Current Affairs

8 November, 2020

International

5th Joint Working Group on Coal held virtually between India and Indonesia

India successfully hosted the 5th Joint Working Group (JWG) on Coalbetween India and Indonesia via Video conference from New Delhi due to Pandemic.
Chair of JWG: The JWG was co-chaired from Indian side by Vinod Kumar Tiwari, Additional Secretary, Ministry of Coal, Government of India and by Jonson Pakpahan, Director for Mineral and Coal, Non Tax State Revenue of Ministry of Energy and Mineral Resources, Republic of Indonesia.
About Indonesia:
President – Joko Widodo
Capital – Jakarta
Currency – Indonesian Rupiah (Rp) (IDR)

National

Joint coastal security exercise, “Sagar Kavach” held at Paradip Coast, Odisha

A two-day joint coastal security annual exercise “Sagar Kavach” was held on November 5-6 at Paradip Coast, Odisha. It was carried out by the state governments of Odisha and West Bengal.More than 10 such departments, including the Indian Navy, the Indian Coast Guard, the Odisha Police, the local fishermen, the forest department, and the port marine department, have joined the joint exercise.
About Odisha:
Chief Minister (CM)– Naveen Patnaik
Capital– Bhubaneswar
About West Bengal:
Chief Minister (CM)– Mamata Banerjee
Capital-Kolkata

PM Narendra Modi chaired Virtual Global Investor Roundtable 2020 conference

In order to attract investments in India, the Global Investor Roundtable (VGIR) 2020 conference was held virtually which was chaired by Prime Minister Narendra Modi. It focuses on discussions around three important areas such as India’s economic and investment outlook, structural reforms and the government’s vision for making the country a $5 trillion economy.VGIR 2020 is organized by the Ministry of Finance, Government of India, and National Investment and Infrastructure Fund.The Indian side is being represented by business leaders, financial market regulators, Union Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) governor Shaktikanta Das.
About National Investment and Infrastructure Fund Limited:
Managing Director and CEO – Sujoy Bose
Headquarter – Mumbai, Maharashtra

India Conducts Tri-Service Combat Exercise “Bull Strike” at Teressa Island

Andaman and Nicobar Command (ANC) conducted a three-day Tri-Service Combat Exercise code named “Bull Strike” from November 3-5,2020 at Teressa Island in Nicobar Group of Islands.The exercise saw participation from three service components of ANC, elements of Indian Army’s Parachute Brigade, MARCOS (Marine Commando Force) and Special Forces.The exercise focussed on interoperability and synergy among three services – Army, Navy and Air Force to maximise combat potential.
About Indian Army:
Chief of Defence Staff – General Bipin Rawat
Commander-in-Chief of Indian Armed Forces – President of India (Ram Nath Kovind)

Virtual India CEO forum on Climate Change Chaired by Union Minister Prakash Javadekar

The India CEO Forum on Climate Change was held virtually on November 5 which was chaired by Union Minister Prakash Keshav Javadekar, Ministry of Environment, Forest & Climate Change (MoEF&CC). It focuses on sustainable partnership between the Government and private sector in the field of climate change. The forum saw the participation of key industry leaders from the steel, cement, power, pharmaceuticals etc. sectors who shared their vision for climate action in the post-2020 period.
About Ministry of Environment, Forest and Climate Change (MoEF&CC):
Prakash Keshav Javadekar Constituency– Maharashtra
Minister of State (MoS)– Babul Supriyo

Economy

SEBI Enhances Foreign Investment Cap limit of Mutual Funds from $300 million to $600 million

Securities and Exchange Board of India (SEBI) issued a circular on “Enhancement of overseas investment limits for mutual funds” under which the foreign investment limit per mutual fund (MF) house has been doubled to $600 million, from the existing $300 million, within the overall industry limit of US $ 7 billion. SEBI has reserved an amount of $50 million per fund house.
Mutual Funds can invest in overseas Exchange Traded Fund (ETFs) subject to a maximum of US $ 200 million per mutual fund, within the overall industry limit of US $ 1 billion.
About Securities and Exchange Board of India (SEBI):
Establishment– April 12, 1992
Headquarters– Mumbai, Maharashtra
Chairman– Ajay Tyagi

NPCI Gives Approval to ‘WhatsApp Pay’ to start UPI in India;UPI closes 30% of TPAPs transaction volume

