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Current Affairs 27th July 2017

Date2017-07-27
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  • Bajaj Allianz renews corporate agreement

    • Bajaj Allianz Life Insurance has renewed corporate agency agreement with Dhanlaxmi Bank.
    • Under the agreement, Dhanlaxmi will continue to sell life insurance products of Bajaj Allianz Life Insurance.
    • As a corporate agent partner, Dhanlaxmi has done a business of Rs 365 Cr till date for Bajaj Allianz Life Insurance.
    • Relationship b/w Bajaj Allianz Life Insurance & Dhanlaxmi goes back to 2009 .
  • India to be 2nd largest 4G phone base

    • According to a report by Counterpoint, with an estimated installed base of 340 million 4G devices, India will displace the US as the second largest market by next year.
    • With a base of 150 million users, India is currently placed behind China and the US.
    • Indian market is expected to grow at a faster pace, driven by increasing adoption of mobile Internet.
  • Insolvency action against Bhushan Steel

    • National Company Law Tribunal has allowed banks to initiate insolvency proceedings against Bhushan Steel, Bhushan Steel and Power.
    • Petition for launching the insolvency process was filed by SBI in case of Bhushan Steel while a similar plea was filed by PNB against Bhushan Steel & Power.
    • SBI has claimed recovery of Rs 4,295 cr from Bhushan Steel & $490 million for foreign currency loan.
  • Axis Bank extends Shikha Sharma’s term

    • Axis Bank has re-appointed Shikha Sharma as its chief executive officer and managing director
    • Sharma’s re-appointment is for a period of 3 years & is effective 1 June 2018.
    • Recently it was reported that Sharma was headed to Tata Group to head its financial services business which was later denied by the bank.
    • She has more than 3 decades of experience in the financial sector.
  • Nitish Kumar sworn-in as Bihar CM

    • JDU leader Nitish Kumar was sworn in as Bihar Chief Minister for 6th time within hours of dumping the Grand Alliance.
    • Kumar met governor Keshari Tripathi with NDA leaders & staked claim to form a new government with support of 132 MLAs.
    • He has been asked by governor to prove his majority in Assembly within 2 days of taking oath.
    • BJP’s Sushil Kumar Modi was sworn in as Deputy Chief Minister.
  • 1 billion daily users worldwide

    • WhatsApp has announced that it has reached 1 billion daily active users who transfer over 55 billion messages and one billion videos everyday.
    • Monthly active users of WhatsApp are over 1.3 billion & supports 60 languages globally.
    • Introduction of video call, Status 2 step verification security has helped WhatsApp attract more users since last year when it had 1 billion monthly active users.
  • Arundhati’s novel in Man Booker longlist

    • Arundhati Roy’s latest work of fiction, “The Ministry of Utmost Happiness”, has made it to the longlist of this year’s Man Booker Prize.
    • The book came after a 19-year-long hiatus since her debut novel “God of Small Things” that won the Booker Prize in 1997.
    • The shortlist of six books will be announced on September 13, and the 2017 winner will be finally announced on October 17.
  • Ajit Doval arrives in Beijing

    • National Security Advisor Ajit Doval arrived in Beijing to attend 2 day BRICS NSAs meeting.
    • The group of NSAs would call on the Chinese president for an interaction on security issues relating to BRICS countries.
    • The visit comes in the backdrop of ongoing standoff between India & China in the Doklam region.
    • China currently holds Presidency of BRICS & is due to hold 2017 summit in September.
  • Dharam Singh passes away

    • N. Dharam Singh, former Chief Minister of Karnataka, passed away at a private hospital in Bengaluru after a heart attack.
    • He was the 17th CM of Karnataka and was continuously elected as MLA for 7 times from  Jevargi constituency. He headed Congress-Janata Dal (Secular) coalition govt from May 2004 to February 2006.
    • He was a seasoned politician, was known for his gentle demeanour.
  • India’s 1st mobile ticketing system

