Latest Current Affairs For Friday 18th November, 2022

US  imposes $1.4 mn fine on Air  India  over delay in refunds

The US Department of Transportation has fined Air India $1.4 million (around Rs 11.3 crore) for delaying refunds worth $121.5 million (around Rs 985 crore) to passengers whose flights were cancelled during the Covid-19 pandemic.

Air India is among the six airlines that were probed by the US government.

Totally, over $600 million in refunds were paid and $7.25 million penalties imposed against six airlines for “extreme delays in providing refunds”.

National Newborn Week 2022: 15 to 21 November

National Newborn Week is celebrated every year from 15 to 21 November to reinforce the importance of neonatal health as a priority area of the health sector.

Main causes of newborn death: Prematurity; Complications during birth; Severe infections; Causes of newborn deaths in India. 

This day is observed by the Ministry of Health and Family Welfare.

The India Newborn Action Plan (INAP) was launched in 2014, in response to global Every Newborn Action Plan (of WHO).

Max Life launches Smart Wealth Advantage Guarantee Plan

Max Life Insurance has launched Smart Wealth Advantage Guarantee Plan, a non-linked, non-participating individual life insurance savings plan. 

It offers guaranteed returns, life insurance cover and financial protection all combined in one product. 

Features:

One can choose premium payment term, deferment period and income duration.

Income returns up to 30-40 years with lump sum at maturity.

Inbuilt ‘Additional Accidental Death Benefit’- amount equal to 50% of sum assured

ESAF Bank gets top 'Best in Class' ESG Ratings

ESAF Small Finance Bank (ESAF SFB) was honoured with the 'Best in Class' rating for ESG practices from CareEdge Ratings.

ESG practices refers to Environment, Social, and Governance.

With this recognition, it has become an entity with global ESG standards.

ESAF is also the first Indian member bank of the Global Alliance on Banking on Values (GAVB).

About ESAF Small Finance Bank:

MD and CEO: Kadambelil Paul Thomas

HQ: Thrissur, Kerala

Global Skill Summit co-chaired by Dharmendra Pradhan and Piyush Goyal

The first virtual Global Skill Summit was co-chaired by Dharmendra Pradhan (Education Minister) and Piyush Goyal (Union Minister of Commerce and Industry).

The summit was jointly organised by Ministry of External Affairs (MEA), Ministry of Commerce and Industry (MoCI), Ministry of Education (MoE) and Ministry of Skill Development and Entrepreneurship (MSDE).

Aim: To facilitate overseas mobility of the skilled workforce. 

IFSCA signs MoU with RBI for supervision of regulated entities

The International Financial Services Centres Authority (IFSCA) has signed an MoU with RBI for collaboration in the field of regulation and supervision of regulated entities.

Aim: To strengthen the safety, stability and soundness of respective financial ecosystems.

It also aims to ensure the conducive environments for optimal business development and economic growth.

IFSCA is responsible for development and regulation of financial products, services and institutions. 

SBI and Germany's KfW sign agreement for solar projects

SBI has signed a 150 million euro (Rs 1,240 crore) loan agreement with the German development bank KfW for funding solar projects.

This loan will facilitate new and upcoming capacities in the solar sector and further contribute to the goals announced during the COP26.

India and Germany had signed an MoU in 2015 to foster solar energy through technical as well as financial cooperation.

This is the second loan from KFW to SBI as part of the solar partnership with India. 

A book title, 'The World: A Family History' authored Simon Sebag Montefiore

A book title, 'The World: A Family History', that was authored by Simon Sebag Montefiore, will be released on November 21.

The book will be published by Hachette India.

This book tells the story of humanity from prehistory to the present day.

Through this book, the author takes the readers on an epic journey through the families that have shaped the world, including the Caesars, Medicis, Incas, Ottomans, Mughals, Bonapartes.

Books: Stalin: The Court of The Red Tsar

National Epilepsy Day: 17 November

India has recognized National Epilepsy Day on 17th November annually to raise awareness about Epilepsy.

According to the Epilepsy Foundation, 2022 theme is “There is no NEAM without ME”.

November is observed as the Epilepsy Awareness Month to educate and aware people about the signs, symptoms and impact of this disease.

Epilepsy: A disease that affects the central nervous system of the brain. 

International Epilepsy Day: Second Monday of February

Government nominates Vivek Joshi as Director on RBI’s central board

The government has nominated Vivek Joshi as a Director of the central board of RBI, with effect from November 15, 2022, until further orders.

He is the secretary of the Department of Financial Services.

He has also served as joint secretary with the Department of Expenditure from 2014 to 2017, where he was responsible for formulation of public procurement policies for the Centre and appraisal of publicly funded projects and schemes.

Arunachal Pradesh launches drone-based livestock vaccines delivery service

TechEagle (drone delivery startup) has organised the world’s first vaccine delivery for Animal Husbandry in Arunachal Pradesh, India.

This service was carried out by TechEagle in collaboration with the Animal Husbandry department and EY.

Aim: To robust Healthcare ecosystem of the animals. 

The flight took off from Roing to Paglam, which covered aerial distance of 29 km (road distance:120 km) in 20 minutes.

It has used its hybrid drone Vertiplane X3 for the maiden flight.

Sumeet Anand conferred with Legion d’Honneur by Emmanuel Lenain

Emmanuel Lenain (Ambassador of France to India) has conferred the Chevalier de la Legion d’Honneur (Knight of the Legion of Honour) to Sumeet Anand (President of FICCI).

Reason: For contributions in the fields of business and industry, and promoting Indo-French education ties.

Sumeet Anand is a founder of IndSight Growth Partners, and President of the Indo-French Chamber of Commerce & Industry.

The Legion d’Honneur was created in 1802 by Napoleon Bonaparte. 

Govt appoints Dr Arvind Virmani as full-time member of NITI Aayog

The government of India has appointed Dr Arvind Virmani as a full time member of NITI Aayog with immediate effect.

He was Chief Economic Advisor in the Finance Ministry from 2007-09.

He had also worked as the Executive Director at IMF till 2012.

He served as a member of the Technical Advisory Committee of RBI on monetary policy from 2013 to 2016.

Other existing Members: VK Saraswat, Ramesh Chand and VK Paul.

Vice Chairman of NITI: Suman Bery

CEO: Parameswaran Iyer

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.