Daily Current Affairs 8 March 2022 for Banking/Insurance/SSC and other related exams.
Labour Ministry launches ‘Donate-a-Pension’ initiative
The Union Labour and Employment Ministry launched the “donate a pension” scheme allowing any citizen to pay the premium amount on behalf of an unorganised worker under the Pradhan Mantri Shram Yogi Maan-Dhan Scheme.
- The pension scheme, which was launched in 2019, allows unorganised sector workers between 18 and 40 years who earn up to ₹15,000 a month to enroll by paying a premium amount between ₹55 and ₹200, depending on the age, that would be matched by the government. On reaching the age of 60, the beneficiaries would get a ₹3,000 monthly pension.
- As of March 3, the scheme had 46.34 lakh enrollments, according to the Labour Ministry’s portal.
MSME Minister Narayan Rane launches Special Entrepreneurship Promotion Drive for Women – “SAMARTH”
Micro, Small and Medium Enterprises, MSME Minister Narayan Rane launched a Special Entrepreneurship Promotion Drive for Women – “SAMARTH” on the occasion of International Women’s Day 2022 in New Delhi.
- On the occasion, Mr. Rane also conferred awards to twenty women entrepreneurs from different entrepreneur sectors across the country.
- Under the Samarth initiative twenty percent seats in free Skill Development Programs organized under skill development schemes of the Ministry will be allocated for Women and more than seven thousand 500 women will be benefitted.
India Global Forum held in Bengaluru
India Global Forum will kick off its 2022 series of international events with ‘The New India Inc.’ that was hosted in Bengaluru.
- The Forum will mark the growth trajectory of India powered by new-age businesses as the country celebrates 75 years of independence. It will open doors to a global audience for incisive global discussion and lively debate over two stimulating days at the Taj West End, Bengaluru.
- The sessions will help set a global agenda for India with wide-ranging themes like Cultural Economy and Creative Industries, Education and Skills, Diplomacy for Business, India’s Digital Transformation in Numbers, The Changing Face of Global Diplomacy, Financing India’s Global Future, Women in Leadership, and Taking the Transformation Further amongst others.
FATF retains Pakistan on grey list, adds UAE
The global financial watchdog Financial Action Task Force (FATF) has retained Pakistan on its grey list.
- In its three-day plenary, which ended, the FATF included the United Arab Emirates (UAE), with which India signed a free trade agreement less than a month ago, in the list of jurisdictions requiring increased monitoring or the grey list.
- The FATF excluded Zimbabwe from the list after a review found it compliant on all parameters.
India slips to rank 120 on 17 Sustainable Development Goals goals adopted as 2030 agenda: Report
India has slipped three spots from last year’s 117 to rank 120 on the 17 Sustainable Development Goals adopted as a part of the 2030 agenda by 192 United Nations member states in 2015, a new report said.
- With the latest rankings, India is now behind all south Asian nations except Pakistan, which stands at 129. The south Asian countries ahead of India are Bhutan ranked 75, Sri Lanka 87, Nepal 96 and Bangladesh 109.India’s overall Sustainable Development Goals (SDG) score was 66 out of 100.
- According to the Centre for Science and Environment’s State of India’s Environment Report, 2022, released by Union Environment Minister Bhupender Yadav, India’s rank dropped primarily because of major challenges in 11 SDGs including zero hunger, good health and wellbeing, gender equality and sustainable cities and communities.India also performed poorly in dealing with quality education and life on land aspects, the report stated.
- On the state-wise preparedness, the report said Jharkhand and Bihar are the least prepared to meet the SDGs by the target year 2030.
- Kerala ranked first, followed by Tamil Nadu and Himachal Pradesh in the second position. The third position was shared by Goa, Karnataka, Andhra Pradesh and Uttarakhand.
BANKING & FINANCE
Paytm partners with IRCTC for unreserved, platform tickets
Digital payments company Paytm announced that it has further expanded its partnership with Indian Railway Catering and Tourism Corporation (IRCTC) to provide digital ticketing services to consumers through Automatic Ticket Vending Machines (ATVM) installed at railway stations across the country.
- This is the first time Indian Railways is providing an option to pay digitally for ticketing services through UPI on ATVMs to promote cashless commuting among railway passengers.
