Daily GK Update - 7th April, 2021

 NATIONAL UPDATES:

1. World Bank, AIIB approve loan for USD 300 million projects to Punjab: The World Bank and Asian Infrastructure Investment Bank (AIIB) have approved the loan for USD 300 million (about Rs 2,190 crore) canal-based drinking water projects in Punjab. The project is aimed at ensuring quality drinking water and minimise water losses for Amritsar and Ludhiana. The entire project will be co-financed by IBRD (World Bank) – USD 105 million, Asian Infrastructure Investment Bank – USD 105 million and the Punjab government – USD 90 million. About the projects:

(1) The Infrastructure has been designed to meet the water demand for 30 years. It would benefit the residents of Amritsar with an estimated population of 14.51 lakh for 2025 and 22.11 lakh for 2055.

(2) At present, the Canal Based Water Supply Project for Amritsar has been awarded to M/s Larsen & Toubro Limited at a contract amount of Rs.784.33 Crore.

(3) The total estimated Design-Build Cost of the Ludhiana Project is Rs.1093.92 Crore and the period for completion of the same is 36 months.

(4) The estimated Operation & Maintenance cost is Rs.270.73 Crore for 10 years. The total amount for the project comes out to Rs.1364.65 Crore.

Note: Punjab CM: Captain Amarinder Singh; Punjab Governor: V.P.Singh Badnore

President of Asian Infrastructure Investment Bank: Jin Liqun; Headquarters of AIIB: Beijing, China; AIIB established: 16 January 2016.

2. India’s biggest floating solar power plant to be set up in Telangana: The biggest floating solar power plant in India is to be set up at Ramagundam in Telangana. It is expected to be opened in May 2021. The cost of the project has been estimated as Rs 423 crores. The power plant will have 4.5 lakh photovoltaic panels.

About the Power Plant: The solar power plant is being set up at the Ramagundam Thermal Power Plant reservoir. The solar power plant is to be set up in 450 acres of the reservoir. The project is commissioned by NTPC (National Thermal Power Corporation). NTPC aims to reduce its carbon footprints and increase its green energy production to 30% of its capacity through this solar power plant. The capacity of the solar power plant is 100 MW.

Note: Telangana Capital: Hyderabad; Telangana Governor: Tamilisai Soundararajan; Telangana Chief minister: K. Chandrashekar Rao.

3. IIT Kanpur develops touch-sensitive watch for the visually impaired: A professor and a research associate at the Indian Institute of Technology, Kanpur, (IIT-K) have developed a novel touch-sensitive watch for the use of visually impaired people to sense time accurately. The watch was developed by prof Siddhartha Panda and Vishwaraj Srivastava of IIT Kanpur.

About the watch: The watch we have developed is a haptic watch with a tactile interface that makes it easy for visually impaired people to read the time easily. The watch has tactile hour indicators of different shapes that make it easy for visually impaired people to recognise them. The user has to touch and scan the touch-sensitive watch’s hour indicators and with the help of different vibration patterns, the watch communicates back the time information that is easily perceived by the user. This way, the person is able to read the time.

4. Finance Ministry releases Rs 45,000 crore as additional devolution to States in FY 2020-21: Finance Ministry has released 45 thousand crore rupees as additional devolution to States in Financial Year 2020-21. This is an increase of 8.2 per cent over Revised Estimates 2020-21. As per the Revised Estimates 2020-21, 5 lakh 49 thousand 959 crore rupees being 41 per cent of the shareable pool of taxes and duties were estimated to be released to the States. However, Ministry of Finance has devolved an amount of 5 lakh 94 thousand 996 crore rupees, based on the initial estimates of shareable pool that would be collected in 2020-21.

 

INTERNATIONAL UPDATES:

1. World Health Day: 7th April: The World Health Day is a global health awareness day celebrated on 7 April every year. On April 7th every year, governmental as well as non-governmental health organizations organize events that focus on promoting healthier habits of living. From exciting activities to pledges and support plans, these events aim to create awareness about what can increase the life expectancy of people around the world. The Theme of World Health Day 2021: “Building a fairer, healthier world for everyone”.

History of World Health Day: In 1948, the WHO held the First World Health Assembly. The Assembly decided to celebrate 7 April of each year, with effect from 1950, as World Health Day. The World Health Day is held to mark WHO’s founding and is seen as an opportunity by the organization to draw worldwide attention to a subject of major importance to global health each year.

Note: President of the World Health Organisation: Tedros Adhanom; Headquarters of WHO: Geneva, Switzerland; WHO founded: 7 April 1948.

2. International Day of Reflection on the 1994 Rwanda Genocide: 7th April: International Day of Reflection on the 1994 Genocide against the Tutsi in Rwanda observed globally on 7 April every year. The International Day of Reflection on the 1994 Genocide against the Tutsi in Rwanda was announced by the United General Assembly in 2003. On April 7th, the date where the genocide against members of the Tutsi began. For approximately 100 days, over 800,000 Tutsi were assassinated. UNESCO aims to educate the world population regarding genocides and the consequences of the crime. UNESCO is committed to promoting education about genocides as a means to sensitize learners for the causes, dynamics and consequences of such crimes and to strengthen their resilience against all forms of discrimination.

Note: UNESCO formation: 4 November 1946; UNESCO Headquarters: Paris, France; UNESCO Director-General: Audrey Azoulay.

 

OTHER UPDATES:

 SPORTS

1. Shabir Khandwawala appointed new BCCI ACU chief: Shabir Hussein Shekhadam Khandwawala, who has served as the Gujarat Director General of Police (DGP) before, is the new BCCI Anti-Corruption Unit chief. The 70-year-old, a 1973 batch IPS officer, takes over from Ajit Singh whose tenure ended on March 31. After retiring as Gujarat DGP in late 2010, Khandwawala worked with the Essar Group as an advisor and was also part of the central government’s Lokpal Search Committee.

Note: Secretary of BCCI: Jay Shah; President of BCCI: Sourav Ganguly; Headquarters of BCCI: Mumbai, Maharashtra; Founded: December 1928.

BANKING AND FINANCE

1. RBI deputy governor BP Kanungo retires: BP Kanungo has stepped down from the post of the deputy governor of the Reserve Bank of India after his term ended on 2 April, cutting short all expectations of an extension of his tenure. He was appointed deputy governor in 2017 for three years. His term was extended by one more year in 2020. The other deputy governors of the RBI are Rajeshwar Rao, M.K. Jain and Michael Patra.

BUSINESS AND ECONOMY

1. NPCI transfers Bharat Bill Payments business to its new subsidiary NBBL: The National Payments Corporation of India (NPCI) has transferred all its Bharat Bill Payment System (BBPS) transaction business to NPCI Bharat BillPay Limited (NBBL), a wholly-owned subsidiary of NPCI. All licensed bill processors on the Bharat Bill Payment Operating Units (BBPOU), i.e. the banks and payment aggregators, have been directed to start accounting their billing transactions under NBBL from April 1 2021.

The decision to set up a separate subsidiary for bill payment business aims to scale growth of the interoperable bill platform by giving it increased autonomy in operations and onboarding of new billers. BBPS is an interoperable bill payments platform set up in 2013, for use by banks, fintech companies and biller merchants to automate bill collection and request solutions.

Note: National Payments Corporation of India MD & CEO: Dilip Asbe; National Payments Corporation of India Headquarters: Mumbai; National Payments Corporation of India Founded: 2008.

