Current Affairs

13 November, 2021

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Wangala – “the Festival of 100 Drums” celebrated in Meghalaya

Meghalaya state observed the ‘Wangala’, the festival of 100 Drums Festival. It is a post harvest festival of the Garos tribe which is being held every year to honour ‘Saljong’, the Sun God of Garos, which also marks the end of the harvest season.
The festival was inaugurated by Garo Hills Autonomous District Council (GHADC) Chief Executive Member (CEM) Benedic R Marak in the presence of GHADC Chairman Rakesh Sangma. The celebration usually lasts for two days, sometimes it can continue for even a week.

Highlights :
i.The ceremony performed on the first day known as “Ragula” is performed inside the house of the chief, and the ceremony on the second day is known as “Kakkat”.
ii.On the first day the Chibok Dance and the Koch Dance were performed. The Handloom and Handicrafts exhibition was also inaugurated in the state.
About Wangala Festival :
i.The celebration also signifies the end of a long toil period in the field for the Garo tribe before the start of the winters.
ii. The Wangala is also known as the Festival of Hundred Drums and is celebrated with different forms of dances on the tunes of folk songs played on drums and primitive flute made of buffalo horns.
About Meghalaya:
Tribe- Garo, Khasi, Jaintia
Festivals– Ka Shad Suk Mynsiem, Nongkrem Festival , Behdienkhlam Festival

NHSRCL signs MoU with Japan’s JRTC for Designs of HSR Track works for T-3 package for MAHSR Corridor Project

National High Speed Rail Corporation Limited (NHSRCL) signed a Memorandum of Understanding (MoU) with Japan Railway Track Consultant Company Limited (JRTC) to design High Speed Rail (HSR) Track works for T-3 package for Mumbai-Ahmedabad High Speed Rail (MAHSR) Corridor Project. Under this MoU, JRTC will provide the detailed design and drawings of HSR track components like RC Track bed, Track slab arrangement and Continuous Welded Rail CWR for 116-kilometre long track T-3 package between Vadodara and Sabarmati Depot and Workshop in Gujarat.
About National High-Speed Rail Corporation Limited (NHSRCL):
Establishment– 2016
Managing Director (MD)– Satish Chandra Agnihotri
Headquarter– New Delhi, Delhi

PM Modi Launches RBI Retail Direct Scheme and RB-IOS

Prime Minister Narendra Modi virtually launched 2 customer-centric initiatives of the Reserve Bank of India (RBI) such as the RBI Retail Direct (RBI-RD) scheme & Reserve Bank – Integrated Ombudsman Scheme (RB-IOS).
RBI Retail Direct (RD) Scheme:
i.The scheme will act as a medium for small investors such as the middle class, employees, small businessmen and senior citizens to have their small savings directly and securely in government securities issued by both Centre and state governments.
ii.Through which, investors could easily open and maintain their government securities account online with the RBI, at free of cost.
RBI Integrated Ombudsman Scheme (RB-IOS):
i.RB-IOS was aimed at further improving the grievance redress mechanism for resolving customer complaints against entities regulated by the RBI. The PM stated the scheme is based on ‘One Nation-One Ombudsman’.
ii.Through RB-IOS, RBI will provide a single reference point for the customers to submit documents, track the status of complaints filed and provide feedback.
iii.The RBI after review decided to integrate the current 3 ombudsman schemes such as – the Banking Ombudsman Scheme (BOS), launched in 2006, the Ombudsman Scheme for Non-Banking Financial Companies (OS-NBFC), 2018 and the Ombudsman Scheme for Digital Transactions (OSDT), 2019 into one RB-IOS.
About Reserve Bank of India (RBI):
Establishment– April 1, 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar

Economy

Mobikwik launched MobiKwik RuPay Card in partnership with NPCI & Axis Bank

Mobikwik has launched ‘MobiKwik RuPay Card’ in collaboration with National Payments Corporation of India (NPCI) and Axis Bank which is free of charge and purely digital. This card is integrated with the MobiKwik wallet allowing MobiKwik customers to get up to Rs 2 lakh of their MobiKwik wallet balance. The customer can use the card and wallet balance at over 41 million merchants across 190 countries along with MobiKwik merchant network.
About Mobikwik:
MD & CEO– Bipin Preet Singh
Headquarters– Gurugram, Haryana