- The ATVMs placed at the railway stations are touch-screen based ticketing kiosks that will allow passengers to pay digitally, without requiring smart cards.
- Passengers will be able to purchase unreserved train journey tickets, platform tickets, renew their seasonal tickets and recharge smart cards by scanning QR codes generated on the screens.
IDBI Bank announces launch of Liquidity Management Solution
IDBI Bank has launched Corporate Liquidity Management Solution (C-LMS) and Government Liquidity Management Solution (G-LMS) to meet the liquidity management needs of institutional customers.
- LMS and G-LMS provide real-time, web-based and formula driven liquidity management solution,” said the private sector in a statement.
- These solutions provide tools to institutions for enhanced visibility of liquidity position across the organisation, helping them in forecasting and projecting the cash positions at a glance.
Edelweiss Housing Finance, StanChart partner to offer loan against property
Edelweiss Housing Finance announced a strategic co-lending partnership with Standard Chartered Bank, for extending loans against property (LAP) to prospective customers, especially MSMEs.
- Under this partnership, EHFL will originate, process, service the loans and retain 20 per cent of the loan on its books, while the remaining 80 per cent will be on the books of Standard Chartered Bank.
- The co-lending partnership will help the bank grow its loan portfolio, it would provide an alternate model for loan disbursals that is asset-light and creates a sound revenue model for sustainable business for EHFL.
UCO Bank extends tie up with Fisdom; to offer demat, stockbroking services
State-owned UCO Bank has extended the fintech partnership with Fisdom to include demat account and stockbroking services, pension funds and tax filing, with an objective to offer customers a three-in-one personal banking experience.
- The extension suite will be offered through UCO Bank’s mobile banking application, UCO mBanking Plus, and will gradually be accessible through its internet banking platform also.
- This new initiative with Fisdom will help the bank to provide new-age digital wealth products to customers at the click of a button thereby helping them in all their financial needs.
Religare Broking launches ‘Pre Apply LIC IPO’ app to open DEMAT account
Religare Broking has announced the launch of Religare ‘Pre Apply LIC IPO’ app, which will be a one-stop app to open demat account and share intent to pre-apply for the LIC IPO.
- Even before the public announcement, the investors can share their interest in the upcoming LIC IPO and get instant mobile notification, SMS and e-mail communication as soon as it opens up for public subscription.
- All types of investors, including existing LIC policy holders and first-time investors can register their interest by filling up their name, email ID and mobile number.
NPCI partners Yatra.com, SBI Card to launch ‘Yatra SBI Card’
National Payments Corporation of India (NPCI) has partnered Yatra.com and SBI Card to launch a co-branded ‘Yatra SBI Card’ on the RuPay network.
- The card offers exclusive travel benefits on booking flights and hotels which would be applicable six times a year.
- As a welcome onboarding gift, users of this card are entitled to Yatra.com vouchers worth ₹8,250. They can use this voucher to book flight tickets, hotel reservations, and the likes from Yatra.com
BBB launches programme for improving quality of PSU bank boards
The Banks Board Bureau (BBB) has introduced a development programme for the management of public sector banks with a view to improving the quality of bank boards.
- The nine-month Directors’ Development Programme (DDP) is designed for the directors of the PSBs and financial institutions with the key objective of enhancing director effectiveness to increase their impact on the boards.
- It is expected that the programme will help the directors think of the road ahead in the business and elevate themselves to be a source of wisdom and guidance for the management and stakeholders to raise the performance levels of Public Sector Banks in the global landscape.
Airtel and Axis Bank announce partnership to bolster India’s digital ecosystem
Axis Bank and Bharti Airtel have entered into a strategic partnership to strengthen the growth of the digital ecosystem in India, through a range of financial solutions.
- The partnership would enable access to credit and various digital financial offerings from Axis Bank to Airtel’s 340 million-plus customers.
- These will include first-of-its-kind co-branded credit card ‘Airtel Axis Bank Credit Card’ with industry-leading benefits, pre-approved instant loans, Buy Now Pay Later offerings and many more.
BUSINESS & ECONOMY
Microsoft to set up India’s largest datacenter region in Hyderabad
Tech giant Microsoft announced that the company will be setting up its fourth data center in Hyderabad, Telangana, with an investment of over Rs 15,000 crore. Microsoft said that this will be one of the largest data centers in India and will be operational by 2025.
