August 07, 2019

7th August 2019 Daily Current Affairs - PDF Download

Daily Current Affairs of 7th August 2019

National Current Affairs

7th August was notified by the Government of India as National Handloom Day vide Gazette Notification dated 29th July, 2015.
The main objective of this day is to generate awareness about the importance of handloom industry and its contribution to the socioeconomic development of the country.
Important Note : The date August 7 has been chosen due to its special significance in India’s freedom struggle; it was on this day in 1905 that the Swadeshi Movement was formally launched, at a massive meeting in the Calcutta Town hall. The movement involved revival of domestic products and production processes.
Union Textiles Minister : Smt. Smriti Zubin Irani

Banking, Business & Economic Affairs

The Reserve Bank of India (RBI)'s 6-member Monetary Policy Committee today delivered its 4th successive interest rate cut to support a slowing economy.

The benchmark repo rate now was lowered by 35 bps to a nine-year low of 5.4%.
Major Highlights :

The Reserve Bank of India cuts key interest rate (repo) by an unusual 35 basis points (0.35 percentage points) to 5.40 per cent.
Reverse repo rate has been revised to 5.15 per cent.
The marginal standing facility (MSF) rate and bank rate stands at 5.65 per cent.
Maintains the accommodative policy stance.
Cuts GDP forecast to 6.9 per cent for the current fiscal from 7 per cent in June policy.
Keeps retail inflation forecast within target of 3.5-3.7 per cent for second half of 2019-20.
Four members voted for cut of 35 basis points in rate; two members voted for 25 basis points rate cut.
Boosting aggregate demand, private investment assume highest priority.
Next monetary policy statement on October 4.

India's largest lender State Bank of India (SBI) today cut its benchmark lending rates by 15 basis points across all tenors hours after the RBI lowered repo rate by 35 bps.

SBI's one-year Marginal Cost of Funds based Lending Rate (MCLR) will come down to 8.25% per annum from 8.40% earlier.
The revised rates will be effective from August 10.

American ride-hailing giant Uber is preparing to launch air-conditioned bus service in India in the "next 12 months or so", Uber India and South Asia head Pradeep Parameswaran said. Uber officially announced the launch of its first-ever bus service in Egypt's Cairo in October 2018. "Uber has not found its product-market fit in India yet," Parameswaran also said.
The RBI has decided to allow fund transfers through NEFT (National Electronic Funds Transfer) on a 24x7 basis from December.

Currently, the facility can only be used between 8 am to 7 pm on all working days of the week, except the second and fourth Saturdays in a month.
Note : The central bank had last month removed charges it levied on NEFT and RTGS transactions.

Science & Technology

Mohali traffic police in Punjab have launched India’s first wireless 3-D Smart Traffic Signal System called Intelights.

It proposes a Intelligent Traffic Timer Control to regulate traffic signals with smart bird’s eye view using wireless sensor system.
It has been installed at traffic crossing near the Airport Road in Mohali on a pilot project basis.

Deaths

Swaraj had served as External Affairs Minister (Foreign Minister) from 2014 to 2019.

Toni Morrison (88), who became the 1st African American woman to be honoured with the Nobel Prize for Literature, passed away.

Morrison was also bestowed America's highest civilian honour, the Presidential Medal of Freedom, in 2012.
Her novels include 'Beloved', 'The Bluest Eye', 'Sula', 'Song of Solomon', 'Tar Baby' and 'Jazz'.

MOUs & Agreements

Bangladesh signed deal with Russia for lifetime supply of uranium for the 2,400 MW Rooppur Nuclear Power Plant (RNPP) in Bangladesh.

Under the deal, Russia will supply nuclear fuel needed for plant during its entire life cycle. RNPP will come into operation by 2022.

New Appointments

Gurugram-based budget hospitality startup OYO has appointed Gaurav Ajmera as the Chief Operating Officer (COO) for India and South Asia region. Ajmera, an IIT Delhi alumnus, had joined OYO as the Region Head for the North in May 2015. He will be reporting to Aditya Ghosh, the Chief Executive Officer (CEO) for India and South Asia region.

Sports Current Affairs

Ex-New Zealand captain Brendon McCullum has announced his retirement from all forms of cricket.

6-time world champion M C Mary Kom and Lovlina Borgohain have been selected for the upcoming women's world boxing championships based on their recent performances.