Daily Current Affairs 4 February 2022 for Banking/Insurance/SSC and other related exams.
Centre approves renaming of three places in Madhya Pradesh
The Centre has approved renaming of three places in Madhya Pradesh namely Hoshangabad Nagar as “Narmadapuram”, Shivpuri as “Kundeshwar Dham” and Babai as “Makhan Nagar”.
- Babai has been renamed after the renowned journalist and poet Makhanlal Chaturvedi , officials said.
- According to officials,the proposals were received from Shivraj Singh Chouhan government in 2021. Located on the south bank of River Narmada, Hoshangabad was named after Hoshang Shah, the first ruler of Malwa, more than six hundred years ago. Officials said renaming of Babai and Shivpuri has been pending with the Centre since 2020-21 due to clearances from central agencies.
IIM Ahmedabad, NIIF to set up India’s first ESG research chair
The Indian Institute of Management Ahmedabad, IIM (Ahmedabad), a premier global management institute, will establish the country’s first research chair in ESG in collaboration with the National Investment and Infrastructure Fund Limited (NIIF), India’s sovereign linked alternative asset manager.
- The newly formed ‘NIIF Chair in ESG at IIMA’ will work closely with the Arun Duggal ESG Centre for Research and Innovation at IIMA.
- It will function as the principal hub of knowledge and insights that allows businesses and policy makers to incorporate ESG principles in their long-term business and governance decisions.
Andhra Pradesh: Social activists build Gandhi Mandiram, Smruthi Vanam at Srikakulam
In Andhra Pradesh, social activists built a Gandhi Mandiram and also a Smruthi Vanam at Srikakulam.
- The aim is to inculcate patriotism among the younger generation by remembering the sacrifices of freedom fighters and national leaders.
- Mahatma Gandhi statue was unveiled along with Smritivanam on the eve of Mahatma Gandhi’s death anniversary in Srikakulam City.
- Srikakulam, also called Chicacole, the North Eastern District in AP is known for temple tourism.
BANKING & FINANCE
Edelweiss General Insurance launches AI voice bot for automated motor claims
Edelweiss General Insurance (EGI), has launched an AI Voice Bot to enable its customers intimate insurance motor claims in a convenient and seamless manner.
- This conversational AI Voice Bot, available in Hindi, English and Hinglish, will enable real time registration of claims, 24-7. It has been currently introduced for garage owners and will be offered to all customers as well in a month or two.
- The end-to-end AI Voice Bot is powered by Yellow.ai.The AI Voice Bot can also answer questions raised by the garage representatives.
Exim Bank extends LOC of USD 500 mn to Sri Lanka
Export-Import Bank of India (Exim Bank) said it has extended a line of credit of USD 500 million to Sri Lanka for financing the purchase of petroleum products.
- With the signing of the LOC agreement for USD 500 million, Exim Bank, to date, has extended 10 lines of credit to the Sri Lankan government on behalf of the Indian government, taking the total value of LOCs extended to USD 2.18 billion.
- Projects covered under the LOCs extended to Sri Lanka includes the supply of petroleum products, railway projects, defence and infrastructure projects.
SBI-NCF-IGNCA sign MoU for Development of Atmanirbhar Bharat Centre for Design at Red Fort, Delhi
The State Bank of India (SBI) has signed a tripartite Memorandum of Understanding (MoU) with the Indira Gandhi Centre for the Arts (IGNCA) and National Culture Fund (NCF) of the Ministry of Culture, for Development of Atmanirbhar Bharat Centre for Design (ABCD) at L1 Barrack, Red Fort, in Delhi.
- The main objective of Project ABCD is to highlight, promote and celebrate the products that have the Geographical Indication sign to give a boost to Economic Value Addition to GI products from India.
- The ABCD project will be implemented by IGNCA, an autonomous organization under the Ministry of Culture through the ministry’s NCF fund. SBI will sponsor the project under CSR with a contribution of Rs. 10 crores for the implementation of the ABCD Project.
