Daily Current Affairs 10 July 2021 for Banking/Insurance/SSC and other related exams.
India’s first maritime arbitration centre to be set up in GIFT City
The Gujarat Maritime University signed a Memorandum of Understanding (MoU) with the International Financial Services Centres Authority in GIFT City to promote the Gujarat International Maritime Arbitration Centre (GIMAC).
- This will be the first centre of its kind in the country that will manage arbitration and mediation proceedings with disputes related to the maritime and shipping sector.
- The GIMAC will be part of a maritime cluster that the Gujarat Maritime Board (GMB) is setting up in GIFT City at Gandhinagar.
Kerala govt. to have its own OTT platform by November 1
The Kerala State government’s proposed foray into the online content streaming space with the launch of an over-the-top (OTT) platform is a cultural intervention, rather than something prompted by the market or revenues.
- The state government has planned to launch it by November 1.
- OTT players like Netflix and Amazon have been showing more interest in Malayalam cinema. But they are mostly limited to films from which they can get revenue.
J&K LG Manoj Sinha has e-launched City Livelihood Centre (CLC) Jammu
Jammu and Kashmir Lieutenant Governor Manoj Sinha has e-launched City Livelihood Centre (CLC) Jammu and laid e-foundation of 80 Crore rupees worth Integrated Solid Waste Management facility at Kot-Bhalwal in Jammu.
- The move will make cities of Jammu & Kashmir more sustainable, structured and supportive towards the marginalized sections of the society.
J&K tops the country under NISHTHA programme
The Department of School Education, Jammu and Kashmir, has topped the country with some 80600 elementary teachers trained on the online platform, Nishtha, launched by the Ministry of Education, government of India.
- National Initiative for School Heads’ and Teachers’ Holistic Advancement (NISHTHA) was launched in the Union Territory of Jammu and Kashmir. It aims at improving learning outcomes at Elementary level through integrated Teacher Trainings.
World’s biggest sandcastle constructed in Denmark
A sandcastle in Denmark towering 21.16 metres high has reportedly set a Guinness World Record.
- The world’s tallest sandcastle built in Denmark is nearly three metres higher than the last Guinness world record, achieved in Germany in 2019 with 17.66 metres.
- The sandcastle built in Blokhus is pyramid-shaped and a wooden structure was made around it.
Finance Minister Nirmala Sitharaman participates virtually in G20 High-Level Tax Symposium on Tax Policy and Climate Change
Finance Minister Nirmala Sitharaman participated virtually in the G20 High-Level Tax Symposium on tax policy and Climate Change. The Symposium was organised by G20 Italy, ahead of the 3rd G20 Finance Ministers and Central Bank Governors Meeting.
- Speaking on the occasion, Ms Sitharaman highlighted that in India, fiscal policy options are used for better environmental outcomes and concessional tax rates are in place to promote use of renewables.
- She shared India’s innovative policy mix for better environmental outcomes such as new energy map of India, digital innovation and emerging fuels, solar alliance for enabling clean energy, promotion of energy efficiency and afforestation.
Indian naval ship Tabar conducts military exercise with Italian Navy
Indian Naval Ship Tabar participated in military exercises with a frontline frigate of the Italian Navy after it entered the Port of Naples as part of an ongoing deployment to the Mediterranean.
- This exercise covered several naval operations such as air defence procedures, communication drills, replenishment at sea, and cross deck helo operations by day and night.
BANKING & FINANCE
IMF Approves $ 650 Billion Expansion to Fight Covid-19 Pandemic
The executive board of the International Monetary Fund approved a $650 billion expansion in resources to support economically vulnerable nations as they battle the coronavirus pandemic.
- IMF Managing Director Kristalina Georgieva said that the new support, the largest such expansion in the history of the 190-nation lending institution, would be a “shot in the arm for the world.”
RBI tweaks norms for interest on unclaimed amount after deposit matures
The RBI has tweaked the norms for interest on the amount left unclaimed with the bank after a term deposit matures.
- Currently, if a term deposit matures and the proceeds are unpaid, the amount left unclaimed with the bank attracts the rate of interest as applicable to savings deposits.
- On a review, the RBI said, it has decided that if a term deposit matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower.
- The new norms are applicable for deposits in all commercial banks, small finance banks, local area banks, and cooperative banks.
Drip Capital partners with SBM Bank India to empower MSME exporters
Drip Capital, a fintech provider of cross border trade finance, has partnered with SBM Bank India to offer trade financing solutions — customised for small and medium-sized exporters in India.
- With this partnership, MSME exporters will be able to avail collateral-free working capital at competitive rates.
FREO partners with HDB Financial Services to offer lending solutions to new-age customers
Neobank FREO has partnered with HDB Financial Services to offer a credit line and high-ticket personal loans to customers across multiple cities in India.
