Daily GK Updates – 20th Nov, 2020

NATIONAL UPDATES:

 

1. Govt approves 21 projects under Scheme for Integrated Cold Chain & Value Addition: Government has approved 21 projects, leveraging investment worth 443 crore rupees supported with a grant of 189 crore rupees under the Scheme for Integrated Cold Chain and Value Addition said by Minister for Food Processing Industries Narendra Singh Tomar. These projects will benefit farmers and consumers and urged the officers to expedite the implementation of approved projects. These projects are spread across Andhra Pradesh, Gujarat, Himachal Pradesh, Jammu and Kashmir, Kerala, Nagaland, Punjab, Telangana, Uttarakhand, and Uttar Pradesh. Besides, 8 projects leveraging investment worth 62 crore rupees with grants of 15 crore rupees under the Backward and Forward Linkages (BFL) Scheme were also approved in another meeting. These projects are likely to generate employment for nearly 2500 people.

 

2. Delhi Government launches Jeevan Seva app for COVID-19 patients: The Delhi government launched the Jeevan Seva app to aid Delhi’s Covid patients and their families for a safe commute to hospitals and healthcare facilities in the city. The app, launched in collaboration with EVERA will use electric vehicles as ambulances to transfer non-critical cases to healthcare facilities in Delhi, free of cost. Patients will be able to download the app through the link sent to them through SMS and QR code to every tested COVID positive patient in Delhi.

 

3. MoHFW launches three-month scheme to reduce childhood pneumonia deaths: A three-month marketing campaign to give attention to consciousness technology and early intervention with regard to childhood pneumonia, enabling caregivers throughout the nation to establish vital signs at earlier phases and set off immediate care-seeking with certified suppliers, was launched by the Union Ministry of Family Welfare (MoHFW). The initiative targets to reduce lower than 5 pneumonia deaths, per a 1000 reside births, to lower than three deaths by 2025 via the accelerated SAANS (Social Action and Awareness to Neutralise Pneumonia Successfully) initiative. Launched final 12 months, the SAANS marketing campaign enhances the nationwide childhood pneumonia administration tips via a three-pronged method to shield, forestall and deal with pneumonia amongst kids. Save the Children, the United Nations Children’s Fund (UNICEF) and the Clinton Health Access Initiative (CHAI) have additionally partnered with the MoHFW so as to intensify efforts to alleviate the burden of pneumonia on the nation.

 

INTERNATIONAL UPDATES:

 

1. PM Modi addresses 3rd Annual Bloomberg New Economy Forum: Prime Minister Narendra Modi has addressed the 3rd Annual Bloomberg New Economy Forum through video-conferencing. The forum witnessed discussions on refuelling the economy and charting a course for the future, as the world economy is grappling with the COVID-19 pandemic. Some other Speakers of the forum included Director-general of the World Health Organisation (WHO) Tedros Adhanom Ghebreyesus, former UK Prime Minister Tony Blair, former US President Bill Clinton, Microsoft founder Bill Gates, and Secretary-General of the United Nations Antonio Guterres.

About Bloomberg New Economy Forum: The Bloomberg New Economy Forum was established in 2018 by Michael Bloomberg, to build a community of leaders to engage in real conversations leading to actionable solutions about the critical challenges facing a world economy in the throes of a historic transition. The inaugural Forum was held in Singapore and the Second Annual Forum was hosted in Beijing.

 

2. Maia Sandu Wins Moldova Presidential Election: Maia Sandu has won Moldova’s presidential election after a run-off vote against the incumbent Igor Dodon. Ms Sandu has won 57.7% of the vote compared to Mr Dodon’s 42.2%. Sandu is a former World Bank economist who favours closer ties with the European Union. Mr Dodon, meanwhile, is openly backed by Russia.

Note: Moldova Capital: Chișinău; Moldova Currency: Moldovan leu.

 

3. Guadalajara named World Book Capital 2022: Guadalajara (Mexico) was named World Book Capital for the year 2022 by the Director-General of UNESCO, Audrey Azoulay, on the recommendation of the World Book Capital Advisory Committee. The city was selected for its comprehensive plan for policies around the book to trigger social change, combat violence and build a culture of peace. Tbilisi (Georgia) was named as the World Book Capital 2021 and Kuala Lumpur (Malaysia) for 2020.

 

OTHER UPDATES:

 

SPORTS

 

1. BCCI announces MPL Sports as Official Kit Sponsor: The Board of Control for Cricket in India (BCCI) has announced its partnership with Mobile Premier League (MPL) Sports, the athleisure wear and sports merchandise brand from Mobile Premier League, India’s largest esports platform, as the new kit sponsor and official merchandise partner for the Indian Cricket Team.