2. Digit Insurance roped Virat Kohli as brand ambassador: Digit Insurance has roped in cricketer Virat Kohli as its brand ambassador. Kohli has also invested in Digit Insurance in the past. Digit Insurance, a general insurance company that became the first unicorn of 2021 with a valuation of $1.9B. With this association, the company aims to carry the message of ‘making insurance simple’ through the cricketer. Digit was able to get the Indian Men’s Cricket Team Captain to invest in the company before he planned to become the face for the brand.

AWARDS AND HONOURS

1. Suman Chakraborty to get 30th GD Birla Award for Scientific Research: Professor Suman Chakraborty has been selected for the 30th GD Birla Award for Scientific Research for his outstanding contribution to engineering science and its applications in developing technologies for affordable healthcare. He is a faculty member at the Indian Institute of Technology (IIT), Kharagpur’s department of mechanical engineering. He is credited with establishing the first microfluidics laboratory in the framework of an academic institution in India to facilitate the study of how tiny volumes of fluids flow through small channels. Apart from being a reputable academic, Chakraborty has invented technologies that have not only been patented but also licensed to industrial houses for commercialisation.

About the award: Instituted in 1991, the award recognises eminent Indian scientists below the age of 50 for their original and outstanding contributions to any branch of science or technology. It carries a cash prize of ₹5 lakh. The recipient is chosen by a selection board, whose present head is professor Chandrima Shaha, the president of the Indian National Science Academy (INSA).

 OBITUARIES

1. Malayalam screenwriter P. Balachandran passes away: Malayalam screenwriter, filmmaker, dramatist and actor, P. Balachandran has passed away. He is best known for the play Paavam Usman for which he won the Kerala Sahitya Akademi Award and Kerala Professional Nataka Award in the year 1989. Balachandran has scripted many films including Ulladakkam (1991), Pavithram (1994), Agnidevan (1995), Punaradhivasam (2000), and Kammatti Paadam (2016). His directorial debut is Ivan Megharoopan (2012). He has also acted in a few films, the most notable being Trivandrum Lodge (2012).

Daily GK Update - 6th April, 2021

 NATIONAL UPDATES:

1. Rajasthan becomes the 1st state to provide free health insurance to all: Rajasthan becomes the first state in the country where the state government is providing free health insurance facility to all the citizens of the state. This plan was announced by Chief Minister Ashok Gehlot in the state budget of 2021-22.  The State began the registration for its cashless ‘mediclaim’ scheme Chiranjeevi Health Insurance Scheme. Under this scheme:

(1) Each family will get annual health insurance up to 5 lakhs.

(2) Registrations have started for the Chiranjeevi Health Insurance Scheme from 1 April, while the scheme will start benefiting the residents after its implementation on May 1.

(3) In this health insurance cover, 1576 packages and procedures for the treatment of various diseases have been included.

(4) The cost of treatment related to OPD, examination, medicines and related package of 15 days after discharge will also be included in the free treatment before the patient is admitted to the hospital.

Note: Chief Minister of Rajasthan: Ashok Gehlot; Governor: Kalraj Mishra.

2. Dr. Harsh Vardhan approves National Policy for Rare Diseases, 2021: Union Health Minister Dr. Harsh Vardhan has approved National Policy for Rare Diseases, 2021. The policy aims to lower the high cost of treatment for rare diseases, with an increased focus on indigenous research & local production of medicines. The Policy also focuses on early screening and prevention through primary and secondary health care infrastructure such as Health and Wellness Centres and District Early Intervention Centres.

A provision for financial support up to Rs.20 lakh under the Umbrella Scheme of Rashtriya Arogya Nidhi is proposed for treatment of those rare diseases that require a one-time treatment (diseases listed under Group 1 in the policy). Benefits to be extended to about 40% of the population eligible under PM Jan Arogya Yojana.

3. Govt sets up three committees on occupational safety: Central Government has constituted three expert committees to review the existing rules and regulations on safety, health and working conditions standards, pertaining to factories, docks and construction work. One committee will look into the safety parameters of industries, docks and ports while the other two committees have been asked to study and suggest rules for the building and other construction works and the fire safety. The committees include experts from industry as well as subject matter, from both public and private sector across the country. Labour Minister Santosh Gangwar has said a separate committee on fire safety standards has been formed to have a comprehensive and holistic approach for fire safety provisions, in view of recent spurt in fire accidents at workplaces. He said this process will pave the way for establishing uniform and updated standards of safety and health of workers throughout the country.

4. Rs 11,830 crore released to States under the scheme “Special Assistance to States for Capital Expenditure”: Finance Ministry has released an amount of 11 thousand 830 crore rupees to States under the scheme – Special Assistance to States for Capital Expenditure. The scheme was announced on 12th October last year as part of Aatma Nirbhar Bharat package. The capital expenditure projects have been approved in diverse sectors of economy like, Health, Rural Development, Water Supply, Irrigation, Power, Transport, Education and Urban Development. It is aimed at boosting capital expenditure by the State Governments who were facing difficult financial environment due to a shortfall in tax revenue arising from the COVID-19 pandemic.

5. A book titled ‘Manohar Parrikar: Brilliant Mind, Simple Life’ by Nitin Gokhale: A new book titled ‘Manohar Parrikar: Brilliant Mind, Simple Life’ authored by Nitin Gokhale was released. The book is published by Bloomsbury. It is an attempt to capture Parrikar’s persona — the man, the politician and the patriot. Gokhale is a renowned author, media trainer and founder of a specialised defence related website BharatShakti.in. and StratNewsGlobal.com.

Through this book, the author presents the journey of the contribution of Parrikar to nation-building and his service to the Goan society, from being an IIT student to a social worker and to India’s defence minister. The book is a tribute to Parrikar, India’s former defence minister and four-time chief minister of Goa, the first IIT-ian to become a chief minister.

 INTERNATIONAL UPDATES:

1. Jeff Bezos tops Forbes’ Annual Billionaire list fourth year in a row, Mukesh Ambani ranks 10th: The Amazon.com Inc founder Jeff Bezos has topped the Forbes’ annual world’s billionaires list for the fourth consecutive year. India’s richest billionaire Mukesh Ambani ranked at 10th position with total net worth of USD 84.5 billion.

Top five billionaires in the list:

 

Rank	Name	Company	Net Worth in USD ($)
1	Jeff Bezos	Amazon	177 billion
2	Elon Musk	Tesla, SpaceX	151 billion
3	Bernard Arnault	LVMH	150 billion
4	Bill Gates	Microsoft	124 billion
5	Mark Zuckerberg	Facebook	97 billion
10	Mukesh Ambani	Reliance Industries	84.5 billion

 

The 35th edition Forbes World’s Billionaires list was released on April 06, 2021, comprising a record-breaking 2,755 billionaires. The list is prepared based on the wealth using stock prices and exchange rates from March 5, 2021.

2. International Day of Sport for Development and Peace: 6th April: The United Nations celebrates the 6th of April every year as the International Day of Sport for Development and Peace. Sport has historically played an important role in all societies, be it in the form of competitive sport, physical activity or play. Sports also presents a natural partnership for the United Nations (UN) system. Sport can help promote fairness, team building, equality, inclusion and perseverance. Sport and physical activity can also help us get through times of crisis, like COVID-19, by reducing anxieties and improving physical and mental health. The professional sport also provides employment and income to many people around the world and an integral sector to the economic success of many communities and regions.

