Daily GK Update - 9th March, 2021

 NATIONAL UPDATES:

 1. PM Modi addresses ‘Janaushadhi Diwas’ celebrations: Prime Minister Narendra Modi has addressed ‘Janaushadhi Diwas’ celebrations through video conference. He dedicated to the nation the 7500th Janaushadhi Kendra at NEIGRIHMS, Shillong during the event. He interacts with beneficiaries of Pradhan Mantri Bhartiya Janaushadhi Pariyojana and also gives awards to stakeholders by recognizing their excellent work. Union Minister for Chemicals & Fertilizers will also be present on the occasion. 1st March to 7th March is celebrated as ‘Janaushadhi Week’ across the nation with the theme of “Jan Aushadhi – Seva Bhi, Rozgar Bhi” for creating awareness about the use of generic medicines. Various functions across the country are organized like health checkup camps, Jan Aushadhi Paricharcha, Teach Them Young, panel discussions with doctors, etc. this week.

About the Janaushadhi Yojana: Janaushadhi Yojana is becoming a big friend of poor and middle-class families. It is becoming the medium of both service and employment. There were not even 100 centres in India six years ago and we hope to achieve the target of 10,000 centres. Poor and middle-class families are saving about ₹3,600 crores every year on expensive medicines.

 2. Ramesh Pokhriyal Inaugurates New Delhi World Book Fair 2021: The Union Education Minister Ramesh Pokhriyal has inaugurated the New Delhi World Book Fair 2021-Virtual Edition, through video-conferencing. The program has been organized by the National Book Trust (NBT). The New Delhi World Book Fair 2021 is the 29th edition of the annual event and for the first time, the fair will be held virtually due to the ongoing Covid-19 pandemic. The theme of the 2021 New Delhi World Book Fair is ‘National Education Policy-2020’. The NEP 2020 was passed by the Union Cabinet last year, which proposes several significant changes in the existing education policy.

Note: National Book Trust Founded: 1 August 1957; National Book Trust President: Govind Prasad Sharma; National Book Trust Headquarters: Vasant Kunj, Delhi.

 3. India’s first ‘Transgender Community Desk’ opens in Telangana: The Cyberabad Police has launched India’s first-ever Transgender Community Desk’ at the Gachibowli Police Station in Hyderabad, Telangana. This desk is the first-of-its-kind gender-inclusive community policing initiatives in the country. The desk was formally inaugurated on Saturday by Cyberabad Police chief VC Sajjanar in a ceremony that was attended by over 200 transgender people. Earlier in 2014, the Supreme Court recognised the transgender community as a third gender along with male and female and ruled that they have equal privilege over the fundamental rights enshrined in the Indian Constitution.

About the Transgender Community Desk: It is the world’s first-ever help desk for the transgender community and it will be managed by a Police Liaison Officer and a member of the transgender community who is designated as a community coordinator. It will also be the focal point for all grievance redressal among the transgender community in Cyberabad Commissionerate.

Benefits of the Desk: The transgender desk will provide support to file cases in offences related to violence or discrimination against any transgender person. Among other services, the desk will also provide counselling, legal aid, life-skills, soft skills training, job placements, and referral linkages to welfare schemes in partnership with the Department of Women & Child Welfare and District Legal Services Authority. The Society for Cyberabad Security Council will organise monthly employability training and life-skill training and facilitate access to job opportunities. Prajwala will assist the desk to facilitate safe space for any transgender person who needs an emergency transit stay.

Note: Chief Minister of Telangana: K Chandrasekhar Rao; Governor: Tamilisai Soundararajan.

 4. Indian Railways install Mobile Train Radio Communication system: Indian Railways’ Western Railway zone has introduced a mobile train radio communication (MTRC) system to facilitate direct and continuous communication between the train crew and the control centre and station master. Through effective communication, this technologically advanced system will help in averting train accidents. This new communication system has already been deployed in 105 rakes, operating between Churchgate to Virar over Mumbai’s suburban segment. About the MTRC system:

(1) This system uses the lowest time to connect calls i.e. 300 milliseconds and it is the first time that MTRC is commissioned in India.

(2) The MRTC acts in a similar way to that of air traffic control (ATC) for aircraft.

(3) The system will monitor, track and aid in communication between the trains and the control room thereby ensuring smooth movement of rakes, as well as help in preventing adverse events.

(4) The current conventional VHF-based communication system, named Mobile and CUG, lacks the capability of enabling interaction between the train crew and the controllers. The new system can also provide real-time information on train operation during the monsoon season.

(5) With a two-year warranty and five years of annual maintenance charges (AMC), the new digital MTRC system has been supplied at a cost of approximately $820,000.

Note: Union Minister of Railways: Piyush Goyal.

 INTERNATIONAL UPDATES:

 1. Ligia Noronha appointed UN Assistant Secretary-General: UN chief Antonio Guterres has appointed leading Indian economist Ligia Noronha as Assistant Secretary-General and Head of the New York Office of the United Nations Environment Programme (UNEP). Prior to joining the UNEP, Noronha worked at The Energy and Resources Institute (TERI) in New Delhi as Executive Director (Research Coordination) and as Director of the Division on Resources, Regulation and Global Security.

About Ligia Noronha: 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, and the nexus of environment, pollution and health.

Note: United Nations Environment Programme Headquarters: Nairobi, Kenya; United Nations Environment Programme Head: Inger Andersen; United Nations Environment Programme Founder: Maurice Strong; United Nations Environment Programme Founded: 5 June 1972.

