Daily Current Affairs 24 November 2020 for Banking/Insurance/SSC and other related exams.
PM Modi attended 5th G-20 Leaders Summit at the invitation of King of Saudi Arabia
Prime Minister Narendra Modi attended the 15th G-20 Leaders Summit at the invitation of the King of Saudi Arabia.
- The summit is chaired by Saudi Arabia in a virtual format under the theme – Realising the Opportunities of the 21st Century for All.
- This will be the second G20 leaders meeting in 2020. The focus of the upcoming G20 Summit will be on an inclusive, resilient and sustainable recovery from COVID 19.
- India will enter the G20 Troika, along with Saudi Arabia, when Italy takes over the Presidency of the G-20 on 1st December, 2020.
Bengaluru Tech Summit held digitally
Prime Minister Narendra Modi inaugurated Karnataka’s flagship annual technology event- 23rd edition of the Bengaluru Tech Summit 2020 via video-conferencing. He shared the significance behind the Digital India mission launched by the Centre five years ago.
- The 3-day summit, to be held at a star hotel in the city centre, focus on innovation and growth in IT and biotechnology (BT), which drive the growth of this tech hub in the southern state.
- With “Next is Now” as the theme, the summit deliberate on challenges emerging in the post-pandemic world and focus on the impact of technologies and innovations in IT and BT.
- About 200 Indian tech firms are showcasing their products and technologies in the virtual exhibition.
GoI releases Rs 3,971 crores for micro-irrigation projects
Government of India sanctioned a loan of 3,971 crores of rupees for micro irrigation projects in Tamil Nadu. This is one of the biggest loans being sanctioned for the state of Tamil Nadu.
- The loan has been sanctioned at subsidised interest rate under micro irrigation fund.
- The micro irrigation fund was created within the National bank for Agriculture and Rural Development, NABARD.This fund with a corpus of Rs 5,000 crore was operationalised in FY20 with an objective to facilitate states in availing subsidised loans for expanding coverage of micro irrigation.
Country’s first moss garden comes up in Uttarakhand’s Nainital district
India’s first moss garden has been developed at Khurpatal in Nainital district, Uttarakhand. The main aim behind developing the garden was to conserve the various species of moss and other bryophytes.
- Moss Garden, Khurpatal houses around 30 different species of moss and certain other bryophyte species.
- It has a moss trail of 1.2 km on which different moss species and scientific information about them is displayed.
First cow hospital of Northeast inaugurated in Assam’s Dibrugarh
A cow shelter in Assam’s Dibrugarh inaugurated Northeast’s first-ever cow hospital, on the occasion of Gopashtami.
- The hospital, Surbhi Aarogyashala, is set up by Shree Gopal Gaushala at a cost of Rs 17 lakh.
- There are 368 cows in the shelter.The hospital will provide services in 30 km radius.
Malaysia hosts 2020 APEC Summit
The 2020 Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting was held under the Chairmanship of Malaysian Prime Minister Tan Sri Muhyiddin Yassin.The theme of the APEC Malaysia 2020 was “Optimising Human Potential Towards a Resilient Future of Shared Prosperity: Pivot. Prioritise. Progress”.
- This was the first time that all 21 APEC Economic Leaders met virtually due to the ongoing COVID-19 pandemic.
- The APEC 2020 ended with the adoption of the APEC Putrajaya Vision 2040 and the 2020 Kuala Lumpur Declaration.The Putrajaya Vision 2040 is a new 20-year growth vision, which will replace the existing Bogor Goals, which was agreed by leaders in 1994 for free and open trade and investment in APEC.
BANKING & FINANCE
NABARD sanctions RS 74.31 crore for Meghalaya roads
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned over Rs 74 crore for the construction of 6 new roads and improvement of 24 existing roads in Meghalaya.
- Under this sanction, 22 village roads, 6 other district roads and 2 major district roads will be covered which are proposed to be completed within three years.
RBI imposes Rs 1 cr penalty on PNB for unauthorised ATM operations
State run Punjab National Bank said the RBI has imposed a penalty of Rs 1 crore on it for contravention of the Payment and Settlement Systems Act.
- RBI has observed that the Bank was operating a bilateral ATM sharing arrangement with Druk PNB Bank Ltd, Bhutan, (international subsidiary of the Bank), since April, 2010 without the prior approval / authorisation from RBI.
- Meannwhile, in a statement the RBI said it has cancelled the Certificate of Authorisation (CoA) of five Payment System Operators (PSOs) engaged in issuance and operation of prepaid payment instruments.
RBI panel recommends raising promoters cap to 26% in private banks
A Reserve Bank of India (RBI) panel has recommended raising the cap on promoter shareholding in private sector banks to 26 per cent of the paid up equity after 15 years of operation from 15 per cent .
