Current Affairs

10 April, 2022

International

DBS Bank India partners with Social Alpha for Innovative Solutions to Tackle Food Loss & Wastage

The DBS (formerly Development Bank of Singapore Limited) Bank India partnered with Social Alpha to address the global issue of food waste through sustainable solutions. Social Alpha is Bengaluru, Karnataka headquartered not-for-profit Foundation for Innovation and Social Entrepreneurship (FISE) for tech start-ups.
What will be done under this partnership?
i.There will be Techtonic Innovations Towards Zero Food Waste (TZFW), a two-year program, supported by DBS and powered by Social Alpha to identify innovative solutions by entrepreneurs to help reduce quantitative and qualitative food loss and waste across food systems and agri-food value chains. Under this, 5 high-impact, mission-driven start-ups will receive grant support to develop their product and marketing strategy along with branding support, access to grassroots partnerships, and pitch for seed capital. Social enterprises willing to apply can visit Here

ii.DBS’ approach to the TZFW initiative aligns with DBS’ three sustainability pillars viz. Responsible Banking, Responsible Business Practices, and Creating Social Impact.
Points to be noted:
i.Nearly 40% of food produced in India is lost before it reaches the markets and further wasted at the retailer level, which decreases the nutritional security and causes income losses for farmers.
ii.An estimated 50 kg per capita of household food waste is recorded, totalling 68M tonnes a year.
About DBS Bank India:
MD & CEO:Surojit Shome
Headquarter:Mumbai, Maharashtra

Axis Bank inks USD 150 mn Partial Guarantee Agreement with ADB to Support Supply Chain Financing

Axis Bank signed a Partial Guarantee Facility Agreement (PGFA) with the Asian Development Bank (ADB) for a partial guarantee programme with initial outlay of USD 150 million. This milestone project is ADB’s first supply chain finance transaction in India. To make it easier for small and medium-sized enterprises (SMEs) in India to participate in trade through environmental and socially sustainable supply chains. The deal will assist Axis Bank in amplifying its support of SMEs, freeing up capital which will increase the amount of support it can lend to sectors identified by Axis Bank as the most important to sustainability.
About Axis Bank:

MD & CEO-Amitabh Chaudhry

Headquarters-Mumbai, Maharashtra
Founded- 1993
Tagline- Badhti Ka Naam Zindagi

RBI Issues Guidelines on Establishment of 24X7 Digital Banking Units by Banks

The Reserve Bank of India (RBI) issued Guidelines on the establishment of 24X7 Digital Banking Units (DBUs) to offer products and services in both self-served and assisted mode w.e.f. April 7, 2022. These are on the lines of FY23 Union Budget announcement to set up at least 75 such units in 75 districts to commemorate 75 years of the country’s independence as ‘Azadi ka Amrit Mahotsav’.
What is DBU?

It is a specialised fixed point business with certain minimum infrastructure for delivering digital banking products and services to ensure convenient and cost-effective banking for customers. The products and services at a DBU include, opening of accounts, cash withdrawal and deposit, KYC updation, loans and complaint registrations.

Background:

Following the budget announcement, a ‘Committee for establishment of Digital Banking Units (DBUs)’ was set-up by RBI to outline a roadmap for establishment of DBUs. The Committee after necessary consultations gave its recommendations on different aspects of DBU.

RBI imposes Restrictions on Shushruti Souharda Sahakara Bank Niyamita

The Reserve Bank of India (RBI) imposed several restrictions on Bengaluru (Karnataka)-based Bank namely, ‘Shushruti Souharda Sahakara Bank Niyamita’ for a period of six months w.e.f. April 7, 2022, due to decline in the lender’s financial position. This decision by apex bank is taken after exercising its power conferred under sub section (1) of Section 35 A of the Banking Regulation (BR) Act, 1949, read with Section 56 of the BR Act, 1949.