RBI cancels licence of Nashik’s Independence Co-operative Bank Limited
The Reserve Bank of India (RBI), has cancelled the licence of Independence Co-operative Bank Ltd in Maharashtra’s Nashik city.
- Consequently, the bank ceases to carry on banking business, with effect from the close of business on February 03, 2022.
- The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
At $8.65 bn, LIC 10th most valued insurance brand globally: Report
Life Insurance Corporation, which is bound for the nation’s largest share sale, is the strongest and the largest brand in the country with a valuation of $8.656 billion. This also makes it the third strongest insurance brand globally, said a Brand Finance report.
- According to a Brand Finance report, London-based consultancy, the market value of Life Insurance Corporation will become Rs 43.40 lakh crore or $59.21 billion by 2022, and Rs 58.9 lakh crore or $78.63 billion by 2027.
- LIC’s brand value also climbed in the overall global brand rankings by 32 places to become the world’s 206th most valuable brand in 2021, from 238th slot in 2020.
- The corporation ranks first in brand strength amongst the competitor set with a score of 84.1 and it ranks third in brand strength globally after Poste Italiane of Italy and Mapfre of Spain and is also the 10th most valued insurance brand globally, according to the report prepared in November 2021 but is yet to made public.
BUSINESS & ECONOMY
US regains top spot as India’s trade partner in 2021
The US has regained its position as India’s top trading partner in calendar year 2021 with a trade of $112.3 billion, while China slipping to the second spot. But imports from Beijing spiralled 49 per cent to $87.48 billion, compared to imports in 2020, widening the bilateral trade deficit. China was followed by UAE, Saudi Arabia and Switzerland.
- The escalation in imports from the China, however, is mostly due to an increase in shipments of capital goods, intermediate goods and raw materials, with a much lower rise in consumer goods, according to figures collated by the Commerce Department.
- Import of consumer goods from the country in 2021 have actually declined, compared to imports in 2019.
Winter Olympics host China welcomes Year of Tiger
China is celebrating the Spring Festival, its most important annual festival as it entered the Lunar new Year of the Tiger, bidding goodbye to the Lunar Year of the Ox.
- This year the celebrations coincide with the Beijing Winter Olympics, which open near the end of the weeklong holiday.
- The Year of the Tiger, according to the Chinese Zodiac, runs from Feb. 1, 2022 to Jan. 21, 2023. In Chinese culture, the tiger symbolizes bravery, vigor and strength and it is believed that it can lift people from adversity and usher in final auspiciousness and peace.
Former RBI governor Urjit Patel resigns as independent director of Britannia Industries Limited
Former Reserve Bank of India (RBI) governor Urjit Patel has resigned from the post of non-executive and independent director of Britannia Industries Limited, citing a full-time work assignment starting next month.
- Patel was recently appointed vice president for investment operations in South Asia at the Beijing-based Asian Infrastructure Investment Bank (AIIB). His appointment is effective from 1 February.
- He had joined Britannia in March 2021 as an additional director of the company in the category of non-executive and independent director, and his appointment was for a period of five years, which would have ended in 2026.
Lt Gen GAV Reddy, SC appointed as new head of Defence Intelligence Agency
Lieutenant General GAV Reddy, SC was appointed as the new head of the Defence Intelligence Agency.
- He would be succeeding Lieutenant General KJS Dhillon who superannuated.
- Lt Gen KJS Dhillon was awarded Param Vishisht Seva Medal on the 73rd Republic Day.
Dr. Madan Mohan Tripathi joins as Director General, NIELIT
Dr Madan Mohan Tripathi has joined as Director-General of the National Institute of Electronics & Information Technology (NIELIT).
