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Current Affairs 19 August 2020

Daily Current Affairs 19 August 2020: We have collected the latest current affairs for 19 August 2020 that are important for all competitive exams like Bank, SSC, IBPS, SBI exams. The GK current affairs will help you score more in these competitive exams. Improve your general knowledge with our daily online current affairs. You can also read the daily current affairs on our mobile app.

National News

World’s tallest Pier Bridge being constructed by Indian Railways across River Ijai in Manipur

The North East Frontier Railway zone of the Indian Railways’ are constructing the world’s tallest pier bridge in the North-Eastern state of Manipur. It would help to provide railway connectivity from Manipur to the rest of the country.
The bridge is a part of Jiribam-Tupul-Imphal new BG line project (111 Km).
It is being constructed across river Ijai near Noney in Manipur.
The height of the bridge will be of 141 meter while the total length of the bridge will be 703 meter.
There are a total of 45 tunnels in the project.
The total estimated cost of constructing the bridge is Rs 280 crore and is projected to be completed by March 2022.
Once operational, this bridge will surpass the existing record held by 139 meter of Mala – Rijeka viaduct, Montenegro in Europe.

Gwalior-Chambal Expressway to be named after Atal Bihari Vajpayee

The proposed Gwalior-Chambal Expressway will be named Shri Atal Bihari Vajpayee Chambal Progressway.
This was announced by Madhya Pradesh Chief Minister Shivraj Singh Chouhan, while paying tribute to former prime minister Atal Bihari Vajpayee on his second death anniversary on 16 August 2020.
CM Chouhan also announced that a grand statue of Shri Atal Ji will be set up in Bhopal.
Gwalior-Chambal Expressway
- It is a proposed Six-lane expressway to connect the states of Madhya Pradesh, Uttar Pradesh, and Rajasthan.
- The expressway will connect the historic town of Kota in Rajasthan to Etawah in Uttar Pradesh alongside the Chambal River while covering the towns of Sheopur Morena, Shampur, Ater and Gohad in Madhya Pradesh.
- The proposed expressway will cost Rs. 8,250 crore and will measure 404 km.

Nitin Gadkari launches farm-to-fork service portal VedKrishi.com

The Union Minister of Micro, Small and Medium Enterprises (MSME), Nitin Gadkari has launched an online farm-to-fork service platform called VedKrishi.com. The platform will connect farmers to the consumers.
Using the portal VedKrishi.com, farmers would be able to sell their non-toxic farm produce directly to consumers. The platform will allow home deliver of grocery products including dairy goods, vegetables, grains, and pulses, apart from pickles, juices, sauces, etc.
The platform has been set-up by Nagpur-based farmer producer organization VedKrishi Farmer Producer Company.

Conference

India’s External Affairs Minister and Foreign Minister of UAE Co-Chairs 13th India-UAE Joint Commission Meeting

The 13th Session of the India-UAE Joint Commission Meeting (JCM) on Trade, Economic and Technical Cooperation was held virtually on 17 August 2020 to further strengthen the bilateral ties between the two strategic partners..
The Meeting was co-chaired by Union Minister of External Affairs, Subrahmanyam Jaishankar from India’s side and UAE’s Minister of Foreign Affairs Sheikh Abdullah Bin Zayed Al Nahyan.
The next Session of the India-UAE Joint Commission Meeting will be held in Abu Dhabi in 2021.

Ranking

IIT Madras Tops Atal Rankings (ARIIA) 2020 for second straight year

The Indian Institute of Technology, Madras has retained the top position in the ‘Atal Ranking of Institutions on Innovation Achievements,’ (ARIIA) 2020 for being the best centrally funded institution in India..
The premier institute has topped in the list of top centrally funded innovative educational institutes in India for the second consecutive year.
- IIT Bombay, IIT Delhi, IISc Bengaluru and IIT Kharagpur are the among the top five centrally funded institutions in the list respectively.
The 2020 ‘Atal Ranking of Institutions on Innovation Achievements (ARIIA),’ was released by Vice President Venkaiah Naidu, in presence of Union Minister of Education, Ramesh Pokhriyal ‘Nishank,’ in a virtual event on 18 August 2020.
Read in detail here

Banking & Economy

RBI releases framework for authorisation of pan-India Umbrella Entity for Retail Payments

Presently NPCI is the only Umbrella Entity for Retail Payments in India.
Now Reserve Bank of India has released the ‘framework for authorization of pan-India Umbrella Entity for Retail Payments’ in India.
This means that RBI has allowed companies/entities to apply to RBI to set-up pan-India umbrella entity/entities focussing on retail payment systems in India. After receiving approval from RBI, the entity may start functioning as an Umbrella Entity for Retail Payments in India just like NPCI.