Under the newly-inked strategic partnership: MPL Sports has entered into a three-year agreement from November 2020 to December 2023. MPL Sports’ association with the BCCI begins with upcoming India’s tour of Australia, 2020-21, which will see Team India sporting the new jerseys. The senior men and women and the Under-19 teams are also a part of the deal for the new kits. Apart from Team India jerseys, MPL Sports will also sell licensed Team India merchandise. MPL Sports will offer the jerseys and its wide range of Team India merchandise to fans at affordable prices.

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

MPL Founded: September 2018; Headquarters of MPL: Bengaluru, Karnataka; Co-Founder and CEO of MPL: Sai Srinivas Kiran G.

 

BANKING AND FINANCE

 

1. RBI puts Lakshmi Vilas Bank under moratorium: The Reserve Bank of India (RBI) has placed cash-strapped Lakshmi Vilas Bank (LVB) under a moratorium for a period of one month and restricted withdrawals at Rs 25,000 for depositors, owing to a serious deterioration in the lender’s financial position. The central bank also superseded the board of directors of LVB for a period of 30 days owing to a serious deterioration in the financial position of the bank. The move was announced through an order by the Ministry of Finance. Reserve Bank has come to the conclusion that in the absence of a credible revival plan, with a view to protecting depositors’ interest and in the interest of financial and banking stability, there is no alternative but to apply to the Central Government for imposing a moratorium under section 45 of the Banking Regulation Act, 1949.

Lakshmi Vilas Bank to be merged with DBS: The RBI has also drafted a scheme of amalgamation for LVB with DBS Bank India Ltd. and aims to complete the merger process before the moratorium period ends. DBS Bank India Ltd (DBIL) is a wholly-owned subsidiary of DBS Bank Ltd, Singapore (“DBS”), which in turn is a subsidiary of Asia’s leading financial services group, DBS Group Holdings Limited. The bank invited suggestions and objections, if any, from members, depositors and other creditors of transferor bank (LVB) and transferee bank (DBIL), on the draft scheme. DBIL will bring in additional capital of ₹2,500 crore upfront, to support credit growth of the merged entity.

Note: Lakshmi Vilas Bank Headquarters: Chennai, Tamil Nadu; Lakshmi Vilas Bank Founded: 1926; Lakshmi Vilas Bank President: Avtar Singh Monga.

 

2. RBI creates Reserve Bank Innovation Hub to boost financial inclusion: The Reserve Bank of India has created a Reserve Bank Innovation Hub (RBIH). The aim of Innovation Hub is to promote innovation across the financial sector by leveraging on technology and creating an environment which would facilitate and foster innovation. RBIH will collaborate with financial sector institutions, technology industry and academic institutions and coordinate efforts for exchange of ideas and development of prototypes related to financial innovations.

About Reserve Bank Innovation Hub Management: Reserve Bank Innovation Hub (RBIH) would be managed by a Governing Council (GC) consisting of 10 members (including a chairperson). Shri Senapathy (Kris) Gopalakrishnan, co-founder and former co-Chairman, Infosys, has been appointed as the first Chairperson of the RBIH.

Note: Governor of RBI: Shaktikanta Das; Deputy Governors of RBI: BP Kanungo, MK Jain, MD Patra and Rajeshwar Rao; Headquarters of RBI: Mumbai, Maharashtra.

 

3. Equitas Small Finance Bank appoints Smriti Mandhana as brand ambassador: Equitas Small Finance Bank has launched a women-centred product ‘Eva’. The Bank has roped in Indian Woman cricketer Smriti Mandhana as the brand ambassador for its newly launched product ‘EVA’. Eva is unique savings account for women to address the well-being of Indian women in every aspect such as health, wealth and prosperity.

Key features of Eva Savings Account: Eva is available for all women like salaried/homemakers/businesswomen/senior citizens/transwomen as well as non-resident women. The women customers will get 7% interest on deposits. It also offers free health check-up and unlimited teleconsultation with women doctors, gynecologists and mental health experts. Eva also offers PF waiver and discounted gold loan rates for women customers, along-with 25-50% discounts on lockers.

Note: Equitas Small Finance Bank Chairman: Arun Ramanathan; Equitas Small Finance Bank MD and CEO: Vasudevan Pathangi Narasimhan; Equitas Small Finance Bank Headquarter: Chennai, Tamil Nadu.

