15 November, 2021
RBI Issued Directions on Laxmi Cooperative Bank with Withdrawal Cap of Rs 1000
The Reserve Bank of India (RBI) issued certain Directions to The Laxmi Cooperative Bank Limited, Solapur, Maharashtra, and capped the withdrawal for customers at Rs 1,000. RBI issued the directions in the exercise of powers vested in it under subsection (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949.
About Laxmi Cooperative Bank Limited:
Establishment – 6th June 1929
Headquarters – Solapur, Maharashtra
Chairman – B. V. Nerlekar
HDFC Bank integrates with E-NAM to Facilitate Agri Commodity Trading
HDFC Bank integrated with the Central Government’s National Agriculture Market (eNAM) to enable digital collections and settlement of funds to various agricultural transactions carried out through eNAM by farmers, traders, Farmer Producer Organisation (FPOs).HDFC Bank has partnered with Small Farmers Agri-Business Consortium (SFAC) to further improve the ease of doing business on e-NAM platform by offering the Multi-Netbanking, Debit card, NEFT/RTGS and UPI/IMPS collection modes.
i.The bank provides details of around 50 % of branches in Semi-Urban and Rural areas to support trading activities of farmers and traders on the eNAM platform.
ii.The integration helps farmers, traders, Farmer Producer Organisation (FPOs), commission agents, institutional buyers and other Mandi level service providers for easy settlement mechanisms.
Note – In 2001, HDFC Bank became the first agency bank to digitize tax collections for the Central Board of Direct Taxes (CBDT).
About National Agriculture Market (eNAM):
i.eNAM was launched in 2016 with SFAC as the nodal implementing agency under the Ministry of Agriculture and Farmers Welfare.
ii.Currently e-NAM is integrated with over 1,000 Mandis across the country and the total value of agri-produce traded on eNAM is around Rs. 1.3 lakh crore till Financial Year (FY) 2020-21.
About Small Farmers Agri-Business Consortium (SFAC)
Managing Director – NeelKamal Darbari
Headquarters – New Delhi, Delhi
About HDFC Bank:
Established – 1994
Headquarters – Mumbai, Maharashtra
MD & CEO – Sashidhar Jagdishan
Tagline – We Understand Your World
President Ram Nath Kovind Confers Honorary Rank of General of Indian Army on Nepal Army Chief Prabhu Ram Sharma
Nepal Army Chief General Prabhu Ram Sharma was conferred with the honorary rank of ‘General of the Indian Army’ by President Ram Nath Kovind at a ceremony at the Rashtrapati Bhavan. (It is a continuation of a tradition that started in 1950) Nepal Army chief Gen Prabhu Ram Sharma was on a 4-day visit on an official invitation extended by General Naravane, Chief of the Army Staff of Indian Army to India to improve the defence ties between both nations. Chief General Sharma had meetings with defence secretary Ajay Kumar, Chief of Defence Staff General Bipin Rawat, Army chief Naravane and Air Chief Marshal V R Chaudhary. Nepal relies on India for the transportation of goods and services. Nepal’s access to the sea is through India, and it imports a major proportion of its requirements from and through India.
Note – Ram Nath Kovind became the 14th President of India on 25 July 2017.
Capital – Kathmandu
Currency – Nepalese rupee
President – Bidhya Devi Bhandari
NTPC Ties up with IOCL to Collaborate in Renewable Energy
NTPC (formerly National Thermal Power Corporation Limited) signed a memorandum of understanding (MoU) with Indian Oil Corporation Limited (IOCL) to collaborate in the field of Renewable Energy (RE) and mutually explore opportunities for supply of low carbon/RE RTC (round the clock) captive power. This is a first-of-its-kind novel initiative by two leading national energy majors of India, to support the country’s commitment to achieving renewable energy targets and reduce greenhouse gas emissions.
