Daily GK Update - 5th March, 2021

NATIONAL UPDATES:

1. Government amends Insurance Ombudsman Rules 2017: The Government of India has notified comprehensive amendments to the Insurance Ombudsman Rules, 2017, for better resolution of policyholders’ complaints regarding insurance service deficiencies, in a timely, cost-effective and impartial manner. This will help in facilitating the resolution of the complaints with respect to the deficiencies in insurance services in a cost-effective and impartial manner on time. Those amendments are:

(1) The Ombudsman mechanism was administered by the Executive Council of Insurers. This has now been renamed as the Council for Insurance Ombudsmen.

(2) Earlier, the scope of complaints to Ombudsmen was limited to only disputes, but now it has been enlarged to include deficiencies in service on the part of insurers, agents, brokers and other intermediaries.

(3) The insurance brokers have also been brought within the ambit of the Ombudsman mechanism. The Ombudsmen has been empowered to pass awards against insurance brokers as well.

(4) To strengthen the timeliness and cost-effectiveness of the mechanism, policyholders will now be enabled for making complaints electronically to the Ombudsman.

(5) A complaints management system will be created to enable policyholders to track the status of their complaints online.

(6) The rules also provide that, the ombudsman can use video-conferencing to hear the cases.

2. India to commemorate ‘Chabahar Day’ on 4 March: The Ministry of External Affairs India will commemorate ‘Chabahar Day’ on March 4 on the sidelines of the Maritime India Summit 2021 being held in New Delhi. The virtual event will see the participation of ministers from Afghanistan, Armenia, Iran, Kazakhstan, Russia and Uzbekistan. The Summit is being held from March 2-4, 2021. The ministerial-level opening session would be followed by two webinar sessions namely the ‘Boosting Business through Trade Promotion and Regional Connectivity’ and ‘Development of Port Infrastructure: Unleashing Opportunities’.

About the Chabahar Port: It is a seaport in Chabahar which is located in south-eastern Iran in the Gulf of Oman. The port serves as the only oceanic port of Iran. The port comprises two separate ports namely the Shahid Beheshti and Shahid Kalantari. The port was first proposed by the last shah of Iran in the year 1973. The first phase was opened in 1983.

Note: Minister of External Affairs: Subrahmanyam Jaishankar.

3. Thaawarchand Gehlot launches “Sugamya Bharat App”: Union Minister for Social Justice and Empowerment, Thaawarchand Gehlot has launched the “Sugamya Bharat App”, through a video conference in New Delhi. The minister also launched a handbook entitled “Access – The Photo Digest”. The App and the handbook have been developed by the Department of Empowerment of Persons with Disabilities (DEPwD) under the Ministry of Social Justice and Empowerment.

About the Sugamya Bharat APP: It is a Crowdsourcing Mobile Application to enable people with disabilities and even the elderly to register accessibility-related problems. The aim of the app is to sensitising and enhancing accessibility in the 3 pillars of the Accessible India Campaign which includes the built environment, transportation sector and ICT ecosystem in India.

About the “Access – The Photo Digest”: This handbook is a collection of photographs from across different States and UTs, to act as a tool and guide for stakeholders, to sensitise them about 10 basic features of accessibility and related good-bad practices in easy to understand pictorial form.

4. Udaipur Science Centre inaugurated at Udaipur in Tripura: The Governor of Tripura, Ramesh Bais has inaugurated the Udaipur Science Centre, at Udaipur, Tripura. The Udaipur Science Centre has been developed at a cost of Rs 6 crore funded jointly by the Ministry of Culture, Government of India and Department of Science, Technology and Environment, Tripura Government and with this; the National Council of Science Museums (NCSM) has now set-up science centres in all the northeastern states.

About the centre: Science Centres play a vital role in developing a scientific temper in society and inculcating a culture of Innovation among the masses, particularly among students. The role of NCSM and the Ministry of Culture for the spread of scientific awareness. Udaipur Science Centre is the 22nd Science Centre which has been developed by NCSM and handed over to the State Governments under the Ministry of Culture’s Scheme for Promotion of Culture of Science. NCSM will open 4 more new science centres in different parts of India during 2021.