About Shushruti Souharda Sahakara Bank Niyamita:
Establishment– 1998
Founder Chairman– Dr. N. Srinivasa Murthy
Headquarters- Bengaluru, Karnataka

National

Ministry of I&B Constitutes AVGC Promotion Task Force

The Ministry of Information & Broadcasting (I&B) has constituted an Animation, Visual Effects, Gaming and Comics (AVGC) Promotion Task Force headed by Apoorva Chandra IAS, Secretary I&B among other representatives form Union Government, State Government and key Industry players. The Task Force has to submit its first action plan within 90 days and will also be responsible for framing a National AVGC policy.
i.Creation of AVGC Promotion Task Force was announced in the Union Budget 2022-23 by the Hon’ble Finance Minister to recommend the ways to realise and build domestic capacity for serving our markets and the global demand.
ii.The AVGC sector in India has the potential to become the torch bearer of “Create in India” and “Brand India”.
iii.India has the potential to reach 5% (approx. USD 40 billion) of the global market share by the year 2025, with an annual growth of around 25-30% and creating over 1,60,000 new jobs annually.

India contributed USD 72,124 to UNESCO Fund for Elimination of Doping in Sport in 2022

The Ministry of Youth Affairs and Sports contributed an amount of USD 72,124 towards UNESCO (United Nations Educational, Scientific and Cultural Organization) Fund for Elimination of Doping in Sport in 2022. This is double the amount of the minimum agreed value. In 2021, India contributed USD 28172 towards the UNESCO Fund. This was the first step towards the preparation of the UNESCO International Convention against doping in sport.

UNESCO Anti-Doping Convention:
India is a signatory to the International Convention Against Doping in Sport, which is also known as the “UNESCO Anti-Doping Convention”. It was ratified by India on 07th November 2007.

Aim- To promote the prevention and the fight against doping in sports, with a view to its elimination.
Highlights of the News:
i.As per the resolution of Seventh Conference of Parties (COP7) held at Paris, France between 29-31 September, 2019, the State Parties agreed for contributing 1% of the regular budget of respective nations to UNESCO towards the Fund for the Elimination of Doping in Sport.
ii.The contributed fund will be used to support the implementation of the Fund’s Operational Strategy 2020-2025.
India’s Anti-Doping agreements:
Copenhagen Declaration:
In 2003, India signed the Copenhagen Declaration on Anti-Doping in Sport to formally recognize and implement the ‘World Anti-Doping Code’ brought out by the World Anti-Doping Agency (WADA).
About National Anti-Doping Agency (NADA):
It is an autonomous body under the Ministry of Youth Affairs & Sports established in 2005 and is responsible for adopting, implementing and enforcing anti-doping programmes in India. It is affiliated to the Indian Olympic Association.
Headquarters-New Delhi
Motto-Play fair

Pradhan Mantri MUDRA Yojana completes 7 years on April 8, 2022

As a major move towards Atmanirbhar Bharat (self-reliant India) in defence manufacturing, the Union Minister of Defence, Rajnath Singh, has released the third positive indigenisation list of 101 items, comprising major equipment and platforms, in New Delhi (Delhi) to develop India as a defence manufacturing hub. The list is notified by the Department of Military Affairs, Ministry of Defence (MoD) and emphasizes equipment and systems that are being developed and likely to be translated into firm orders, with more than Rs. 2,10,000 crores in orders expected to be placed on Indian industry in the next five years.
These weapons and platforms are planned to be indigenised progressively with effect from December 2022 to December 2027.
Third “Positive Indigenisation List”:
It is based on the first list of 101 items and the second list of 108 items that were promulgated on August 21, 2020, and May 31, 2021, respectively.
i.The third “positive indigenisation list” contains 101 key pieces of defence equipment, bringing the total number of items on the three lists to 310.
ii.The commodities on the list will no longer be imported by the Ministry of Defence (MoD). Instead, in accordance with the terms of the Defence Acquisition Procedure (DAP) 2020, these 101 products will be incrementally procured from indigenous sources.

