Daily Current Affairs 12 March 2022 for Banking/Insurance/SSC and other related exams.
Indian Railways’ First ‘Gati Shakti’ Cargo Terminal Commissioned in Asansol Division of Eastern Railway
The first ‘Gati Shakti’ cargo terminal of Indian Railways’ was inaugurated in the Eastern Railway’s Asansol division.
- The cargo facility is expected to boost railway earnings by roughly Rs 11 crore per month.
- The Asansol division of Indian Railways has successfully commissioned a private siding of Maithan Power in Thaparnagar, Jharkhand, in accordance with the Prime Minister’s vision of Gati Shakti and the Ministry of Railways’ policy on the ‘Gati Shakti Multi-Modal Cargo Terminal’ (GCT).
Australian Army Research Centre (Aarc) signs Memorandum of Understanding (Mou) with Centre for Land Warfare Studies (Claws), India
Australia’s Army Chief Lt Gen Richard Maxwell Burr, who is on the visit to India ,called on India’s Chief of Army Staff, Chief of Naval Staff, Chief of Air Staff along with other senior military officers and exchanged views on the present global situation and the situation in Indo-Pacific.
- To establish academic cooperation and engagement, a Memorandum of Understanding (MoU) was also signed between the Australian Army Research Centre (AARC) and the Centre for Land Warfare Studies (CLAWS) on the side-lines of the visit.
- The visiting General was also briefed on Centre for Land Warfare Studies (CLAWS) research activities and its outreach initiatives.
BIS inks MoU with IIT Roorkee for activities on standardisation, conformity assessment
Bureau of Indian Standards (BIS), a government agency under the Union ministry of consumer affairs, food and public distribution, has signed a memorandum of understanding (MoU) with Indian Institute of Technology (IIT) Roorkee for establishment of a ‘BIS Standardisation Chair Professor’.
- This would be the first standardisation chair established by BIS in an institute for activities on standardisation and conformity assessment, an official statement said.
- The agreement would facilitate research and development, teaching and training in the field of standardisation and conformity assessment with a focus on the areas of civil, electrical, mechanical, chemical, earthquake engineering, renewable energy projects, medical biotechnology and nanotechnology, biotechnology, biomaterials, among other issues.
Jyotiraditya Scindia inaugurates first drone school at Gwalior in Madhya Pradesh
Union Civil Aviation Minister Jyotiraditya Scindia and Madhya Pradesh Chief Minister Shivraj Singh inaugurated the first drone school in Gwalior.
- This drone school is one of the five Drone Schools planned to be opened in different cities of Madhya Pradesh. The other four cities are Bhopal, Indore, Jabalpur and Satna.
- This drone school of Gwalior will not only pave the way for the youth of Madhya Pradesh to move forward by connecting them with technology, but it will also increase employment opportunities.
Tripura govt announces Rs 85 crore scheme for tea workers
In an attempt to ensure social security of over 7,000 tea garden workers of Tripura, the state government has announced a special scheme named “Mukhyamantri Chaa Srami Kalyan Prakalpa”.
- The scheme assures housing, rations and financial support to the tea garden workers providing them with facilities of state and central government entitlements in a clubbed format.
- A sum of Rs 85 crore would be spent from the government’s exchequer for the implementation of the scheme.
Haryana announces Rs 5-L award after Late Sushma Swaraj
The Haryana government presented a Rs 1.77-lakh-crore Budget for the financial year 2022-23 against the Rs 1.53-lakh-crore Budget in 2021-22.
- While presenting the Budget in the state’s Assembly, Haryana Chief Minister Manohar Lal Khattar announced to start an award of Rs. 5 lakhs in the name of Late Sushma Swaraj for their significant contribution or achievements in different walks of life in national and international spheres.
- Besides, Khattar, who also holds the finance portfolio, announced the Haryana Matrushakti Udyamita Scheme to provide support to women for becoming entrepreneurs.
Democracy Report 2022: India ranked 93rd
The latest edition of Democracy Report was released recently by the V-Dem Institute at Sweden’s University of Gothenburg. The study was titled ‘Democracy Report 2022: Autocratisation Changing Nature?’. The report classifies countries into four regime types based on their score in the Liberal Democratic Index (LDI): Liberal Democracy, Electoral Democracy, Electoral Autocracy, and Closed Autocracy.
- Top 5 LDI Countries are Sweden,Denmark,Norway,Costa Rica and New Zealand.
