Daily Current Affairs 31 May 2022 for Banking/Insurance/SSC and other related exams.
Country’s first rural tribal technical training in Bhopal
Chief Minister Shivraj Singh Chouhan launched the country’s first rural tribal technical training in Bhopal under the ‘Parliamentary Complex Project’ for tribal youth.
- In the ‘Parliamentary Complex Project’, technical training will be imparted to rural tribal youth. This training programme has been first started in Madhya Pradesh as an experiment.
- Under this, two-month training will provide employment opportunities to the youth to start their own business and employment opportunities in other sectors.
C CAMP signs MoU with CFTRI to nurture innovation in agriculture, food technology & allied areas
The Centre for Cellular and Molecular Platforms, C CAMP has signed an MoU with the Centre for Food Technological Research Institute, CFTRI to nurture deep science innovation in agriculture, food technology and allied areas.
- It was inked by Dr.Taslimarif Saiyed, the CEO and Director of C-CAMP and Dr. Sridevi Annapura Singh, Director, CFTRI in Mysuru.
- The agreement will help identify and foster agri innovations and agri entrepreneurships towards sustainability and food security in India’s agri sector.
Bihar has India’s largest gold reserves: Report
A survey by the Geological Survey of India has stated that a gold reserve of around 222.88 million tonnes including 27.6 tonnes of mineral-rich ore are present in the Jamui district of Bihar. The Nitish Kumar government in Bihar has now decided to give permission for the exploration of what is being called as India’s largest gold reserve.
- The top official added that the consultation process had started after analysing the survey findings which indicated the presence of gold in areas such as Karmatia, Jhajha and Sono in the Jamui district.
- The Bihar government is likely to sign a memorandum of understanding with a central agency or agencies for G3 (preliminary) stage exploration within a month’s time, adding that in certain areas G2 (general) exploration can also be carried out.
Centre approves extension of Prime Minister’s Employment Generation Programme for five years
The government has approved continuation of the Prime Minister’s Employment Generation Programme (PMEGP), over the 15th Finance Commission Cycle for five years from 2021-22 to 2025-26. It has been appproved with an outlay of around 13 thousand 554 crore rupees.
- The Ministry of Micro, Small and Medium Enterprises (MSME) is implementing the programme to facilitate generation of employment opportunities for unemployed youth across the country by assisting setting up of micro-enterprises in non-farm sector.
- Since its inception in 2008-09, about 7.8 lakh micro enterprises have been assisted with a subsidy of 19,995 crore rupees generating estimated sustainable employment for 64 lakh persons.
BANKING & FINANCE
PSU banks double net profit to record Rs 66,500 crore in FY22
Public Sector Banks (PSBs) have doubled their net profit during the financial year 2021-22. The combined profit of 12 state-owned banks stood at Rs 66,539 crore during the financial year 2021-22, a 110 per cent increase from Rs 31,816 crore in the financial year 2020-21.
- All 12 state-owned banks reported net profit for the first time in many years. This was also a sharp change from FY18 when only two out of 21 PSBs reported profit. In FY21, only two PSBs reported losses (Central Bank and Punjab & Sind Bank), which dragged down the collective net profit.
- SBI’s net profit was the highest at Rs 31,675 crore, which is 55 per cent higher than the previous year. After SBI, Bank of Baroda, with a net profit of Rs 7,272 crore, earned 10 per cent of PSBs’ profits, followed by Canara Bank, which stood at Rs 5,678 crore, which was 8 per cent of total net profit.
- Private banks registered a net profit of over Rs 91,000 crore, up 29 per cent from Rs 70,435 crore in the previous year. Private banks were led by HDFC Bank (Rs 36,961 crore), ICICI Bank (Rs 23,339 crore), Axis Bank (Rs 13,025 crore), Kotak Mahindra Bank (Rs 8,572 crore), IndusInd Bank (Rs 4,611 crore) and Federal Bank. 1889 crores).
- According to the analysis of key financial parameters of PSBs conducted by bank unions, the Bank of Maharashtra has shown the highest improvement in deposits and advances and is the only PSB to have a net non-performing asset (NPA) of less than 1 per cent. It has also recorded the highest growth in advances of 25 per cent, driven by the retail segment, which rose by 23 per cent.
