NATIONAL UPDATES:
1. UP
government signs agreement with Zurich Airport for Jewar Airport: The Uttar Pradesh
government has signed a concession agreement with representatives of Zurich
Airport International for designing, building and operating Noida International
Airport at Jewar for a period of 40 years. The airport will be developed as a Public-Private
Partnership (PPP) and is scheduled to open in 2024.
About the agreement: The ‘concession
agreement’ for the Greenfield airport, estimated to cost Rs 29,560 crores, was
inked between the Uttar Pradesh government’s agency and the Yamuna International
Airport Private Limited (YIAPL), a special purpose vehicle floated by the
Zurich Airport for the project.
Note: Chief Minister of Uttar Pradesh: Yogi
Aditya Nath; Governor: Anandiben Patel.
2.
Meghalaya Govt partners with Israel to set up ‘Centre of Excellence’: Meghalaya
government has entered into a partnership with Israel to establish a one of a
kind Centre of Excellence(CoE) on high-value vegetables in the state to improve
and promote the livelihoods of farmers. CoE is important for tapping the diverse
biodiversity and available resources in the state in terms of its soil and
agro-climatic condition. Benefits of CoE:
(1) Considering the State has a gene pool
of important vegetables, fruits and plants like Citrus fruits in Nokrek, East
Garo Hills District, the CoE will act as a stimulus for more research work and
also for expansion into multi-fold aspects including tourism potential.
(2) By generating/propagating seedlings
through Quality Planting Materials, CoE is likely to create a meaningful impact.
(3) It will enhance cultivation by
introducing techniques and technology support and creating water harvesting and
conservation initiatives.
(4) To address the marketing issue, it will
explore the possibility to establish a State of the Art Packing House.
Note: Meghalaya Chief Minister: Conrad
Sangma; Meghalaya Governor: Satya Pal Malik; Meghalaya Capital: Shillong.
Israel Capital: Jerusalem; Israel Currency:
Israeli Shekel; Israel Prime minister: Benjamin Netanyahu
3.
Amazon India ties up with IRCTC to start online train ticket bookings: Amazon India has
partnered with ‘Indian Railway Catering and Tourism Corporation’ (IRCTC), to
provide its customers with the facility to book reserved train tickets on
Amazon. With this launch, the e-commerce company’s digital payments arm Amazon
Pay adds another travel category, thereby offering its customers a
one-stop-shop for booking flights, bus and train tickets.
Benefits of this facility:
(1) With this new offering, users will be
able to check seat and quota availability across all train classes on the
Amazon app.
(2) They can pre-load money into their
Amazon Pay Balance wallet to make this experience even smoother and pay in a
single click.
(3) Amazon.in is offering the customers
with a variety of self-serve options such as live checking of PNR status (for
ticket booked on Amazon only), downloads and cancellations of tickets booked on
Amazon.
(4) Users paying with Amazon Pay Balance
also get an instant refund in case of cancellations or booking failures.
(5) Customers will get a 10 per cent
cashback on their first train ticket booking and Prime members can avail 12 per
cent cashback up for these bookings. For the introductory period, Amazon.in has
also waived off service and payment gateway transaction charges.
(6) Customers can book their tickets by
clicking the trains and travel category under the Amazon Pay tab. They can
select their route and travel dates and get a list of all available trains.
(7) Users can use their Amazon Pay balance
or Amazon Pay ICICI credit card or any other digital payment methods for an
easy checkout experience.
(8) In case customers need to cancel a
ticket, they can do so under the ‘Your Orders’ section. They can also seek 24×7
help through an Amazon helpline over phone and chat.
Note: Amazon Founder: Jeff Bezos; Amazon
Founded: 5 July 1994; Amazon Headquarters: Seattle, Washington, United States.
4.
API integration between PM SVANidhi, SBI portal launched: The Ministry of
Housing & Urban Affairs will integrate the application programming
interface (API) between SVANidhi portal and various banks to expedite loan
sanctioning and disbursement process under Modi government’s PM SVANidhi scheme
for nano entrepreneurs. To begin with, the ministry launched the API
integration between the PM SVANidhi portal and SBI’s eMudra portal. Ministry
would perform similar integration with other banks as well for which a
consultative meeting will be held shortly.
