Daily Current Affairs 31 March 2022 for Banking/Insurance/SSC and other related exams.
Cabinet approves $808-million programme to improve MSME performance
The Union Cabinet has approved a World Bank-assisted programme worth $808 million to improve the performance of micro, small, and medium enterprises (MSME).
- The programme, called ‘Raising and Accelerating MSME Performance’ – or RAMP – will commence in FY23.
- Of the $808 million, $500 million will be a loan from the World Bank, while the remaining $308 million will come from the Centre.
- With the programme, the government hopes to help, directly and indirectly, all 6.3 crore enterprises that qualify as MSMEs. However, 5.5 lakh MSMEs will be “specifically targetted” for enhanced performance.
Assam, Meghalaya sign pact to resolve border dispute in 6 locations
In what has been termed as a “historic day” for the Northeast, the chief ministers of Assam and Meghalaya signed an agreement in the presence of Union Home Minister Amit Shah to resolve part of their five-decade-old inter-state border dispute.
- “Today is a historic day for a dispute-free Northeast,” Shah said.
IONS Maritime Exercise 2022 (IMEX-22) concludes in Arabian Sea
The first edition of the Indian Ocean Naval Symposium (IONS) Maritime Exercise 2022 (IMEX-22) was held from March 26 to 30, 2022, in Goa and in the Arabian Sea. The objective of the exercise was to enhance the interoperability of the navies of member nations in Humanitarian Assistance and Disaster Relief (HADR) operations.
- The exercise is seen as a significant stepping stone for regional navies to collaborate and respond collectively to natural disasters in the region and paves way for further strengthening regional cooperation.
IAF unveils ‘Fleet Card-Fuel on Move’ new initiative for refuelling
The Indian Air Force has unveiled a new initiative with the Indian Oil Corporation Ltd. Under it, IAF’s convoys will be refuelled at fuel stations of the state-run energy major. As per the Defence Ministry, ‘Fleet Card-Fuel on Move’ has been rolled out to facilitate the refuelling of convoys belonging to the Indian Air Force.
- Under the existing system, the Indian Air Force procures fuel from various agencies and then distributes it within the Air Force establishment.
Microsoft launches ‘Startups Founders Hub’ platform
Microsoft launched a new digital and inclusive platform for startup founders in India. The platform called as ‘Microsoft for Startups Founders Hub’ in India, will support startup founders in India at every stage of their startup journey.
- This platform will offer over USD 300,000 worth of benefits and credits to startups, including free access to the technology, tools, and resources from the tech giant and partners.
- The initiative will help the Startups to gain mentorship and skilling opportunities with industry experts and Microsoft Learn.
BANKING & FINANCE
Banks report frauds worth Rs 34,000 Crore in April-December 2021: RBI
A total of 27 scheduled commercial banks and financial institutions have reported 96 cases of fraud, involving a total amount of Rs 34,097 crore in the nine months ended December.
- While Punjab National Bank recorded the highest value of frauds worth Rs 4,820 crore, Bank of India recorded the highest number of frauds at 13, according to data from the Reserve Bank of India.
- The master directions issued by the RBI focuses on prevention of frauds, early detection, prompt reporting and timely initiation of accountability procedures in the event of frauds.
BUSINESS & ECONOMY
Max Life Insurance teamed with PhonePe to provide consumers with financial security
Max Life Insurance Co. Ltd has announced the debut of the Max Life Smart Secure Plus Plan via the PhonePe app, a non-linked non-participating individual pure risk premium life insurance plan aimed at digitally savvy customers.
- Max Life will provide PhonePe users an inherent terminal sickness benefit and a particular exit option within the life insurance category.
- IRDAI has awarded PhonePe, a digital payments platform, a direct broking licence, allowing them to offer insurance through their app.
IFS officer Renu Singh appointed Forest Research Institute (FRI) director
Dr Renu Singh has been appointed by the Ministry of Environment, Forest and Climate Change (MoEF) as the next director of the Forest Research Institute (FRI) in Dehradun. She will be the institute’s second woman director.
- Singh joined as FRI director after AS Rawat, director-general, ICFRE, handed over his additional charge of director FRI to her.
FedEx appoints Indian-born Raj Subramaniam as new CEO
The world’s largest express transportation company FedEx has announced that its new Chief Executive Officer will be Indian American Raj Subramaniam. He has more than 30 years of global experience across strategy and operations and has led the company through a period of tremendous growth.
- The US multinational courier delivery giant was previously helmed by Frederick W Smith. Smith, chairman and CEO, will step down from this position on June 1.
Vishwas Patel re-elected as chairman of Payments Council of India
Vishwas Patel has been re-elected as the Chairman of Payments Council of India (PCI) for the second time in 2022, previously he was elected as a Chairman of PCI in the year 2018. In 2013, he served as Co-Chairman of PCI.
- PCI is a payment ecosystem industry body and is a part of the Internet and Mobile Association of India (IAMAI).
- PCI aims to promote a cashless transaction society and vision to grow digital payment in India.
Belgian Footballer Miguel Van Damme passes away
Veteran Belgian footballer, Miguel Van Damme has passed away aged 28 after a long battle with leukaemia. Van Damme was diagnosed with leukaemia in 2016 and was undergoing treatment for cancer for over five years. During his eight-year professional career, Van Damme played for Cercle Brugge and made 40 appearances for the team.