National

NATIONAL

NMCG, HCL Foundation and INTACH inked MoU for Rudraksh Plantation in Uttarakhand

National Mission for Clean Ganga (NMCG)HCL Foundation and Indian national Trust for Art and Culture Heritage (INTACH) signed tripartite Memorandum of Understanding (MoU) for Plantation of Rudraksh Trees in Uttarakhand under the ‘Namami Gange’ Programme. The objective is to create a greener ecosystem in the Ganga Basin along the stretch of 97 towns and 4,465 villages.
i. Under the project, the aim is to plant 10,000 Rudraksh trees in the catchment area of Ganga River in Uttarakhand.
ii. This project will also help to generate income for people residing in those areas.
About Uttarakhand
♦ Capital: Dehradun
♦ Governor: Baby Rani Maurya
♦ Chief Minister: Trivendra Singh Rawat
♦ National Parks/Wildlife Sanctuaries: Corbet National Park, Rajaji National Park, Binsar Wildlife Sanctuaries, Valley of Flowers National Park etc.
♦ Dance Forms: Barada Nati, Langvir Nritya, Pandav Nritya etc.

The Indian Navy’s Service Selection Board was inaugurated at Diamond Harbour, Kolkata

The Chief of Naval Staff, Admiral Sunil Lanba inaugurated Indian Navy’s first full-fledged Service Selection Board (SSB) at Diamond Harbour, near Kolkata.

Vice Admiral Karambir Singh, the Flag Officer Commanding-in-Chief, Eastern Naval Command, has attended the inauguration.
i. This is the fifth SSB- Service Selection Board of the Indian Navy.
ii. It selects both Permanent and Short Service Commission officers.
iii. The other Boards are located in Bhopal, Bengaluru, Visakhapatnam and Coimbatore.

International

INTERNATIONAL

6th Session of Global Platform for DDR will be held in Geneva, Switzerland from 13th May to 17 May, 2019 

The 6th Session of the biennial Global Platform for (DDR) Disaster Risk Reduction (GP2019) will take place in Geneva, Switzerland from 13th May to 17 May, 2019 and will be co-chaired by Switzerland and UNISDR.

i. The session is summoned under the theme, ‘Resilience Dividend: Towards Sustainable and Inclusive Societies’.
ii. The agenda of the session is to represent the next key opportunity for the international community to enhance the implementation of the Sendai Framework, related Sustainable Development Goals of the 2030 Agenda, and commitments of the Paris Climate Agreement.

Sustainable Development (HLPF)UN General Assembly (UNGA), the UN 2019 Climate Change Summit.

The world’s very 1st gathering of the Global Platform for Disaster Reduction was held in 2007.

Prior to the establishment of the Global Platform for Disaster Risk Reduction, an Inter-Agency Task Force (IATF) led by UNISDR, on Disaster Reduction, met regularly between 2000-2005.
India has been chosen to co-chair the Consultative Group (CG) of GFDRR
For the fiscal year 2020 (FY20), India was chosen as the Co-chair of the Consultative Group (CG) of Global Facility for Disaster Reduction and Recovery (GFDRR) during the session of the GFDRR in Geneva, Switzerland.
i. India expressed its interest to co-chair the meet, at the 5th session of GFDRR held in October 2018.
ii. India became a Member of the Consultative Group (CG) of GFDRR in 2015 and this will be India’s 1st time in co-chairing the CG meeting of GFDRR which will in turn help India in working with the member countries and organisations in advancing the disaster risk reduction agenda during its tenure.
iii. Kumar Jindal, the Joint Secretary of Disaster Management and Kamal Kishore, member of the National Disaster Management Authority attended the meeting.
Pacific (ACP) Group of States and World Bank. 
About Global Facility for Disaster Reduction and Recovery (GFDRR):

  • It’s a global partnership that helps the developing countries to better understand climate change, the natural calamities and decrease their effects.
  • It works on a grant-funding policy that supports disaster risk management projects worldwide with World Bank managing the funding.
  • Presently GFDRR is working with around 400 local, national, regional and international partners.

