Daily Current Affairs 30 September 2021 for Banking/Insurance/SSC and other related exams.
Centre approves capital infusion of 4,400 crore rupees into ECGC to boost export sector
The Cabinet has approved 4,400 crore rupees investment in ECGC Ltd. (formerly known as Export Credit Guarantee Corporation of India Ltd.) in five years to provide support to exporters as well as banks.
- Commerce and Industry Minister Piyush Goyal said, Capital Infusion and planned IPO to increase ECGC’s underwriting capacity up to 88,000 crore and propel additional exports of 5.28 lakh crore over a five-year period.
- Extension of Foreign Trade Policy (2015-20) has been approved up to 31st March next year. The cabinet has also decided to release 56,027 crore rupees this month to liquidate all pending arrears.
- Cabinet has also approved the listing of Export Credit Guarantee Corporation Ltd. through the Initial Public Offer on the stock Exchange. The Company intends to increase its maximum liabilities to 2.03 lakh crore rupees from 1.00 lakh crore rupees by 2025-26.
Defence Acquisition Council clears proposals worth over 13,000 crore rupees for armed forces
Defence Acquisition Council (DAC) headed by Defence minister Rajnath Singh has approved proposals of modernization and operational needs of the Indian Armed Forces amounting to 13,165 crore rupees.
- Key approvals include helicopters, guided munition and rocket ammunition. The DAC has accorded approval for procurement of 25 ALH Mark III helicopters from HAL under Buy Indian at a cost of 3,850 cr rupees to improve its integral lift capability ensuring its operational preparedness.
- Giving a boost to Indigenous Design and Development of ammunitions, DAC accorded approval for procurement of Terminally Guided Munition (TGM) and Rocket Ammunition at an approx cost of 4,962 crore rupees from domestic sources. Other proposals worth 4,353 crore rupees were also accorded Acceptance of Necessity by the DAC.
PM inaugurates Institute of Petrochemicals Technology, Jaipur
Prime Minister Narendra Modi virtually inaugurated the Central Institute of Petrochemicals Technology (CIPET) in Rajasthan’s Jaipur district.
- The Prime Minister also laid the foundation stone of four medical colleges in Banswara, Sirohi, Hanumangarh and Dausa districts of Rajasthan via video-conferencing.
Govt approves continuation of NEIA scheme, infusion of Rs 1,650 cr Grant-in-Aid over 5 years
The Cabinet has also approved continuation of the National Export Insurance Account (NEIA) scheme and infusion of 1,650 crore Grant-in-Aid over five years.
- Capital infusion in NEIA Trust will help tap the huge potential of project exports in focus market.
- NEIA will be able to support project exports worth up to 33,000 Crore rupees. It will help create 2.6 lakh new jobs, including around 12,000 in formal sector.
GST Council sets up two GoMs to look into rate rationalisation, systems review
The goods and services tax council secretariat notified the setting up of two GoM, one to look into the rate structure and another to look at systems reforms required to plug revenue leakages.
- The seven-member panel, looking to rate structure, would be headed by Karnataka chief minister Basavaraj Bommai and include West Bengal finance minister Amit Mitra, Kerala finance minister K N Balagopal, Bihar deputy chief minister Tarkishore Prasad, Uttar Pradesh finance minister Suresh Khanna, Goa transport minister Mauvin Godinho and Rajasthan urban development and housing minister S K Dhariwal.
- The eight-member panel, headed by Maharashtra deputy chief Minister Ajit Pawar, would include Delhi deputy chief minister Manish Sisodia, Tamil Nadu finance minister Palanivel Thiaga Rajan and Chhattisgarh commercial tax minister TS Singh Deo.
- The panel would review IT tools and interface available with tax officers and suggest ways to make them more effective, identify potential sources of evasion and suggest changes in business processes and IT systems to plug revenue leakage.
G Kishan Reddy lays foundation stone for developing Parshuram Kund in Arunachal
Union Tourism Minister G Kishan Reddy laid the foundation stone for the developing Parshuram Kund in Lohit district of Arunachal Pradesh.
- The project is sanctioned under the ‘Pilgrimage Rejuvenation and Spiritual, Heritage Augmentation Drive’ (PRASHAD) scheme of Ministry of Tourism with the cost of Rs 37.88 crores in January 2021.
- The components sanctioned in the project include interventions near the parking area, tourist information centre, rain shelters, kiosks, interventions near Mela ground, viewpoints, souvenir shops, water supply line, approach road, food court/ Prasadam centre, pilgrim waiting hall, drainage, development of Kund area, changing rooms, viewing gallery, public amenities and slope stabilization.
