Daily GK Updates – 14th Jan, 2021

 

NATIONAL UPDATES:

 

1. First time in history, Union Budget 2021 to be paperless: Union Budget 2021, slated to be presented on February 1, is going to be completely paperless in the wake of the ongoing coronavirus pandemic. This will be the first time since independence that the budget papers will not be printed. The Centre has received permission for the same from both houses of parliament. The decision has been taken as several people (approximately 100) would be required to stay at the printing press for around a fortnight amid the COVID-19 fear.

The budget papers are usually printed at the ministry’s in-house printing press in the North Block. This year’s budget may reportedly witness several conventions being broken as the traditional ‘Halwa’ ceremony, which is a given every year is also not likely to take place, or a low-key function may be held with limited gathering in attendance.

Note: Minister of Finance and Corporate Affairs: Nirmala Sitharaman.

Minister of State in the Ministry of Finance and Corporate Affairs:  Anurag Singh Thakur.

 

2. Suriname’s Indian-origin President to be Republic Day chief guest: President of the Republic of Suriname, Chandrikapersad Santokhi, will be the chief guest at India’s Republic Day parade on January 26. India had initially invited Boris Johnson to be the chief guest but the British PM had to cancel his visit in view of the grim coronavirus situation back home. Earlier this week, Santokhi was the chief guest at the Pravasi Bharatiya Divas Convention, held by the Ministry of External Affairs and he delivered the keynote address. He was sworn in as the president of Suriname in July 2020, when his party, the Progressive Reform Party, won 20 of the 51 seats in the elections.

Note: Suriname Capital: Paramaribo; Suriname Currency: Suriname Dollar; Suriname Continent: South America.

 

3. Manipur: CM Biren Singh virtually inaugurated Cherry Blossom Festival: The 4th edition of the Cherry Blossom Festival, Mao in Manipur was virtually inaugurated by Chief Minister N Biren Singh. However this year, the authority decided to scale down the festival due to the COVID-19 pandemic. The Festival featured the picturesque landscape of Mao adorned with beautiful cherry trees laden with blooming flowers which have traditionally attracted visitors from across the world.

About the festival: Manipur has been celebrating the festival every year since 2017. The festival which featured the picturesque landscape of Mao town adorned with beautiful Cherry Blossom flowers was streamed live from 2 pm on various social media platforms. The Mao area of Senapati district in Manipur is known for Cherry Blossom, a plant which is popularly known as Sakura in Japan.

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

 

4. Armed Forces Veterans Day: 14th January: In India, the Armed Forces Veterans Day is observed each year on 14 January since 2017 to acknowledge and honour the selfless devotion and sacrifice of our veterans in the service of the nation. The day was initially called Armistice Day. 2021 marks the 5th Armed Forces Veterans Day. The day is observed as a mark of respect and recognition of the services rendered by Field Marshal KM Cariappa OBE, the first Indian Commander-in-Chief of the Indian Armed Forces who retired on 14 January 1953.

 

5. Manipur Guv released book “Making of a General A Himalayan Echo”: Manipur Governor, Dr Najma Heptulla has virtually released a book titled “Making of a General-A Himalayan Echo” authored by (Retd) Lt General Konsam Himalaya Singh at Durbar Hall, Raj Bhavan, Imphal. The book elegantly summons the essence and imperatives of superior command of one of the most formidable forces in the world.

The essence of the book: The book is the memoir of Lt Gen (Dr) Konsam Himalay Singh who has traced his journey from a small village in Manipur to becoming the first person from North East India to hold the rank of a Three-Star General of the Indian Army. The book has also highlighted about Manipur, the “Land of Emeralds”.

 

INTERNATIONAL UPDATES:

 

1. India Ranks 85 in Henley Passport Index 2021: The Henley Passport Index 2021 has been released by Henley & Partners, based on the exclusive data from the International Air Transport Association (IATA). As per the latest report, India has been ranked 85th among 110 countries, in the Henley Passport Index for 2021, with a visa-free score of 58. The index presents the original ranking of the world’s most powerful passports, according to the number of destinations their holders can access without a prior visa.

Japan has once again topped the list of being the most powerful passport in the world, for the third consecutive year. Japanese citizens can travel to as many as 191 countries visa-free. Singapore is in second place (190) and South Korea ties with Germany in third place (189). Syria, Iraq and Afghanistan are the countries with the worst passport, with a passport score of 29, 28 and 26 respectively.

Note: International Air Transport Association Headquarters: Montreal, Canada; International Air Transport Association Founded: 19 April 1945; International Air Transport Association Leader: William M. Walsh.

Henley & Partners Headquarters location: London, United Kingdom; Henley & Partners Founded: 1997; Henley & Partners Chairman: Christian Kalin; Henley & Partners CEO: Juerg Steffen.

 

2. France hosts 4th One Planet Summit: The Government of France organised the fourth ‘One Planet Summit’, through videoconferencing, which aimed at protecting the world’s biodiversity. The Summit was organised in cooperation with the United Nations and the World Bank. The theme of the Summit was “Let’s act together for nature!”. It was inaugurated by the Secretary-General of the United Nations António Guterres, French President Emmanuel Macron, and President of the World Bank Group David Malpass. The Summit focused on biodiversity preservation through: (1) The protection of terrestrial and marine ecosystems,

(2) The promotion of agroecology,

(3) The mobilization of funding for biodiversity, and

(4) The link between deforestation, species and human health.

