NATIONAL UPDATES:
1. PM Modi dedicate 75 Digital
Banking Units to the Nation: Prime Minister Narendra Modi dedicate 75 Digital
Banking Units (DBUs) to the nation. He addresses the occasion via video
conferencing. The finance minister has announced the setting up of the 75 DBUs
in 75 districts of the country to commemorate the 75 years of Independence of
India as part of the Union budget speech for 2022-2023. Key Points:
a)
Digital
Banking Units (DBUs) are being set up to increase the reach of Digital Banking.
b)
The
DBUs will help Digital Banking to reach every corner of the country and will
cover all states and Union Territory.
c)
11
public sector banks, 12 private sector banks, and one small finance bank are
participating in the endeavor.
d)
DBUs
will be mortal outlets that will provide a variety of digital banking
facilities to people such as opening a savings account, balance-check, print
passbook, transfer of funds, investment in fixed deposits, loan applications,
stop-payment instructions for cheques issued, applying for credit, etc.
e)
DBUs
will enable customers to have cost-effective, convenient access and enhanced
digital experience of banking products and services all around the year.
2. 17th Pravasi Bhartiya Divas to be
held at Indore in January 2023: The 17th Pravasi Bhartiya Divas Convention
is to be held in Indore, Madhya Pradesh in January 2023. External Affairs
Minister Dr. S. Jaishankar launched the website of the 17th Pravasi Bhartiya
Divas Convention with Madhya Pradesh Chief Minister Shivraj Singh Chauhan and
Minister of State for External Affairs V Muraleedharan. Key Points:
a)
Dr.
Jaishankar highlighted the construction industry of Prime Minister Narendra
Modi and the government for giving the highest priority to the Indian Diaspora.
b)
Government
engagement is founded in the 4Cs: Care, Connect, Celebrate, and Contribute.
c)
The
External Affairs Minister expressed confidence that the 17th Pravasi Bhartiya
Divas Convention will be an important landmark event in the post-pandemic
world.
d)
The
Pravasi Bhartiya Divas is celebrated every year on the 9th of January to mark
the contribution of the overseas Indian community to the development of India.
It also commemorates the return of Mahatma Gandhi from South Africa to India on
9th January 1951.
3. GoI
approved 1st suspension bridge across Krishna River: The central government has approved the construction of an iconic cable
stayed-cum-suspension bridge across the Krishna River connecting Telangana and
Andhra Pradesh and passing through the Nallamala forest range. The decision was
announced by the union minister for road transport and national highways Nitin
Gadkari. Gadkari said the iconic bridge will have several unique features like
the longest glass pedestrian walkway across a river, gopuram-like pylons,
signature lighting and a large navigational span. Key Points:
a) The three-km-long bridge will reduce the distance between Hyderabad and
Tirupati by 80 km, the union minister said the hybrid structural arrangement in
the bridge would give a structural advantage to it and make it economical as
well as aesthetically pleasing.
b) The bridge begins at Somasila at Kollapur in Telangana’s Nagarkurnool
district and Atmakur in Andhra Pradesh’s Kurnool district.
c) At present, the people from Telangana are forced to travel for a long
distance via Kurnool to reach pilgrim centres like Mahanandi, Ahobilam,
Tirupati. The only other option is to travel by boat across the river from
Somasila to reach these places.
4. Tamil
Nadu is the only State to achieve Jal Jeevan Mission target for 2022: Tamil Nadu has emerged as the only state in India which has achieved the
target for 2022 Q1 and Q2 for Jal Jeevan Mission, with 69.57 lakh households
provided with tap connections. Union Jal Shakti Minister Gajendra Singh
Shekhawat visited Chennai and reviewed the progress of the work on the Jal
Jeevan Mission for assured portable Tap water supply to every rural household
by 2024. Key Points:
a) Out of 1.25 crore households in Tamil Nadu, 69.57 lakh households have
received tap water connections in Tamil Nadu.
b) The percentage of households with tap water connection is higher than
the national average.
c) The target set by the Union government for Q1 and Q2 for 2022 was 12.1
lakh tap connections and registering 134% of that.
d) The target set for 2022-2023 in Tamil Nadu is 28.48 lakh connections.
e) Currently, the implementation of 14.44 lakh tap connections is underway.
f)
Out of 12,525 villages in Tamil Nadu, the state has
reported 2,663 Villages as ‘Har Ghar Jal’ Villages with tap water connection in
100% of households.