 2. India, Norway to jointly work in marine spatial planning for next 5 yrs: India and Norway have agreed to jointly work in the area of marine spatial planning in the oceanic space for the next five years. The two countries have decided to extend support for sustainable ocean resources utilisation to advance economic and social development in coastal areas. The initiative known as Marine Spatial Planning will be implemented by the Ministry of Earth Sciences through National Centre for Coastal Research for India.

 OTHER UPDATES:

 BANKING AND FINANCE

1. EPFO keeps interest rate unchanged at 8.5% for 2020-21: The board of Employees’ Provident Fund Organisation (EPFO) has kept the interest rates on Provident Fund deposits for the financial year 2020-21 at 8.5 per cent. The rate has been kept unchanged, as in 2019-20. The decision was taken by the Central Board of Trustees, at the 228th meeting, under the chairmanship of Labour Minister Santosh Kumar Gangwar. Last year, in March, EPFO had reduced the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20. For the financial year 2018-19, the interest rate was fixed at 8.65 per cent. The EPFO had provided an 8.55 per cent interest rate to its subscribers for 2017-18 and an interest rate was 8.65 per cent for the financial year 2016-17.

Note: CEO of EPFO: Sunil Barthwal; EPFO Founded: 4 March 1952; EPFO Headquarters: New Delhi.

 BUSINESS AND ECONOMY 

1. SEBI cancels Sahara India Financial Corp’s registration as sub-broker: Markets regulator SEBI has cancelled the certificate of registration of Sahara India Financial Corporation Ltd as a sub-broker citing its failure to fulfil the “fit and proper” criteria. The regulator had appointed a designated authority in 2018 to enquire whether Sahara India Financial violated provisions of Intermediaries Regulations. According to the designated authority’s report, considering the antecedents of Subrata Roy Sahara and the various judicial pronouncements against him and other group companies of Sahara, it is determined that Sahara India Financial (noticee) is not a “fit and proper person” to continue as a sub-broker in the securities market.

In the 12-page order passed, Sebi Whole Time Member G Mahalingam has mentioned actions taken against certain Sahara entities as well as about the case involving Sebi and two Sahara group firms: Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL), regarding funds raised from investors.

Note: Securities and Exchange Board of India Founded: 12 April 1992; Securities and Exchange Board of India Headquarters: Mumbai; Securities and Exchange Board of India Agency executive: Ajay Tyagi.

 2. Naureen Hassan appointed as 1st VP & COO of Federal Reserve Bank: Indian-origin Naureen Hassan has been appointed as the first Vice President and Chief Operating Officer (COO) of the New York-based Federal Reserve Bank, by the Board of Governors of the Federal Reserve System. Hassan, whose parents had immigrated from India, is a 25-year veteran of the financial services industry with expertise in strategy, digital transformation, cybersecurity and regulatory/risk management. With this new role, Hassan will become the second-highest-ranking officer of the New York Fed as well as an alternate voting member of the Federal Open Market Committee. Prior to this, she was the Chief Digital Officer for Morgan Stanley Wealth Management (MSWM). She will take over the new role with effect from March 15, 2021.

Note: CEO of the Federal Reserve Bank: John C. Williams; Federal Reserve BankChairperson: Jerome Powell; Federal Reserve BankFounded: 23 December 1913; Federal Reserve Bank HQ: New York, United States.

 DEFENCE

1. Rajnath Singh Attends 3-day Combined Commanders’ Conference: Defence minister Rajnath Singh has attended the three-day Combined Commanders’ Conference (CCC) along with top defence officials at Kevadia, Gujarat. Theaterisation of armed forces, self-reliance in the defence sector and evolving threats in the region will be the focus. It is a premier brainstorming event of the Military Commanders from the three Services. Defense Minister, Rajnath Singh held deliberations on Day 2. In a first, valedictory session on the third and final day chaired by PM Narendra Modi. The last CCC was held in 2018 at the Air Force Station, Jodhpur.

The combined apex level military leadership of the country is reviewing the security situation and defence preparedness of the Armed Forces, and deliberating pertinent organisational issues for evolving a joint military vision for the future. In a major deviation from the past, the scope of the conference this year has been expanded to make it a multi-layered, interactive, informal and informed event with the added participation of about 30 Officers and soldiers of various ranks from the three Services.

2. India inks pact with Philippines for sale of ‘defence equipment’ including BrahMos: India has signed a key pact with the Philippines called “implementing arrangement” for “procurement of defence material and equipment”, as per which the country will buy the BrahMos cruise missiles from India. The BrahMos missile is produced by an India-Russian joint venture “BrahMos Aerospace” and it can be launched from submarines, ships, aircraft or from land platforms. It is the fastest supersonic cruise missile in the world. Currently the missile is used only by India, however several countries including Philippines, Vietnam, South Africa, Egypt, Oman, Chile and Brunei have expressed interest in the procurement of the missile.

 OBITUARIES

1. Muthoot Group Chairman M G George Muthoot passes away: M G George Muthoot, the Chairman and Whole Time Director of The Muthoot Group, has passed away. He was the mentor and visionary leader who played a pivotal leadership role through his long career in building one of the most trusted financial powerhouses in the country. Mr George became the managing director of Muthoot Group in 1979 and its chairman in 1993. Muthoot Finance Ltd is one the largest gold loan NBFCs in India, headquartered in Kochi, Kerala.