Current Affairs Update 8 January 2019
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. 8 January 2019
RBI puts in place framework for Customer Protection in Unauthorised Electronic Payment Transactions in PPIs
- The Reserve Bank of India has released the framework for Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Payment Transactions in Prepaid Payment Instruments (PPIs) issued by Authorised Non-banks.
- A customer’s liability arising out of an unauthorised payment transaction will be limited to:
| Customer liability in case of unauthorised electronic payment transactions through a PPI | ||
| S. No. | Particulars | Maximum Liability of Customer |
| (a) | Contributory fraud / negligence / deficiency on the part of the PPI issuer, including PPI-MTS issuer (irrespective of whether or not the transaction is reported by the customer) | Zero |
| (b) | Third party breach where the deficiency lies neither with the PPI issuer nor with the customer but lies elsewhere in the system, and the customer notifies the PPI issuer regarding the unauthorised payment transaction. The per transaction customer liability in such cases will depend on the number of days lapsed between the receipt of transaction communication by the customer from the PPI issuer and the reporting of unauthorised transaction by the customer to the PPI issuer – | |
| i. Within three days# | Zero | |
| ii. Within four to seven days# | Transaction value or ₹ 10,000/- per transaction, whichever is lower | |
| iii. Beyond seven days# | As per the Board approved policy of the PPI issuer | |
| (c) | In cases where the loss is due to negligence by a customer, such as where he / she has shared the payment credentials, the customer will bear the entire loss until he / she reports the unauthorised transaction to the PPI issuer. Any loss occurring after the reporting of the unauthorised transaction shall be borne by the PPI issuer. | |
| (d) | PPI issuers may also, at their discretion, decide to waive off any customer liability in case of unauthorised electronic payment transactions even in cases of customer negligence. | |
RBI Forms Committee on Deepening of Digital Payments; Headed by Shri Nandan Nilekani
- Reserve Bank of India (RBI) has constituted a High-Level Committee on Deepening of Digital Payments, with a view to encourage digitisation of payments and enhance financial inclusion through digitisation.
- The Committee has 5 members with Shri Nandan Nilekani (Former Chairman, Unique Identification Authority of India) as its Chairman.
- The committee will review the existing status of digitisation of payments in the country, identify the current gaps in the ecosystem and suggest ways to bridge them.
SC constitutes 5-judge Constitution bench for Ayodhya Case; Head- Chief Justice Ranjan Gogoi
- A five-Judge Constitution bench of the Supreme Court headed by Chief Justice Ranjan Gogoi has been constituted to hear the title suit in the Ram Janmabhoomi-Babri Masjid Ayodhya case.
- The bench will begin hearing on January 10, 2019. The others in the bench will be Justice S.A. Bobde, Justice N.V. Ramana, Justice U.U. Lalit and Justice D.Y. Chandrachud
SC reinstates Alok Verma as CBI Director
- Alok Verma has been reinstated as the Director of Central Bureau of Investigation (CBI) by the Supreme Court.
- The decision was taken by a bench of Chief Justice Ranjan Gogoi, Justice Sanjay Kishan Kaul and Justice K.M. Joseph and said that the matter will go to the selection committee which will look into the issue.
- This comes three months after the government divested him of his powers and sent him on forced leave.
Indian Origin Gita Gopinath Takes Charge as 1st Female Chief Economist of IMF
- Indian-American economist Gita Gopinath took over as the 11th Chief Economist of the International Monetary Fund (IMF) on January 1, 2019.
- With this appointment, she became the first woman to occupy the top IMF post while the second India-born economist after former Reserve Bank of India Governor Raghuram Rajan to hold the position.
- 47-year-old, Mysore-born Gopinath succeeds Maurice (Maury) Obstfeld, who retired on December 31, 2018, as Economic Counsellor and Director of the IMF’s Research Department.
World Bank Group President Jim Yong Kim to step down on Feb 01, 2019
- World Bank President Jim Yong Kim has announced that he will step down from his position on February 01, 2019. He has held the position for over six years. He is the 12th President of the World Bank.
- Kristalina Georgieva, World Bank CEO, will assume the role of interim President effective February 01, 2019 and the bank’s executive board would immediately start the process for selecting a permanent successor to Kim.
- The 189-nation World Bank is the largest government source for development funding, providing low-cost loans for projects around the world.
Kumar Rajesh Chandra Appointed as Director General of SSB
- Kumar Rajesh Chandra has been sworn in as the Director General (DG) of Sashastra Seema Bal (SSB) on 8 January 2019.
- He succeeds S.S. Deswal.
- Kumar is a 1985 batch IPS officer from Bihar Cadre, who presently serves as Director General of Bureau of Civil Aviation Security (BCAS).
- He will assume the post from the date of joining of the post and upto December 12, 2021 i.e. date of his retirement on superannuation or until further orders.
Malala Yousafzai pens book titled “We are Displaced”
- Nobel Peace Prize winner and Pakistani activist Malala Yousafzai has come up with a new book titled “We are Displaced”.
- In the book she has shared her experiences travelling the world and visiting refugee camps.