Current Affairs Pocket : 26-27 August 2020

Hyderabad’s Neelakanta Bhanu Prakash wins Mental Calculation World Championship at Mind Sports Olympiad
* Neelkantha Bhanu Prakash of Hyderabad has become the first Indian to win the gold medal at the Mental Calculation World Championship 2020 at Mind Sports Olympiad (MSO) held in London recently.
* The 20-year-old Neelkantha Bhanu Prakash, is a student of Mathematics at Delhi’s St Stephen’s College and holds the record for being the ‘fastest human calculator’ in the world.
* This is the first time that India has won a gold medal at MSO, the most prestigious international competition for games of mental skill and mind sports held annually.

Rajiv Srivastava Steps Down as MD & CEO of Indian Energy Exchange (IEX)
* Rajiv Srivastava, the Managing Director & CEO of Indian Energy Exchange (IEX) has resigned on August 24, 2020 from the board of the company with immediate effect, due to his personal reasons.
* The board of directors of the company have given Satyanarayan Goel the additional charge of Managing Director and CEO for an interim period.

Vinay Tonse appointed as MD and CEO of SBI Mutual Fund
* Vinay Tonse has been appointed as the managing director and chief executive officer of SBI Mutual Fund (MF).
* He has replaced Ashwani Bhatia, who has been now appointed as the managing director (MD) of State Bank of India.

Centre announces Tax exemptions for businesses with annual turnover of up to Rs 40 lakh
* The Ministry of Finance has announced that the businesses with an annual turnover of up to Rs 40 lakh are now GST exempt.
Earlier, this limit was Rs 20 lakh.
* The Ministry has also informed that those businesses with an annual turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1 percent tax.

ICICI Bank becomes first bank in India to use satellite data to assess credit worthiness of farmers
* Private lender ICICI Bank has become the first ever bank in India to make use of satellite data, imagery from Earth observation satellites, to assess credit worthiness of farmers.
* Using the satellite data, the bank will be able to measure an array of parameters related to the land, irrigation and crop patterns and use it in combination with demographic and financial parameters to make speedy lending decisions for farmers.
* This innovative technology provides quick and technically sound analysis of the land, crop and irrigation patterns from remote locations, without the need of the customer or a bank official having to visit the land.

DRDO chief G Satheesh Reddy gets two-year extension till August 2022
* The Appointments Committee of the Cabinet has approved the extension of the tenure of renowned scientist G Satheesh Reddy as the Chairman of Defence Research and Development Organisation (DRDO), and as the Secretary of the Department of Defence Research & Development for a period of two years.
* Reddy was appointed as the chief in August 2018 for two years. His tenure was to end on 26 August 2020.
* Now he will continue to serve the post for two more years, till August 2022.

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