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Banking and Financial Awareness 10 August 2015 - 17 August 2015

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Economy Current Affairs

The Indian Railways on 12 August 2015 signed four Memorandum of Understandings (MOUs) with Union Ministry of Power and Union Ministry of New & Renewable Energy for Cooperation in which areas?: Energy conversation

Explanation: The Indian Railways on 12 August 2015 signed four Memorandum of Understandings (MOUs) with Union Ministry of Power and Union Ministry of New & Renewable Energy for Cooperation in areas of electricity transmission, energy conservation and promotion of renewable Energy in a time bound manner.

MoU for co-operation in the area of Electricity and Energy Conservation between Union Ministry of Power and Indian Railways
• Implementation of Electricity & Energy Efficiency projects for Indian Railways including feasibility, study, construction, operation and maintenance of Electricity & Energy Efficiency projects in a phased manner by optimum utilization of resources of both Parties.
• Co-operation for construction, operation and maintenance of transmission lines for connection with Railway substation through the PSUs.
• Facilitating sharing of information, experiences, knowledge and training of staff and officers of Railways at their own cost on identified subjects or through organization of joint workshops, conferences.
• Exchange of Scientific and Technological information and data, training of scientific and technical personnel’s, implementation of joint research for achieving energy conservation on Indian Railways.

MoU between Indian Railways and Union Ministry of New & Renewable Energy
• Conceptualization, structuring, implementation, Operation and Maintenance of Renewable Energy Projects in phased manner by  optimum utilization of resources of both Parties.
• Implementation of Renewable Energy projects at different Indian Railways premises (Railway stations, yards, offices, workshops and residential complexes & other installations) .
• Both parties may also recognize the importance of available Renewable Energy resource for industrial and thermal applications.

MoU between Indian Railways and Bureau of Energy Efficiency (BEE)
• Co-operation in implementation of energy conservation projects  for targeted achievement of energy savings over Indian Railways and development of long term road map.
• Replacement with  energy efficient equipments and technology innovation on non-commercial basis for encouragement to Zonal Railways on energy conservation measures.
• Finalization of concept of papers on present technologies and their usages in Railways.

MOU between Railway Energy Management Company Limited (REMCL) and Energy Efficiency Services Limited (EESL)
• EESL will  undertake Energy Audits of Railway Building, assess potential of energy savings through techno-commercially viable energy efficiency measures as may be mutually agreeable.
• Finalisation  of Technical Specifications of various energy efficient equipments such as LED Lights, Air Conditioners, Ceiling fans, Water pumps, Automatic Power Factor Correction  panels, Compressors etc. to be deployed in the relevant projects.
• EESL will assist in procurement on competitive bidding basis as per public procurement norms ensuring the technical performance of newly installed equipments as per design specifications.

In a long standing demand from auto Industry, The govt. on 13 August plan to offer the amount 1.5 lakhs in return of vehicle which are over to how many years?: 10 years

Explanation: If this proposition is accepted by the finance ministry then the move will come as a huge bonanza for the auto industry, which is showing signs of revival. However, in a similler proposition, in 2013, Anand Sharma, the then commerce and industry minister, had pitched for sops of up to Rs 1 lakh for phasing out over 15-year-old commercial vehicles, a proposal that was rejected by the finance ministry. According to transport minister, Gadkari said the comprehensive scheme would include provisions of setting up of 8-10 auto shredding plants near ports such as Kandla, which would issue certificates for accepting old vehicles and would recycle vehicles from India and abroad.

What is the name of new scheme for the Minorities that has been launched by Union Minority Affairs Minister Dr. Najma Heptullah on 8 August 2015?: Nai Manzil

Explanation: The idea behind the new scheme is to help the students assimilate with their mainstream counterparts i.e bridging the academic and skill development gaps of the deeni Madrasa passouts with their mainstream counterparts. As per Dr. Heptullah this scheme is beneficial for minority dominated areas specially, Bihar and UP where most of the minority concentrated blocks are in these two states.

The government has proposed an allocation of Rs 1,850 crore to rehabilitate new citizens of the country who have opted for Indian citizenship on the eastern border following which Agreement?: Historic Land Border Agreement between Dhaka and New Delhi

Explanation: The ministry of home affairs (MHA) has moved the Cabinet proposal to rehabilitate the 51 enclaves detailing the works that need to be carried out for rehabilitating about 7,500 families having around 37,000 people. The package will be implemented in 3-5 years and financial allocation will be made for both temporary and permanent rehabilitation of the new citizens. According to govt. sources the other major infrastructure development proposed include upgrading the Cooch Behar-Dinhata-Gitaldah road to a National Highway, building four bus terminus, setting up facilities for medical care and police infrastructure. 

What is the name of the dam which was opened for delta irrigation for the 82nd year to benefit 12 lakh acres on 10 August 2015?: Mettur Dam

Explanation: The share from Karnataka as per Cauvery Water Disputes Tribunal final award and good monsoon could improve the storage in coming days. Thus, the water would reach Grand Anicut on the night of 12 August 2015. It is wirth to mention that it is customary to release water on June 12 every year but this time the water release was postponed owing to poor storage (74.21 feet) only.

