Daily GK Updates – 28th Nov, 2020

NATIONAL UPDATES:

 

1. Narendra Singh Tomar virtually inaugurates Phagwara mega food park: Union Food Processing Industries Minister Narendra Singh Tomar has virtually inaugurated the Rs 107.83 crore mega food park at Phagwara in Kapurthala district of Punjab. So far, 37 mega food parks have been sanctioned across the country, of which 20 have started functioning. The mega food park, spread over 55 acres of land and that will benefit 25,000 farmers, is equipped with warehouses in 3,944 square meters, silos with 20,000-tonne capacity, cold storage with 3,000-tonne capacity as well as individually quick-frozen and deep freezer units and other facilities.

Note: Chief Minister of Punjab: Capt. Amarinder Singh; Governor: V.P. Singh Badnore.

 

2. ‘Abhayam’ app for safety of women passengers launched in A.P: Chief Minister Y.S. Jagan Mohan Reddy launched “Abhayam” mobile phone application which helps women and children travelling in taxis and autorickshaws to raise an alarm in case of any emergency. To start with, 1,000 auto rickshaws equipped with Internet of Things (IoT)-enabled GPS devices would be rolled out in Visakhapatnam city. About 5,000 vehicles would be brought on to the platform by February 1, 50,000 by July 1 and 1 lakh by November 2021 covering Vijayawada and Tirupati and other towns later.

 

3. Cabinet approves Rs 6,000 Crore infusion in NIIF Debt Platform: The Union Cabinet approved equity infusion of Rs 6,000 crore in NIIF Debt Platform sponsored by National Investment and Infrastructure Fund. This was informed by information and broadcasting minister Prakash Javadekar after the Cabinet meeting. The proposal to invest Rs 6,000 crore as equity into NIIF is part of the Aatmanirbhar Bharat 3.0 package announced earlier this month. This would be towards equity support to infrastructure finance companies such as India Infrastructure Finance Company Ltd (IIFCL) and a subsidiary of NIIF.

 

4. Mamata Banerjee launches “Government At Doorstep” scheme: From December 1, West Bengal will launch an initiative to take government services to the doorsteps of people. ‘Duare Duare Sarkar’ or government at the doorstep. To run until Gandhi Jayanti on January 30, the initiative will attempt to ship pending companies to folks. From 11 am to 3 pm every day from December 1, government camps will be held in every block in the state where people can come and demand any service they have not received yet.

 

5. NITI Aayog forms panel to study feasibility of Hyperloop technology in India: Government think-tank NITI Aayog has formed a high-level panel to explore the technological and commercial viability of the Virgin Hyperloop technology for ultrahigh speed travel in India, weeks after its first test was completed with humans on board. The committee has NITI Aayog member V.K. Saraswat as its Chairman and Adviser (Infrastructure Connectivity, NITI Aayog) Sudhendu Jyoti Sinha as its convener. Its other members are Railway Board Chairman & CEO V.K. Yadav, the secretaries of the ministries of Housing and Urban Affairs, Road Transport and Highways, and the Maharashtra government’s Transport Secretary.

The Defence Research and Development Organisation’s Chairman, the Delhi Metro’s Managing Director, the IIT-Delhi Director and the Chairman (Technology Information) of the forecasting and assessment council are also its members.

 

INTERNATIONAL UPDATES:

 

1. ‘Quarantine’ named Cambridge Dictionary’s Word of the Year 2020: Cambridge Dictionary has named ‘quarantine’ as Word of the Year 2020. The word has been named the word of the year based on data that showed that it was one of the most highly searched words on the Cambridge Dictionary this year. Cambridge editors have noticed that people are using the word in a new way this year describing a “general period of time in which people are not allowed to leave their homes or travel freely so that they do not catch or spread a disease.” This new sense of quarantine has now been added to the Cambridge Dictionary.

“Quarantine was the only word to rank in the top five for both search spikes and overall views (more than 183,000 by early November), with the largest spike in searches (28,545) seen in the week of March 18-24, when many countries around the world went into lockdown as a result of Covid-19,” as per an official release.

 

OTHER UPDATES:

 

SPORTS

 

1. New Zealand’s Greg Barclay elected new ICC Chairman: Auckland-based commercial lawyer and director of New Zealand Cricket (NZC) since 2012, Greg Barclay has been elected as the new chairman of the International Cricket Council (ICC), after the second round of voting. Barclay succeeds India’s Shashank Manohar who stepped down in July 2020 and will replace Imran Khwaja, who is currently the interim chairman. He was serving as NZC’s representative on the board of the International Cricket Council and had also served as the director of ICC Men’s Cricket World Cup 2015.

Note: CEO of ICC: Manu Sawhney; Headquarters of ICC: Dubai, United Arab Emirates.

 

BANKING AND FINANCE

 

1. Cabinet approves RBI’s proposal to merge Lakshmi Vilas Bank with DBS Bank: Union Cabinet has approved the merger of capital-starved Lakshmi Vilas Bank (LVB) with DBS Bank India. The Reserve Bank of India on 17 November proposed the merger of the lender with the Indian arm of Singapore’s DBS Bank. The 94-year-old LVB will now cease to exist and its equity completely wiped out. Its deposits will now be on the books of DBS India. Lakshmi Vilas is the second bank to need a rescue this year, and the third collapse of a major deposit-taking institution in 15 months and the first since the onset of the coronavirus pandemic.

As part of the amalgamation, DBIL will infuse fresh capital of Rs 2,500 crores into LVB. This also marks the first instance when India has turned to a foreign entity to bail out a struggling domestic bank. Under the deal, DBS got 563 branches, 974 ATMs and a $1.6 billion franchise in retail liabilities. Earlier, the RBI had placed LVB under a one-month moratorium till December 16, during which withdrawals for depositors have been capped at Rs 25,000.

