Daily Current Affairs 23 May 2022 for Banking/Insurance/SSC and other related exams.
India-UAE start-up bridge launched in Mumbai
Commerce Minister Piyush Goyal launched the India-UAE Startup bridge in Mumbai, as a part of Comprehensive Economic Partnership Agreement (CEPA) signed between the two countries recently.
- The bridge will facilitate joint training sessions for incubators in India and the UAE, to provide market access information to start-ups in sectors such as textiles, gems, jewellery and leather.
IIT-Kanpur signs a joint agreement with CSIS, USA to create a global ‘just transition’ network
Just Transition Research Centre (JTRC) at Indian Institute of Technology (IIT) Kanpur has joined with the Energy Security and Climate Change Program at the Center for Strategic and International Studies (CSIS), Washington D.C., to work on just energy transition globally including in India.
- Through a memorandum of understanding, IIT Kanpur and CSIS will co-organize a series of workshops and bilateral meetings between senior officials and other key stakeholders from coal-dependent states/provinces in India, the United States, and South Africa.
- Among Indian states, IIT- CSIS collaboration will engage with Jharkhand, Chhattisgarh, West Bengal, Madhya Pradesh, and Telangana enabling them to access resources and connect with senior officials working on just transition in other countries
BANKING & FINANCE
Volopay teams up with Visa for the Fintech Fast Track Program in APAC
Volopay, a Y Combinator-backed corporate cards and payable management company has announced it has partnered with Visa’s Fintech Fast Track Program to offer financial management solutions.
- The partnership program was founded by Visa in order to support innovative financial services and solutions. Given that Volopay’s idea meets their program requirements, the Fast Track program allows Volopay to start issuing their own Visa cards to their client businesses in the APAC.
HDFC Bank carves out rural banking as separate vertical
Largest private sector lender HDFC Bank announced that it has carved out rural banking as a separate vertical and will be opening 1,060 branches in mofussil areas and semi-urban pockets as part of the increased focus in FY23.
- Earlier, rural banking was a part of the wider retail branch banking vertical, and the bank has appointed Anil Bhavnani, who has been working with it for 19 years, to head the newly-carved rural banking vertical.
Paytm constitutes joint venture general insurance company
Digital financial services firm One97 Communications, which operates under Paytm brand, said it has formed a joint venture general insurance company in which it has committed to invest Rs 950 crore over a period of 10 years.
- The proposal to set up joint venture firm Paytm General Insurance Limited (PGIL) was approved by the board on May 20, the company said in a regulatory filing.
- Initially, One97 Communications (OCL) will hold a 49 per cent stake in PGIL while the rest of the 51 per cent stake is to be owned by OCL’s managing director Vijay Shekhar Sharma owned and controlled company VSS Holding Private Limited (VHPL).
BUSINESS & ECONOMY
Uttarakhand governmnent signs MoU with BPCL for renewable energy
Uttarakhand Government signed a memorandum of understanding (MoU) with Bharat Petroleum Corporation Limited for the development of new and renewable energy projects in the state.
- The agreement was signed in the presence of Uttarakhand Chief Minister Pushkar Singh Dhami.
- Talking to ANI after signing of the agreement, Dhami said the agreement will give boost to green energy.
ACQUISITIONS & MERGERS
Walmart’s PhonePe set to acquire WealthDesk, OpenQ for about $70 mn
As it looks to scale up its financial and wealth management services, Walmart-owned digital payments firm PhonePe is set to acquire wealth management firms WealthDesk for about $50 million and OpenQ for around $20 million, according to people familiar with the matter.
- Earlier this year, PhonePe applied to the Securities and Exchange Board of India (Sebi) for a mutual fund (MF) licence, joining rivals in the race to set up an asset management company (AMC).
Eintracht Frankfurt wins Europa League
Eintracht Frankfurt’s 42-year wait for a European trophy is over. The German club ended its title drought with a penalty shootout win over Rangers in the Europa League final.
- Goalkeeper Kevin Trapp came up with a big save at the end of extra time and another in the shootout to help give Frankfurt the 5-4 win on penalties. The game ended 1-1 after regulation and extra time.
Bahrain Para Badminton International: Pramod Bhagat, Tarun Dhillon Bag Golds as India Set for Rich Medal Haul
Paralympic champion Pramod Bhagat secured two golds to lead the Indian badminton team’s medal rush at the Bahrain Para-Badminton International in Manama.
- Bhagat received a walkover from arch-rival Daniel Bethell of England in the men’s singles SL3 final, while he paired up with Manisha Ramdass to outwit Thailand’s Siripong Teamarrom and Saensupa Nipada 21-14 21-11 in the summit clash of mixed doubles SL3-SU5 class.
- Tarun Dhillon also secured gold after beating Korea’s Shin Kyung Hwan 21-9 21-9 in the men’s singles SL4 final. The Indian had notched up a 21-14 21-15 win over Thailand’s Siripong Teamarrom in the semifinals.
