Current Affairs

26 December, 2020

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National

India adds Ladakh’s Tso Kar Lake Complex to list of Ramsar Sites; Becomes India’s 42nd & Ladakh’s 2nd Ramsar Site

Union Minister for Environment, Forest & Climate Change (MoEFCC), Prakash Javadekar announced that Tso Kar Wetland complex in Changthang region, Ladakhhas been added to the list of Ramsar Sites(Wetlands of International Importance). It will be India’s 42nd site & Ladakh’s 2nd Ramsar Site.

India, Japan sign agreement to boost cooperation in Steel Sector; Establish “India-Japan Steel Dialogue

A Memorandum of Cooperation was signed between the Ministry of Steel, Government of India & Ministry of Economy, Trade & Industry, Government of Japan in the Field of Steel Industry. The agreement will help in boosting India’s steel manufacturing sector, and also in improving the quality & quantity of steel produced in India.
i.The two sides agreed to establish “India-Japan steel dialogue” at the joint secretary-level for boosting mutual cooperation in the sector.
ii.Under the agreement the 2 sides will also discuss trade and investment related issues & promote sustainable growth in the steel sector.
iii.The cooperation assumes significance as India & Japan were the 2nd & 3rd Largest steel producing countries in 2019 with output of 111.2 Million tons & 99.3 Million tons
iv.The agreement was signed by Pradip Kumar Tripathi, Secretary in the Ministry of Steel & Shigehiro Tanaka, Vice-Minister for International Affairs, Japan.
About Ministry of Steel:
Union Minister – Dharmendra Pradhan
Minister of State – Faggan Singh Kulaste
About Japan:
Prime Minister – Yoshihide Suga
Currency – Japanese Yen
Capital – Tokyo

Economy

India Ratings & Research revised India’s FY21 GDP contraction from 11.8% to 7.8%0

India Ratings and Research (Ind-Ra) revised its previous projection of Gross Domestic Product (GDP) of India due to the sustainability of the recovery perceived in Q2 when the economy contracted only 7.5%(-7.5%), after a 23.9% (-23.9%) contraction in Q1. Ind-Ra has revised its estimate for GDP contraction FY 2020-21 to 7.8%(-7.8%) from the earlier projection of 11.8%(-11.8%).
i.This is in line with the revision in the projected contraction of India’s GDP by RBI, ADB, Fitch, and others. Earlier, RBI lowered the projection for the contraction to 7.5% (-7.5%) from 9.5% (-9.5%), ADB to 8% (-8%) from 9% (-9%), and Fitch to 9.4 % (-9.4%) from 10.5% (-10.5%).
ii.Ind-Ra hopes that third-quarter of India’s FY 2020-21 GDP growth expects to be a contraction of 0.8% and fourth quarter FY21 GDP growth to turn positive at 0.3%.
iii.Also the growth of India for the FY 2021-22 is projected to be 9.6% due to the recovery happening in the year 2020-21.

RBI Cancelled Licence of Maharashtra-Based Subhadra Local Area Bank

Banking Licence of Subhadra Local Area Bank at Kolhapur, Maharashtra under Section 22 (4) of the Banking Regulation Act, 1949 was cancelled by Reserve Bank of India (RBI) with immediate effect from December 24, 2020. But the bank has enough liquidity funds to refund the deposit amounts to its customers.
About Subhadra Local Area Bank
Headquarters – Kolhapur, Maharashtra
MD & CEO – Mr.Sanjay Aggarwal

Sports

FIFA cancels Men’s 2021 U-20 & U-17 World Cup due to COVID-19; Next Edition of the events to take place in 2023

FIFA (Federation Internationale de Football Association) announced the cancellation of 2 Men’s Tournaments – 2021 FIFA U-20 World Cup & 2021 FIFA U-17 World Cup due to the impact of COVID-19. FIFA has also announced that
FIFA Women’s World Cup 2023:
i.FIFA has decided to expand the number of participants in FIFA Women’s World Cup to 32 teams to boost the growth of Women’s Football.
ii.The hosts of the 2023 Women’s World Cup Australia & New Zealand will automatically qualify for the Tournament.
FIFA Rankings:
Men’s Ranking (as of December, 2020) – Belgium (Rank-1), France (Rank-2), India ranked at 104th position.
Women’s Ranking (as of December, 2020) – United States of America (Rank-1), Germany (Rank-2), India ranked at 53rd position.
About Federation Internationale de Football Association (FIFA):
President– Gianni Infantino
Headquarters– Zurich, Switzerland

Miscellaneous

Thaawarchand Gehlot Launches ‘Swachhata Abhiyan’ Mobile App to Identify, Geotag the data of Insanitary Latrines & Manual Scavengers

Union Minister for Social Justice & Empowerment, Thaawarchand Gehlot launched a Mobile Application ‘Swachhata Abhiyan’ for identifying & Geo-tagging the data of Insanitary Latrines & Manual Scavengers across the country. Using the app NGOs, Social Organisations & General public can upload details of any insanitary latrine or manual scavengers that they notice.
i.The reported Insanitary Latrines will be replacedwith sanitary latrines & Manual Scavengers will be rehabilitated to provide dignity of life to them.
ii.Minister of State for Social Justice & Empowerment, Ram Das Athawale & Krishan Pal Gurjar were present during the launch.
iii.Construction or Maintenance of Insanitary latrines & engagement of persons for manual scavenging is prohibited under “Prohibition of Employment as Manual Scavengers & Their Rehabilitation Act, 2013”.

Prasanth Prabhakaran Elevated as the MD & CEO of YES Securities

Prasanth Prabhakaran, joint MD and CEO of YES Securities (India) Limited, wholly owned subsidiary of YES Bank, was elevated as its MD and CEO with immediate effect. Prasanth Prabhakaran will oversee the investment banking and merchant banking verticals.
Earlier, Along with Prasanth Prabhakaran, Vikas Dawra served as the Joint MD and CEO of YES Securities (India) Limited.
About Prasanth Prabhakaran:
i.Prasanth Prabhakaran has more than 25 years of experience in banking, financial services and insurance(BFSI) space.
As the joint MD and CEO of YES Securities he has spearheaded the wealth broking and investment advisory and institutional equities business.
ii.He has been working with YES Securities since 2017.
iii.He has also worked with India Infoline, Kotak Securities and HDFC Bank.
About YES Securities (India) Limited:
MD & CEO– Prasanth Prabhakaran
Headquarters– Mumbai, Maharashtra
Established in– 2013 YES Securities a Investment Adviser registered with SEBI under the Merchant Banker & Research Analyst category.

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