Daily Current Affairs 13 February 2021 for Banking/Insurance/SSC and other related exams.
Indian Navy undertaking mega exercise in the Indian Ocean Region
The Indian Navy is carrying out a mega war game involving almost all operational assets like warships, submarines and aircraft over a vast geographical expanse in the Indian Ocean Region to test the force’s combat readiness in a complex multi-dimensional scenario.
- The biennial ‘Theatre Level Operational Readiness Exercise (TROPEX)’ aims to validate the Navy’s offensive as well as defence capabilities and safeguard national interests in the maritime domain besides promoting peace and stability in the Indian Ocean.
Museum of Illusions opens in India; comes up in New Delhi
Museum of Illusions, New Delhi, a mind-bending “edutainment” experience where guests enter the fascinating world of mental deception, has opened to the public.
- Situated on Connaught Place, New Delhi, this is the first India outpost and 30th location for the rapidly expanding Museum of Illusions brand that started in Zagreb, Croatia in 2015.
- With over 50 intriguing exhibits, MUSEUM OF ILLUSIONS, offers more eye-fooling fun than any other destination in New Delhi.
- The museum’s collection of interactive, immersive, and distinctly incomprehensible exhibits is based on math, science, and psychology.
Govt allocates ₹16000 crore for Pradhan Mantri Fasal Bima Yojana for 2021-22
Union government has allocated ₹16,000 crores for Pradhan Mantri Fasal Bima Yojana (PMFBY) for the fiscal year 2021-22 to boost the safety of farmers’ crops and to ensure that maximum benefit of crop insurance reaches farmers.
- This is a budgetary increase of around ₹305 crore as against the previous fiscal year 2020-21, which reiterates the government’s commitment towards the growth of agriculture sector in the country.
- The scheme extends coverage for the entire cropping cycle from pre-sowing to post-harvest including coverage for losses arising out of prevented sowing and mid-season adversities.
Odisha to implement REWARD project with World Bank
The state cabinet has approved a proposal to implement ‘Rejuvenating Watersheds for Agricultural Resilience through Innovative Development (REWARD)’ project.
- REWARD envisages an expenditure of Rs 500 Cr on science-based watershed management for a period of six years starting from April 2021. Out of this, World Bank will provide loan assistance amounting Rs 350.00 Cr.
India to be largest source of energy demand growth to 2040, says International Energy Agency
India to make up a quarter of global demand growth 2019-2040. India will make up the biggest share of energy demand growth at 25% over the next two decades,as it overtakes the European Union as the world’s third-biggest energy consumer by 2030, the International Energyr Agency (IEA).
- India’s energy consumption is expected to nearly double as the nation’s gross domestic product (GDP) expands to an estimated $8.6 trillion by 2040 under its current national policy scenario, the IEA said in its India Energy Outlook 2021.
- India’s growing energy needs will make it more reliant on fossil fuel imports as its domestic oil and gas production has been stagnant for years despite government policies to promote petroleum exploration and production and renewable energy.
- India’s oil demand is expected to rise to 8.7 million barrels per day (bpd) in 2040 from about 5 million bpd in 2019, the IEA said, while its refining capacity will reach 6.4 million bpd by 2030 and 7.7 million bpd by 2040, from 5 million bpd.
BANKING & FINANCE
RBI organised Financial Literacy Week on Developing Credit Discipline
The Reserve Bank of India (RBI) organised the Financial Literacy Week (FLW) for the year 2021. The literacy week started from February 8 and it will conclude on February 12, 2021.
- This year, the Financial Literacy week will focus on ‘Developing the credit discipline and encouraging availing of the credit from the formal financial institutions as it is required’.
- During the week, similar activities will be conducted all across the country.
Meghalaya police signs MoU with SBI for implementation of e-challan
Meghalaya government signed two MoUs with the State Bank of India as a part of an initiative towards migrating government transactions to digital mode.
- With implementation of the Goods and Services Tax (GST), these MoUs are expected to give dealers and other citizens the desired platform for conducting financial transactions with the state government on a digital platform.
- The state government will now escalate its transactions for collection of tax and non-tax revenue through the online system – Government Receipt Accounting System (GRAS) covering all departments in a phased manner.
