Current Affairs

29 October, 2021

International

Karnataka Bank gets Award for Innovative HR practices

Karnataka Bank has been awarded for being the ‘Top Organization with Innovative HR (Human Resource) Practices‘ award at the 19th edition of the Asian Pacific HRM Congress.

About Karnataka Bank
Headquarters: Mangalore, Karnataka
CEO: Mahabaleshwara M. S
Founded: 18 February 1924
Tagline: “Your Family Bank Across India"

4 Indian Institutes made it to Times Higher Education’s World Reputation Rankings 2021; IISc Bengaluru Among Top 100

Indian institutes have made it to the Times Higher Education(THE)’s World Reputation Rankings 2021, the annual ranking of THE that features the top 200 universities based on the votes from leading academics across the globe. Indian Institute of Science (IISc) Bengaluru ranked among the top 100(91-100) has topped the Indian Institutes. The other 3 Indian institutes are the Indian Institute of Technology(IIT) Bombay, the Indian Institute of Technology(IIT) Delhi, and the Indian Institute of Technology(IIT) Madras.

Harvard University of the United States of America (USA) has topped the 2021 ranking followed by Massachusetts Institute of Technology (MIT), USA and University of Oxford from the United Kingdom(UK) has secured the 2nd and 3rd rank respectively.
About Times Higher Education (THE):
Times Higher Education (THE), formerly The Times Higher Education Supplement (THES), is a British magazine.
Headquarter– London, United Kingdom (UK)

National

SC appoints 3-member Expert Panel to Investigate on Pegasus Spyware Usage

A Supreme Court (SC) bench headed by Chief Justice of India (CJI) N V Ramana instituted a 3-member expert panel to investigate the issue on usage of ‘Pegasus Spyware’ on Indian Citizens during 2019.

3-member expert panel:

Naveen Kumar Chaudhary – He is a Cyber Security expert & the Dean of National Forensic Sciences University, Gandhinagar, Gujarat

Prabaharan P – With Expertise in Malware detection & Critical infrastructure security, Prabaharan serves as Professor (School of Engineering), Amrita Vishwa Vidyapeetham

Ashwin Anil Gumaste – He was awarded Vikram Sarabhai Research Award (2012) and Shanti Swarup Bhatnagar Prize for Science and Technology (2018), & currently serves as an Associate Professor in IIT Bombay

i. The 3-member technical panel will submit the reports to former SC Judge RV Raveendran, who will be assisted by former IPS officer Alok Joshi and Sundeep Oberoi.
About Supreme Court of India:
CJI – N. V. Ramana (48th CJI)
Total Strength of Judges – 34 (including CJI)(But Presently there are 33 (Including CJI))
Retirement Age of Supreme Court Judges is 65 years

ROIP system inaugurated at SMP Port, Kolkata; BPCL Conducted 1st Ship-to-ship LPG transfer at SMP Port

.On October 26, 2021, the Radio over Internet Protocol (ROIP) System at Syama Prasad Mookerjee Port, Kolkata (SMP, Kolkata), West Bengal (WB) was inaugurated for the first time in any Major Indian Port.
ii.It is being introduced as a marine communication mode covering the entire Hugli River Estuary from Kolkata to Sandheads, having base stations at 4 Locations.
iii.Again for the first time ever in the history of major ports, SMP, Kolkata has successfully handled ship-to-ship (STS) lighterage operation of Liquid Petroleum Gas (LPG) of BPCL (Bharat Petroleum Corporation Limited) at Sandheads.
About Syama Prasad Mookerjee Port, Kolkata:
It is the oldest operating port in India and was constructed by the British East India Company.
Chairman– Vinit Kumar

Civil Aviation Minister Launches Scheme to Promote Agri-Products Transportation by Air – Krishi UDAN 2.0

Civil Aviation Minister Jyotiraditya Scindia launched Krishi Udan 2.0 scheme to implement in 53 airports under which cargo-related infrastructure will be built mainly focusing on north-east, hilly and tribal regions and likely benefits farmers. They aimed at opening new ventures of growth for agriculture sectors and also doubling farmer’s income by removing barriers in supply chain and transportation of farm produce.

Recent Relates News
The Ministry of Ports, Shipping and Waterways (MoPSW) and the Ministry of Civil Aviation (MoCA) signed a Memorandum of Understanding (MoU) for development of Seaplane services in India. The agreement will help in development of new water aerodromes and operationalization of new Seaplane routes in India.
About Ministry of Civil Aviation
Cabinet Minister – Jyotiraditya Scindia (Guna Constituency, Madhya Pradesh)
Minister of state – V K Singh

Economy

SAIPL and SBI together Provides Financial Support to Dairy farmers in Maharashtra

Sunfresh Agro Industries Private Limited (SAIPL) in Maharashtra operating under Global dairy major Lactalis partnered with State Bank of India (SBI) to extend financial support to the dairy farmers in the state. The loan from SBI helps the farmers to buy cattle that would produce higher quality milk, improve storage and supply-chain. The company is in the market with brand Parbhat for milk and indegenous products

About State Bank of India
Founded – July 1, 1955
Chairperson – Dinesh Kumar Khara
Headquarters – Mumbai
About Maharashtra
Chief Minister – Uddhav Thackery
Governor – Bhagat Singh Koshyari
Tiger Reserves – Bor Tiger Reserve, Tadoba-Andhari, Navegaon – Nagzira

Govt, ADB sign US$100mn Loan Pact to Promote Agribusiness in Maharashtra

The Government of India (GoI) and Asian Development Bank (ADB) inked US$100 million loan agreement for Maharashtra Agribusiness Network (MAGNET) Project. The project envisages promoting agribusiness network to boost farm incomes and reduce food losses in the State of Maharashtra. ADB will provide a $500,000 technical assistance (TA) grant from its Technical Assistance Special Fund and $2 million from the Japan Fund for Poverty Reduction on a grant basis to improve market linkages for FPOs (Farmer Producer Organizations).

