Daily GK Updates - 8th December, 2019

NATIONAL UPDATES:

1. Punjab govt launches ESTAC programme for startups: Punjab Government has launched Enable Startup Track Acceleration (ESTAC) programme with an aim to foster entrepreneurship and innovation in the state. Chief Minister Amarinder Singh launched it during the Progressive Punjab Investors Summit-2019. ESTAC is a series of startup acceleration programmes created through a strategic partnership between the state government (Start-up Punjab Cell) and AIC, Indian School of Business, Mohali.

Note: Punjab Capital: Chandigarh; Governor: V.P. Singh Badnore; Chief Minister: Amarinder Singh

2. President Kovind Lays Foundation Stone of Paika Bidroh Memorial in Odisha: President Ram Nath Kovind laid the foundation stone of Paika Bidroh Memorial at the foothills of Barunei Hill in Odisha’s Khurda district on December 8 to mark 200 years of the Paika Rebellion. The Paika Memorial is being set up in a 10-acre plot to celebrate the heroic saga and valour of the Paikas in Odisha, who fought against the British East India Company in 1817. The Paika Rebellion is also referred to as the original first war of Indian Independence, since it took place much before the Indian Revolt of 1857 against British rule. A chair in the name of Buxi Jagabandhu who led this revolt has been established with a Rs 5 crore grant and memorial coin and stamp issued to mark the two hundred years of the event.

Note: Odisha Capital: Bhubaneswar; Governor: Ganeshi Lal; Chief Minister: Naveen Patnaik.

3. 4th India Water Impact Summit 2019 held in Delhi: The 4th India Water Impact Summit 2019 was held in New Delhi. Jal Shakti Minister Gajendra Singh Shekhawat inaugurated the summit. It was organised by Ministry of Jal Shakti and the Centre for Ganga River Basin Management and Studies (cGanga) and was led by IIT-Kanpur. Theme of the event was: ‘Valuing Water – Transforming Ganga’. Objective of the summit: bringing together global financial investors and institutions to focus on water impact in smart cities.

4. Manipur CM inaugurates Imphal to Dimapur direct flight service: Manipur Chief Minister N. Biren Singh has inaugurated Imphal to Dimapur direct flight service at Imphal Airport. The flight service which is being operated by Alliance Air would be operational thrice a week. The flight service would further strengthen the friendly relations between Manipur and Nagaland. This better connectivity would build deeper connections among the people of the two states.

Note: Manipur Capital: Imphal; Governor: Najma Heptulla; Chief Minister: N. Biren Singh

INTERNATIONAL UPDATES:

1. 7th OPEC & non-OPEC Ministerial Meet Held in Vienna: The 7th edition of the biannual OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria. OPEC and non-OPEC meet (often referred to as OPEC+) was Co-Chaired by OPEC’s President, HE Manuel Salvador Quevedo Fernandez, People’s Minister of Petroleum of the Bolivarian Republic of Venezuela, and HE Alexander Novak, Minister of Energy of the Russian Federation. The OPEC and non-OPEC allies have decided to implement tighter oil production policy by reducing oil production by an additional 500,000 barrels per day (b/d) through to March 2020.

Note: Austria Capital: Vienna; Currency: Euro

2. Hage Geingob Re-Appointed President of Namibia: Hage Geingob, has been re-elected for a second term as the President of Namibia. Mr Geingob won 56.3% of the total votes, well ahead of his nearest rival Panduleni Itula with 29.4%. However, Mr Geingob’s tally was down from the 87% with which he won his first term in 2014.

Note: Namibia Capital: Windhoek

3. SAARC Development Fund (SDF) celebrated the 35th SAARC Charter Day on December 8: 8th December is being celebrated as SAARC Charter Day. On 8th of December in 1985, the leader of the Seven South Asian Countries (means Maldives, India, Bhutan, Pakistan, Nepal, Bangladeshi and Sri Lanka) had signed the contract (means charter) in order to set up the South Asian Association for Regional Cooperation (SAARC). SAARC was joined by the Afghanistan as a Member in the month of April, 2007.