BANKING & FINANCE
NPCI Partners With YES Bank To Launch RuPay ‘On-The-Go’
The National Payments Corporation of India (NPCI) has partnered with YES Bank to launch a contactless payments solutions RuPay On-the-Go.
- This was launched in association with fintech infrastructure partner, Neokred, and manufacturing partner- Seshaasai at the Global Fintech Festival 2021.
- RuPay On-the-Go will allow customers to make small and large value transactions from the accessories they wear every day. This innovative wearable payment solution would redefine the contactless payments space by eliminating the need to carry a physical card and enabling instantaneous payments with a simple ‘Tap, pay, go’ mechanism.
ADB Approves $251 Million for Integrated Flood Management in India
The Asian Development Bank (ADB) has approved a $251 million loan for urban flood protection and management in the Chennai–Kosasthalaiyar river basin in India.
- Chennai’s rapid urbanization has encroached on the city’s natural landscape, reducing water bodies and water retention capacity.
- The city is relatively low and flat, located on the highly exposed southeast coast and traversing the rivers of Adyar, Cooum, and Kosasthalaiyar. These make the city vulnerable to widespread flooding that results in loss to the economy and livelihoods.
Paytm becomes India’s first platform to accept international remittances directly into digital wallet
Paytm Payments Bank has forged a tie-up with Ria Money Transfer, a cross-border money transfer firm and a business segment of Euronet Worldwide, to help its 333 million customers receive money from their relatives abroad.
- This partnership makes Paytm the country’s first platform to accept international remittances directly into a digital wallet. On the other hand, Ria Money became the first money transfer company to connect with Paytm’s wallet users.
- Every money transfer will be made in real time, and will have security features such as account validation and name matching, Euronet said.
LIC ties up with Department of Post
LIfe Insurance Corporation of India (LiC) and Department of Post have entered into an agreement for “Print to Post” solutions.
- Print to Post solutions is provided by the Department of Posts for printing and dispatching of the policy booklet issued under a life insurance policy. LIC of India is now availing this solution.
NABARD approves credit plan for rearing Himalayan yaks
Two months after a scheme was worked out to insure them against the impact of climate change, the Himalayan yaks have now become bankable.
- The National Bank for Agriculture and Rural Development (NABARD) has approved a credit plan for the high-altitude animal often referred to as “mountain cattle”. The scheme was developed by the National Research Centre on Yak (NRCY) at Dirang in Arunachal Pradesh’s West Kameng district.
- The banking scheme is expected to be a shot in the arm for yak husbandry and boost the economic dividends of yak herders above 8,000 ft in the Eastern Himalayas.
BUSINESS & ECONOMY
Infosys to enter into MoUs with Karnataka govt to help achieve NEP objective
For prioritising skill development among students as per National Education Policy (NEP-2020), Karnataka’s Department of Higher Education and the Information Technology (IT) major Infosys would enter into three memorandums of understanding (MoUs) soon, said Minister for Higher Education Dr CN Ashwatha Narayana.
- The MoUs would help the Karanataka government utilise ‘Infosys Springboard’, comprising of over 3,000 skill development courses for college students, ‘Campus Connect’ for digital learning of college faculty and professional guidance for students, and for a donation of 15,000 de-bonded computers to colleges from Infosys.
MoD signs contract with Spain for acquisition of 56 C-295MW transport aircraft
The Ministry of Defence (MoD) signed an estimated ₹22,000-crore deal with Airbus Defence and Space S.A., Spain, for 56 C-295MW transport aircraft to replace the Indian Air Force’s ageing 56 Avro aircraft that were procured in the 1960s.
- This is the first project of its kind in which a military aircraft will be manufactured in India under technology transfer by the private sector.
- Of the 56 aircraft, 16 will be delivered in flyaway condition from Spain within 48 months and the remaining will be manufactured in India by the Tata Group within 10 years from the date of contract.
India emerges as Dubai’s second biggest trade partner
India has emerged as Dubai’s second biggest trading partner after China with the overall volume touching 38.5 billion dirham in the first half of 2021, according to official data released on September 26.
- According to a Dubai government statement, the emirate had a trade volume of 86.7 billion dirham with China in H1 (first half) of 2021, followed by India and the U.S. at third position.
- Trade with India grew 74.5% year-on-year to 67.1 billion dirham from 38.5 billion dirham in H1 2020.
Women’s National Boxing Championships to be held from Oct 21-27 in Hisar
The fifth edition of the Elite Women’s National Boxing Championships will be held at Hisar in Haryana between October 21-27. This event will also mark the return of Elite Women’s National Championships after a gap of more than one year due to Covid-19 pandemic.