- The data center will be an addition to the existing network of three regions in India – Pune, Mumbai, and Chennai.
- Hyderabad is Microsoft’s largest investment in the country with the highest number of employees after its headquarters in Redmond, US.
Telangana tops the country in terms of Per Capita Net State Domestic Product at Current Prices
Telangana Surpasses Maharashtra, Karnataka and Tamil Nadu to become Top performing states in the country. Telangana state began its journey in 2014 with the spirit of a “startup state”. The resolve was to remain nimble, open to growth, and committed to creating a unique model of good governance.
- As per the latest data, from the Ministry of Statistics and Program Implementation, the Telangana State has ranked the Highest in the country among states with a population over 1 crore in terms of growth rate in terms of Per Capita Net State Domestic Product at Current Prices.
- GSDP in Telangana increased from 359434 crores in 2011-12 to 1,154,860 crores in 2021-22. The state’s GDP has grown by 31.12 per cent in the past decade – one of the highest jumps for any state in the country.
Priyanka Nutakki becomes the 23rd Woman Grandmaster of India
Priyanka Nutakki has become India’s 23rd and newest Woman Grandmaster (WGM).
- The 19-year-old girl hails from Vijayawada, in Andhra Pradesh, secured her final WGM-norm at MPL 47th National Women Chess Championship. She secured her first WGM-norm in January 2019.
Mithali Raj becomes 1st woman cricketer to appear at 6 Cricket World Cups
Indian women’s cricket team skipper Mithali Raj became the first woman, and only the third cricketer ever, to appear at six ICC Women’s Cricket World Cups.
- Leading Indian in the opening game of their World Cup campaign here, the 39-year-old could manage just nine runs in 36 deliveries as she was caught by Pakistan Diana Baig off Nashra Sandhu’s bowling.
- In doing so, Mithali ensured the record enters a new decade — former Pakistan cricketer Javed Miandad appeared in the first six Men’s Cricket World Cups between 1975 and 1996 with Sachin Tendulkar beginning his World Cup career in 1992.
UpGrad ropes in Amitabh Bachchan as Its Brand Ambassador
upGrad signs legendary actor, Amitabh Bachchan who certainly dons many hats and needs no formal introduction, as the official brand ambassador.
- As a part of the partnership, Bachchan will be seen supporting upGrad’s brand value through endorsements and promotions of services offered by the higher Edtech leader, while emphasizing the importance of LifeLongLearning for progressive career growth.
NMDC receives 1st prize in Ispat Rajbhasha Award for 2018-19 and 2020-21 and Ispat Rajbhasha Prerna Award for 2019-20
National Mineral Development Corporation Ltd. (NMDC), Country’s largest Iron Ore producer, a CPSE under Ministry of Steel received 1st prize in the Ispat Rajbhasha Award for 2018-19 and 2020-21 and the Ispat Rajbhasha Prerna Award for 2019-20 in the meeting of the Hindi Salahakar Committee of the Ministry of Steel held in Madurai.
- The Minister of State for Steel Shri Faggan Singh Kulaste presented the Citation for a period of three years to the Deputy General Manager (Official Language), NMDC on the occasion. NMDC presented a short film on the status of Hindi language implementation in the company. This innovative effort of NMDC was highly appreciated by the members of the Committee.
BOOKS & AUTHORS
‘The Blue Book’ authored by Journalist Amitava Kumar
Indian writer and journalist, Amitava Kumar has come out with a new book titled ‘The Blue Book: A Writer’s Journal’. The book has been published by HarperCollins India.
- The Blue Book is the outcome of the diary-keeping by the author during the time of lockdown due to pandemics.
- The author has used watercolour drawings as well as words to depict the experience, both individual and collective, of the pandemic.
“The Queen Of Indian Pop: The Authorised Biography Of Usha Uthup” book by Vikas Kumar Jha
The biography of pop icon Usha Uthup titled “The Queen of Indian Pop: The Authorised Biography of Usha Uthup” was released. The book is published by Penguin Random House India (PRHI).}
- The book was originally written in Hindi titled “Ullas Ki Naav” by author Vikas Kumar Jha. “The Queen of Indian Pop: The Authorised Biography of Usha Uthup” is the English translation of the book, translated by the writer’s daughter Srishti Jha.