Daily GK Updates - 13th Sept, 2020

 

NATIONAL UPDATES:

 

1. Govt sets up Empowered Group of Ministers to oversee OFB’s Corporatisation: Central Government has constituted an Empowered Group of Ministers (EGoM) to oversee the process of the corporatisation of the Ordnance Factory Board (OFB). Defence Minister Rajnath Singh is the chairman of this EGoM. As part of the “Aatmanirbhar Bharat” (self-reliant India) initiative, the government had announced on May 16 that it would improve the autonomy, accountability and efficiency in ordnance supplies by converting the OFB, which is a subordinate office of the defence ministry, into one or more government-owned corporate entities. About Empowered Group of Ministers (EGoM):

(1) EGoM will “oversee and guide the entire process of corporatisation, including transition support and redeployment plan of employees while safeguarding their wages and retirement benefits”.

(2) The ordnance factories form an integrated base for indigenous production of defence hardware and equipment.

(3) Corporatization is the process of transforming state assets, government agencies, or municipal organizations into corporations.

(4) The OFB has 41 factories under it to produce ordnance for the country’s armed forces.

 

2. PM Modi addresses the ‘Grih Pravesham’ event in MP: Prime Minister Shri Narendra Modi has addressed the ‘Grih Pravesham’ event in Madhya Pradesh through video conferencing. Under this, 1.75 Lakh Families in Madhya Pradesh were delivered pucca houses under the Pradhan Mantri Awas Yojana- Grameen (PMAY-G). PM Modi also interacted with the beneficiaries from Dhar, Singrauli and Gwalior under PMAY-G in Madhya Pradesh. Building a house under PMAY-G takes about 125 days but during this period of Corona, it was completed in just about 45 to 60 days which is a record in itself.

About Pradhan Mantri Awas Yojana- Grameen (PMAY-G): Pradhan Mantri Awas Yojana–Gramin (PMAYG), earlier known as Indira Awaas Yojana (IAY), is a scheme for rural housing by the Indian Government. This social welfare program was initiated to meet the objectives of the “Housing for All” scheme by the year 2022. The main aim of the PMAY-G scheme is to provide the pucca house with some of the basic amenities. This scheme is meant for people who do not own a house and people who live in kutcha houses or houses which are severely damaged. At present, the minimum size of the houses to be built under the PMAY-G scheme has been increased to 25 sq. mt. from 20 sq. mt.

Note: Chief Minister of Madhya Pradesh: Shivraj Singh Chouhan; Governor: Anandiben Patel.

 

3. India Post launches Five Star Villages Scheme for 100% rural coverage of postal schemes: The Department of Posts has launched a new scheme called Five Star Villages, to ensure universal coverage of flagship postal schemes in rural areas of the country. The scheme aims to bridge the gaps in public awareness and reach of postal products and services, especially in interior villages. The scheme was launched by the Union Minister of State for Communications, Shri Sanjay Dhotre on 10 September 2020. The schemes covered under the Five Star scheme include:

(1) Savings Bank accounts, Recurrent Deposit Accounts, NSC / KVP certificates,

(2) Sukanya Samridhi Accounts/ PPF Accounts,

(3) Funded Post Office Savings Account linked India Post Payments Bank Accounts,

(4) Postal Life Insurance Policy/Rural Postal Life Insurance Policy and

(5) Pradhan Mantri Suraksha Bima Yojana Account / Pradhan Mantri Jeevan Jyoti Bima Yojana Account.

The scheme is being launched on pilot basis in Maharashtra. 50 villages in each district of the state will be covered during 2020-2021. The scheme will be implemented by a team of five Gramin Dak Sevaks, headed by the Branch Post Master of the concerned Branch Office.

 

4. Subhash Kamath becomes new Chairman of ASCI: Subhash Kamath has been elected as the chairman of the board of governors of the Advertising Standards Council of India (ASCI). Kamath, who was serving as ASCI vice-chairman, will replace Rohit Gupta, president, Sony Pictures Networks. Other appointments:

NS Rajan, managing director at public relations firm Ketchum Sampark P. Ltd. was elected vice-chairman and Shashidhar Sinha, chief executive, Mediabrands India Pvt. Ltd was reappointed as honorary treasurer.

Note: Advertising Standards Council of India Founded: 1985; Advertising Standards Council of India Headquarters: Mumbai, Maharashtra.

 

5. India’s First Airport Coronavirus Testing Facility Launched in Delhi: India’s first coronavirus airport testing facility has been launched at Delhi’s Indira Gandhi International Airport. Passengers can book the testing the slot an hour before the time of arrival and around four-six hours before the departure flight. The test results are available within four-six hours. Passengers will have to provide their details such as name, contact details and valid ID proof while applying online for this facility. The test will cost around ₹2,400 per test.

 

INTERNATIONAL UPDATES:

 

1. India-US hold 2 plus 2 intersessional meeting: India and the United States held a bilateral 2+2 Inter-sessional meeting in virtual mode. During the meeting, both sides reviewed the progress and developments in bilateral ties in defence, security, and foreign policy areas. They explored opportunities for enhancing ongoing cooperation in these fields based on mutual interest. They also exchanged views about regional developments, and agreed to pursue their quest for a free, open, inclusive, peaceful and prosperous Indo-Pacific. Participants of 2 plus 2 intersessional meeting:

The Indian delegation was led jointly by Ms Vani Rao, Joint Secretary (America) in the Ministry of External Affairs and Shri Somnath Ghosh, Joint Secretary (International Cooperation) in the Ministry of Defence. The U.S. delegation was led jointly by Mr. Dean Thompson, Senior Bureau Official, Bureau of South and Central Asian Affairs in the U.S. Department of State and Mr David Helvey, Acting Assistant Secretary for Indo-Pacific Security Affairs in the U.S. Department of Defense.