Global Influence of Asian Civilizations Forum has begun in Beijing

The opening ceremony of the Conference on Dialogue of Asian Civilizations will be held in the China National Convention Center, Beijing where Xi Jinping, Chinese President will deliver a keynote speech.

i. The Forum on Global Influence of Asian Civilizations is 1 of the 6 parallel forums of the “Conference of Dialogue on Asian Civilizations”. 
ii. The Forum on Global Influence of Asian Civilizations is organized by the National Radio and Television Administration of the People’s Republic of China.
iii. The representatives from 47 Asian and other invited countries will attend the Conference on Dialogue of Asian Civilizations event. The theme of the event is “Exchanges and Mutual Learning among Asian Civilizations and a Community with a Shared Future.”

 

Banking&Finance

BANKING & FINANCE

HDFC collaborated with IMGC (India Mortgage Guarantee Corporation) for a mortgage guarantee-backed home loan

HDFC has collaborated with IMGC (India Mortgage Guarantee Corporation) for a mortgage guarantee-backed home loan.

i. Mortgage guarantee is a financial product which compensates lending institutions for the losses that may occur when a home owner defaults on a mortgage loan.
ii. In ‘mortgage guarantee’, the risk of the home loan gets transmuted from the bank/FIs (financial institution) to the mortgage guarantee company.
iii. This collaboration will help HDFC provide more loan to a home loan customer on an improved eligibility.

Nanital Bank fined Rs 1 crore by RBI

Mumbai-based Reserve Bank of India (RBI) has imposed Rs 1 crore fine to Nanital Bank. The reason behind this monetary penalty was because of Nanital Bank’s failure to fully automate the non-performing asset (NPA) identification process, despite specific directions issued in this regard.

i. Under the provision of the Banking Regulation Act, 1949 RBI has imposed the penalty because Nanital Bank has failed to adhere to the aforesaid direction issued by the RBI.
strong>About Nanital Bank
♦ Headquarter: Nanital
♦ Tagline: Banking with Personal Touch

Infosys Foundation’s registration cancelled over FCRA Violation

The Home Ministry has cancelled the registration of NGO Infosys Foundation under the Foreign Contribution (Regulations) Act for violating the norms of receiving foreign grants. Under the FCRA Act, all non-government organisations (NGOs) have to mandatorily register under the act.

i. Infosys Foundation had not submitted annual income and expenditure statement on foreign funding for last 6 years. Due to this reason the registration of Infosys Foundation was cancelled by Home Ministry.
ii. Under the FCRA Act, there are guidelines according to which registered associations are required to submit annual report of income and expenditure statement, receipts and payment account, balance sheet etc. electronically. This submission should be done within the 9 months of the closure of the financial year.
iii. The NGOs who have not received any foreign grants during a particular year are also required to furnish a ‘NIL” return for that financial year within the aforesaid period.

Sports

SPORTS

Manchester City defeated Brighton to retain Premier League title

Recently, Manchester City defeated Brighton by 4-1 at the Amex Stadium, UK in Premier League title match. Manchester City became the first team to retain the title in last 10 years since Manchester Unitedhad done the same in 2009.

i. Manchester City was one point ahead of Liverpool to win the title. Pep Guardiola has become one of the successful manager who gave eight league championship over 10 years in three countries.
About United Kingdom (UK)
♦ Capital: London
♦ Currency: Pound Sterling

Miscellaneous

AWARDS & RECOGNITIONS

Nepali Sherpa Kami Rita climbs Mt. Everest for the 23rd time; Broke his own record

 49 year old Nepali sherpa Kami Rita climbed Mt. Everest for the 23rd time and broke his own record for most summits on Mt. Everest. He successfully climbed the mountain from the Nepal side.

i. Rita resides in Thame village of Solukhumbu district.
ii. For the first time, he had scaled the mountain in the year 1994.
iii. In 2017, he became the third person to climb the highest peak for 21 times along with the record held by Apa Sherpa and Phurba Tashi Sherpa.
About Nepal:
 Capital: Kathmandu
 Currency: Nepalese Rupee
 President: Bidhya Devi Bhandari
 Prime Minister: KP Sharma Oli

Captain Aarohi Pandit from Mumbai became 1st woman in the world to cross the Atlantic Ocean solo in a LSA

A 23-year-old pilot from Mumbai, Captain Aarohi Pandit, became first woman in the world to cross the Atlantic Ocean solo in a Light Sports Aircraft (LSA).

i. She had started her journey from Wick, Scotland (United Kingdom) and landed her aircraft at Iqaluit Airport, Canada, post a 3,000 km long flight, under extremely bad weather conditions, with short stopovers in Greenland and Iceland.
ii. This mission is a part of her ongoing 1-year-long global circumnavigation flight launched with her friend Keithair Misquitta.
iii. Aarohi Pandit will return to India by July 30, 2019.

