Current Affairs

11 August, 2021

International

NSE IFSC Appointed BSO as its 1st International Connectivity Partner to Connect Global Investors

NSE International Exchange (NSE IFSC) Ltd, a wholly-owned subsidiary of the National Stock Exchange of India Ltd (NSE) has appointed BSO, a global pioneering infrastructure and connectivity provider as its 1st official international approved connectivity partner i.e. International Network Carrier (INC).

Objective: To meet increased market demand and support trading firms with secure, low-latency access to the rapidly emerging markets. The partnership will enable the Asian, European and American trading firms to access the Indian market via BSO’s global network. It will also enable the international trading members to use the connectivity to provide trading access to their clients through the Segregated Nominee Account Provider (SNAP) framework.

About NSE International Exchange (NSE IFSC) Ltd:
The NSE IFSC, which is situated in GIFT-City was launched as a global trading platform to offering easy access for foreign investors to make all transactions in US dollars.
Establishment – 2016
Headquarters – Gandhinagar, Gujarat

G20 Research Ministers’ meeting 2021 held in Trieste Italy; MoS Education Subhas Sarkar attended virtually

The first official meeting of G20 (Group of Twenty) Research Ministers 2021 was held in hybrid mode from Trieste, Friuli-Venezia Giulia, Italy where India was virtually represented by Minister of State (MoS) Subhas Sarkar, Ministry of Education (MoE). It was chaired by Maria Cristina Messa, Minister of University and Research, Italy. During the meeting views were exchanged on cooperation in research and higher education systems with focus on global digital transformation and their contribution to achieving the Sustainable Development Goals.

Indian Government efforts in Education Sector:
i.India’s National Education Policy, 2020, seeks to strengthen the research ecosystem by establishing a National Research Foundation.
ii.National Education Technology Forum, as an umbrella body was launched for the maximization of technology in the education sector.
iii.India is supporting the collective efforts of the G-20 countries in building a resilient education system.
iv.India also introduced AI (Artificial Intelligence) in the school curriculum from grade 6 onwards and also started engineering courses in regional languages. It also supports schemes like SPARC (Scheme for Promotion of Academic and Research Collaboration) and GIAN (Global Initiative of Academic Networks) to promote academic and research collaboration between India and other countries. Indian institutions are also entering into twinning arrangements with foreign universities for which Academic Bank of Credit has been set up.

National

India to host 1st India Internet Governance Forum 2021

Government of India (GoI) is set to host the 1st India Internet Governance Forum 2021 (IIGF 2021) in India from October 20-22, 2021. IIGF 2021 will be conducted by the Ministry of Electronics & Information Technology (MeitY). The theme of the IIGF-2021 will be ‘’Inclusive Internet for Digital India‘’. IIGF is the Indian chapter of the United Nations based Internet Governance Forum. It will act as a platform to discuss public policy issues related to the Internet. Over 10,000 participants are expected to participate in the event, more than 25 workshops across the digital economy, digital governance, Trust, Security, Stability, Sustainability will be held during the forum.

Internet Connectivity in India
India has the highest data consumption per person per month and 2nd largest broadband subscription country in the world after the USA.
About Ministry of Electronics and Information Technology (MeitY)
Union Minister – Ashwini Vaishnaw (Rajya Sabha – Odisha)
Minister of State – Rajeev Chandrasekhar (Rajya Sabha – Karnataka)

Gurkhas will not be Prosecuted under Citizenship Act, 1955: Assam Cabinet

The Assam cabinet has decided to not prosecute any Gurkha member under the Citizenship Act, 1955. All the pending cases relating to Gurkhas will also be withdrawn from the Foreigners Tribunal (FTs). It will also remove the illegal immigrants or foreigners tag for the Gurkhas who are original inhabitants of Assam and are bona fide Indian citizens. The Assam cabinet has also included Gurkhas & 4 other indigenous communities – Ahoms, Morons, Motoks and Chutias as ‘protected classes of persons’ in Sadiya tribal belt of the state.
About Assam
Governor – Jagdish Mukhi
National Parks – Manas, Nameri
Wildlife Sanctuaries – Amchang, Barail

“AL-MOHED AL-HINDI-2021” – 1st ever Naval Exercise between India & Saudi Arabia

The Maiden Naval Exercise “AL-MOHED AL-HINDI-2021” between Indian Navy and the Royal Saudi Naval Forces commenced on August 9, 2021. INS Kochi, the flagship Destroyer of the Indian Western Naval Fleet, arrived at the Port-al-Jubail, Saudi Arabia representing India. A number of shore and sea based drills is scheduled to take place between the two Navies.

INS Shivalik and Kadmatt reaches Brunei to enhance Bilateral Ties: Indian Navy deployed INS Shivalik and INS Kadmatt to Muara, Brunei to participate in various bilateral professional interactions with the Royal Brunei Navy (RBN). It will enhance interoperability, gain from best practices and develop common understanding of procedures for Maritime Security Operations.

