Current Affairs

6 November, 2020

International

Shaktikanta Das Chaired 40th SAARCFINANCE Governors’ Group meeting; Inaugurated the SAARCFINANCE Sync

Shaktikanta Das, Governor of Reserve Bank of India(RBI) chairedthe 40th SAARCFINANCE Governors’ Group meeting in a virtual format. He inaugurated the SAARCFINANCE Sync, a closed user group secure communication network.
Points to be Noted
The SAARCFINANCE Governors meet twice a year concurrently with the IMF(International Monetary Fund)/ WB(World Bank) Annual and Spring Meetings.
About SAARCFINANCE:
Established– September 9, 1998
Current Chair– RBI(Reserve Bank of India)
Central Banks in SAARCFINANCE– Bangladesh Bank, Central Bank of Sri Lanka, Da Afghanistan Bank, Maldives Monetary Authority, Nepal Rastra Bank, Reserve Bank of India, Royal Monetary Authority of Bhutan, State Bank of Pakistan.

United States formally exits Paris Climate Agreement to curb climate change

United States (US)became the first country to formally exit the Paris Climate Agreement. The formal exit from the agreement happened over a period of three years, after President Donald Trump declared pull-out from the climate accord in June 2017.
Impact of US Exit:
i.US is the second largest emitter of Greenhouse gases in the world (1st – China), accounting for a total of 25 percent of global greenhouse gasemissions.
ii.US had promised to reduce its emissions by 26 percent to 28 percent by the year 2025 from 2005 levels.
About United Nations Framework Convention on Climate Change (UNFCCC):
Executive Secretary – Patricia Espinosa
Headquarters – Bonn, Germany

National

President Kovind Promulgates Arbitration and Conciliation (Amendment) Ordinance, 2020

President Ram Nath Kovind in exercise of the powers conferred by clause (1) of article 123 of the Indian Constitution promulgated the Arbitration and Conciliation (Amendment) Ordinance, 2020 to amend the Arbitration and Conciliation Act, 1996. The provision will come into effect retrospectively from October 23, 2015. The amendment will be made in Section 36 (3) of the Arbitration and Conciliation Act retrospectively from October 23, 2015 in order to address concerns raised by stakeholders. It should be noted that Section 36 deals with the enforcement of arbitral awards.
What is Arbitration?
Arbitration is a form of alternative dispute resolution (ADR) where two parties make their arguments to an arbitrator instead of litigating the matter in court.
What is an Arbitration Award?
An arbitration award refers to the decision of an arbitrator.

TransUnion CIBIL partners with MoSPI to launch MSME Credit Health Index

Credit Information Company TransUnion CIBILhas partnered with the Ministry of Statistics and Programme Implementation (MoSPI) to launch the First Edition of the Quarterly MSME Credit Health Index. The index will provide a reliable measure and benchmark of the growth and strength of MSME (Micro, Small & Medium Enterprises) in India.
Objective of the Index:
i.To provide Government, Policy makers, lenders and other stakeholders, insights and analysis on various aspects of the health of MSME industry to enable better policy with respect to MSME lending.
ii.The comprehensive information will facilitate better risk management and inclusion of MSME in Indian Banking and financial system.
About TransUnion CIBIL:
Managing Director, Chief Executive Officer – Rajesh Kumar
Headquarters – Mumbai, Maharashtra
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (MoS), Independent Charge – Rao Inderjit Singh

Cabinet approves Rs 1810 crore Investment Proposal of 210 MW Luhri Stage-I Hydro Power Project on November 4, 2020

Union Cabinet chaired by Prime Minister (PM) Narendra Modi has approved the following proposal which was detailed by Union Minister Prakash Keshav Javadekar, Ministry of Information and Broadcasting (MIB). the Cabinet Committee on Economic Affairs (CCEA) approved the investment of Rs.1810.56 crore for 210 MW Luhri Stage-I Hydro Electric Project located on river Satluj situated in Shimla & Kullu districts of Himachal Pradesh (HP) . This project, to be commissioned within 62 months, will generate 758.20 million units of electricity annually.This project is implemented by Satluj Jal Vidyut Nigam Limited (SJVNL) on Build-Own-Operate-Maintain (BOOM) basis.
About Satluj Jal Vidyut Nigam Limited (SJVNL):
Chairman & Managing Director (CMD)– Nand Lal Sharma
Headquarter– Shimla, Himachal Pradesh (HP)
About Himachal Pradesh:
Chief Minister (CM) – Jai Ram Thakur
Capital– Shimla (Summer), Dharamshala (Winter)
Governor– Bandaru Dattatreya

Economy

ICICI Bank Launches ‘ICICI Bank Mine’, India’s 1st Banking Programme for Millennial Customers; First-of-its-Kind Proposition in Industry

ICICI Bank launched ‘ICICI Bank Mine’(inspired by ‘Millennial Network’), India’s first comprehensive banking programme for millennial customers, in the age bracket of 18-35 years old. It is a first of its kind proposition in industry. It is India’s 1st full banking stack for millennials.It also offers the millennial customers a mobile first, highly personalised and experiential led banking experience.
Targeted Customer– Millennial customers
About ICICI Bank:
Headquarters– Mumbai, Maharashtra
MD & CEO– Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka
Formed– 1955 incorporated in 1994

Paytm Partners with SBI Card and Visa to Launch Contactless Co-Branded Credit Cards in 2 Variants

SBI Card and Payment Services ltd.(SBI Cards) partnered with Paytmand Visa to launch co-branded credit cards, India’s next-generation credit cards.The credit card will be available in two variants, namely, Paytm SBI Card and Paytm SBI Card SELECT.The 2 variants have been designed for the new age, digitally savvy customers. The product has been launched on the Visa platform.
Aim of the Partnership– To bring in ‘new to credit’ users into the formal economy and empower them to control their finances.
About SBI Cards & Payment Services Ltd (SBI Cards):
Headquarters– Gurgaon, Haryana
Managing Director(MD) and Chief Executive Officer(CEO)– Ashwini Kumar Tewari
Founded- October 1998
About Paytm:
Headquarters– Noida, Uttar Pradesh
Founder & CEO– Vijay Shekhar Sharma
Founded– August 2010

Sports

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Miscellaneous

India successfully flight-tested Enhanced Version of PINAKA Rocket System from ITR, Odisha

India successfully flight tested the Enhanced version of PINAKA Rocket System from the Integrated Test Range (ITR) at Chandipur, Odisha. It has been indigenously developed by Defence Research and Development Organisation (DRDO).The Enhanced variant of the missile will achievelonger range performance compared to earlier versions of the Pinaka missile and are expected to replace the existing PINAKA Mk-I rockets.
Design & Development: It has been designed and developed by Pune based DRDO Laboratory Namely Armament Research and Development Establishment (ARDE), and High Energy Materials Research Laboratory (HEMRL).
About Defence Research and Development Organisation (DRDO):
Chairman – G Satheesh Reddy
Headquarters– New Delhi

Ministry of I&B Constitutes a 4 Member Committee Headed by Shashi S. Vempati to Review Guidelines on Television Rating Agencies in India

The Ministry of Information and Broadcasting(MIB) constituted a 4 member committee to review “Guidelines on Television Rating Agencies in India” notified by the ministry in 2014.The committee is headed by Shashi S. Vempati, CEO(Chief Executive Officer) of Prasar Bharti.Purpose of the committee- The committee will examine and study different aspects of the television rating system in India and will notify the changes if required.
About Ministry of Information and Broadcasting(MIB):
Cabinet Minister-Prakash Javadekar(Constituency- Rajya Sabha, Maharashtra)

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