Latest Current Affairs For Friday 9th September, 2022

International Literacy Day 2022: 8th September

International Literacy Day is celebrated annually on September 8 to create importance about the literacy for individuals and societies.

Theme 2022: Transforming Literacy Learning Spaces

The 14th session, General Conference of UNESCO on October 26, 1966 has declared September 8 as International Literacy Day.

Since 1967, this day celebrations have taken place annually around the world.

UNESCO Headquarters: Paris, France; Head: Audrey Azoulay.

Google Cloud partners with HDFC ERGO to digitise insurance buying in India

Cloud computing division of Google has been partnered with HDFC ERGO General Insurance to build a platform that will help digitize the buying and servicing of insurance in India.

HDFC ERGO will launch innovative insurance products.

HDFC ERGO aims to fully migrate to the cloud by 2024.

At present, nearly 93% of its retail policies are issued digitally and almost 40% of its customer requests are serviced virtually. 

Karnataka Bank becomes part of Khajane II IFMS

Karnataka Bank has now become the participant of the Treasury Department's Khajane-II (K2) integrated financial management system (IFMS).

Reason: For implementing the Single Nodal Agency (SNA) account system for Centrally Sponsored Schemes (CSS).

The bank will continue to engage and cooperate with the Government of Karnataka in implementing its numerous efforts to benefit the people through its technology and digital-led solutions.

Reliance General Insurance, Policybazaar launch Reliance Health Gain Policy

Reliance General Insurance and Policybazaar have jointly launched Reliance Health Gain Policy.

This policy gives its customers the freedom to choose and personalise their health policies as per their requirements.

To make accessible to all, the product is being live on digital distribution channel, Policybazaar.

This policy is available in – Plus, Power and Prime.

This plan will cater to the needs of a small family of 2 as well as a larger one of 12.

IDFC FIRST Bank joins the Open Network for Digital Commerce (ONDC)

IDFC First Bank has signed up as participant in the Open Network for Digital Commerce (ONDC), an initiative of ministry of commerce and industry.

The bank has enabled a platform for buyers, that help them to discover sellers in the ONDC network.

The bank has started onboarding small merchants, who are its current account customers, on to a partner app registered with ONDC.

The app is expected to help small merchants carry out transactions over ONDC’s electronic network.

ESAF बैंक ने ट्रांसजेंडर समुदाय के लिए 'इंद्रधनुष खाता' लॉन्च किया

ESAF Small Finance Bank Ltd has launched a 'Rainbow Savings Account' for the transgender community.

This bank account offer a host of features, including high savings rate and advanced debit card facilities.

In 2015, the Reserve Bank of India has directed banks to include a separate column 'third gender' in all their forms and applications.

The savings habit of the marginalised community will contribute heavily to the growth of the economy as a whole.

Ombudsman disposed of 32% more complaints against insurers in 2021-22

The Insurance ombudsman has disposed of 40,527 complaints against insurance firms across the country during 2021-22 as compared with 30,596 in 2020-21.

The complaints relating to health insurance made up a third of the total number cases disposed of by ombudsmen in 2020-21.

Ombudsman:

An alternative mode of settling insurance disputes.

It was constituted under rules framed by the finance ministry in 2017.

At present, 17 Insurance Ombudsman in different locations.

UPI transactions reached 657 Crore in August 2022

The Unified Payments Interface (UPI) has recorded 657 crore transactions in August 2022, a 5% month-on-month growth compared to the previous month.

The transaction volume has crossed Rs 10.72 lakh crore in August.

In July 2022, the UPI transactions breached the level of 600 crore.

The growth in UPI volumes by nearly 100% year-on-year (YoY) and amounts transacted growing by 75% YoY.

NPCI also aims to process 1 billion transactions per day in the next few years.

RBI selected Precision and HDFC Bank for retail payments test phase

RBI has selected HDFC Bank and Precision Biometric India for testing their 'on tap' retail payments applications under the regulatory sandbox scheme.

Regulatory sandbox:

It refers to live testing of new products or services in a controlled/test regulatory environment.

For this regulators permit certain relaxations for the limited purpose of the testing.

It allows the regulator, innovators, financial service providers and customers to conduct field tests.

HDFC Bank launched new SMS banking facility for its customers

HDFC Bank has introduced a new SMS banking facility for its customers with an aim to provide a wide range of banking services round-the-clock.

In order to start new SMS banking facility of HDFC Bank, a customer need to complete the registration process.

They need to SMS “Register” <Space> “Last 4 digits of customer ID” <Space> “Last 4 digits of A/C No. ” and then sent it to 7308080808 from their registered mobile number. 

Digital currency to reduce time, cost for cross-border transactions

RBI Deputy Governor, T Rabi Sankar has announced that, government will launch Central bank digital currency (CBDC) by the end of 2022.

The RBI will launch digital currency on a pilot basis in 2022.

In Budget for 2022-23, the finance minister had said the RBI would roll out a digital equivalent to the rupee.

Benefit: CBDC could become a tool for reducing time and cost for cross-border transactions.

Data Security Issue: They are keep working on it on a continuous basis.

Legendary artist Ram Chandra Manjhi passes away

Legendary artist, Ram Chandra Manjhi, has been passed away at the age of 97.

He was an Indian Bhojpuri folk dancer and theatre artist who is known as a Launda Naach performer.

He has been felicitated with Sangeet Natak Academy Award (2017), Padma Shri (2021) awardee in the field of Arts.

Launda Naach:

It is a prominent Bhojpuri folk art of Bihar.

In this art, men impersonate women wearing sari, blouse, long hair wig during the performance.

Healthcare sector in India will grow to USD 50 billion by 2025

While addressing the 14th CII Global MedTech Summit, Science and Technology Minister, Dr Jitendra Singh has announced that Healthcare sector in India is expected grow to 50 billion dollar by 2025.

India aims to achieve 10 to 12% of the global market share of the medical devices sector.

The Indian healthcare system has become more focused on innovation and technology.

The govt also aiming to increase their investment in digital healthcare tools in coming five years.

DRDO and Indian Army successfully conducted six flight-tests of QRSAM

DRDO and Indian Army have successfully conducted six flight-tests of Quick Reaction Surface to Air Missile (QRSAM) system from Integrated Test Range, Chandipur off the Odisha coast.

Aim: To check the pin-point accuracy of the weapon system with state-of-the-art guidance and control algorithms. 

QRSAM:

It is a canister-based system.

It is stored and operated from specially designed compartments.

Range: 30 km (short-range SAM)

Altitude: up to 10 km

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.