Daily Current Affairs 22 June 2022 for Banking/Insurance/SSC and other related exams.
India hosts 8th round of SCO meeting in New Delhi
India hosted the eighth round of meetings with the heads of the border services of the competent authorities of the member states of the Shanghai Cooperation Organization (SCO) in New Delhi.
- The meeting was held in a professional and constructive atmosphere as extensive deliberations on the pressing security challenges, including threats of terrorism, and regional security scenarios, including the situation in Afghanistan, took place.
- Including India, the meeting was attended by the other 7 members– China, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan, Uzbekistan and the Executive Committee of the SCO-RATS (Regional Anti-Terrorist Structure).
Govt reconstitutes committee to examine representation of officials sacked for alleged corruption
Chemical and Petrochemicals Secretary Arti Ahuja will now be part of a committee to examine the representation of officials sacked for alleged inefficiency or corruption from the government service, according to a personnel ministry order. The three-member panel has been reconstituted by the ministry.
- Ahuja has been appointed in place of Leena Nandan, Secretary of Ministry of Environment, Forest and Climate Change.Similarly, Puneet Kansal, Joint Secretary in the Cabinet Secretariat has replaced Ashutosh Jindal, Additional Secretary, Cabinet Secretariat in the panel.
- The committee examines the representation of employees who are sacked under Fundamental Rule (FR) 56 (J), (I) and Rule 48 of the Central Civil Services (Pension) Rules 1972.
EU leaders grant candidate status to Ukraine and Moldova
European Union leaders granted Ukraine and Moldova the coveted status of official candidate to join their 27-nation club, a bold geopolitical step hailed by Kyiv and the EU itself as a “historic moment”.
- Although it could take Ukraine more than a decade to eventually join the bloc, the decision to officially accept it as a candidate is a symbol of the EU’s intention to reach deep into the former Soviet Union.
- Six years to the day after Britons voted to leave the EU, Ukraine’s neighbour Moldova was also granted candidate status, and Georgia, another ex-Soviet state, was told it would get the same once it has fulfilled more conditions.
India ranks 3rd globally for total renewable additions in 2021
India ranked third globally for total renewable power capacity additions with 15.4 GW in 2021, following only China (136 GW) and the US (43 GW), according to the REN21 Renewables 2022 Global Status Report (GSR 2022).
- India installed 843 MW of hydropower capacity in 2021, bringing the overall capacity to 45.3 GW, according to the report.
- India was the second-largest market for new solar PV capacity in Asia, and the third-largest globally (13 GW of additions in 2021). For the first time, it surpassed Germany (59.2 GW) for fourth place in total installations (60.4 GW).
Nearly 5 mn in India displaced due to climate change, disasters in 2021: UN
Nearly 50 lakh people in India were internally displaced due to climate change and disasters in 2021, news agency PTI quoted the annual Global Trends Report by the United Nations High Commission for Refugees (UNHCR).
- The UNHCR report states that 10 crore people across the world were forced to flee their homes last year due to violence, food insecurity, human rights abuses, the climate crisis, war in Ukraine etc.
- The Internal Displacement Monitoring Cell said there were 2.37 crores new internal displacements across the world due to disaster. These figures are in addition to those internally displaced due to conflict and violence.
- However, this is a decrease of 70 lakh as compared to the previous year’s tally, the report added.According to the report, the largest displacements due to disasters in 2021 took place in China (60 lakhs), the Philippines (57 lakhs) and India (49 lakhs). The UN report said that most disaster displacements were temporary.
BANKING & FINANCE
Nainital Bank launch RuPay Credit card, partner with BOB bank
BOB Financial Solutions Limited (BFSL), a wholly-owned subsidiary of Bank of Baroda and Nainital Bank, announced the launch of Nainital Bank – BoB co-branded Contactless RuPay Credit Card.
- The card, being launched in the centenary year of Nainital Bank, is designed to reward customers for everyday spend categories like grocery and departmental stores, the bank said.
