Daily Current Affairs 5 November 2021 for Banking/Insurance/SSC and other related exams.
Centre releases GST Compensation of Rs 17,000 crore to States, UTs
Centre has released 17,000 crore rupees as GST Compensation to States and Union Territories. Finance Ministry said, the total amount of compensation released to the States and UTs so far during the current financial year is 60,000 crore rupees.
- As per the decision of GST Council, back to back loan of one lakh 59,000 crore rupees has already been released in lieu of shortfall in release of GST Compensation during the current financial year.
India, Gambia ink two agreements for deepening bilateral relations
Minister of State for External Affairs V. Muraleedharan has recently visited Gambia. During the visit two Agreements were signed.
- These include an Agreement on Exemption from Visa requirement for Holders of Diplomatic and Official Passports and a General Framework Agreement for Cooperation between India and Gambia.
- Based on Gambia’s request, repurposing of 5 lakh US dollar grant for procuring dialysis machines was also announced.
- The design of a commemorative stamp, marking 75 years of India’s Independence was jointly released by Gambia’s Foreign Minister Dr. Mamadou Tangara and Mr Muraleedharan.
Air forces of India and Egypt conduct two-day joint exercise
Air forces of India and Egypt conducted a two-day exercise at the latter’s El Berigat airbase to enhance mutual understanding and share operational experience, an official statement said.
- The exercise, called ‘Desert Warrior’, was conducted to enhanced mutual understanding and provided an opportunity to share valuable operational experience.
COP26: PM Modi bats for ‘One Sun One World One Grid’ as solution to fossil fuel crisis
Solar power can help re-establish the environmental balance that humankind disturbed during the industrial revolution, Prime Minister Narendra Modi said at the COP26 global climate summit in Glasgow.
- Speaking at the session on ‘Accelerating Clean Technology Innovation and Deployment’, PM Modi advocated for a global solar power grid by giving out a call for “one sun, one world, one grid”.
- The Prime Minister also announced that ISRO is set to give the world a solar calculator application that will use satellite data to ascertain the solar power potential of any location. This calculator will help in deciding the location for solar power projects, he added.
BANKING & FINANCE
RBI publishes ‘Statement of Commitment to Support Greening India’s Financial System
The Reserve Bank of India (RBI) recently published its ‘Statement of Commitment to Support Greening India’s Financial System – NGFS.
- In the Statement RBI said that, to benefit from the membership of NGFS by learning from and contributing to global efforts on Green Finance, RBI joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as a Member on April 23, 2021.
- In this regard, on the occasion of the 2021 United Nations Climate Change Conference (COP26), NGFS has reiterated its willingness to contribute to the global response required to meet the objectives of the Paris Agreement, and, to that end, NGFS will expand and strengthen the collective efforts towards greening the financial system.
RBI issues revised PCA framework for banks
The RBI issued a revised Prompt Corrective Action (PCA) framework for banks to enable supervisory intervention at “appropriate time” and also act as a tool for effective market discipline.The revised PCA framework will be effective from January 1, 2022.
- Capital, asset quality and leverage will be the key areas for monitoring in the revised framework, the banking regulator said.
- The objective of the PCA framework is to enable supervisory intervention at an appropriate time and require the supervised entity to initiate and implement remedial measures in a timely manner, so as to restore its financial health.
- The central bank also stressed that the PCA framework does not preclude the RBI from taking any other action as it deems fit at any time, in addition to the corrective actions prescribed.
About 80% of economy now formal following digitisation drive, pandemic: SBI Report
The digitisation drive and pandemic-induced emergence of the gig economy have led to a faster formalisation of the economy, with the share of the informal sector shrinking to just 15-20 per cent in 2021 from 52.4 per cent in 2018, according to an SBI Research report.
- Real GDP was estimated at Rs 135.13 lakh crore in FY21 but lost 7.3 per cent of that in FY22 after the worst economic contraction on record due to the pandemic.
- The report, quoting the monthly EPFO payroll data, said that since FY18, almost 36.6 lakh jobs have been formalised till July 2021 and the report expects that this fiscal formalisation rate will be higher than FY20 but lower than the FY19 level.
- Since FY18, the agriculture sector has been formalised by 20-25 per cent due to the increasing penetration of KCC credit and now the informal agriculture sector is 70-75 per cent.
ADB approves $61 million loan for Agartala Smart City Mission
The Asian Development Bank (ADB) has approved a $61 million loan to improve livability, harness technology, and promote new developments to accommodate the expanding population in the city of Agartala, India.
- The project will upgrade the city’s urban infrastructure and services that will facilitate economic resilience and improve the quality of life of its residents.