APPOINTMENTS 

Sanjiv Puri appointed as New Chairman of ITC

A 56-year old Sanjiv Puri, Managing Director of ITC Limited has been appointed as the chairman of ITC. Now Sanjiv Puri became the Chairman and Managing Director (CMD) of ITC. Previous Manager of ITC Yogesh Chander Deveshwar had passed away recently on May 11, 2019.

Additional Information
Sanjiv Puri was appointed as a Managing Director of ITC in 2018 and Chief Executive Officer (CEO) in February 2017.
About ITC Limited
♦ Headquarter: Kolkata
♦ CEO: Sanjiv Puri

Major General A K Dhingra appointed as the first Chief of Armed Forces Special Operations Division

Major General AK Dhingra has appointed as the first chief of Armed Forces Special Operations Division (AFSOD) which comprised of commandos from all the three service. The government has set up Armed Forces Special Operations Division (AFSOD) which comprised of Special Forces commandos from Army’s Parachute Regiments, Navy’s Marine Commandos (MARCOS) and Air Force’s Garud commandos. The aim of this division is to undertake joint operations by three services.

i. Major Dhingra is from elite 1 Para Special Forces Regiment. He was also the part of Indian Peacekeeping Force Operations in Sri Lanka from 1987 to 1990.
ii. This new division will work under the tri-services Integrated Defence Staff and headquarter of the division will be either in Agra or Bengaluru as per the ongoing discussion in the Defence Ministry.

A K Sikri, former Supreme Court judge appointed as the chairperson of the News Broadcasting Standards Authority

The News Broadcasters Association (NBA) notified that A K Sikri, former Supreme Court judge has been appointed as the chairperson of the News Broadcasting Standards Authority.

i. The News Broadcasting Standards Authority (NBSA) is an independent self-regulatory body of 24×7 news channels (who are members of the NBA). It implements the Code of Broadcasting Ethics in the news industry.
ii. Justice (retd) Sikri’s predecessor is Justice (retd) R V Raveendran.

Kumar Tuhin appointed as the next Ambassador of India to Bosnia & Herzegovina

The Ministry of External Affairs, Government of India, announced the appointment of Shri Kumar Tuhin (Indian Foreign Service:1991) as the next Ambassador of India to Bosnia & Herzegovina with residence in Budapest. He is currently serving as the Ambassador of India to the Republic of Hungary. He is set to take up his responsibility soon. He succeeds Rahul Chhabra.
About Bosnia & Herzegovina:
 Capital: Sarajevo
 Currency: Bosnia and Herzegovina convertible mark

R Gandhi, former RBI Deputy Governor, appointed as the Additional Director to Yes Bank for two years

Under Sub-section (1) of Section 36 AB of the Banking Regulation Act, 1949, The Reserve Bank of India announced the appointment of Rama Subramaniam Gandhi, former Deputy Governor of RBI, as an additional director on the board of Yes Bank for two years.

i. He will serve Yes Bank as the additional director with effect from 14 May 2019 to 13 May 2021 or till further orders.
ii. Yes Bank had reported a loss of Rs.1,507 cr for March quarter. Rating agencies like ICRA and India Ratings have downgraded the bank’s rating. As a result, RBI has appointed R Gandhi to the board of Yes Bank as a precautionary measure and this will strengthen the governance of the bank.
iii. Gandhi served RBI as the Deputy Governor between April, 2014 and April, 2017.
About RBI:
 Governor: Shaktikanta Das
 Headquarters: Mumbai
About Yes Bank:
 MD & CEO: Ravneet Gill
 Headquarters: Mumbai
 Tag Line: Experience our Expertise

Thought of the Day.

“A day wasted on others is not wasted on one’s self.”

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