 

BUSINESS AND ECONOMY

 

1. Fitch Solutions revises India’s fiscal deficit forecast to 7.8 per cent from 8.2 per cent earlier for FY21: Fitch Solutions has revised its estimate for India’s fiscal deficit to 7.8% of GDP for 2020-21 from 8.2% projected earlier. This was mainly driven by a strong recovery in tax revenues during Q2FY21. According to the report, this revised forecast was driven by a strong recovery in tax revenues during the second quarter of FY 2020-21. The fiscal revenue forecast in FY21 for the central government has been revised to 18.2 per cent decline, from the earlier forecast of 18.4 per cent. The rating agency expects India’s economy to contract by 10.5% in the year ending March 2021 and growth to rebound to 11% in FY22, even as output in early 2022 will still be 16% lower than under its pre-coronavirus forecasts.

 

2. Finance Minister Allocates Rs 39,097 Crore for MEIS Benefits for 2019-20; Rs 15,555 Crore for Apr-Dec 2020: Giving relief to exporters, the finance ministry has approved allocation of Rs 39,097 crore under the incentive scheme MEIS for exports during 2019-20. A total of Rs 15,555 crore was also allocated for MEIS (Merchandise Exports from India Scheme) benefits for exports made during the period April 1, 2020 to December 31, 2020. Accordingly, the Director General of Foreign Trade (DGFT) is requested to issue the scrips up to a total value of Rs 16,000 crore in 2020-21. Issuance of remaining scrips may be spread over the subsequent financial years through an appropriate mechanism.

 

AWARDS AND HONOURS

 

1. Russia’s Lakhta Center wins Emporis Skyscraper Award 2019: The Emporis Skyscraper Award, one of the world’s most renowned prizes for high-rise architecture, has been given to a 462-metre-high Lakhta Center in St Petersburg this year. This marks the first time that the prestigious award has gone to a project in Russia in the 20-year-long history of the award. The skyscraper which has been, designed by GORPROJECT and RMJM, is not only the tallest building in Russia but is the tallest building in entire Europe and the fourteenth tallest building in the world.

 

OBITUARIES

 

1. Rajasthan Minister Bhanwarlal Meghwal passes away: Rajasthan Social Justice and Empowerment Minister Bhanwarlal Meghwal passed away. The five-time MLA represented the Sujangarh assembly constituency of Churu district of the state.

 

2. Ghana’s former president Jerry Rawlings passes away: Jerry Rawlings, who seized power twice in military coups but is now credited as a driving force behind Ghana’s emergence as a stable democracy, died. He was 73. His takeovers in 1979 and 1981 were marked by authoritarian rule and the executions of senior military officers, including General Frederick Akuffo, whom he overthrew in the first coup. But Rawlings went on to oversee Ghana’s transition to multi-party democracy, winning election in 1992 and 1996 before stepping down in 2001.

Daily GK Updates – 19th Nov, 2020

NATIONAL UPDATES:

 

1. Asia’s 1st solar power-enabled Textile Mill to be unveiled in Maharashtra: The first solar power-enabled Textile Mill in Asia is set to be set up in Parbhani district, Maharashtra. Spread across 30 acres of land, the Jai Bhawani women’s cooperative textile mill will be first in Asia that will operate entirely on solar power. The overall cost of setting up the project is around Rs. 100 crore. Once functional, the mill will process cotton to cloth and would provide jobs to many women in the district. Parbhani is the leading cotton-producing district in Maharashtra and with the operationalization of the mill, it will give momentum to the industrial sector in the district.

 

2. IRCTC to start ‘Bharat Darshan Yatra’ on December: Indian Railway Catering and Tourism Corporation (IRCTC) will be starting ‘Bharat Darshan–Dakshin Bharat Yatra’ from December 12. The Bharat Darshan Yatra will start from Hyderabad and Secunderabad from December 12 to 18. The theme of this yatra will be ‘Show India to Indians’.

About the ‘Bharat Darshan–Dakshin Bharat Yatra’: The facility of boarding and de-boarding this tourist train will be available at Secunderabad, Khammam, Nellore, Vijayawada, Warangal, Ongole, and Renigunta. The train will have 12 sleeper coaches, one 3-tier AC coach and a pantry car. The standard fare for sleeper coaches will be Rs 7,140 and that for three-tier AC will be Rs 8,610. The facility of night stays for all the tourists will be made at dormitories or dharmasalas. Tourists will also be provided with the morning tea, breakfast, lunch, dinner and a water bottle per day. The authorities will arrange non-AC bus transportation on sharing basis and tour escort and security on the train. In January 2019, IRCTC also started booking for Shirdi Sai Baba darshan tickets on its website.

Note: IRCTC Incorporated on September 27, 1999. Indian Railway Catering and Tourism Corporation (IRCTC) is a subsidiary organisation of the Indian Railways.

