Latest Current Affairs For Friday 26th August, 2022

Ukrainian President, Zelenskyy to be conferred with Liberty Medal

Ukrainian President, Volodymyr Zelenskyy will be conferred with the 2022 Liberty Medal.

The National Constitution Center has announced that Zelenskyy will be honored in a ceremony in October 2022 for his heroic defense of liberty in the face of Russian tyranny.

The Liberty Medal was established in 1988 to mark the U.S. Constitution’s bicentennial.

It is presented to individuals who strive to secure the blessings of liberty for people around the globe.

India's first observatory to monitor space activity in Uttarakhand

The first commercial space situational awareness observatory of India will be set up in the Garhwal region of Uttarakhand by Digantara, a space sector start-up.

Aim: To track objects as small as 10 cm in size orbiting the earth.

The space situational awareness (SSA) observatory will help in tracking any activity in space.

This observatory will strengthen indigenous capabilities of India to monitor space activity over the subcontinent providing a strategic advantage.

Vikram Doraiswami appointed as High Commissioner of India to UK

Vikram Doraiswami, who is presently serving as the Indian High Commissioner to Bangladesh, has been appointed as the next High Commissioner of India to the UK.

He started his career as the journalist and joined the Indian Foreign Service (IFS) in 1992.

He had also served as the Third Secretary in the Indian Embassy in Hong Kong in May 1994.

He has also served as Private Secretary to the Prime Minister of India.

He is fluent in Chinese, French and Korean.

Tamil Nadu govt launched footwear and leather policy

Tamil Nadu government has launched its Footwear & Leather Products Policy 2022 with a vision to transform the State into a favoured destination for footwear and leather products manufacture in Asia.

This policy will offer a special package for footwear and leather products (FLP) manufacture and incentives for FLP Design Studios.

The State government has also signed MoUs with five companies - KICL SEMS; Wagon International; KICL; Walkaroo and KICL (footwear cluster). 

PNB launches Pre-Qualified Credit Card facility

PNB has launched pre-qualified credit card which also including insurance coverage.

It has also introduced a facility of overdraft against fixed deposit on PNB One in a few clicks and a single OTP.

This card facility will be available for salary account customers and they will be able to apply through PNB One, or website.

There is a concession of 0.25% on the interest rate when applied through digital platforms like PNB One.

Payment gateways: RuPay and Visa. 

Universal Sompo partners with Repco Home Finance to insure loans

Non-life insurer, Universal Sompo General Insurance has partnered with Repco Home Finance (Chennai-based) for insuring home loans.

Aim: To provide security to home financier customers by insuring their home loans in the event of an unfortunate event during the repayment term of the loan.

This partnership will additionally disburse affordable insurance solutions like group credit protection and personal accident policies to customers of Repco.

KreditBee partners with Cashfree to offer EMI solutions

KreditBee has partnered with banking solutions company, Cashfree Payments to offer an option to convert online purchases into EMIs, at the time of checkout.

KreditBee has a large customer base which can avail the online checkout finance facility from merchant partners of Cashfree Payments.

The checkout finance loans range from ₹2,400 to ₹2 lakhs with a tenure of 3-18 months.

KreditBee is currently offering personal loans and a digital gold investment product.

BASIX, Mastercard partner to digitize the rural ecosystem in Maharashtra

BASIX Social Enterprise has launched BASIX Farmers’ Market (BFM) (AgriTech platform) in partnership with Mastercard.

Objective: To integrate farmers into the digital economy. 

BFM will leverage technology capabilities of Mastercard and deep industry expertise of BASIX in agriculture to improve the lives of small and marginal farmers.

This platform will digitizes data and workflows for FPOs with strong controls on data privacy and security. 

CEO BASIX: Sattaiah Deverakonda. 

Govt in consultation with RBI to amend overseas investment rules

The Centre has announced an amendment in the Foreign Exchange Management (Overseas Investment) Rules, came into effect from 22nd August. 

Reason: Simplify the existing framework for overseas investment. 

Presently, the overseas investment by a person residing in India is governed by the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 and Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) 2015. 

RBI becomes Net Seller in June 2022 by selling 3.719 billion USD

Reserve Bank of India has become the net seller of the US currency in June 2022 after selling USD 3.719 billion on a net basis.

The central bank has purchased USD 18.96 billion from the spot market and sold USD 22.679 billion.

In June 2021, RBI was net buyer of the greenback after it purchased USD 18.633 billion on a net basis from the spot market.

In May 2022, the RBI has net bought USD 2.001 billion (Purchased USD 10.143 billion and sold USD 8.142 billion).

RBI lifted restrictions on American Express Banking Corp

The Reserve Bank of India has lifted the business restrictions on American Express Banking Corp and allows to restart onboarding of new domestic customers on its card network.

Background:

RBI had put the curbs on American Express in May 2021.

Reason: For not complying with a circular issued on storage of payments data in 2018.

American Express is payment system operators authorised to operate card networks in India under the Payment and Settlement Systems Act, 2007. 

Former VP, M Venkaiah Naidu launches a book titled, 'New India'

Former Vice President, M Venkaiah Naidu has released a book titled, 'New India - a compilation of selected articles 2014-19' of former Union Minister Arun Jaitley on his death anniversary (24 August) in New Delhi.

Arun Jaitley has served as the Minister of Finance and Corporate Affairs of the Government of India from 2014 to 2019.

He was awarded the Padma Vibhushan (second highest civilian award of India), posthumously in 2020 in the field of Public Affairs.

Tripartite MoU signed for swift development of MMLP under Bharatmala

National Highways Logistics Management Limited (NHLML) has signed the tripartite agreement with Inland Waterways Authority of India (IWAI), and Rail Vikas Nigam Limited (RVNL).

Aim: To centralize freight consolidation and reduce logistics costs from 14 % to less than 10 % of GDP at par with International Standards.

Multi Modal Logistics Parks (MMLP) will ensure that cargo is swapped or shifted from and to Waterways, Dedicated Freight Corridors, and Road Transport.

VVS Laxman appointed as the interim head coach of India for Asia Cup 2022

The chief of the National Cricket Academy (NCA), VVS Laxman has been named interim head coach of Team India in Dubai for the 2022 Asia Cup.

This decision was confirmed by BCCI, as Rahul Dravid, India's head coach, did not travel with the team after testing positive for COVID-19.

Rohit Sharma and KL Rahul will lead the team as captain and vice-captain respectively for the Asia Cup 2022.

Team India will play their first match of the tournament against Pakistan.

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.