    • Mumbai Metro One will soon launch India’s first mobile ticketing system ‘OnGo’ for commuters to buy their tickets on their mobile phones.
    • Through ‘OnGo’, commuters can purchase tickets on the Mumbai Metro app and other partner apps like Ridlr.
    • A QR code will be generated that will have to be displayed before a non-protruding glass at the Automatic Fare Collection  gates.
  • PM Modi inaugurates Kalam’s memorial

    • Prime Minister Modi inaugurated a memorial dedicated to former president A P J Abdul Kalam at Peikarumbu on his 2nd death anniversary.
    • With ‘unity in diversity’ as its theme, memorial features quotes of Kalam and his pictures as a scientist and as the president of the country.
    • Resembling the arch of India Gate, memorial has on display replica of rockets & missiles on which Kalam had worked.
  • Facebook Acquires Source3

    • Facebook has acquired Source3 to crack down on users who share pirated videos & other content without permission.
    • Facebook is acquiring both technology & some of the team behind Source3.
    • Source3’s approach is similar to YouTube’s Content ID content-flagging system that not only identify material that infringes copyright but also provide ways for content owners to make money from UGC.
  • BSE signs MoU with Egyptian Exchange

    • Bombay Stock Exchange has joined hands with Egyptian Exchange for cooperation in exchange of information across business areas.
    • Exchanges aims to cross list & trade securities to provide new investment alternatives to investors in both markets.
    • Exchanges signed a MoU through which they have created several opportunities to be studied & explored for development of their products & markets.
  • Garg appointed on ADB Board of Governors

    • Economic Affairs Secretary Subhash Chandra Garg has been appointed as Indias Alternate Governor on the Board of Governors of the Asian Development Bank.
    • Garg has been appointed in place of former DEA Secretary Shaktikanta Das.
    • The appointment came into effect from July 12
    • ADB is headquartered in Manila, in the Philippines.
  • ‘Apni Gaddi Apni Rozgar’ scheme

    • Punjab govt has announced launch of ‘Apni Gaddi Apna Rozgar’ scheme by flagging off over 100 uberMOTO bikes.
    • Under the scheme state govt will be providing commercial two wheelers & four wheelers to unemployed youth at subsidised rates.
    • It will not only contribute towards improving last-mile connectivity but will also create thousands of economic opportunities for youth in the state.
  • Axis Bank set to buy Freecharge

    • Axis Bank has entered into an agreement to acquire payments wallet FreeCharge for Rs 385 crore in an all-cash deal.
    • By buying Freecharge, Axis Bank will get a popular digital payments brand as well as access to high-quality technology.
    • FreeCharge presently has a revenue of about Rs 80 cr.
    • Snapdeal bought Freecharge for $400 million in 2015 in what was then the largest start-up deal in India
  • IRCTC to take over catering services

    • According to railways, Catering services in all trains with pantry cars will be handed over to IRCTC by the year-end.
    • Till now, zonal railways were managing catering services in majority trains as per the catering policy 2010.
    • This is being done in order to improve onboard food quality.
    • Railways will also conduct 3rd party audit at pantry cars & base kitchens to ensure best practice.
  • First Mars simulation base

    • China plans to build its 1st Mars simulation base on Tibetan plateau in country’s northwest as it aims to send the 1st mission to the red planet by 2020.
    • The project will incorporate education, tourism, scientific research & simulation training.
    • China looks to catch up with India, US, Russia & EU in sending probes to Mars.
    • The base might also include a set for shooting films and TV shows.
  • Minimum wage across all sectors

    • Union Cabinet has approved new wage code bill which will ensure a minimum wage across all sectors by integrating 4 labour related laws.
    • The bill seeks to empower Centre to set a minimum wage across all sectors in the country and states will have to maintain that.
    • At present, the minimum wages fixed by the Centre and states are applicable to workers getting up to 18,000 rupees pay monthly.
  • Hockey India League cancelled for 2018

    • The 6th edition of Hockey India League has been postponed to 2019 by Hockey India.
    • This comes as the dates in 2018 clashes with the Indoor World Cup, which may bar foreign players’ participation in it.
    • This will only be a temporary discontinuation and HIL will return in 2019.
    • HIL in past 5 years has given rise to players who have gone on to make a name for themselves in world hockey.

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