Jana SFB Tie-up with 3 TReDS Platforms to Support MSMEs

Jana Small Finance Bank (SFB) has made tie-up with all the 3 existing Trade Receivables Discounting System (TReDS) platforms, namely M1xchange, RXIL(Receivables Exchange of India Ltd), and A.TReDS to ease the flow of liquidity to its MSMEs (Micro, Small and Medium Enterprises) customers. The partnership will enable the buyers and suppliers registered on all the TReDS platforms with different options to secure funds by discounting invoices after the sale & AIMA MSME will assist BSE in evaluating MSMEs. For MSME suppliers, TReDS offers the benefits of easy and quick availability of finance by discounting receivables at competitive rates, minimum and simple documentation, and overall better working capital management.

About TReDS:
i.It is an electronic platform that has been set by the Reserve Bank of India (RBI) for facilitating the financing/invoice discounting of trade receivables of MSMEs through multiple financiers from corporates and other buyers, including Government Departments and the Public Sector Undertakings (PSUs).
ii.TReDS platform involves three participants viz, Sellers – Only MSMEs; Buyers – Corporates, Government Departments, PSUs and any other entity; Financiers– Banks, NBFCs (Non-Banking Finance Companies), and other financial institutions as permitted by RBI.
Note – MSMEs contribute 30 percent of India’s GDP.
About Jana Small Finance Bank (Jana SFB):
Establishment – 2008 (as Janalakshmi Financial Services) & Received Small Finance Bank license from RBI in 2017.
Headquarters – Bengaluru, Karnataka
MD & CEO – Ajay Kanwal

SEBI amends Mutual Fund Norms to launch ETFs on Silver

i.The Securities and Exchange Board of India (SEBI) notified SEBI (Mutual Funds) (Third Amendment) Regulations, 2021 amending the SEBI (Mutual Funds) Regulations, 1996 to allow the launch of exchange traded funds (ETFs) on silver .
ii.This notification will enable the asset management companies (AMCs) to include silver or silver-related instruments in the investment schemes or initiate ‘silver ETF schemes’.
iii.It is a mutual fund (MF) scheme which invests primarily in silver or silver-related instruments having silver as the underlying product. It passes on the benefits of price efficiency, liquidity and convenience to retail investors.
About Securities and Exchange Board of India (SEBI):
Establishment– 1992
Chairman– Ajay Tyagi
Headquarter– Mumbai, Maharashtra

IPPB, DoP partnered with Bajaj Allianz Life Insurance offering Term and Annuity Products to Customers

A strategic tripartite partnership was inked between the India Post Payments Bank (IPPB), Department of Posts (DoP) and Bajaj Allianz Life Insurance Company (BALIC) for launching two products viz. term and annuity, to prioritize rural customers. Through this alliance, BALIC has become the first private life insurer in the country to enter into a tie up with the Department of Posts for sale of PoS products & will utilize IPPB’s vast network of 650 branches and over 136,000 banking access points for offering products to customers. The announcement was made during a media meet in New Delhi which was attended by Venkatram Jayanthy, MD (Managing Director) & CEO (Chief Executive Officer), IPPB; and Tarun Chugh, MD & CEO, BALIC; and other senior officials.

About India Post Payments Bank (IPPB):
Parent Department– Department of Posts, Ministry of Communication with 100% equity owned by Government of India
Establishment– 2018
Tagline– Aapka Bank, aapke dwaar
Headquarter– New Delhi, Delhi

Sports

India hockey squad for Men's Hockey Junior World Cup 2021: Olympic Bronze Medalist Vivek Sagar Prasad will lead the Indian Junior Men’s Hockey team for the FIH Hockey Men's Junior World Cup 2021, which is scheduled to begin in Bhubaneswar, Odisha from November 24, 2021. Hockey India had announced an 18-member India squad on November 11 to defend India's Junior Hockey World Champion title. The much-awaited FIH Odisha Hockey Men's Junior World Cup Bhubaneswar 2021 will see 16 top teams clash against each other. India will open its campaign in the Junior Hockey World Cup with their opening match against France on November 24th. India had won the previous Junior World Cup edition in 2016.

