Current Affairs 3rd August 2018

Current Affairs 3rd August 2018 - Important Points

• Union Cabinet approves law provisioning death penalty for - Maritime piracy
• Union Cabinet approves acquisition of IDBI Bank controlling stake by - LIC
• Advanced Air Defence Interceptor Missile successfully test fired from - Abdul Kalam Island

Current Affairs 3rd August 2018 - Details

Union Cabinet approves law provisioning death penalty for - Maritime piracy

On 2nd August 2018, Union Cabinet approved bill provisioning death penalty or life imprisonment to those involved in piracy at sea. It was made harsh as current punishments were not that much harsh about it. This law was made as a part of commitment of India while signing the United Nations Convention on the Law of the Sea (UNCLOS) in 1982.

Union Cabinet approves acquisition of IDBI Bank controlling stake by - LIC

On 1st August 2018, Union Government approved acquisition of IDBI Bank’s controlling stake by Life Insurance Corporation of India (LIC) as a promoter in the bank. Also Government shareholding below 50 percent in IDBI was also approved.

This will now help IDBI bank to tap 11 lakh LIC agents for doorstep banking services. While LIC will able to sell its insurance products using 1916 branches of the Bank.

Advanced Air Defence Interceptor Missile successfully test fired from - Abdul Kalam Island

On 2nd August 2018, Advanced Air Defence (AAD) Interceptor Missile which has been developed indigenously, was test fired from Abdul Kalam Island. This missile successfully hit target at a height of 20 kms. Though this missible has not got any formal name till now. This missile has its own mobile launcher, secure data link for interception, independent tracking and homing capabilities and sophisticated radars.