- It classifies India as an electoral autocracy ranking it 93rd on the LDI, out of 179 countries.India is one of the top ten ‘autocratisers’ in the world says the report.
- Ranked 93rd in the LDI, India figures in the “bottom 50%” of countries.It has slipped further down in the Electoral Democracy Index, to 100, and even lower in the Deliberative Component Index, at 102.
- In South Asia, India is ranked below Sri Lanka (88), Nepal (71), and Bhutan (65) and above Pakistan (117) in the LDI.
BANKING & FINANCE
NaBFID to be regulated as AIFI under RBI Act
The Reserve Bank said NaBFID will be regulated and supervised as an All India Financial Institution by it under the RBI Act, 1934.
- The National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021, received the assent of the President on March 28, 2021. It came to force with effect from April 19, 2021.
- Accordingly, NaBFID has been set up as a Development Financial Institution (DFI) to support the development of long-term infrastructure financing in India.
Karnataka Bank signs MoU with SELCO Solar Light
Karnataka Bank has signed Memorandum of Understanding (MOU) with SELCO Solar Light, engaged in the business of designing, assembling, selling and servicing of solar energy products for the last 27 years with the main objective of providing energy access to underserved population.
- Under this collaborative initiative, Karnataka Bank provides financial support to individuals/ HUF/ Farmers/ Traders/Businessmen / Proprietorship concerns / Professionals / Salaried Persons/Institutions etc to purchase the solar energy products of SELCO Solar Light in India.
RBI directs Paytm Payments Bank Ltd to stop onboarding new customers
The Reserve Bank of India (RBI) directed Paytm Payments Bank Ltd to stop onboarding new customers with immediate effect and conduct a comprehensive audit of its IT system, citing “material supervisory concerns”.
- Onboarding of new customers by Paytm Payments Bank will be subject to specific permission to be granted by RBI after reviewing report of the IT auditors, the RBI said.
- The RBI has, in exercise of its powers, inter alia, under Section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank to stop, with immediate effect, onboarding of new customers” . The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system, the RBI said.
BUSINESS & ECONOMY
Crisil retains GDP growth forecast at 7.8 per cent for 2022-23
Crisil has retained its GDP growth forecast of 7.8 per cent for the fiscal year 2023 amidst the ongoing invasion of Ukraine by Russia.
- The average Consumer Price Index (CPI)-based inflation will stay firm at 5.4 per cent in 2022-23, if the price of crude oil averages $85-90/barrel, it said, adding that this takes into account the excise duty cuts announced last year.
- The agency estimates GDP growth at 8.9 per cent and CPI inflation at 5.4 per cent this fiscal.
Indian pacer Sreesanth retires from all forms of domestic cricket
S Sreesanth announced his retirement from all forms of cricket. The discarded Indian pacer represented the national team in 90 internationals (27 Tests, 53 ODIs and 10 T20Is).
- The 39-year-old was part of MS Dhoni-led Indian team’s title-wins in the 2007 T20 World Cup and 2011 ODI World Cup. Sreesanth’s best performances came in India’s maiden Test win in South Africa (in 2006) and he was also a part of the Rahul Dravid-led side’s Test series triumph in England, in mid-2007.
SBI MD Ashwani Bhatia appointed Sebi member
The government has appointed State Bank of India (SBI) managing director Ashwani Bhatia as whole-time member (WTM) of the Securities and Exchange Board of India (SEBI) for a period of three years from the date of assumption of charge.
- With Bhatia getting appointed as WTM, there is now only one post of WTM left to be filled in SEBI.
- Bhatia,who is due to retire in May, this year, was elevated as the managing director of SBI in August 2020. Prior to that, he was working as the managing director and chief executive officer of SBI Mutual Fund.
Debasish Panda appointed as IRDAI Chairperson
The Appointments Committee of the Cabinet has approved the appointment of former DFS Secretary Debasish Panda, a retired IAS officer, as the Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI), which is the insurance regulator.He has been initially appointed for a period of three years.
- Panda had demitted office as the Secretary of Department of Financial Services (DFS) in the Finance Ministry on January 31 this year after a two-year stint.
Hungary elects Katalin Novak, first-ever female president
The Hungarian parliament has elected Katalin Novak, a close ally of Prime Minister Viktor Orban, as the EU member’s first-ever female president.
- Novak, who most recently served as a minister for family policy, portrayed her election as a victory for women.