4. India Ranks 73 in UNCTAD B2C E-Commerce Index 2019: The United Nations Conference on Trade and Development (UNCTAD) has released Business-to-Consumer (B2C) E-commerce Index 2019, that measures an economy’s preparedness to support online shopping. India has moved seven places up in the list to be ranked 73rd out of 152 countries. The list has been topped by the Netherlands for the second consecutive year. Switzerland, Singapore, Finland, the United Kingdom, Denmark, Norway, Ireland, Germany and Australia are the top 10 nations in the list. Comoros, Burundi, Chad and Niger are last in the index.

5. India ranks 5th Most Vulnerable Country in Global Climate Risk Index 2020 by Germanwatch: India has been ranked as the fifth most vulnerable country to climate change in the Global Climate Risk Index 2020 by Environment think tank, Germanwatch. India’s rank has worsened from the 14th spot in 2017 to 5th in 2018 in the global vulnerability ladder. Japan is the most vulnerable country in the list. It is followed by the Philippines, Germany and Madagascar. The 15th edition of Global Climate Risk Index, 2020 analyses to what extent countries and regions have been affected by impacts of weather-related loss events (storms, floods, heatwaves etc.) and is based on data available for 2018 and from 1999 to 2018.

Note: Germanwatch is based in Bonn and Berlin (Germany). It is an independent development and environmental organisation which works for sustainable global development.

6. China Tops, India 5th worst Country in invasive use of biometric data: Comparitech Report: According to the data by UK-based tech research firm Comparitech, India is the fifth worst country in terms of extensive and invasive use of biometric data. India shares the fifth position with Taiwan, Indonesia and the Philippines with a score of 19 out of 25. The list has been topped by China (24/25), followed by Malaysia, Pakistan and United States respectively. Ireland, Portugal, Cyprus, the UK and Romania emerged as the five best countries. The report is based on assessment of 50 different countries to find out where biometrics are being taken, what they are being taken for, and how they are being stored.

OTHER UPDATES:

SPORTS

1. Indian Junior Women’s Hockey team wins 3-Nations Tournament in Australia: The Indian junior women’s team has won the 3-Nations Tournament held in Australia from 3-8 December 2019. India secured 7 points to be placed at top position in the points table. Hosts Australia stood second while New Zealand finished third.

2. Bangabandhu BPL inaugurated by Prime Minister Sheikh Hasina: Prime Minister of Bangladesh Sheikh Hasina inaugurated the special edition of Bangabandhu Bangladesh Premier League (BBPL) T20 cricket championship at Mirpur’s Sher-e-Bangla National Cricket Stadium. This is a special edition of Bangladesh Premier League Twenty20 cricket tournament (BBPL) named after Bangabandhu Sheikh Mujibur Rahman to celebrate his 100th birth anniversary. A total of 7 teams are participating in the BBPL event, play 46 matches including the 4 playoff matches The BBPL final will be held on 17th January 2020. This is the first time that the Bangladesh Cricket Board (BCB) is organizing the Premier League matches without involving any franchise.

Note: Bangladesh Capital: Dhaka; Currency: Bangladeshi taka

BANKING AND FINANCE

1. SEBI orders LIC, SBI, Bank of Baroda to reduce stake to below 10 pc in UTI AMC by Dec 2020: Securities and Exchange Board of India (SEBI) has directed three public sector financial institutions — LIC, SBI and Bank of Baroda to dilute their stakes to below 10 percent in UTI Asset Management Company (AMC) by December 2020. In the case of non-compliance with directions, the shareholding and voting rights of these entities in UTI AMC and UTI Trustee in excess of 9.99 percent and corporate benefits will be frozen till the time they comply with the orders. Each of them presently holding 18.24 percent stake in UTI Asset Management Company (AMC). Private equity firm T Rowe Price International holds 26 percent stake in UTI AMC.

