DAILY GK 6 AUG 2019

DAILY GK 6 AUG 2019

1. CENTRE TO REPEAL OF ARTICLE 370 AND 35A THAT GRANTS SPECIAL STATUS TO J&K

✔Government announced to repeal Article 370 [except the first clause 370 (1)] and Article 35A which grants special status to Jammu and Kashmir (J&K).

✔Union Home Minister Amit Shah introduced the Jammu and Kashmir Reorganization Bill, 2019 in Rajya Sabha which seeks to bifurcate the state of Jammu and Kashmir into 2 Union territories – J&K a Union Territory with Legislature, and Ladakh Union Territory without Legislature.

✔President Ram Nath Kovind in “concurrence” with the “Jammu and Kashmir government” promulgated Constitution (Application to Jammu and Kashmir) Order, 2019 which states that provisions of the Indian Constitution are applicable in the state. It comes into force “at once”, and shall supersede the Constitution (Application to Jammu and Kashmir) Order, 1954.

2. RBI IMPOSES FINE ON 9 COMMERCIAL BANKS FOR NON-COMPLIANCE RELATING TO REPORTING OF FRAUDS

✔India’s central banking institution RBI has imposed a penalty on nine commercial banks for violations of norms including delay on the reporting of fraud in the account of Kingfisher Airlines by two banks.

• Punjab National Bank - Rs 50 lakh- Delay in reporting of fraud in the account of Kingfisher Airlines.
• Oriental Bank of Commerce - Rs 1.5 crore - Delay in reporting fraud in the account of Kingfisher Airlines.
• United Bank of India - Rs 1 crore - Non-compliance relating to reporting of frauds.
• Punjab & Sind Bank - Rs 1 crore - Non-compliance relating to reporting of frauds.
• State Bank of India - Rs 50 lakh - Non-compliance relating to reporting of frauds.
• Bank of Baroda - Rs 50 lakh - Delay in reporting fraud in an account.
• Federal Bank - Rs 50 lakh - Delay in reporting fraud in an account.
• Corporation Bank - Rs 1 crore - Non-compliance with the directions on cybersecurity framework and frauds classification and reporting.
• UCO Bank - Rs 1 crore - Delayed reporting of fraud.

3. INSTANT DEMAT ACCOUNT OPENING FACILITY LAUNCHED BY FEDERAL BANK FOR THE CUSTOMERS

✔Instant Demat account opening facility which will help clients to open Demat account instantly without any heavy paper works, was launched jointly by MD & CEO of Federal Bank, Shyam Srinivasan and G.V Nageswara Rao, MD& CEO of NSDL.

✔The Demat account can be opened by the customers in matter of a minute by logging into FedNet which is the federal bank’s internet banking portal.

✔Doorstep service for opening trading accounts is also equipped by the federal bank.

✔Banks can disburse the loans against securities through LAS (Loan Against Securities) facility

4. WALMART TOPS EUROMONITOR’S 2019 LIST OF INDIA’S TOP RETAILERS

✔As per the latest report “Top 100 Retailers in Asia 2019” by market research firm, Euromonitor International, Walmart Inc has topped the rankings in India for 2018.

✔Amazon (US) came on the second spot followed by Mumbai based retail company Future and Reliance Group (4th  position ) with $3.6 Bn GMV.WalmartKey points:

✔The Indian list also includes Tata Group (5th) &One 97 Communications’ e-commerce unit, Paytm Mall (6th).

✔For the list of the top 100 retailers in the whole Asian region, Alibaba Group Holding Ltd (China) was ranked first.

5. NOEL QUINN NAMED AS THE NEW HSBC’S INTERIM CEO

✔CEO of HSBC John Flint steps down from his post after 1.5 years and is to be replaced by Noel Quinn, head of HSBC’s global commercial banking unit.

✔The lender bank also announced buyback of $1 Billion.

6. GOOGLE BACKED FIRM -FYND’S MAJORITY STAKE ACQUIRED BY RELIANCE INDUSTRIES

✔7 year old Mumbai startup Fynd, which is a Google backed firm, is now acquired by Reliance industries.

✔Reliance industries will now be owning 87.6% stake in Fynd.

✔The acquisition has been made at a cost of 2.95 Billion Indian rupees( $42.33 million).

7. LEWIS HAMILTON WINS 7TH HUNGARIAN GRAND PRIX, TAKING HIS EIGHTH VICTORY OF THE SEASON

✔Formula One Mercedes driver Lewis Hamilton hunted down Max Verstappen to win the Hungarian Grand Prix for a record-extending seventh time and surge 62 points clear in the championship standings.