 OTHER UPDATES:

 SPORTS

1. Hurkacz beats Sinner to win Miami Open: Hubert Hurkacz of Poland won the biggest title of his career by beating 19-year-old Jannik Sinner of Italy 7-6 (4), 6-4 in the Miami Open final. Hurkacz became his country’s first Masters 1000 champion. The world number 37 is the lowest-ranked player to win a Masters event since Tomas Berdych in Paris in 2005.

 BANKING AND FINANCE

1. RBI lowers base rate by 15 basis points at 7.81 %: Various loans offered by Non-Banking Finance Companies (NBFC) and Micro Finance institutes (MFI) are expected to be cheaper.  Reserve bank of India communicated today that the applicable base rate to be charged as 7.81 per cent. It is lower by 15 basis points (0.15 %) as compared to the current quarter. Last year it was 8.76 during the same period. On the last working day of every quarter, RBI advises interest rates to be charged by NBFC-MFIs to their borrowers in the ensuing quarter. It is based on the average of the base rates of the five largest commercial banks.

2. Interest Rates on Small Savings Schemes for Q1 of FY 2021-22 (April-June): The rate of interest on Small Savings Schemes for the first quarter (April-June) of 2021-22 will remain unchanged as the last quarter (January-March) of 2020-2021. Earlier on March 31, 2021, the Government had announced a cut in interest rates on various small savings schemes sharply by 40-110 basis points. However, the orders issued were withdrawn by the government on April 01, 2021. This marks the fourth consecutive quarter that the government has maintained the rates on such schemes that is effective from April 1 and remain in effect till June 30, 2021.

BUSINESS AND ECONOMY

1. PhonePe becomes 1st player to cross billion-transaction mark on UPI: Bengaluru-based digital payments and financial services company, PhonePe has become the first company to cross one billion transactions on Unified Payments Interface (UPI) infrastructure. The company achieved the feat in March 2021, when the total transactions clocked around 1.3 billion on its platform, across the payment instruments offering of wallet, cards as well as UPI. PhonePe, which first achieved market leadership on UPI in December, last year, has seen its transaction count grow steadily, on the back of rising merchant payments. Overall UPI transactions processed by PhonePe grew from 902.03 million in December 2020 to 975.53 million in February 2021.

Note: CEO of Phonepe: Sameer Nigam; Headquarters location of Phonepe: Bengaluru, Karnataka.

AWARDS AND HONOURS

1. Alfred Aho wins the 2020 ACM Turing Award: Lawrence Gussman Professor Emeritus of Computer Science, Alfred V. Aho has won the 2020 Association for Computing Machinery (ACM) A.M. Turing Award, known informally as the “Nobel Prize of computing.” Aho shares the award with his long-time collaborator Jeffrey David Ullman. Aho and Ullman began working together at Bell Labs in 1967 and their early efforts included developing efficient algorithms for analyzing and translating programming languages. Even when Ullman began a career in academia in 1969 while Aho remained at Bell Labs, they continued their collaboration for several decades and shaped the foundations of programming language theory and implementation, as well as algorithm design and analysis.

About the Turing Award: The Turing Award carries a $1 million prize, with financial support provided by Google, Inc. It is named for Alan M. Turing, the British mathematician who articulated the mathematical foundation and limits of computing.

OBITUARIES

1. Samajwadi Party founder member Bhagwati Singh passes away: Founder member of the Samajwadi Party and former UP minister Bhagwati Singh passed away. He was 89-year-old. The last rites of Singh will not be done as he had pledged to donate his body to the King George Medical University.

Daily GK Update - 5th April, 2021

 NATIONAL UPDATES:

 1. Union Minister Mansukh Mandaviya launches new cruise service connecting Hazira port in Surat and Diu Island: Union Minister of Ports, Shipping and Waterways (Independent charge) Mansukh Mandaviya today launched a new cruise service connecting Hazira port in Surat and Diu Island. He flagged off this service virtually via video conference. A cruise ship will leave Hazira every Monday and Wednesday and reach Diu -next day in the morning. Return journey will take place on the same day in the evening from Diu and end at Hazira- next day in the morning. One side journey will take 13 to 14 hours’ time. A 300 passenger capacity cruise ship will have 16 cabins. It will make two round trips during the week. AIR correspondent reports that a cruise ship has latested facilities including gaming lounge, VIP lounge, entertainment on deck etc.

2. J&K Lieutenant Governor Manoj Sinha inaugurates Tulip Festival: In the Kashmir Valley, Tulip Festival in Srinagar was inaugurated by Lieutenant Governor Manoj Sinha. Over 15 lakh flowers of more than 64 varieties are in full bloom on the foothills of the Zabarwan Mountains. The five-day-long Tulip Festival in Asia’s largest tulip garden at the foothills of Zabarwan hills on the banks of world-famous Dal Lake in Srinagar.

About the festival: The Tulip Garden was opened for tourists and the general public on the 25th of March. Last year the Tulip Festival could not be held because of the unprecedented situation of COVID-19. However, this time, the Tulip Festival is being organized on a large scale to attract more and more tourists. The Tulip Festival, to be held from 3rd to 7th of April, will showcase Kashmiri folk music apart from a painting competition.

3. Urjit Patel appointed as additional director of Britannia: Former Reserve Bank of India Governor Dr Urjit Patel has been appointed as Additional Director of Britannia Industries with effect from 31st March 2021 for the tenure of 5 years. The company has announced that its board of directors has approved the appointment. The Board of Directors of the company at their meeting held 31 March 2021, approved the appointment of Dr Urjit Patel, as an additional director of the company in the category of non-executive and independent director with effect from 31 March 2021 for a term of 5 years i.e., up to 30th March 2026, subject to the approval of the shareholders of the company.

Note: Britannia CEO: Varun Berry; Britannia Headquarters: Bengaluru; Britannia Founded: 1892.

4. Adil Zainulbhai appointed chairman of Capacity Building Commission: Former Quality Council of India (QCI) chief Adil Zainulbhai has appointed chairman of Capacity Building Commission. The government has approved a commission under National Programme for Civil Services Capacity Building (NPCSCB), also known as ‘Mission Karmayogi’, to train civil servants at all levels. The approved Capacity Building Commission will coordinate with and supervise all the government offices, training institutes to monitor and evaluate the implementation of plans and create shared resources. The Commission will comprise of a Chairperson and two Members.

5. National Maritime Day: 5th April: National Maritime Day in India is observed on 5 April every year. This year is the 58th edition of the National Maritime Day. The National Maritime Day is celebrated every year day to illustrate the awareness in supporting intercontinental commerce and the global economy as the most well-organized, safe and sound, environmentally responsive approach of transporting goods from one corner to another corner of the world.

History of National Maritime Day of India: The National Maritime Day was first celebrated on April 5, 1964. The saga of India shipping first started on April 5, 1919, when the SS Loyalty, the first ship of The Scindia Steam Navigation Company Ltd travelled from Mumbai to the United Kingdom (London). On this day an award called “Varuna” is conferred to those who made an outstanding contribution to the Indian maritime sector.

 INTERNATIONAL UPDATES:

1. Russia registers world’s 1st Covid vaccine Carnivac-Cov for animals: The world’s first animal vaccine against the novel coronavirus has been registered in Russia, the country’s agriculture safety watchdog Rosselkhoznadzor. The vaccine for animals, developed by a unit of Rosselkhoznadzor (Federal Service for Veterinary and Phytosanitary Surveillance), was named Carnivac-Cov. The immunity lasts for six months after the vaccination, but the dose’s developers are continuing to analyse this. The use of this vaccine, as per Russian scientists, can prevent the development of virus mutations. The use of this vaccine, as per Russian scientists, can prevent the development of virus mutations. It is the world’s first and only product for preventing Covid-19 in animals.

