying over the past few years.

• Satya Nadella is the CEO of the USA based Microsoft Company.

ii. As part of the ‘Vizag less–cash city’ initiative underway between Visa and the Andhra Pradesh government, the state has witnessed a slew of initiatives aimed at increasing the rate of digital payment adoption across the masses. 

• Bharat QR Code is the world’s first interoperable quick response code acceptance solution launched by the Reserve Bank of India.
• N. Chandrababu Naidu is the present CM of Andhra Pradesh.
• E S L Narasimhan is the Present Governor of Andhra Pradesh.

ii. According to the Reserve Bank of India’s ‘Report on Trend and Progress of Banking in India’, 45 of the 56 RRBs earned profits without carrying any accumulated losses during 2015-16.

• The first RRB of India is Prathama Bank located in Moradabad, Uttar Pradesh.
• The three RRBs promoted by Syndicate Bank – Prathama Bank, Karnataka Vikas Grameena Bank, and Andhra Pragathi Grameena Bank.

ii. Bansal is an Indian Administrative Services officer from the 1988 batch. The government has appointed current Air India CMD Ashwani Lohani chairman of the Railway Board. Lohani’s appointment came a day after AK Mital resigned from the post of railways chairman.

ii. In 2015, the government had bifurcated the posts of chairman and managing directors in public sector banks.  While the chairman became responsible for overall policy directions, the managing director and chief executive officer became the executive head, accountable for day-to-day functioning of the bank.

• Syndicate Bank Headquarters in Manipal Karnataka.

ii. The 31-year-old was England captain and is the all-time record goalscorer. Rooney’s England career spanned 14 years.

• London is the capital of England.
• Pound sterling is the currency of England.

• Study notes of banking awareness for IBPS Exam 2017
• More questions of banking awareness for bank exams