Daily GK Updates – 11th Dec, 2020

NATIONAL UPDATES:

 

1. ADB approves Rs 2.5 mn in technical assistance for biofuel development in India: The Manila-based multilateral lending agency Asian Development Bank (ADB) has approved a USD 2.5 million (about Rs 18 crore) technical assistance to support advanced biofuel development in India. The grant will be funded from the Asia Clean Energy Fund, financed by the Government of Japan under the Clean Energy Financing Partnership Facility, and the Republic of Korea’s e-Asia and Knowledge Partnership Fund. The technical assistance (TA) will support the development of advanced bioethanol, bio-compressed natural gas, and biodiesel plants to demonstrate the best practices for suitable feedstock, efficient conversion technology, and sustainable biofuel value chain.

Note: President of ADB: Masatsugu Asakawa; Headquarters: Manila, Philippines.

 

2. Andhra Pradesh, Karnataka and Telangana Participates in 7th WASH Conclave Concludes: The 7th WASH (Water, Sanitation and Hygiene) Conclave was organised in virtual mode by organised by the UNICEF and the National Institute of Rural Development and Panchayati Raj (NIRDPR). The theme of the conclave was “Hygiene Matters”. Andhra Pradesh Governor Biswa Bhusan Harichandan was the Chief Guest at the event. The event had participants from Andhra Pradesh, Karnataka and Telangana to discuss key issues with particular focus on hygiene and create an opportunity for strengthening collaborations and partnerships among institutions including government dealing with WASH and related programs across three states and districts

The Government of India has set the target to provide access to and use of safe and adequate drinking water to all households within premises by 2024.

 

3. PwC, UNICEF and YuWaah partner to redefine education: Consulting firm PwC India has collaborated with the United Nations Children’s Fund (UNICEF) and YuWaah (Generation Unlimited in India) to upskill 300 million young Indians over the next 10 years. This collaboration is part of PwC’s global multi-sector partnership with UNICEF and Generation Unlimited to upskill and provide about 1.8 billion youngsters with socio-economic opportunities from school to work by 2030. This partnership will focus on three facets to India’s digital empowerment for youngsters, which are education, skilling and entrepreneurship. According to the International Labour Organization (ILO), India is staring at a 29 million skill deficit by 2030.

Note: International Labour Organization Headquarters: Geneva, Switzerland; International Labour Organization Founder: Paris Peace Conference; International Labour Organization Founded: 1919; International Labour Organization Director-General: Guy Ryder.

 

INTERNATIONAL UPDATES:

 

1. Mt Everest declared 86 cm taller by Nepal and China: The world’s highest mountain peak ‘Mount Everest’ has become taller by 86 cm, as per a survey conducted jointly by Nepal and China. The Government of Nepal and China jointly conducted an exercise to measure the world’s highest peak. The new height of Mt Everest has been calculated at 8,848.86 metres, which is 0.86m more than the previous measurement done by India in 1954. In feet, the new elevation is about 29,031 ft, or about 3 ft higher than Nepal’s previous claim. In Tibetan language, Mount Everest is known as Mount Qomolangma while in Nepalese language it is famous as Sagar-Matha.

Some important facts of Mount Everest height: The common declaration meant that the two countries have shed their long-standing difference in opinion about the mountain’s height — 29,017 feet (8,844 m) claimed by China and 29,028 ft (8,848 m) by Nepal. In 1955, the height of Mount Everest was measured at 8848 m (29,028 feet) by the Survey of India. There was also a third estimate, even higher, in 1999, a US team put the elevation at 29,035 feet (nearly 8,850 m). This survey was sponsored by the National Geographic Society, US. The Society uses this measurement, while the rest of the world, except China, had accepted 8,848 m so far.

 

2. UNICEF Day: 11th December: Every year the UNICEF Day is observed on December 11. The United Nations General Assembly created UNICEF on December 11, 1946, as the United Nations International Children’s Emergency Fund to improve the health, nutrition, education, and general welfare of children devastated due to World War II. UNICEF’s name was subsequently changed from United Nations International Children’s Emergency Fund to United Nations Children’s Fund though; it continued to be known by the popular acronym based on the previous title.

Note: UNICEF Headquarters: New York, United States of America; UNICEF Executive Director: Henrietta H. Fore.

 

3. International Mountain Day: 11th December: The International Mountain Day is observed globally on December 11 every year. The day is celebrated to create awareness about the importance of mountains to life, to highlight the opportunities and constraints in mountain development and to build alliances that will bring positive change to mountain peoples and environments around the world. “Mountain biodiversity” is the theme of this year’s International Mountain Day, so let’s celebrate their rich biodiversity, as well as address the threats they face. The day was established by the UN General Assembly in 2003 to encourage sustainable development of mountains. United Nations had declared 2002 as the UN International Year of Mountains.

 

OTHER UPDATES:

 

SPORTS

 

1. Kiren Rijiju launches 2nd edition of Fit India Cyclothon: Sports Minister Kiren Rijiju has launched the second edition of Fit India Cyclothon through a virtual platform. The mega cycling event will run for 25 days, beginning from 7th December till 31st December 2020. The event has been organised across the country in each district. The citizens can participate by registering on Fit India website. The participants can cycle daily for a distance of their choice, and share their images and videos on social media. They may also tag @FitIndiaOff and use the hashtag – FitIndiaCyclothon and #NewIndiaFitIndia.

