Daily Updates 1st August

1. Capital infusion of Rs 20,000 crore in public sector banks

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  • Union government has decided to infuse capital to the tune of Rs 20,000 crore in public sector banks.
  • According to the Financial Services Secretary Hasmukh Adhia 50%, or Rs 10,000 crore of this money will find its way to “weak” banks.
  • This money is likely to strengthen balance sheets of banks reeling with high non-performing assets and bad loans.
  • The finance ministry is setting up a rating system for public sector banks where their performance will be measured.
  • Under this method, a higher rated bank will enjoy equity support from the government unlike the practice earlier when government used to support the weaker banks with equity erosion.

2. India’s first Harbour Defence System commissioned in Kochi

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  • India’s first Integrated Underwater Harbour Defence and Surveillance System (IUHDSS) was commissioned in Kochi, Kerala.
  • First of its kind system in the country is part of initiatives to strengthen and beef up coastal security in the western coastline.
  • Designed by Israel Aerospace Industries (IAI). Consists of advance sensors, coastal surveillance radars and sound navigation and ranging systems (SONAR).
  • Capable of detecting, tracking, identifying and generating warning for all types of underwater and surface threats to harbour security. The integrated system can detect presence of divers and under water threats with the help of this automatic system

3. Delhi government notifies Witness Protection Scheme 2015

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  • Delhi Government has notified Witness Protection Scheme 2015, a policy regarding protection of witnesses with provisions for a protection fund.
  • With this, Delhi becomes the first state/union territory in India to notify such policy to ensure protection of witnesses in crucial cases.
  • It deals categorization of witnesses, types of protection, creation of witness protection fund, and procedure for processing such request by the competent authority.

4. Rajendra Srivastava will be the next dean of ISB

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  • Rajendra Srivastava, the Provost and Deputy President and Professor of Marketing at Singapore Management University will be the next Dean of Indian School of Business (ISB) with effect from January 1, 2016.
  • He will succeed Ajit Rangnekar, the outgoing Dean, who has held this position since January 2009.
  • Prior to SMU, he held distinguished research chairs and senior management positions at the University of Texas at Austin and Emory University in Atlanta.
  • He has an MBA and PhD (Business Administration) from the University of Pittsburgh, an MS in Industrial Engineering from the University of Rhode Island, and a B.Tech (Mechanical Engineering) from the Indian Institute of Technology, Kanpur.

5. UP Govt. decides to rename UPT University Lucknow

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  • Uttar Pradesh government has decided to rename Uttar Pradesh Technical University Lucknow in the name of former President APJ Abdul Kalam.
  • The decision has been taken to honor the late President. Chief Minister Akhilesh Yadav has announced that a grand memorial of Dr Kalam will also be developed at the University campus.

6. Japan’s Nikkei buys Financial Times in $1.3-bn deal

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  • The two leading financial news operations from Europe and Asia are now together, as Nikkei Japanese media group is going to buy the Financial Times from Britain’s Pearson in a $1.3 billion.
  • Financial Times acquisition is a triumph for Nikkei as this is the biggest acquisition ever by any Japanese media organisation.
  • This acquisition has brought an opportunity to Nikkei newspaper to expand its readers outside its home market.
  • Pearson a 171-year-old international media company sold FT as it wanted to expand its education business. Pearson owned FT for nearly 60 years

7. Ranveer Singh Saini wins Gold at Special Olympics World Games in Los Angeles

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  • Ranveer Singh Saini(14 years) has become the first Indian Golfer to win a Gold medal at the Special Olympics World Games in Los Angeles.He achieved the feat in GF Golf-Level 2 Alternate Shot Team Play event.
  • Ranveer and his partner Monica Jajoo were nine shots clear of joint second-placed teams from Hong Kong and Nippon.
  • Prabhroop Sekhon (14-years) also clinched two Gold medals in 300-metres and 500-metres Roller Skating. An Autistic student, Sekhon is from ASHA School in Lucknow Cantt.
  • Special Olympics World Summer Games are an international sporting competition organized by Special Olympics for athletes with intellectual disabilities.
  • Special Olympics founded in 1968 by Eunice Kennedy Shriver to celebrate the talents, perseverance and achievements of those with intellectual disabilities.

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