5. IIT Guwahati: President Droupadi
Murmu inaugurates ‘PARAM KAMRUPA’ Supercomputer facility: President of
India, Droupadi Murmu has inaugurated a supercomputer facility at the Indian
Institute of Technology, Guwahati and launched several other projects during
her maiden visit to Assam since assuming office. This supercomputer facility
called “Param-Kamrupa”, the facility will be able to conduct advanced research
in various scientific fields. She also inaugurated a high-power active and
passive component laboratory called SAMEER at the institute.
About the Param-Kamrupa: Param-Kamrupa is a
state-of-the-art supercomputer set up under the National Supercomputing Mission
(NSM). With this facility, IIT Guwahati will be able to carry out research on
weather and climate, bioinformatics, computational chemistry, molecular dynamics,
artificial intelligence (AI), machine learning, data science, etc.
INTERNATIONAL UPDATES:
1. Abdul Latif Rashid elected as
President of Iraq:
The Iraqi Parliament chose Kurdish politician, Abdul Latif Rashid to lead the
country. Rashid won more than 160 votes against 99 for the incumbent Saleh.
Rashid, 78, is a British-educated engineer and was the Iraqi minister of water
resources from 2003-2010. Outgoing President Saleh reportedly walked out of the
parliament building as the votes were tallied. According to the Iraqi political
norm since 2006, a Kurd is elected as president of the country, while a Shia
takes the role of prime minister. A Sunni will head the parliament. Abdul
Latif Rashid:
a)
Rashid
was born in 1944 in the northeastern Sulaymaniyah region of Iraq. He graduated
as a civil engineer from the University of Liverpool in 1968. He went on to
complete his engineering doctorate in 1976 from the University of Manchester.
b)
Rashid
has a long history in Iraqi politics. He served as the minister of water
resources from 2003 to 2010 and then as the senior adviser to the President. He
can speak speaks Kurdish, Arabic and English.
c)
Rashid
is a member of the Patriotic Union of Kurdistan (PUK) party. He was also the
former spokesperson for the PUK in Britain.
Note: Iraq Capital: Baghdad; Iraq Currency:
Dinar; Iraq President: Abdul Latif Rashid; Iraq Prime Minister: Mohammed Shia’
Al Sudani.
2. India Opposes G7’s Just Energy
Transition Plan: The
G7 nations’ plan of persuading India to start negotiations on a Just Energy
Transition Partnership (JETP), an initiative of the rich nations to accelerate
phasing out of coal and reducing emissions has hit a road-block. JETP makes
various funding options available for this purpose in identified developing
countries. The Power Ministry has refused to give its consent to the
negotiations so far, as it argues that coal cannot be singled out as a
polluting fuel, and energy transition talks need to take place on equal terms.
Just Energy Transition Partnership
(JETP):
Upon taking over the G-7 presidency for 2022, host Germany had promised to
build on Glasgow’s momentum. JETP makes various funding options available to
accelerate the phasing out of coal and reduce emissions in identified
developing countries.
What Is the Climate Deal Offered to
India:
The US and Germany have proposed a G-7 partnership with India to support and
fund the makeover of its energy mix from fossil fuels to carbon-neutral
sources. India is a special invitee to this year’s summit, along with Indonesia,
South Africa, Senegal and Argentina. Constituents of the deal: If reports of
the offer are true, a critical portion of the pact will ask for:
a)
reducing
the number of coal-burning power plants under development,
b)
the
gradual closure of our coal mines.