Advantages of Integration: This integration
will ease uninterrupted data flow between the 2 portals in a secure ambience
and accelerate the loan sanctioning and disbursement process that benefits the
street vendors who seek working loan capital under the scheme. This integration
will facilitate the seamless flow of data between the PM SVANidhi Portal and
SBI’s mudra Portal in a secure environment. It will expedite the loan
sanctioning and disbursement process, to benefit the street vendors seeking a
working capital loan under the Scheme.
Note: Minister of State (IC) of the
Ministry of Housing and Urban Affairs: Hardeep Singh Puri.
INTERNATIONAL UPDATES:
1.
Jordan’s King Abdullah II appointed Bishr al-Khasawneh as PM: King of Jordan,
Abdullah II ibn Al Hussein has appointed Bishr al-Khasawneh, policy advisor to
the king, as new Prime Minister of the country. His appointment comes after
King Abdullah II ibn Al Hussein accepted the resignation of Prime Minister Omar
al Razzaz.
About Bishr al-Khasawneh: He served as the advisor to the king for
Communication and Coordination at The Royal Hashemite Court (April 2019- August
2020). He served as the Minister for Legal Affairs (2017- 2018). He was a
Former Ambassador of Jordan to Egypt, France, Kenya, Ethiopia, African Union,
League of Arab States, and also to UNESCO (United Nations Educational, Scientific
and Cultural Organization).
Note: Capital of Jordan: Amman; The
currency of Jordan: Jordanian dinar.
2.
World Post Day: 9th October: World Post Day is observed on 9th October every
year. The purpose of World Post Day is to create awareness of the role of the
postal sector in people’s and businesses’ everyday lives and its contribution
to the social and economic development of countries. World Post Day is
celebrated each year on 9 October, the anniversary of the establishment of the
Universal Postal Union in 1874 in the Swiss Capital, Bern. It was declared
World Post Day by the UPU Congress held in Tokyo, Japan in 1969. Since then,
countries across the world participate annually in the celebrations. Posts in
many countries use the event to introduce or promote new postal products and
services.
3.
World Egg Day 2020: 9th October: World Egg Day is celebrated worldwide on
the second Friday in the month of October each year. In 2020, the day is being
observed on 9th October 2020. The Day was established at the IEC Vienna 1996
conference and helps to raise awareness of the benefits of eggs and their
importance in human nutrition. The theme for 2020 World Egg Day is “Eat Your
Egg Today And Every Day”.
OTHER UPDATES:
BANKING AND FINANCE
1.
RBI’s 3rd Bi-Monthly Monetary Policy Statement 2020-21 Released: The Monetary Policy
Committee of the Reserve Bank of India met on 7th, 8th and 9th October for its
third meeting of 2020-21. Reserve Bank of India (RBI) governor Shaktikanta Das
has announced crucial policy decisions at the Bank’s 3rd bi-monthly monetary
policy. On the basis of an assessment of the current and evolving macroeconomic
situation, the Monetary Policy Committee (MPC) at its meeting decided to:
(1) The repo rate under the liquidity
adjustment facility (LAF) has been kept unchanged at 4.00%.
(2) The reverse repo rate under the LAF has
been kept unchanged at 3.35%.
(3) The marginal standing facility (MSF)
rate and the Bank Rate have been kept unchanged at 4.25%.
(4) The Reserve Bank of India (RBI) will introduce
on-tap targeted long-term repo operations (TLTRO) for banks to borrow up to Rs
1 trillion from the window and invest in corporate bonds and other debt
instruments of certain sectors. The on-tap TLTROs will have tenors of up to
three years at a floating rate linked to the policy repo rate and the scheme
will be available up to 31 March 2021.
(5) Real GDP growth is expected to be
negative. The RBI’s MPC has pegged the real GDP growth for FY21 to contract by
9.5%.
2.
