GK and Current Affairs Updates

Reserve Bank of India on thirteen August 2015 notified the Union Budget-2015-16 Interest Subvention scheme (ISS) and asked all banks to provide interest concession of 2 % on short term crop loans of up to three lakh rupees.The central bank in its notification said that interest subvention of 2 % p.a. will be made available to public and private sector banks provided they lend short term credit at the bottom level at 7 % p.a. to farmers.The bank said that extra interest subvention of 3 % will be offered to farmers for repaying the loan promptly from the date of disbursement of the crop loan. This implies that farmers paying promptly would get short term crop loans at 4 % during the year 2015-16.To provide relief to farmers affected by natural calamities, the reserve bank has said that interest subvention of 2 % will continue to be available to banks for the 1st year on the restructured amount. However, such restructured loans may attract normal rate of interest from the second year onwards.
The government in the budget for 2015-16 proposed to implement interest subvention scheme during 2015-16 fiscal for short-term crop loans up to 3 lakh rupees. After that, the Union Government on twenty one July 2015 extended ISS to Public Sector Banks (PSBs), private sector commercial banks, rural regional banks (RRBs), cooperative banks and NABARD.

About RBI

The Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934 The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders.  Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949.
The RBI plays an important part in the Development Strategy of the Government of India. It is a member bank of the Asian Clearing Union. The general superintendence and direction of the RBI is entrusted with the 21-member Central Board of Directors: the Governor (Dr. Raghuram Rajan), 4 Deputy Governors, 2 Finance Ministry representatives, 10 government-nominated directors to represent important elements from India's economy, and 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi. Each of these local boards consists of 5 members who represent regional interests, and the interests of co-operative and indigenous banks.The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion.

The Vice President of India Shri M. Hamid Ansari has said that Prof. Mustansir Barma, a distinguished Professor and former Director, Tata Institute of Fundamental Research, Mumbai has made immense contribution in the field of Statistical Physics in India. 

He has published numerous papers on the topic and is one of the best recognized names in the discipline internationally. Addressing after presenting Prof. Mustansir Barma with the prestigious “Gujar Mal Modi Award for his commendable contribution in the field of Science and Technology” at a function here today, he has said that his personal initiative in expanding the TIFR campus in Hyderabad and his support and encouragement to younger scientists in exploring new areas is commendable. The bestowing of this year’s prestigious G.M. Modi Science Award to Prof. Mustansir Barma is a most befitting step taken by Gujar Mal Modi Foundation. He said that a number of historical, cultural, political, social and economic situations have given rise to the need to develop strategies that favour the popularization of science and technology. The technical possibilities of gaining access to information are changing our vision of the world and transforming the relationship between human beings and the appropriation and dissemination of knowledge.The Vice President opined that today, access to knowledge is synonymous with development, well-being and quality of life. The world is increasingly being divided into societies that produce knowledge, and those that are essentially consumers of it. To be a society that progresses, builds and creates, rather than being one that passively contemplates such progress, it is essential to make science and technology an essential part of the culture of the people. The popularization of science and technology must make such knowledge a central component of culture, of social awareness and of collective intelligence. It must also contribute to an effective address of cultural, social and economic issues.
About Gulzar mal Modi Award 

•  the G.M. Modi Foundation has been instituted an annual award, the Gujar Mal            Modi Award for Innovative Science & Technology.
• The award acknowledge excellence in scientific research and development.
• The award consist of Rs. 2.01 lakh, a silver shield and a scroll of honor.

About Mustansir Barma

•   Mustansir Barma is an Indian Scientist specializing in Statistical Physics.
•   He was former Director of the Tata Institute of Fundamental Research.
•   He has published numerous papers on the topic and is one of the best recognized names in the discipline internationally..
•   His personal initiative in expanding the TIFR campus in Hyderabad and his support and encouragement to younger scientists in exploring new areas is commendable.

Smt. Suvra Mukherjee was born on September 17, 1940 in Jessore
(now in Bangladesh) and married Shri Pranab Mukherjee on July 13, 1957. A graduate, Smt. Suvra Mukherjee was an ardent fan of India’s national poet, Gurudev Rabindranath Tagore. She was a vocalist of Rabindra Sangeet and performed in the poet’s dance-dramas for long years not only in different parts of India, but also in Europe, Asia and Africa. Smt. Suvra Mukherjee founded the ‘Geetanjali Troupe’, whose mission
is to propagate Rabindranath Tagore’s philosophy as expressed through his
songs and dance-dramas. She was the guiding force behind all productions of the Troupe. Smt. Mukherjee was also a highly talented painter who had many
group and solo exhibitions to her credit. She considered her mother who was herself a painter as the source of her creative inspiration and her works won critical acclaim. Smt. Mukherjee has written two books: Chokher Aloey which is a personal account of her close interaction with Smt. Indira Gandhi and Chena Achenai Chin- a travelogue recounting her visit to China. Smt. Suvra Mukherjee and Shri Pranab Mukherjee have threechildren Shri Abhijit Mukherjee, Shri Indrajit Mukherjee and Ms. Sharmistha Mukherjee.