 

3. ED Director SK Mishra’s tenure extended by one year: The Union government has extended the tenure of Enforcement Directorate (ED) Director Sanjay Kumar Mishra by a year after modifying his appointment order that was issued in 2018. His tenure was to end next week as the ED director’s post comes with a fixed term of two years. As per an order issued by the Department of Revenue under the Union finance ministry on Friday, the 2018 order for appointment of Mishra has been modified. “The President of India is pleased to approve the modification in the earlier order dated November 19, 2018, appointing Shri Sanjay Kumar Mishra as director of enforcement in the Enforcement Directorate.

Enforcement Directorate (ED): The ED is a central investigative agency that enforces two central laws, the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA). These laws were enacted to curb money laundering, terror financing, black money and hawala or illegal financial transactions that have cross-border ramifications.

Note: Enforcement Directorate Founded: 1 May 1956; Enforcement Directorate Headquarters: New Delhi, India.

 

4. PM Narendra Modi unveils Swami Vivekananda’s statue on JNU: Prime Minister Narendra Modi has unveiled a statue of Swami Vivekananda in Jawaharlal Nehru University Campus, New Delhi through video conferencing. It took renowned sculptor Naresh Kumawat seven months to complete this statue of Swami Vivekananda on the JNU campus. Located about 300 metres from a statue of India’s first prime minister, the statue of Swami Vivekananda is about three feet taller than that of Jawaharlal Nehru. The event was also attended by Union Minister for Education Ramesh Pokhriyal Nishank and JNU vice-chancellor Jagadesh Kumar.

 

5. PM Modi unveils ‘Statue of Peace’ in Rajasthan: Prime Minister Narendra Modi has virtually unveiled the ‘Statue of Peace’ dedicated to Jain Monk Acharya Shree Vijay Vallabh Surishwarji Maharaj. The 151-inch (12.6 ft) tall statue was inaugurated by PM Modi on the occasion of the 151st birth anniversary of Acharya Shree Vijay Vallabhsuri, at Vijay Vallabh Sadhana Kendra, Jetpura, in Pali, Rajasthan. The Statue of Peace has been made from Ashtadhatu, which means 8 metals, and includes Copper as the major constituent.

 

INTERNATIONAL UPDATES:

 

1. PM Modi Virtually Attends 12th BRICS Summit: Prime Minister Narendra Modi has virtually addressed the 12th (BRICS) Summit. The Summit was held under the Chairmanship of Russian President Vladimir Putin. India will be taking over the Chairmanship of the BRICS in 2021 and host the 13th BRICS Summit in 2021. It would be the third time that India will take over the BRICS Presidency since its inception. Previously India was the Chair in 2012 and 2016.

The theme of the 12th edition of BRICS Summit was “Global stability, shared security and innovative growth”. The key issues discussed by the leaders included intra-BRICS cooperation and other key issues in the global context, like the reform of the multilateral system, measures to mitigate the impact of the ongoing COVID-19 pandemic, cooperation in Counter-Terrorism, trade, health, energy and people to people exchanges.

 

2. SpaceX launches 4 astronauts into space: SpaceX has launched Four Astronauts (3 Americans, 1 Japanese) to the International Space Station on the first full-fledged taxi flight for NASA (National Aeronautics and Space Administration) by a private company. They were launched by Falcon Rocket from the Kennedy Space Center. The capsule has been named as “Resilience”. The crew was led by Commander Mike Hopkins, Shannon Walker, Victor Glover (First Black Astronaut on a long-term space station) mission and Japan’s Soichi Noguchi (First person in 40 years to launch on three types of spacecraft).

 

3. World Toilet Day: 19th November: World Toilet Day (WTD) is observed globally on 19 November to inspire action to tackle the global sanitation crisis. World Toilet Day celebrates toilets and raises awareness of the 4.2 billion people living without access to safely managed sanitation. It is about taking action to tackle the global sanitation crisis and achieve Sustainable Development Goal 6: water and sanitation for all by 2030. The day was established by the World Toilet Organization in 2001 and officially declared by the UN General Assembly in 2013. This year the theme remarks on the importance of “Sustainable sanitation and climate change”.

Note: World Toilet Organization Headquarters: Singapore; World Toilet Organization Founder and Director: Jack Sim; World Toilet Organization Founded: 19 November 2001.

 

4. World Philosophy Day: 19th November: World Philosophy Day is observed on the third Thursday of November every year. This year World Philosophy Day falls on 19 November 2020. The Day encourages academic exchange and highlights the contribution of philosophical knowledge in addressing global issues. In 2005 the UNESCO General Conference proclaimed that World Philosophy Day would be celebrated every third Thursday of November. In establishing World Philosophy Day UNESCO strives to promote an international culture of philosophical debate that respects human dignity and diversity.