About Indian Navy
Chief of Naval Staff (CNS) – Admiral Karambir Singh
Integrated Headquarters of Ministry of Defence – New Delhi
About Saudi Arabia
Capital – Riyadh
Currency – Saudi Riyal

PM Launched NMEO-OP Mission to Achieve Self-Reliance in Edible Oils; PM Released 9th Installment of PM-KISAN

Prime Minister (PM) Narendra Modi launched the National Edible Oil Mission-Oil Palm (NMEO-OP) to reduce India’s dependence on imported edible oils and achieve self-reliance in its production. The government plans to invest Rs 11,000 crore under NMEO-OP for a 5-year. The mission was launched on the anniversary day of the Quit India Movement. PM virtually released the 9th installment of financial benefit under Pradhan Mantri Kisan Samman Nidhi (PM-KISAN). This will enable the transfer of more than Rs 19,500 crores to more than 9.75 crores beneficiary farmer families. So far, Rs 1 lakh 60 crores has been given to farmers under PM-KISAN. Rs 1 lakh crore and 2 crore Kisan Credit Cards were transferred to small farmers during COVID-19 under PM-KISAN.
About Ministry of Agriculture & Farmers Welfare:
Union Minister – Narendra Singh Tomar (Constituency – Morena, Madhya Pradesh)
Minister of State – Kailash Choudhary (Constituency – Barmer, Rajasthan), Shobha Karandlaje (Constituency – Udupi Chikmagalur, Karnataka)

RBI enhanced Collateral Free Loans to SHGs under DAY-NRLM to Rs 20 lakh from Rs 10 Lakh

i.The collateral free loans to self-help groups (SHGs) provided under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) have been enhanced to Rs 20 lakh from Rs 10 lakh by Reserve Bank of India (RBI).
ii.Under this enhancement, for loans to SHGs up to Rs 10 lakh there will be no collateral and no margin will be charged, also, no lien should be marked against savings bank account of SHGs and no deposits should be insisted upon while sanctioning loans.
iii.For loans to SHGs above Rs 10 lakh and up to Rs 20 lakh, no collateral should be charged and no lien should be marked against savings bank account of SHGs.
About Reserve Bank of India (RBI):
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar

Economy

IDFC FIRST Bank Signed MoU with Indian Navy to offer Honour FIRST Defence Account

IDFC FIRST Bank signed a Memorandum of Understanding (MoU) with the Indian Navy to offer the special defence savings account named ‘Honour FIRST’ for the serving personnel and veterans of the Indian Navy. The MoU was signed at New Delhi between Commodore Neeraj Malhotra, Commodore – Pay and Allowances, Indian Navy and senior officials of IDFC FIRST Bank. It is a zero balance salary account and it earns up to 5 percent interest per annum and no minimum balance is required for the account. The account includes Personal Accidental Insurance cover of up to Rs 46 Lakhs and provides Air accident cover of up to Rs 1 crore.

About IDFC FIRST Bank:
It is founded by the merger of erstwhile IDFC Bank Ltd and erstwhile Capital First Ltd
Establishment – 2018
Headquarters – Mumbai, Maharashtra
MD & CEO – V. Vaidyanathan

ADB ties up with IIFL Home Finance for Green Housing in India

The Asian Development Bank (ADB) has joined hands with price housing financier IIFL (India Infoline ) Home Finance Ltd, subsidiary of IIFL home finance to reduce carbon emissions and preserve water and vitality in India.IIFL is the technical assistance of the program. The total cost of the project is $1 million & ADB will fund through its Urban Climate Change Resilience (UCCR) Trust Fund, IIFL, will contribute $0.15 million towards inexpensive housing in India.

About IIFL Home Finance Ltd:
IIFL(formerly India Infoline Limited) Home Finance Ltd is a subsidiary of IIFL Finance Limited. IIFL Finance Limited was formerly known as IIFL Holdings Limited.
Chairman– S.Sridhar
Headquarter– Gurgaon, Haryana

IIA, GIFT City Signed MoU to Promote Fintech for Insurance Companies

India Insurtech Association (IIA) signed a Memorandum of Understanding (MoU) with International Financial Services Centre (IFSC) at GIFT (Gujarat International Finance Tec) City, (GIFT-IFSC) to promote fintech for Indian and foreign insurance companies.
Objective – The association will promote new digital business models, build collaboration between start-ups and all the other participants of the insurance industry.
Initiatives under the MoU:
i.Events, information series, seminars, and conferences will be organised under the partnership to create awareness about GIFT IFSC. They will also research regulatory sandbox projects for GIFT IFSC, which will benefit insurtech start-ups, re-insurance businesses, service providers, and individuals.

ii.International firms will be offered world-class infrastructure and facilities to conduct their business in India.
iii.IIA will support both Indian and global financial organisations, re-insurance and insurtech participants to benefit from the regulatory sandbox initiatives at GIFT City.
iv.IIA will also work with the GIFT – Special Economic Zone (SEZ) and highlight India’s international financial services potential.
About GIFT City:
GIFT IFSC is the 1st IFSC formed in India and currently, it is the only IFSC in the country.
Headquarters – Gandhinagar, Gujarat
MD & CEO – Tapan Ray

Equitas SFB Launched Fintech Accelerator Programme – ‘Equitech’

In August 2021, the Equitas Small Finance Bank (SFB) launched ‘Equitech’, a fintech accelerator programme for the start-up entrepreneurs ecosystem.

