Daily Current Affairs- 18th August 2016

Dear Readers, we are providing Today's important current affairs of Competitive Exams specially for Bank and SSC

1. SBI board approves merger of 3 associate banks and Bharatiya Mahila Bank

1. State Bank of India’s board today approved merger of three . associate lenders and Bharatiya Mahila Bank (BMBL) with SBI, a move which will make the state owned lender a bank of global size.
2. “The central board of directors of SBI has accorded their approval . to the scheme of acquisition of the State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT) and Bharatiya Mahila Bank Limited ( BMBL) by the State Bank of India,” SBI said in a BSE filing today.
3. The proposal does not include merger of State Bank of Patiala and State Bank of Hyderabad with SBI.
4. As per the merger proposal, SBBJ shareholders will get 28 shares of SBI (₹ 1 each) for every 10 shares (₹10 each).
5. Similarly, SBM and SBT shareholders will get 22 shares of SBI for every 10 shares.
6. In the case of Bharatiya Mahila Bank, 4,42,31,510 shares of SBI will be swapped for every 100 crore of ₹ 10 each.
7. Last month, the Union Cabinet had cleared merger of all the five associate banks of SBI with the parent and acquisition of BMBL.

2. Wrestler Sakshi Malik wins India’s first medal at Rio Olympics

1. Freestyle wrestler Sakshi Malik (23) won India’s first medal at the 2016 Rio Olympic Games by clinching the bronze in the 58kg category. 
2. With this victory she created history by becoming the first Indian woman wrestler to win an Olympic medal. It was India’s overall 25th medal in Olympic Games. In the playoff bout, Sakshi defeated Aisuluu Tynybekova of Kyrgyzstan by 8-5 points. 
3. With this she becomes only the fourth woman athlete from India to win an Olympic medal. Weight-lifter Karnam Malleshwari was the first Indian to win an Olympic medal. She had won a bronze medal in weight lifting event at the 2000 Sydney Games.

3. Airlander 10: World’s largest aircraft embarks maiden flight

1. The world’s largest (longest) aircraft the Airlander 10 has embarked its maiden flight at an airfield in Cardington in central England. It is a hybrid airship made by Hybrid Air Vehicles in United Kingdom. Its successful flight comes 85 years after another airship the ill-fated R101 took off in October 1930 from the same airfield before crashing in France.
2. Airlander 10 is hybrid ship i.e. it is a partly plane and partly airship filled with helium gas. It is 92-metre-long and 43.5m wide. It can fly at up to 4,880 metres and reach speeds of 148 kilometres per hour. It can also carry a 10-tonne payload.

4. China, ASEAN countries agree to form South China Sea framework

1. China and ten member countries of Association of Southeast Asian Nations (ASEAN) have agreed to form a framework for a code of conduct to ease tension in disputed South China Sea. The agreement was reached between both sides during a meeting at Inner Mongolia in northern China held on August 15 and 16, 2016.
2. The two sides also agreed to get the framework for the code of conduct done by mid-2017. They also approved guidelines for a China-ASEAN hotline for use during maritime emergencies.

5. Purav Raja and Divij Sharan win Los Cabos Open Men’s Doubles title

1. India's tennis doubles pair of Purav Raja and Divij Sharan clinched the Abierto Mexicano Los Cabos title in Mexico.
2. The duo defated Israel's Jonathan Erlich and England's Ken Skupski by a score of 7-6(4), 7-6(3).
3. Individually, Raja was appearing in his third career ATP World Tour final, while Sharan was contesting his second. They earn 250 Emirates ATP Doubles Rankings points and split 38940 US dollar in prize money.

6. Assam Assembly passes Assam Amusements and Betting Tax (Amendment) Bill, 2016

1. The Assam Assembly on 13 August 2016 passed the Assam Amusements and Betting Tax (Amendment) Bill, 2016. 
2. This bill will reduce the service charge of cinema tickets with an aim to boost to the local film industry. The government, however, raised the entertainment tax on cinema tickets by up to ten percentile points.
3. Provisions of the Bill
• The government proposed to make service charge 8 rupees per ticket for the halls without air conditioning system and 12 rupees for the halls with air conditioning system with back-up generator.
• The government also advised to increase the entertainment tax to 20 per cent from 15 per cent at present for entry charges between 5 rupees and 20 rupees per ticket. 
• There will be no entertainment tax if the entry charge is 5 rupees or less.

7. Ola winds up TaxiForSure

1. Online cab aggregator Ola has shut down TaxiForSure (TFS), which it acquired for $200 million over a year ago, and has fully integrated its operations with itself. With the integration, Ola has let go over 400 employees though it did not officially confirm the numbers.
2. As a consolidated entity, Ola customers now have access to 4.5 lakh cabs and about 5.5 lakh drivers.
3. TFS worked on the business model of operators who would rent the aggregator their taxis, while Ola’s model was based on single driver-entrepreneurs. As of today, 70 per cent of cab operators at Ola are driver-entrepreneurs and the rest are cab operators.
4. With the integration, Ola Micro is now larger than the aggregator’s nearest rival, it claimed. “Ola Micro has expanded to over 90 cities across India and accounts for the largest share of first-time cab users coming on to any mobility platform.

8. India ranks 66th amongst most innovative economies

1. India has been ranked 66th in a list of most innovative economies, jumping 15 places from last year, according to a new UN report which calls for more transparent policies if the country aspires to become a global driver of innovation.
2. In the report by the UN World Intellectual Property Organisation (WIPO), India moved up 15 spots from 81st last year to 66th this year in the overall global rankings.
3. The Global Innovation Index 2016 was released by the WIPO, Cornell University, and the multi-nation business graduate school INSEAD.

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