CMD of J&K Bank, R.K. Chhibber gets another 6 months extension by RBI: Reserve Bank of
India (RBI) has extended the term of Rajesh Kumar(R.K.) Chhibber as Chairman
and Managing Director (CMD) of Jammu & Kashmir Bank for another 6 months,
effective from October 10, 2020, or till the appointment of Managing
Director(MD) and Chief Executive Officer(CEO), whichever is earlier. Prior to
this, he got an extension of 3 months with effect from July 10, 2020.
About R.K. Chhibber: He joined J&K Bank
as the Probationary Officer in the year 1982 and has led the bank in different
capacities namely, as Vice-President in 2009 among others. He also served as
the Chairman of J&K Grameen Bank. He was elevated as the Executive
President on June 1, 2018.
Note: Jammu & Kashmir (J&K) Bank
Headquarters: Srinagar, Jammu & Kashmir.
3.
Nilesh Shah re-elected as Chairman of AMFI: Nilesh Shah has been re-elected as
the Chairman of Association of Mutual Funds in India (AMFI). He was earlier
elected as the Chairman for 2019 – 2020. Nilesh Shah would also continue as the
ex-officio Chairman of AMFI Financial Literacy Committee, being the Chairman of
AMFI. These decisions were taken by AMFI, the industry body of SEBI-registered
mutual funds at its Board Meeting.
Saurabh Nanavati (Chief Executive Officer,
Invesco Asset Management (India) Private Limited.) has been re-elected as the
Vice-Chairman of AMFI.
Note: CEO of Association of Mutual Funds in
Indian: S. Venkatesh.
BUSINESS AND ECONOMY
1.
World Bank expects India’s GDP to contract by 9.6% in FY-21: The World Bank projected
India’s GDP to contract by 9.6% this FY-21, which is reflective of the national
lockdown and the income shock experienced by households and firms due to the
COVID-19 pandemic. The World Bank earlier in June had estimated the Indian
economy to shrink by 3.2% in the current fiscal.
The World Bank recently released its report
titled ‘South Asia Economic Focus’, noting that the country’s economic
situation is much worse than ever seen before. The report also forecasted a
sharper than expected economic slump across the South Asian region, with
regional growth expected to contract by 7.7% in 2020, after topping 6% annually
in the past five years. Regional growth is projected to rebound to 4.5% in
2021.
AWARDS AND HONOURS
1.
Nobel Prize in Peace 2020 announced: The Norwegian Nobel Committee has decided
to award the Nobel Peace Prize for 2020 to the World Food Programme (WFP). The
World Food Programme is the world’s largest humanitarian organization
addressing hunger and promoting food security. In 2019, the WFP provided
assistance to close to 100 million people in 88 countries who are victims of
acute food insecurity and hunger.
About the World Food Programme (WFP): The
work of the World Food Programme to the benefit of humankind is an endeavour
that all the nations of the world should be able to endorse and support. The
World Food Programme (WFP) is an efforts to combat hunger, for its contribution
to bettering conditions for peace in conflict-affected areas and for acting as
a driving force in efforts to prevent the use of hunger as a weapon of war and
conflict. In 2015, eradicating hunger was adopted as one of the UN’s
Sustainable Development Goals. The WFP is the UN’s primary instrument for
realising this goal. In recent years, the situation has taken a negative turn.
In 2019, 135 million people suffered from acute hunger, the highest number in
many years. Most of the increase was caused by war and armed conflict.
OBITUARIES
1. Union Minister Ram Vilas Paswan passes away: Union minister of consumer affairs, food and public distribution, Ram Vilas Paswan passed away. He was born on 5 July 1946. He was also the president of the Lok Janshakti Party, eight-time Lok Sabha member and current Rajya Sabha MP. Ram Vilas Paswan started his political career as a member of Samyukta Socialist Party and was elected to the Bihar Legislative Assembly in 1969. Later, Paswan joined Lok Dal upon its formation in 1974 and became its general secretary. He opposed the emergency and was arrested during the period. He entered the Lok Sabha in 1977, as a Janata Party member from Hajipur constituency, was chosen again 1980, 1989, 1996 and 1998, 1999, 2004, and 2014.
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