2. International Day of Conscience: 5th April: The United Nations declares April 5 as International Day of Conscience. This day serves to remind people to self-reflect, follow their conscience, and do the right things. This Day is observed every year on 5th April and the first International Conscience Day was observed in 2020. So in the current year 2021, the second United Nations (UN) International Day of Conscience celebrations are being held across the world. This day is celebrated to highlight the importance of conscience and the role of conscience in stopping people from harming others orally, physically, sexually, or mentally. International Conscience Day is celebrated to highlight that everyone has self-respect and the right to live with peace and security.

 OTHER UPDATES:

 SPORTS

1. Tashkent to host 2023 AIBA Men’s World Boxing Championships: President of the International Boxing Association (AIBA) Umar Kremlev during his visit to Uzbekistan officially announced that AIBA Men’s World Boxing Championships will take place in Tashkent in 2023. The city of Tashkent is awarded the 2023 AIBA Men’s World Boxing Championships after the successful bid presentation by the Boxing Federation of Uzbekistan. The AIBA Board of Directors voted in favour of the major event candidate city.

Note: Uzbekistan Capital: Tashkent; Uzbekistan President: Shavkat Mirziyoyev; Uzbekistan Currency: Uzbekistani soʻm.

BANKING AND FINANCE

1. RBI Fixes Centre's WMA Limit at Rs 1.2 Lakh Cr for First Half of Next Fiscal: The Reserve Bank of India (RBI) set the Ways and Means Advances (WMA) limit at Rs 1.2 lakh crore for the central government for the first half of the financial year beginning April 1. WMAs are temporary advances given by the RBI to the government to tide over any mismatch in receipts and payments. Further, the RBI said it may trigger fresh floatation of market loans when the government utilises 75 per cent of the WMA limit. The interest rate on WMA is equal to the repo rate and on overdraft, it is two per cent above the repo rate. The current repo rate is 4 per cent.

2. ICICI Bank, Axis Bank to co-lead NUE with Amazon, Visa as partners: Leading private sector lenders ICICI Bank and Axis Bank have tied up with global e-commerce major Amazon and cards major Visa to launch a retail payments entity, which will be a rival to state-owned NPCI. Concerns over concentration risk and a need to fast-track cashless payments had led the RBI to invite applications for a New Umbrella Entity (NUE) to rival the National Payments Corporation of India (NPCI), which currently delivers services like UPI- based payments.

ICICI Bank and Axis Bank will be co-leading the consortium with a 20 per cent stake each. Other partners, including Amazon, Billdesk, Pine Labs and Visa will be holding a stake of 15 per cent each. The scope of activities for the NUE as mandated by RBI includes payment systems in the retail space like ATMs, white label point of sale terminals, Aadhar-based payment systems and remittance services, operation of clearing and settlement systems for participating banks and non-banks, be interoperable with NPCI, and participate in the Reserve Bank's payment and settlement systems.

3. RBL Bank and Tide, collaborate to serve Indian SMEs: Private lender, RBL Bank has tied-up with Tide India, a UK-based banking fintech, to provide banking infrastructure for Tide’s India platform focused on the SME segment. This collaboration will enable Tide to bring its platform to the Indian markets with a full-fledged launch. Under the tie-up, businesses, especially small and medium-sized enterprises have an option to open current and savings accounts at RBL Bank through Tide’s business platform. Depending on customer requirements, the Bank can also integrate its payment APIs. Tide plans to acquire 25,000 customers in the next financial year and scale up to two million customers in the next five years. Apart from supporting the organised SME sector, Tide will also focus on serving the unregistered and unorganised sector, helping bring these SMEs into the mainstream by providing them access to RBL Bank’s plethora of business banking products and services.

AWARDS AND HONOURS

1. Andhra Pradesh Governor Biswabhusan Harichandan Receives Kalinga Ratna Samman: Odisha-born Andhra Pradesh Governor Biswabhusan Harichandan received the Kalinga Ratna Samman for 2021. Vice-President M Venkaiah Naidu conferred Biswabhusan with the prestigious award in Cuttack on the occasion of the 40th annual day of the Sarala Sahitya Sansad at the Sarala Bhawan. The Kalinga Ratna Samman carries a silver idol of Goddess Saraswati, a copper plaque and a shawl.

 OBITUARIES

1. Japanese Nobel laureate Isamu Akasaki passes away: Japanese Physicist Isamu Akasaki, a co-winner of the 2014 Nobel Prize in Physics, has passed away. Akasaki, a professor at the university, had been recognized for the invention which has contributed to bright and energy-saving white light sources, widely known as LED lamps. He was honoured in 1997 by the Japanese government with the Medal with Purple Ribbon, an honour bestowed on those who have made contributions to academic and artistic developments. In 2014, Akasaki, a professor at Meijo University, shared the Nobel Prize in Physics with physicist Hiroshi Amano, a professor at the University of Nagoya, and Japan-born American Shuji Nakamura, a professor at the University of California, Santa Barbara. He worked with Amano to produce gallium nitride crystals and succeeded in 1989 in creating the world’s first blue LED.

2. Veteran film and TV actress Shashikala passes away: Veteran film and TV actress Shashikala Om Prakash Saigal passed away. She was more popularly known by her first name, Shashikala has famously appeared as various supporting characters in over 100 films. Shashikala was honoured with the prestigious Padma Shri by the Indian government for her unparalleled contribution to the world of cinema and arts in 2007. She was also conferred with the coveted Lifetime Achievement Award at the V. Shantaram Awards in 2009. Apart from this, Shashikala bagged two Filmfare awards for her work in Aarti and Gumrah.

Daily GK Update - 4th April, 2021

 NATIONAL UPDATES:

 1. Ramesh Pokhriyal ‘Nishank’ launched “MyNEP2020” platform of NCTE Web Portal: Union Education Minister, Ramesh Pokhriyal ‘Nishank’ has launched the “MyNEP2020” Platform of National Council for Teacher Education (NCTE) Web Portal which will be operational from April 1 to May 15, 2021. The platform seeks to invite suggestions/inputs/membership from the stakeholders for preparing a draft for the development of National Professional Standards for Teachers (NPST) and National Mission for Mentoring Program membership (NMM). This exercise of digital consultation envisages the participation of teachers, education professionals, academicians, and other stakeholders in preparing the documents on teacher policy for sustainable and positive change in the Teacher’s Education Sector. For preparing the documents on the above two major recommendations of NEP 2020, NCTE will work in close consultation with individuals/organizations. The expert committee will extensively review the inputs collected during the consultation period and will finally formulate the drafts for public review.

2. Maharashtra: Amboli named as biodiversity heritage site: The Maharashtra government has declared an area at Amboli in Western ghats in Sindhudurg district, where a rare freshwater fish species was discovered, as a biodiversity heritage site. Chief Minister Uddhav Thackeray”s son Tejas Thackeray, who is a wildlife researcher, and his team had discovered the new freshwater fish species – Schistura Hiranyakeshi” near Amboli in Sawantwadi tehsil of Sindhudurg district. The State government issued a notification declaring the area at Amboli as a biodiversity heritage site. Schistura is a small and colourful fish that lives in water and streams in an abundance of oxygen.