- In women’s singles, Mandeep Kaur (SL3) lost 5-21 17-21 to Halime Yildiz to sign off with a silver medal.
Indian Men’s Compound Team Win Gold at Archery World Cup
The Indian men’s compound archery team came from behind to prevail over France by two points in an intense finish to win the gold medal in successive World Cup stages.
- Unheralded Mohan Bhardwaj also shared the limelight as he stunned reigning world champion Nico Wiener en route to winning a dream World Cup individual silver medal as Indian compound archers outshone their much-fancied recurve teammates.
- A day after the Olympic discipline recurve archers ended their campaign with a solitary bronze (in women’s team event), India bagged one gold, one silver and one bronze in the compound section to end their World Cup Stage 2 campaign with five medals.
Vijay Shekhar Sharma reappointed MD & CEO of Paytm
One 97 Communications, which operates under Paytm brand, has reappointed its founder Vijay Shekhar Sharma as managing director (MD) and chief executive officer (CEO) till December 18, 2027.
- His tenure will be from December 19, 2022, to December 18, 2027. One 97 Communications which is listed under the Paytm brand, also announced the appointment of Madhur Deora as Additional Director of the company for a tenure of 5 years from May 20, 2022, to May 19, 2027.
Anthony Albanese sworn in as PM of Australia
Australia’s new prime minister Anthony Albanese was sworn in, ahead of a Tokyo summit with President Joe Biden while vote counting continued to determine whether he will control a majority in a Parliament that is demanding tougher action on climate change.
- Prime Minister Anthony Albanese’s center-left Labor Party ousted predecessor Scott Morrison’s conservative coalition. The coalition had been in power under three prime ministers for nine years.
India’s One Million All-women ASHA Volunteers Honoured by WHO
India’s one million all-women ASHA volunteers were honoured by the World Health Organisation for their crucial role in providing direct access to healthcare facilities in rural areas and their indefatigable efforts to rein in the coronavirus pandemic in the country. Accredited Social Health Activists or ASHA Volunteers, are Indian government’s affiliated health-care workers who are the first point of contact in rural India.
- Most of them gained the spotlight during the peak of the pandemic in India for conducting door-to-door checks to trace coronavirus patients.
- The WHO Director-General Dr Tedros Adhanom Ghebreyesus announced six awards to recognise outstanding contributions to advancing global health, demonstrated leadership and commitment to regional health issues.
SCIENCE & TECHNOLOGY
World’s largest integrated renewable energy storage project coming up in Kurnool, Andhra Pradesh
Hyderabad-based renewable energy player Greenko Group has set the ball rolling for the construction of the world’s largest and first-of-its-kind single location, integrated renewable energy storage project (IRESP).
- The project at Gummitham Tanda in Kurnool district of Andhra Pradesh will be completed by 2023 at an investment of $3 billion.
- The 5,230 MW project, which combines 3,000 MW of solar, 550 MW of wind and 1,680 MW of hydro power generation, will have a pumped storage capacity of 10,800 MWh per day (at six hours of hydel power pumping daily) and in future will also produce green hydrogen and green ammonia.
Webb – world’s most powerful telescope completes first test to track moving object in deep space
The James Webb Space Telescope, the world’s largest and most powerful space-based observatory, recently completed the first test to track a moving object, which verified that the telescope could conduct moving target science.
- The Webb team has already used an asteroid within our solar system to run engineering tests of the ‘moving target’ (MT) capability.
- The engineering team tested this capability on a small asteroid in the Main Belt: 6481 Tenzing, named after Tenzing Norgay, the famous Tibetan mountain guide who was one of the first people to reach the summit of Mount Everest.
Indian startup Skyroot successfully tests Kalam-100 engine on Vikram-1 launch vehicle
Hyderabad-based space technology startup Skyroot Aerospace successfully conducted a static fire test of its Kalam-100 rocket that will power the Vikran-1 launch vehicle. The third stage, named Kalam-100 after former President APJ Abdul Kalam, was fired for a duration of 108 seconds.
- During the test, the rocket produced a peak vacuum thrust of 100 kN (about10 tons) showing its structure built with a high-strength carbon-fiber structure, solid fuel, Ethylene-Propylene-Diene terpolymers (EPDM) thermal protection system, and carbon ablative nozzle.
Delhi govt inducts two robots into firefighting fleet
The Arvind Kejriwal Government has undertaken a unique initiative of using robots for extinguishing fires in the city.
- Initially, the Aam Aadmi Party (AAP) Government inducted two robots into Delhi’s firefighting fleet that will be able to douse fires in narrow streets, warehouses, basements, stairs, forests and enter places like oil and chemical tankers and factories.
- These remote-controlled fire fighting robots will have greater accessibility to places and will be able to navigate narrow lanes, reach spaces inaccessible to humans and perform tasks too risky for people.