Signatories:
India– Rajat Kumar Mishra, additional Secretary in the Ministry of Finance
ADB– Takeo Konishi, Country Director of ADB’s India Resident Mission
How will this loan be helpful?
The ADB loan will provide financing opportunities for FPOs and value chain operators (VCOs) through grants. It also provides financial intermediation loans to support 300 subprojects. The TA will establish crop-based centers of excellence networks, promote innovative technologies in agribusiness, and support capacity building of the MAGNET Society and the Maharashtra State Agriculture Marketing Board (MSAMB).

Sports

FI enter into Commercial Partnership with IOS Sports for 3-years

In October 2021, the Athletics Federation of India (AFI) entered into a partnership with IOS Sports and Entertainment Pvt. Ltd for a period of 3-years. IOS Sport will act as exclusive commercial partner of AFI for brand building & unlocking the commercial assets of AFI by making partnerships with top sports brands.
i. IOS Sports is one of India’s leading sports management organisations that will work on commercial promotions of AFI for 3-year ahead of the upcoming 2024 Paris Olympics.
ii. The company will elevate the profile of all Olympic athletes associated with AFI, including Dutee Chand, Hima Das, Neeraj Chopra, Kamalpreet Kaur among others, for commercial promotion of AFI.
iii. This partnership will help AFI in providing the necessary support for the athletes to create a new era of Indian athletic ecosystem.
About IOS Sports and Entertainment:
MD & CEO – Neerav Tomar
Headquarter – New Delhi & Mumbai
Established – 2005
About Athletics Federation of India (AFI):
President – Adille Sumariwalla (represented India in 1980 Olympics in 100m running event)
Founded – 1946
Anju Bobby George is the current & 1st female Vice-President of AFI
Headquarter – New Delhi

Miscellaneous

India Successfully Test-fires Agni 5 Missile off the Coast of Odisha

ndia successfully test-fired nuclear-capable ballistic missile Agni-5, which has a strike range of 5,000 km, from Dr Abdul Kalam island off the Odisha coast. The Agni 5 missile test aligns with India’s policy to have a ‘credible minimum deterrence’ that underpins the commitment to ‘No First Use’. Agni P was the most advanced missile in the Agni series, which was developed with the cutting-edge technologies used in 4000-km range Agni-IV and 5000-km Agni-V missiles. India is developing a new class of ultra-modern weapons that can travel six times faster than the speed of sound (Mach 6) and penetrate any missile defence.

About Agni Series missile
i.The Agni series of ballistic missiles and warplanes such as Rafales, Sukhoi-30s and Mirage-2000s can deliver nuclear warheads.
ii.Range of other Agni Missiles:

Agni I – Range of 700-800 km. Agni II – Range more than 2000 km. Agni III – Range of more than 2,500 Km Agni IV – Range is more than 3,500 km and can fire from a road mobile launcher.
Agni-V – The longest of the Agni series, an Inter-Continental Ballistic Missile (ICBM) with a range of over 5,000 km.

PM Modi Reconstituted the 7 Member EAC to PM for 2 years; Bibek Debroy retained as head

Prime Minister (PM) Narendra Modi has approved to reconstitute the 7 member Economic Advisory Council (EAC) to the Prime Minister (EAC-PM) following the end of its tenure in September 2021. The EAC-PM has been reconstituted for a period of two years or until further orders. Noted economist and NITI Aayog member Bibek Debroy who has been serving as the chairman of EAC-PM since 2017 will continue as the Chairman of the reconstituted EAC-PM.

Part-Time members:
PM Modi has inducted 3 new part-time members for a period of 2 years, they are, Rakesh Mohan, former deputy governor of Reserve Bank of India, T.T Ram Mohan, Professor of IIM Ahmedabad Poonam Gupta, Director-General of National Council of Applied Economic Research (NCAER).

Other part-time members: Sajid Chenoy, J.P. Morgan’s Chief India Economist Neelkanth Mishra co-head of Asia Pacific Strategy and India Strategist for Credit Suisse. Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Co. Ltd

Note:
The part-time members of EAC-PM may be paid Rs.10000 per day of sitting.
About EAC-PM:
i.The office space and other facilities of EAC-PM are provided by the Niti Aayog in Niti Aayog Bhawan, New Delhi.
ii.It was set up in September 2017 with a term of two years, and was reconstituted previously in 2019.
iii.It was established replacing the erstwhile PMEAC headed by former Reserve Bank of India(RBI) governor C Rangarajan during the term of former PM Manmohan Singh.

Government Appoints Banker K V Kamath as Chairperson of NaBFID

The government appointed K V Kamath, as chairperson of the newly set up Rs 20,000 crore National Bank for Financing Infrastructure and Development (NaBFID), a newly set up Development Financial Institution (DFI) in India, Department of Financial Services (DFS), under the finance ministry. K V Kamath began his career at ICICI in 1971and retired as managing director and CEO in April 2009 and became its non-executive chairman. The institution has been set up to support the development of long-term non-recourse infrastructure financing. National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 supports the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.

About Financial Institutions
i.In India, the first DFI was operationalised in 1948 with the setting up of the Industrial Finance Corporation of India (IFCI).
ii.Subsequently, the Industrial Credit and Investment Corporation of India (ICICI) was set up with the backing of the World Bank in 1955.
iii.The Industrial Development Bank of India (IDBI) came into existence in 1964 to promote long-term financing for infrastructure projects and industry.

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