Exam Power : 01 July 2018 Today Current Affairs

Exam Power : 01 July 2018 Today Current Affairs

NITI Aayog partners with GNFC Ltd to implement Fertilizer Subsidy Disbursement through Blockchain Technology

NITI Aayog and Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) have signed a Statement of Intent (SOI) to work together towards implementing a Proof-of-Concept (PoC) application using Blockchain Technology for fertilizer subsidy management. 

They will jointly develop the use case, undertake research, interact with multiple stakeholders, develop Blockchain solutions, exchange learnings, organize forums, and disseminate learnings across their networks.

The distribution of subsidy takes around two to three months across India. By implementing Blockchain Technology the distribution will become effective and efficient, and subsidy transfer could be automated and made real time.

Nobel laureate Satyarthi launches app named ReUnite to track missing kids

Nobel Peace Prize recipientKailash Satyarthi, along with union minister Suresh Prabhu, launched a mobile application called 'ReUnite' that tracks missing or abandoned kids.

The app is a collaboration between Bachpan Bachao Andolan led by Kailash Satyarthi and IT major Capgemini.

The app will be linked with the Delhi Police's database of missing children.

The app will use Amazon Web Services based on face recognition technology to match the photographs of missing children with a database to give result after face matching.

IRDA approves LIC-IDBI Bank deal

The Board of Insurance Regulatory and Development Authority (IRDA) has approved Life Insurance Corporation’s (LIC) proposal to the acquisition of up to 51%stake in state-run lender IDBI Bank. The insurance regulator gave the insurer exemption from 15% investment cap.

The LIC is expected to invest Rs 10,000-13,000 crore in tranches in the NPA-mired state-run lender.

The deal will also require approval from the Securities and Exchange Board of India (SEBI).

ICICI names ex IAS Girish Chaturvedi as part time Chairman

ICICI Bank appointed retired IAS officer and former petroleum secretary Girish Chandra Chaturvedi as part-time non-executive Chairman and independent Director on the bank's Board, from July 1 for three years.

Chaturvedi will replace current Chairman MK Sharma after his term ends on June 30.

LG appointed 40 year old founding family member as new CEO

South Korea's fourth largest conglomerate, LG has announced the appointment of Koo Kwang-mo, the 40-year-old son of the family-controlled conglomerate's late Chairman Koo Bon-moo, as its CEO.

He has become the fourth-generation leader of the family-controlled conglomerate.

Orange colored crocodiles crocodiles found in Gabon, West Africa

Scientists have recently found orange colored crocodiles in the Omboue region, West African State of Gabon.

The reason for the change in color is because of their food. In the total darkness, the animals survive on a diet of bats and crickets, unlike above-ground crocodiles of the same species which feed on fish and crustaceans. This has caused a specific ‘genetic signature’ in the cave-dwelling crocodiles.

Sources : The Hindu, ANI, TOI, Indian Express, HT,PIB, Economic Times