IMF increases weighting of dollar, yuan in SDR basket amid weakness
International Monetary Fund lifted the yuan’s weighting in the Special Drawing Rights currency basket, prompting the Chinese central bank to pledge to push for a further opening of its financial markets.
- The IMF raised the yuan’s weighting to 12.28 per cent from 10.92 in its first regular review of the SDR evaluation since the Chinese currency was included in the basket in 2016, the People’s Bank of China said.
- The weighting of the US dollar rose to 43.38 per cent from 41.73 per cent, while those of euro, Japanese yen and British pound declined.
Neobanking platform Stashfin introduces a credit line card for women
Stashfin, a neobanking platform, has launched a credit line card especially for women called LiveBoundless.
- The card offers dedicated cashback rewards, welcome credits, free ATM withdrawals, and other deals, the firm said. A host of other value-added services include 1% cashback on every spend to benefits worth ₹5,000 in the first year, and a free credit period for select customers.
- The firm also said that the card acts as a virtual and physical medium for shopping, traveling, and eating, which makes it different from the existing players in the market.
LIC introduces Bima Ratna, a new savings plan
The largest insurer in India, LIC launched a non-linked, non-participating, individual, savings life insurance plan called Bima Ratna which offers a combination of protection and savings. The new product was launched to cater domestic market.
- The product can be purchased through Corporate Agents, Insurance Marketing Firms (IMF), Brokers, CPSC-SPV, and POSP-LI engaged by these intermediaries viz. Corporate Agents, Insurance Marketing Firms (IMF), and Brokers
- LIC’s Bima Ratna plan offers financial support for the family in case of the unfortunate death of the policyholder during the policy term and also provides for periodical payments for the survival of the policyholder at specified durations to meet the various financial needs.
BUSINESS & ECONOMY
US becomes India’s top trading partner in 2021-22; overtakes China
The US overtook China to become India’s top trading partner in 2021-22, reflecting strong economic ties between the two countries.
- According to commerce ministry data, in 2021-22, bilateral trade between the US and India stood at US$ 119.42 billion as against US$ 80.51 billion in 2020-21.
- Exports to the US increased to US$ 76.11 billion in 2021-22 from US$ 51.62 billion in the previous fiscal, while imports rose to US$ 43.31 billion as compared to around US$ 29 billion in 2020-21. During 2021-22, India’s two-way commerce with China aggregated at US$ 115.42 billion as compared to US$ 86.4 billion in 2020-21, the data showed.
Sergio Perez wins Monaco F1 Grand Prix 2022
Red Bull’s Sergio Perez registered his first Formula One win of the season in the rain-marred Monaco Grand Prix .
- He finished ahead of Ferrari’s Carlos Sainz and teammate Max Verstappen. Meanwhile, it was Perez’s third career win which also makes him the most successful Mexican driver in F1.
India won its first ever medal in the IBSA Judo Grand Prix in Nur Sultan, Kazakhstan
In Nur Sultan, Kazakhstan, India earned its first ever medal at the IBSA Judo Grand Prix.
- The Indian Blind and Para Judo Association’s Judoka Kapil Parmar deserves heartfelt praising for bringing medals to the country. It’s worth noting that 18 of the 21 countries that competed won medals. Several countries, including Iraq, Switzerland, and India, earned their first medals in the IBSA Grand Prix as a result of these.
- Nur-Sultan is already a universal personality. This Kazakh city hosted the IBSA Grand Prix, and it was here that we saw this universality between countries come to life, as well as the challenge of earning any medal.
Women’s T20 Challenge: Supernovas beat Velocity by 4 runs
Supernovas won the 2022 Women’s T20 Challenge after beating Velocity by 4 runs in the final of the tournament at the Maharashtra Cricket Association Stadium.
- It was the third title for Supernovas after they won it earlier in 2018 and 2019.
- West Indian all-rounder Deandra Dottin starred with both bat and ball as she powered Supernovas to an unprecedented third Women’s T20 Challenge title triumph with a four-run win over Velocity in a thrilling final.