Earlier, the State government had declared the Glory of Allapalli in Gadchiroli district, Landor Khori Park in Jalgaon, Ganesh Khind in Pune, myristica swamp vegetation in Sindhudurg district as biodiversity heritage sites. The discoveries of the freshwater fish species were published in the International Journal of Ichthyology in the October 2020 edition by Tejas Thackeray and co-authors.

Note: Maharashtra Governor: Bhagat Singh Koshyari; Maharashtra Capital: Mumbai; Maharashtra CM: Uddhav Thackeray.

 3. Mallika Srinivasan appointed chairperson of PESB: Chairman and Managing Director of Tractors and Farm Equipment (TAFE) Limited, Mallika Srinivasan has been appointed as the chairperson of the Public Enterprises Selection Board (PESB), an order issued by the personnel ministry. This is for the first time that a private sector specialist has been appointed as the head of the PESB, responsible for the appointment of top management posts in the Central Public Sector Enterprises (CPSEs). The Appointments Committee of the Cabinet has approved the appointment of Srinivasan as the chairperson of PESB for a period of three years from the date of assumption of charge, or until the attainment of the age of 65 years.

Note: Minister of Personnel, Public Grievances and Pensions: Narendra Modi.

Minister of State in the Ministry of Personnel, Public Grievances and Pensions: Jitendra Singh.

4. West Central Railway becomes first fully electrified Indian Railways zone: Indian Railways’ West Central Railway zone gets fully electrified!, after CCRS Inspection and Commissioning of electrification of Kota – Chittaurgarh railway section (Srinagar – Jalindri) in the state of Rajasthan. West Central Railways has become the first fully electrified railway zone in the country. The zonal railway now boasts a 3012 Route Km electrified network. According to Railway Minister Piyush Goyal, trains passing through this railway section can now be operated at a faster speed. Electrification of this railway section will provide various benefits such as saving fuel, reduction in travel time, as well as environmental protection.

5. Vice President releases book ‘Suparipalana’ by Dr Shailendra Joshi: Vice President Venkaiah Naidu has released a book ‘Suparipalana’ by retired civil servant Dr Shailendra Joshi. The book ‘Suparipalana’ is the Telugu translation of “Echo T Calling: Towards People-Centric Governance”, written by former Telangana Chief Secretary, Shri S K Joshi. The translator of the book is Shri Annavarapu Brahmaiah and the publisher is Shri Maruthi.

 INTERNATIONAL UPDATES:

1. International Mine Awareness Day: 4th April: The United Nations’ International Day for Mine Awareness and Assistance in Mine Action is celebrated on April 4 each year. On 8 December 2005, the General Assembly declared that 4 April of each year shall be observed as the International Day for Mine Awareness and Assistance in Mine Action. It was first observed on 4 April 2006. This year, the United Nations will promote mine action by highlighting how “Perseverance, Partnership, and Progress” have carried the sector through this challenging year.

The day aims to raise awareness about landmines and progress toward their eradication. “Mine action” refers to a range of efforts to clear landmines and explosive remnants of war and to mark and fence off dangerous areas. It also includes assisting victims, teaching people how to remain safe in a mine-affected environment, advocating for universal participation in international treaties related to landmines, explosive remnants of war and their victims, and destroying landmines stockpiled by governments and non-state armed groups.

 OTHER UPDATES:

 SPORTS

1. Aniyan Midhun wins gold at south Asian Wushu tourney: Aniyan Midhun of Nattika won the gold at the South Asian Wushu Championship that concluded in Nepal on March 31. The 28-year-old youth represented the country in the 70-kg category in the championship. He is the first Wushu player from southern India to reach the Indian team. Midhun is a black belt in karate and he is also a national champion in wushu as well as kickboxing. In fact, the 28-year-old was introduced to wushu when he was in the fifth standard and hasn’t looked back since. He is currently training with veteran coach Kuldeep Handu who is an Arjuna Award winner and the Indian wushu head coach.

 BANKING AND FINANCE

1. Ujjivan Small Finance Bank aims to take local kirana stores online with new app: Ujjivan Small Finance Bank has joined hands with nStore to digitise offline retailers and small businesses in the country. Under this partnership, the lender will offer a mobile application 'nLincs' to its current account holders who own local businesses. With this new application, the merchants can sell their merchandise online. Bank aims to support local businesses like kirana & general stores, medical shops, stationary stores, cakes and bakeries, quick service restaurants, apparel stores, mobile stores, fruits and vegetable stores and hardware stores etc.

How it will work: The merchants can register online via 'nLincs' application. They can easily host product catalogue on the application. The entire process will take less than an hour. Using this application, customers can also create a virtual store link. There will be an option to share the link with others through instant messaging platforms such as WhatsApp, Telegram etc. and via text messages. Thus, the application will help the merchants to establish a digital presence for their stores. There will be multiple payment options available for the merchants.

2. ICICI Bank, PhonePe Tie Up For Issuance Of FASTags: ICICI Bank and PhonePe announced their partnership for the issuance of FASTag using UPI on the PhonePe App. This integration allows over 280 million registered PhonePe users to order and track the ICICI Bank FASTag conveniently on the app. PhonePe users, who may be customers of any bank, will have a fully digitised experience as they don’t have to visit physical stores or toll locations to buy a FASTag. ICICI Bank is the first bank to partner with PhonePe for the issuance of FASTag. NPCI, IHMCL and NHAI are working together to make toll payments fully digital.

Note: ICICI Bank Headquarters: Mumbai, Maharashtra; ICICI Bank MD & CEO: Sandeep Bakhshi; ICICI Bank Tagline: Hum Hai Na, Khayal Apka.

CEO of Phonepe: Sameer Nigam; Headquarters location of Phonepe: Bengaluru, Karnataka.

BUSINESS AND ECONOMY

1. GST revenue collection in March 2021: India’s economic recovery is gathering steam. The GST collections for the month of March have topped Rs 1.23 lakh crore, setting a new record since the implementation of Goods and Services Tax in July 2017. The gross GST revenue collected in the month of March 2021 rose to a record of ₹ 1,23,902 crore of which CGST is ₹ 22,973 crore, SGST is ₹ 29,329 crore, IGST is ₹ 62,842 crore and Cess is ₹ 8,757 crore.

List of GST Collection previous months:

February 2021: Rs 1,13,143 crore

January 2021: ₹ 1,19,847 crore

December- Rs 1,15,174 crore

Novemeber: ₹1.04 lakh crore

October 2020: ₹ 1,05,155 crore

2. Facebook and Google to build new cables under the sea called ‘Echo’ and ‘Bifrost’: Facebook and Google are planning to build new subsea cables from the US to Singapore and Indonesia. Facebook has partnered with leading regional and global partners to build two new subsea cables Echo and Bifrost that will provide vital new connections between the Asia-Pacific region and North America. While Google is only investing in Echo. These cables will increase overall transpacific capacity by 70 per cent. These projects are still subject to regulatory approvals, when completed, these cables are expected to deliver much-needed Internet capacity, redundancy, and reliability. The announcements come at a time when the Covid-19 pandemic has increased the need for reliable Internet access.

Note: Google CEO: Sundar Pichai; Google Founded: 4 September 1998, California, United States; Google Founders: Larry Page, Sergey Brin.

Chief Executive Officer of Facebook: Mark Zuckerberg; Facebook Headquarters: California, US.

