Latest Current Affairs For Monday 11th July, 2022

RBI imposes penalties on Federal Bank and Bank of India

RBI has imposed a penalty of Rs 5.72 crore on Federal Bank for deficiencies in regulatory compliance and Rs 70 lakh on Bank of India for non-compliance with certain provisions of Know Your Customer (KYC) norms and instructions on 'compliance function in banks' issued by RBI. 

RBI has been imposed on Dhani Loans and Services Ltd, Gurugram for non-compliance with KYC norms with fine of Rs 7.6 lakh. 

RBI had carried out Statutory Inspection for Supervisory Evaluation. 

NMCG organizes 8th Edition of ‘Igniting Young Minds: Rejuvenating Rivers’

National Mission for Clean Ganga has organized 8th Edition of the Webinar Series ‘Igniting Young Minds, Rejuvenating Rivers’

Theme: Afforestation

Aim: to connect with the youth on the important issue of Ganga Rejuvenation.

Namami Gange Programme is an Integrated Conservation Mission, approved as flagship programme in June 2014 with budget outlay of Rs.20,000 Crore to accomplish the effective abatement of pollution, conservation and rejuvenation of National River Ganga. 

Maharashtra leads states with 13,541 govt-recognized startups

Maharashtra has the maximum number of government-recognized startups, followed by Karnataka and Delhi, as per Department for Promotion of Industry and Internal Trade (DPIIT) data

As many as 13,541 active DPIIT recognized startups were from Maharashtra, out of the total 73,205 govt-approved new age companies.

Maharashtra has a share of 18% with respect to the total number of startups.

Karnataka has 8,902 startups and Delhi is home to 8,670 enterprises as of 5th July.

City Union Bank, Shriram General Insurance sign corporate agency agreement

City Union Bank (CUB) signs MoU with Shriram General Insurance, where the bank will distribute the latter’s insurance products through its branches.

Under this, Shriram General Insurance will offer personal lines of insurance products like motor, personal accident, home and travel, along with commercial lines of insurance products such as property, marine and engineering insurance to the bank’s customers.

MD & CEO of City Union Bank: N Kamakodi.

Max Life launches life insurance product, Smart Capital Guarantee Solution

Max Life Insurance Company has launched Smart Capital Guarantee Solution, which is a life insurance product solution that combines three benefits.

This product is launched by merging the benefits of Max Life Smart Wealth Plan and Max Life Flexi Wealth Advantage Plan.

It will offer wealth creation through market-linked returns along with a guarantee on premiums paid at maturity with additional financial protection. 

Geo-Portal for NCR made public ‘PARIMAN’ launched

National Informatics Centre (NIC) has developed web geo-portal for NCR, known as ‘PARIMAN’ for the purpose of effective utilization of Remote Sensing and GIS technology. 

It will be initially used by NCR Participating states and Office of National Capital Region Planning Board (NCRPB). 

It will help to improve decentralized planning and management in NCR region. 

It can be accessed through NCRPB website https://ncrpb.nic.in/ and also through weblink https://ncrpbgis.nic.in/

India Stack Knowledge Exchange 2022 kick started

India Stack Knowledge Exchange has been kick started on 7th July 2022, as a part of the Digital India Week 2022. 

It is a 3-day long virtual event and is an opportunity to showcase India’s most significant contribution to Digital world-India Stack, which is a unified software platform to bring India’s 1.4 billion population into the Digital Age.

Objective: to give an orientation to the basic building blocks of India Stack, which is driving Digital Transformation in India. 

PM attends the first Arun Jaitley Memorial Lecture

PM Narendra Modi attended first ‘Arun Jaitley Memorial Lecture’ (AJML) at Vigyan Bhavan, New Delhi.

First AJML keynote address was delivered by Mr. Tharman Shanmugaratnam (Senior Minister, Government of Singapore).

Organized by: Department of Economic Affairs, Ministry of Finance in recognition of Shri Arun Jaitley’s invaluable contribution to the nation.

Arun Jaitley was an Indian politician and served as the Minister of Finance and Corporate Affairs from 2014 to 2019. 

Alvaro Lario appointed as President of IFAD

Alvaro Lario has been appointed as the seventh President of the International Fund for Agricultural Development (IFAD) with effect from 1st October 2022 for a four-year term.

IFAD: It is an international financial institution and specialized United Nations agency. 

It is the only multilateral development organization that focuses on rural economies, food security and climate change. 

Founded: 1977.

Headquarters: Rome, Italy.

Paritosh Tripathi appointed as MD & CEO of SBI General Insurance

Paritosh Tripathi has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of the private non-life insurer SBI General Insurance with effect from 5th July 2022. 

He succeeded P.C. Kandpal, who has been posted as Deputy Managing Director (DMD)-(P&RE) at SBI.

He has more than 32 years of banking experience and has worked in various departments including MSME, mid-corporate segment, international banking and bancassurance.

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.