 

OTHER UPDATES:

 

SPORTS

 

1. Sudeep Tyagi announces retirement from all forms of cricket: Indian cricketer, Sudeep Tyagi has announced his retirement from all forms of the cricket. The 33-year-old had played for the Indian national cricket team in four ODIs and a lone T20I as a fast bowler. Apart from this, the right-arm medium-fast bowler had also featured in 14 games in the Indian Premier League (IPL) for Chennai Super Kings (CSK) and Sunrisers Hyderabad (SRH).

 

2. Trailblazers beat Supernovas by 16 runs to win Women’s T20 Challenge title: Trailblazers beat Supernovas by 16 runs to win clinch the Jio Women’s T20 Challenge title. Smriti Mandhana starred with the bat while Salma Khatun picked three wickets as Trailblazers beat Supernovas by 16 runs to clinch the Jio Women’s T20 Challenge title at the Sharjah Cricket Stadium. Opting to field, Supernovas restricted Trailblazers to 118/8 despite Smriti Mandhana’s 49-ball 68. Radha Yadav claimed the maiden five-wicket haul (5/16) in the short history of the competition to deny the final flourish to Trailblazers’ innings.

 

BANKING AND FINANCE

 

1. RBI imposes Rs 1 crore penalty on Punjab National Bank: The Reserve Bank of India has imposed a penalty of Rs 1 crore on Punjab National Bank for violating the Payment and Settlement Systems Act, 2007. Punjab National Bank was operating a bilateral ATM-sharing arrangement with Druk PNB Bank Ltd., Bhutan, since April 2010 without prior approval or authorisation from India’s banking regulator. RBI imposed the Rs 1 crore penalty for “contravention of nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act).”

Note: Punjab National Bank Headquarters: New Delhi; Punjab National Bank MD and CEO: S. S. Mallikarjuna Rao; Punjab National Bank Founded: 19 May 1894, Lahore, Pakistan.

 

2. SBM Bank India set to launch a neo banking platform: SBM Bank India, the wholly-owned subsidiary of State Bank of Mauritius has partnered with Fintech PayNearby to launch a neo banking platform. Both firms signed a Memorandum of Understanding (MoU) to build an “open banking” network towards delivering basic banking solutions as well as advanced financial services, to their customers. The partnership would enable the Bank to offer a complete suite of digital and assisted banking solutions through PayNearby’s network of micro-enterprise and retail touchpoints. The deployment of the banking module will be done in a phased manner and will work seamlessly with the existing platforms at PayNearby outlets and touchpoints. SBM Bank India was the first foreign bank in India to obtain a banking licence from the Reserve Bank of India to operate as a Wholly Owned Subsidiary in January 2019.

About Neo bank: Neo bank is a type of bank that operates exclusively online, i.e., it does not have any traditional physical branch networks. Neo banks are cheaper, faster. In one single platform, the neo bank can integrate the entire financial portfolio. It offers complete digital banking experience through mobile applications. It is also known as an online bank, internet-only bank, virtual bank or digital bank.

Note: SBM Bank (India) Limited Headquarters: Mumbai, Maharashtra; SBM Bank (India) Limited MD and CEO: Sidharth Rath; SBM Bank (India) Limited Commenced Operations– 1st December 2018; SBM Bank (India) Limited Tagline: We make banking convenient for you.

 

BUSINESS AND ECONOMY

 

1. Tata AIA Life Insurance partners with PayBima to drive Life Insurance Protection through Digital sales: Tata AIA Life Insurance (Tata AIA Life), one of India’s leading providers of Pure Protection Solutions, announced that it has partnered with PayBima, the digital arm of Mahindra Insurance Brokers Ltd., as a Broker to distribute its industry-leading life insurance solutions. The association is in line with Tata AIA Life’s mission to provide Ease of Doing Business (EoDB) to its customers and aims to make the process of buying life insurance solutions simple, easy, and convenient. As part of the agreement, PayBima.com will offer the life Insurance solutions of Tata AIA Life on its platform. PayBima will leverage its analytics skill to offer personalised life insurance solutions best suited to the needs of its customers.

 

AWARDS AND HONOURS

 

1. Dr Susanta Kar Honoured with Prof. A N Bhaduri Memorial Lecture Award-2020: Dr Susanta Kar, Senior Scientist, Molecular Parasitology and Immunology, Council of Scientific & Industrial Research- Central Drug Research Institute (CSIR-CDRI) was honoured with “Prof. A N Bhaduri Memorial Lecture Award 2020” by Society of Biological Chemists (India), Bengaluru. The award is given to him for his contribution towards defining the survival tactics of Leishmania Donovani.