Bharti AXA General launches Health AdvantEDGE plan
Bharti AXA General Insurance, a joint venture between Bharti Enterprises and AXA, has rolled out a new health insurance plan, Health AdvantEDGE, that provides holistic protection against mounting expenses related to medical exigencies and other healthcare services.
- Bharti AXA Health AdvantEDGE also offers wellness benefits as a key differentiator in the domestic health insurance market.
- It is specially designed to support the healthcare and wellness needs of customers. It offers reimbursement benefits for treatment under Ayurveda, Unani, Homeopathy, Yoga and Naturopathy.
World Bank signs project to support Nutrition-Supportive Agriculture in tribal-dominated areas of Chhattisgarh
The Government of India, the Government of Chhattisgarh and the World Bank signed a $100 million project to develop sustainable production systems that allow tribal households in remote areas of Chhattisgarh to practice round-the-year production of diversified and nutritious food.
- CHIRAAG – Chhattisgarh Inclusive Rural and Accelerated Agriculture Growth Project will be implemented in the southern tribal-majority region of the state where a large population is undernourished and poor.
- The project will benefit over 180,000 households from about 1,000 villages in eight districts of Chhattisgarh.
Exim Bank to provide $400 million for Maldives project
Mumbai Export-Import Bank of India (Exim Bank) will provide $400 million to Maldives to fund Greater Male Connectivity Project, the Reserve Bank of India said.The agreement under the line of credit is effective January 28, 2021.
- The terminal utilisation period is 60 months after the scheduled completion date of the project.
- The 6.7 km Greater Male Connectivity Project (GMCP) will be the largest civilian infrastructure project in Maldives, connecting Male with three neighbouring islands — Villingili, Gulhifahu and Thilafushi.
Irdai panel okays launch of index-linked insurance policies
A committee set up by the Insurance Regulatory and Development Authority of India (Irdai) has recommended the introduction of index-linked insurance policies (Ilips).
- The committee was formed about four months ago after requests from insurers for reintroducing Ilips, which were banned by the regulator in 2013.
- The returns from Ilips will be linked to benchmark indices. “Insurance products linked to benchmark indices such as the 10-year Sovereign Bond Index, Sensex or Nifty are Ilips. While the ones linked with government bonds will be less risky, those linked to equity-based indices would see fluctuation in returns based on the stock market performance.
BUSINESS & ECONOMY
Average Salary in India Projected to Increase of 6.4 Percent in 2021: Survey
Salaries in India are projected to rise by an average of 6.4 per cent in 2021, marginally higher than the average actual increase of 5.9 per cent in 2020, according to a Willis Towers Watson survey.
- According to Willis Towers Watson’s latest Salary Budget Planning Survey report, an average salary increase of 6.4 per cent in 2021 translates to a median increase of 7 per cent.
- As per the survey, on average, 20.6 per cent of the salary increase budget is being allocated to top performers, which represent 10.3 per cent of the employees in India. This implies that for each INR 1 allocated to an average performer, INR 2.35 is allocated to a top performer and INR 1.25 is allocated to an above average performer.
Foreign Exchange Reserves Decline by a Massive $ 6.24 Bn to $ 583.945 Bn
The country’s foreign exchange reserves declined by a massive $ 6.24 billion to reach $ 583.945 billion in the week ended February 5, RBI data showed.
- In the previous week, the reserves had touched a record high of $ 590.185 billion after rising by $ 4.852 billion.
- In the reporting week ended February 5, the decline in the forex kitty was mainly on account of a fall in foreign currency assets (FCAs), a major component of the overall reserves. FCAs decreased by $ 4.88 billion to $ 542.338 billion, weekly data from the Reserve Bank of India (RBI) showed.
ACQUISITIONS & MERGERS
State-owned GAIL acquires IEX’s 5% stake in Indian Gas Exchange
The Indian Energy Exchange (IEX) said state-owned GAIL (India) Ltd has acquired five per cent stake of the IEX in its arm Indian Gas Exchange (IGX).
- However, the company did not divulge the details about the value of the transaction.
- Last month, Adani Total Gas and Torrent Gas had acquired five per cent stake each in the IGX. GAIL is the third strategic investor in IGX.
