Daily Current Affairs - 26th Jul 2019

20th Anniversary of Kargil Vijay Diwas being celebrated on July 26

  • The 20th Anniversary of Kargil Vijay Diwas is being celebrated on July 26. This day is named after the successful Operation Vijay in 1999, when India regained the control of the high outposts which had been stealthily taken over by Pakistan.
  • The Kargil war was fought for more than 60 days and ended with India regaining control of all the previously held territory.
  • The central theme of this year's celebrations is ‘Remember, Rejoice and Renew’.
  • The three service chiefs paid tribute to the Kargil War martyrs at Dras. Defence Minister Rajnath Singh along with three Service Vice Chiefs paid homage to Kargil Soldiers by laying wreath at National war memorial in New Delhi.

5G, data localisation to dominate BRICS meeting

  • Calling for a united stand on issues surrounding 5G networks and data storage, diplomats from the five-nation grouping of Brazil, Russia, India, China and South Africa said the digital economy would dominate the meeting of BRICS Foreign Ministers in Brasilia, Brazil.
  • Making a special mention of the U.S. opposition to Chinese telecom major Huawei, diplomats said the BRICS group of emerging economies would seek to coordinate positions on the contentious issue.
  • The BRICS countries may also search for common ground on data localisation, of particular interest to India, after the Reserve Bank passed guidelines ensuring that financial data pertaining to Indians is stored only in Indian servers.
  • India will be represented at the BRICS forum by Union Minister for Road Transport and Highways V.K. Singh.

Bajaj Finance posts highest ever quarterly profit

  • Bajaj Finance reported its highest-ever quarterly consolidated net profit at Rs 1,195 crore during the quarter ended June 30, up 43% from the year-ago period. The company had posted a net profit of Rs 836 crore a year ago.
  • Total income (consolidated) rose 47% to ?5,808 crore during the June quarter of 2019-20. Net interest income increased 43% to Rs 3,695 crore from Rs 2,579 crore in Q1FY19.
  • Consolidated assets under management grew 41% to Rs 1,28,898 crore.
  • Managing Director: Rajeev Jain

Bank of Baroda Q1 net profit rises to Rs. 710 crore

  • State-run lender Bank of Baroda reported a net profit of Rs.710 crore for the quarter ended June 30, as compared to ?528 crore reported in the same period of the previous year.
  • Net Interest Income (NII) increased to Rs.6,496 crore compared with Rs.6,331 crore last year, an increase of 2.6% on year. Net Interest Margin (NIM) declined to 2.62% in June 2019 from 2.69% in June 2018.
  • Gross NPA was Rs.69,714 crore as on June 30, 2019, which is 10.28%. Fresh slippages for the quarter was at Rs.5,583 crore, while provision for NPAs was at Rs.3,168 crore for the quarter. Domestic current and savings account (CASA) deposits registered a growth of 6.94%.
  • Bank of Baroda merged with two other State-run lenders — Dena Bank and Vijaya Bank — from April 1, 2019

Boxing: Gaurav Bidhuri enters President's Cup semis in Philippines

  • Boxer Gaurav Bidhuri (56kg) has assured himself of a medal at the President's Cup tournament in Labuan Bajo, Philippines after claiming a comfortable win in the quarterfinals. He stormed past Afghanistan's Waris Karimi to make the last-four stage last night.
  • Earlier, India Open godl-medallist Jamura Boro (54 kg) advanced to the semifinals of the women’s event, while Monika entered the finals.

Chandrayaan-2 gets first boost, enters new orbit around Earth

  • Indian Space Research Organisation (ISRO) successfully conducted the second Earth-bound orbit raising maneuver for the Chandrayaan-2 spacecraft.
  • ISRO officials said that second maneuver has been performed successfully using the onboard propulsion system for a firing duration of 883 seconds. The orbit achieved was 251 x 54829 km.
  • India's second mission to the Moon, Chandrayaan-2, is expected to reach the Moon on August 20, 2019.

India drops two places in FIFA rankings

  • The Indian football team slipped two places to 103rd in the FIFA rankings. India has 1214 ranking points to its kitty, down by five points from the previous chart issued last month. India lost two matches and drew one in the Intercontinental Cup earlier this month in Ahmedabad.
  • The Indian team now lies at 18th among Asian countries. Iran (23rd) is at the top among Asian countries, followed by Japan (33), Korea (37), Australia (46) and Qatar (62).
  • Overall, Belgium leads the chart, followed by Brazil, France, England and Uruguay.

India, Saudi Arabia discuss bilateral hydrocarbon cooperation

  • Petroleum and Natural Gas Minister Dharmendra Pradhan has held discussions with his Saudi Arabian counterpart to further enhance bilateral hydrocarbon cooperation.
  • Mr Pradhan discussed the current developments in the global oil and gas markets and raised India’s concerns on the recent increase in Asian Premium and the decision of OPEC Plus members on extending production cuts, leading to oil price volatility.

