1. Axis Bank launches multi-currency contactless card 

(i) On August 12 Axis Bank launched contactless multi-currency forex cards in partnership with Visa.

(ii) It is the first  bank to issue contactless cards or “tap and pay’ cards that can be loaded in three main currencies – US dollar, Euro and British Pound besides 15 other currencies such as Swiss Franc and Hong Kong dollar.

(iii) Axis Bank will soon upgrade 50,000 of its point of sale (PoS) machines that will accept debit and credit card payments from contactless cards. 

2. US, Russia and China oppose UNSC reforms upsetting India’s bid for a permanent seat

(i) US, China and Russia, three permanent members of the United Nation’s Security Council (UNSC) have opposed negotiations to reform the UN body, which included India’s bid for a permanent seat in the UNSC. 

(ii) India was of the view that as this year is the 70th anniversary of the UN, it would be the opportune time to usher in the reform process.

(iii) India has support from the other two permanent members of the body, i.e. France and UK. Besides India, the negotiating text proposed that Brazil, Germany, Japan and an African representation also be included among the permanent members of a reformed UNSC.

3.Cabinet approves petroleum products pipeline between India, Nepal

(i) On August 12, the Union Cabinet, approved the signing of a memorandum of understanding (MoU) between India and Nepal for construction of a petroleum products pipeline from the region of Raxaul in India to Amlekhgunj in Nepal. 

(ii) The MoU  will promote bilateral co-operation in the oil and the gas sector and secure long term supply of petrol products to Nepal.

(iii) “There will be a long-term contract of 15 years between the Indian Oil Corporation and the Nepal Oil Corporation,” the official statement said.

4. Founder of Hero cycles O P Munjal passes away at 87

(i) Chairman emeritus of Hero Cycles Limited Om Prakash Munjal passed away in Ludhiana, Punjab on 13th August 2015. 

(ii) The Munjals are known as makers of Hero Cycles and later motorcycles with their erstwhile partner Honda Motor Co. Hero Cycles was recognised by the  Guinness Book of World Records in 1986 for being the largest makers of bicycles in India. Presently, the firm holds nearly 48 percent of market share in India’s cycle market.

5. Sourav Ganguly to be Coca-Cola’s social ambassador for 3 years

(i) Coca-Cola India, recently announced said that it has signed cricketer and former Indian team captain Sourav Ganguly as its social ambassador in a three-year deal ending in 2017.

(ii) Presently, Ganguly is on the IPL panel, and also on the working group set up by the BCCI to study recommendations of the Lodha Committee report.

(iii) Ganguly had endorsed Coca-Cola from 1997 – 2000.

6. Pankaj Advani wins 13th World Snooker Championship 

(i) Indian sports star Pankaj Advani won his 13th world title after winning the World 6 – Red Snooker Championship.

(ii) Final Scores: Pankaj Advani (India) defeated Yan Bingtao (China) 6-2: 37-21, 57(30)-0, 32-29, 0-66(66), 6-38(37), 48-0, 75(71)-0, 40(35)-28. 

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