The Cabinet Committee on Economic Affairs (CCEA) on 12 August 2015 approved a proposal for strengthening and upgrading the drug regulatory system both at the Central and state level at the cost of Rs. 1750 Crore for how many years?: Three (3) years

Explanation: The CCEA chaired by Prime Minister Narendra Modi approved the proposal for strengthening the drug regulatory system at a total cost of Rs 1750 crore which will be spread over a period of three years. The proposal also include setting up of new laboratories and training academy for regulatory and drug testing officials.Out of the total amount of Rs 1750 crore, Rs 900 crore will be spent on strengthening central structures and Rs 850 crore will be made available to the state governments after signing a Memorandum of Understanding. The upgradation will also introduce organisation wide e-governance and information technology enabled and online services and setting up a training academy for regulatory and drug testing officials of both the central and state governments.

What will be the new name of the Agriculture Ministry as proposed by the Prime Minister Narendra Modi in his Independence Day address to the nation on 15 August 2015?: ‘Agriculture and Farmers' Welfare Ministry

Explanation: Prime Minister Narendra Modi on 15 August at 69th Independence Day announced that the seven-decade old Agriculture Ministry will be renamed as ‘Agriculture and Farmers’ Welfare Ministry. PM in his address to nation has stressed on the need to increase agricultural productivity and said the government is making efforts to boost crop yields. It is also worth to mention that pre-independent India had a combined Department of Revenue, Agriculture and Commerce set up in June 1871. However in 1881, the Department of Revenue and Agriculture was reconstituted as separate departments. In 1923, the departments of Education and Health were combined with it to form the ‘Department of Education, Health and Lands’. In 1945, it was trifurcated into three separate departments of Agriculture, Education and Health. Thus, the Department of Agriculture was re-dedicated as the Ministry of Agriculture in August 1947.

Finance Current Affairs

The asset management business of Deutsche Bank in India is sold to which mutual fund house on 7 August 2015?: Pramerica

Explanation: Pramerica Asset Managers Private Limited is a wholly-owned subsidiary of Prudential Financial, Inc. of the US, and is the asset management company for Pramerica Mutual Fund in India. Both Pramerica and asset management business of Deutsche Bank houses are focussed on liquid and fixed income funds.

In the eve of 'Raksha Bandhan' festival, the government plans to launch which drive to push its flagship social security plans through innovative schemes like gift cheques and special deposits?: 'Suraksha Bandhan'

Explanation: Raksha Bandhan, to be celebrated on August 29, is a festival where brothers traditionally give gifts to their sisters and vow to protect them. In the same way the 'Suraksha Bandhan' drive would seek to encourage people to gift 'social security' plans to their loved ones. The new drive is aimed at taking forward the government's objective of creating a universal social security system in the country, targeted especially at the poor and the under-privileged. The drive will be supported through the Jeevan Suraksha Gift cheques, which will be available for purchase for Rs 351 in bank branches by persons wishing to gift them to facilitate one year payment of premium for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) by the recipient.

Global gold prices were steady but showed a loss for the seventh straight week. This is its longest slump since when?: 1999

Explanation: Traditionally among the largest gold buyers, central banks, especially from emerging countries, are buying less. But they are pilling up dollars to counter outflows once the US raises rates. India's forex kitty in gold stands at 5%, down from 7% 5 years ago.  However, Gold seen as a hedge in bad times, has fallen below Rs 25, 000/10g and analysts project it could test the Rs 20,000 levels in 6-12 months. Gold is a hedge against inflation. The easy-money policy after the 2008 crisis led to fears of high inflation. But inflation stayed low in the US, Japan and Europe. Investors are now reluctant to buy gold.

The Reserve Bank of India on 13 August 2015 paid a dividend of nearly how much amount to the government, the highest ever from the central bank in its 80-year history and 25 percent more than year 2014?: Rs 66,000 crore

Explanation: RBI has several sources of income and out of them the three main sources of income are the coupon payments it gets on its holding of government securities, the interest it receives from banks which borrow money from it (repo operations) and also interest incomes on its holdings of sovereign bonds like US treasury bills etc. In 2015, dividend payment by RBI is also more than the Rs 64,500 crore that the finance minister had budgeted under 'Dividend/Surplus of RBI, nationalized banks & financial institutions', Budget papers showed. Since the nationalized banks are in the process of paying dividend to the government, the central exchequer's receipts under this head is sure to exceed the Budget estimates by a substantial margin. 

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Current affairs 17th August 2015 contain all the latest news and current events from India and Abroad. User can find the 17th August 2015 affairs article which is a detailed analysis and discussion of news stories that have recently occurred. These news articles are made on the topic Agriculture and Farmers Welfare Ministry, Department of Revenue, Agriculture and Commerce, Suraksha Bandhan and many other are best study material for the students which are preparing for the competition exams, government exams, Banking exams, IAS exam and many other.

17th August 2015 Current Affairs is available in Question and Answer format which will also help reader to prepare in Objective format. On Time2study, Current affair category contains the articles for each day and these articles have the detailed background of each topic. Current affairs from India and abroad are teller made to the user and thus one can find very interesting, selected and important topic on Current events to read and prepare the notes for exam. Current affairs 17th August 2015 is made on the subjects Raksha Bandhan festival, Jeevan Suraksha Gift cheques, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Historic Land Border Agreement between Dhaka and New Delhi, Global gold prices, Mettur Dam, delta irrigation, Cauvery Water Disputes Tribunal, Pramerica, Deutsche Bank, Energy conversation, Indian Railways, Reserve Bank of India, Dividend or Surplus of RBI that have recently occurred.

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