Daily Current Affairs 16 November 2022 for Banking/Insurance/SSC and other related exams.
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Bihar Govt signed agreement with ICCR to showcase its Soft Power to World
The Bihar government will sign an MoU with the Indian Council of Cultural Relations (ICCR) to help artists from the state, handicrafts and several other ethnic arts to get international exposure, an official said.
- This MoU will help Bihar to send group of artists to other countries as part of cultural exchange initiative by the Central and the state government. Similarly, cultural troupes from other countries will also come to Bihar as part of cultural exchange initiatives.
G7 Nations launched Climate ‘Shield’ Fund
A G7-led plan dubbed “Global Shield” to provide funding to countries suffering climate disasters was launched at the U.N. COP27 summit, although some questioned the effectiveness of the planned scheme.
- Coordinated by Group of 7 president Germany and the V20 group of climate-vulnerable countries, it aims to rapidly provide pre-arranged insurance and disaster protection funding after events such as floods, droughts and hurricanes hit.
- Backed by 170 million euros ($175.17 million) in funding from Germany and 40 million euros from other donors including Denmark and Ireland, the Global Shield will in the next few months develop support to be deployed in countries including Pakistan, Ghana, Fiji and Senegal when events occur.
BANKING & FINANCE
9 Vostro accounts opened to Facilitate Overseas Trade in Rupee
Apart from the domestic lenders, Russia’s two largest banks Sberbank and VTB Bank are the first foreign lenders to have received approval from the central bank for settling international trade transactions in rupee.
- Another Russian bank, Gazprom, which does not have a branch in India, has also opened this account with Uco Bank.
- In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India, as well as pushing rupee as an international currency. It is also expected to enable trade with sanction-hit nation such as Russia.
BUSINESS & ECONOMY
Jeff Bezos Amazon Company becomes the First Company in History to Lose $1 trillion Market Cap
Amazon.com Inc. is the world’s first public company to lose a trillion dollars in market value as a combination of rising inflation, tightening monetary policies and disappointing earnings updates triggered a historic selloff in the stock this year.
- Shares in the e-commerce and cloud company fell 4.3%, pushing its market value to about $879 billion from a record close at $1.88 trillion on July 2021. Amazon and Microsoft Corp. were neck-and-neck in the race to breach the unwelcome milestone, with the Windows software maker close behind after having lost $889 billion from a November 2021 peak.
Power System Operation Corporation Limited is now renamed as Controller of India Limited
India’s national grid operator ‘Power System Operation Corporation Ltd (POSOCO)‘ announced that it has changed its name to ‘Grid Controller of India Ltd’.
- The name has been changed to reflect the critical role of grid operators in ensuring integrity, reliability, economy, resilience and sustainable operation of the Indian electricity grid.
Bharat Electronics, DMRC inks MoU to jointly develop I-CBTC
Bharat Electronics signed a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation (DMRC) for jointly developing the Indigenous Communication-based Train Control System (i-CBTC), an important milestone in India’s journey towards self-reliance in Rail and Metro operations.
- i-CBTC, being indigenously developed for the first time in India, will enable unmanned operations of metro and trains. It is a big leap forward in the field ofmetro and rail automation and will give a boost to the ‘Atmanirbhar Bharat’ mission of the Government of India.
- The MoU aims at leveraging the complementary strengths and capabilities of BEL and DMRC.
WhatsApp India head Abhijit Bose steps down
A week after Meta’s biggest layoffs across board, WhatsApp’s India head Abhijit Bose, and Director Public Policy Meta India Rajiv Aggarwal, have resigned from their positions.
- Shivnath Thukral, Director of WhatsApp Public Policy in India, has now been made Director, Public Policy for all Meta brands in India.
- Last week, Meta trimmed around 11,000 jobs across the globe. Ajit Mohan, the head of Meta in India, had stepped down from his role earlier this month. He joined Snap as president, Asia-Pacific.
Navi Technologies named MS Dhoni as brand ambassador
Sachin Bansal-backed Navi Technologies Ltd which sells financial products like personal loans, home loans, and general insurance etc., has appointed MS Dhoni as its brand ambassador. Dhoni will be the face of the company’s branding initiatives.
- The association with the former team India captain strengthens the brand’s trustworthiness as it works to fulfill customer goals by providing simple, affordable, and easily accessible financial services across India.
GoI nominates Vivek Joshi as Director On RBI’s Central Board
The Reserve Bank of India (RBI) announced that the government had nominated Vivek Joshi to its central board.
- Joshi, who is the Secretary in the Department of Financial Services, will hold the position of Director at the central bank. The nomination has come into effect from November 15, 2022, until further orders.
Telugu Film Superstar Krishna Garu passes away
Veteran Tollywood actor Ghattamaneni Krishna, popularly known as Super Star Krishna, passed away. He was 79
- He was the father of the Telugu film superstar Mahesh Babu. He starred in over 350 movies during his long career in the film industry. His first film was Thene Manasulu released in 1965. In 2009, he received the Padma Bhushan.