Noted Urdu litterateur Shamim Hanfi has been chosen for the first Jnangarima Manad Alankaran award, instituted by the Bharatiya Jnanpith this year, the literary body said today.The award marks the seven decades of Jnanpith.Hanfi was selected for the award in a meeting of jury members chaired by Hindi author Vishwanath Tripathi. Other members of the board included poet Kedarnath Singh and author Madhusudan Anand.The Jnangarima Manad Alankaran award comprises a monthly honorarium for one year."Jury members along with the members of Bhartiya Jnanpith family will felicitate this year's award to Hanfi at his residence in an informal ceremony," Leeladhar Mandloi, Director Bharatiya Jnanpith said in a statement here today.

The Bharatiya Jnanpith was founded in 1944 to undertake systematic research and publication of Sanskrit, Prakrit, Pali and Apabhramsha texts and covers subjects like religion, philosophy, logic, ethics, grammar, astrology and poetics.It annually publishes books in Hindi (both original and translated works) and other languages, and also presents the literary awards, the Jnanpith Awards and the Moortidevi Award, besides awards for upcoming writers.

In a significant change of policy, government has roped in private sector professionals to run two of its largest banks — Bank of Baroda and Canara Bank — as it announced appointment of MDs and CEOs of five lenders.The move is seen as a part of process to reform the public sector banking industry, which accounts for over 70 per cent of the banking business, but struggling to deal with mounting non-performing assets.In past, public sector banks heads were selected from among the state-run banks or government officers.
Apart from these two banks-Financial Services Secretary Hasmukh Adhia also announced names of MDs and CEOs of Bank of India, IDBI Bank and Punjab National Bank. These three executive heads are serving officials in other government-owned banks.
In addition, Adhia also announced appointments of non-Executive Chairman at Bank of Baroda, Bank of India, Canara Bank, Vijaya Bank and Indian Bank.
The government also picked up private sector executives for the post of non-Executive Chairman of Bank of Baroda and Canara Bank.
1. Managing Director and CEO of VBHC Value Homes Pvt Ltd P S Jayakumar (53) has been selected to head Bank of Baroda.MD and CEO of private sector lender The Laxmi Vilas Bank Rakesh Sharma (57) will head Canara Bank.M O Rego (Deputy Managing Director, IDBI Bank), Kishore Kharat Piraji (Executive Director, Union Bank of India), and Usha Ananthasubramanian (CMD, Bhartiya Mahila Bank) are the new MD and CEOs of Bank of India, IDBI Bank and Punjab National Bank, respectively.
Rego and Ananthasubramanian took charge .
Ravi Venkatesan (51), Independent Director, Infosys  has been appointed as non-Exeuctive Chairman of Bank of Baroda. T N Manoharan (59), Director, Tech Mahindra, Public Health Foundation is non-Executive Chairman of Canara Bank.G Padmananbhan (Retired ED of RBI), G Narayanan (Retired ED, Indian Overseas Bank) and T C V Subramainian (Retired CMD, Exim Bank) have been appointed as non-Executive Chairman of Bank of India, Vijaya Bank and Indian Bank, respectively.

Five MD and CEOs were appointed earlier.The government had decided to separate the post of Chairman and Managing Director by prescribing that in the subsequent vacancies to be filled up the CEO will get the designation of MD & CEO and there would be another person who would be appointed as non-Executive Chairman of PSBs.
“This approach is based on global best practices and as per the guidelines in the Companies Act to ensure appropriate checks and balances. The selection process for both these positions has been transparent and meritocratic.

Indian batsman Ajinkya Rahane created a world record as he became the first non-keeper player to take eight catches in a Test match. Rahane achieved the feat on the third day of the ongoing first Test against Sri Lanka at Galle when he caught  Rangana Herath at slip off Amit Mishra. Rahane grabbed three catches in the first innings and five more in the second to surpass five international players -- Yajurvindra Singh (India), Greg Chappell (Australia), Hashan Tilakaratne (Sri Lanka), Stephen Fleming (New Zealand) and Mathew Hayden (Australia), all of whom took 7 catches in a match.Incidentally Yajuvindra took 7 catches in a Test after Independence Day in 1977, while Rahane has done it on the eve of August 15.England's Jack Russell and South African AB de Villiers shared the most number of dismissals (11) record by wicket-keeper against South Africa in 1995 and Pakistan in 2013 respectively.