Note: Chief Minister of Tripura: Biplab Kumar Deb; Governor: Ramesh Bais.

 5. Virat Kohli becomes first cricketer to have 100 million followers on Instagram: India captain Virat Kohli became the first cricketer in the world to have 100 million followers on the social media platform Instagram. The 32-year-old Kohli is also the fourth most followed sportsperson on Instagram. Portugal football star Cristiano Ronaldo tops the chart with 265 million followers, ahead of Argentina football captain and FC Barcelona legend Lionel Messi and Brazil’s Neymar, who are second and third in the list with 186 million and 147 million followers respectively. The others in 100 million club are Hollywood actor and former pro-wrestler Dwayne (The Rock) Johnson, American singer-songwriter Beyonce, and Ariana Grande.

 

INTERNATIONAL UPDATES:

 1. Manpreet Vohra Appointed India’s High Commissioner to Australia: Senior diplomat, Manpreet Vohra has been appointed as India’s next High Commissioner to Australia. Vohra, a 1988-batch Indian Foreign Service (IFS) officer, is presently Ambassador of India to Mexico. He is expected to take up the assignment shortly. Mr Vohra’s appointment comes at a time India-Australia ties are at an upswing and the two countries are stepping up cooperation particularly in the Indo-Pacific region.

Note: Prime Minister of Australia: Scott Morrison; Currency of Australia: Australian dollar; Capital of Australia: Canberra.

 2. India to Send Humanitarian Assistance To Drought-Hit Madagascar on-board Indian Naval Ship Jalashwa: The Government of India is sending food and medical assistance to Madagascar, following the request from the east African country for assistance to deal with a humanitarian crisis caused by a severe drought. The humanitarian assistance is being delivered on-board Indian Naval Ship Jalashwa. The Naval ship leave with the food and medical assistance on March 3, 2021 and is expected to reach the Port of Ehoala in Madagascar between March 21 and 24, 2021. The consignment will comprise of 1,000 metric tonnes of rice and 100,000 hydroxychloroquine (HCQ) tablets. Indian naval training team will also be deployed in Madagascar for capacity building and training of the Malagasy Special Forces for two weeks. Besides Madagascar, INS Jalashwa will also visit at Port Anjoun in the Republic of Comoros to deliver a consignment of 1,000 metric tonnes of Indian rice, following commitment made by Vice President M Venkaiah Naidu during his visit to Comoros in October 2019. The supplies of food assistance and support for capacity building to the friendly countries of Madagascar and Comoros is in line with Prime Minister Narendra Modi’s vision of SAGAR and India’s time-tested role as a net security provider in the Indian Ocean Region.

                                                                   OTHER UPDATES:

 SPORTS 

1. Indian Boxer Deepak Kumar wins silver at Strandja Memorial Tournament in Bulgaria: In Boxing, the Asian Championship silver medallist, Deepak Kumar won the silver medal at the 72nd Strandja Memorial Tournament in Sofia, Bulgaria. Deepak lost in the final against Daniel Asenov of Bulgaria in the men’s 52 kg flyweight. The 23-year-old youngster belongs to Haryana’s Hisar, which is known as the ‘City of Steel’, for being India’s largest manufacturer of galvanised iron.

2. Indian men’s skeet team wins bronze in ISSF World Cup Shotgun in Cairo: In shooting, the Indian trio of Mairaj Ahmed Khan, Angad Vir Singh Bajwa and Gurjoat Khangura won the bronze medal in men’s skeet team event at the International Shooting Sport Federation tournament (ISSF) Shotgun World Cup in Cairo, Egypt. The Indians defeated the Kazakhstan team of David Pochivalov, Eduard Yechshenko and Alexandr Mukhamediyev 6-2 in the bronze medal match.