DEFENCE

1. Light weight Bullet Proof Jacket developed by DRDO lab: Defence Minister Rajnath Singh has congratulated DRDO and DMSRDE Kanpur for developing a LightWeight Bullet Proof Jacket. India needs more such innovative product design and development to realize the dream of Atma Nirbhar Bharat. DMSRDE Kanpur, a DRDO laboratory has developed a LightWeight Bullet Proof Jacket weighing 9 kg meeting the qualitative requirements of the Indian Army. The Front Hard Armour Panel jacket was tested successfully at TBRL Chandigarh and met relevant BIS standards.

Note: Chairman DRDO: Dr G Satheesh Reddy; DRDO Headquarters: New Delhi; DRDO Established: 1958.

Daily GK Update - 3rd April, 2021

 NATIONAL UPDATES:

1. Centre withdraws order cutting interest rates on small savings schemes: The government has withdrawn its order slashing interest rates on small savings schemes, including National Savings Certificates (NSC) and Public Provident Fund (PPF), for the first quarter of 2021-22. Earlier on March 31, 2021, the Finance Ministry had announced a sharp cut in interest rates for small savings schemes by 50-110 basis points. Interest rates for small savings schemes are notified on a quarterly basis. However, the orders issued were withdrawn by the government on April 01, 2021. This marks the fourth consecutive quarter that the government has maintained the rates on such schemes that are effective from April 1 and remain in effect till June 30, 2021.

2. Ghaziabad Nagar Nigam in Uttar Pradesh lists itself at BSE: Ghaziabad Nagar Nigam listed itself at BSE and successfully raised Rs. 150 Crores by issuing Municipal Bond on Private Placement Basis using BSE BOND. This is the first-ever green bond issuance by any Municipal Corporation in the country. The money will be used for the construction of a tertiary sewage treatment plant at Indirapuram in Ghaziabad. The money will be used to fund the project partly which is worth Rs 240 crore. This treatment plant will enable the sewage water to be used for industries after treatment. Ghaziabad Nagar Nigam is the second Municipal Corporation to raise funds in the state of Uttar Pradesh. Earlier, Lucknow Municipal Corporation had listed itself at BSE.

Note: Uttar Pradesh Capital: Lucknow; Uttar Pradesh Governor: Anandiben Patel; Uttar Pradesh Chief Minister: Yogi Adityanath.

3. GoI declares 14th April, birthday of Dr B R Ambedkar as public holiday: The central government has declared April 14, Dr BR Ambedkar’s birthday a public holiday. Dr B R Ambedkar was the sculptor of the Indian Constitution and the country already celebrates his birthday as Ambedkar Jayanti every year. The government has announced that from this year 14th April will be declared as a public holiday.  It will be Ambedkar’s 130th birth anniversary on April 14, 2021.

About Babasaheb Ambedkar: Babasaheb Ambedkar’s original name is Bhimrao Ramji Ambedkar. His father Ramji Sakpal was a Subedar in the army and his mother Bhimbai Kapal was a housewife. The family settled in Mumbai in 1897 and Babasaheb enrolled at Elphinstone High School. After matriculation, he took admission to Elphinstone College in 1907. He graduated from Bombay University in 1912 with a degree in Economics and Political Science. Babasaheb Ambedkar was a renowned social reformer and a Dalit icon, he spoke unequivocally against the inequality, injustice, and discrimination faced by the members of the Dalit community. Babasaheb Ambedkar died on December 6 in 1956. In 1990, he was posthumously awarded the Bharat Ratna, India’s highest civilian award.

 INTERNATIONAL UPDATES:

 1. Japan extends aid for Andaman infrastructure project to bolster Indo-Pacific partnership: Japan prolonged grant support and loans to India for a slew of infrastructure tasks together with a mission for the Andaman and Nicobar Islands as a part of New Delhi’s Indo-Pacific partnership with Tokyo. The Mission for Enchancment of Energy Provide in Andaman and Nicobar Islands (4.016 billion Yen Grant Assist) is a grant support mission and is critical in some ways.

2. JICA extends Rs 3,717 crore loan for developing Metro Phase 2 in Bengaluru: Japan International Cooperation Agency (JICA) has signed an agreement with the Government of India, to provide Japanese (ODA) loan amounting to Japanese Yen 52,036 million(approximately ₹3,717 crore) for the development of Phase 2 of ‘R6, 2A and 2B’ of Bangalore Metro Rail Corporation Limited (BMRCL)in Bengaluru. The cumulative loan amount provided by JICA for metro projects in India, including Delhi, Bengaluru, Chennai, Kolkata, Mumbai, and Ahmedabad, exceeds 1.3 trillion Japanese Yen (₹87,000 crore approximately).

3. India, South Korea Agree to Go for Joint Production, Export of Military Hardware: In  a significant move, India and South Korea have agreed to go for joint production and export of military hardware, enhance intelligence sharing and boost cooperation in cyber and space domains as part overall expansion of defence and security ties. In the field of defence industrial cooperation, the two sides decided to focus on joint research, joint production and joint export. The two sides also agreed to increase focus on cyber and space cooperation besides resolving to continue to focus on streamlining the intelligence exchange mechanism.

 OTHER UPDATES:

 SPORTS

1. Navi Mumbai, Ahmedabad and Bhubaneswar to host AFC Women’s Asian Cup 2022: The Asian Football Confederation (AFC) and the AFC Women’s Asian Cup India 2022 Local Organising Committee (LOC) confirmed the D.Y. Patil Stadium in Navi Mumbai, Ahmedabad’s TransStadia and the Kalinga Stadium in Bhubaneswar will stage the continent’s premier women’s national team competition. The three stadiums and host cities will provide the ultimate backdrop for some of the finest players in Asian and world women’s football from January 20 to February 6, 2022. The Qualifiers for the AFC Women’s Asian Cup India 2022 is set to take place from September 13 to 25 in centralised venues with the draw scheduled to be held on May 27 at the AFC House in Kuala Lumpur, Malaysia.

BANKING AND FINANCE

1. RBI extends deadline for processing auto-debit payments by 6 months: The Reserve Bank of India (RBI) has extended the timeline for processing recurring online transactions by 6 months to September 30, 2021. Earlier in December 2020, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) would not be continued beyond March 31, 2021, if they do not comply with Additional Factor of Authentication (AFA).

This means that with effect from April 30, 2021, there were supposed to be no automatic recurring payment for various services, including recharge and utility bill, under arrangements/practices not compliant with AFA. However, banks and payment gateways had sought additional time to comply with the RBI directive on automatic recurring payment. Taking it into consideration, RBI decided to further extend the timeline.

Note: RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

2. Mukhmeet S. Bhatia takes over as Director General of ESIC: Senior IAS officer, Mukhmeet S. Bhatia took over the charge of Director General of Employees’ State Insurance Corporation (ESIC) on April 04, 2021. He is a 1990 IAS Officer of the Jharkhand cadre. Earlier, he has worked as the Additional Secretary in the Department of Economic Affairs, Ministry of Finance. ESIC is a Statutory and an Autonomous Body under the Ministry of Labour and Employment.

Note: Employees’ State Insurance Corporation Founded: 24 February 1952; Employees’ State Insurance Corporation Headquarters: New Delhi.

 BUSINESS AND ECONOMY

1. UNESCAP: India’s Economic Growth Of 7% in 2021-22: The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) said in the latest update that, India’s is estimated to record economic growth of 7% in 2021-22, over a contraction of 7.7% witnessed in the previous fiscal on account of the pandemic’s impact on normal business activity. It also noted that maintaining low borrowing costs while keeping non-performing loans in check would be a challenge.