Indian-origin academic Dr Swati Dhingra appointed to Bank of England’s monetary panel
Leading UK-based academic Dr Swati Dhingra has been named as the first Indian-origin woman to be appointed as an external member of the Bank of England’s interest rate-setting Committee.
- Dhingra is an Associate Professor of Economics at the London School of Economics (LSE) having specialisation in international economics and applied microeconomics.
- The Bank of England’s independent MPC makes decisions about the operation of monetary policy of the UK.
- It comprises the Governor of the Bank of England, its three Deputy Governors, one member of the Bank with responsibility for monetary policy and four external members who are appointed by the Chancellor.
7th Forbes 30 Under 30 Asia list 2022 Released
Forbes magazine has released the 7th edition of the Forbes 30 Under 30 Asia List 2022, featuring 10 categories each honouring 30 individuals under the age of 30. The list was edited by Rana Wehbe Watson.
- India tops the list in terms of the number of entries with 61, followed by Singapore (34), Japan (33), Australia (32), Indonesia (30) and China (28).The average age of the 2022 list is 26.8 and the youngest honouree on the list is 14-year old Japanese Olympics skateboarding gold-medalist Momiji Nishiya.
Indians on the list:
- Shiv Parekh, Founder- hBits
- Samyak Jain and Sowmay Jain, Cofounders – Instadapp Labs
- Lavika Aggarwal and Sajal Khanna, Cofounders – Akudo
- Rohan Nayak, Cofounder – Pocket FM
- Trinetra Haldar Gummaraju, Content creator
- Vivan Marwaha, Author
- Masoom Minawala, Content creator
- Ranveer Allahbadia and Viraj Sheth, Cofounders – Monk Entertainment
- Soniya Kundnani and Darshan Shah, Cofounders – NewsReach
- Niharika NM, Content creator
- Shreya Patel, Founder – Window Dreams Productions
- Shlok Srivastava, Founder – Tech Burner
- Ravish Agrawal, Swatantra Kumar and Siddharth Srivastava, Cofounders – Able Jobs
- Shreyans Sancheti and Harish Uthayakumar, Cofounders – Bluelearn
- Jhansi Elango, Co-CEO – Chutney
- Shourya Agarwal, Rajat Gupta and Malhar Patil, Cofounders – Flam
- Hardik Bansal, Harsh Vardhan Chhangani and Bhanu Pratap Singh Tanwar, Cofounders – FRND
- Neelakantha Bhanu Prakash Jonnalagadda, Founder – Bhanzu
- Harshit Awasthi, Ahmad Faraaz and Sashakt Tripathi, Cofounders – Kalam Labs
- Javed Khatri, Chief Product Officer – eBikeGo
- Arnav Kishore, Founder – Fireboltt
- Bhavya Gohil and Atur Mehta, Cofounders – Square Off
- Sujay Suresh Kumar, Cofounder – Lilu
- Pubarun Basu, Photographer
- Alfiya Attarwala and Sarrah Kapasi, Cofounders – D-Alive Health
- Vidur Gupta, Cofounder – Third Eye Distillery
- Harsh Kedia, Founder – A Diabetic Chef
- Osheen Siva, Artist
- Pallav Bihani, Founder – Boldfit
- Raunaq Singh Anand and Rhea Singh Anand, Cofounders – Flexnest
- Anik Bhandari, Siddhant Bhargava, Anirudh Ganeriwal and Devaj Jhunjhunwala, Cofounders – Food Darzee
- Abhishek Negi, Cofounder – Eggoz
- Stuti Gupta, Cofounder – Amrutam
- Vedant Lamba, Founder – Mainstreet
- Dawn Thomas, Cofounder – V&RO Hospitality
- Aadit Palicha and Kaivalya Vohra, Cofounders – Zepto
- Kirti Jangra and Neetu Yadav, Cofounders – Animall
- Shaily Garg, Founder- GlobalFair Technologies
- Ben K George and Nanma Gireesh, Cofounders – NestAbide
- Manav Garg and Kunal Jain, Cofounders – Nexprt
- Anshu Abhishek and Vikram Singh Meena, Cofounders – Techeagle Innovations
- Nikhil Tripathi, Cofounder – Bijak
- Suvrat Bhooshan, Founder – Gan Studio
- Rajit Bhattacharya, Ankit Das and Aisik Paul, Cofounders – Data Sutram
- Saya Date, Cofounder – Linecraft AI
- Prashant Kumar, Cofounder – BarRaiser
- Milan Singh and Apoorva Verma, Cofounders – Rattle
