Current Affairs Update 16 August 2018
Current Affairs is an important part for many exams. Be prepared for this section with ByScoop which brings all the important Current Affairs in one place. 16 August 2018.
Ministry of Railways Launches “Digital Screens” to Spread Awareness About Indian Railways Heritage
- In line with Prime Minister Modi’s vision for creating digital museums at stations using QR code, Ministry of Railway operationalized “Digital Screens” at 22 stations on Independence Day to spread awareness among public about the opulent heritage of Indian Railways.
- The project has been initiated on pilot basis and will be showcasing the legacy of Indian Railways through one to two minute-long movie clips on digital LED screens at the entrance gate of railway stations and also at different comfort areas.
- The digital screens have been set up at New Delhi, Hazrat Nizamuddin, Howrah, Sealdah, Jaipur, Agra Cantonment, Coimbatore, Lucknow, Varanasi and other railway stations.
- In addition, QR code based posters on Railway Heritage are also being displayed at these stations. Passenger can scan the QR code on their mobile to view a streaming video on their mobile on various facades of Railway heritage.
88 per cent rural households have savings account: Nabard survey
- NABARD released the Nabard All India Rural Financial Inclusion Survey (NAFIS) 2016-17. The major highlights are:
- 88.1 percent rural households and 55 percent agricultural households reported having a bank account, average savings per annum per household was Rs 17,488.
- About 26 percent of agricultural households and 25 percent of non-agricultural households were found to have been covered under insurance.
- Incidence of Indebtedness (IOI), which is a proportion of households having outstanding debt on the date of the survey, was 52.5 percent and 42.8 percent for agricultural and non-agricultural households, respectively. All India IOI taking rural households together stood at 47.4 percent.
FSSAI launches RUCO initiative
- Food Safety and Standards Authority of India (FSSAI) has launched RUCO – Repurpose Used Cooking Oil initiative. An ecosystem that will enable the collection and conversion of used cooking oil to biodiesel.
- This ecosystem will serve as a word of caution to businesses and consumers to step back and stop usage of the cooking oil after repeated frying.
India Ratings pegs Indian economic growth at 7.2% in 2018-19
- India Ratings, in a report titled ‘Mid-year FY19 Outlook’, has revised down its economic growth forecast for financial year 2018-19 by two notches to 7.2 percent citing rising inflationary risks.
- The rating agency earlier forecasted India’s economic growth at 7.4 per in current fiscal.
- The key reason for this is the upward revision in the estimation of inflation for 2018-19 due to increasing crude oil prices and the government’s decision to fix the minimum support prices of all kharif crops at 1.5 times the production cost (A2+FL).
RBI Governor Dr. Urjit R. Patel launches NPCI’s UPI 2.0
- The Unified Payments Interface 2.0 (UPI 2.0) developed by National Payments Corporation of India (NPCI), was launched by Dr. Urjit R. Patel, Governor, Reserve Bank of India (RBI).
- The key features of UPI 2.0 are:
- Overdraft facility: In addition to current and savings accounts, customers can link their overdraft account to UPI. UPI 2.0 will serve as an additional digital channel to access OD account.
- One Time Mandate: UPI mandate could be used in a scenario where money is to be transferred later by providing commitment at present. On the date of actual purchase, the amount will be deducted and received by the merchant / individual user.
- Invoice in the inbox: This feature is designed for customers to check the invoice sent by merchant prior to making payment.
- Signed intent & QR: This feature is designed for customers to check the authenticity of merchants while scanning QR code. It notifies the user with information to ascertain whether the merchant is verified UPI merchant or not. This provides an additional security to the QR as well as intent. Transactions are processed faster as app passcode is not required in case of signed intent. It also negates the chances of QR tampering. Customers will be informed in case the receiver is not secured by way of notifications.
Airtel Payments Bank Ties Bharti AXA for PM Jeevan Jyoti Bima Yojana
- The Airtel Payments Bank and Bharti AXA Life Insurance has announced a pact to offer Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) with the aim to reach deep rural pockets and serve the underinsured by leveraging the payments bank’s network.
- The product PMJJBY provided by Bharti AXA Life offers Rs 2 lakh life insurance cover for a nominal premium of Rs 330 per annum and can be purchased by all existing or new Airtel Payments Bank savings bank account holders between the age of 18-50.
- Initially it will be available at 1,00,000 banking points of Airtel Payments Bank but the number of banking points will be scaled to over 5,00,000 over time.
- PMJJBY aims to enhance penetration of life insurance among underinsured masses contributing to financial inclusion in the country.
24th World Congress of Philosophy (WCP) begins in Beijing, China
- The 24th World Congress of Philosophy (WCP) began in Beijing, China.
- Theme: “Learning To Be Human”
- This year’s event is organized by the International Federation of Philosophical Societies, and Peking University. The first WCP was held in 1900 in Paris and has become one of the largest philosophical events across the world.
Mario Abdo Benítez Sworn in New President of Paraguay
- Mario Abdo Benítez has been sworn in as the new president of Paraguay after defeating his liberal rival in April elections.
- Mr Abdo Benítez of the conservative Colorado Party replaces Horacio Cartes.
Kerala’s Nihal Sarin becomes India’s 53rd Grandmaster
- Fourteen-year-old Nihal Sarin became India’s 53rd grandmaster after bagging his third GM norm at the Abu Dhabi Masters.
- He is only the third grandmaster from Kerala after GN Gopal and SL Narayanan and the twelfth youngest grandmaster in chess history.
Former PM Atal Bihari Vajpayee passes away at 93
- Former Prime Minister Atal Bihari Vajpayee passed away on August 16, 2018 at All India Institute of Medical Science (AIIMS) following a prolonged illness. He was 93.
- Vajpayee Ji was the first ever person from the BJP to have become the nation’s Prime Minister. Vajpayee served as Prime Minister thrice — briefly in 1996, and then for two terms between 1998 and 2004.
- His birthday, which falls on December 25, is celebrated as ‘Good Governance Day’ by the BJP. He was in 2014 decorated with Bharat Ratna.
Legendary India Captain Ajit Wadekar Passes Away at 77
- Former India cricket captain Ajit Wadekar passed away after prolonged illness. He was 77.
- The Mumbai based aggressive batsmen led the team to path-breaking Test wins in England and the West Indies in 1971.
- Wadekar scored 2,113 runs in his Test career, including one hundred, and was also the country’s first ODI captain. He appeared in just two matches, though.
- The left hander was bestowed the Arjuna Award in 1967 and India’s fourth highest civilian honour, the Padmashri, in 1972.