Daily Current Affairs 27 March 2022 for Banking/Insurance/SSC and other related exams.
India’s first-ever SAI NCOE for MTB and BMX to be set up in Shimla
The Ministry of Youth Affairs and Sports in collaboration with the Youth Services and Sports department of Himachal Pradesh is set to build India’s first-ever SAI National Centre of Excellence to train athletes in Mountain Terrain Biking and Bicycle Motocross in Shimla.
- The NCOE is being set up to provide world-class training facilities to Indian cyclists so that they can compete for the 18 Olympic medals in the disciplines of MTB and BMX.
- This centre, one of the best high-altitude training facilities in the world, at an altitude of 2000 meters above sea level, will have world-class infrastructure, a state-of-art sports science high-performance centre, Olympic-level track and coaches of international repute, where India’s best cyclists and local sporting talent can train
Tripartite agreement signed to promote yak dairy enterprise in Nepal
A tripartite agreement to promote yak dairy enterprise that can sustain the age-old yak herding culture in the highlands of the eastern Nepal has been signed.
- The International Centre for Integrated Mountain Development (ICIMOD), the Surketham Dairy Cooperative Limited (SDCL) and the Nepal Dairy Private Limited (NDPL) signed the pact.
- The initiative aims to develop a viable yak-based business model to generate attractive and sustainable employment opportunities for rural youth in the Kangchenjunga landscape of Nepal.
Bihar to become the first state to implement dynamic map to track land ownerships
Bihar has become the first state in the country to introduce the concept of a dynamic map for villages which will get updated every time land ownership changes hands. The move is aimed at reducing legal disputes.
- According to the Bihar government, in just about a year since February 2021, the state has seen almost 37,000 cases of some land dispute or the other. The move towards dynamic maps is part of a series of steps taken by the state government to implement long-pending land reforms.
HP govt inks MoU with NIPER, makes it the knowledge partner for Medical Devices Park
Himachal Pradesh Chief Minister Jai Ram Thakur informed that the Himachal government and the National Institute of Pharmaceutical Education and Research (NIPER), Mohali, for the upcoming Medical Devices Park in Nalagarh area of Solan district as the knowledge partner.
- For the development of the park, a total of Rs 74.95 crore has been sanctioned to the State Implementation Agency by the State Planning Department.
- The first instalment amounting to Rs 30 crores of grant-in aid will soon be released by the government of India’s Department of Pharmaceuticals.
BANKING & FINANCE
Centre extends timeline for converting debt into equity
The Department for Promotion of Industry and Internal Trade (DPIIT) has reviewed the extent of FDI policy in India and announced various amendments. Among the key notable modifications is for startups, as the government extended the timeline to 10 years to convert debt investment in a company into equity shares.
- Earlier, startups had 5 years time period for converting their debt investment into equity shares effective from the initial day of the convertible note issued.
- Now that timeline has been extended to ten years. An investor can invest in a start-up through convertible notes (a kind of debt/loan instrument). If the start-up performs well or achieves some performance milestones in future, the investor can ask it to issue equity shares to the extent invested as loan/debt.
RBI launches innovation hub with Kris Gopalakrishnan as chairman
Nearly 1.5 years after announcing it in August 2020, the governor of RBI Mr Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru.
- The hub aims to promote and facilitate an environment that accelerates innovation across the financial sectors and will be a wholly-owned subsidiary of the RBI.
- It has been set up with an initial capital contribution of ₹100 crore, and will have an independent Board with Mr Senapathy (Kris) Gopalakrishnan as Chairman and other persons from industry and academia as members. Mr Gopalakrishnan was the co-founder and former co-Chairman of Infosys.
Govt sets Rs 1-trillion infrastructure lending target for DFI
The Centre has set a target of about Rs 1 trillion for government-backed National Bank for Financial Infrastructure and Development (NaBFID) for sanctioning loans to the infrastructure sector in the next financial year.
- The government-backed Development Finance Institution (DFI) will start operations in the first quarter of the next financial year, finance ministry officials have informed lawmakers.
- To catalyse investment in the fund-starved infrastructure sector, the DFI plans to invest in infrastructure projects in India and outside with a focus towards prioritising systemic risk mitigation and credit enhancement.
EbixCash partners with Axis Securities to offer integrated trading services
EbixCash, a technology-based provider of digital products and services in the B2C, B2B and financial technology space has announced a partnership with Axis Securities for providing trading services to its customers.
- Under the agreement between the two entities, customers of EbixCash will be offered a 3-in-1 account that integrates their savings, demat and trading accounts.
- This will enable EbixCash’s customers to buy and sell shares, mutual funds and other investment products using the platform of Axis Securities. They will also be able to access investment advisory and portfolio management services.
SBI inks co-lending pact with five HFCs for affordable housing
Country’s largest lender State Bank of India has signed a co-lending agreement with five housing finance companies including PNB Housing Finance and Shriram Housing Finance to give loans for affordable homes.
- India’s largest bank has entered into co-lending tie-ups with PNB Housing Finance, IIFL Home Finance, Shriram Housing Finance, Edelweiss Housing Finance and Capri Global Housing Finance.
- Shortage in affordable housing continues to be a major concern for India, especially for the economically weaker and informal sections of the society, according to an SBI statement.
ICICI Lombard partners with Airtel Payments Bank for smartphone insurance
Airtel Payments Bank customers can now buy smartphone insurance from ICICI Lombard General Insurance Company on the Airtel Thanks app.
- With this, Airtel Payments Bank has further strengthened its insurance offering available on its digital platform. Customers can now buy insurance through a fast, paperless, and secure digital process.
- The smartphone insurance solution from ICICI Lombard provides financial protection against damage to the phone and its screen resulting from accidents or liquid spills. As part of this smartphone insurance, customers can file up to two claims during the policy period, and it also includes free pickup & delivery, making it a unique offering in the market, the insurance firm claimed.
