Latest Current Affairs For Tuesday 15th March, 2022

HAL signs pact with SASMOS to work together in aerospace domain

HAL has signed an MoU with Bengaluru-based company SASMOS to work together on advanced electronics, electrical and fibre optic interconnections in the aerospace domain.

HAL's subsidiary Naini Aerospace Limited (NAeL) was also a signatory to the MoU.

Under the MoU, HAL and SASMOS will "work together in the field of advanced electronics, electrical and fibre optics interconnections in the aerospace domain. 

RBI lifts interest cap on microfinance institutions

The RBI has released its final guidelines for microfinance loans, lifting an interest cap and allowing companies to have a board-approved policy to price for such lending.

The RBI will continue checking that microfinance institutions do not charge usurious rates.

Each entity has to disclose pricing-related information to borrowers in a standardized simplified factsheet.

A borrower cannot be charged any amount that has not been explicitly mentioned in the factsheet.

Mahanadi Coalfields Limited becomes largest coal producing company in India

The Mahanadi Coalfields Limited (MCL) become the leading coal-producing company in the country.

It is a unit of Coal India Limited. 

It has crossed 157 million tonne (MT) in coal production in the financial year of 2021-22.

The company produced 7.62 lakh tonne of dry fuel which is the highest in a day during the current financial year reaching 157.7 MT with a growth of around 16 percent over the last financial year. 

India breaks into world's top five club in terms of M-Cap

India’s equity market has broken into the world’s top five club in terms of market capitalization for the first time.

The country’s total market cap stands at $3.21 trillion, which is higher than that of the UK ($3.19 trillion), Saudi Arabia ($3.18 trillion), and Canada ($3.18 trillion).

This year, India has climbed two positions, despite a 7.4 per cent drop in its market cap.

At present India is ranked 5th, after the U.S., China, Japan, and Hong Kong.

Vodafone Idea partners Nazara for gaming portal

Vodafone Idea launched a gaming portal Vi Games on the Vi App - in partnership with Nazara Technologies Ltd.

Nazara is an India-based diversified gaming and sports media company. 

Its games offering will initially offer casual games and gradually expand to host social games and esports in the future.

The service will be available through Vi's flagship app through two different plans - Gold Pass and Platinum Pass.

Bajaj Allianz General Insurance’s MD and CEO gets five-year extension

Bajaj Allianz General Insurance announced a five-year extension for its MD and CEO, Tapan Singhel.

The extension is with effect from April 1, 2022.

Under Singhel's leadership, the company has emerged as one of the largest and most profitable private general insurers in the country ensuring growth, profitability, and customer-centricity.

In his decade-long stint as the MD and CEO, the company has achieved a cumulative underwriting profit of more than Rs 350 crore. 

RailTel ranks 124 in Fortune India Next 500 list

RailTel jumped 67 positions to rank 124th in the recently announced 'Fortune India Next 500 list of Year 2022'. list. 

It was ranked 197 in the 2021 list of top midsize companies operating in India.

RailTel is one of the largest neutral telecom infrastructure services providers in the country.

Apart from RailTel, IRCTC is the only Railway PSU featuring in the list, at the rank of 309.

RailTel is the only telecom PSU on the list.

Bank of India enters into co-lending partnership with IKF Finance

Bank of India (BOI) has entered into a co-lending partnership with Vijayawada-based IKF Finance to offer commercial vehicle loans.

The public sector bank will leverage the reach of the NBFC to build its MSMEs portfolio.

The disbursement under the Co-Lending arrangement has commenced on 9th March 2022.

Co-Lending is introduced by RBI to increase the credit flow to the unserved and underserved sector by utilizing the nimble-footed coverage of NBFC to the informal sector.

Odisha, Nabard join hands to increase fish production

The Odisha govt and the NABARD have inked a pact for the creation of fisheries infrastructure to augment fish production in the state. 

The Fisheries and Aquaculture Infrastructure Development Fund will help in the creation of infrastructure facilities in the marine and inland sectors of Odisha.

The FIDF aims to achieve a sustainable growth of 8-9% to augment the country's fish production capacity to around 20 millionn tonnes by 2022-23.

IIFL Securities launches primary markets investment platform OneUp

IIFL Securities launched ‘OneUp’, India’s 1st primary markets investment platform.

Through this platform, investment can be made in IPOs, non-convertible debentures (NCDs) and sovereign gold bonds (SGBs), etc. 

On the OneUp platform, the IPO applications are accepted 24x7 and up to three days before the IPO bidding opens.

Another unique feature of the platform is that it allows investors to place bids for others as well, be it, friends or family members.

LivQuik, first to achieve RBI’s PPI interoperability guidelines

Prepaid Payment Instrument (PPI) issuer LivQuik has achieved full Interoperability as mandated by the Reserve Bank of India for their Prepaid payments Instruments.

The regulator simultaneously announced an increase in the permitted outstanding balance in PPIs to Rs 2 lakh from Rs 1 lakh and allowed cash withdrawals from full-KYC non-bank wallets.

The regulations effectively bring wallets at par with bank accounts in terms of service offerings.

Mission Indradhanush: Odisha tops list of full immunization with 90.5% cove

Odisha becomes the only state in the country to achieve 90.5% of immunization apart from the successful vaccination against Covid-19 infection under Mission Indradhanush 4.0. 

20 districts of Odisha were found above 90% in full immunization and the remaining 10 districts were less than 90%. 