- Card holders of Nainital Bank – BoB RuPay Contactless Credit Card will be able to earn 5X i.e. 5 reward points (per Rs. 100 spent) for spends on grocery, departmental stores and movies.For all other spends, cardholders will earn 1 reward point per Rs. 100 spent. In addition, cardholders will also benefit from 1 per cent fuel surcharge waiver on fuel purchases.
- The co-branded credit card also offers complimentary Personal Accidental Death insurance.
Kotak General Insurance partners with PhonePe to offer motor insurance
Kotak Mahindra General Insurance Company Limited (Kotak General Insurance) announced that it has partnered with PhonePe Insurance Broking Services Pvt. Ltd (PhonePe), a digital payments platform, to offer motor insurance to PhonePe’s 380 million users, placing a significant bet on the digital distribution and direct-to-customer space.
- Kotak General Insurance will provide its clients quick and easy vehicle and two-wheeler insurance policies via PhonePe.
- Through this partnership, PhonePe users will be able to quickly and easily purchase automobile and two-wheeler insurance online from the convenience of their smartphones.
ONDC partners with NABARD to activate e-commerce in agri tech
The newly minted Open Network for Digital Commerce (ONDC) is working to activate e-commerce in the agriculture domain in partnership with National Bank for Agriculture and Rural Development (NABARD).
- As one of the first initiatives to drive ONDC enablement in the domain, ONDC and NABARD have come together to host the NABARD-ONDC Grand Challenge which aims to establish market linkages for the enabled players with market ready Farmers Producers Organisations (FPOs) in the country.
- It also aims to promote development of innovative solutions that are likely to aid adoption of e-commerce in the agriculture domain.
BUSINESS & ECONOMY
Unemployment rate dips to 8.2% in Jan-Mar 2022, shows NSO survey
Unemployment rate drops to 8.2% in January-March 2022: NSO survey. Unemployment rate for persons aged 15 years and above in urban areas has dipped to 8.2% in January-March 2022, according to the National Statistical Office’s (NSO) 14th Periodic Labour Force Survey.
- Joblessness was high in January-March in 2021 mainly due to the staggering impact of the lockdown restrictions in the country, which were imposed to curb the spread of the deadly coronavirus.
- It also showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 10.1 per cent in January-March, 2022 from 11.8 per cent a year ago. It was 10.5 per cent in October-December 2021.
- Among males, the unemployment rate in urban areas dipped to 7.7 per cent in January-March 2022 compared to 8.6 per cent a year ago. It was 8.3 per cent in October-December 2021.
- Labour force participation rate in CWS (Current Weekly Status) in urban areas for persons aged 15 years and above declined to 47.3 per cent in the January-March quarter of 2022, down from 47.5 per cent in the same period a year ago. It was 47.3 per cent in October-December 2021.
India’s merchandise exports likely to be at USD 117.2 bn in Q1 FY23: Exim Bank
The country’s total merchandise exports are likely to be at USD 117.2 billion in the first quarter of FY23, according to India Exim Bank.
- The country’s total merchandise exports are likely to be at USD 117.2 billion in the first quarter of FY23, according to India Exim Bank.
- Non-oil exports continue to witness a double-digit growth of 12.6 per cent, amounting to USD 93 billion, during the first quarter (April-June) of 2022-23, compared to USD 82.6 billion in the year-ago period.
- The country’s total merchandise exports are likely to be at USD 117.2 billion in the first quarter of FY23, according to India Exim Bank.
SEBI constitutes advisory committee on Environmental, Social and Governance (ESG) matters
The Securities and Exchange Board of India has formed an advisory committee for advising on Environmental Social and Governance (ESG) related matters pertaining to the securities markets.
- The committee will be chaired by Navneet Munot, the chief executive officer of HDFC Asset Management Company, the regulator said in a statement.