About Leishmania Donovani: Leishmania Donovani is a protozoan parasite that infects the macrophages and the causative agent of visceral leishmaniasis (Kala-Azar).

 

OBITUARIES

 

1. Japanese Nobel-prize-winning Masatoshi Koshiba passes away: Physicist Masatoshi Koshiba, who shared 2002 Nobel prize for the detection of cosmic neutrinos, passed away. Koshiba’s most famous work involved detecting neutrinos from a distant supernova explosion using a vast detector based in a mine in central Japan. Koshiba, a distinguished professor at the University of Tokyo. Koshiba devised the construction of giant underground chambers to detect neutrinos, elusive particles that stream from the sun. Neutrinos offer a unique view of the sun’s inner workings because they are produced in its heart by the same process that causes the sun to shine. His student, Takaaki Kajita, won the Nobel Prize in physics in 2015 for research at the Super-Kamiokande facility that found neutrinos have mass.

 

2. Former Pondicherry Lt Guv Chandrawati passes away: Former Lt Governor of Pondicherry, Chandrawati passed away. She has a number of 1st to her credit as she was the 1st Member of Parliament (1977), the 1st MLA, 1st minister (1964-66 and 1972-74) & 1st leader of Opposition in the Haryana assembly (1982-85). Chandrawati had also served as the president of the Janata Party from 1977 to 1979.

Daily GK Updates – 18th Nov, 2020

 

NATIONAL UPDATES:

 

1. Nitish Kumar sworn-in as Chief Minister of Bihar for 7th term: The Chief of Janata Dal (United), Nitish Kumar has taken an oath as the Chief Minister of Bihar and he will begin his 7th term on 16th November 2020. Bihar Governor Phagu Chauhan administered the oath of office and secrecy to Mr Kumar at Raj Bhavan in Patna. BJP legislature party leader Tarkishore Prasad and Deputy Leader Renu Devi have been made the new Deputy Chief Ministers. 14 other ministers were also sworn in along with Mr Kumar. Out of them, seven are from BJP, five from JD (U) and one each from Vikassheel Insaan Party (VIP) and Hindustani Awam Morcha (HAM).

 

2. Centre Forms Inter-Ministerial Committee to strengthen capital goods sector; Head- Secretary of Department of Heavy Industries: The Central government has set up an Inter-Ministerial Committee to strengthen the capital goods sector, to help them in contributing more actively towards the national goal of achieving a USD 1 trillion manufacturing sector. The 21-member Inter-Ministerial Committee will be headed by Secretary of Department of Heavy Industries (Shri Arun Goel). The committee will work out ways and means to make the capital goods sector globally competitive and to become the manufacturing hub for the world.

Note:Union Minister of Heavy Industries and Public Enterprises: Prakash Javadekar

 

3. Centre mandates e-invoicing system for firms with turnover of Rs 100 cr or more from January 2021: The government has made it mandatory for companies with annual turnover of Rs 100 crore and above to go for e-invoicing for business to companies (B2C) transactions. This new rule will be applicable from 01 January 2021. Currently, e-invoicing is mandatory for companies with annual turnover of at least Rs 500 crore. Under the system, companies will have to raise e-invoices through a unique invoice reference portal and generate the IRN (invoice reference number). Otherwise the companies concerned will not be able to move goods for business-to-business (B2B) transactions.

 

4. Keetham Lake in Uttar Pradesh added to Ramsar sites: The Keetham Lake, also known as Sur Sarovar, in Agra of Uttar Pradesh has been added to the list of Ramsar sites. More than 106 species of migratory birds rest in Sur Sarovar Lake. The water of the lake is obtained from Agra Canal. The canal originates from Okhla barrage on River Yamuna in Delhi. The aim of the Ramsar list is to develop and maintain an international network of wetlands which are important for the conservation of global biological diversity and for sustaining human life through the maintenance of their ecosystem components, processes and benefits.

 

5. Lonar Lake in Maharashtra chosen as ‘Ramsar site’: The Lonar Lake in Buldhana district of Maharashtra has been chosen as a wetland site of international importance under the Ramsar conservation treaty. Lonar Lake was formed by the impact of a meteorite on basalt bedrock several thousand years ago. An area of 365 hectares around the lake, which itself is spread over 77.69 hectares, was declared a wildlife sanctuary in June 2000.