- The credit line is FREO’s flagship product. HDBFS in partnership with FREO will offer the credit line which enables consumers to get access to credit anywhere, anytime via a smartphone.
- This partnership offers consumers high-ticket personal loans of up to ₹10 lakh, which can be utilised for bigger expenses such as home renovation, buying a vehicle, planning a trip.
Max Bupa Health Insurance and Axis Bank enter into a Bancassurance partnership
Max Bupa has embarked on a Corporate Agency partnership with Axis Bank, India’s third largest private sector bank, to provide comprehensive and best-in-class health insurance solutions to its customers.
- The tie-up will enable millions of Axis Bank customers across 4500 plus branches to gain access to quality healthcare solutions through a range of health insurance products offered by Max Bupa.
Axis Bank’s ‘Power Salute’ offers defence service salary package for Indian Army
The country’s third-largest private lender Axis Bank signed MOU with the Indian Army offering a defence service salary package under its “Power Salute” initiative.
- The Defence service salary package will offer different benefits to all ranks of army officers.
BUSINESS & ECONOMY
Facebook launches newsletter product Bulletin
Facebook, launched its newsletter product Bulletin, a standalone platform for free and paid articles and podcasts that will aim to rival Substack.
- The tech giant said that Bulletin will include support focused on content creation, monetisation and audience growth.
- CEO Mark Zuckerberg announced the platform, which is live at Bulletin.com, and introduced some of the writers that the company has recruited in a live audio room on Facebook.
NMCX signs MoU with European Energy Exchange AG
Multi Commodity Exchange of India and European Energy Exchange AG (EEX) have entered into a Memorandum of Understanding (MOU), with the objective of knowledge sharing and exchanging of expertise on electricity derivative products.
- This MoU will facilitate cooperation between the two exchanges in areas such as knowledge sharing, education & training and organizing events in the domain of electricity derivatives.
India’s Nihal Sarin wins Serbia Open chess, enters top 100
Young Indian chess sensation Nihal Sarin won the Masters’ section of the Serbia Open Chess Championship, his second consecutive tournament victory, after claiming the title in Silver Lake Open, which has propelled him into the top 100 in live chess ratings.
- The 16-year-old from Thrissur, Kerala,, played out a draw with GM Vladimir Fedoseev of Russia to finish with 7.5 points out a possible nine to finish clear first in the 280-player field in the nine-round Serbia Ope.
14-year-old Zaila Avant-garde wins the 2021 Scripps National Spelling Bee
Zaila Avant-garde, an African-American, from New Orleans in Louisiana, has won the 2021 Scripps National Spelling Bee.
- The 14-year-old Avant-garde, who is also an accomplished basketball player, is the first African-American contestant to win the prestigious competition in its 93 years history.
- The 8th-grader Avant-garde correctly spelt “Murraya”, a genus of tropical Asiatic and Australian trees having pinnate leaves and flowers, to win a USD 50,000 prize.
Cochin Airport Third Busiest in Handling International Traffic After Delhi, Mumbai Between January and May
Despite the raging pandemic which had badly affected the aviation sector worldwide, the Cochin International Airport Limited (CIAL) increased its tally in international traffic from the fourth position to the third during the period of January-May 2021. CIAL said the domestic sector is also picking up witnessing a two-fold increase in June.
- Cochin airport handled 5,89,460 international passengers during the five months and attained the third position after Delhi and Mumbai airports.
US continues to be no.-1 in latest rankings of countries where AIR Live-streams on NewsOnAir App are most popular
The US continues to remain in number one position in the latest rankings of top countries in the world where All India Radio Live-streams on NewsOnAir App are most popular.
- The US is followed by Fiji and Australia. Fiji has jumped from 5th position to 2nd, while Saudi Arabia has made a comeback in top 10. Kuwait and Germany are new entrants, while France and New Zealand are no longer in the top 10.
Olympic gold-winning hockey legend Keshav Datt passes away
Two-time Olympic gold medallist in hockey, Keshav Datt, died due to age-related ailments. Datt was 95.
- A formidable halfback, he was part India’s historic feat at the 1948 Olympics where they beat home team Britain 4-0 at the Wembley Stadium in London to win the first gold post Independence.
- Before the 1948 Olympics, Datt had toured East Africa under the leadership of hockey wizard Major Dhyan Chand in 1947.
BOOKS & AUTHORS
“The Light Of Asia” book by Jairam Ramesh
The book titled “The Light of Asia” written by Jairam Ramesh has been released recently. This book is a biography of an epic bio-poem on the Buddha.
- Ramesh, the author, Member of Parliament, former Union Minister, and Congress leader, digs deep in his new book to bring out the fascinating story behind the epic 1879 poem, “The Light of Asia” by Sir Edwin Arnold, that took the world by storm and in some ways, brought the Buddha’s story to the world at the turn of the last century.