Daily GK Update - 6th March, 2021

 NATIONAL UPDATES:

 1. World Bank plans $100-mn guarantee scheme for solar rooftop projects: The World Bank plans to introduce a $100-million credit guarantee scheme to boost India’s rooftop solar programme, which has not gained enough traction. The scheme will allow micro, small, and medium enterprises (MSMEs) to avail concessional debt financing for setting up rooftop solar units. The World Bank scheme, along with the State Bank of India (SBI) and the MSME ministry to accelerate the adoption of rooftop solar units, will help MSMEs access credit of around $1 billion. The arrangement will be beneficial for the firms that often do not meet the lending criteria of banks and other financial institutions, with their financial woes been exacerbated by the covid-19 pandemic.

Note: World Bank Headquarters: Washington, D.C., United States; World Bank Formation: July 1944; World Bank President: David Malpass.

 2. Indigenously developed “Spectrograph” commissioned in Nainital: Indian Scientists at Aryabhatta Research Institute of observational sciences (ARIES), Nainital, have indigenously designed and developed a low-cost optical Spectrograph named as Aries-Devasthal Faint Object Spectrograph & Camera (ADFOSC). It has been commissioned on the 3.6-m Devasthal Optical Telescope (DOT), in the Nainital district of Uttarakhand. About the ADFOSC spectroscope:

(1) The ADFOSC spectroscope is the largest of its kind among the existing astronomical spectrographs in India.

(2) The ADFOSC spectrograph can locate sources of faint light from distant quasars and galaxies in a very young universe, regions around supermassive black-holes around the galaxies, and cosmic explosions.

(3) So far, spectroscopes were imported from abroad at high costs. The ‘Made in India’ optical spectrograph is about 2.5 times less costly compared to the imported ones and can locate sources of light with a photon-rate as low as about 1 photon per second.

(4) The ARIES is an autonomous institute of the Department of Science and Technology (DST), Government of India. It is the largest reflecting telescope in India, as well as in Asia.

Note: ARIES Founded: 20 April 1954.

 3. Centre to develop Goa into country’s first fisheries hub, invest Rs 400 crore: Union fisheries minister Giriraj Singh announced that Goa will be developed into the first fisheries hub of the country, and that the Centre is investing Rs 400 crore in the project. Singh also said that of this investment, Rs 41 crore has already been approved for Goa under the Pradhan Mantri Matsya Sampada Yojana. Besides, there are also plans to set up a seaweed and ornamental fish complex in the state, as seaweed is a 15 million dollar business across the world. The industry is currently dominated by Indonesia and China, and the Union minister said that Goa is capable of competing for a share of this market.

 4. Entire rail network in the country will be fully electrified by 2023: Piyush Goyal: The entire rail network in the country will be fully electrified by 2023 while all rail networks will run on renewable energy by 2030. This was stated by Railway Minister Piyush Goyal while addressing the Maritime India Summit-2021. He said, the government is working on multi-modal logistical solutions to bring down the cost of transportation and increase the supply chain efficiency. The Minister said, integration of Road, Rail and Waterways can truly make India ‘One Nation, One Market, One Supply’.

 5. Unacademy ropes in Sachin Tendulkar as Investor, Brand Ambassador: Bengaluru-based edtech platform Unacademy has entered into a strategic partnership with former Indian cricketer and Bharat Ratna recipient Sachin Tendulkar. According to the terms of the partnership, Tendulkar will serve as the brand ambassador for Unacademy and will also conduct a series of live interactive classes on the platform. The former cricketer has also invested in the company.

 INTERNATIONAL UPDATES:

 1. India to fund NRs 530 million for reconstruction of total 25 health posts in Nepal: Embassy of India in Nepal signed four Memorandums of Understandings (MoUs) for the reconstruction of 25 health posts in the Himalayan country. Twelve health posts are located in Dhading district and 13 are located in Sindhupalchowk district and these health posts, damaged during the 2015 earthquake will be reconstructed at a cost of NR 530 million. The Central Building Research Institute (CBRI)-Roorkee, a premier institute of India in the field of earthquake-resilient reconstruction, will be providing technical assistance for the reconstruction.

 2. Indian economist Ligia Noronha appointed as Assistant Secretary-General of UN: United Nations Secretary-General António Guterres has announced the appointment of Ligia Noronha of India as Assistant Secretary-General and Head of the New York Office of the United Nations Environment Programme. Ms. Noronha is an economist with over 30 years of international experience in the field of sustainable development. She has worked since 2014 as Director of UNEP’s Economy Division based in Nairobi, leading UNEP’s work on climate mitigation and energy transitions on inclusive green economies, sustainable consumption and production as well as on trade and sustainable finance.

 3. ADB appoints Woochong Um as Managing Director General: The Asian Development Bank (ADB) has appointed Woochong Um as its Managing Director General. He will assume office immediately and report to ADB President Masatsugu Asakawa. Um will support Asakawa to institute bank-wide coherence on key initiatives and issues. He will play a key role in enhancing ADB’s internal and external communications across all activities that involve operations, knowledge, fund-raising and institutional reforms.

