Here’s your daily summary of Current Affairs.
TRAI raises penalty on telecom operators to Rs 5 lakh for poor mobile service
Tightening regulations, telecom regulator TRAI has raised the penalty on telecom operators to 5 lakh rupees for poor mobile service quality, including call drops. The regulator will also now measure call drops on the basis of the data collected on the performance of telecom towers and not from area offices of telecom companies. The penalty amount will be imposed if the operators are unable to meet the benchmark set for the quality of service in two-quarters. The penalty will kick-in if the call drops in a quarter average more than 2 percent of the total traffic in a telecom circle. The penalty will go up to 10 lakh rupees if the violation continues for more than two quarters.
China launches first cyber court in e-commerce hub
On the 18th August 2017, China launched its first cyber court specializing in handling internet related cases in the e-commerce hub of Hangzhou amid a spike in the number of online disputes. The Hangzhou Internet Court in Hangzhou, the capital of east China’s Zhejiang Province will handle cases such as online trade disputes and copyright lawsuits. State-run Xinhua news agency reported that the cases handled by the court will be tried online.
Emma Stone named as the highest paid female actor in 2017
Famous actor Emma Stone has been named as the highest paid female actor in the world by the Forbes’ annual list of top earners. She has earned $26 million in the last 12 months. Others in the top list are Jennifer Lawrence, Charlize Theron, Cate Blanchett, Julia Roberts and Amy Adams.
RBI to issue new Rs 50 notes
RBI will shortly issue new banknotes of Rs 50 denomination in the Mahatma Gandhi (New) Series. A RBI press release has informed that the base color of the new notes will be fluorescent blue and its dimension will be 66 mm x 135 mm. It will have a motif of Hampi with Chariot on the reverse, depicting the country’s cultural heritage along with the Swachh Bharat logo, year of printing, numeral 50 in Devanagari and the language panel. The banknote will bear the signature of RBI Governor Dr. Urjit R. Patel on the front side along with the guarantee and promise clause and the RBI emblem.
Vishal Sikka resigns from Infosys
In a stunning move, on the 18th August 2017, Infosys CEO and MD Vishal Sikka resigned from his posts, accusing co-founder and former chairman NR Narayana Murthy of carrying out a “malicious” campaign against the board. In an email to Infosys employees early on Friday, Sikka said: “After much reflection, I have concluded that it is indeed time for me to leave my current positions.” He, however, pledged to ensure a smooth transition to “protect” the company, its employees, clients and the interests of shareholders. Sikka’s resignation came within hours of a media report quoting an August 9 email from Narayana Murthy to his advisers in which he said the Infosys board had failed to ensure proper governance. Signalling an open war, the Infosys board wrote to the stock exchanges to say that it was Murthy’s “continuous assault” that had led Sikka to resign “despite strong Board support.”
18 PSBs among top 20 banks with highest gross NPA ratios: CARE Ratings
Public sector banks are more stressed than their private sector counterparts with the former figuring among the top 20 banks with the highest gross non-performing asset (GNPA) ratios, according to CARE Ratings’ and analysis of the first quarter results of 38 banks. IDBI Bank (with gross NPA ratio of 24.11 percent of gross advances) and Indian Overseas Bank (23.6 percent) have NPA ratios of over 20 percent. Among PSBs, Indian Bank has the lowest GNPA ratio of 7.21 percent, the credit rating agency said. Eight PSBs banks IDBI Bank, Indian Overseas Bank, UCO Bank, Bank of Maharashtra, Central Bank of India, Dena Bank, United Bank of India, and Corporation Bank had a GNPA ratio of over 15 percent as of June 2017. YES Bank is the only bank in the sample of 38 banks with a GNPA ratio of less than 1.
World Bank gives $24.64 million to protect and enhance India’s ecosystem
The Union Government and the World Bank have signed an agreement that will provide funding to the extent of $24.64 million, under the Green Environment Fund, to protect and enhance India’s ecosystem. The project is for five years. The project will be entirely funded by the World Bank under its GEF umbrella. The objective of the project is to strengthen the institutional capacity of the department of forestry.