Districts such as Ganjam, Cuttack, Kendrapara, Jharsuguda, Koraput, Keonjhar, Malkangiri, Khurda, Sambalpur, Mayurbhanj, and Sundargarh districts were selected for inclusion under IMI. 

India's Lakshya Sen settles for silver at German Open 2022

Indian badminton player Lakshya Sen lost to Thailand’s Kunlavut Vitidsarn in the German Open 2022 men’s singles final at Mulheim.

Lakshya Sen was chasing his second BWF title of the year, having won the India Open Super 500 title back in January.

He bagged a bronze at the world championships late last year.

Indian shuttlers will be next seen in action at the All England Open 2022.

PM Narendra Modi to be awarded prestigious Lokmanya Tilak Award 2023

The Tilak Smarak Mandir Trust (Hind Swaraj Sangh) would confer the prestigious Lokmanya Tilak National Award 2023 to Prime Minister Narendra Modi in Pune on August 1, 2023.

Reason: This award recognizes PM Modi's supreme leadership under which India has climbed the ladder of progress

It is presented annually on the occasion of Lokmanya Tilak's death anniversary.

Other awardees: Indira Gandhi, Atal Bihari Vajpayee, Sharad Pawar, Cyrus Poonawalla, and Manmohan Singh. 

J&K Bank wins award for Best Performance in CASA

Jammu & Kashmir Bank has been felicitated for the Best Performance in CASA-India (1st Runner up in Small Bank Category) at ICC Emerging Asia Banking Conclave & Awards 2022.

The event was participated by banks from India, Nepal, Bhutan, Bangladesh, Sri Lanka & Myanmar.

The function was organized by the Indian Chamber of Commerce in Goa.

Indian Chamber of Commerce (ICC) is a non-governmental trade association and advocacy group headquartered in Calcutta.

India poised to become world’s 2nd-largest economy by 2075: Goldman Sachs

According to the Investment Bank Goldman Sachs, India is poised to become the world’s second-largest economy by 2075.

As per the report, India would cross Japan, Germany, and the US With a population of 1.4 billion people.

India’s GDP is estimated to expand remarkably, reaching 52.5 trillion dollars surpassing the US GDP projection.

The labour force participation set to make India the second-largest economy in the world by 2075.

L&T and Spain's Navantia sign agreement for submarine project

L&T has signed a teaming agreement with Spanish-based Navantia for the submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine program.

P75 (India) Submarine Project is expected to be valued at €4.8 billion.

Navantia would carry out the design of P75(I) submarines based on its S80 class of submarines.

The first S80 class submarine was launched in 2021 and is undergoing sea trials prior to its delivery to Spanish Navy. 

India overtakes China as most attractive emerging market for investing

According to a study by Invesco Global Sovereign Asset Management, India has overtaken China to become the most attractive emerging market for investing in sovereign wealth funds this year.

Reason: This is due to its solid demographics, political stability, and proactive regulation. 

Positives for the nation also include the rapidly expanding demography, strong regulatory actions, and a welcoming climate for sovereign investors.

World Population Day 2023: 11 July

World Population Day is observed every year on July 11 in order to raise awareness about global population issues, including population control.

2023 theme: Unleashing the power of gender equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities. 

It was established by the United Nations Development Programme (UNDP) in 1989, after the day the world approximately reached a population of five billion, which was observed on 11 July 1987.

MoHUA conducts SBM-U 2.0 Planning & Implementation Review-cum-Workshop

The Housing Ministry organized a review-cum-workshop to evaluate and accelerate the planning and implementation of the SBM-Urban 2.0.

PM Modi launched the 2.0 versions of SBM-U and AMRUT on October 1, 2021.

SBM-U 2.0: Achieving 100% waste segregation in all households and premises and 100% door-to-door collection of segregated waste from each. 

AMRUT 2.0: To provide complete coverage of water supply to all households and sewerage and septage in 500 AMRUT cities. 

Gujarat CM launches pilot project of ‘Antyodaya Shramik Suraksha Yojana’

Gujarat CM Bhupendra Patel launched the Antyodaya Shram Suraksha Accident Insurance Scheme from Kheda

All those registered under the e-Shram portal from Nadiad will benefit from the scheme.

It is being implemented through the Indian Postal Department, the IPPB, and the Ministry of Labour and Employment.

Under this scheme, insurance with a premium of Rs. 289 and Rs. 499 per year will be a big support to workers in the event of death or partial disability.

OCA elects Sheikh Talal as the new President

Kuwait’s Sheikh Talal Fahad Al Ahmad Al Sabah has been elected as the new President of the Olympic Council of Asia (OCA).

He replaced his older brother Sheikh Ahmad Al-Fahad Al-Sabah, who led the OCA for 30 years until 2021.

The OCA was founded in 1982 by his father Fahad Al-Ahmed Al-Jaber Al-Sabah, who led it until 1990.

The Olympic Council of Asia (OCA) is a governing body of sports in Asia, currently with 45 member National Olympic Committees.

Bajaj Allianz Life Insurance wins Insurer Innovation Award 2023

Bajaj Allianz Life Insurance has won the Insurer Innovation Award 2023 for the APAC region at the 8th World Digital Insurance Awards, hosted by TDI - The Digital Insurer.

Recognition: Bajaj Allianz Life's ground-breaking WhatsApp Conversational Platform - empowering customers to digitally services their policies seamlessly. 

The award entries were shortlisted by industry experts and the winner was selected by the community through pre-voting and live event voting.