Objective: To provide the required legal and regulatory support for the start-ups through its experts and venture capitalists.

Note – During COVID-19, the fintech investments in India increased by 60 percent due to the innovations in the banking system driven by fintech startups.
About Equitas Small Finance Bank (SFB):
Headquarters – Chennai, Tamil Nadu
MD and CEO – Vasudevan Pathangi Narasimhan
Tagline – It’s Fun Banking

Sports

Former New Zealand all-rounder Chris Cairns in ICU

Former New Zealand all-rounder Chris Cairns is on life support in an intensive care unit at St. Vincent’s Hospital in Sydney after he suffered an aortic dissection in the heart last week. As per media reports, 51-year-old Cairns suffered an aortic dissection, wherein a tear occurs in the inner layer of the body’s main artery (aorta), in Canberra last week. He was transferred to St. Vincent’s Hospital on August 10, 2021. He has been reportedly undergone several operations but has not responded to treatment as doctors had hoped.

ICC to push for cricket's inclusion in 2028 Los Angeles Olympics

The International Cricket Council (ICC) has confirmed that it is planning to push for cricket's inclusion in the Olympic Games. The ICC aims to bid for the sport's inclusion in the 2028 Los Angeles Olympics.
The International Cricket Council has assembled a working group to lead the bid. The ICC said in a statement that 30 million cricket fans live in the United States, making LA 2028 Olympics the ideal Games for cricket to make its return.
Cricket has only been included once in the Olympics till now, that too in 1900 Paris Olympic Games when only two cricket teams had competed- hosts France and Great Britain.

Miscellaneous

RBI Ropes in Olympian Neeraj Chopra for Cyber Frauds Awareness Campaign

Reserve Bank of India(RBI) roped in Olympic gold medalist, Athlete (Javelin) Neeraj Chopra for its new public awareness campaign against digital banking frauds. As a part of the campaign, Neeraj Chopra urges people not to disclose details such as one-time password(OTP), Card Verification Value(CVV) number and ATM PIN in front of others.

Cashify appointed Actor Rajkumar Rao as its 1st brand ambassador:
Cashify, formerly ReGlobe, the trademark of Manak Waste Management Private Limited, has appointed Bollywood actor Rajkumar Rao as its first brand ambassador.
Cashify is a re-commerce marketplace, which offers a platform to resell old or used electronic gadgets.Rajkumar Rao has signed a multi-year contract with Cashify.

About Reserve Bank of India:
Governor- Shaktikanta Das
Headquarters- Mumbai, Maharashtra
The Reserve Bank of India was established on April 1, 1935, under the Reserve Bank of India Act, 1934.

RK Vishnoi Assumed Charge as CMD of THDCIL

RK Vishnoi assumed the charge as the Chairman and Managing Director (CMD) of THDC India Limited(THDCIL), with immediate effect. He succeeds Vijay Goel who held the additional changes of CMD since May 2021. THDCIL is a joint venture between NTPC and Uttar Pradesh government. RK Vishnoi has been serving as the Director(Technical), THDCIL since September 2019.
About RK Vishnoi:
i.RK Vishnoi has been working in THDCIL since 1989 and has served in various capacities. He became a general manager in 2013 and was later elevated as the Executive Director in 2016.
ii.He has contributed as a member of the World Bank Expert Group to discuss various issues and constitute guidelines in respect of contracts during various interactions with the World Bank.
iii.He represents India in the International Commission on Large Dams for the Technical Committee on Seismic Safety of Dams.
About THDC India Limited(THDCIL):
CMD– RK Vishnoi
Headquarters– Rishikesh, Uttarakhand
THDCIL was registered as a Public Limited Company in July 1988.

Nagaland Won 7 TRIFED’s Van Dhan Awards 2020-2021

Nagaland has won 7 Van Dhan Awards 2020-2021 for its outstanding performance in various categories. The state topped in 3 categories, Best Survey State, Best Training State and the most number of Van Dhan Vikas Clusters(VDVKCs).
The awards were announced by Arjun Munda, Union Minister of Tribal Affairs, during the 34th Foundation day of the Tribal Cooperative Marketing Development Federation of India (TRIFED). The Van Dhan Awards was instituted by the TRIFED to recognise Van Dhan Self Help Groups (VDSHG), VDVKCs, tribal artisans, forest produce gatherers and people working for them, for their achievements and contributions. The awards were given under various categories such as the implementation of MSP for Minor Forest Produce (MFP), Van Dhan Yojana, adoption of digital technology, innovation and creativity, sales generated, training and number of VDVK clusters established. Click here for the complete list of awardees

About Nagaland:
Governor– Ravindra Narayan Ravi
National Park– Ntangki National Park
Wildlife Sanctuary– Fakim Wildlife Sanctuary; Puliebadze Wildlife Sanctuary; Rangapahar Wildlife Sanctuary

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Daily Current Affairs | 22nd September 2021

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