Daily Current Affairs 7th January, 2020

Daily Current Affairs 7 January 2020 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

Govt’s UJALA, SLNP complete five years of illuminating nation

Unnat Jyoti by Affordable LEDs for All (UJALA) and Street Lighting National Programme (SLNP) of the central government completed five successful years of illuminating the country.

• Over 36.13 crore LED bulbs have been distributed across the country through the UJALA initiative. This has resulted in estimated energy savings of 46.92 billion kilowatt-hour per year.
• More than 1.03 crore smart LED streetlights have been installed till date under the Street Lighting National Programme. This has enabled an estimated energy savings of 6.97 billion kilowatt-hour per year.

Himachal Pradesh Govt launches Himachal MyGov portal to strengthen public participation

The Himachal Pradesh Government has launched Himachal MyGov portal in Shimla with a view to strengthen public participation in the governance process.

• With this, Himachal Pradesh has become the 11th state in the country to have this facility.
• MyGov is an innovative platform to build a partnership between citizens and government with the help of technology for growth and development of India. This unique platform aims to enhance citizen partnership with the State Government and vice-versa.

Piyush Goyal inaugurates NSE Knowledge Hub

Union Minister for Commerce and Industries Piyush Goyal inaugurated the National Stock Exchange (NSE) Knowledge Hub in New Delhi. He said that Artificial Intelligence and machine learning will contribute one trillion dollars by the year 2035.

• By this, NSE will tap the potential of artificial intelligence and use it as a tool to create a workforce in the financial sector.

Rajnath Singh inaugurates 3-day National Traders Convention in Delhi

Defence Minister Rajnath Singh inaugurated the three-day National Traders Convention at Ramlila Maidan in New Delhi. The convention has been organised by Confederation of All India Traders and will deliberate upon various issues concerning traders.

Kochi hosts global meet on marine ecosystem

The third international symposium on marine ecosystems – challenges and opportunities (MECOS-3) is hosted in Kochi, Kerala. Eminent marine scientists, oceanographers, fisheries researchers and marine biotechnologists from across the globe are expected to participate.

CISF to observe 2020 as ‘year of mobility’ for troops’ welfare, housing

The CISF will observe 2020 as the ‘year of mobility’ that will have a special focus on creation of more residential units and implementation of various welfare measures for the troops.

• The force will emphasise on taking all measures for welfare of troops and their families, creating infrastructure and logistics like housing, acquiring new land and procuring modern equipment, training with focus on physical fitness and sports and leveraging modern gadgetry and technology on duty.

India ranks 34th in Travel & Tourism Competitiveness Index

India’s rank in Travel and Tourism Competitiveness Index of World Economic Forum has moved to 34th position from 65th rank in 2013. Foreign Tourist Arrivals also registered a growth of 3.2 percent last year.

• Reducing E-visa fees, decreasing GST rates on hotel room booking and opening 120 new peaks for mountaineering are among the major highlights of Tourism Ministry in 2019. Along with these several steps taken under Swadesh Darshan, PRASHAD Scheme and various other events of Ek Bharat, Shresth Bharat were also undertaken during the year.
• An initiative called – ‘Adopt a Heritage: Apni Dharohar, Apni Pehchaan’ has been launched for developing tourist amenities at heritage and tourist sites and making them tourist-friendly. E-visa has been further liberalized and visa fee on e – visa has been substantially reduced to increase tourism competitiveness of the country.

Challakere to be ISRO’s astronaut training hub

The Indian Space Research Organisation (ISRO) has proposed Human Space Flight Centre (HSFC) at Challakere in Chitradurga district of Karnataka. The facility is expected to become operational in 3 years.

• ISRO aims to establish a self-contained training facility here. At present, astronauts part of Gaganyaan Mission, the Human Spaceflight Programme of ISRO are trained in Russia. The centre aims at bringing in all the features that are provided by Russia and begin training astronauts within the country.

BANKING & FINANCE

RBI gives in-principle nod to Shivalik Mercantile to convert to SFB

The Reserve Bank of India (RBI) granted in-principle approval to Uttar Pradesh-based Shivalik Mercantile Co-operative Bank Ltd to convert to a small finance bank (SFB), becoming the first urban cooperative bank (UCB) to make the transition since the guidelines came out nearly two years ago.

