1. Bank licences for companies will make sector competitive: RBI
i. In a bid to allay concerns over issuing new bank licences to companies, RBI Governor D Subbarao on Friday said corporates will bring in large amounts of capital and make the sector more competitive.
ii. "The main reason we have allowed corporates is to leverage their proven entrepreneurial talent and management expertise," Subbarao said at a function organised by the Institute for Development & Research in Banking Technology in Hyderabad.
iii. "Indian corporates have been innovative in penetrating into the hinterland and the expectation is that the same spirit of enterprise will lead to innovation of new business models for financial inclusion," he said.
iv. Tata Sons, India's biggest business group, and firms controlled by billionaires Anil Ambani and Kumar Mangalam Birla are among the 26 companies that have applied for licences to open banks.
v. The RBI issued guidelines for licensing of new banks on February 22 and came out with clarifications in the first week of June. Unlike previous rounds, this time the regulator decided to make corporates eligible for bank licences.
vi. The RBI had earlier clarified that entities getting new bank licences will have 18 months to open branches and promoters have to transfer their holdings to a non-operative financial holding company within a stipulated period.
vii. Applicants for bank licences include India Post, LIC HFL, Reliance Capital, Aditya Birla Nuvo and L&T Finance.
2. Veteran music director Dakshinamoorthy passes away
i. Veteran music director V Dakshinamoorthy passed away at his residence in Mylapore, Chennai last evening. He was 94
ii. Endearingly called as Swamy by the film fraternity and his fans, Dakshinamoorthy rendered soul-stirring music to hundreds of film songs in Malayalam, Tamil and Hindi over the last seven decades.
iii. His songs stood out for their classical touch. More than 50 singers belonging to three generations sang the tunes set by Swamy.
iv. In his condolence message, Kerala Chief Minister Oommen Chandy said Dakshinamoorthy was a unique genius, who nurtured Carnatic music and Malayalam film music equally.
v. The funeral of V Dakshinamoorthy will be held at Chennai today afternoon.
3. Runa Laila, the SAARC Goodwill Ambassador for HIV/AIDS Visited India
i. Runa Laila, the SAARC Goodwill Ambassador for HIV/AIDS visited India from 31 July 2013 to 2 August 2013.
ii. The objective of the visit was to extend support to the cause of HIV/AIDS especially on the issues of Stigma and Discrimination related to People Living with HIV/AIDS (PLHIV).
iii. Runa Laila from Bangladesh has been conferred the honorary title of SAARC Goodwill Ambassador by SAARC Secretariat till 2015. Apart from her, Ajay Devgan from India as well as Sharmeen Obaid-Chinoy from Pakistan have also been conferred with this title.
iv. During her meeting, different issues associated with HIV/AIDS for the benefit of marginalised people of the SAARC region were discussed.
v. Apart from this, the need for enhanced scale of care, support and treatment services for eligible HIV infected persons and requirement of initiating Regional action to tackle cross border issues on HIV/AIDS and TB/HIV co-infection, was also discussed.
4. Agni-V to be Inducted By 2015
i. The Director of Agni Missile Project, Defence Research and Development Organisation- Tessy Thomas announced on 2 August 2013 that the Agni V missile would become operational by 2015, with two or three successful test firings.
ii. The announcement was made at the National Conference on Systems, Energy and Environment organised by the Government College of Engineering at Mangattuparamba.
iii. This is the project, which in turn will carry out multiple independently targetable re-entry vehicles that can be used for delivering multiple warheads at various targets.
iv. Agni V missile is one of the biggest achievements of India. The ballistic missile has a range of 5000 km. It is also important to note that there are more than 2000 institutions, which have link up with DRDO for this project.
v. The plans like this were also underway for two-stage Agni-IV, which had the 3500 km strike range.
vi. This missile is ready for induction by the end of 2014. The armed forces inducted Pakistan-specific Agni-I (700-km) and Agni-II (over 2000-km) and 3000 -km Agni-III.
vii. However, Agni-IV and Agni-V missiles have a different kind of class because they have the capability to deal against China in times of crisis. China has the massive nuclear arsenal as well as missiles such as 11200-km Dong Feng-31A, which is capable of attacking any Indian city.
5. Rajeev Rishi took over as the CMD of Central Bank of India
i. Rajeev Rishi took over as the Chairman and Managing Director of Central Bank of India on 1 August 2013. His appointment is for a period of five years.
ii. Prior to the new appointment, Mr. Rishi served as the Executive Director of Indian Bank, since October 2010. Before joining Indian Bank, he was the General Manager of Oriental Bank of Commerce.
iii. Rajeev Rishi, who belongs to Chandigarh, holds a BA and an LLB and an expert in Banking.
6. Lochte claims golden double
i. USA star Ryan Lochte swam through the pain barrier to win two golds on Friday at the world championships as he followed his 200m backstroke victory with 4x200m freestyle relay gold.
ii. In the backstroke final, Lochte clocked 1min 53.79sec, while Poland's Radoslaw Kawecki set a new European record at 0.45 back with Tyler Clary, the Olympic champion, taking bronze at 0.85 adrift.
iii. The 28-year-old Lochte swam a total of three races on Friday evening, following his backstroke victory by qualifying as the fastest from the 100m butterfly semi-finals an hour later before swimming the second leg of the relay all within two hours.
iv. Despite his impressive haul of 15 world golds, Lochte's tally is dwarved by US swim legend Michael Phelps, who collected 26 gold medals at world championships dating from 2001 until 2011 before he retired after 2012 Olympics.
7. India’s DRDO develops Explosive Detection Kit, US to manufacture
i. For the first time, an innovative Explosive Detection Kit developed by Indian scientists will be manufatured in the United States and sold globally.
ii. In a reverse technology sharing between India and the US, the kit developed by Defence Research and Development Organisation - DRDO - will help in quick detection and identification of combinations of explosives.
iii. The kit was was launched at the US Chamber of Commerce building in Washington yesterday.
iv. It will be maunfatured for commercial use by a US based-firm Crowe and Company of South Carolina under licence.
v. Terming as a very significant step, former US Defence Secretary William S Cohen it is very excellent example of reverse technology transfer.Indian Ambassador to the US Nirupama Rao said, it proves Indian defence research institutions have emerged world class.
vi. The cost effective EDK can detect explosives based on any combination of nitro-esters, nitramines, trinitrotoluene, dynamite or black powder.
vii. It can also detect plastic explosives based on RDX, which cannot be detected by most electronic detectors.
viii. The test results can be obtained in two-three minutes. The Kit is portable and bomb detection and disposal squads of the Army, paramilitary forces and police in India are already using it.