Current Affairs – July 18, 2019

Here’s your daily summary of Current Affairs – July 18, 2019

National - Current Affairs - July 18, 2019

Union Cabinet Approvals on 17 July 2019

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The Union Cabinet chaired by Prime Minister Narendra Modi on July 17, 2019 approved the following decisions.
  • Inter-Institutional Agreement between India and the USA for cooperation in the field of medicine (regenerative medicine and 3D bioprinting, new technologies, exchange of scientific ideas/information and technologies, and joint use of scientific infrastructure).
  • The Centre approved the doubling of a vital railway line connecting Guwahati with New Bongaigaon at a cost of Rs. 2,042 crore.
  • The Centre approved Rs. 1,600 crore for pre-investment activities of the Dibang Multipurpose Project (MPP) in Arunachal Pradesh.
  • Amendment in the Terms of Reference of Fifteenth Finance Commission and extension of the term up to 30th November 2019. Earlier it was 30th October 2019.
  • Providing budgetary support as a loan to the tune of Rs 330.35 cr. to provide support for VRS of employees of IDPL, RDPL, and HAL.
  • Constitution of a Committee of Ministers for taking all decisions pertaining to the closure of IDPL and RDPL and strategic sale of HAL and BCPL.


The interest rate on GPF lowered to 7.9 percent

2c 15 - Current Affairs - July 18, 2019
In line with the cut in the interest rate on small savings, the government lowered the interest rate on General Provident Fund (GPF) by 10 basis points to 7.9% for the period starting July 1 and ending on September 30. This is at par with the Public Provident Fund (PPF), the small saving scheme with the longest maturity.
GPF is a provident fund account where only government employees are entitled to be a member. The government employees contribute a part of their salary and are entitled to the accumulated fund at the time of retirement.


Business - Current Affairs - July 18, 2019

Andhra Bank unveils Al chatbot ABHi

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Andhra Bank launched its Artificial Intelligence interactive assistant — ABHi. Packirisamy, MD & CEO unveiled the chatbot at Bank’s Head office auditorium. The Bank’s AI-powered chatbot-ABHi uses latest Artificial Intelligence (AI) and Natural Language Processing (NLP) algorithm to understand the customer query and fetch the relevant information from the possible knowledge base in a matter of milliseconds. With ABHi, customers will be able to get the information instantaneously 24×7, anytime they want.
Customers can connect and know details from ABHi through website over Mobile/Desktop browser, Facebook Messenger and over voice using Google Assistant. Customer can ask details on digital banking, loans, banking services, govt. schemes, insurance, senior citizen, RuPay Offers, Aadhaar services, payment mode, deposit/EMI Calculator, lodge a customer complaint, know nearest Branch / ATM on Google map, recharge prepaid mobile etc., on chat anytime and on the move.


UK’s Go Global programme expansion to boost Indian start-ups

4c 14 - Current Affairs - July 18, 2019
The UK government has expanded its Go Global initiative to India with the aim of giving the country’s most innovative and cutting-edge start-ups the skills they need to grow their business, build links with the UK’s digital sector and pave the way for future economic partnerships. The programme forms part of the UK-India Tech Partnership announced by outgoing British Prime Minister Theresa May and her Indian counterpart Narendra Modi in April last year. It is a successful innovation scheme supporting startups to work with UK expertise to take their firms to the next level.


RBI slaps Rs 7 crore penalty on SBI for violating various norms

5c 14 - Current Affairs - July 18, 2019
The Reserve Bank of India Monday said it has slapped a penalty of Rs 7 crore on the country’s largest bank SBI for non-compliance with norms related to NPA identification and fraud risk management, among others. The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds.
The Reserve Bank of India(RBI) has imposed a penalty of Rs 10 lakh on Union Bank of India for non-compliance with the directions on cybersecurity framework. The RBI examined the cybersecurity framework of the bank, following reports of seven fraudulent messages (of $171 million) generated through the SWIFT system of the bank in 2016.


HDFC Bank terminates, de-lists GDRs from Luxembourg Stock Exchange

6c 15 - Current Affairs - July 18, 2019
Private sector lender HDFC Bank has terminated and de-listed its global depository receipts (GDRs) from the Luxembourg Stock Exchange due to low trading volume. “Subsequent to July 15, 2019, the listing and admission to trading of the GDRs on the Luxembourg Stock Exchange will be canceled,” HDFC Bank said.
Earlier in April, the bank had informed that in view of the minimal number of GDRs outstanding and the low trading volume of the GDRs, its board has approved the proposal for termination of the GDR program and de-listing of 22 GDRs, which are outstanding and listed on the Luxembourg Stock Exchange.


Amazon enters edtech space, launches ‘JEE Ready’ app

7c 13 - Current Affairs - July 18, 2019
Ecommerce and tech giant Amazon has forayed into the edtech space with the launch of an IIT JEE preparation app called JEE Ready. The app, which is Amazon’s first product in the edtech sector in India has already been installed more than a thousand times. The test is designed by experienced faculty members and students can compare their scores against each other and keep a tab on their strengths and weaknesses. The app is currently in beta phase and has already been installed more than a thousand times available on Google Play Store.