Here are some major points about this framework:

Paid-up capital: The umbrella entity shall have a minimum paid-up capital of Rs 500 crore.
Promoters Share: No single Promoter / Promoter Group shall have more than 40% investment in the capital of the umbrella entity.
The Promoters / Promoter Groups shall upfront demonstrate the capital contribution of not less than 10% i.e., ₹50 crores at the time of making an application for setting up of the umbrella entity. The balance capital shall be secured at the time of commencement of business/operations.
The Promoter / Promoter Group shareholding can be diluted to a minimum of 25% after 5 years of the commencement of the business of the umbrella entity.
The umbrella entity shall commence business/operations within a time of 6 months, extendable to a maximum of one year, if required, from the date of ‘in-principle approval’.
A minimum net-worth of Rs 300 crore shall be maintained at all times.
The entity shall be a Company incorporated in India under the Companies Act, 2013.
The umbrella entity shall be a Company authorized by Reserve Bank of India (RBI) under Section 4 of the PSS Act, 2007.

Govt modifies partial credit guarantee scheme 2.0, extends it by three months

Partial Credit Guarantee Scheme (PCGS) 2.0 was launched by Central Government on May 20, 2020.
Purpose of Partial Credit Guarantee Scheme (PCGS) 2.0:to provide Portfolio Guarantee for purchase of Bonds or Commercial Papers (CPs) with a rating of AA and below issued by NBFCs/HFCs/ MFIs by Public Sector Banks (PSBs).
The Government has now modified PCGS 2.0 for purchase of Bonds/CPs as under:
- Additional 3 months have been granted to build up the portfolio. Till 19.11.2020.
- At the portfolio level, AA and AA- investment sub-portfolio under the Scheme should not exceed 50% (instead of 25% stipulated earlier) of the total portfolio of Bonds/ CPs purchased by PSBs under the Scheme.
This has been done due to the fact that the stipulated limit for AA/AA- rated Bonds/CPs has been nearly reached while the appetite for lower-rated Bonds/CPs is nearing saturation considering their lower ticket size.

Fino Payments Bank launches Jan BachatKhata

Fino Payments Bank has launched Jan BachatKhata (JBK), which is an Aadhaar Authentication based digital savings account that brings neo-banking experience to consumers.
Neo bank means– A bank without any branches. A bank that is entirely online rather than being physical. Neo banking provides complete digital banking experience through mobile applications.
Under the JBK, customers can transact at a Fino branch or merchant point with fingerprint and OTP combination, while at non-Fino points they need Aadhaar authentication.
Earlier, Fino Payments Bank had introduced Shubh and Bhavishya, subscription-based savings accounts targeted at specific customer segments.

Appointments

G P Garg appointed as Executive Director of SEBI

The Securities and Exchange Board of India (SEBI) has appointed G P Garg as its executive director (ED) on 14 August 2020.
Prior to his promotion as ED, Garg was Chief General Manager in Central Public Information Officer (CPIO) in SEBI.
Currently, there are nine executive directors in SEBI. With this appointment the total tally of ED reaches to ten.
This appointment was a part of an internal appointment.
Now SEBI will appoint or re-appoint two outside executive directors.

Satya Pal Malik appointed as Governor of Meghalaya, Bhagat Singh Koshyari given additional charge as Goa Governor

Satya Pal Malik, who was serving as the Governor of Goa currently, has been transferred and appointed as the Governor of Meghalaya with effect from 18 August 2020.
Satya Pal Malik replaces Tathagata Roy who completed his five-year tenure by serving as Tripura Governor for three years and the remaining two years as the Governor of Meghalaya.
Apart from this, Maharashtra Governor Bhagat Singh Koshyari has been given additional charge as the Governor of Goa, in addition to his own duties.

Books & Authors

Former Vice Marshal Arjun Subramaniam pens book titled “Full Spectrum: India”s Wars, 1972-2020″

Retired Air Vice Marshal Arjun Subramaniam has written a book which throws light on comprehensive account of war and conﬂict in contemporary India over the past ﬁve decades next month.
The book titled “Full Spectrum: India”s Wars, 1972-2020″ is a sequel to his previous book “India”s Wars: A Military History, 1947-1971″.
The new book covers every major operation that the armed forces have participated in since 1972, including the Kargil conﬂict of 1999
It has been published by HarperCollins India and will be released in September 2020.

Sports

Dream11 wins IPL 2020 title sponsorship rights for Rs 222 crore

Dream11, a fantasy sports platform, has won the title sponsorship rights for Indian Premier League (IPL) 2020. Dream11 has signed a Rs 222-crore deal with BCCI for this.
This comes after the previous sponsor, Vivo backed out of IPL 2020.
The IPL will be held from September 19 to November 10, 2020.

Important Days

World Humanitarian Day: 19 August

The World Humanitarian Day (WHD) is observed every year on 19 August to pay tribute to humanitarian personnel and those workers who lost or risked their lives while doing humanitarian service.
The theme for 2020 WHD is #RealLifeHeroes.
In 2020 we are celebrating the 11th WHD.
The theme is a tribute and a heartfelt thanks to all aid and health workers who have committed their lives to helping others, during this difficult time of COVID-19 pandemic.

Daily Current Affairs – 19 August 2020