Daily Current Affairs and GK | 7 August 2020

1. G C Murmu appointed as new CAG of India.

• Former J&K Lieutenant Governor G C Murmu has been appointed as new Comptroller and Auditor General (CAG) of India.
• He will replace Rajiv Mehrishi.  
• G C Murmu was appointed as Lieutenant Governor of J& K in October, 2019.
• He is a 1985 batch IAS officer of Gujarat Cadre. He also served as the Principal Secretary to the then Chief Minister of Gujarat Anadiben Patel.
• Comptroller and Auditor General of India (CAG):
  • It is an independent authority established under Article 148 of the Indian Constitution.
  • CAG is appointed by the President of India.
  • He is the head of the Indian Audit and Accounts Department.
  • He can be removed from office in like manner and on like grounds as a Judge of Supreme Court.
  • He is entrusted with responsibility to audit the accounts and activities of Central, State and local government.
  • CAG reports are laid in the Parliament and state assembles.

(Source: The Hindu Businessline)

2. Panel for one-time restructuring of loans set up by RBI.

• An expert committee headed by Kundapur Vaman Kamath (KV Kamath) has been set up by RBI for one-time restructuring of loans.
• RBI has also provided opportunity for restructuring of loans without downgrading of assets as per its Prudential Framework on Resolution of Stressed Assets.
• The expert committee headed by KV Kamath will recommend financial parameters, sector-specific benchmark ranges to be included into resolution plans.  
• RBI has come out with Prudential Framework on Resolution of Stressed Assets on June 7, 2019. It involves downgrading of a borrower account as NPA.
• RBI also provided lenders a window to recast stressed assets without classifying them as NPA if they set aside 10% additional provisions on such loans.
• For corporates, only those borrowers will be eligible to apply for debt recast whose accounts are classified as standard but not in default for more than 30 days with any lender as on 1 March 2020.

(Source: Business Today)

3. KPMG ties up with Analytics Vidhya to offer virtual sessions on data science and technology.

• KPMG in India has collaborated with Analytics Vidhya to offer virtual sessions on multiple data science tools and technologies.
• Skills related to AI and data science are in short supply and high demand. Hence, this programme will help in addressing the needs for such skills.
• The firms will launch different courses in the field of data science, machine learning and AI for working professionals and students.
• The first course launched is Ascend Pro- Mastering Data Science for the Industry.
• Analytics Vidhya is an India based ed-tech platform. Kunal Jain is the founder and CEO of this company.
• KPMG in India is one of the leading providers of risk, financial services and business advisory, internal audit, corporate governance.

4. National Handloom Day: 7 August

• Every year on 7 August National Handloom Day is celebrated.
• The day is observed to commemorate the Swadesh Movement launched on 7 August 1905.
• The day aims to create awareness among the people about the Handloom industry and its role in the socio-economic development.
• Handloom sector in India is a symbol of the country’s cultural heritage. It is also key to women empowerment as 70% of the workforce are women.
• As per the 4th All India Handloom Census (2019-20), there are 26,73,891 handloom weavers and 8,48,621 allied workers in the country.
• On 7^th August 2015, PM Narendra Modi celebrated the first National Handloom Day in Chennai to honour the weaving community.

(Source: News on AIR)

5. DIAT wins 1^st prize in Smart India Hackathon 2020.

• The Defence Institute of Advanced Technology (DIAT) has won first prize in Smart India Hackathon 2020.
• Smart India Hackathon 2020 was organized jointly by the Ministry of Education (previously Ministry of Human Resource Development) and All India Council for Technical Education (AICTE).
• The hackathon was a national level competition for software edition that was held from 1^st to 3^rd August 2020 at Noida Institute of Engineering & Technology (NIET), Uttar Pradesh.
• DIAT team was given Rs. 1 lakh as prize money for providing a solution named DRISHTI for face, expression and gesture recognition using AI.
• Defence Institute of Advanced Technology (DIAT):
  • It is a deemed university under the Department of Defence Research and Development, Ministry of Defence.
  • It was established in 1952.
  • It is located in Pune, Maharashtra.
  • Chancellor: Defence Minister- Rajnath Singh

(Source: DIAT)

6. Country’s first Kisan Special Parcel Train or Kisan Rail flagged off from Maharashtra.

• The first Kisan Special Parcel Train of India or Kisan Rail was flagged off from Devlali Station of Maharashtra.
• This first train will transport fruits and vegetables between Maharashtra’s Devlali and Bihar’s Danapur Railway station.
• The train will cover a distance of 1,519 kms in around 32 hours.
• On the same day in 1853, first train in India ran between Boribunder and Thane.
• Kisan Rail is the flagship initiative of Ministry of Railways that was announced during the Budget 2020-21.
• The aim of this initiative is to help in doubling farmer’s income by providing seamless connectivity to the markets.
• The Kisan Rail with frozen containers will build national cold supply chain for perishables like fish, meat, milk, fruits, etc.

