Daily Current Affairs (English) - 01.08.2018

National

GOVT LAUNCHES FREE SOFTWARE FOR EDITING TEXT ON SCANNED IMAGES

The IT ministry today launched a desktop software e-Aksharayan to enable editing of text printed on scanned documents and it can"e-Aksharayan is a desktop software for converting scanned printed Indian language documents into a fully editable text format in Unicode encoding. The text can be also saved separately," Swaran Lata, programme head and director technology Development for Indian Languages (TDIL) said after unveiling the software at a FICCI event. There exist some gap in Internet accessibility and 90 per cent of the gap is due to non-availability of content in Indian languages, Electronics and IT Secretary Ajay Prakash Sawhney, at the event organised to push development of content in local languages, said.By 2021, Indic language users will grow at a CAGR of 18 per cent to reach 536 million from current 234 million.

International

THE FIRST NEPAL-INDIA THINK TANK SUMMIT BEGINS IN KATHMANDU

The first Nepal-India think tank summit has begun in Kathmandu to share more cooperation and knowledge among the two countries. The Summit is jointly being organized by the Asian Institute's Diplomacy and International Affairs and the Nehru Memorial Museum Library.The former Nepal Prime Minister and Co-Chairman of the ruling Communist Party of Nepal, Pushpa Kamal Dahal Prachanda inaugurated the summit. . The main objective of the Summit is to strengthen bilateral relations between India and Nepal through multifaceted cooperation between the two countries.

4 session-4 topics:

  • First session- creation of innovative cooperation between India-Nepal think tank,
  • Second session - promoting bilateral economic ties for shared prosperity,
  • Third season - management of security dilemma
  • Fourth session - redefining Nepal-India relations in the 21st Century.

Trade & Economy

RBI HIKES REPO RATE BY 25 BASIS POINTS TO 6.50%

The Reserve Bank of India (RBI) on Wednesday hiked repo rate the while retaining a neutral policy stance in its bi-monthly monetary policy review as it aims to strike a balance between rising inflationary pressures and still recovering growth. The six-member monetary policy committee (MPC) of the RBI increased the repo rate by 25 basis points to 6.50 percent and the reverse repo by 25 basis points to 6.25 percent. Five of the six members on the rate panel voted for a rate increase. RBI projected GDP growth at 7.5-7.6 percent for April-September period and retained FY'19 growth at 7.4 percent. It pegged retail inflation at 4.8 per cent for the second half of the current fiscal.

What is Repo rate?
Banks also need huge amounts for daily work, and in such a situation, it is the easiest option for them to take credit from the central bank of the country, that is, the Reserve Bank of India (RBI). Such overnight loans But the rate at which the Reserve Bank charges interest from them is called a repo rate.

What is reverse repo rate?
This is reversed by the repo rate. Whenever banks have a large amount of money left over after the day-to-day operations, they keep that money in the reserve bank, on which RBI gives them the interest. Now the rate at which the Reserve Bank pays interest on this overnight amount is called a reverse repo rate.

What is cash reserve ratio (CRR)?
Under the applicable banking rules in the country, each bank has to keep a certain portion of its total cash reserve with the Reserve Bank, which is called cash reserve ratio or cash reserve ratio (CRR). Such rules have been made so that if at any time the depositors are feeling the need to withdraw money in a large number of banks, then the bank can not refuse to pay the money. CRR is such a tool, with the help of which RBI can reduce the liquidity of the market without changing the reverse repo rate.

Sports

HAMILTON WINS 6TH HUNGARIAN FORMULA 1 GP

Reigning Formula One champion Lewis Hamilton of Britain (Mercedes) on Sunday won the Hungarian Grand Prix for the sixth time of his career, increasing his lead in the 2018 driver standings to 24 points ahead of his German rival Sebastian Vettel (Ferrari).Four-time world champion Hamilton started from pole and finished with a commanding 17.123-second lead over Vettel, 20 seconds ahead of Kimi Raikkonen of Finland (Ferrari), earning his second straight win and his fifth this season after 12 of 21 races, reported Efe."What a beautiful day," Hamilton said following his 67th career victory here at the Hungaroring circuit. "A big thank you to everyone back at the factory."

Australia's Daniel Ricciardo (Red Bull) came fourth, ahead of Finland's Valtteri Bottas (Mercedes), while Spaniards Fernando Alonso (McLaren) and Carlos Sainz (Renault) were eighth and ninth on the timesheet respectively. Ricciardo was named Driver of the Day by Formula One for advancing to a fourth-place finish after starting from the 12th position.
 

Awards

HDFC AWARDED BEST-PERFORMING LENDING INSTITUTION IN CLSS SCHEMES

The driving home loan HDFC bank has been granted the best performing essential loaning organization in credit connected subsidy scheme (CLSS) for the EWS (Economically Weaker Section) and LIG (Low Income Group) class.Prime Minister Narendra Singh Modi gave the award, the organization said in a press release.“Urbanization in India has been expanding at a quick pace. By 2030 it is evaluated that half of India’s populace will dwell in urban India which infers more interest for lodging.

  • This driving force given to build home possession by the legislature has been uncommon. HDFC during FY18 affirmed that 38 percent of home loans in volume terms and 19 percent in esteem terms to clients from the EWS and LIG portion.
  • As per a report from India Times, “The organization on a normal has been affirming 8,200 loans on a month to month premise to the EWS and LIG portion, with month to month such normal endorsements at roughly Rs. 1,312 crore, HDFC said. CLSS was presented in June 2015 under Pradhan Mantri Awas Yojana (PMAY) for home loans to clients from the EWS and LIG and was stretched out to the Middle Income Group from April 2017.

Death

JOHN SANKARAMANGALAM

Veteran filmmaker and former director of Film and Television Institute of India, John Sankaramangalam (84-years) passed away due to age-related ailments in Thiruvalla, Kerala.In his long career, John won two National and four Kerala State Film Awards.Mr. Sankaramangalam had directed a handful of films and documentaries in his career."Aval Alpam Vaikippoyi", "Janmabhoomi" and "Samantharam" were among his directorial ventures.