India hockey squad for Men's Hockey Junior World Cup 2021: Olympic Bronze Medalist Vivek Sagar Prasad will lead the Indian Junior Men’s Hockey team for the FIH Hockey Men's Junior World Cup 2021, which is scheduled to begin in Bhubaneswar, Odisha from November 24, 2021.

Hockey India had announced an 18-member India squad on November 11 to defend India's Junior Hockey World Champion title. The much-awaited FIH Odisha Hockey Men's Junior World Cup Bhubaneswar 2021 will see 16 top teams clash against each other.
India will open its campaign in the Junior Hockey World Cup with their opening match against France on November 24th. India had won the previous Junior World Cup edition in 2016.

India hockey squad for Men's Junior World Cup 2021: Olympic medalist Vivek Sagar to lead 18-member squad - Check full player list

India hockey squad for Men's Hockey Junior World Cup 2021: Olympic Bronze Medalist Vivek Sagar Prasad will lead the Indian Junior Men’s Hockey team for the FIH Hockey Men's Junior World Cup 2021, which is scheduled to begin in Bhubaneswar, Odisha from November 24, 2021.

Hockey India had announced an 18-member India squad on November 11 to defend India's Junior Hockey World Champion title. The much-awaited FIH Odisha Hockey Men's Junior World Cup Bhubaneswar 2021 will see 16 top teams clash against each other.

India will open its campaign in the Junior Hockey World Cup with their opening match against France on November 24th. India had won the previous Junior World Cup edition in 2016.

Miscellaneous

Jeff Bezos’ Blue Origin Plans to Set Up ‘Orbital Reef’ Space Business Park

Blue Origin, a space tourism company owned by Jeff Bezos, founder of Amazon, has planned to launch “Orbital Reef”, a commercial space station between 2025 and 2030. This 32,000 sq ft station is set to be a mixed-use business park in space that will host up to 10 people. This will offer the location for film-making in microgravity or conducting cutting-edge research. This will also include a space hotel. Blue origin will partner with Sierra Space a subsidiary of aerospace contractor Sierra Nevada Corporation, as well as Boeing, Redwire Space, and Genesis Engineering to build the outpost.

South Korea Conducts Tests on Urban Air Mobility Control System

South Korea successfully demonstrated a system for controlling urban air mobility vehicles (UAM) which will serve as urban taxis service between major airports and downtown of Seoul by 2025, cutting travel time by two-thirds. UAM could cut travel time for distances between 30-50km (19-31 miles) from an hour by car to 20 minutes by air. UAM will become the common means of transportation in citizen’s day-to-day life

Features
i.The air traffic control system that manages domestic and international flights at airports which monitors and manages UAM aircraft.
ii.The technology includes imaging equipment to detect and track the aircraft, and patented lighting systems for “vertiports” where drones land and take off.
iii.The Pilot flew a two-seat model made by Germany’s Volocopter at Seoul’s Gimpo Airport to test and demonstrate its control and coordination which is powered by helicopter-like rotors for vertical take-offs and landings
iv.The drone aircraft was also modeled where an operational 5 seat version with full sized prototype will be tested in 2022
About South Korea:
President – Moon Jae-in
Capital – Seoul
Currency – Won

Daniel Ortega wins 4th Consecutive President term of Nicaragua

José Daniel Ortega Saavedra, won his fourth consecutive presidential term in Nicaragua elections. According to the Supreme Electoral Council of Nicaragua, Daniel Ortega won the election with 75% of the total votes polled. This will be his fourth consecutive five-year term, and overall this is his 5th term as President. This election is widely regarded as rigged, as the opposition political leaders were either prisoned before the election or termed Terrorist & exiled from the country.

About José Daniel Ortega Saavedra
i.Daniel Ortega, born on November 11, 1945, La Libertad, Nicaragua.
ii.He is a Nicaraguan guerrilla leader, member of the Sandinista junta that took power in 1979, and the elected president of Nicaragua.
About Nicaragua:
Nicaragua is a Central American country, which is nicknamed as “The Land of Lakes and Volcanoes”
Capital– Managua
Currency– Nicaraguan córdoba

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