Daily Current Affairs - 26 August

1) The Reserve Bank of India (RBI) during August 2014 notified that the two-step authentication for credit card transactions including ‘card not present transactions’ is a must as mandated under the rules. This announcement was made by the RBI primarily to set right which anomaly? => To bring under check the so-called customer-friendly payment model followed by certain service providers

Explanation : The toughening RBI stance on two-step authentication process is primarily aimed to set right an unintended wrong arising out of the so-called customer-friendly payment model followed by certain service providers. By doing so, they have managed to give the two-step authentication requirement a slip. According to the RBI, however, this is resulting in foreign exchange outflow. The non-adherence to the two-step authentication process has also made the field uneven for players especially in fields such as taxi operation. Frequent taxi users among credit card holders will prefer a cab provider who accepts a hassle-free payment process.

2) History was created at Delhi’s prestigious St. Stephen’s College on 23 August 2014 as student from the Hindi medium was elected president of its students’ union. What is the name of this student who achieved this success despite his humble background for a college traditionally known as college of the elite? – Rohit Kumar Yadav

Explanation : Rohit Kumar Yadav, is the son of Harish Yadav, who works as a gardener in the college premises. A student of 3rd year BA Programme, Rohit has been educated in Hindi medium all through his student life. St. Stephen’s does not work in accordance with other Delhi University colleges. While other colleges are yet to conduct their students’ union elections, St. Stephen’s conducted its polls on 23 August and announced the result the same day.

3) Maharashtra Governor K. Sankaranarayanan on 24 August 2014 quit the office consequent to his transfer from Maharashtra. He was transferred to which state as its next Governor? – Mizoram

Explanation : K. Sankaranarayanan was transferred from Maharashtra to Mizoram on the same day. He was also the only Governor appointed by the Congress-led UPA to openly come out against the manner in which the Modi Government sought his resignation. He took strong exception to the Union Home Secretary’s action seeking his resignation.

4) Which company replaced IT giant Tata Consultancy Services (TCS) as India’s most admired company in Forbes’ list of ‘India’s Most Admired Companies for 2014’ released during August 2014? – ITC Limited

Explanation : ITC Limited is tobacco-to-consumer goods conglomerate. Releasing the third annual list of 45 most admired companies in India for the year 2014, Forbes magazine announced there are as many as 19 new entities on the list including GMR Infra, Shapoorji Pallonji, Idea Cellular, BSES Rajdhani Limited, Cognizant and Abbott Pharma. In the latest list for the year 2014, ITC is followed by engineering and infrastructure major L&T, Hindustan Unilever, carmaker Maruti Suzuki and public sector bank SBI among the top five most admired companies in India. In comparison, the list for 2013 was topped by TCS, followed by HUL, ITC, Infosys and SBI at in the top-five. TCS has moved down to the sixth position this year. The rankings are based on a survey of over 1,500 companies as per responses from the top industry executives, including on the basis of peer group response.

5) What is the name of the American teenaged swimmer who broke her own women’s 1500 m freestyle World Record on 23 August 2014? – Katie Ledecky

Explanation : 17-year old Katie Ledecky broke her own World Record women’s 1500 m freestyle swimming which she had set in June 2014 by completing the event in 15 minutes 28.36 seconds. She hacked almost six seconds off her previous record. This feat was achieved at the ongoing Pan Pacific Championships being held in Gold Coast, Australia.

6) Who won the Belgian F1 Grand Prix held on 24 August 2014? – Daniel Ricciardo of Red Bull team

Explanation : Australian driver Daniel Ricciardo pipped this year’s F1 leader Nico Rosberg (Germany) to second spot while third place was claimed by Williams’ Valttteri Bottas (Germany). Now Red Bull’s Rosberg has 29 points lead over his teammate Lewis Hamilton (Great Britain) for 2014’s F1 title.