Parliament passes RTI (Amendment) Bill, 2019

  • Parliament has passed the Right to Information (Amendment) Bill, 2019 with the Rajya Sabha approving it amid opposition walkout. The Lok Sabah has already passed the bill.
  • This Bill seeks to empower the Centre to make rules to decide the tenure, salary, allowances and other terms of service of Information Commissioners of the Central Information Commission and also of State Information Commissions.

PMO asks FinMin to reassess overseas sovereign bond issue

  • The Prime Minister's Office (PMO) wants the finance ministry to reassess the idea of issuing foreign currency overseas sovereign bonds. The office has asked the finance ministry to seek wider consultation from stakeholders before proceeding with any plans.
  • The PMO has asked the finance ministry to examine the concerns raised by the former RBI governors and deputy governors on the issuance of such bonds and its implication.

SC asks Centre to set up Special Courts in 60 days for POCSO cases

  • The Supreme Court of India asked the Centre to set up courts within 60 days and appoint sensitised prosecutors to deal with sexual assault cases against children. The court directed the setting up of Centrally-funded exclusive court in districts with over 100 cases registered under the Protection of Children from Sexual Offences (POCSO) Act.
  • The bench also directed the chief secretaries of states and union territories to ensure timely submission of forensic reports in such cases.
  • The court asked the Centre to apprise it about the status of compliance of the order in 30 days and to make the money available for setting up of POCSO courts, appointment of prosecutors and others.

Tata Motors’ loss doubles

  • Tata Motors Ltd. has reported a consolidated net loss of Rs. 3,680 crore for the first quarter ended June 30 compared with a net loss of Rs. 1,863 crore in the year-earlier period owing to loss of sales volume both at Tata Motors and Jaguar Land Rover (JLR) during the quarter.
  • During the quarter, Tata saw a 21% volume decline and revenue was down 7.7%.
  • Consolidated revenue also dropped significantly to ?60,830 crore compared with ?65,957crore in the same period last year.
  • The continued slowdown across the auto industry is due to weak consumer sentiments.
  • CEO & MD, Tata Motors.: Guenter Butschek,

Triple Talaq Bill passed in Lok Sabha

  • Lok Sabha has passed the contentious Triple Talaq- Muslim Women (Protection of Rights on Marriage) Bill 2019. This bill seeks to replace the ordinance passed by the previous government in February after a similar bill could not be passed in the Rajya Sabha.
  • The Bill makes declaration of talaq a cognizable offence, attracting up to three years’ imprisonment with a fine. The offence will be cognizable only if information relating to the offence is given by: (i) the married woman (against whom talaq has been declared), or (ii) any person related to her by blood or marriage.

Tunisian President Beji Caid Essebsi dies at 92

  • Tunisian President Beji Caid Essebsi, the North African country's first democratically elected leader, died at the age of 92.He was the world's oldest sitting president.
  • Essebsi won Tunisia's first free elections in 2014 following Arab uprisings across the region. He rose to prominence after former Tunisian President Zine el-Abedine Ben Ali was ousted in 2011 after 23 years in office.
  • Tunisia
  • Prime Minister Youssef Chahed
  • Capital: Tunis
  • Currency: Tunisian dinar

US urges North Korea to refrain from further provocation

  • The United States has urged North Korea to refrain from further provocation after North Koreatest-fired two new short-range ballistic missiles. The USA still hoped for resumption of talks on North Korea's denuclearisation.
  • It also urged the North Korean government to resolve all the issues discussed between US President Donald Trump and North Korean leader Kim Jong Un through diplomacy.
  • Recently, North Korea warned that the talks with USA could be derailed if it refuses to scrap military exercise scheduled with South Korea for next month.

Want to make sending money as easy as texting, says WhatsApp

  • U.S.-headquartered instant messaging platform WhatsAppis planning to roll out its payment services in India later this year. The platform, which has about 400 million users in the country, has been testing the service for about a year.
  • The Facebook-owned firm wanted to make sending money as easy as sending messages on the platform.
  • WhatsApp’s entry in digital payments is likely to further intensify competition in the space which currently has platforms like Paytm, PhonePe, Google Pay and BHIM UPI.
  • Niti Aayog CEO Amitabh Kant

World Swimming Championships: Australian quartet sets a new World mark

  • Australia set a world record of 7:41.50 en route to winning the gold medal in the women's 4x200 freestyle relay at the world championships. The quartet of Ariarne Titmus, Madison Wilson, Brianna Throssell and Emma McKeon knocked 0.58 seconds off the previous mark set by China at the Rome worlds in 2009.
  • The United States (7:41.87) took silver and Canada (7:44.35) the bronze.