Current Affairs This Week (24th - 30th July)

Bank Specific

RBI scraps ration card as valid document for opening bank account, Aadhaar card to be considered

The ration card, the government issued booklet for availing of subsidized food under the public distribution service, will no longer be considered as a valid document for opening bank accounts. Aadhaar will now gain prominence as the single universal document for opening a bank account in India. The RBI made the announcement in a circular dated July 17 in which it has revised ‘know your customer’ guidelines. The RBI has now specified officially valid documents to be the Aadhaar card, voter ID card, permanent account number (PAN) card, driving license, passport, or the NREGA card. Until now, banks had asked for a wide range of documents from customers including ration cards and utility bills according to their own discretion. The RBI has now changed it and said that banks can only ask for documents notified by the central government.

Corporate

Reliance Power acquires hydro-power portfolio of Jaypee Group worth over 10,000 crore

Anil Ambani – led Reliance Power has acquired the 1800 MW hydroelectric power assets of Manoj Gaur led Jaypee Group for an estimated Rs. 12000 crore. JSW and Adani Group were the other contenders who lost out to reliance. The completion of the proposed buy-out would make Reliance Power the largest provider of hydroelectric power in the private sector in India with 7,800MW operating capacity by the end of financial year 2015. JPVL's hydroelectric power portfolio has an aggregate capacity of nearly 1,800 MW, fully in operation, is the largest in the private sector in India, and with an asset base of over Rs 10,000 crore. The generation capacity and size of the assets being acquired would make it the largest deal in India's infrastructure and power sector.

India

K N Tripathi sworn in as Bengal Governor

Kesri Nath Tripathi has been sworn in as the 20th Governor of West Bengal. Tripathi, a senior BJP leader and three-term speaker of the Uttar Pradesh assembly was administered the oath of office by the acting Chief Justice of Calcutta High Court Asim Kumar Banerjee.Tripathi replaced M K Narayanan, who demitted office on July 4, days after being questioned by the CBI in connection with its probe into the Rs 3600-crore VVIP chopper deal. He was reportedly asked to quit by Narendra Modi government. 

Since Naryanan's resignation Bihar Governor D Y Patil had taken over as Governor of West Bengal as an 

additional charge.

World 

Israel steps up military campaign, no sign of cease-fire as death toll in Gaza crosses 1200

Israel has stepped up air-strikes and targeted symbols of Hamas’ control of Gaza with the heaviest bombing in the fighting so far. On Tuesday, an Israeli strike hit the only electricity plant in the Gaza Strip, which set off a huge fire and threatened to create a major humanitarian crisis. Palestinians lacked the means to operate the water and sewage systems. Following the attack, international efforts were stepped up to make both parties agree to a cease-fire. US Secretary of State John Kerry has been meeting both Israeli and Palestinian leaders to try to help negotiate a truce. Although, President Mahmoud Abbas had said that fighters in Gaza were ready for an immediate 24-hour truce, Hamas’ military commander said that there will be no cease-fire until Israel stopped its attacks. More than 1,200 Palestinians have been killed since Israel began its offensive on July 8, most of them civilians. On the Israeli side, 53 soldiers and 3 civilians have been killed in the ground offensive and in rocket and mortar fire. 

EU imposes new sanctions in 'strong warning' to Russia

The European Union has for the first time slapped comprehensive economic sanctions on Russia and banned the exports of military goods and sensitive technologies in the energy sector for its "failure" to de-escalate the conflict in eastern Ukraine.