- Essentially, the terms of reference of the committee will include enhancements in business responsibility and sustainability report, ESG ratings and ESG investing.
Sebi forms Building Advisory Committee to advise on premises related matters
Capital markets regulator Sebi has formed a Building Advisory Committee, which will advise and assist it in all the premises related matters such as planning, acquisition and furnishing.
- The seven-member committee will be headed by B K Katyal, former Chief General Manager at Reserve Bank of India (RBI), a latest update with Sebi showed.
- The other members of the committee are K. V. Krishna Rao, former head of department Civil Engineering at Indian Institute of Technology, Mumbai; Rajiv Mishra, Principal, Sir JJ College of Architecture, Mumbai; K M Soni, former ADG, Central Public Works Department, Delhi; and Rajesh Bhagwani SE (Electrical), Central Public Works Department,Mumbai.
- Jitendra Aggarwal, VP, NISM and SP Garg, Executive Director at Sebi are the other members of the committee.
Bengaluru ranks 22nd in global startup ecosystem; 5th for tech VC investment, says report
According to a report released by policy advisory and research firm Startup Genome, Bengaluru has moved up to 22 from 23 last year in the Global Startup Ecosystem ranking.
- Startup Genome published its first Global Startup Ecosystem Report (GSER) in 2012. The 10th edition of the GSER-2022, in partnership with Crunchbase and Global Entrepreneurship Network, was released, at the ongoing London Tech Week-2022, ranking the top 30, 10 runner-up global ecosystems, and the top 100 emerging ecosystems.
- Bengaluru is also among the top 15 global ecosystems in funding and is among the top 25 global ecosystems in performance, according to the GSER-2022.
- The UK-based research agency also found that Bengaluru ranks 8th in fintech VC investments globally. The city’s massive growth in 2022 is largely attributed to greater access to funding with major funding rounds in 2022 for scale-up tech companies. Its median seed funding (2019H2-2021) was $5 million as compared to the global average of $4.7 million.
ACQUISITIONS & MERGERS
RBI approves Shriram Group’s financial services business merger
The Shriram Group has secured RBI approval for the merger of Shriram City Union Finance and Shriram Capital Ltd with Shriram Transport Finance Company in a consolidation set to create the largest retail finance NBFC in the country.
- The RBI green signal counts among a raft of necessary approvals — the scheme has to secure nods from the IRDA and other regulators to sail through.
- The combined financial service entity, Shriram Finance Ltd, would benefit from the multiplier effect of the unification of numerous market channels, and leverage data analytics to serve customers – counting over 2 crore by end-December 2021 – better.
Equitas Small Finance Bank gets RBI nod to reappoint Vasudevan as MD & CEO
Equitas Small Finance Bank (ESFB) said that the Reserve Bank of India has okayed its proposal to reappoint MD and CEO Vasudevan P N for one year.
- Earlier in May this year, ESFB founder and CEO Vasudevan P N had asked the lender to look for his successor as he wanted to step down to pursue “a distinct set of goals”.
- He in May this year, ESFB founder and CEO Vasudevan P N had asked the lender to look for his successor as he wanted to step down to pursue “a distinct set of goals”.q
Financial services, Pharma, IT biggest contributors in Hurun’s 500 list
Financial services, Healthcare, Software & Services are among the biggest contributors in the Burgundy Private Hurun India 500 list.
- “Financial Services led the way with more than one-fifth of the cumulative value of the Burgundy Private Hurun India 500, followed by Software & Services (14%) and Healthcare (7.2%),” the report said.
- Apart from this, Consumer Goods showed cumulative value of 5.5% followed by Chemicals at 5.1%, Retail at 4.6% and Automobile & Auto Components at 4.4%.
- Though with more than one-fifth of the cumulative value at 21.3%, Financial services did see a drop of 6.4% than last year. However, the retail sector saw an increase of 17.2% with a cumulative value of 4.6%.