Note: Sports Authority of India Founder: Ministry of Youth Affairs and Sports.

Sports Authority of India Founded: 1982; Sports Authority of India Headquarters: Delhi; Director-General of Sports Authority of India: Sandip Pradhan

 

2. Yulimar Rojas and Mondo Duplantis crowned 2020 World Athletes of the Year: Swedish pole vaulter Mondo Duplantis and Venezuelan triple jumper Yulimar Rojas are the 2020 Male and Female World Athletes of the Year. They are their countries’ first recipients of the prestigious athletics award announced during the virtual awards.

About Mondo Duplantis: At the age of 20, Duplantis is the youngest ever winner of the Male Athlete of the Year Award after twice breaking the absolute world record (6.17m and 6.18m) in February before producing the highest outdoor vault in history (6.15m) in September.

About Yulimar Rojas: Rojas who broke the world indoor triple jump record with a leap of 15.43m, finished the shortened 2020 season undefeated in four triple jump competitions indoors and outdoors.

 

3. Parthiv Patel announces retirement from all forms of cricket: India’s wicketkeeper-batsman Parthiv Patel has announced his retirement from all forms of cricket. The 35-year-old left-hander, who made his international debut in 2002, played 25 Tests, 38 ODIS and two T20Is for India. He last wore Indian jersey in 2018 during a Test match against South Africa in Johannesburg. While the Gujarat cricketer represented his state in 194 first-class matches. He played 204 T20 matches for his state and various IPL franchises and scored 4,300 runs at a strike rate of 123.84, with the help of 23 half-centuries.

 

BANKING AND FINANCE

 

1. RBI cancels licence of Maharashtra-based Karad Janata Sahakari Bank: The Reserve Bank of India has cancelled the licence of Karad Janata Sahakari Bank Ltd in Maharashtra, as it does not have adequate capital and earning prospects. As such, it does not comply with the provisions of the Banking Regulation Act, 1949. More than 99 per cent of the depositors of the bank will get full payment of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC). With the cancellation of licence and beginning of liquidation proceedings, the process of paying the depositors of Karad Janata Sahakari Bank will be set in motion. On liquidation, every depositor is entitled to repayment of their deposits up to ₹ 5 lakh only from the DICGC. After cancellation of licence from the close of a business hour on December 7, the bank cannot work anymore, which includes taking deposits and repaying deposits.

 

2. RBI introduces Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) for Regional Rural Banks (RRBs): The Reserve Bank of India has allowed the Scheduled Regional Rural Banks (RRBs) to take part in the Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) of RBI for better for liquidity management. The following Scheduled RRBs will be eligible for the scheme:

(1) Implemented Core Banking Solution (CBS)

(2) There is a minimum CRAR of nine per cent and

(3) Fully compliant with the terms and conditions for availing LAF and MSF issued by Financial Markets Operations Department (FMOD), Reserve Bank of India.

 

3. Kotak AMC launches REIT Funds of Funds scheme: Kotak Mahindra Asset Management Company (Kotak Mutual Fund), has launched Kotak International REIT Fund of Funds, India’s first diversified REIT Mutual Fund. REIT stands for Real Estate Investment Trust. About Kotak International REIT Fund of Funds:

(1) Kotak International REIT Fund of Funds is an open-ended mutual fund scheme that will invest in units of SMAM Asia REIT Sub Trust Fund.

(2) This mutual fund scheme will have a diversified investment portfolio comprising of listed REITs which will invest in real estate projects like residential, office, data centres, warehousing, retail and hospitality.

(3) The Kotak International REIT Fund of Funds will invest in units of Japan-based SMAM Asia REIT Sub Trust Fund.

(4) The SMAM Asia REIT Sub Trust Fund is one of the largest Asia Pacific (Ex Japan) REIT funds investing in listed REITs in the Asia Pacific region.

(5) It is managed by Sumitomo Mitsui DS Asset Management Company, which has a significant portfolio of listed Real Estate Investment Trusts in Singapore, Australia and Hong Kong.

Note: MD of Kotak Mahindra Asset Management Company: Nilesh Shah; Kotak Mahindra Asset Management Company Headquarters: Mumbai, Maharashtra.

 

AWARDS AND HONOURS

 

1. Invest India wins United Nations Investment Promotion Award 2020: The Geneva-based United Nations Conference on Trade and Development (UNCTAD) has awarded the 2020 United Nations Investment Promotion Award to Invest India, the National Investment Promotion Agency of India. The Invest India was declared the winner from among the 180 global Investment Promotion Agencies (IPAs). The response of IPAs to the COVID-19 pandemic was the basis for the evaluation of the 2020 United Nations Investment Promotion Award. The annual award recognizes and celebrates the outstanding achievements and best practices of Investment Promotion Agencies (IPAs) across the globe.

Note: Invest India is a non-profit venture under the Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry.

Invest India MD & CEO: Deepak Bagla; Invest India Established: 2009; Invest India Headquarter: New Delhi.