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India
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Pradhan
Mantri Krishi Seenchayi Yojana
Prime Minister Narendra
Modi has announced the Pradhan Mantri Krishi Seenchayi Yojana in
Haryana on 19th August. The Yojna has been announced to
meet the irrigation needs of all farmers across the country. A sum of
1000 crore rupees has been allocated for implementation of the
scheme.
INS
Kamota, India's first indigenously-built warship, commissioned into
Navy
India
>
Navy
INS Kamorta, India's
first indigenously-built stealth anti-submarine, was commissioned
into the Navy by Defence Minister Arun Jaitley on Saturday, 23rd
August, 2014, at naval dockyard in Vishakhapatnam. The warship has
been built by the state-owned Gardenreach Shipbuilders in Kolkata and
is the first vessel in the Navy whose all weapon systems are
manufactured in India. INS Kamorta, which has enhanced anti-detection
features, will form part of the Vishakhapatnam-based Eastern Command.
It would carry short-range Surface-to-Air missiles (SAM) and Active
Towed Array Decoy System (ATDS). It can also carry an integral ASW
helicopter.
RBI
spells out rights to customers to prevent mis-selling
Bank
Specific >
RBI Mandate
The Reserve Bank of
India, in order to protect its customers from mis-selling, has
spelled out the rights of the financial customer and the
responsibilities of the financial service provider (FSP). In a draft
charter of consumer right released, RBI has identified five basic
rights for consumers and discourage lenders from mis-selling of
products. The five basic rights of a customer are:
- Fair treatment
- Transparency
- Fair & honest dealings
- Product suitability
- Privacy
- Grievance redress and compensation
To save the customers
from difficult legal language, the RBI states that FSPs (Financial
Service Providers) should provide customers with product terms and
conditions in an easily understandable simple language. They should
also specify the key risks associated with the product and also the
features that may be disadvantageous for a customer.
Mis-selling of products
has been a serious issue in Indian financial system and that has led
to fundamental flaws in the customer protection architecture and has
created large welfare losses for customers.
Others
Pakistan
University confers degree on renowned Indian agriculture scientist
M.S. Swaminathan
World
> Pakistan
honorary degree
The University of
Agriculture in Faisalabad (Pakistan) has conferred an honorary degree
of the Doctor of Science on renowned Indian agriculture scientist
M.S. Swaminathan for his “contribution to farm research and allied
areas of plant-breeding, genetics, biodiversity and ecological
studies.” Dr. Swaminathan said that the Indian subcontinent should
focus on increase in productivity without harming the ecological
balance and a nutrition-sensitive agriculture, through programmes
rooted in the principles of ecology, economics, gender and social
equity, employment and energy.
NASA
satellite to help farmers combat drought
Science
and Technology >
NASA
NASA is set to launch a
new satellite with the capacity to measure soil moisture on a global
scale. Once operational, data from the Soil Moisture Active Passive
(SMAP) satellite could be used to better inform farmers in
agricultural decision making, providing unprecedented levels of
detail on moisture trends with an efficiency and speed unattainable
using current technology.
'Pradhan
Mantri Jan Dhan Yojana' to be rolled out in Aug 28
Economy
>
Pradhan Mantri Jan Dhan Yojana
The 'Pradhan Mantri Jan
Dhan Yojana' will be launched on August 28 by Prime Minister Narendra
Modi. The scheme aims to provide bank accounts to each un-banked
household. It is estimated that around 7.5 crore households (six
crore in rural and 1.5 crore in urban areas) do not have access to
any kind of banking facility. Under the new scheme, each
account-holder will get a RuPay debit card with accident insurance
cover of ₹1 lakh. In the second phase, each of these
account-holders will also get life insurance cover and pension
products.
ICICI
Bank launches apps for loan details
Corporate
>
ICICI
India’s largest
private sector lender, ICICI Bank has announced the launch of two new
mobile banking applications; ‘iLoans’ and ‘iTrack’, for
accessing loan account details and tracking status of dispatches,
respectively. The bank aims to enhance customer experience with the
launch of these two new mobile applications. Using these apps, all
customers, even those having only loan accounts with the Bank can get
easy access to their information, thus eliminating the need to call
phone banking or visit a branch.