 

2. S Jaishankar co-chairs ASEAN-India Ministerial Meeting with Thailand: The Union Minister of External Affairs S Jaishankar co-chaired the ASEAN-India Ministerial Meeting on 12 September 2020, with his Thailand counterpart Don Pramudwinai. The virtual meeting saw the participation of Foreign Ministers of the 10 ASEAN Member States and India. The new ASEAN-India Plan of Action for next five years (2021-2025) was adopted at the meeting. The meeting reviewed the status of ASEAN-India Strategic Partnership in several areas including maritime cooperation, connectivity, education capacity building and people-to-people contacts and also discussed ways to strengthen cooperation to fight COVID-19 pandemic among other things.

 

3. Iran’s military begins annual exercise ‘Zolfaghar-99’ amid tensions with US: Iran’s military began an expansive annual three-day exercise near the strategic Strait of Hormuz. Units from the navy and air force and ground forces are participating in a nearly 2 million-square-kilometer (772,200-square-mile) area of the Gulf of Oman. Adm. Habibollah Sayyari, commander of the annual exercise dubbed Zolfaghar-99, said the operation is aimed at “improving readiness in confronting foreign threats and any possible invasion.” The navy will test-fire surface-to-surface and shore-to-sea cruise missiles and rocket-launching systems fitted on warships, submarines, aircraft and drones.

 

OTHER UPDATES:

 

SPORTS

 

1. Japan’s Naomi Osaka wins US Open Tennis Tournament: Japan’s Naomi Osaka defeated Victoria Azarenka of Belarus to clinch the Women’s Singles title in the 2020 US Open Tennis tournament. This is the third Grand Slam title for the fourth seed Osaka. Osaka previously won the title at the 2018 US Open and 2019 Australian Open. She is now the first Asian player to win three Grand Slam singles titles. The victory has moved up Osaka to number 3 in the world rankings.

Men’s doubles title: Mate Pavić and Bruno Soares

Women's doubles title: Laura Siegemund and Vera Zvonareva

 

2. Lewis Hamilton wins F1 Tuscan Grand Prix 2020: Lewis Hamilton (Mercedes-Great Britain) has won the Formula One Tuscan Grand Prix 2020 held at Mugello Circuit, Italy. This was his 6th win of the season and 90th F1 win of his career. Valtteri Bottas (Mercedes-Finland) came second followed by Alexander Albon (Red Bull – Thailand) at third place. The Tuscan Grand Prix (first edition) was the ninth race of the 2020 Formula One World Championship.

 

BANKING AND FINANCE

 

1. Finance Minister launches Doorstep Banking Services by PSBs: Union Minister of Finance, Smt. Nirmala Sitharaman launched the Doorstep Banking Services by Public Sector Banks (PSBs). The service aims to provide banking services to the customers of Public Sector Banks at their doorstep via three modes:

Call Centre (18001037188 or 18001213721)

Web Portal (www.psbdsb.in)

Mobile App (Doorstep Banking (DSB)

The targetted customers are- Senior citizens, Defense personnel, CRPF, widows, Divyangindividuals, Students, Salaried employees, Corporate clients, Retail shopkeepers and street vendors. The service is available in 11 languages. It aims to deliver the services in 3 hours. For this 100 Doorstep banking centres have been established across India. All 12 Public Sectors banks have been covered in this scheme. Available Services: Services like- Cheques/DD/PO, New cheque book requisition, 15G, 15H forms, IT Challan, Standing Instructions request, A/c Statement, Non-personalised Cheque Books, DD, PO, Prepaid instrument/Gift card, TDS / Form 16 Certificate issuance, Term Deposit Receipt /Acknowledgement can be availed by the customers at their doorsteps.

 

BUSINESS AND ECONOMY

 

1. Reliance Industries becomes first Indian firm to cross $200 bn m-cap: Reliance Industries (RIL) on September 10, 2020, became the first Indian company to cross $200 billion in market capitalization (m-cap). The market capitalization of Reliance Industries at the close of the stock market on September 10, 2020, was Rs 15.3 trillion ($208 billion).  The second best after RIL is Tata Consultancy Services (TCS) with an m-cap of Rs 8.75 trillion, ($119 billion).

 

2. CARE ratings projects India’s GDP to contact between 8-8.2% in FY21: The Indian rating agency, CARE Ratings has projected the GDP of India to contract in the range 8 to 8.2% for 2020-21 (FY21). This is more than its earlier projection of -6.4%. The decline in GDP growth by around 8 per cent would also be associated with a decline in the gross fixed capital formation.

Note: CARE Ratings Founded: 1993; CARE Ratings: Mumbai, Maharashtra; CARE Ratings Managing Director & Chief Executive Officer: Ajay Mahajan.

 

3. Jane Fraser named the 1st female CEO of Citigroup: Citigroup has named Jane Fraser as its next chief executive officer. She will be the first female CEO of this major global bank. She will succeed Michael Corbat, who is retiring in February 2021. Fraser has been a rising star in the financial industry, with a career that spans investment banking, wealth management, troubled mortgage workouts and strategy in Latin America.

Note: The headquarters of Citigroup is located in New York, United States; Citigroup Established: 8 October 1998.

 

OBITUARIES

 

1. Former Union Minister Raghuvansh Prasad Singh passes away: Former Union minister and veteran leader of Rashtriya Janata Dal (RJD), Raghuvansh Prasad Singh passed away. He was a member of the 15th Lok Sabha of India and represented the Vaishali constituency of Bihar. Singh had served as the Union Minister for Rural Development in Prime Minister Manmohan Singh’s cabinet. He was widely regarded as the brain behind the conceptualization and implementation of NREGA (National rural employment guarantee act).