Delhi’s IGI airport best in India and South Asia, 37th among world’s top 50
Delhi’s Indira Gandhi International (IGI) airport has been adjudged the best in India and South Asia for the fourth consecutive year at the Skytrax World Airport Awards, an official statement said.
- The airport also improved its overall ranking to 37th from last year’s 45th position, said the statement from GMR which added that it is the only airport from India to be included in the world’s top 50 airports.
- The GMR Infra-led airport has also been declared as “the cleanest airport” in India and South Asia, it said.
TCS, HDFC, Infosys, LIC among top 100 global brands
IT services and banking companies have retained top positions in the Kantar Brandz, 2022 Most Valuable Global Brands report. This year the number of Indian brands in the Global Top 100 rose to four: Tata Consultancy Services (TCS), HDFC Bank, Infosys, and Life Insurance Corporation (LIC).
- That’s more than the amount that Japan, Italy, or the UK placed – combined, said the report. TCS jumped 12 positions to 46th position from 58th in 2021. Its brand value was up 61 per cent.
- Bank’s rank was up five positions and its brand value increased 35 per cent. However, life insurance player LIC saw its rank slip 19 positions to 92, and its brand value was down by 4 per cent compared to 2021.
- Infosys made its debut to the list at 64th position at a brand value of $33,551 billion, up 33 per cent.
- As China’s long run of spectacular growth appears to be levelling off for now, and India has emerged as a major source of opportunity, not least for Chinese brands themselves, some of which have begun to open factories in Indian cities, said the report.
SCIENCE & TECHNOLOGY
Bengaluru: ISRO chairman inaugurates new spacecraft manufacturing facility
Dr. S Somanath, the chairman of Indian Space Research Organisation (ISRO), inaugurated ANANTH Technologies’ spacecraft manufacturing unit at Karnataka Industrial Area Development Board (KIADB) Aerospace Park.
- The new state-of-the-art spacecraft manufacturing facility can conduct assembly integration and testing of four large spacecraft simultaneously.
- This is a first of its kind facility in India, adding that since its establishment in 1992, Ananth Technologies has contributed to the manufacturing of 89 satellites and 69 launch vehicles built/launched by ISRO.
Airtel launches India’s first multiplex in the Metaverse
Bharti Airtel has launched India’s first multiplex on the Partynite Metaverse platform. The Airtel Xstream multiplex is an extension of Airtel’s Xstream Premium offering. It is a 20-screen platform with access to content portfolios from leading OTT partners available on the application.
- Airtel has released a YouTube video for users to check out the multiplex experience. Users can download the “Partynite Metaplex” app on Windows and Android devices from their respective app stores.
- The multiplex will enable sampling of top original shows and movies with content pieces such as the first episode of an OTT original or the initial minutes of a movie in regional languages, besides English and Hindi.
First govt desalination plant for industries inaugurated in Dahej
For the first time in the country, the Gujarat Industrial Development Corporation (GIDC) commissioned the desalination plant at Dahej, supplying water to industries. The plant was officially inaugurated, but the government had put the plant under trial stage for a week’s time.
- This is the first desalination plant of 100 MLD set up by any government in the country.
- Dahej, a hub of major industries, is rapidly expanding with new industrial units. Currently, the daily requirement of water for the industries in Dahej is around 200 MLD, which is at present fetched from the Narmada river. The industries will now get treated sea water for their use.
NCMRWF signs MoU with Indian Navy for numerical model applications in weather forecasting
The National Centre for Medium-Range Weather Forecasting (NCMRWF), Ministry of Earth Sciences signed a memorandum of understanding (MoU) with the Indian Navy for cooperation on numerical model-based applications in meteorology and oceanology.
- The purpose of this collaboration would be to share the expertise with the aim of keeping both organisations in step with rapid development in the field of weather/ ocean modelling, coupled modelling, data assimilation, ensemble forecasting and satellite data use.
- In addition, this would also facilitate meaningful interactions that are drawn on the professional strengths of the two organisations.