The MoU was signed by Sangeeta Kaushik, Chief General Manager (BD) NTPC, and VK Raizada, Executive Director (M&I) Indian Oil in the presence of Gurdeep Singh, CMD (Chairman & Managing Director) NTPC; Shrikant Madhav Vaidya, Chairman, Indian Oil; and other officials of the companies About Indian Oil:
Parent Ministry– Ministry of Petroleum and Natural Gas (MoPNG)
Headquarters– New Delhi, Delhi
Navies of India, Thailand begin 32nd Edition of CORPAT
The 32nd edition of the India-Thailand Coordinated Patrol (Indo-Thai CORPAT) between the Indian Navy and the Royal Thai Navy is being conducted from 12 to 14 November 2021 to reinforce the maritime links between the two countries. Indian Naval Ship (INS) Karmuk, an indigenously built Missile Corvette, His Majesty’s Thailand Ship (HTMS) Tayanchon, a Khamrosin Class Anti-submarine Patrol Craft, and Maritime Patrol Aircraft from both navies are participating in the CORPAT.
About Ministry of Defence (MoD):
Union Minister – Raj Nath Singh (Constituency – Lucknow, Uttar Pradesh)
Minister of State – Ajay Bhatt (Constituency – Nainital-Udhamsingh Nagar, Uttarakhand)
Ministry of Tourism Signs MoU with IRCTC to Strengthen Hospitality sector
The Ministry of Tourism signed a Memorandum of Understanding (MoU) with Indian Railway Catering and Tourism Corporation (IRCTC) to strengthen the hospitality and tourism industry.
Objective – To provide visibility to accommodation units self-certified under System for Assessment, Awareness & Training for the Hospitality Industry (SAATHI) on the Online Travel Aggregator (OTA) platform. The MoU was signed during an event organised by the Ministry of Tourism and Quality Council of India (QCI).
Signatories – Deputy Director General (Hotels & Restaurants), Ministry of Tourism & JGM, Tourism, IRCTC in the presence of Joint Secretary, Ministry of Tourism.
Chairman – Rajni Hasija
Headquarters – New Delhi
About Ministry of Tourism
Union Minister – G. Kishan Reddy (Secunderabad, Telangana)
Minister of State – Shripad Yesso Naik (North Goa, Goa), Ajay Bhatt (Nainital-Udhamsingh Nagar, Uttarakhand).
Tata Projects bags $120mn order for Power Transmission Project in Bangladesh
i.Tata Projects Limited secured an order on a turnkey basis from the Power Grid Company of Bangladesh Limited (PGCB) for a 400kV (kilovolt) double circuit transmission line project worth Rs $120 million (around Rs 900 crores).
ii.It is a 120-km project from Barapukuria to Bogura in Bangladesh to be executed in 30 months. The funding for the same will be provided by EXIM (Export Import) Bank India under Indian Line of Credit (LoC).
About TATA Projects:
Managing Director– Vinayak deshpande
Headquarter– Mumbai, Maharashtra
NSO Projected CPI Based Inflation Rate for October 2021 at 4.48%; RBI Projected CPI Inflation for FY22 at 5.3%
National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the All India Consumer Price Index (CPI) (with Base 2012=100) and corresponding Consumer Food Price Index (CFPI) for Rural (R), Urban (U) and Combined (C) for the month of October 2021. As per the release, India’s retail inflation rate, measured by the CPI increased in October 2021 to 4.48 percent year-on-year from 4.35 percent in September 2021 due to a rise in food prices.
Note – In October 2021, the Reserve Bank of India (RBI) has projected the CPI inflation for the financial year 2022 at 5.3 percent.
All India Inflation rates (%) based on CPI (General) and CFPI:
Indices October 2021 (Provisional) September 2021 (Final) October 2020
R U C R U C R U C
CPI General 4.07 5.04 4.48 4.13 4.57 4.35 7.75 7.33 7.61
CFPI 0.31 1.72 0.85 0.69 0.67 0.68 11.12 10.86 11.00
Inflation rate in October 2021:
i.The inflation rate for Consumer Food Price Index increased to 0.85 percent in October from 0.68 percent in September 2021.
Food inflation contributed nearly 48 percent to the monthly increase in headline retail inflation.
ii.The inflation rate for Oils and Fats was recorded at 33.5 percent from 34.2 percent in September 2021 and pulses recorded 5.42 percent of inflation rate against 8.8 percent in September 2021.
iii.The inflation rate of Clothing and footwear was about 7.53 percent and the rate for Fuel and light was about 14.3 percent.
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (Independent Charge) – Rao Inderjit Singh (Gurugram, Haryana)
Tennis: Alexander Zverev of Germany wins Vienna Open 2021; 5th ATP title of 2021
Alexander “Sascha” Zverev (Alexander Zverev), a German professional tennis player, won the fifth ATP title of the season(2021) and 18th overall at the Vienna Open 2021 or Erste Bank Open 2021 defeating Frances Tiafoe of United States of America(USA).
