12 February, 2021
TIFAC launches 2 Initiatives ‘SAKSHAM’ Job Portal, Sea Weed Mission
On Occasion of its 34th Foundation Day on February 10, 2021, Technology Information, Forecasting and Assessment Council (TIFAC) an autonomous organisation under Department of Science & Technology launched 2 new initiatives namely SAKSHAM Job Portal (Shramik Shakti Manch) & Sea Weed Mission. During the event, 2 New reports prepared by TIFAC were launched by Dr Vijay Chauthaiwale, independent Healthcare consultant. They are ‘Techno-economic feasibility on Indian bamboo as Wood Substitute’ ‘Opportunities for Fruit and Vegetable Processing in North Eastern region of India’
About Technology Information, Forecasting and Assessment Council (TIFAC):
Executive Director – Pradeep Srivastava
Headquarters – New Delhi
Indian Navy’s Largest War Game – ‘TROPEX 21’ underway at the Indian Ocean Region
Indian Navy’s Largest War Game – the Biennial ‘Theatre Level Operational Readiness Exercise (TROPEX 21)’ is currently taking place at the Indian Ocean Region (IOR). Operational assets of the Indian Navy as well as Indian Army, Indian Air Force and Coast Guard were participating in the Exercise.
About Indian Navy:
Chief of the Naval Staff (CNS) – Admiral Karambir Singh
Integrated Headquarters MoD (Navy) – New Delhi
CCEA approves Grant-in-aid of Rs 100 cr to BVFCL, Assam
i. The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister (PM) Narendra Modi has approved Grant-in-aid of Rs.100 crore to Brahmaputra Valley Fertilizers Corporation Limited (BVFCL), Namrup (Assam) for the strengthening of it’s urea manufacturing units.
ii.This approval has been made on the lines of the proposal of the Department of Fertilizers, Ministry of Chemicals and Fertilizers (MoC&F).
iii.Due to BVFCL’s old technology it is becoming difficult to attain reasonable production level from the existing units in a cost effective manner. Therefore, to overcome this scenario there is a need to replace certain equipment and machineries.
About Ministry of Chemicals and Fertilizers (MoC&F):
Union Minister– Devaragunda Venkappa Sadananda Gowda(Constituency – Bangalore North(Karnataka))
Minister of State (MoS)– Mansukh Laxmanbhai Mandaviya(Rajya Sabha Member – Constituency – Gujarat))
Sri Lanka Settles $400 million Currency Swap Facility with India
The Central Bank of Sri Lanka (CBSL) repaid USD 400 million currency swap to the Reserve Bank of India (RBI). RBI and Sri Lanka entered into this facility in July 2020 under the South Asian Association for Regional Cooperation (SAARC) currency swap framework. This facility was got for an initial period of 3 months to cope with the severe economic impact of COVID-19 pandemic. Further, RBI provided a three-month rollover at CBSL’s request, until February 1, 2021.
BRICS’ New Development Bank commits USD 100 Million to NIIF Fund of Funds;1st Ever Investment in FoF
National Investment and Infrastructure Fund Limited (NIIFL) has stated that New Development Bank (NDB) (formerly known as BRICS Development Bank) has committed to invest USD 100 Million (~ INR 727 Crore) into the NIIF Fund of Funds (FoF). This is the NDB’s 1st Equity Investment into India & the 1st ever Investment in an FoF.
RBI Restricts Withdrawals from Independence Cooperative Bank
i.The Reserve Bank of India (RBI) in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation (BR) Act, 1949 read with Section 56 of the BR Act, 1949 has issued certain Directions to Independence Co-operative Bank Limited based in Nashik, Maharashtra due to it’s present liquidity position.
ii.These directions will remain in force for a period of six months w.e.f. February 10, 2021.
iii.No amount from the total balance across all savings bank or current accounts or any other account of a depositor is allowed to be withdrawn, but are allowed to set off loans against deposits subject to the conditions.
About Deposit Insurance and Credit Guarantee Corporation:
Chairman– Michael Debabrata Patra (Deputy Governor, RBI)
Headquarter– Mumbai, Maharashtra
About Reserve Bank of India (RBI):
Headquarters– Mumbai, Maharashtra
Establishment – 1 April 1935
Governor– Shaktikanta Das
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeswar Rao)
On Occasion of its 34th Foundation Day on February 10, 2021, Technology Information, Forecasting and Assessment Council (TIFAC) an autonomous organisation under Department of Science & Technology launched 2 new initiatives namely SAKSHAM Job Portal (Shramik Shakti Manch) & Sea Weed Mission. During the event, 2 New reports prepared by TIFAC were launched by Dr Vijay Chauthaiwale, independent Healthcare consultant. They are ‘Techno-economic feasibility on Indian bamboo as Wood Substitute’ ‘Opportunities for Fruit and Vegetable Processing in North Eastern region of India’ About Technology Information, Forecasting and Assessment Council (TIFAC): Executive Director – Pradeep Srivastava Headquarters – New Delhi
i.In accordance with the data by Insurance Regulatory and Development Authority of India’s (IRDAI) annual report 2019-20, the claim settlement ratio of Life Insurance Corp. of India (LIC) declined in FY20 to 96.6% from 97.7% in FY19.
ii.On the other hand, Private Insurers has increased their settlement ratio to 97.18% from 96.6% in this period. LIC was ranked 17th among the 24 life insurers.
iii.Among, private sector life insurer Max Life had the highest claim settlement ratio for the industry at 99.2% followed by HDFC Life and TATA AIA – with a settlement ratio above 99%.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairman – Subhash Chandra Khuntia
Headquarters – Hyderabad, Telangana
Govt to sell 20% stake in National Fertilizers Ltd through OFS
The Central Government is all set to sell 20% stake in National Fertilizers Ltd (NFL) out of its shareholding of 74.71% through an Offer For Sale (OFS) method of shares, which can fetch about Rs 400 crore. To initiate the sale process, the Department of Investment and Public Asset Management (DIPAM) has invited tenders from merchant banks. It should be noted that NFL is the second largest producer of Urea in the country with a share of about 15% of total Urea production in the country.
About National Fertilizers Ltd (NFL):
NFL has five gas based ammonia-urea plants — Nangal and Bathinda plants in Punjab, Panipat plant in Haryana and two plants at Vijaipur, Madhya Pradesh.
BPCL to Buyout 36.62% Stake of BORL from OQ S.A.0.C. for Around Rs 2,399.26 crore
i.Bharat Petroleum Corporation Ltd (BPCL) to buyout 36.62% stake (88.86 crore equity shares) of Bharat Oman Refineries Limited (BORL) from OQ S.A.0.C. (formerly known as Oman Oil Company S.A.0.C.) for approximately Rs 2,399.26 crore. BORL built and operates a 7.8 million tonne oil refinery at Bina in Madhya Pradesh.
CCI Approves BOI- BAIM & BATS Deal, SHS GmbH- Varian Deal & Ecom-CDC Deal
The Competition Commission of India(CCI) has approved following deal: BOI Acquires 49% Stake each in BOI AXA Investment Managers & BOI AXA Trustee Services Siemens Healthineers Holding I Gmb Acquires 100% Shares of Varian Medical Systems, Inc CDC Group plc Subscribes Securities of Ecom Express Private Limited