- Before joining NIELIT, Dr. Madan Mohan Tripathi was working as Professor with Delhi Technological University (DTU), New Delhi. In DTU he also worked as Director Internal Quality Assurance Cell (IQAC) and Coordinator of Intellectual Property Rights Cell.
Former Sports Secretary Ravi Mittal appointed as IBBI Chairperson
Former Sports Secretary Ravi Mittal is likely to be appointed as the new Chairman of the Insolvency and Bankruptcy Board of India (IBBI), sources told. Mittal’s tenure as IBBI Chairman is likely to be for five years.
- A 1986 batch IAS officer from the Bihar cadre, Mittal was appointed Secretary of the Ministry of Youth Affairs and Sports in April 2020, replacing Radhey Shyam Julaniya.
- In June 2021, Mittal also took additional charge as Ministry of Skills Development and Entrepreneurship secretary. Prior to this, he has also held post as Secretary of Ministry of Information and Broadcasting.
SCIENCE & TECHNOLOGY
SpaceX Falcon 9 rocket launches US spy satellite dubbed NROL-87
A US intelligence agency said that its newest spy satellite successfully launched into orbit atop a reusable SpaceX Falcon 9 rocket.
- After releasing the satellite, dubbed NROL-87, into orbit, the Falcon 9 rocket then landed back at the base. NROL-87 is designed, built, and operated by the NRO to support its overhead reconnaissance mission.
- NROL-87, the first satellite launched by the NRO in 2022, is the third time the agency has used a Falcon 9 rocket.
IISc commissions Param Pravega, one of the most powerful supercomputers in India
The Indian Institute of Science (IISc.) has installed and commissioned Param Pravega, one of the most powerful supercomputers in India, and the largest in an Indian academic institution, under the National Supercomputing Mission (NSM).
- The system is expected to power diverse research and educational pursuits. It has a total supercomputing capacity of 3.3 petaflops (1 petaflop equals a quadrillion, or 10^15 floating-point operations per second).
- It has been designed by the Centre for Development of Advanced Computing (C-DAC). A majority of the components used to build this system have been manufactured and assembled within India, along with an indigenous software stack developed by C-DAC, in line with the Make in India initiative.
- NSM is steered jointly by the Department of Science and Technology (DST) and Ministry of Electronics and Information Technology (MeitY), and implemented by C-DAC and IISc.
Indian Navy’s 5th Scorpène Submarine “Vagir” Begins Sea Trials
The Indian Navy’s brand-new submarine, the fifth of six French-designed Scorpene-class submarines, sailed out on its first sea sortie and will now undergo rigorous trials before being delivered to the Navy later this year.
- The submarine-designated “Yard 11879” during its construction by Mazagon Dock Shipbuilders Limited (MDL) in collaboration with the Naval Group of France-will be named “Vagir” after it is commissioned into service.
- The submarine with “superior stealth features” like advanced acoustic absorption techniques was launched in November 2020. It will now undergo extensive system, machinery, and weapons trials at sea before it is commissioned, scheduled for later this year.
SKAO signs agreement with India’s National Centre for Radio Astrophysics
India inked an interim agreement confirming its commitment to work on the mega science project — Square Kilometre Array Observatory (SKAO) — proposed to be the worlds largest radio telescope.
- The signing of the Cooperation Agreement between India, represented by TIFR – National Centre for Radio Astrophysics (NCRA), and SKA, was held virtually.
- This move will facilitate India to make its first monetary contribution towards the construction phase of the SKA, which got underway last year. Though India is a participating country in the setting up of the world’s largest radio telescope, it is yet to get the central government’s approval to become a Member Country.
BOOKS & AUTHORS
‘Liberty After Freedom’ book by Rohan J. Alva
The book titled ‘Liberty After Freedom’ written by Rohan J. Alva
- In this book, Alva, the Supreme Court lawyer looks at the origins of Article 21, and why the Constituent Assembly decided not to grant due process protection to the right to life and personal liberty when India gave herself the Constitution on January 26, 1950.