Note: France Capital: Paris; France President: Emmanuel Macron; France Prime minister: Jean Castex; France Currency: Euro.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. RBI cancels the licence of Vasantdada Nagari Sahakari Bank: The Reserve Bank of India (RBI) has cancelled the licence of Maharashtra-based Vasantdada Nagari Sahakari Bank, with immediate effect. Vasantdada Nagari Sahakari Bank Ltd will now not be allowed to conduct the business of ‘banking’, including acceptance of deposits and repayment of deposits, with effect from the close of business on January 11, 2021. RBI has requested the Commissioner for Cooperation and Registrar of Cooperative Societies (RCS), Maharashtra to issue an order for winding up the bank and appoint a liquidator for the bank.

Reason of Cancellation: The Bank has failed to comply with the requirements of Section 11(1) read with Section 56 of BR Act and thus would be unable to pay its present depositors in full in its current financial position.

Consumer interest protected: With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra as per the DICGC Act, 1961 will be set in motion. Every depositor is entitled to repayment of his/her deposits up to Rs 5,00,000 from the DICGC. More than 99% of the depositors of the bank will get full repayment of their deposits from DICGC.

Note: Deposit Insurance and Credit Guarantee Corporation Establishment: 1978; Deposit Insurance and Credit Guarantee CorporationChairman: Michael Debabrata Patra (Deputy Governor, RBI); Deposit Insurance and Credit Guarantee Corporation Headquarter: Mumbai, Maharashtra.

Reserve Bank of India (RBI) Headquarters: Mumbai, Maharashtra; Reserve Bank of India Establishment: 1 April 1935; Reserve Bank of India Governor: Shaktikanta Das; Reserve Bank of India Deputy Governors: 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeswar Rao).

 

2. RBI sets Rs 345 crore corpus for developing payment infrastructure in rural India: The Reserve Bank of India announced the operationalization of the Payment Investment Development Fund (PIDF) with an initial corpus of Rs 345 crore for three years – extendable up to an additional two more years. The objective of PIDF is to increase the number of acceptance devices multi-fold in the country. The Scheme is expected to benefit the acquiring banks / non-banks and merchants by lowering overall acceptance infrastructure cost. The fund will be used for adding 30 lakh digital payments touch points which would include 10 lakh physical and 20 lakh digital payment acceptance devices every year with a special focus on tier 3 to tier 6 regions and the north-eastern states.

 

BUSINESS AND ECONOMY

 

1. India’s retail inflation drops to 4.59 % in December: India’s retail inflation fell sharply to 4.59 per cent in December, mainly due to declining food prices, government data showed. Retail inflation based on the Consumer Price Index (CPI) was 6.93 per cent in November. Food inflation declined to 3.41 per cent in December in 2020, compared to 9.5 per cent in the previous month, according to the data released by the Ministry of Statistics and Programme Implementation. The Reserve Bank of India (RBI) factors in retail inflation while arriving at its monetary policy.

 

DEFENCE

 

1. Dr Ajay Kumar co-chairs 13th India-Vietnam Defence Security Dialogue: The 13th India-Vietnam Defence Security Dialogue was held in a virtual format. The virtual event was co-chaired by Defence Secretary Dr Ajay Kumar along with Vietnamese Sr Lt Gen Nguyen Chi Vinh, Deputy Defence Minister, Socialist Republic of Vietnam. During their virtual interaction:

(1) Defence Secretary and the Deputy Defence Minister expressed satisfaction at the ongoing defence cooperation between the two countries in spite of the limitations imposed by COVID 19.

(2) Both countries exchanged views on the plan of action from the recently concluded Virtual Summit between Prime Minister Shri Narendra Modi and Prime Minister of the Socialist Republic of Vietnam H.E. Nguyen Xuan Phuc in December 2020.

(3) Both the sides reviewed the progress on various bilateral defence cooperation initiatives and expressed commitment to further elevate engagements between the Armed Forces under the framework of the Comprehensive Strategic Partnership.

(4) Both sides agreed that in the recent past our respective countries have made notable strides in Defence Industry and Technology cooperation and look forward to even greater cooperation in this field.

Note: Vietnam Capital: Hanoi; Vietnam Currency: Vietnamese dong; Vietnam Prime Minister: Nguyen Xuan Phuc.

 

OBITUARIES

 

1. Former Mali PM Modibo Keita passes away: Mali’s former prime minister Modibo Keita has died at the age of 78. Keita, who served as prime minister from 2015 to 2017.  He was one of six prime ministers to serve under President Ibrahim Boubacar Keita, who was ousted in a coup in August. From 2014 until his appointment as prime minister, Modibo Keita had been the president’s representative for peace talks between the government and Tuareg rebel groups waging an insurgency in the country’s conflict-ravaged north.

 

2. Indian American writer Ved Mehta passes away: Indian American writer Ved Mehta passed away. The Indian-American novelist overcame blindness & was widely known as the 20th-century writer most responsible for introducing American readers to India. Ved Mehta, a longtime writer for The New Yorker whose best-known work, spanning a dozen volumes, explored the vast, turbulent history of modern India through the intimate lens of his own autobiography.