Daily Current Affairs 29th July, 2022

Daily Current Affairs 29 July 2022 for Banking/Insurance/SSC and other related exams.

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NATIONAL NEWS

Cabinet approves Rs 1.64 lakh crore revival package for BSNL
Union Cabinet has approved revival package of over Rs 1.64 Lakh crore for Bharat Sanchar Nigam (BSNL). It has also approved the merger of Bharat Broadband Network and BSNL.

• Revival measures focus on infusing fresh capital for upgrading BSNL services, allocating spectrum, de-stressing its balance sheet, and augmenting its fiber network by merging Bharat Broadband Nigam Limited (BBNL) with BSNL.
• With these measures, BSNL will be able to improve the quality of existing services, roll out 4G services and become financially viable. It is expected that with the implementation of this revival plan, BSNL will turn-around and earn profit in FY 2026-27.

India’s first Indigenous Aircraft Carrier INS Vikrant handed over to Indian Navy
Maritime history was created with the Indian Navy taking delivery of the prestigious Indigenous Aircraft Carrier Vikrant, built by the Cochin Shipyard. The Commanding Officer Designate of Vikrant, Commodore Vidyadhar Harke and the Chairman and Managing Director of Cochin Shipyard Madhu S Nair signed the documents relating to the delivery of the vessel.

• The name of India’s first Aircraft Carrier was also INS Vikrant which played a vital role in the 1971 war. It was decommissioned in 1997 after 36 years of glorious service to the Navy. The Defence Ministry said in a release that the reincarnation of Vikrant is a true testimony to the country’s zeal and fervor in pursuing capability build-up towards enhanced maritime security.

First all women-run cooperative bank coming up in Rajasthan
The first all women-run financial institution in the cooperative sector is coming up in Rajasthan following a memorandum of understanding (MoU) signed with the Telangana government’s Stree Nidhi Credit Cooperative Federation. The new body will promote women’s empowerment by supporting their enterprises.

• The Rajasthan Mahila Nidhi will be set up on the lines of the Stree Nidhi of Telangana.
• Mahila Nidhi will strengthen the women’s self help groups in the State by extending timely loan facility for their enterprises.
• The institution will be operated entirely by women and will act as a complementary body with the formal banking system. It is also expected to bring down the number of loan applications pending in the banks.

India lost 329 tigers in 3 years, including 29 due to poaching
India lost 329 tigers in the last three years due to poaching, natural and unnatural causes, the government has said.

• As many as 307 elephants have died in this period due to poaching, electrocution, poisoning and train accidents, it added.
• The minister said 68 tiger deaths were attributed to natural causes, five to unnatural causes, 29 to poaching and 30 to ‘seizure’. A total of 197 tiger deaths are under scrutiny, he added.

Ministry of Defences iDEX-DIO signs its 100th innovation contract
In April 2018, Prime Minister Narendra Modi launched a project named iDEX (Innovations for Defence Excellence), billed as the Ministry of Defence’s (MoD’s) flagship for technological innovation. iDEX was to encourage start-ups and provide them a platform for co-creation and co-development in defence and aerospace technology.

• iDEX has now signed its 100th contract in New Delhi with a firm called Pacify Medical Technologies Pvt Ltd.
• iDEX is funded and managed by the “Defence Innovation Organization” (DIO), which is a ‘not for profit’ company as per Section 8 of the Companies Act 2013. Its founder members are the two biggest defence public sector undertakings (DPSUs): Hindustan Aeronautics Ltd (HAL) and Bharat Electronics Ltd (BEL).

MoU signed by ANC and AAI to boost inter-island connectivity under Udaan Scheme
An MoU was signed by Andaman Nicobar Command and Airport Authority of India in Port Blair to boost inter-island connectivity under Udaan Scheme. As per the MoU, naval airfields at Shibpur (in Diglipur) in North Andaman and in Campbell Bay will be utilized for civil operations. Passenger flights will be connecting Port Blair directly to Diglipur and Campbell Bay, the two extreme corners of the archipelago.

INTERNATIONAL NEWS

US GDP contracts for second successive quarter amid recession talk
US gross domestic product (GDP) shrank at an annual rate of 0.9% in the second quarter of 2022, according to Commerce Department estimates. It is the second straight quarter of economic contraction, one informal indicator of a recession. The estimates came a day after the Federal Reserve hiked interest rates by .75 percent for the second time this year to tame inflation, which has been at a 40-year high for several weeks now.

BANKING & FINANCE

RBI allows IDBI Bank bidders to own more than 40%
The Reserve Bank of India (RBI) has accepted the centre’s request to allow non-financial institutions and non-regulated entities to own more than 40% stake in IDBI Bank, as seen by the Union Government and Life Insurance Companies (LIC) to sell through a strategic divestment process 51-74% stake in the lender.

SPORTS

Four times world champion Sebastian Vettel announces retirement from Formula One
Four times world champion Sebastian Vettel (Germany) has announced his retirement from Formula One at the end of the season. The 35-year-old said, his goals had changed and he wanted to focus more on family and interests outside the sport. Sebastian will end his final season with Aston Martin after winning a total of 53 Grand Prix and 122 podium finishes. Vettel made his debut in 2007.

OBITUARIES

Northern Irish Nobel peace prize winner David Trimble passes away at 77
David Trimble, the Nobel peace prize-winning former first minister of Northern Ireland whose statecraft helped end decades of conflict, has passed away aged 77.

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