Note: UNESCAP Founded: 28 March 1947; UNESCAP Headquarters: Bangkok, Thailand.

2. Subhash Kumar takes additional charge as CMD of ONGC: Subhash Kumar has assumed the additional charge as Chairman and Managing Director (CMD) of Oil and Natural Gas Corporation (ONGC) on April 01, 2021. He is serving as Director (Finance) at ONGC. Kumar succeeds incumbent CMD, Shashi Shanker, who superannuated on March 31, 2021.

Note: Oil and Natural Gas Corporation Headquarters: Vasant Kunj, Delhi; Oil and Natural Gas Corporation CEO: Shashi Shanker (1 Oct 2017–); Oil and Natural Gas Corporation Founder: Government of India; Oil and Natural Gas Corporation Founded: 14 August 1956.

3. Paytm Money opens new R&D centre in Pune: Online investment platform Paytm Money has set up a new R&D facility in Pune, Maharashtra, which will drive product innovation, especially in the area of equity, mutual funds, and digital gold. The company added that it plans to hire over 250 engineers and data scientists to build new wealth products and services. Paytm Money aims to achieve over 10 million users and 75 million yearly transactions in FY21, with the majority of users coming from small cities and towns.

Note: Paytm HQ: Noida, Uttar Pradesh; Paytm Founder & CEO: Vijay Shekhar Sharma; Paytm Money CEO: Varun Sridhar.

AWARDS AND HONOURS

1. Legendary Actor Rajinikanth to be honoured with 51st Dadasaheb Phalke Award: The legendary actor Rajinikanth has been selected to be honoured with the 51st Dadasaheb Phalke Awards, the highest film honour in India. The iconic actor Rajinikanth will receive the Dadasaheb Phalke award for 2019 for his stupendous contribution to Indian cinema. Rajinikanth will receive the Dadasaheb Phalke Award on May 3, 2021. Rajinikanth is the 12th South Indian to get this award. Legends like Dr Rajkumar, Akkineni Nageshwar Rao, K Balachander have been awarded before. The legendary actor has been honoured with the Padma Bhushan and Padma Vibhushan in the past. The jury this year for the prestigious award included playback icon Asha Bhosle, director-producer Subhash Ghai, Malayalam superstar Mohanlal, music composer and singer Shankar Mahadevan and Biswajeet Chatterjee.

2. NTPC conferred ‘Role Model’ award at 11th CII National HR Excellence Award 2020-21: NTPC Ltd, a Public Sector Undertaking under Ministry of Power has been conferred the prestigious ‘Role Model’ Award at the 11th CII National HR Excellence Award 2020-21. The award was presented in the virtual conference “Learn from the Achievers”. This award is the highest level of recognition in the field of Human Resources by Confederation of Indian Industry. Since the institutionalization of CII National HR Excellence Award, this is only the second time when the award of Role Model has been conferred to any organization.

DEFENCE

1. 4th batch of three Rafale fighter jets land in India: The fourth batch of three Rafale fighter jets landed in India after flying non-stop from Istres Air Base France, in a further boost to the strike capability of the Indian Air Force (IAF). The Rafale fighter jets were provided mid-air refuelling by air force tankers of the United Arab Emirates (UAE). The three Rafale fighter aircraft which took off from France for India were scheduled to land at the Jamnagar airbase. The planes equipped with the Hammer missiles have enhanced their capability to carry out air-to-ground strikes like the one in Balakot.

Daily GK Update - 2nd April, 2021

 NATIONAL UPDATES:

 1. Govt further extends Emergency Credit Line Guarantee Scheme to June 30, 2021: The Central Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS 3.0) by another three months till June 30, 2021, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme. Additionally, the government has also introduced certain modifications in the ECLGS scheme to further contribute towards economic revival. Modified rules:

(1) The limit of credit has been enhanced to 40 per cent of outstanding loans as of February 29, 2020. This limit was 20 per cent earlier.

(2) The scheme would now also cover borrowers with total credit outstanding up to Rs 500 crore, with overdues for 60 days or less on February 29 2020, as compared to 30 days overdue earlier.

(3) The tenor of loans granted under ECLGS 3.0 is 6 years with a moratorium period of 2 years on repayment of principal. In ECLGS 2.0, the tenor was five years with a 12-month moratorium.

(4) Further, the scheme has also introduced providing an incentive to MLIs (member lending institutions) to enable the availability of additional funding facility to the eligible beneficiaries.

(5) The ECLGS was announced as part of the Aatma Nirbhar Bharat Package of Central Government to provide fully guaranteed and collateral-free additional credit to MSMEs, business enterprises, individual loans for business purposes and MUDRA borrowers.

 2. Government announces Rs 14,500 crore capital infusion in 4 PSBs: The Central Government has announced to infuse Rs 14,500 crore in four state-owned lenders namely Central Bank of India, Indian Overseas Bank, Bank of India and UCO Bank in 2020-21, by issuing non-interest bearing bonds to these banks. This infusion will complete the government’s total capital infusion of Rs 20,000 crore in public sector banks for the current financial year 2020-21. Earlier in December 2020, it infused Rs 5,500 crore in Punjab and Sind Bank. The Recapitalisation bonds will be issued with six different maturities, and the special securities would be “at par” for the amount as per the application made by the eligible banks. Banks require capital to meet the mandatory reserve requirements laid out by the Reserve Bank of India (RBI), make provisions for bad loans and kick-start the lending cycle when demand revives in the economy.

 3. Cabinet Approves Production Linked Incentive Scheme for Food Processing Industry worth Rs 10,900 crore: The Union Cabinet has approved the Central Sector Scheme called “Production Linked Incentive Scheme for Food Processing Industry (PLISFPI)” with an outlay of Rs.10900 crore. Scheme will be implemented over a six year period from 2021-22 to 2026-27. The Project Management Agency (PMA) shall implement the scheme. PMA will be responsible for appraisal of applications/ proposals, verification of eligibility for support, scrutiny of claims eligible for disbursement of incentive. The PLI scheme will support creation of global food manufacturing champions and support Indian brands of food products in the international markets.

 4. UP cabinet approves scheme offering affordable rental housing for urban migrants, poor: The Uttar Pradesh government will start a scheme offering affordable rental housing for poor people living in cities and a proposal to this effect was approved by the state cabinet presided over by Chief Minister Yogi Adityanath. Under the Affordable Rental Housing and Complexes (ARHC) scheme, urban migrants/poor laborers, those belonging to economically weaker sections, low-income groups including factory workers, educational institutions, people associated with hospitality, and students will be the beneficiaries. Preference will be given to people belonging to Scheduled Castes, Scheduled Tribes, Other Backward Classes, widows, working women, divyang, and minorities, which will be subject to the provisions made by the state government.

 INTERNATIONAL UPDATES:

 1. India ranks 140th in WEF’s gender gap index 2021: India has slipped 28 places to rank 140 among 156 countries in the Global Gender Gap Report 2021, by World Economic Forum. In 2020, India ranked 112th among 153 countries. Iceland has topped the index as the most gender-equal country in the world for the 12th time. Afghanistan is the worst-performing country in the report.

South Asia: India emerged as the third-worst performing country in South Asia. Bangladesh is the best performer in South Asia. Among India’s neighbours, Bangladesh ranked 65, Nepal 106, Pakistan 153, Afghanistan 156, Bhutan 130 and Sri Lanka 116. In South Asia, only Pakistan and Afghanistan ranked below India.