‘iLoans’ offers
customers the convenience of accessing their loan related details on
mobile phones. ‘iTrack’ enables customers to track the status of
deliverables dispatched sent to them by the Bank, like statements,
letters and cheque books for their savings, current, loan or demat
accounts. Customers can track their dispatches by either their
account number or airway bill number.
Amazon.com
acquires video site Twitch
Corporate
>
Amazon
Amazon.com announced
Monday that it had agreed to acquire video site Twitch for $970
million in cash, the latest sign of the e-commerce giant's expansive
ambitions in video entertainment. The deal came just months after
numerous reports that Google had a deal to acquire Twitch.
Twitch will be operated
as a wholly-owned subsidiary of Amazon.com Inc, with Emmitt Shear
remaining as CEO. Shear touted the Amazon Web Services platform as an
"attractive" aspect of the deal, and that Amazon had "built
relationships with the big players in media" which could be used
to the service's advantage—particularly in the realm of content
licensing. The purchase of Twitch marks the third recent video
gaming-oriented acquisition by Amazon, which had previously acquired
the developers Reflexive Entertainment and Double Helix Games.
Gen
Prayuth Chan-ocha appointed 29th Thai PM
World
> Thailand
Gen Prayuth Chan-ocha,
chief of Thailand's National Council for Peace and Order (NCPO),
received a royal command appointing him the country's 29th prime
minister at Army headquarters. He promised to solve national problems
urgently and to be accountable.
Gen Prayuth vowed to
tackle corruption, especially that in the government sector, and to
develop the nation in all dimensions. He asked general public to
support the work of his government. The nation's economic problems
would be solved quickly and sustainably to prepare Thailand for the
ASEAN Community, he pledged.
Flipkart
signs pact with Textiles ministry to provide online platform for
weavers
Corporate
>
Flipkart
Online e-retailer
Flipkart.com has signed an agreement with the Textiles Ministry to
provide an online marketing platform to textile weavers from across
the country from September. The online initiative will help weavers
tap the growing online market. Under the agreement, the company will
help weavers choose the right designs, colour schemes and sizes
according to what is in demand. The project is being launched on a
pilot basis for six months, after which it will be assessed. Flipkart
will connect the artisans directly to the buyer and help in relaying
the orders to weavers, packaging, collecting and delivering to the
buyer. Flipkart will charge a 3-4 commission on sale but there will
be no listing charges. The transportation charge will be extra which
will be mentioned clearly.
Government
planning to set up solar plants along barren border areas
Politics
and government >
Solar power
The government is
planning to set up solar power plants along the national border, some
of which could also fence borders at places which need to be
illuminated. Prime Minister Narendra Modi, the man behind this idea,
has proposed setting up 1,000-mw plants on defence land and supply
the electricity at a fixed price of Rs. 5.5 per unit for 25 years.
This proposal aims to provide electricity to the armed forces, the
largest consumers of diesel in the country. Minister of state for
power, coal and renewable energy Piyush Goyal also said that the
government plans to deploy renewable sources of energy in a major way
to provide electricity to a large number of houses which currently do
not have electricity access.
New
Governors named for Rajasthan, Karnataka, Maharashtra and Goa
Politics
and government >
Governors
Kalyan Singh, Vajubhai
Rudabhai Vala, Chennamaneni Vidyasagar Rao and Mridula Sinha have
been appointed as Governors of Rajasthan, Karnataka, Maharashtra and
Goa respectively, by President Pranab Mukherjee on Tuesday, August
26. Kalyan Singh is a former Uttar Pradesh Chief Minister and Mr.
Vala had earlier been the finance minister in the Gujarat government
and was elected the Speaker of the Gujarat Assembly in 2013. Mr. Rao
had earlier served as a Union Minister of State for Home in the
Vajpayee government. Mridula Sinha was the former BJP Mahila Morcha
president and had earlier held the post of Central Board of Social
Welfare chairperson.
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