The National Payments Corporation of India (NPCI) gave approval for ‘WhatsApp Pay’, a payment system of Whatsapp to go live on Unified Payments Interface (UPI) in the multi-bank model in India. NPCI has issued a cap of 30% on the total transaction volume on the UPI network of all Third Party App Providers (TPAPs). This will be effective from January 1, 2021.
About National Payments Corporation of India (NPCI):
Founded – 2008, an initiative of RBI and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007.
Head Office– Mumbai, Maharashtra
Managing Director(MD) & Chief Executive Officer(CEO)– Dilip Asbe

RBI Announced “Co-Lending Model (CLM)” for Banks, NBFCs for Priority Sector Lending

Reserve Bank of India (RBI) has revised the loan scheme of the Co-origination Model between Banks and Non-Banking Financial Companies – Non-Deposit taking – Systemically Important (NBFC-ND-SIs) launched in September 2018 with the improved”Co-Lending Model (CLM)”. The Scheme CLM helps banks to provide loans along with NBFCs (Non-Banking Financial Companies) including HFCs (Housing Finance Companies) for priority sector borrowers based on a prior agreement. This revision has been made to provide greater operational flexibility to the lending institutions in order to improve credit flow to the unserved and underserved sector of the economy.
About Reserve Bank of India (RBI):
Formation– 1 April 1935
Governor– Shaktikanta Das
Headquarters– Mumbai, Maharashtra
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeswar Rao)

Sports

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Miscellaneous

Axis Bank Acquires 57,743 shares in CSC e-Governance Services India Ltd for Rs 36.38 crore

Axis Bank Ltd acquired 57,743 shares in CSC e-Governance Services India Ltd for Rs 36.38 crore. The transaction is for 9.91% equity stake in CSC e-Governance as a strategic investment by the bank. The transaction is likely to be completed by December 2020.
About CSC e-Governance Services India Ltd:
It is a Special Purpose Vehicle(SPV), set up by the Ministry of Electronics & Information technology (MeitY) under the Companies Act, 1956 to oversee implementation of the CSC(Common Services Centre)scheme.
HeadQuarters– New Delhi, India
About Axis Bank Ltd:
Founded– 1993
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Amitabh Chaudhry
Tagline– Badhti Ka naam Zindagi

M M Kutty Appointed as the 1st Chairperson of the Commission for Air Quality Management in NCR and Adjoining Areas

Appointments Committee of the Cabinet(ACC) approved the appointment of M M Kutty as the 1st Chairperson of the Commission for Air Quality Management in NCR and Adjoining Areas. The center has also appointed members of the commission for 3 year term, with effective from the date of assumption of charge of the post or until the attainment of age of 70 years. M M Kutty is a former secretary of the Ministry of Petroleum and Natural Gas.
Members:
Arvind Kumar Nautiyal, joint secretary, Ministry of Environment, Forest and Climate Change will serve as the full-time member of the commission.
Full-time technical members
Professor Mukesh Khare of Indian Institute of Technology(IIT), Delhi and KJ Ramesh, former director-general of India Meteorological Department(IMD) , will be the full-time technical members of the commission.
Non-government members
Ajay Mathur, the director-general of The Energy and Resources Institute, and Ashish Dhawan of Air Pollution Action Group appointed as the non-government members of the commission.
9 ex-officio members
9 ex-officio members of the commission will be appointed by the respective state governments.
Selection Panel:
A selection panel under Prakash Javadekar, Union Minister for Environment, Forest and Climate Change (MoEFCC), in the exercise of its powers under the ‘Commission for Air Quality Management in National Capital Region and Adjoining Areas Ordinance, 2020’ selected MM Kutty to the post.

Priyanca Radhakrishnan becomes New Zealand’s first-ever Indian-origin Minister

41-year old Priyanca Radhakrishnan became New Zealand’s first-ever Indian-origin Minister as Prime Minister Jacinda Ardern unveiled her new cabinet after her victory in the 2020 General Elections of New Zealand. Priyanca was appointed as Minister for the Community and Voluntary Sector, Minister for Diversity, Inclusion and Ethnic Communities, Minister for Youth. She was also appointed as Associate Minister for Social Development and Employment. Priyanca hails from Paravur in Ernakulam district of Kerala. She was born in Chennai, Tamil Nadu. She belongs to the New Zealand Labour Party.
About New Zealand:
Prime Minister – Jacinda Ardern
Capital – Wellington
Currency – New Zealand Dollar (NZD)

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