BSE joins hand with HDFC Bank to promote startup, SME listing
Leading stock exchange BSE said it has collaborated with private sector lender HDFC Bank to further encourage and promote the listing of startups and small and medium enterprises (SMEs) across India.
- Through this pact, HDFC Bank and BSE will evaluate banking and lending solutions for startups, undergoing listing process on startups and SME platform.
ACQUISITIONS & MERGERS
CCI approves HDFC Life’s acquisition of Exide Life
The Competition Commission of India (CCI) has approved HDFC Life Insurance’s acquisition of 100 per cent shareholding in Exide Life Insurance, a unit of battery manufacturer Exide Industries.
- It may be recalled that HDFC Life had in early September announced that it would acquire the entire share capital of Exide Life Insurance for a total consideration of ₹6,687 crore.
- This deal is expected to help HDFC Life strengthen its presence in South India, a region where Exide Life has a strong foothold.
West Indies allrounder Dwayne Bravo announces retirement from international Cricket after T-20 World Cup
West Indies allrounder Dwayne Bravo has announced that he will retire from international cricket after West Indies plays its last T20 World Cup game against Australia this weekend.
- The 38-year-old Bravo has played in 90 T20s for the West Indies since making his debut against New Zealand at Auckland in 2006. He scored 1,245 runs at an average of 22.23 and a strike rate of 115.38.
- He also picked up 78 wickets with his medium-fast bowling. Bravo was part of the West Indies teams that won the T20 World Cup in 2012 and 2016.
Unmukt Chand becomes the first Indian male to sign up for BBL
Former U-19 World Cup-winning captain Unmukt Chand is set to become the first Indian cricketer to play in Australia’s Big Bash League after he signed for Melbourne Renegades for the 2021-2022 season.
- Chand, 28, had called time on his playing career in India earlier this year and is currently representing the USA team.
India-born CS Venkatakrishnan becomes CEO of Barclays
British bank Barclays chief executive officer (CEO) Jes Staley has stepped down after a probe into his relationship with disgraced financier and sex offender Jeffrey Epstein.
- CS Venkatakrishnan—or “Venkat”, as he is known will take over as chief executive with immediate effect, subject to regulatory approval.
- CS Venkatakrishnan was the former Barclays global head of markets and chief risk officer. Better known as ‘Venkat’, he studied at Massachusetts Institute of Technology, where he got a PhD in operations research, after which he joined JPMorgan Chase in 1994.
South African author Damon Galgut bags Booker Prize 2021 for his novel ‘The Promise’
South African author Damon Galgut has won the 2021 Booker Prize for Fiction for his novel The Promise.
- 57-year-old Galgut, has won the award in his third appearance on the shortlist after making the cut in 2003 and 2010. He follows in the footsteps of other South African winners Nadine Gordimer and JM Coetzee, and is the first winner from the country since 1999.
118 Indian universities in 2022 QS World University Rankings
Quacquarelli Symonds, global higher education think-tank and compilers of the world’s most-consulted university rankings portfolio, released the QS Asia University Rankings 2022 recently for the continent’s best higher education institutions. The National University of Singapore has come up as Asia’s best university for the fourth consecutive year.
- The top-10 list doesn’t feature any Indian university. This year, 117 Indian universities were considered in the QS Asia University Rankings 2022 Indian welcomed 10 new entrants. Of them, 7 bagged a spot in the top 100.
- The top three Indian universities to feature on the Asia Rankings are IIT Bombay (Rank 42), IIT Delhi (Rank 45), and IIT Madras (Rank 54).The top central universities to feature on the rankings are Delhi University at Rank 77 and JNU at Rank 107. Among state-run universities, Calcutta University ranked the highest at Rank 154.
QS Asia University Rankings 2022: Top 5
- National University of Singapore (NUS)-Singapore
- Peking University- China (Mainland)
- Nanyang Technological University (NTU)- Singapore
- University of Hong Kong (HKU)- Hong Kong SAR
- Tsinghua University- China (Mainland)
The top 8 countries with the most universities are:
Mainland China (126), India (118), Japan (108), South Korea (87), Taiwan (46), Pakistan (47), Malaysia (36) and Indonesia (34).
BOOKS & AUTHORS
A book titled ‘’Not Just Cricket: A Reporters Journey’’ book by Pradeep Magazine
The book titled ‘’Not Just Cricket: A Reporters Journey’’ written by the cricket writer, columnist Pradeep Magazine set to release on December 2021.
- The book will be published by HarperCollins India.
- In this book, Pradeep Magazine combines a deep knowledge of cricket with a sturdy independence of mind, and his wonderful memoir is richly insightful both about the game he loves—and sometimes despairs of—and the strife-torn states of India in which he has himself lived and worked.