Current Affairs

14 October, 2021

International

Microsoft CEO Satya Nadella Gets 2021 C K Prahalad Award for Global Business Sustainability Leadership

Microsoft Chief Executive Officer (CEO), Indian American Satya Nadella got the prestigious C K Prahlad award for Global Business Sustainability Leadership for the year 2021.
About Microsoft
Chief Executive Officer: Satya Nadella
Founded: 4 April 1975, Albuquerque, New Mexico, United States
Headquarters: Redmond, Washington, United States
Chairperson: John W. Thompson

IMF Retained India’s 2021 GDP Growth Forecast to 9.5%

In its October 2021 World Economic Outlook (WEO) titled ‘Recovery During a Pandemic Health Concerns, Supply Disruptions, and Price Pressures’, the International Monetary Fund (IMF) has retained India’s Gross Domestic Product (GDP) growth forecast for 2021 unchanged at 9.5 percent (July 2021 forecast). India’s GDP growth forecast for 2022 was also unchanged at 8.5 percent. The IMF has reduced the global economy growth in 2021 by 0.1 percent to 5.9 percent (from 6 percent of July 2021 projection) and the growth was projected at 4.9 percent in 2022. India’s consumer price index-based inflation is expected to be at 5.6 percent in 2021(reduced from 6.2 percent in 2020) and expected inflation to be at 4.9 percent in 2022.

About International Monetary Fund (IMF):
Establishment – 1944
Headquarters – Washington, D.C., United States
Member Countries – 190
MD – Kristalina Georgieva

National

Cabinet Approval on October 12, 2021

The Union Cabinet chaired by Prime Minister Narendra Modi has given its following approvals
i.The Union Cabinet has approved the continuation of Swachh Bharat Mission (Urban) till 2025-26 with an outlay of Rs 1,41,600 crores w.e.f October 1, 2021. It will be regarded as SBM-Urban 2.0 with aim of ‘Garbage Free’ Urban India.
ii.The Union Cabinet also approved the Atal Mission for Rejuvenation and Urban Transformation 2.0 (AMRUT 2.0) till 2025-26 with an outlay of Rs 2,77,000 crore. It aims to make cities ‘water secure’ and ‘self-sustainable’ through circular economy of water.
iii.The Union Cabinet cleared the proposal of affiliation of 100 schools, including both private and public, with the Sainik School Society, under the Ministry of Defence (MoD).
iv.CCEA approved the proposal of the Department of Fertilizers for fixation of Nutrient Based Subsidy (NBS) Rates for P&K Fertilizers for the year 2021-22(from 1st October, 2021 to 31st March, 2022).

Power Finance Corporation receives Maharatna status

Power Finance Corporation Ltd (PFC) was accorded the status of ‘Maharatna central public sector enterprise (CPSE)’ by the Department of Public Enterprises, under the Ministry of Finance.This status is giving the PFC for greater operational and financial autonomy. PFC is the largest infrastructure finance company exclusively dedicated to the power sector under the administrative control of the power ministry.

Maharatna status
i.With this, PFC can now invest up to ₹5,000 crore, or 15 percent of its net worth, in a single project.
ii.It enhances powers to the PFC board while taking financial decisions.
Other Maharatna CPSEs
i.PFC is 11th firm to join Maharatna CPSE club.
ii.The other 10 Maharatna CPSEs are Bharat Heavy Electricals Ltd, Bharat Petroleum Corp. Ltd, Coal India Ltd, GAIL (India) Ltd, Hindustan Petroleum Corp. Ltd, Indian Oil Corp. Ltd, NTPC Ltd, Oil & Natural Gas Corp. Ltd, Power Grid Corp. of India Ltd, and Steel Authority of India Ltd.
iii.There are 14 Navratna and 73 Miniratna CPSEs.Navratna and Miniratna CPSEs can invest up to Rs 1,000 crore and Rs 500 crore, respectively.
About Power Finance Corporation Ltd (PFC)
Chairman and managing director – Ravinder Singh Dhillon
Headquarters – New Delhi
Founded –1986

National Conference for Zoo Directors & Veterinarians 2021 held in Gujarat; Prani Mitra Awards 2021 conferred

i.A two-day National conference for zoo directors and veterinarians 2021 was hosted by Sardar Patel Zoological Park, Kevadia, Gujarat. Organized by Central Zoo Authority (CZA), it was attended by Union Minister Bhupender Yadav, Ministry of Environment, Forest and Climate Change (MoEF&CC).
ii.At the valedictory, Mrs Sudha Murthy, Chairperson Infosys Foundation was felicitated.
iii.An outreach movie titled ‘Live in harmony with nature, stop illegal trade in wildlife’ produced by Wildlife Crime Control Bureau (WCCB) was also released during the conference.
About Central Zoo Authority (CZA):
Parent Organization– Ministry of Environment, Forest and Climate Change (MoEF&CC)
Chairman– Union Minister MoEF&CC (Currently- Bhupender Yadav)
Headquarter– New Delhi, Delhi

