Daily GK Update- 7th Jan, 2022

 

NATIONAL UPDATES:

 

1. Union Minister Ashwini Vaishnaw launched “India Semiconductor Mission”: Information Technology Minister Ashwini Vaishnaw has launched the India Semiconductor Mission (ISM) to attract large investments for setting up semiconductor wafer fabrication facilities in India. The companies that are interested are invited by the Centre for the development of the semiconductors and display manufacturing ecosystem in India. ISM is a specialised and independent business division within the Digital India Corporation.

About the mission: The financial support of up to 50 per cent of the project cost (ceiling of Rs 12,000 crore per fab) will be provided for the scheme for setting up display fabs. Fiscal support will be provided on ‘pari-passu’ basis for a period of six years from the date of approval both for semiconductor fabs and display fabs.

 

2. Government approved 19th Tranche of Electoral Bonds: The government has approved the issuance of the 19th tranche of electoral bonds, which will be open for sale from January 1 to 10, 2022, ahead of assembly elections in five states Uttar Pradesh, Uttarakhand, Punjab, Himachal Pradesh and Goa. In the 19th tranche of sale, the State Bank of India (SBI), has been authorised to issue and encash electoral bonds through its 29 specialised branches. There is no limit on the number of bonds an individual or company can purchase. An electoral bond will be valid for 15 days.

About the Electoral bonds: Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding. However, Opposition parties have been raising concerns about alleged opaqueness in funding through such bonds.

 

3. Odisha launched Digital Life Certificate system for pensioners 2022: Odisha Chief Minister Naveen Patnaik has launched an online service for the verification of identity and submission of life certificates for pensioners of the state government. The chief minister virtually launched the new initiative while attending the orientation programme for newly recruited 153 officers of Odisha Civil Services. Under the Digital Life Certificate system:

(1) Identification and life certificates can now be submitted by the pensioners using an artificial intelligence-based video-verification process.

(2) It will be of immense help to the pensioners as they can submit their identification and life certificates digitally, without visiting any government office simply by using their mobile phones.

(3) This facility will also be available at the ‘Mo Seva Kendras’ located across the state. Patnaik said the introduction of digital life certificates and E-dairy were part of his government’s 5T and ‘Mo Sarkar’ initiatives.

(4) The 5Ts include teamwork, technology, transparency, transformation, and time limit on which performance of government officials and projects are judged, while the ‘Mo Sarkar’ initiative attempts to bring in professionalism and behavioural change in public offices through a direct random feedback system from citizens.

Note: Odisha Capital: Bhubaneswar; Odisha Governor: Ganeshi Lal; Odisha Chief Minister: Naveen Patnaik.

 

4. Vinay Kumar Tripathi named as Chairman and CEO of Railway Board: 1983 Batch of Indian Railway Service, Vinay Kumar Tripathi has been appointed as new Chairman and Chief Executive Officer of Railway Board. He is presently working as General Manager, Northeastern Railway to the post of Chairman of Railway Board. Indian Railway Board is the apex body of the Indian Railways, which reports to parliament through the Ministry of Railways. The Appointments Committee of the Cabinet has not only approved the appointment of Tripathi for six months from January 1 but also further granted an extension of his tenure till 31 December in 2022.

 

5. V.S Pathania takes over as Director-General of Indian Coast Guard: V.S. Pathania took over as the 24th Director General (DG) of the Indian Coast Guard from Krishnaswamy Natarajan who retired from service. He is an alumnus of Defence Services Staff College, Wellington and National Defence College, New Delhi. He was elevated to the rank of Additional Director General in Nov 2019 and took over the reins as Coast Guard Commander (Eastern Seaboard) at Visakhapatnam.

 

INTERNATIONAL UPDATES:

 

1. France takes over EU Presidency for six months 2022: France has assumed the rotating presidency of the Council of the European Union with effect from January 01, 2022. The country will continue to hold the EU presidency for the next six months till June 30, 2022. This is the 13th time that France has taken over the rotating presidency. The motto of France as EU President is “recovery, strength, belonging.” France will work to place the continent’s digitization and climate protection at the forefront. The presidency of the EU rotates every six months among the member states of the 27-nation bloc. Upon the completion of six months presidency, France will be replaced by the Czech Republic.

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

 

2. Covid-19 new variant ‘IHU’ discovered in France: Scientists and experts in France have reportedly identified a new variant of COVID-19 termed ‘IHU’. The new variant is said to be a more mutated strain than Omicron. The B.1.640.2 or IHU variant was first identified by the academics at institute IHU Mediterranee Infection and contains 46 mutations, which is more than Omicron. Nearly 12 cases of this new variant have been reported near Marseilles and has been linked to the African country Cameroon. But, the Omicron strain is still dominating in most parts of the world.

This new variant can be a major threat, however, the cases have not been reported so far in countries other than France and is not labelled as ‘variant under investigation’ by the World Health Organisation (WHO).

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. GoI keeps interest rates on Small Savings Schemes unchanged: The interest rates on the small savings schemes will remain the same for the fourth quarter of 2021-2022 (January – February – March 2022) as they were in the third quarter of 2021-22 (October-December 2021). It must be noted that West Bengal is the highest contributor to the small saving schemes while Uttar Pradesh is the second top contributor. Also remember, the government notifies the Interest rates for small savings schemes on a quarterly basis.