Top 10 gender-equal country: (1) Iceland; (2) Finland; (3) Norway; (4) New Zealand; (5) Rwanda; (6) Sweden; (7) Namibia; (8) Lithuania; (9) Ireland and (10) Switzerland

Global Gender Gap Report: The Global Gender Gap Report 2021 is the 15th edition of the annual publication by WEF. The Global Gender Gap Index was first introduced by the World Economic Forum in 2006 to compare countries’ gender gaps across four dimensions: economic opportunities, education, health and political leadership.

Note: World Economic Forum Headquarters: Cologny, Switzerland; World Economic Forum Founder: Klaus Schwab; World Economic Forum Founded: January 1971.

2. World Autism Awareness Day: 02nd April: The World Autism Awareness Day is observed internationally on 2 April every year, to raise awareness about people with Autism Spectrum Disorder (ASD) throughout the world. The 2021 World Autism Awareness Day observance will address these issues through a virtual event that will include moderated panel discussions with individuals on the autism spectrum who have themselves experienced the challenges and seen these new opportunities in the employment market. The very first World Autism Day was observed in the year 2008 on April 2. It was adopted by the United Nations General Assembly on 18 December 2007. World Autism Day is one of only seven official health-specific UN Days.

What is Autism: Autism, or autism spectrum disorder (ASD), refers to a broad range of conditions characterized by challenges with social skills, repetitive behaviours, speech and nonverbal communication. Autism is a development disorder. The disorder is characterized by difficulties with social interaction and communication which may also include restricted and repetitive behaviour.

 3. International Children’s Book Day: 02nd April: International Children’s Book Day (ICBD) is organised annually on 2nd April since 1967, by the International Board on Books for Young People (IBBY), an international non-profit organization, to inspire a love of reading and to call attention to children’s books. Theme 2021: “The Music of Words.” Each year a different National Section of IBBY has the opportunity to be the international sponsor of ICBD and decide upon a theme. The IBBY United States is the sponsor for International Children’s Book Day 2021.

Note: International Board on Books for Young People Founder: Jella Lepman; International Board on Books for Young People Founded: 1953, Zürich, Switzerland; International Board on Books for Young People Headquarters: Basel, Switzerland.

 OTHER UPDATES:

 

SPORTS

1. Lewis Hamilton Wins 2021 Bahrain Grand Prix: Lewis Hamilton (Mercedes-Great Britain) has won the 2021 Bahrain Grand Prix, held on 28 March 2021. It was the opening race of the season of the 2021 Formula One World Championship. This win is first win of the season for Hamilton who now holds the records for the most wins (96), in Formula One history. Max Verstappen (Red Bull Racing-Netherlands) came second and Valtteri Bottas (Mercedes-Finland) was third.

2. IPL 2021: Puma becomes Official Kit Partner of Royal Challengers Bangalore: Indian Premier League side Royal Challengers Bangalore signed a strategic long-term partnership with global sports brand Puma. Under the terms of the deal, Puma will be the official kit partner of RCB from the upcoming season of the league. Puma already has an on-going association with RCB skipper Virat Kohli.

BANKING AND FINANCE

1. SBI inks USD 1 billion loan agreement with Japan Bank: India’s largest lender, State Bank of India, has raised $1 billion from Japan Bank for International Cooperation (JBIC) to extend loans to the supply chain of the Japanese automobile industry in India. The loan is in the form of refinancing against the funding support provided to the manufacturers, suppliers and dealers of Japanese automobiles in India. This collaboration between SBI and JBIC will help the bank in extending loan facility to the entire supply chain at a time when people are preferring a personal mode of transport. Now the total loan facility between SBI and JBIC has become $2 billion. Earlier in October 2020, SBI inked a similar agreement for $1 billion with JBIC.

Note: SBI Chairperson: Dinesh Kumar Khara; SBI Headquarters: Mumbai; SBI Founded: 1 July 1955.

2. Axis Bank to sell UK arm to tech platform: Private sector lender Axis Bank has entered into a Share Purchase Agreement for sale of 100 per cent stake in its subsidiary, Axis Bank UK Limited to OpenPayd Holdings Ltd. The agreement was entered on March 31, 2021, and the transaction is subject to approval by the UK Financial Regulator, the Prudential Regulation Authority (PRA).

The consideration or the value for the transaction would be the completion net asset value (book value of the bank on the date of completion), plus a fixed premium of $5,500,000. Axis Bank expects the sale to be completed by September 30, 2021 subject to the approval of ‘Change in Control’, received from the UK Financial Regulator, the PRA.

Note: Axis Bank Commenced operations: 1994; Axis Bank Headquarters: Mumbai, Maharashtra; Axis Bank Tagline: Dil Se Open; Axis Bank MD and CEO: Amitabh Chaudhry.

BUSINESS AND ECONOMY

1. Govt pegs market borrowing at Rs 7.24 lakh crore in 1st half of FY22: The government has decided to borrow Rs 7.24 lakh crore in the first half of 2021-22 fiscal (FY22) to meet resources to revive the economy hit by coronavirus pandemic. This borrowing is 60.06 per cent of the estimated gross issuances for fiscal 2021-22. According to Budget 2021-22, the estimated gross borrowing is pegged at Rs 12.05 lakh crore in the financial year beginning April 01, 2021. The government raises money from the market to fund its fiscal deficit through dated securities and treasury bills.

2. World Bank raises GDP growth projection for India to 10.1% for FY22: The World Bank has revised upward the GDP growth projections for India by 4.7 percentage points to 10.1 per cent for the financial year 2021-22, due to a strong rebound in private consumption and investment growth. Earlier the bank had pegged the GDP growth at 5.4 per cent for FY22. Apart from this, the World Bank has forecast the economy to contract by 8.5 per cent in FY21 (2020-21). The multilateral agency has also projected economic growth at 5.8 per cent for India during FY23 (2022-23).

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

DEFENCE

1. Indian Army to participate in Military Exercise SHANTIR OGROSHENA 2021: A multinational Military Exercise named ‘SHANTIR OGROSHENA’ 2021 (Front Runner of the Peace) is scheduled to be held in Bangladesh from April 04 to 12, 2021. The theme of the exercise is “Robust Peace Keeping Operations”. The exercise is being held to commemorate the birth centenary of Bangladesh ‘Father of the Nation’ Bangabandhu Sheikh Mujibur Rahman and mark glorious 50 years of liberation of the country.

About the exercise: The Indian Army is also participating in this multinational exercise, along with a contingent of the Royal Bhutan Army, Sri Lankan Army and Bangladesh Army. The Indian contingent will comprise 30 personnel including Officers, JCOs and Jawans of a Battalion from The DOGRA Regiment. USA, UK, Turkey, Kingdom of Saudi Arabia, Kuwait and Singapore will also attend the exercise as Military observers.

2. Indian Navy to participate in French Naval Exercise in Bay of Bengal with QUAD nation: The Indian Navy is scheduled to participate in France-led naval drill named “La Perouse”, which will be held from April 5 to 7, 2021 in the Bay of Bengal. The participating nations also include the other Quadrilateral Security Dialogue (QUAD) member countries namely Australia, Japan and the United States of America (USA). This is the first time that the Indian Navy will take part in ‘La Perouse’. Until now, India was not invited for the French naval exercise.