2. RBI mulling to amend regulatory guidelines for UCBs: The Reserve Bank of India (RBI) said that it is mulling to amend regulatory guidelines for primary Urban Co-operative Banks (UCBs). According to RBI Governor Shaktikanta Das, the guidelines would primarily relate to exposure norms for single and group/interconnected borrowers, promotion of financial inclusion and priority sector lending. These measures are expected to strengthen the resilience and sustainability of UCBs and protect the interest of depositors. RBI has also decided to bring UCBs with assets of 500 crore rupees and above under the Central Repository of Information on Large Credits - CRILC reporting framework. This will help in strengthening off-site supervision and early recognition of financial distress.

3. RBI releases “Guidelines for ‘on tap’ Licensing of SFB in the Private Sector”: The Reserve Bank of India released guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector. Now payments banks willing to convert themselves into small finance banks (SFBs) can apply for such a licence only after 5 years of operations. Existing payments banks (PBs), which are controlled by residents and have completed five years of operations, are also eligible for conversion into small finance banks after complying with all legal and regulatory requirements of various authorities and if they conform to these guidelines. The licensing window will be open on-tap. The minimum capital for setting up an SFB has been mandated at ₹200 crores, adding for primary (urban) co-operative banks (UCBs), which wish to become SFBs, the initial requirement of net worth will be ₹100 crores, which will have to be increased to ₹200 crores within five years from the date of commencement of business. SFBs will be given scheduled bank status immediately upon commencement of operations.

Note: RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

4. Bajaj Finserv Launches #LoanFlexibleHai Campaign to Drive Awareness for its Flexi Personal Loan: Bajaj Finance Limited, the lending and investment arm of the Bajaj Finserv Group, launched its latest #LoanFlexibleHai campaign. Providing an instant connect with the customers through an engaging and interactive game, the #LoanFlexibleHai campaign aims to create awareness for the Bajaj Finserv Flexi Personal Loan.

Customers are encouraged to play the game and learn how a single, flexible loan can be of assistance during various life stages, through the campaign's 15-day window, from December 1st - 16th, 2019. Here, customers playing the game must scale the tiles indicating various life stages and, as they progress, encounter both expected and unexpected expenses. Tiles marked green are known expenses such as a wedding and travel whereas those marked red are emergencies, both known and unknown such as loss of employment or repairs. The third type of tile, blue in colour, represent prepayments made either through gains such as investment returns or bonuses. The goal is to get to the top while encountering coloured tiles along the way. These change your loan particulars, indicated by the calculator and highlight how the Flexi Personal Loan can be of assistance through all of life's journeys.

Note: About Bajaj Finserv Flexi Personal Loan: With a Flexi Personal Loan, whatever be the need, customers can pay for it by borrowing from their sanction. Customers can borrow in parts, without making a fresh application each time. Further, one is charged interest only on the amount withdrawn. Customers can also pay interest-only EMIs in the initial repayment phase and reduce their instalments by up to 45%.

AWARDS AND HONOURS

1. Priyanka Chopra Jonas Honoured at Marrakech Film Festival: The past couple of days have been quite exhilarating for actress and producer Priyanka Chopra Jonas. A day after receiving the Danny Kaye Humanitarian Award from UNICEF, the actress was honoured at the Marrakech Film Festival for her contribution to cinema. The actress attended the event held at the famous Jemaa el Fna square in Morocco.

2. 8th National Photography Awards: The Photo Division, under the Ministry of Information & Broadcasting, has invited entries for the 8th National Photography Awards. The Division confers these Awards every year, to promote various facets of the country such as art, culture, development, heritage, history, life, people, society, and tradition through the medium of photography, and to encourage professional and amateur photographers across the country.

The National Photography Awards are conferred under three categories:

(1) Lifetime Achievement Award: It carries a Cash Prize of Rs. 3,00,000.

(2) Award for Professional Photographers: It carries a Cash Prize of Rs. 1,00,000. This year’s theme for Professional Photographers is ‘Life and Water’ and five Special Mention Awards with a cash prize of Rs. 50,000/- each.

(3) Award for Amateur Photographers: It carries a cash prize of Rs.75,000. This year’s theme for the Amateur Photographers is ‘Cultural Heritage of India’ and five Special Mention Awards with a cash prize of Rs.30,000/- each.