BUSINESS & ECONOMY
Indo-German Science and Technology Centre (IGSTC) signs MoU with Tata Steel and LoI with BASF for Scientific cooperation & partnerships
Tata Steel and Indo-German Science and Technology Centre (IGSTC) signed a Memorandum of Understanding (MoU).
- Tata Steel intends to leverage this collaboration opportunity with IGSTC to establish a joint collaborative Research & Innovation (R&I) framework to facilitate new technology development, conduct thought leadership workshops and support human capital development.
- This collaboration partnership will be in the globally relevant technology & innovation areas of climate change, emerging technologies in new materials, joint research & innovation for emerging technologies and technology development for scaling-up.
Omnispace and Nelco ink strategic partnership to distribute 5G direct-to-device satellite services
Omnispace and Nelco Limited, a TATA Group company, have announced a strategic cooperation agreement to enable and distribute 5G non-terrestrial network (NTN), direct-to-device satellite services.
- The collaborative effort will expand the reach of 5G using satellite communication throughout India and South Asia.
- Nelco provides satcom services to enterprise customers for business-critical applications across many industry segments, including Aero IFC and Maritime communication. This strategic agreement with Omnispace will focus on enabling the use of 5G direct-to-device communications using Omnispace’s global NGSO satellite network across various market segments.
ACQUISITIONS & MERGERS
SBI group gets RBI nod to increase stake in ICICI Bank to 9.99%
Private lender ICICI Bank said that the Reserve Bank of India (RBI) has accorded approval to the SBI Funds Management Limited (SBIFML) and other entities of the SBI Group entities for increasing their stake up to 9.99 per cent of the paid-up equity capital of ICICI Bank Limited.
- This approval will remain valid for a period of one year, i.e., till March 22, 2023.
Pushkar Singh Dhami sworn in as 12th Chief Minister of Uttarakhand
Bharatiya Janata Party (BJP) leader and son of an ex-serviceman Pushkar Singh Dhami took oath as the chief minister of Uttarakhand for his second consecutive term at a mega swearing-in ceremony in Dehradun’s Parade Ground .Along with him, eight cabinet ministers were also administered the oath.
- Dhami was elected as the 12th Chief Minister of Uttarakhand at the meeting of the BJP’s legislature party in Dehradun. After that chief minister designate Dhami met the Governor and officially staked claim to form the government in the state.
- The BJP won 47 out of 70 seats but Dhami – who was the third Chief Minister in the BJP’s rule – himself lost the poll from Khatima constituency.
CSB Bank appoints Pralay Mondal as interim MD & CEO from Apr. 1
CSB Bank appointed its current deputy Managing Director, Pralay Mondal, as the interim Managing Director (MD) & CEO for a period of 3 months from 1 April 2022 or till the appointment of a regular MD & CEO, whichever is earlier.
- C.VR. Rajendran, the present MD & CEO will take early retirement from the position due to health reasons and further to continue in the office of the Managing Director & CEO till the close of office hours on 31 March 2022, as mutually agreed.
SCIENCE & TECHNOLOGY
North Korea confirms test-firing of biggest ICBM Hwasong-17
North Korea says it test-fired its biggest-yet intercontinental range ballistic missile under the orders of authoritarian leader Kim Jong Un, who vowed to expand the North’s “nuclear war deterrent” while preparing for a “long-standing confrontation” with the United States.
- The report by North Korean state media came a day after the militaries of South Korea and Japan said they detected the North launching an ICBM from an airport near capital Pyongyang in its first long-range test since 2017.
- The launch extended a barrage of weapons demonstrations this year that analysts say are aimed at forcing the United States to accept the idea of North Korea as a nuclear power and remove crippling sanctions against its broken economy that has been further damaged by pandemic-related difficulties.
Kerala tourism launches WhatsApp chatbot ‘Maya’
Kerala Tourism launched its 24×7 WhatsApp chatbot ‘Maya’ to enable tourists to access all information and updates about the tourism ecosystem in the state by just sending a ‘Hi’ to the WhatsApp no 7510512345, or by scanning the QR code to access the service.
- The chatbot Maya will serve as a virtual travel assistant for tourists to ask and get complete information they need for a hassle-free travel experience in the state.
- The chatbot service, which leverages the potential of the technology for tourism development, will help attract more tourists to Kerala.
Former CJI RC Lahoti passes away
Former Chief Justice of India (CJI) RC Lahoti passed away. He was 81.
- Justice Lahoti was appointed as the 35th chief justice of India on June 1, 2004. He retired on November 1, 2005. He was a former independent director on the board of directors of the Press Trust of India.
GIF inventor Steve Wilhite passes away
Stephen E. Wilhite, the computer programmer best known for inventing the GIF, the looping animation format that became a universal language for conveying humor, sarcasm and angst on social media and in instant messages, died in Cincinnati. He was 74.
- The computer scientist’s team at CompuServe developed the GIF in 1987, years before the format became a signature feature of the early web and later the go-to means for exchanging jokes, memes and reactions on social media.
- He was awarded a Webby Lifetime Achievement award in 2013, using the occasion to settle a long-running humorous debate about the proper pronunciation of the acronym. It’s pronounced ‘jif,’ he communicated — via the use of a GIF.
BOOKS & AUTHORS
IMD launches climate hazards e-book and vulnerability e-atlas
The India Meteorological Department (IMD) launched an e-book, Climate Hazards and Vulnerability Atlas of India- State: Tamil Nadu, in the city as part of the World Meteorological Day celebrations.
- The atlas is available at mausam.imd.gov.in for public access.The e-atlas would help disaster management agencies take preventive steps.