Significance Highlighted by The G7:
a)
This
is significant because this approach takes into account the societal and
economic development of each partner and will not try to force-feed partners a
standard solution.
b)
That
partnership—with special emphasis on the words “just” and “transition”—is about
helping fund South Africa’s decarbonization by replacing coal usage with clean
energy.
c)
At
its core, the idea is to assist green transitions by making finance available
from developed countries, multilateral institutions and groups of green
investors.
3. Dr Adarsh Swaika named India’s
next ambassador to Kuwait: Dr Adarsh Swaika, a joint secretary in the Ministry of
External Affairs, has been appointed India’s next Ambassador to Kuwait. Dr
Adarsh Swaika (IFS: 2002), is presently Joint Secretary in the Ministry of
External Affairs. He is expected to take up his assignment shortly. Swaika will
succeed Sibi George as the Indian envoy in Kuwait. There has been a significant
upswing in ties between India and Kuwait in the last few years.
Other appointments: Avtar Singh, a
Director in the Ministry of External Affairs, has been appointed as India’s
next Ambassador to the Republic of Guinea. Avtar Singh (YOA: 2006), presently
Director in the Ministry of External Affairs.
4. Global Dignity Day: 19th of
October: Global
Dignity Day is observed every year on the 3rd Wednesday of October. This year
Global Dignity Day is observed on the 19th of October. The day is an initiative
to educate and inspire young people and help them to understand their
self-worth and goals. Dignity is an inherent part of the human condition.
Global Dignity Day is celebrated to make everyone living in this world realize
that they have rights and deserve respect in every aspect.
History of Global Dignity Day: The first Global
Dignity Day was observed on October 20, 2008. The third Wednesday of every
October marks this celebration Day. Professor Pekka Himanen, John Hope Bryant,
and HRH Crown Prince Haakon are the ones who established this Day. Global
Dignity is an autonomous, non-political, non-profit, non-criticism organization
working towards dignity for all people. They create a global conversation about
dignity and support dignity-based leadership to discuss the issue of dignity
with the group of young people. On this Day, voluntary facilitators conduct
events by visiting schools and tell students about their lives and experiences
with dignity. The voluntary facilitators can be of any nationality and any
profession.
OTHER UPDATES:
SPORTS
1. Aayan
Khan, the youngest player in men’s T20 World Cup 2022: UAE’s Aayan Khan, the 16-year-old all-rounder, is the youngest player
to feature in the men’s T20 World Cup. He was picked in the UAE XI for the
team’s first match of the T20 World Cup against the Netherlands at the Simonds
Stadium in Geelong. He impressed in the U19 World Cup earlier this year with 93
and one for 13 in UAE’s 82-run win over West Indies. Aayan was out for a
seven-ball five against the Netherlands. He then bowled three overs for 15 runs
and picked a wicket.
Aayan broke
Pakistan pacer Mohammad Amir’s record. The left-arm quick played his first T20
World Cup when he was 17 years and 55 days old.
Notably:
Netherlands’ Stephan Myburgh, at 38 years and 230 days, is the oldest in the
2022 T20 World Cup. Hong Kong’s Ryan Campbell played in the 2016 World Cup when
he was 44 years and 33 days old.
2.
Rudrankksh Balasaheb Patil wins gold in World Championship and spot at Paris
Olympics: Rudrankksh Balasaheb Patil wins gold in World
Championship: Rudrankksh Balasaheb Patil defeated Danillo Sollazo of Italy to
win the gold medal match 17–13. Rudrankksh Balasaheb Patil’s opponent, Italian
Danillo Sollazo, who was competing for the gold medal, had only received a
score of 10.2, compared to 10.5 for his pellet. He won 17-13, earning the gold
medal because to the two points he received for having the higher score. By
placing in the top 4, he had already secured a quota berth for the Paris
Olympics a few minutes prior.
BANKING AND FINANCE
1. RBI and SEBI Issue Standard
Operating Procedure for Inter-Operable Regulatory Sandbox (IoRS): SEBI came out with
a standard operating procedure for inter-operable regulatory sandbox in a bid
to facilitate testing of innovative products falling within the regulatory
ambit of more than one financial sector regulators.