 OTHER UPDATES:

 

SPORTS

 1. Mary Kom appointed chairperson of AIBA’s champions and veterans committee: Six-time world champion boxer Mary Kom has been appointed as the Chairperson of the International Boxing Association’s (AIBA) Champions and Veterans Committee. The 37-year-old was voted to the post by AIBA’s board of directors on March 03, 2021. The Committee was formed in December 2020. It consists of the most respected worldwide boxing veterans and champions who have achieved significant results and who are ready to share their experience.

Note: AIBA Headquarters: Lausanne, Switzerland; AIBA President: Umar Kremlyov; AIBA Founded: 1946.

 2. Sports Ministry Restores Recognition of Gymnastics Federation of India: The Sports Ministry has restored the recognition of the faction-ridden Gymnastics Federation of India (GFI) after 10 years, taking into records Sudhir Mittal’s election as president in the polls held in November 2019. The recognition has been granted for the period till 31st December 2021. The GFI was de-recognised by the ministry in 2011 because of infighting in the body, and since then it remained so till the ministry’s order to recognise it.

 BANKING AND FINANCE

 1. NBFCs in India need to plan for effective IBOR transition: EY India: Non-Banking Finance Companies (NBFCs) in India need to plan for an effective Inter Bank Offered Rate (IBOR) transition, as majority of LIBOR rates are likely to be phased out by the end of 2021. London Inter Bank Offered Rate (LIBOR) is one of the most common series of benchmark rates referenced by contracts measured in trillions of dollars across global currencies. About $350 trillion worth of contracts across the globe are pegged to LIBOR, which is the key interest rate benchmark for several major currencies.

 2. IRDAI forms panel to review security guidelines to deal with cyber-attacks: Insurance sector regulator IRDAI said it has formed a committee to review its information and security guidelines due to exponential increase in cyber-attacks across the globe in the wake of Covid-19. The economic situation owing to the pandemic has seen an exponential increase in cyber-attacks across the globe and in particular, the financial sector. This situation has necessitated regulators to re-look into their Cyber Security Guidelines applicable to all regulated entities in an effort to protect the financial systems.

 3. Rupee Co-operative Bank gets extension from RBI: The Rupee Co-operative Bank Ltd, Pune has been granted extension for its banking licence by the RBI for further three months. It is recognition by RBI of satisfactory performance of the Bank and that too against total restrictions on banks’ activities. Till January 2021, the bank has made total recovery of Rs 258.11 crore and aggregate operating profit of Rs 53.19 crore during the last four years. The bank is earning profit consecutively for the last four years.

 4. Aditya Birla Insurance launches new health policy: Aditya Birla Insurance has launched a health policy offering up to 100 per cent return of the premium if the customer did not make a claim in earlier years. The offering is a new version of its existing Activ Health policy that provides a comprehensive health protection with extensive wellness benefits. The offer of giving up to 100 per cent return of the premium or up to 100 per cent reload of the sum insured is based conditions that the customer has been leading a healthy lifestyle and continuously renewing the policy, and the bonus will be accumulated in the form of health returns.

 5. SBI General Insurance signs Corporate Agency Agreement with Indian Overseas Bank: Public sector Indian Overseas Bank has signed a corporate agency agreement with SBI General Insurance to retail its insurance products to bank customers. The agreement signed for distribution of non-life offerings with SBI General Insurance to offer a range of general insurance solutions and innovative products to the customers of the bank.

 BUSINESS AND ECONOMY

 1. HDFC Bank, Kotak Mahindra Bank to pick up 9.99% stake each in Ferbine: HDFC Bank said it executed an agreement for subscribing to 4,995 equity shares of the face value of ₹10 each fully paid up issued by Ferbine Private Limited for a consideration of ₹10 per equity share. Post investment, bank will hold 9.99 per cent of the equity shareholding of Ferbine. The acquisition for cash consideration of ₹49,950 will be completed by February end.

 2. Social Alpha, SIDBI join hands to launch a fund for startups in assistive technology space: Social Alpha and Small Industries Development Bank of India (SIDBI) have partnered up to set up the Swavalamban Divyangjan Assistive Tech Market Access (ATMA) fund, an inclusion fund offering financial grants to Social Alpha-incubated startups working in the Assistive Technology sector. Each startup working in this space will have access to implementation support of up to ₹20 lakh. The fund will finance up to 50 per cent of the product price for the initial users.

 3. IRCTC Partners With E-Ticketing Platform Abhibus to Offer Bus Ticket Booking Facility: Online e-ticketing platform AbhiBus announced its partnership with Indian Railway Catering and Tourism Corporation (IRCTC) to provide bus ticket facility to the latter’s customers. The move will enable IRCTC get the bus inventory across 1,00,000 bus routes and its customers the option to book AC/ non-AC tickets/ buses as per their requirement. With this collaboration, IRCTC plans to ease travel booking for its customers wherein if they find train tickets in waiting list, they can quickly refer to bus availability without hopping from one platform to another, giving the travellers a hassle-free booking experience.

 AWARDS AND HONOURS

 1. WAN-IFRA names The Hindu Group ‘Champion Publisher of the Year 2020’: The Hindu Group won two golds and two silvers at South Asian Digital Media Awards given by WAN IFRA (World Association of News Publishers), culminating in being named ‘Champion Publisher of the Year’, owing to the highest tally on the points table. The awards are presented in recognition of outstanding work done by news publishers, in digital media. The winners were honoured virtually at the Digital Media India 2021 Conference held on March 3, 2021.