At present, Alexander Zverev is ranked 3rd in the ATP world Ranking. Vienna Open 2021 (currently sponsored by Erste Bank and called the Erste Bank Open 2021) was held at Vienna, Austria from 25th to 31st October 2021. The Vienna Open is played each year in late October, and is regularly frequented by the world’s Top 10 players.
Robert Farah and Juan Sebastian Cabal of Colombia have won the doubles competition at Erste Bank Open 2021 defeating Joe Salisbury of the United Kingdom(UK) and Rajeev Ram of USA.
India to Host 1st World Yogasana Championship in June 2022
India is all set to host the first-ever yogasana world championship in June 2022. The announcement for the same was made during the India’s first Physical National Yogasana Sports Championships in Bhubaneswar, Odisha being held from November 11 to 13, 2021.The event is organised by the National Yogasana Sports Federation (NYSF) in association with the Odisha government. Over 500 competitors are taking part in the National Yogasana Championships. Notably this is the 2nd National Yogasana Sports Championship. The 1st was held virtually in 2020.
Law Minister Kiren Rijiju launches “Citizens’ Tele-Law Mobile App”
The Union Law Minister Kiren Rijiju launched “Citizen’s Tele-Law Mobile App’’. The app will empower the citizens regarding pre-litigation cases and timely redressal of grievances. He also felicitated the Tele-Law 124 Frontline Functionaries including para legal workers and village level entrepreneurs. A special mobile van with the message ‘Tele-Law on Wheels’ of the campaign was also flagged off, to empower people seeking legal advice.
About Tele-Law Mobile App:
i.It will provide efficient legal advice and consultation from the panel of lawyers.
ii.A special “Login” week is being organised throughout the country for encouraging those in need to seek legal advice and consultation through teleconferencing and video conferencing through Common Service Centres (CSCs).
About Ministry of Law & Justice:
Union Minister – Kiren Rijiju
Minister of State – S. P. Singh Baghel
Prof. Bimal Patel elected to International Law Commission for 5-yr term
The Vice-Chancellor of Rashtriya Raksha University and Member of National Security Advisory Board (NSA) of India, Professor Bimal Patel elected to the International Law Commission (ILC) for a five-year term starting from January 1, 2023 to 2027. He has secured 163 votes in the (UNGA) out of 192 members present and voting. He has topped in the United Nations General Assembly Asia-Pacific group. He was one of the 8 members selected by UNGA from the Asia-Pacific region.
About Bimal Patel:
i.Bimal Patel has worked for 15 years at various global organisations including United Nations of Youth and the Organisation for the Prohibition of Chemical Weapons (OPCW) at the Hague, Netherlands.
ii.He has also served as the Director at the Gujarat National Law University and member of the 21st Law Commission of India.
Note – The International Law Commission (ILC) was founded by the United Nations in 1947.
EX CBDT Chairman PC Mody appointed as Secretary General of Rajya Sabha
PC Mody, the former chairman of the Central Board of Direct Taxes (CBDT), was appointed as the new Secretary General of Upper House (Rajya Sabha) for a 1-year term. He will succeed PPK Ramacharyulu, who was appointed just weeks before on 1st September 2021. The Chairman of Rajya Sabha , M Venkaiah Naidu, who is the appointing authority made the appointment of PC Mody. PPK Ramacharyulu has now been appointed as an Advisor in the Rajya Sabha Secretariat for 1-year term. PC Mody is the 1st Indian Revenue Services (IRS) officer to hold the post of Secretary General of Rajya Sabha, which is normally held by a Senior IAS Officer.
About secretary-general :
i.The secretary general heads the secretariat of the House and is the key lieutenant to the chair for running the affairs.
ii.A secretary-general is appointed by the Speaker or Chairman of the respective House( Lok Sabha or Rajya Sabha).
About Rajya Sabha (Upper House):
i.Rajya Sabha’ or the ‘Council of States’ is the second chamber of the Indian Parliament, which traces its origin to the Montagu-Chelmsford Reforms, 1919.
ii.Rajya Sabha is the permanent house (it never dissolves like Lok sabha and one-third of its members retire every two years).