Economy

RBI Granted Licence to Centrum-BharatPe’s United SFB; become 12th SFB of India

The Reserve Bank of India (RBI) issued the ‘Small Finance Bank’ (SFB) licence to Centrum-BharatPe’s ‘Unity Small Finance Bank Ltd (USFBL)’ to carry on an SFB business in India. USFBL is a consortium that was established jointly by Centrum Financial Services Ltd (CFSL), a subsidiary of Centrum Capital Limited (CCL), and Resilient Innovations Private Limited (BharatPe).With the establishment of USFBL, the number of SFBs in India was increased to 12. Former State Bank of India (SBI) chairman Rajnish Kumar was appointed as the chairman of the BharatPe board.

Note – RBI Imposed Monetary Penalty of Rs 30 lakh on Janata Sahakari Bank Ltd, Pune, Maharashtra for non-compliance with certain directions issued by RBI.
About Reserve Bank of India (RBI):
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
Governor – Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeshwar Rao, T. Rabi Sankar

Saraswat Bank partners with Axis Securities to Integrate Banking with Investments

Saraswat Cooperative Bank Ltd.(Saraswat Bank) has partnered with Axis Securities to offer its customers investing services through a 3-in-1 account.The facility will integrate savings bank account maintained by the co-operative bank with the demat and trading account offered by Axis Securities, which is a subsidiary of Axis Bank.

Objective-
To make investments simple and accessible to all.This facility will make it easier for customers to transfer funds quickly, reduce paperwork and most importantly, provide a comprehensive platform to invest in various investment instruments like equities, derivatives, currency, commodities, MF, IPO, etc.,
About Saraswat Bank:
Saraswat Bank is the largest Urban Co-operative Bank in India.
Founded– 14 September 1918
Chairman– Gautam E Thakur
About Axis Securities Limited
Chief Executive Officer and Managing Director– B. Gopkumar

Sports

Anshu Malik:1st Indian woman wrestler to reach World Championship final

Anshu Malik has become the first Indian woman wrestler to reach the final of 2021 World Wrestling Championships. Key facts She created this history after outclassing junior European champion Solomiia Vynnyk. The 19-year-old wrestler from India and reigning Asian champion, Anshu, controlled the semi-final from the beginning.

Football: Sunil Chhetri equals Pele with 77th goal

Sunil Chhetri has equalled the legendary Pele by making the 77th international goal as his 83rd minute strike, on October 10, 2021. Key Points 77th goal by Chhetri during the strike helped India to beat Nepal by 1-0. This goal also saved his side from the verge of elimination in SAFF Championships.

Miscellaneous

SBI, UBI, PNB & Indian Bank picked up stakes in NARCL

The State bank of India(SBI), Union Bank of India(UBI), Punjab National Bank(PNB) and Indian Bank has picked up more than 12% stake each in the proposed bad bank National Asset Reconstruction Company Ltd (NARCL).
Details of acquisition:
i.The SBI and UBI have picked up a 13.27% stake each which represents a cumulative 3.88 crore shares in NARCL.
ii.The PNB has picked up a 12.06% stake which is around 1.8 crore shares in NARCL.
iii.The Indian Bank has picked up around a 13.27% stake, subscribing 1.98 crore equity shares for a cash consideration of Rs 19.80 crore.
Note:
The lenders have subscribed to the equity shares of NARCL at Rs 10 per share.
The acquisition is expected to be completed by March 2022.
About NARCL:
i.NARCL will take over the bad assets of banks in its own account for a speedy resolution of troubled loans.
ii.51% stakes of NARCL will be owned by the PSBs and the rest will be owned by private-sector lenders

Meera Mohanty appointed as JS in PMO & Ritesh Chauhan will be CEO, PM Fasal Bima Yojana

As part of a bureaucratic reshuffle, Meera Mohanty appointed as the Joint Secretary (JS) in the Prime Minister’s Office (PMO) and Ritesh Chauhan has been appointed as the Chief Executive Officer (CEO) of the Pradhan Mantri Fasal Bima Yojana (PMFBY), replacing Ashish Kumar Bhutani.
About Pradhan Mantri Fasal Bima Yojana (PMFBY)
i.In 2021, the flagship crop insurance scheme of the Government of India – the Pradhan Mantri Fasal Bima Yojana (PMFBY) – has completed five years of its launch. PMFBY was launched on 2016. The scheme was conceived as a milestone initiative to provide a comprehensive risk solution at the lowest uniform premium across the country for farmers.

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