About DBS Bank: DBS was the first foreign bank to receive a banking licence after the central bank allowed foreign banks to set up a wholly-owned subsidiary in 2014. “With DBS likely to use digital capabilities to enhance its physical footprint in India, the proposed deal could lead to a 30-40% increase in Indian assets of DBS.

Note: Managing Director & CEO of DBS Bank India Ltd: Surojit Shome; DBS Bank India Limited Headquarters: Mumbai, Maharashtra; DBS Bank India Limited Established: 2014.

Lakshmi Vilas Bank Headquarters: Chennai, Tamil Nadu; Lakshmi Vilas Bank Founded: 1926.

 

2. RBI restricts withdrawals from Jalna-based Mantha Urban Coop Bank for 6 months: Reserve Bank of India imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months. The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020. As per the directions, the bank will not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment, among others.

 

BUSINESS AND ECONOMY

 

1. SBI Signs Pact With Luxembourg Stock Exchange: State Bank of India (SBI) has signed a memorandum of understanding (MoU) with the Luxembourg Stock Exchange (LuxSe). The MoU will help SBI and LuxSE set up a long-term cooperation mechanism, and promote ESG (Environmental, Social, and Corporate Governance) and green finance. Through this MoU, the Luxembourg Stock Exchange would work towards creating a sustainable environment for issuers, asset managers, and investors in terms of ESG focused funds and bonds.

 

2. India can attract $120-160 billion FDI annually by 2025: CII-EY report: India can expect to attract $120-160 billion of foreign direct investment (FDI) annually by 2025 if it manages to increase the FDI to Gross Domestic Product (GDP) ratio between 3-4% from less than 2% now, Confederation of Indian Industry and EY said in a report. This can aid in bringing back India’s GDP growth rate to 7-8% range,” they said in the report titled ‘FDI in India: Now, Next and Beyond’. As per the report, India has observed a GDP growth of 6.8% in the current decade, with FDI to GDP at around 1.8%. The report highlighted that a large untapped opportunity beyond four major states remains to be explored. Four Indian states- Maharashtra (28%), Karnataka (19%), Delhi (16%) and Gujarat (10%)- attracted around 75% of the FDI inflows in the country from October 2019 to June 2020.

 

AWARDS AND HONOURS

 

1. Delhi Crime bags Best Drama Series at the International Emmy Awards: The Netflix show, Delhi Crime has won the Best Drama Series award at the 48th International Emmy Awards 2020. Delhi Crime is the first web-series from India to win an International Emmy Award. The show is written and directed by Richie Mehta and features actress Shefali Shah as the main character. The complete list of 2020 International Emmy Awards winners:

Best Drama Series:  Delhi Crime (India)

Best Comedy Series:  Ninguem Ta Olhando (Nobody’s Looking) (Brazil)

Best Actress:  Glenda Jackson, Elizabeth Is Missing (United Kingdom)

Best Actor:  Billy Barratt, Responsible Child (United Kingdom)

Best TV Movie/Mini-Series:  Responsible Child (United Kingdom)

Best Short-Form Series:  #Martyisdead (Czech Republic)

Best Non-English Language US Primetime Program:  20th Annual Latin GRAMMY Awards and Reina Del Sur – Season 2

Best Telenovela: Orfaos Da Terra (Orphans Of A Nation) (Brazil)

Best Documentary:  For Sama (United Kingdom)

Best Arts Programming:  Vertige De La Chute (Ressaca) (France)

Best Non-Scripted Entertainment:  Old People’s Home For 4 Year Olds (Australia)

 

DEFENCE

 

1. Indian Army successfully testfires Land-attack version of BrahMos missile: Indian Army successfully test-fired a land-attack version of the BrahMos supersonic cruise missile from the Andaman and Nicobar Islands territory. The supersonic cruise missile successfully hit its target, which was on another island.

About BrahMos supersonic cruise missile: The BrahMos supersonic cruise missile is the world`s fastest operational system in its class. DRDO has recently extended the range of the missile system from the existing 298 km to around 450 km. Brahmos is a universal long-range supersonic cruise missile system that can be launched from land, sea and air. The missile has been jointly developed by DRDO, India, and NPOM, Russia, through the joint venture BrahMos Aerospace.

 

OBITUARIES

 

1. Veteran Actor VM Badola passes away: Popular actor Varun Badola’s father, Vishwa Mohan Badola (VM Badola) passed away due to age-related issues. He was 84. V M Badola began his career as a journalist but later steered towards performing arts, venturing into theatre in Delhi. He also went on to do more than 400 plays for the national public radio broadcaster All India Radio in his career spanning over five decades. Varun Badola is best known for his appearance in shows such as Koshish – Ek Aashaa, Des Mein Niklla Hoga Chand, Astitva.. Ek Prem Kahani, among others.

 

2. Football Legend Diego Maradona passes away: One of the greatest footballers of all time, Diego Maradona passed away. He was captain when Argentina won the 1986 World Cup, producing a series of sublime individual performances. He was largely responsible for Argentina’s World Cup victory in 1986 in Mexico, scoring two famous goals in one game against England in the quarter-finals. He played for Barcelona and Napoli during his club career, winning two Serie A titles with the Italian side.

Maradona’s most iconic moment was arguably his infamous ‘Hand of God’ moment during Argentina versus England match in the 1986 FIFA World Cup. His second goal in the match is regarded as the “Goal of the Century”.