Sports - Current Affairs - July 18, 2019

Bhavna Tokekar wins 4 golds in powerlifting at Open Asian championships in Russia

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Bhavna Tokekar a 47-year-old mother of two teenagers from Pune, won 4 gold medals at Open Asian Powerlifting Championships of AWPC/ WPC at Chelyabinsk, Russia. Tokekar weighed in 64.9 kg and took part in the Under 67.5 Masters 2 Category. The competition organized by World Powerlifting Congress (WPC) was participated by 500 players across the world including 14 India players.


Appointments 330 x 70 - Current Affairs - July 18, 2019

Coca-Cola appoints Sarvita Sethi as Vice President- M&A

9c 14 - Current Affairs - July 18, 2019
Coca-Cola India & South West Asia Chief Financial Officer (CFO) Sarvita Sethi has been elevated as the Vice President-Mergers and Acquisitions and New Ventures, the beverage company announced.
Bhutani, a veteran at Coke’s bottling arm Hindustan Coca Cola Beverages, will take over from Sethi on August 1. Bhutani, who has been the CFO of HCCB since April 2016, is the new CFO for Coca-Cola India. Before joining HCCB in 1999, he was with Swiss industrial products and solutions conglomerate — Asea Brown Boveri.


International - Current Affairs - July 18, 2019

World Day for International Justice: July 17

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World Day for International Justice or International Justice Day, is an international day celebrated every year throughout the world on July 17 as part of an effort to recognize the emerging system of international criminal justice. July 17 was chosen because it is the anniversary of the adoption of the Rome Statute, the treaty that created the International Criminal Court.


Bloomberg Billionaires Index: Jeff Bezos remains on top; Mukesh Ambani is on the 13th spot

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Amazon chief Jeff Bezos is the still richest man in the world, with a total net worth of $125 billion. Bernard Arnault ranked second. LVMH pushed Arnault’s net worth to $108 billion. In 2019 alone, Arnault added $39 billion to his fortunes, which is the biggest gain by an individual in all of the 500 people on the list. Bill Gates stands at Number 3 with a net worth of $107 billion.
The richest Indian, Mukesh Ambani is on the 13th spot, with a net worth of $51.8 billion. Azim Premji is the second-richest Indian to be on the list at the 48th rank with $20.5 billion, followed by Shiv Nadar in the 92nd spot and Uday Kotak on the 96th spot.


Israel Aerospace signs $50 million follow-up deal with the Indian navy

12c 14 - Current Affairs - July 18, 2019
State-owned defense contractor Israel Aerospace Industries said on Wednesday it signed a $50 million follow-up contract to provide complementary missile systems to the Indian navy and India’s MDL Shipyard. The agreement involves a range of maintenance and other services for sub-systems of Israel Aerospace’s naval medium-range surface-to-air missile.


India And Italy Set Up Fast Track Mechanism To Facilitate Investors And Companies

13c 11 - Current Affairs - July 18, 2019
In order to facilitate Italian companies and investors in India and Indian companies and investors in Italy, it has been decided to establish a fast-track system for companies and investors of both the countries. The key objectives of the fast – track system in India will be to pave the way for and identify and solve problems faced by Italian companies and investors with their operations in India. The system will also serve as a platform for discussing general suggestions from the point of view of Italian companies and investors with regard to ease of doing business in India.


China gifts warship ‘P625’ to Sri Lanka

14c 7 - Current Affairs - July 18, 2019
China has gifted a warship to Sri Lanka, in the latest sign of its deepening military cooperation with the strategically located island nation in the Indian Ocean. Also, China’s rolling-stock manufacturer has announced that it would shortly deliver nine “new type” of diesel trains to Sri Lanka.
The Type 053 frigate was commissioned into China’s People’s Liberation Army Navy in 1994 as the Tongling. The 2,300-tonne warship was decommissioned by the PLA Navy in 2015. The warship has now been gifted to the Lankan Navy.


Obituary - Current Affairs - July 18, 2019

Legendary boxer Pernell Whitaker dies at 55 after being hit by a vehicle in Virginia

15c 5 - Current Affairs - July 18, 2019
A legendary four-division champion and Olympic gold-medal winning boxer, Pernell Whitaker died Sunday(July 14) night after being hit by a vehicle in Virginia Beach, Virginia. Whitaker was 55. Whitaker, who boxed for 17 years and held titles at lightweight, light welterweight, welterweight, and light middleweight, made a name for himself by defeating Luis Ortiz to win the gold medal for the United States at the 1984 Los Angeles Olympics. “Sweet Pea” famously started boxing at age 9 and had an extensive amateur career prior to compiling a stellar professional record of 40-4-1 with 17 knockouts.


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