What Is Regulatory Integration: Financial products
or service providers whose business models fall within the remit of more than
one financial sector regulator such as Reserve Bank of India (RBI), SEBI, IRDAI
(Insurance Regulatory and Development Authority of India), PFRDA (Pension Fund
Regulatory & Development Authority) and IFSCA (International Financial
Services Centres Authority) will be considered for the testing under
Inter-operable Regulatory Sandbox (IoRS).
Need: To obviate the
need of innovators, to engage with different regulators regarding their hybrid
product, a common window has been made available. IoRS has been prepared by the
Inter-Regulatory Technical Group (IRTG) on FinTech. The group was constituted
under the aegis of the Financial Stability and Development Council-Sub
Committee (FSDC-SC). The group, in addition to the members from financial
sector regulators, has representation from the Department of Economic Affairs,
Ministry of Finance and Ministry of Electronics and Information Technology.
Lead: Under the
procedure, the FinTech Department of RBI will act as nodal point for receiving
applications under IoRS and will be designated as Coordination Group for IoRS.
All the necessary secretarial support will be provided by them. The application
of IoRS will be on ‘on tap basis’ in a prescribed application form.
BUSINESS AND ECONOMY
1. Index of Industrial Production
(IIP) Witnessed Contraction of 0.8% in August 2022: India’s industrial
production slipped to an 18-month low, contracting by 0.8 per cent in August,
mainly due to a decline in output of the manufacturing and mining sectors,
according to official data. The data showed that the previous low in industrial
output growth was a contraction of 3.2 per cent in February 2021.
IIP: Index of
Industrial Production (IIP) is an index which details out the growth of various
sectors in the economy. The Eight Core Industries comprise more than 40 percent
of the weight of items included in IIP. These are Electricity, steel, refinery
products, crude oil, coal, cement, natural gas and fertilisers.
It is compiled and published monthly by the
National Statistical Office (NSO), Ministry of Statistics and Programme
Implementation. It is a composite indicator that measures the growth rate of
industry groups classified under: Broad sectors, namely, Mining, Manufacturing,
and Electricity. Use-based sectors, namely Basic Goods, Capital Goods, and
Intermediate Goods. Base Year for IIP is 2011-2012.
2. BHEL signed an MoU with CIL &
NLCIL for Coal Gasification: Bharat Heavy Electricals (BHEL) signed MoU with Coal
India (CIL) and NLC India for setting up Coal Gasification based plants. BHEL
rose 2.56% to Rs 62.20 after the company clarified it has entered into a
non-binding MoU with CIL and NLCIL. With this, the company aims to set up a
Coal Ammonium Nitrate Project with CIL based on the Gasification of high-ash
Indian coal, and a lignite-based gasification pilot plant with NLCIL for power
generation. The state-run BHEL is engaged in designing, engineering,
constructing, Testing, commissioning, and servicing a wide range of products
and services to the core sector of the economy.
DEFENCE
1. Indian
Army signs MoU with 11 banks for Agniveer salary accounts: Indian Army signed MoU with 11 banks for providing banking facilities to
Agniveers on enrolment. The banks are State Bank of India, Punjab National
Bank, Bank of Baroda, IDBI Bank, ICICI Bank, HDFC Bank, Axis Bank, Yes Bank,
Kotak Mahindra Bank, IDFC First Bank, and Bandhan Bank.
Key
Points:
a) The features and benefits offered under the Agniveer salary package are
similar to the defense salary package.
b) The banks have offered soft loans to exiting Agniveers to promote and
enhance their entrepreneurial skills.
c) From January 2025, the first batch of Agniveers will join training
centers under the Agnipath Scheme.
d) On 14th June, the Agnipath Scheme was announced to provide recruitment
of youth between the age of 17 to 21 Years for four years.
e) The Scheme provides provisions to retain 25 percent of them for 15 more
years.
f) The government however extended the upper age limit of 23 years for recruitment in 2022.
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