ICC announces BYJU’S as global partner until 2023
The International Cricket Council (ICC) announced BYJU’S, India’s largest EdTech company as their global partner from 2021 to 2023.
- The three-year agreement will see BYJU’S partner all ICC events over the period, including the forthcoming ICC Men’s T20 World Cup in India, and the ICC Women’s Cricket World Cup in New Zealand.
- As a global partner, BYJU’S will have extensive in-venue, broadcast, and digital rights across all ICC events.
Satishwar Balakrishnan appointed as Aegon Life’s MD & CEO
Aegon Life Insurance, India’s first digital-only life insurance company, elevated Satishwar Balakrishnan to be the Managing Director & Chief Executive Officer (‘MD & CEO’).
- Satishwar, who joined the company in July 2019 as Chief Financial Officer, will spearhead Aegon Life’s transformation into a digital-only life insurance company.
SCIENCE & TECHNOLOGY
SpaceX announces world’s first all-civilian mission to space in 2021
Elon Musk’s SpaceX has announced the launch of its first all civilian mission to space.
- SpaceX is planning Falcon 9’s launch of Inspiration4, the world’s first all-commercial astronaut mission to orbit no earlier than the fourth quarter of this year.
- It will be launched from the Launch Complex 39A at NASA’s Kennedy Space Center in Florida.
Pakistan successfully test fires Babur cruise missile
Pakistan’s military successfully test-fired a short range surface-to-surface ballistic missile capable of hitting land and sea targets with ‘high precision’ up to 490 kilometers (about 280 miles) away.
- The Babur cruise missile IA was launched from Multi Tube Missile Launch Vehicle.
- This test was the third missile test carried out over the past three weeks.
Former heavyweight champion Leon Spinks passed away
Leon Spinks, who won Olympic gold and then shocked the boxing world by beating Muhammad Ali to win the heavyweight title in only his eighth pro fight, has died. He was 67.
- Spinks won the light heavyweight division at the 1976 Olympics in Montreal, beating Sixto Soria of Cuba in an upset to become one of five U.S. fighters to win gold.
BOOKS & AUTHORS
“The Terrible, Horrible, Very Bad Good News” by Meghna Pant
The book titled “The Terrible, Horrible, Very Bad Good News” has been released recently. The book is written by award-winning writer, journalist and speaker Meghna Pant.
- The book is about a small-town woman, Ladoo, who scandalizes her conservative family when she decides to use a sperm donor to have a baby, while continuing to look for Mr Right.
- The book will be released in April 2021, and soon be seen as a major motion picture under the title Badnam Ladoo.
Jual Oram launches book on Economic Awareness in India
Chairperson of the Standing Committee on Defence and MP Jual Oram has launched ‘Turn Around India: 2020- Surmounting Past Legacy’, a book on creating economic awareness among masses. The book is authored by RP Gupta.
- ‘Turn Around India: 2020’ is an intimate narrative of Gupta’s experiences and how he attained success through sheer hard work and determination.
- The book provides a practical and viable option for reviving Indian economy for creating new jobs and enlarging public income and also, the structural reforms such as fiscal and monetary stimuli for overcoming economic crisis arising due to pandemic.
Filmmaker Ashwiny Iyer Tiwari Turns Author With ‘Mapping Love’
Filmmaker Ashwiny Iyer Tiwari has turned author with her debut fiction novel, titled “Mapping Love”.
- The 41-year-old director’s book will be published by Rupa Publications in May this year.
National Deworming Day
Every year February 10 and August 10 are observed as the National Deworming Day (NDD).
- The day aims at eradicating intestinal worms also referred to as Soil-Transmitted Helminths (STH), among children within the age bracket of 1-19 years.
World Radio Day
World Radio Day is observed on February 13 every year to celebrate one of the oldest and most widely consumed mediums of communication.
- This year, the day’s theme is ‘New World, New Radio.’ This was decided to keep in mind the services the medium provided during COVID-19. The theme is divided into three sub-parts.
National Women’s Day Of India
To honor the contributions of Sarojini Naidu, February 13 is observed as National Women’s Day of India. This year is the 142nd birth anniversary of Sarojini Naidu.
- National Women’s Day is observed to celebrate the social, cultural, political, and economic achievements of women.