Economy

IndusInd Bank’s ‘Indus Merchant Solutions’ App wins Digital CX Awards 2022

The Indus Merchant Solutions, a mobile app for merchants of Indusland Bank received the ‘Outstanding Digital CX – SME Payments’ award at the Digital CX Awards 2022.
i.The Digital CX Awards is organized by Digital Banker, a globally trusted financial news service provider.
ii.Digital CX Awards 2022 is the 4th annual awards, which is the world’s only program dedicated to recognizing pioneering innovation in Digital Customer Experience across the Financial Services ecosystem.
About ‘Indus Merchant Solutions’ :
i.It was launched in November 2021.
ii.It is a mobile application (app) to enable merchants, retailers, and professionals to various facilities such as –

Accept instant cashless payments through multiple digital modes,
Track inventory via in-built dashboards,
Apply for an exclusive Point of Sale (POS) machine to facilitate card-based payments,
Avail small ticket business loans from the Bank.
About IndusInd Bank:
Commenced operations-1994
Headquarters- Mumbai, Maharashtra
CEO & MD- Sumant Kathpalia

Sports

Thirteen-Year-Old Riya Jadon Won The 11th DGC Ladies Open Amateur Golf Championship

Riya Jadon, 13, won the DGC Ladies Open Amateur Golf Championship after a close battle with her older sister Lavanya Jadon.
Highlights:
Riya Jadon, 13, won the DGC Ladies Open Amateur Golf Championship after a close battle with her older sister Lavanya Jadon.
Riya also took home the junior girls championship with scores of 78, 80, and 74. This year's tournament, which returned to the Delhi Golf Club after a two-year absence, drew over a hundred female golfers.
"As part of our ideal of fostering an active and healthy lifestyle, Usha is delighted to have sponsored golf platforms that have paved the way for kids and amateurs as champions in the making," said Usha International vice-president Anju Munjal, who was present during the presentation event.

Miscellaneous

DRDO Successfully Flight Tested SFDR Booster At ITR Off The Coast Of Odisha

The Defence Research and Development Organisation (DRDO) successfully flight tested Solid Fuel Ducted Ramjet (SFDR) booster missile system at the Integrated Test Range (ITR), Chandipur off the coast of Odisha. The SFDR is a air-to-air missile.
i.The SFDR has been developed by Defence Research and Development Laboratory (DRDL), Hyderabad in collaboration with DRDO laboratories such as Research Centre Imarat, Hyderabad and High Energy Materials Research Laboratory, Pune.
Objective:
The SFDR propulsion enables the missile to intercept aerial threats at very long range at supersonic speeds.
The SFDR demonstrated reliable functioning of all critical components involved in the complex missile system.
It has the operational range of 350km and maximum speed of Mach 4.5
The Indian Air Force (IAF) to use SFDR booster on its Rafale jets.
Systems Used To Capture The performance:
The performance of SFDR missile system is captured by range instruments like Telemetry, Radar and Electro Optical Tracking Systems (EOTS) by ITR.
About The Defence Research and Development Organisation (DRDO):
Chairman – G Satheesh Reddy
Establishment – 1958
Headquarters – New Delhi

Scientists of IIA Discovered A New Galaxy of Ghost Like Appearance

The scientists of the Indian Institute of Astrophysics (IIA) along with researchers from France discovered a faint new star-forming galaxy. The galaxy has a ‘ghost-like’ appearance in the optical images because of its low disk density, but the inner disk shows star formation.
i.The new galaxy has been named as UVIT J202258.73-441623.8 or UVIT J2022 for short.
ii.It is expected around 136 million light-years away, and is undetected as it lies in front of a brighter galaxy.
iii.The study has been published in the journal Astronomy & Astrophysics.

