Current Affairs India - 7 August 2015

1. Prime Minister Narendra Modi announced 7th August as -National Handloom Day- at the function held in Chennai in order to commemorate the 1905 Swadeshi movement which happened 110 years ago. The key aim to observe the day as the National Handloom Day is to honour the handloom weavers and to provide motivation to India-s handloom industry.

2. Union Cabinet has approved the proposal of direct release of wages in to the bank accounts of the workers who are engaged under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). This will help to streamline the fund flow process and reduce cost and bottleneck in the same. The wage component of MGNREGA will be directly released to the worker-s accounts based on a fund transfer order which will increase efficiency.

3. The Reserve Bank of India has published a new notification in which it has allowed banks to shift, merge or close all branches in urban areas without seeking its prior permission but permission is required in case of rural and sole semi-urban branches. Also as per notification, banks do not have to report details of opening of new mobile branches, automated teller machines (ATMs) or call centres.

4. India-s largest telecom company Bharti Airtel has commercially launched the high-speed 4G services across 296 towns across India on 6th August. For the 4G devices Airtel has formed partnership with mobile handset maker Samsung to develop and provide 4G-enabled handsets in affordable price. Reliance Industries is also planning to launch its 4G services across the nation named as -Reliance Jio- this year.

5. Mutual fund house Pramerica has acquired the asset management business of Deutsche Bank in India for a deal close to Rs 300-400 crore. The transaction is subject to approval by the Securities and Exchange Board of India and the Competition Commission of India.

As of June 30, 2015, Deutsche AMC had assets of around Rs 20,720 crore, while Pramerica managed assets worth Rs 2,125 crore.

6. Indian football team has been ranked at 156th position as per latest FIFA ranking. Argentina leads the ranking followed by Belgium, Germany, Columbia and Brazil in top 5 positions. Portugal, Romania, England, Wales and Chile secured positions 6th to 10th respectively in the same ranking.