About Ramsar Site: A Ramsar Site is a wetland site designated to be of international importance under the Ramsar Convention. The name Ramsar comes from the Ramsar City of Iran, where this treaty was signed.  The Convention on Wetlands is also known as the Ramsar Convention. It is an intergovernmental environmental treaty established in 1971 by UNESCO and came into force in 1975.

Note: Chief Minister of Maharashtra: Uddhav Thackeray; Governor: Bhagat Singh Koshyari.

 

6. National Epilepsy Day: 17th November: In India, November 17 is observed every year as National Epilepsy Day, to create awareness about epilepsy. The month of November is observed as ‘National Epilepsy Awareness Month’. This National Epilepsy Day is observed by the Epilepsy Foundation of India. The National Epilepsy Day is a national level campaign initiated by the Epilepsy Foundation of India to reduce the prevalence of Epilepsy in India. The Epilepsy Foundation of India in Mumbai, Maharashtra was established by Dr Nirmal Surya in 2009. Epilepsy Foundation of India is a non-profitable charitable organisation to help the people with seizures to have a fulfilling life and to change the view about epilepsy in the society.

About Epilepsy: Epilepsy is a varied set of persistent neurological disarray and causes sudden seizures and fits. The seizures of epilepsy result due to the unusual and extreme activities in the brain and the seizures also result from the hypersynchronous neuronal brain activity.

 

7. Naturopathy Day: 18th November: The National Naturopathy Day is observed in India on 18 November every year, to promote positive mental and physical health through a drugless system of medicine, called as Naturopathy. The 48-day program of webinars will continue till the third National Naturopathy Day, which falls on 18 November 2020. The day was declared by the Ministry of AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy), Government of India, on November 18, 2018.

As a part of the occasion, National Institute of Naturopathy (NIN), Pune under Ministry of AYUSH has organised a series of webinars on ‘Gandhian philosophy of Self Reliance through Self Health Reliance’ on Mahatma Gandhi’s 150th birth anniversary celebrations from 2nd Oct 2020. It was on this day in 1945 when Mahatma Gandhi became lifetime Chairman of the All India Nature Cure Foundation Trust and signed the deed with the object of making the benefits of Nature Cure available to all classes of people.

Note: Minister of State (IC) of the Ministry of AYUSH: Shripad Yesso Naik

 

INTERNATIONAL UPDATES:

 

1. S. Jaishankar Represents India at 15th East Asia Summit 2020: The External Affairs Minister Dr S. Jaishankar has represented India at the 15th East Asia Summit (EAS) on behalf of PM Modi. The Summit was chaired by the Prime Minister of Vietnam Nguyen Xuan Phuc because Vietnam is ASEAN Chair in 2020 (ASEAN holds the central role and leadership in the forum). All the 18 EAS countries participated in the virtual Summit. Jaishankar underlined the key role played by the East Asia Summit (EAS) as a leading mechanism of the Indo-Pacific region and reiterated India’s support to make it stronger and more responsive. He also re-affirmed the importance of EAS as the Leaders-led forum to exchange views on strategic issues. On Covid-19, he briefed the EAS leaders about India’s response to the pandemic and highlighted India’s efforts to support the international community.

 

2. India Extends USD1 Million Aid For Covid-19 ASEAN Response Fund: India has extended financial contribution of USD 1 million to the COVID-19 ASEAN Response Fund. This was announced by Prime Minister Narendra Modi at the 17th ASEAN-India Summit, which was held virtually. Leaders from the 10 ASEAN countries welcomed the adoption of the new ASEAN-India Plan of Action for 2021-2025, at the conclusion of the Summit. PM Modi, participated in the 17th ASEAN-India Summit at the invitation of the Prime Minister of Vietnam Nguyen Xuan Phuc, who is the current chair of ASEAN.

 

3. World Day of Remembrance for Road Traffic Victims: 15th November : World Day of Remembrance for Road Traffic Victims is marked every year on Third Sunday in the month of November. In 2020, World Day of Remembrance for Road Traffic Victims falls on 15 November 2020. Purpose – to remember those killed and injured on the roads, together with their families, friends, and others affected. Theme 2020: “First Responders”. The day was started by the British road crash victim charity, RoadPeace, in 1993 and was adopted by the United Nations General Assembly in 2005.

 

4. World COPD Day 2020: 18th November: World COPD Day is observed on the third Wednesday of November every year to raise awareness about chronic obstructive pulmonary disease (COPD) and improve COPD care throughout the world. World COPD Day 2020 falls on 18 November 2020. The 2020 theme: Living Well with COPD-Everybody, Everywhere. The day is organized by the Global Initiative for Chronic Obstructive Lung Disease (GOLD) in collaboration with health care professionals and COPD patient groups throughout the world. The first World COPD Day was held in 2002. Chronic obstructive pulmonary disease is a lung disease that blocks airflow and makes it difficult to breathe.