- The tournament will be played as per the AIBA’s revised 12 weight divisions 48kg, 50kg, 52kg, 54kg, 57kg, 60kg, 63kg, 66kg, 70kg, 75kg, 81kg and 81kg. Boxing Federation of India (BFI) said, the last date of registration will be October 8 by number and October 13 by name. The draw will take place in the evening of October 20.
ICC launches T20 World Cup anthem composed by Amit Trivedi
The International Cricket Council (ICC) launched the T20 World Cup anthem along with a film featuring ‘avatars’ of India captain Virat Kohli and West Indies skipper Kieron Pollard among others.
- The tournament will begin on October 17 in Oman and UAE, with the final to be played in Dubai on November 14.
- Composed by Bollywood music director Amit Trivedi, an animated film features young fans from all over the world engaged in T20I cricket and includes some of the sport’s biggest superstars.
Fumio Kishida set to become Japan’s new prime minister
Japan’s former Foreign Minister Fumio Kishida has won the ruling party’s leadership election, virtually ensuring that he will become the country’s next prime minister.
- Kishida won 257 votes in a runoff to defeat Taro Kono, a popular vaccines minister who previously held the positions of defence and foreign minister.
- The 64-year-old replaces outgoing party leader Prime Minister Yoshihide Suga, who is stepping down after serving only one year since taking office last September.
CavinKare CMD CK Ranganathan appointed new AIMA president
CK Ranganathan, chairman & managing director, CavinKare Pvt Ltd has been appointed president of All India Management Association (AIMA) for a period of one year till the National Management Convention is held in September 2022.
- Ranganathan takes over from Harsh Pati Singhania, vice chairman & managing director, JK Paper Ltd.
Pratham CEO Dr Rukmini Banerji receives Yidan Prize for Education Development
Rukmini Banerji, chief executive officer of India’s Pratham Education Foundation, has been awarded 2021 Yidan Prize for Education Development, a top global recognition in the field of education for her work in improving learning outcome in schools.
- Besides Banerji, Eric Hanushek, a professor at Stanford University, has been conferred with the 2021 Yidan Prize for Education Research.
- Yidan Prize Laureate receives a gold medal and a total sum of HK$30 million ($3.9 million) including a cash prize of HK$15 million ($1.9 million) and a project fund of HK$15 million.
Assam scientist bags Shanti Swarup Bhatnagar award for pioneering work
After a gap of twenty years, a scientist from Assam has bagged the prestigious Shanti Swarup Bhatnagar Award for his pioneering research on coal and energy.
- Dr Binoy Kumar Saikia is among the 11 scientists under 45 years of age who bagged the award given for seven categories by Council for Scientific and Industrial Research (CSIR) this year. He is the lone recipient in the Earth, Atmosphere, Ocean and Planetary Sciences category.
- Saikia is the 5th person from Assam to bag the award after Mihir Kanti Chaudhuri (1989), Jitendra Nath Goswami (1994), Bhupendra Nath Goswami (1995) and Prashant Goswami (2001).
Yemeni humanitarian organization wins 2021 UNHCR Nansen Refugee Award
The Jeel Albena Association for Humanitarian Development, a Yemeni humanitarian organization that has provided a lifeline to tens of thousands of people displaced by the country’s conflict, has won the 2021 UNHCR Nansen Refugee Award.
- The organisation named “Jeel Albena Association for Humanitarian Development”, founded in 2017 by Ameen Jubran, has won the prestigious honour to support and provide a lifeline to tens of thousands of Yemenis people displaced by the country’s conflict.
- The UNHCR Nansen Refugee Award honours individuals, groups or organizations for going above and beyond the call of duty to protect refugees, other displaced and stateless people.
PM Narendra Modi launches 35 crop varieties to tackle climate change and malnutrition
Prime Minister Narendra Modi dedicated 35 crop varieties with special traits through video conference to the nation. He also dedicated the newly constructed campus of the National Institute of Biotic Stress Management Raipur to the nation. On the occasion, Prime Minister also distributed the Green Campus Award to Agricultural Universities.
- The 35 varieties include a drought tolerant variety of chickpea, wilt and sterility mosaic resistant pigeonpea, early maturing variety of soybean, disease resistant varieties of rice and biofortified varieties of wheat, pearl millet, maize and chickpea, quinoa, buckwheat, winged bean and faba bean.
BOOKS & AUTHORS
“Smart Villages: Bridging the Global Urban-Rural Divide” book by Dr Sridhar Vembu
A new book , titled ‘Smart Villages: Bridging the Global Urban-Rural Divide” by Zoho founder Sridhar Vembu has been released recently.
- The 511-page volume brought out by Springer Nature Switzerland AG seeks answers on bridging the urban-rural divide.