(Source: News on AIR)

7.  IBBI amends liquidation process regulations 2020.

• The Insolvency and Bankruptcy Board of India (IBBI) has notified IBBI (Liquidation Process) (Third Amendment) Regulations, 2020.
• With this amendment, the corporates have been given flexibility to replace IBBI’s liquidator during a voluntary liquidation process.
• The existing liquidator can be changed by appointing another insolvency profession as liquidator by a resolution of members.
• Earlier, such provision was not there in the regulations.
• Also, the committee of creditors have to fix the fee payable to the liquidator.
• In case, where a liquidator realizes any amount, but does not distribute it, the fee payable to him shall be corresponding to the amount realized by him.
• Similarly, where a liquidator distributes any amount, which is not realized by him, he shall be entitled to a fee corresponding to the amount distributed by him.
• Insolvency and Bankruptcy Board of India (IBBI):
  • It was established on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016.
  • It is responsible for the implementation of IBC code.
  • It is a unique regulator that regulates a profession as well as process.
  • Chairperson of IBBI: M.S. Sahoo

(Source: IBBI)

8. PM Mahinda Rajapaksa’s party wins general elections.

• PM Mahinda Rajapaksa’s Sri Lanka People’s party (SLPP) has won general elections by two-thirds majority.
• Former minister Sajith Premadasa’s Samagi Jana balawega (SJB) has become main opposition party after parliamentary elections held in Sri Lanka on 05 August 2020.
• Former Prime Minister Ranil Wickremsinghe’s United National Party (UNP) could win only one seat. UNP is also oldest party of Sri Lanka.
• Sri Lanka:
  • Sri Lanka is an island country located in South Asia.
  • It located in southwest of the Bay of Bengal. It lies to the southeast of Arabian Sea.
  • Its capital is Colombo, and its currency is Sri Lankan rupee.
  • Gotabaya Rajapaksa is its President.

9. Chinese mobile phone company Vivo not to be associated IPL 2020.

• Chinese mobile phone company, Vivo will not be associated IPL 2020 to be organized in UAE from September 19 to November 10.
• The company will not be associated with IPL due to suspension of its title sponsorship deal by Board of Control for Cricket in India (BCCI).
• Earlier, IPL title sponsorship was won by VIVO for five years from 2018 to 2022.
• Board of Control for Cricket in India (BCCI):
  • It was established in 1928.
  • It is an association of state cricket associations and national governing body for cricket in India.
  • Its headquarters are located at Wankhede Stadium, Mumbai.
  • Saurabh Ganguly is current President of BCCI. Jay Shah is its secretary.

(Source: News on AIR)

10. Maharashtra announces partnership with Google to introduce digital education tools in schools.

• Maharashtra has announced partnership with Google for introduction of digital tools such as G Suite for Education, Google Classroom and Google Meet in schools of Maharashtra.
• Maharashtra is also first state to launch G Suite for Education and Google Classroom in its schools.
• Maharashtra:
  • In terms of area, Maharashtra is India’s third largest state. In terms of population, it is second most populous state.   
  • Its boundary is covered by 6 states. Karnataka and Goa are located to its south. Telangana is located to its southeast. Chhattisgarh is located to its east. Gujarat and Madhya Pradesh are located to its north.

11. Karnataka launches eight new products to mitigate COVID-19 pandemic.

• Karnataka has launched eight new products to make COVID-19 pandemic less severe, serious and painful.
• Bengaluru based Bio-innovation Centre initiated start-ups have developed these products.
• One of the products launched is a chewable tablet. The tablets contain curcumin and Vitamin B12. They fight inflammation and infection. Another important product is an HVAC module for sanitizing air-circulation in AC.
• Bengaluru bio-innovation Centre is a Karnataka Innovation and Technology Society’s initiative. It is promoted by Karnataka government’s Department of Information Technology, Biotechnology and Science & Technology.
• Vitamin B12:
  • It is also known as Cyanocobalamin or Castle’s extrinsic factor.
  • It is obtained from Spirulina, liver, meat, fish, eggs and milk.
  • It is required for production of RBCs, DNA synthesis and neurological system.
  • Its deficiency causes pernicious anaemia.

12. Rs 10 lakh fine imposed against Patanjali Ayurved and Divya Mandir Yog Trust.

• Rs 10 lakh fine has been imposed by Madras High Court against Patanjali Ayurved and Divya Mandir Yog Trust.
• The court has imposed fine because Patanjali Ayurved and Divya Mandir Yog Trust has made claims about curing of Covid-19 by Coronil.
• Patanjali Ayurved Limited was founded in 2006. It is headquartered in Haridwar.

13. NHAI’s CoE for Use of Artificial Intelligence in Data Driven decision making and Advance Data Management System for Highways.

• NHAI has signed MoU for setting up of Centre of Excellence (CoE) for Use of Artificial Intelligence in Data Driven decision making and Advance Data Management System for Highways.
• The Memorandum of Understanding (MoU) has been signed with IIT Delhi. Space and infrastructural facility to CoE will be provided by IIT Delhi.
• NHAI will provide data support and financial support to proposed CoE. NHAI will also provide CoE access to its data software, ‘Data Lake’. 
• National Highway Authority of India (NHAI):
  • National Highways Authority of India is an autonomous agency of the Government of India.
  • It is a nodal agency of the Ministry of Road Transport and Highways.
  • It was founded in 1988.
  • Its headquarters is located in New Delhi.

(Source: PIB)

14. Khelo India Mobile App online training program launched by SAI.

• Khelo India Mobile App online training program has been launched by Sports Authority of India (SAI) for principals and physical education teachers.
• The training programme has been launched in association with CISCE and CBSE. It will start on August 7.
• School principals will be encouraged to empower their physical education teachers for carrying out Khelo India Fitness Assessment through the Khelo India Mobile App (KIMA).  
• Sports Authority of India (SAI):
  • SAI was founded in 1982.
  • SAI is headquartered in Delhi.
  • Minister of Youth Affairs & Sports is ex-officio chairman of SAI.

(Source: SAI)