3. Second ODI National Zone Cricket Championship League for Deaf begins in New Delhi: The Indian Deaf Cricket Association (IDCA) has organised the second ODI National Zone Cricket Championship League for the deaf from March 1 to 5, 2021, at MCG 2 & 3, Ghevra Cricket Ground, Kanjhwala, in New Delhi. The 50-over tournament is significant for the players as it will act as the basis for selection of players for the Deaf ICC World Cup 2022. The ‘Champion Winner’ team will get a cash reward of Rs 1,00,001 while the ‘Runner-up’ team will be given a cash prize of Rs. 50,001.

Note: The Indian Deaf Cricket Association (IDCA) is affiliated & recognized by the Deaf International Cricket Council (DICC). President IDCA: Sumit Jain

BANKING AND FINANCE

1. SBI Mutual Funds Launches First Overseas Fund: The State Bank of India (SBI) Mutual Funds has launched its first overseas offering on 1 March 2021. The fund titled SBI International Access- US Equity FOF is an open-ended fund of funds scheme investing in a mutual fund scheme/ETFs that invest in US markets, which are domiciled overseas. The scheme will invest 95-100 per cent of its net assets generally in Amundi Funds – US Pioneer Fund (including ETFs), which invest predominantly in the US markets. The main features of the scheme include:

(1) International diversification: Provides international diversification to the portfolio and provides investors with the opportunity to invest in themes not available in the Indian market.

(2) Lower correlation: Aids in mitigating overall risk by investing in a market that has a lower correlation to Indian markets.

(3) Currency depreciation: Provide investors with the opportunity to benefit from any depreciation in the Indian currency against the currency of the underlying fund.

(4) Minimum Investment Amount: The customers interested in the scheme are required to invest at least Rs 5,000 for the first time. However, for additional purchase, the minimum application amount is Rs 1,000.

Note: SBI Chairperson: Dinesh Kumar Khara; SBI Headquarters: Mumbai; SBI Founded: 1 July 1955; SBI Mutual Fund MD & CEO: Vinay Tonse.

BUSINESS AND ECONOMY

1. Elon Musk Tops Hurun Global Rich List 2021: The 10th Edition of Hurun Global Rich List 2021 was released, which ranked 3228 billionaires from 2,402 companies and 68 countries. The report showed that despite the COVID-19 pandemic, the world added 8 billionaires every week in 2020 and 421 in a year, taking their total number to a record 3,288. The total wealth of all billionaires across the globe surged 32 per cent, an addition of $3.5 trillion, to take their total wealth to $14.7 trillion, during the period under review. The wealth calculations taken into account is as of January 15, 2021.

Top three billionaires:

(1) Tesla chief Elon Musk bagged the top spot on the Hurun Global Rich List for the first time after adding a massive $151 billion during the year 2020 to take his net worth to $197 billion.

(2) Amazon.com Inc CEO Jeff Bezos ranked second with $189 billion in net worth.

(3) Bernard Arnault, the chief executive of LVMH Moët Hennessy – Louis Vuitton SE, the world’s largest luxury-goods company ranked third with a net worth of $114 billion.

India in the list:

(1) Asia’s richest person and Reliance Industries chairman Mukesh Ambani is ranked eighth on the Hurun Global Rich List 2021. The total wealth of Ambani surged by 24% to $83 billion (approximately Rs 6.09 lakh crore).

(2) Apoorva Mehta of Instacard & Nikhil Kamath of Zerodha (both 34 years) became the youngest Indian Billionaires with a net worth of USD 1.7 Billion.

(3) Gautam Adani of Adani Group (Global Rank – 48)

(4) Shiv Nadar of HCL (Global Rank – 58)

ASIA: Zhong Shanshan (Founder of Chinese Bottle Water Maker – Nongfu Spring) with USD 85 Billion became Asia’s Richest person, followed by Mukesh Ambani. He also broke into the Hurun Global Rich List 2021 for the 1st time with a rank of 7.

Note: Hurun Report Chairman and Chief Researcher: Rupert Hoogewerf (Hu Run); Hurun Report Headquarters: Shanghai, China.

Hurun India MD and Chief Researcher: Anas Rahman; Hurun India Headquarters: Mumbai, Maharashtra.