Daily Current Affairs 7th August, 2019

Daily Current Affairs 7 August 2019 for Banking/Insurance/SSC and other related exams.


AP govt all set to launch Navodayam scheme for MSMEs

The Andhra Pradesh government will launch a scheme for restructuring of loans of Micro Small and Medium Enterprises Development (MSMEs) under the Dr YSR Navodayam scheme to support the stressed MSME sector.

  • The decision has been taken as the MSME sector contributes immensely for the economic development of the state and employment creation to the local youth.
  • The scheme will cater to the need of financial support and timely help from the Financial Institutions.

India’s largest Women Startup Summit 2019 held in Kochi

Seeking to promote women entrepreneurship in a big way, Kerala Startup Mission (KSUM) hosted a women startup summit, in association with the Indian women network floated by Confederation of Indian Industries (CII), at the integrated startup complex, Kochi.

  • The ‘Women Startup Summit 2019’ aimed at encouraging aspiring women professionals to take up their entrepreneurial journey and developing an inclusive entrepreneurship ecosystem in the State.
  • Successful women leaders, startup founders, policy makers and women entrepreneurs shared their experiences, aspirations and celebrate their success stories revolving round the theme “Developing an Inclusive Entrepreneurship Ecosystem” at the one-day event.

International Army Scout Masters Competition kicks off in Jaisalmer

The fifth edition of “International Army Scout Masters Competition” was kicked off in Jaisalmer, Rajasthan. Jaisalmer military station is hosting the competition, which is happening as part of the international Army games.

  • A total of eight countries comprising of China, Russia, Belarus, Armenia, Kazakhstan, Uzbekistan, Sudan are participating in the event including the Indian Army team.


Scientists create the world’s thinnest gold

The scientists at the University of Leeds (Leeds, England), have created the world’s thinnest gold (‘2D’ gold) measuring two atoms thick or million times thinner than a human fingernail.

  • In its 2D form, gold becomes flexible that adds to its potential of being used more efficiently such as in bendable screens, electronic inks, medical diagnostic tests, and water purification systems.


RBI cuts repo rate by 35 basis points to 5.4 pc

The Reserve Bank of India (RBI) cut repo rate for the fourth consecutive time this calendar year to 5.4 per cent from the current 5.75 per cent amid low inflation, faltering economic growth and uncertain global scenario.

  • Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans.
  • India’s economy grew by only 6.8 per cent in 2018-19, according to government data. In the fourth quarter (January to March), the growth dipped to 5.8 per cent, marking a five-year low.
  • Retail inflation at 3.18 per cent in June has remained below the RBI’s medium-term target of 4 per cent for almost a year.
  • More significantly, the central bank lowered the GDP growth forecast for current financial year 2019-20 to 6.9 per cent from 7 per cent earlier.
  • Repo Rate: 5.40%
    Reverse Repo Rate: 5.15%
    SLR (Statutory Liquidity Ratio): 19.00%
    CRR (Cash Reserve Ratio): 4.00%
    MSF(Marginal Standing Facility) Rate: 5.65%
    Bank Rate: 5.65%

RBI to make NEFT available 24×7 for encouraging digital payments

The Reserve Bank of India (RBI) plans to make online payment system National Electronic Funds Transfer (NEFT) available round-the-clock in a bid to boost digital transactions.

  • At present, the transfer of funds via NEFT is dependent on bank working hours. The facility of electronic transfer of funds is available from 8 am to 7 pm on all working days of the week, except the second and fourth Saturdays in a month.
  • The NEFT system is used for fund transfers up to Rs two lakh.

RBI to set up a registry to track frauds in payment systems

The Reserve Bank of India has decided to set a Central Payment Fraud Registry to track frauds in the payment systems. Payment system participants will be provided access to this registry for near-real time fraud monitoring, the central bank said. The aggregated fraud data will be published to educate customers on emerging risks.

  • Currently, banks report all banking frauds to the Central Fraud Monitoring Cell of the Reserve Bank.


India tops latest ICC Test rankings

India topped the latest ICC Test team rankings while New Zealand is placed 2nd and South Africa is in 3rd position.

  • India skipper Virat Kohli retains his number one position in the latest ICC Test batsmen’s rankings.

Diego Forlan announces retirement from professional football

Uruguay forward player Diego Forlan has announced retirement from professional football.

Nick Kyrgios beats Daniil Medvedev to win 6th ATP title

Australia’s Nick Kyrgios kept his composure and captured the ATP Washington Open title, defeating Russia’s 10th-ranked Daniil Medvedev. The 24-year-old Aussie, who struggled through the opening set, claimed the $365,390 top prize and his 6th career ATP crown at the US Open tune-up event.


Sushma Swaraj passes away at 67

Former external affairs minister Sushma Swaraj breathed her last at the age of 67. Swaraj was appointed the foreign minister in the first term of Modi government in 2014. She opted out of the 2019 Lok Sabha elections citing health reasons.

  • She was also the youngest cabinet minister at 25 when she joined the Haryana government in 1977 and the first woman chief minister of Delhi.

Hrithik Roshan’s grandfather, filmmaker J Om Prakash passes away

Indian filmmaker and actor Hrithik Roshan’s grandfather, J Om Prakash, has passed away at the age of 93. The ace filmmaker and producer was known for films like ‘Aas Ka Panchhi,’ ‘Aaye Din Bahar Ke,’ ‘Ayee Milan Ki Bela,’ ‘Aankhon Aankhon Mein’ ‘Aya Sawan Jhoom Ke’ and ‘Aap Ki Kasam.’

Toni Morrison, Noble Prize-winning author dies at 88

Nobel laureate Toni Morrison (American novelist), the renowned author of acclaimed novels such as “Beloved” and “Song of Solomon,” has passed away at the age of 88.


National Handloom Day

The National Handloom Day is observed annually on 7th of August to honour the handloom weavers in the country and also highlight the handloom industry.

  • National Handloom Day seeks to highlight the contribution of handloom to the socioeconomic development of the country and increase income of the weavers.
  • The Union government had declared 7 the August as the National Handloom Day in July 2015 with the objective to generate awareness about the importance of handloom industry.

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