- She was elected to the mostly ceremonial role by 137 votes to 51 in the parliament dominated by Orban’s right-wing Fidesz party ahead of opposition challenger Peter Rona, an economist.
Supreme Court names AK Sikri as chairman of Char Dham panel
The Supreme Court accepted the resignation of Professor Ravi Chopra as chairperson of a panel formed to oversee widening of roads under the Centre’s ₹12,000 crore ambitious Char Dham project, and appointed its former judge A K Sikri as the new chairman.
- Chopra was appointed as chairperson of the HPC by the top court on August 8, 2019.
- The project envisages construction of 900-km roads to provide all-weather connectivity to four holy towns — Yamunotri, Gangotri, Kedarnath and Badrinath — in Uttarakhand.
Tamilnadu Petroproducts Becomes the World’s First LAB Manufacturer Accredited with the BIS 12795:2020 Certification
In a significant development, Chennai-based petrochemicals manufacturer Tamilnadu Petroproducts Ltd (TPL) becomes the first company in the world to have its product linear alkylbenzene (LAB) conferred with IS12795:2020 certification by the Department of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers, Government of India.
- TPL is a part of the petrochemicals division of AM International, the Singapore-headquartered diversified, multinational group of companies with a federated operating architecture.
- With the prestigious Bureau of Indian Standards (BIS) certification, TPL emerges as the only authorized seller of LAB in the Indian market. The certificate is in line with the requirements of the Linear Alkyl Benzene (Quality Control) Order, 2021.
Tiger Woods inducted into World Golf Hall of Fame, gives touching speech
Tiger Woods was formally inducted into the World Golf Hall of Fame and ushered into golf’s most revered club by his daughter, Sam, who delivered a touching speech as the 82-time PGA TOUR winner and 15- time major champion’s induction presenter.
- Woods as part of the 2022 induction class are 11-time LPGA Tour winner and three-time U.S. Women’s Open champion, Susie Maxwell Berning, former PGA TOUR commissioner, Tim Finchem, and golf course designer/architect, Marion Hollins. The 2022 inductees were presented with the Hall of Fame’s new inductee trophy, created by Tiffany & Co.
- Additionally, the World Golf Hall of Fame presented two new distinguished service awards for the first time. Renee Powell was honored as the inaugural recipient of the Charlie Sifford Award presented by Southern Company (for her spirit in advancing diversity in golf), while Peter Ueberroth and the late Dick Ferris were honored through a Lifetime Achievement recognition for their contributions to golf.
A.P. Police retains top spot in Skoch policing and safety rankings
The Andhra Pradesh police has bagged the top spot in the Policing and Safety ranking of Skoch Awards-2021, retaining the first position it secured in 2020.Telangana is in the second place and Gujarat third in the policing and safety rankings.
- Of the 56 awards bagged by the various departments of the State, the police wing secured 23 for its innovative programmes and technological initiatives taken up in various districts.
- Some of the award-winning initiatives are: Central Lock-up Monitoring System, Court Blaze, women help desk, automated police online information system, hawk vehicle, prevention and detection of temple offences, implementation of ICJS, Sanmanam, project varadhi, e-Malkana, village defence squad, police welfare in pandemic, integrated command control centre, digital health management, reduction in road accidents by risk assessment and traffic enforcement, 3 Netra, operation Samaikhya, technical analysis wing, I-Sparc, Tech Support on One-Click, COVID treatment tracker, faction control centre and COVID cell.
SCIENCE & TECHNOLOGY
ISRO to pick 150 students for ‘Young Scientist Programme’
The Indian Space Research Organisation (ISRO) is organising a special programme for school children called “YUva VIgyani KAryakram” (YUVIKA) or “Young Scientist Programme” to impart basic knowledge on space technology, space science and space applications to young students, especially for those from rural areas.
- The programme is aimed at creating awareness about the emerging trends in science and technology amongst the youngsters, who are the “future building blocks of our nation”, according to the Bengaluru-headquartered space agency.
- The programme aims to select 150 students across the country, who are studying in Class IX in a school located within the territory of India
BOOKS & AUTHORS
“Soli Sorabjee: Life and Times” authored by Abhinav Chandrachud
A new book on the life and times of Soli Sorabjee, the former Attorney General of India, will hit the stands next month, announced Penguin Random House India (PRHI).
- The authorised biography, titled “Soli Sorabjee: Life and Times”, is chronicled by advocate and legal scholar Abhinav Chandrachud. March 9 marks the 92nd birth anniversary of the legal luminary.