Various Interest Rates for Quarter-4 (Jan-March) of 2021-22:

 

S.No	Small Savings Scheme	Interest Rate
1	Post Office Savings Account	4%
2	5-Year Post Office Recurring Deposit (RD) Account	5.80%
3	Post Office Time Deposit (TD) Account – One Year	5.50%
4	Post Office Time Deposit Account (TD) – Two Years	5.50%
5	Post Office Time Deposit Account (TD) – Three Years	5.50%
6	Post Office Time Deposit Account (TD) – Five Years	6.70%
7	Post Office Monthly Income Scheme Account (MIS)	6.60%
8	Senior Citizen Savings Scheme (SCSS)	7.40%
9	15-Year Public Provident Fund Account (PPF)	7.10%
10	National Savings Certificates (NSC)	6.80%
11	Kisan Vikas Patra (KVP)	6.90%
12	Sukanya Samriddhi Account	7.60%

 

2. Baldev Prakash named as MD & CEO of J&K Bank: Baldev Prakash has been appointed as the Managing Director & Chief Executive Officer (MD & CEO) of Jammu & Kashmir Bank for three years. His appointment will be effective from the date of taking charge or April 10, 2022, whichever is earlier. Apart from him, R K Chhibber has been appointed as an additional director on the board of the bank.

Prakash has over 30 years of experience in banking. He had joined SBI as a probationary officer in 1991 and was the Chief General Manager (Digital and Transaction Banking Marketing Department) at SBI, Mumbai. The appointment is effective from the date of taking charge or April 10, 2022, whichever is earlier.

Note: Jammu & Kashmir Bank Headquarters: Srinagar; Jammu & Kashmir Bank Founded: 1 October 1938.

 

BUSINESS AND ECONOMY

 

1. IRDAI: LIC, GIC Re and New India systemically important insurers: Insurance regulator, Insurance Regulatory and Development Authority of India (Irdai) has stated that LIC, GIC Re and New India continue to be identified as Domestic Systemically Important Insurers (D-SIIs) for 2021-22. D-SIIs refer to insurers of such size, market importance and domestic and global interconnectedness, whose distress or failure would cause significant dislocation in the domestic financial system.

The continued functioning of D-SIIs is critical for the availability of insurance services. D-SIIs are insurers that are perceived to be ‘too big or too important to fail’. The three insurers “have to carry forward their efforts” to raise the level of corporate governance, and identify all relevant risks and promote a sound risk management framework and culture.

Note: IRDAI Founded: 1999; IRDAI Headquarters: Hyderabad; IRDAI Chairperson: Subhash Chandra Khuntia.

 

2. LIC inaugurates Digi Zone to sell policies online: Life Insurance Corporation (LIC) of India has inaugurated “Digi Zone”, at Bandra Kurla Complex, Mumbai, as part of its effort to enhance its digital footprint. LIC’s Digi Zone can be used by the customers to purchase policies online, pay the premium and avail of other services. As a part of its efforts to become a tech-driven life insurer, LIC will offer information related to its products and services through kiosks installed on the Digi Zone premises.

Customers can use LIC’s Digi Zone to buy policies online, pay the premium and avail of other services. LIC plans to undertake the next wave of digital transformation to unlock several benefits of accelerating growth, driving customer satisfaction and improving intermediary productivity and loyalty.

Note: LIC Chairperson: M R Kumar; LIC Headquarters: Mumbai; LIC Founded: 1 September 1956.

 

DEFENCE

 

1. Exercise Milan 2022: India to host 46 nations mega naval wargames: India has invited a total of 46 friendly foreign countries to participate in the multinational naval exercise Milan in Visakhapatnam, scheduled from February 25, 2022. The theme of this 11th edition of exercise Milan is camaraderie, cohesion and collaboration. This exercise was initiated in 1995 and held biennially and conducted with friendly navies.

About the Exercise Milan 2022:

(1) The professional competitions and conferences planned during this phase shall build the operational tempo for the Sea Phase planned from March 1-4. This Phase would be utilised to consolidate upon the lessons learnt during harbour interactions and to build upon the experience of operating together at sea.

(2) The countries that have been extended invitations for participation include Russia, the United States, the United Kingdom, Australia, Israel, Iran, France, Japan, South Korea, Vietnam, Bangladesh, Brazil, United Arab Emirates, among others.

(3) As per an official, India has increased its naval engagements with friendly nations at bilateral, trilateral and multilateral levels since 2018.

 

OBITUARIES

 

1. Bollywood film producer Vijay Galani passes away: Bollywood film producer Vijay Galani has passed away. He was suffering from blood cancer and was in London for seeking treatment. He is known for producing films like Salman Khan’s Suryavanshi (1992), Govinda and Manisha Koirala’s Achanak (1998), Akshay Kumar’s Ajnabee (2001), Paresh Rawal and Mallika Sherawat’s Bachke Rehna Re Baba (2005), Salman Khan’s Veer (2010). His last production venture was Vidyut Jammwal and Shruti Haasan’s The Power (2021).