Indian shuttler Saina Nehwal defeated local favourite Lindaweni Fanetri in 21-17, 21-17 in the last-four to reach her maiden final of the Badminton World Championships in Jakarta the Olympics bronze medallist became the first Indian ever to make it to the final of the world championships.The Indian ace, who has won close to 20 international titles including the Olympics bronze, was always unlucky when it came to the World championship. She was struck down by chicken pox once, stomach bug later - the 24-year-old was always laid low by some off-court problems. Even before the Worlds she was suffering from shoulder niggle but she did not allow that to affect her game.
 
About World Badminton Championship

The BWF World Championships (formerly known as IBF World Championships, also known as the World Badminton Championships) is a badminton tournament sanctioned by Badminton World Federation (BWF). The tournament offers the most ranking points, together with Olympic Games  The winners will be crowned as the "World Champions" and awarded gold medals  However, it does not offer any prize money
The tournament started in 1977 and was held once every three years until 1983. However, the IBF faced difficulty in hosting the first two events as the World Badminton Federation (which later merged with the IBF to form one badminton federation) hosted the same tournament a year after the IBF World Championships with the same goals. Started 1985, the tournament became bi-annual and played once every two years until 2005. Starting 2006, the tournament was changed to an annual event on the BWF calendar with the goal to give more chances for the players to be crowned as official "World Champions". However, the tournament will not be held once every four years to give way to the Olympic Games.

Indian Socio biologist Raghavendra Gadagkar was awarded Germany's highest civilian honour - the Cross of Order of the Merit. He was bestowed with the honour for contribution in the field of behavioural ecology and sociobiology. And also for works in strengthening research corporation between India and Germany.

A resident of Bengaluru and professor at the Centre for Ecological Sciences, Indian Institute of Science (IISc) was awarded at the German Consulate in Bengaluru.Prof Gadagkar, is one of the leading experts in the field of insect sociobiology. He is also the president of the Indian National Science Academy and has published more than 270 research papers and two books. His first book, Survival Strategies, has been translated into Chinese and Korean.
It was this which made him founder chair of the Centre for Contemporary Studies, established at IISc in 2004. At this institute he brings together people from the IISc campus especially graduate students from different disciplines in humanities, including literature, art and music."The ignorance that humanities and sciences had towards each other has now become a mutual disrespect. But the fact is science and humanities can't operate in isolation. So at this institute, science students are exposed to idea like how poets communicate, how to bring out a newspaper, how history can solve current problems etc. The idea is to have scientists who can communicate like poets," he said.

Indian Archer Abhishek Verma has won gold medal in Archery World Cup in the stage 3 in the compound men’s individual section. In the individual final held in Wroclaw in Poland he defeated Esmaeil Ebadi of Iran by 148-145 score in the five round match. In the summit clash, Verma had shot 13 perfect 10s pointers, including five arrows closest to the centre from the total 15 arrows. It should be noted that Verma is currently ranked 18 in the world in the men’s individual Archery. He hails from Delhi and earlier had won silver medal in the Asian Games.

About Archery World Cup--The Archery World Cup is a competition, started in 2006, organized by the World Archery Federation, where the archers compete in four different stages in four different countries and the best eight archers of each category (from 2010, four archers from 2006-09) advance to an additional stage to contest the Archery World Cup Final. This form of competition was introduced following the success of the 2003 World Archery Championships in New York and the 2004 Summer Olympics with the intent of making the sport more popular and attractive to the spectators, with the matches being held in 'spectacular' locations and the final matches being broadcast online It has received plaudits for its innovative approach to the sport, raising its profile and reach. 
From 2013, the World Cup is broadcast live on Eurosport It carries sponsorship from Kia and Longines, which supports the annual Longines Prize of Precision for archery, for the "best male and female athletes that master bow and arrow through concentration, balance, accuracy, and skill.

Kerala Government has declared state totally digital, thus becoming first state in the country to achieve it. It was announced by Kerala Chief Minister Oommen Chandy during his Independence Day speech held in the capital Thiruvananthapuram. This declaration was made considering the rapid digital strides of the state which has achieved 100 percent mobile connectivity, maximum digital banking, 75 percent e-literacy, broadband connectivity upto the Panchayat level, linking bank accounts with Aadhar cards and e-district plan in all districts. The state government also has announced that the second phase of digital literacy will further take forward the digital revolution in the state and envisages having wi-fi hotspots in all local bodies, total mobile Governance.