CURRENT AFFAIRS 1ST & 2ND SEPTEMBER

Government announces Mega Merger of Public Sector Banks

Union Finance Minister Nirmala Sitharaman has announced a big consolidation of public sector banks. Under the scheme of amalgamation, 10 public sector banks are to be merged into four banks. After the amalgamation, the total number of Public Sector Banks in the country will come down to 12 from 27 banks in 2017

The amalgamation of banks will be in the following manner:

 

  • Punjab National Bank, Oriental Bank of Commerce and United Bank of India to be merged into one single bank, with business of Rs 7.95 trillion to make India’s 2nd largest bank.

 

  • Canara Bank and Syndicate Bank are to be merged to become the 4th largest public sector bank with business of Rs 15.2 lakh crore.

 

  • Union Bank of India, Andhra Bank and Corporation Bank are to be merged to become the 5th largest public sector bank with business of Rs 14.6 lakh crore.

 

  • Indian Bank will be merged with Allahabad Bank to become the 7th largest public sector bank with business of Rs 8.08 lakh crore.

The government has also announced capital infusion of over Rs 55,000 crore into public sector banks: PNB (Rs 16,000 crore), Union Bank of India (Rs 11,700 crore), Bank of Baroda (Rs 7000 crore), Indian Bank (Rs 2500 crore), Indian Overseas Bank (Rs 3800 crore), Central Bank (Rs 3300 crore), UCO Bank (Rs 2100 crore), United Bank (Rs 1600 crore) and Punjab and Sind Bank (Rs 750 crore).

Government-e-Marketplace signs MoU with SIDBI

Government e Marketplace has signed an MoU with Small Industries Development Bank of India. The MoU aims to benefit MSMEs, women entrepreneurs, Self Help Groups, Women Self Help Groups and various loan beneficiaries under MUDRA and Stand-up India scheme.

GeM and SIDBI will take steps to ensure payments within a guaranteed timeframe to sellers, enhance working capital availability through bill discounting.

 

NOTES :

Chairman and MD of SIDBI: Mohammad Mustafa.

The Union Environment Ministry releases Rs 47,436 cr for green activities

The Union Environment Ministry has transferred Rs 47,436 crore to 27 States for afforestation. The amount has been released from the Compensatory Afforestation Fund. The corpus will be utilised for compensatory afforestation, wildlife management, forest fire prevention, work related to soil and moisture conservation in forests, voluntary relocation of villages from protected areas etc.

 

NOTES :

Union Minister for Environment, Forest and Climate Change: Prakash Javadekar.

Maitri mobile app win tech prize in US

Maitri Mobile app clinched the bronze medal at the Technovation Challenge. It is the world’s largest technology and entrepreneurship programme for girls, held in San Francisco, US.

A team of 5 girls students nicknamed “Tech Witches” have developed a mobile app named Maitri. The aim of the app is to bring together individuals suffering from loneliness and depression and those lacking nurturing love of elderly role models.

V K Vismaya wins gold in 400m at MJS in Brno, Czech Republic

Indian sprinter VK Vismaya clinch the gold medal in the 400m run at the International Athletic Meeting – Josef Seckar Memorial (MJS) in Brno, Czech Republic. She produced her personal best timing of 52.12s to clinch the gold medal.

 

NOTES :

Capital of Czech Republic: Prague;

Currency of Czech Republic: Czech koruna.

BSE and SUFI join hands to launch steel futures

The Steel Users Federation of India has signed a MoU with the Bombay Stock Exchange to launch trading in steel futures. BSE and SUFI will work towards enlisting steel futures in both long and flat segments, which will bring stability, risk-aversion besides creating a level-playing field for all players.

BSE offers trading in commodities like gold, silver, crude oil, guar, cotton and turmeric.

 

NOTES :

Managing Director and CEO of BSE: Ashish Kumar Chauhan.

Rating Agency ICRA terminates CEO Naresh Takkar

ICRA Ltd ousted its Managing Director and group Chief Executive Officer Naresh Takkar. ICRA has terminated the employment of Takkar with immediate effect over allegations of misconduct at the credit rating agency under Takkar. This is the first time a top official of a rating agency has been fired by the company’s board.

Maharashtra cabinet clears the “vertical property rules”

The Maharashtra cabinet has cleared the “vertical property rules” to create a database of all flats, buildings and commercial complexes. The “vertical property rules” would prevent property-related frauds, where one flat or commercial unit is sold or mortgaged to multiple buyers or financial institutions.

All flat owners in the state will soon get supplementary property cards, which will have details such as carpet area, amenity space and bank loan information, along with their 7/12 extracts.

 

NOTES :

Chief Minister of Maharashtra: Devendra Fadnavis;

Governor: C Vidyasagar Rao.

International Day of the Victims of Enforced Disappearances: 30 August

United Nations observes 30 August every year as International Day of the Victims of Enforced Disappearances. The day is observed to prevent enforced disappearances and bring to justice those responsible, as enforced disappearance has frequently been used as a strategy to spread terror within the society. The feeling of insecurity generated by this practice is not limited to the close relatives of the disappeared, but also affects their communities and society as a whole.

2011 marked the inaugural commemoration of the International Day of the Victims of Enforced Disappearances.

 

NOTES :

Secretary General of the United Nations: Antonio Guterres.

Headquarters: New York, USA; Founded: 24 October 1945.

Virgil van Dijk, Lucy Bronze win UEFA Award

Liverpool Football player Virgil van Dijk has won UEFA’s Player of the Year award. He was beating Barcelona captain Lionel Messi and Juventus superstar Cristiano Ronaldo, while England footballer Lucy Bronze taking the Women’s Player of the Year award.

 

UEFA also handed out positional awards for male players, with Van Dijk for Champions League Defender of the Season.


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