- Rashid Khan, Cofounder – Yellow.AI
- Namya Mahajan, Siddhant Sachdeva and Vishal Sunil, Cofounders – Rocket Learning
- Aditi Arora, Country Manager – India, Girl Up
- Abhishek Bhattacharya, Cofounder – Whrrl
- Sahil Bansal and Aayush Goel, Cofounders – Kosh
- Jigyasa Labroo, Founder – Slam Out Loud
- Shubham Gupta and Rahul Kumar, Cofounders – ConnectedH
- Prasanna Date, Research Scientist – Oak Ridge National Laboratory
- Aman Bhandula and Kaishu Sahu, Cofounders – Farmako
- Prasanth Ganesan, Postdoctoral Researcher – Stanford Medicine
- Shrey Jain, Cofounder – HempStreet Medicare
- Mehak Malik, Cofounder – Uvi Health
- Vivek Jaiswal, Anurag Savarnya and Shivansh Shrivastava, Cofounders – Saveo Healthtech.
Noted filmmaker Sanjit Narwekar conferred with V Shantaram Lifetime achievement award at MIFF 2022
Eminent filmmaker and author Sanjit Narwekar has been conferred with the coveted Dr V Shantaram Lifetime Achievement Award at the 17th edition of the Mumbai International Film Festival for Documentary, Short Fiction, and Animation Films.
- The V Shantaram Lifetime Achievement Award carries a cash prize of Rs 10 lakh, golden conch and a citation.
- Narwekar has written and edited more than 20 books on cinema, including ‘Marathi Cinema: In Retrospect’, which won him the Swarna Kamal at the National Film Awards.
RJ Umar from Kashmir receives Immunisation Champion award by UNICEF
Radio Jockey Umar Nisar (RJ Umar), who hails from south Kashmir, has been awarded the ’01 Best Content Award’ and the Immunization Champion award by UNICEF at the annual Radio4Child 2022 Awards in Mumbai.
- The Radio4Child felicitated radio professionals from private FM and All India Radio from across the country for their commendable work during the COVID-19 pandemic as well as for routine vaccination. These radio professionals highlighted the importance of routine vaccination among people.
SCIENCE & TECHNOLOGY
Karnataka CM Basavaraj Bommai launches health, wellness app AAYU
Karnataka Chief Minister Basavaraj Bommai launched a new health and wellness app AAYU to address and help heal chronic diseases and lifestyle disorders through yoga and meditation.
- The app has been developed by Swami Vivekananda Yoga Anusandhana Samsthana (S-VYASA) in partnership with RESET TECH, an AI-driven integrated health-tech platform.
- The app will aim to address and help heal chronic diseases and lifestyle disorders through right approach to yoga and meditation. It will effectively provide users with personalised wellness solutions and offer doctor consultations based on individual’s personal history and monitor its progress enabling them to accelerate healing and recovery.
National Panthers Party Chief Professor Bhim Singh passes away
Prof Bhim Singh, founder of the Jammu and Kashmir Panthers Party (JKPP), passed away in a hospital in Jammu. He was 81.
- Singh had been a member of the Jammu and Kashmir Legislative Assembly and was once an MP. Before founding the National Panthers Party, he was a member of the Congress and was the Vice President of the India Youth Congress from 1977 till 1978.
Former Albania President Bujar Nishani passes away
Former Albanian President Bujar Nishani, who was often criticized for his center-right political affiliation from the leftist coalition, died following a serious health problem, the country’s presidential office said. He was 55.
- Nishani served as president from 2012 until 2017. At 45, he was elected as the youngest and sixth president in post-communist Albania, supported only by lawmakers from the center-right Democratic party of then-Prime Minister Sali Berisha. Opposition lawmakers boycotted the vote, demanding a consensual candidate.