Latest Current Affairs For Friday 21st October, 2022

Finance ministry releases Rs 1,764 crore grant to four states

The finance ministry has released Rs 1,764 crore grant to four states - Andhra Pradesh (Rs 136 crore), Chhattisgarh (Rs 109 crore), Maharashtra (Rs 799 crore) and Uttar Pradesh (Rs 720 crore).

The govt has released the grants for Million Plus Cities/ Urban Agglomerations (MPC/UAs) of Vijayawada and Visakhapatnam in Andhra Pradesh; Durg Bhilainagar and Raipur in Chhattisgarh; Aurangabad, Greater Mumbai, Nagpur, Nashik, Pune and Vasai-Virar City in Maharashtra.

Mahindra Finance partners India Post Payments Bank to enhance credit

Mahindra and Mahindra Financial Services Ltd has partnered with India Post Payments Bank to enhance credit access to a larger customer base.

IPPB will provide lead referral services to Mahindra Finance for passenger vehicles, three-wheeler, tractor and commercial vehicle loan categories.

As a pilot, this scheme would launch in the IPPB branches of Maharashtra and Madhya Pradesh.

It is expected to spread across other states over the next four-six months.

RBI approves Cygnet to operate as NBFC account aggregator

Fintech firm, Cygnet has received in-principle approval from the Reserve Bank of India (RBI) to operate as a non-banking financial company (NBFC) account aggregator.

Account Aggregator: It is an open financing data-sharing protocols, regulated by the RBI.

It allows consumers to instantly share their financial data with various financial institutions.

It also facilitates financial institutions to quick access consumers' consent-based financial data.

PM Jan Dhan account crosses ₹1.75-lakh crore mark

As per the government data, PM Jan Dhan Yojana (PMJDY) has crossed the ₹1.75 lakh crore mark on October 5, 2022.

The total number of beneficiaries has reached 47 crore.

Women hold a bigger share of 26.16 crore accounts, of which the bulk 31.42 crore accounts were in rural and semi-urban areas.

Of the total, PSBs held Rs 1.35 lakh crore, followed by Regional Rural Banks with Rs 34,573 crore.

About 18% of total accounts are either dormant or inoperative as on June 2022.

IPPB, RBIH join hands for financial products and services

India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) have joined hands to enhance the reach of financial solutions to large sections of society across India.

Under the arrangement, both will plan, design and execute innovative products to bridge the gap by bringing digitalised services at the customer's doorstep.

RBIH, a wholly-owned subsidiary of RBI, that promotes and facilitates innovation across the financial sector.

RBIH CEO: Rajesh Bansal

IRDAI approved ‘Bima Sugam’ portal

Insurance Regulatory and Development Authority of India (Irdai) has recently approved the launch of Bima Sugam portal.

It is an online marketplace, under which all insurance companies can sell life and non-life insurance on a single platform.

The portal will be operationalised from 1 January 2023.

Aggregators like PolicyBazaar, brokers, banks and insurance agents will act as facilitators or bridges to sell insurance policies through Bima Sugam to individuals.

CCI imposes Rs 392 crore penalties on MakeMyTrip, Goibibo, OYO

The Competition Commission of India (CCI) has imposed monetary penalties of more than ₹392 crore on MakeMyTrip (MMT), Goibibo, and OYO.

Reason: For alleged unfair business practices.

CCI imposed a fine of ₹223.48 crore on Make My Trip-Goibibo (MMT-Go) and ₹168.88 crore on OYO.

CCI was investigating the companies since 2019 following allegations by a hotel body that MMT gave special treatment to Oyo on its platform.

While, MMT-Go imposed price parity on hotel partners.

REC, PFC sign with STPL to finance Buxar Thermal Power Plant

REC Limited and Power Finance Corporation Limited (PFC) have signed an MoU with SJVN Thermal Private Ltd (STPL).

Aim: To finance the 2x660 MW coal based Buxar Thermal Power Plant (BTPP).

The total estimated project cost is ₹12,172.74 crores, with debt requirement of ₹8520.92 crores.

As per the agreement, the debt requirement will be financed by REC and Power Finance.

It is a green field project designed on supercritical technology.

14th edition of World Spice Congress to be held in Maharashtra

The 14th edition of World Spice Congress (WSC) will be held on 16-18 February at CIDCO Exhibition and Convention Centre, Maharashtra.

The summit will be organized by Spices Board India in association with various trade and export farmers.

Theme: Vision 2030: SPICES (Sustainability– Productivity – Innovation – Collaboration - Excellence and Safety). 

It will be organized as a G20 event, after India takes up the presidency from Dec 2022 to Nov 2023.

Global Youth Climate Summit 2022 organised in Bangladesh

Global Youth Climate Summit 2022 has been inaugurated in Khulna, Bangladesh from October 20-22, 2022.

Aim: To bring together 650 youth in a hybrid format with 150 youth participating in person and 500 online.

The youth will explore how they can lead the fight against climate change.

The mission of GYLC is to build the knowledge of youth about climate science.

This summit was organised by the Global Youth Leadership Centre (GYLC).

GYLC CEO: Ejaj Ahmad

Ramita Jindal wins gold in 10 meter Air Rifle Women Junior event at ISSF

India's Ramita Jindal has won gold in the 10-meter Air Rifle Women Junior event at ISSF World Championship Rifle/Pistol in Cairo, Egypt.

She defeated Ying Shen from China by 16-12.

In the 50-meter Pistol Women Junior event, India's Divanshi has won gold, Varsha Singh settled for silver and Tiyana won bronze.

Rhythm Sangwan won a silver in the 25m Standard Pistol Women.

India's Abhinav Choudhary has secured silver in the 50-meter Pistol Men Junior event.

Indus Waters Treaty: World Bank appoints chairman of Court of Arbitration

The World Bank has appointed neutral expert and chairman of the Court of Arbitration regarding the design features of the Kishenganga (330 megawatts) and Ratle (850 megawatts) hydroelectric power plants.

Reason: For disagreements and differences between India and Pakistan over the 1960 Indus Water Treaty (IWT).

Michel Lino has been appointed as the Neutral Expert.

Sean Murphy has been appointed as Chairman of the Court of Arbitration.

Sanjay Malhotra appointed as new revenue secretary

The Centre has named Sanjay Malhotra, a 1990 batch IAS officer, Rajasthan cadre, as the new revenue secretary.

He will replace Tarun Bajaj who will retire on November 30.

Road Transport and Highways Secretary, Aramane Giridhar has been named the new defence secretary. He will replace Ajay Kumar.

Other appointments (Secretary):

Ministry of Heavy Industries: Kamran Rizvi

Department of Rural Development: Shailesh Kumar Singh

Ministry of Corporate Affairs: Manoj Govil

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.