Current Affairs of 16 August 2015

1. Union Government unveils Indradhanush Mission for PSBs
Union Government has launched a seven pronged plan called Indradhanush Mission to revamp functioning of public sector banks (PSBs). It was launched by Union Finance Minister Arun Jaitley in New Delhi. 
Facts about Indradhanush Mission 

The seven shades of Indradhanush mission include appointments, de-stressing PSBs, capitalisation, empowerment, framework of accountability and governance reforms. It seeks to achieve the objective of economic growth revival through improving credit and minimising the political interference in the functioning of PSBs. 
Appointments: Selection of non-executive chairman in remaining 6 state owned PSBs till November 2015. Appointing MD & CEO of two PSBs as early as possible. 
Bank Board Bureau (BBB): It will be a body of ’eminent’ professionals to be selected within 6 months i.e. February 2015. It will become functional from Financial year 2016-17 i.e. form 1st April 2016. 
Capitalisation: Infuse 25,000 crore rupees of capital into debt-laden banks in this fiscal in phased manner. Out of this 20,000 crore rupees would be injected in August 2015. Rest 5,000 crore rupees will be performance based allocation to be allocated in the last quarter of 2016. 
De-stressing PSBs: To develop vibrant debt market for PSBs in order to reduce lending pressure on banks. Strengthen asset reconstruction of companies. 
Empowerment: Provide greater flexibility in hiring of manpower in PSBs. 
Framework of accountability: It will seek to streamline vigilance process for quick action in case major frauds and also include connivance of staff. 
Governance reforms in PSBs: Next Gyan Sangam (also known as the Banker’s Retreat) will be held from 14 to 16 January 2016. Employee Stock Option Plan (ESOP) will be initiated for top management.

2. Housing.com acquires HomeBuy360 in $2-mn deal
Online property search portal Housing.com has acquired HomeBuy360, a unique cloud-based Sales Lifecycle Management Platform that connects developers, agents and buyers, for about $2 million. This is Soft Bank-backed Housing.com's third acquisition this year.
This will help reduce costs for 20,000+ developers in the realty ecosystem. This acquisition will also fortify Housing.com’s Data Science Lab (DSL) with rich data on inventory and transactions in the real estate sector.
With this Housing.com is now the only online real estate listing platform to own a developer CRM company.

3. Saina falls to Marin again, settles for silver in World Championships
Saina Nehwal’s quest to become the first Indian world champion in badminton 
ended in heartbreak as she lost in straight games to title holder Carolina Marin in the summit showdown of the mega-event .

The world number two Indian went down 16-21 19-21 to her numero uno nemesis from Spain in a match which lasted 59 minutes. It was the second successive loss in a major final for Saina even though the silver medal she settled for is the best performance by an Indian in the showpiece.

Saina had incidentally lost to the same opponent in the All England Championships final earlier this year.
This was India’s fifth medal at the World Championship after P V Sindhu clinched the bronze twice in 2013 and 2014 and Jwala Gutta and Ashwini Ponnappa notched up a bronze in the women’s doubles at the 2011 edition.
Legendary shuttler Prakash Padukone was the first Indian to win a bronze in the 1983 edition.
With a 3-1 head-to-head record over the Spaniard going into the match, Saina had the edge on paper.

4. Abhishek Verma wins gold medal in Archery World Cup
Ace Indian Archer Abhishek Verma has won gold medal in Archery World Cup in the stage 3 in the compound men’s individual section. In the individual final held in Wroclaw in Poland he defeated Esmaeil Ebadi of Iran by 148-145 score in the five round match. In the summit clash, Verma had shot 13 perfect 10s pointers, including five arrows closest to the centre from the total 15 arrows. It should be noted that Verma is currently ranked 18 in the world in the men’s individual Archery. He hails from Delhi and earlier had won silver medal in the Asian Games.

5. Gujarat Government declares ban on use of plastic in state
Gujarat Government has declared ban on the use of plastic in the State for the first time. It was announced by Gujarat’s first women Chief Minister Anandiben Patel after unfurling the National Flag at the Independence Day ceremony in Mahisagar district of Gujarat. This decision was taken keeping in view protection of environment, cleanliness and cattle health. It should be several municipal bodies in the state already have banned use of plastic bags thinner than 40 microns. Apart from plastic ban decision, she also announced that 159 towns and 8 cities in the state now have 100 per cent in-house toilets and nearly 8 lakh toilets have been built in rural areas.

6. Kerala Government declares state as ‘Digital State’
Kerala Government has declared state totally digital, thus becoming first state in the country to achieve it. It was announced by Kerala Chief Minister Oommen Chandy during his Independence Day speech held in the capital Thiruvananthapuram. This declaration was made considering the rapid digital strides of the state which has achieved 100 percent mobile connectivity, maximum digital banking, 75 percent e-literacy, broadband connectivity upto the Panchayat level, linking bank accounts with Aadhar cards and e-district plan in all districts. The state government also has announced that the second phase of digital literacy will further take forward the digital revolution in the state and envisages having wi-fi hotspots in all local bodies, total mobile Governance.




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