- The panel has also proposed that large corporates may be permitted to promote banks after necessary amendments to the Banking Regulations Act.
- The committee, led by PK Mohanty, has also proposed converting of payments banks into a small finance bank. For this, the track record of 3 years of experience as payments bank may be considered as sufficient.
- As per the report, small finance banks and payments banks may be listed within ‘6 years from the date of reaching net worth equivalent to prevalent entry capital requirement prescribed for universal banks’ or ’10 years from the date of commencement of operations’, whichever is earlier.
RBI restricts withdrawals from Jalna-based Mantha Urban Coop Bank for 6 months
Reserve Bank of India imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months.
- The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020.
- As per the directions, the bank will not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment, among others.
SBI Signs Pact With Luxembourg Stock Exchange
State Bank of India (SBI) has signed a memorandum of understanding (MoU) with the Luxembourg Stock Exchange (LuxSe).
- The MoU will help SBI and LuxSE set up a long-term cooperation mechanism, and promote ESG (Environmental, Social, and Corporate Governance) and green finance.
- Through this MoU, the Luxembourg Stock Exchange would work towards creating a sustainable environment for issuers, asset managers, and investors in terms of ESG focused funds and bonds.
BUSINESS & ECONOMY
Karnataka aims to become a $50-bn bio-economy by 2025
The Karnataka government announced that it has set a target to become a USD 50 billion biotechnology market by 2025, contributing to half of the national bio-economy projected to be achieved by then.
- The government released its first draft of the Bio-economy Report 2020 at the Bengaluru Tech Summit, highlighting achievements and earmarking targets for the next five years.
- The report also claims that the same has grown by 14-17 per cent in the previous two years and that the state contributes 10.3 per cent to the gross state domestic product (GSDP) of USD 221.82 billion. While the report estimates the bio-economy of the state at USD 22.6 billion (Rs 1,67,240 crores) and growing at present, it is projected to USD 42 billion by 2025.
FICCI FLO inks pact with IESC, IIM Shillong to mentor women entrepreneurs
FLO, the women wing of the Federation of Indian Chamber of Commerce and Industry (FICCI), said it has signed an agreement with Indian Institute of Management (IIM) Shillong and Incubation and Enterprise Support Centre (IESC) to mentor entrepreneurs.
- Under this Memorandum of Understanding (MoU), FICCI FLO, IESC and IIM Shillong will jointly provide guidance and mentor entrepreneurs by facilitating a nurturing, instructive and supportive environment during the initial and critical stages of starting a business, thus enabling them to reduce the initial startup costs and establish themselves in a shorter timeframe.
Sahitya Academy award winning Telugu Poet Shaik Khaja Hussain passes away
Noted Telugu poet, journalist, scriptwriter, and Kendra Sahitya Academy award winner Shaik Khaja Hussain popularly known as Devi Priya, passed away in Hyderabad. He was 70.
- Devi Priya bagged the Sahitya Akademi Award 2017, for his book Gaali Rangu. His “Running Commentary” on contemporary politics in Udayam Telugu daily was very popular and thought-provoking.
- Later, he continued the Running Commentary even for a couple of vernacular news channels. He is known for his political satirical cartoons and poetry.
- He authored several books including Gareebi Geetaalu, Amma Chettu Chepa Chiluka, and others.
UP best performer in inland fisheries, Odisha is best Marine state
Uttar Pradesh was awarded as best performing state in inland fisheries sector while Odisha got the award of the best Marine state on the occasion of ‘World Fisheries Day’ observed by the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government of India.
- During the event, for the first time in the Fisheries Sector, the Government of India awarded best performing States for 2019-20 namely, Odisha (amongst Marine states), Uttar Pradesh (amongst Inland states) and Assam (amongst Hilly and NE states).
- The Govt. also awarded best Organisations for 2019-20 (Tamil Nadu Fisheries Development Corporation Ltd. (for Marine); Telangana State Fishermen Cooperative Societies Federation Ltd (for Inland), and Assam Apex Cooperative Fish Marketing and Processing Federation Ltd. (for Hilly region); Krishna District, Andhra Pradesh as best Marine District; Kalahandi, Odisha as best Inland District; Nagaon, Assam as Best Hilly and NE District.
Former CM of Assam Tarun Gogoi passes away
Tarun Gogoi, former chief minister of Assam, passed away in Guwahati after his health condition deteriorated. He was 84.
- Assam’s longest serving chief minister, was a popular leader and a veteran administrator, who had years of political experience in Assam as well as the Centre.
- Gogoi was the MLA from the Titabor assembly constituency since 2001. He was also a six-time parliamentarian and a Union minister twice.