• The UCB will get 18 months to comply with the requirements under the scheme, which state that banks with a minimum net worth of ₹50 crore and capital to risk (weighted) assets ratio of 9% and above are eligible to apply for voluntary transition to SFB. These UCBs will also have to comply with the latest guidelines for on-tap licensing of SFBs in the private sector, under which SFBs will have to maintain a minimum net worth of ₹100 crore from the date of commencement of business.
• The SFBs are also required to maintain minimum capital adequacy ratio of 15% of its risk weighted assets (RWA) on a continuous basis and increase the minimum paid-up voting equity capital to ₹200 crore within five years of the date of commencement of business.
• SFBs are required to extend 75% of their loans to sectors eligible for classification as priority sector lending (PSL), comprising loans to agriculture, micro, small and medium enterprises, education, housing, and others. Additionally, 50% of the SFB loan portfolio should constitute loans and advances up to ₹25 lakh.

RBI revises supervisory framework for Urban Co-operative Bank

The Reserve Bank of India has revised its supervisory framework for Urban Co-operative Banks (UCBs). The revised framework aims to expedite resolution of UCBs experiencing financial stress. The revised framework stipulates the thresholds for various parameters that could trigger a corrective action by the UCBs or a supervisory action by the central bank.

A UCB may be placed under supervisory action framework under the following conditions:

• When its Net Non-Performing Asset (NPA) exceeds 6% of its net advances.
• When its Capital to Risk (Weighted) Assets Ratio (CRAR) falls below 9%.
• When it incurs losses for two consecutive financial years or has accumulated losses on its balance sheet.

BUSINESS & ECONOMY

Uber ties up with Hyundai to develop electric air taxis

Uber Technologies Inc and automaker Hyundai Motor have teamed up to develop electric air taxis. The partnership aims to make small self-flying cars to ease urban congestion. The team is heading towards a goal of launching Uber Air by 2023 and urban air mobility service in 2028. Hyundai is the first carmaker to join Uber’s air taxi project. Hyundai will produce and deploy the vehicles while Uber will provide aerial ride-share services. Uber has partnered with eight companies for its air taxi project.

Ramagya Foundation launches innovative CSR initiatives ‘Donation Locker’ and ‘Happy Fridge’

Continuing with its ceaseless commitment of giving back, Ramagya Foundation has launched inspiring new CSR initiatives ‘Donation Locker’ and ‘Happy Fridge’.

• Worthy of praise and imitation, both these initiatives have been gaining momentum over the past few weeks with winters just around the corner. Under the aegis of “Purusharth Charitable Society”, Ramagya Foundation has launched these initiatives with the aim to help the poor, needy and homeless people, braving the chill of the night.

SPORTS

P Magesh Chandran lifts 95th Hastings International Chess title

India’s P Magesh Chandran lifted the title in the 95th edition of the prestigious Hastings International Chess Congress at Hastings in England.

Bhubaneswar to host 1st edition of Khelo India University Games from Feb 22 to March 1

The first edition of Khelo India University Games is scheduled to be held at the KIIT University in Bhubaneswar from February 22nd to March 1st.

• Union Sports Minister Kiren Rijiju and Odisha Chief Minister Naveen Patnaik unveiled the logo and jersey of Khelo India University Games.

APPOINTMENTS

Former DG CRPF Rajiv Rai Bhatnagar appointed as Advisor to J&K LG

Former Director General of Central Reserve Police Force (CRPF) Rajiv Rai Bhatnagar has been appointed as Advisor to the Lieutenant Governor of Union Territory of Jammu and Kashmir.

• With this, the Lieutenant Governor of J&K Union Territory, Girish Chandra Murmu will have three Advisors. The other two Advisors -K K Sharma and Farooq Khan were appointed on November 14, 2019.

OBITUARIES

Former Western Army Commander Lt Gen PN Hoon passes away

Former Western Army Commander Lieutenant general Prem Nath Hoon, who played an important role in the war against Pakistan in 1984, has passed away at the age of 90.

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