Instrumentation Used:
i.Ultraviolet (UV) and optical images is used to detect the inner disk star formation.
ii.Accurate census is used to measure the total mass of all the objects made of normal atomic matter (stars and gas) in the Universe, it is essential to measure the faint galaxies.
iii.Optical telescopes are used to detect the galaxies that are extremely faint.
Faint Galaxies:

The extremely faint galaxies are called low surface brightness galaxies or ultra-diffuse galaxies.
These galaxies have a surface brightness of at least ten times fainter than the surrounding night sky.
As it posses 15 % of the mass of the universe.
These galaxies are difficult to detect because of their inherent low luminosities.
Way For A New Galaxy:

The faint galaxy is discovered while studying interacting galaxy NGC 6902A noticed the colour image (Dark Energy Camera Legacy Survey (DECaLS) colour image) of the south-west outer region of the galaxy NGC 6902A in the shows diffuse blue emission.
Note
DECalS is a deep optical survey conducted on international telescopes that can be used to detect diffuse galaxies.
Far Ultraviolet (FUV) image:
i.The south-western region shows prominent star-forming regions in the Far Ultraviolet (FUV) image.
ii.Emission of the FUV in galaxies is due to young stars of types “O and B”.
iii.Type O and B has the most massive stars and also the most short-lived in the galaxies.
iv.FUV emits light for 100 million years.
v.The excess FUV light prompted the researchers to investigate the cause of the interaction.
Distance Of NGC6902A And Faint Galaxy:
i.The distance of the regions is measured using emission lines in the spectra.
ii.Thestar-forming regions are at a distance of around 136 million light-years,
iii.The distance of NGC 6902A is around 825 million light-years.
iv.As the distance is in larger measurements, the diffused blue emission was from a foreground galaxy, it was discovered using FUV and Multi-Unit Spectroscopic Explorer (MUSE). The Ultra-Violet Imaging Telescope (UVIT) on AstroSat helped to discover the galaxy and determine its coordinates in the sky. The scientists also used MUSE instrument on the Very Large Telescope (VLT) in Chile and images from Infrared Survey Facility (IRSF) in South Africa.
About The Indian Institute of Astrophysics (IIA)
Director – Annapurni Subramaniam
Headquarters – Bengaluru, Karnataka
Establishment – 1971

Jal Shakti Minister Launches ‘Digital Dashboard for District Ganga Committee Performance Monitoring System’

Gajendra Singh Shekhawat Union Minister for Jal Shakti, launched the ‘Digital Dashboard for District Ganga Committees (DGCs) Performance Monitoring System’ (GDPMS) to help the DGCs in the motive of people-river connect.

i.This move makes properly using the assets created, checking no untreated water/solid waste goes into Ganga river, monitoring afforestation to mitigate the effects of climate change, and protection of biodiversity and wetlands etc.
ii.The Minister also emphasised on the DGC 4Ms (Monthly, Mandated, Monitored and Minuted) meetings to take place regularly (2nd Friday of every month) under the leadership of District Magistrates, based on the performance, DGCs will be analysed and one who does best work will be acknowledged to generate competitiveness.
iii.Union Minister for Jal Shakti proposed the 4P principle – political will, public spending, partnership and people’s participation to make a programme successful.
About Project Arth Ganga:
i.Project Arth Ganga envisages to re-engineer the Jal Marg Vikas Project by involving the local community with a focus Of developing a sustainable economic model around river Ganga.

Tata Group Launches India’s first its Super App – ‘Tata Neu’

On 7th April 2022, Tata Group launched India’s first super app, Tata Neu, for the public. Tata Neu, developed by TATA Digital – a wholly-owned subsidiary of Tata Sons, is a platform that combines all the Tata-owned brands like BigBasket, 1mg, Croma, AirAsia, IHCL, Qmin, Starbucks, Tata Cliq, Tata Play, and Westside into one application and offers exclusive privileges and benefits across categories.
This super-app combines Tata’s traditional consumer-first approach with the modern ethos of technology.
The app will seamlessly blend product commerce, service commerce, and financial services into a consumer-first, future-ready, integrated experience.

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