 

OTHER UPDATES:

 

SPORTS

 

1. Novak Djokovic lifts ATP Year-end No. 1 Trophy for 6th time: Serbian tennis star Novak Djokovic has given the ATP Tour No. 1 trophy on 15 November 2020, for finishing 2020 as the year-end No. 1 (world number one). With this, he has become the only second player in tennis history, after Pete Sampras, to receive the trophy sixth time. Earlier Djokovic had finished as world number one in 2011, 2012, 2014, 2015 and 2018. Before this, only Pete Sampras has managed to finish six years on top of the rankings which he did between 1993 and 1998.

 

BANKING AND FINANCE

 

1. IFSCA approves draft banking regulations at IFSC: International Financial Services Centres Authority (IFSCA) has conducted a meeting in New Delhi. The IFSC Authority approved the International Financial Services Centres Authority (Banking) Regulations, 2020 in the meeting. The draft banking regulations approved at the meeting opens the way for making rules for the various aspects of banking operations that would be permissible at the IFSC. As banking plays an important role at IFSC, banking regulations will help it in reaching its desired potential. Features of Banking Regulations:

(1) To lay down the obligations for setting up IFSC Banking Units (IBUs).

(2) To Permit the persons residing outside India (with net worth not less than USD 1 Million) to open foreign currency accounts in any freely convertible currency at IFSC Banking Units (IBUs).

(3) To permit persons residing in India (with net worth not less than USD 1 Million) to open foreign currency accounts in any freely convertible currency at IBUs in order to undertake any permissible current account or capital account transaction or any combination thereof under RBI’s Liberalized Remittance Scheme (LRS).

(4) To lay down the activities of IBUs that are permissible including credit insurance and sale, credit enhancement, engage in factoring and forfeiting of export receivables, purchase of portfolios, and undertake equipment leasing.

(5) To permit the authority for determining business that an IBU may be permitted to conduct in INR with persons residing in India and persons residing outside India, subject to the settlement of the financial transaction related to such business in freely convertible foreign currency.

Note: Chairman of the IFSCA: Injeti Srinivas; Headquarters of IFSCA: Gandhinagar, Gujarat.

 

BUSINESS AND ECONOMY

 

1. HDFC Bank, IndusInd in ‘red flag’ list on nearing foreign investment cap: HDFC Bank & IndusInd Bank have been put in the ‘red flag’ list, a system used for monitoring foreign portfolio investor (FPI) limits. A listed company enters the list when the available legroom for overseas investment is less than 3% of the permissible limit. FPIs can invest up to 74% in both HDFC Bank and IndusInd Bank. The current FPI shareholding in case of HDFC Bank is 71.3 per cent, while that of IndusInd Bank is 73.1 per cent. Besides these two, Novartis India and Procter & Gamble Hygiene and Health Care are the only other companies in the red-flag list.

 

DEFENCE

 

1. 2nd Phase of Exercise Malabar 2020 begins in Arabian Sea: The second phase of Exercise Malabar 2020 has been organised in the Northern Arabian Sea from 17 to 20 November 2020. The first Phase of Exercise Malabar 2020 was conducted in the Bay of Bengal from 03 to 06 November 2020. Exercise Malabar 2020 is the 24th edition of MALABAR. The second phase will witness joint operations, centred around the Vikramaditya Carrier Battle Group of the Indian Navy and Nimitz Carrier Strike Group of the US Navy. It would include cross-deck flying operations and advanced air defence exercises, advanced surface and anti-submarine warfare exercises, seamanship evolutions and weapon firings to further enhance interoperability and synergy between the four friendly navies.

 

OBITUARIES

 

1. Noted journalist and writer Ravi Belagere passes away: Noted journalist and writer Ravi Belagere passed away. He was from Karnataka. He was famous for writings on the crime world and his column ‘Paapigala Lokadalli’ was very popular. Belagere was honoured with many awards, including the Karnataka Sahitya Academy award, Kannada Rajyotsava awar, Karnataka Media Academy award and many more. Also an educationist, Belagere started Prarthana School, where his mortal remains were kept for the public to view, before being taken to the crematorium. He penned a book on the real-life story of the gangsters, titled Bheema Theerada Hanthakaru, which was published in 2001, and turned into a bestseller.

Daily GK Updates – 17th Nov, 2020

NATIONAL UPDATES:

 

1. Saffron Production in India being extended to the North East Region: Saffron production, which was till now restricted to a limited geographical area in the Union territory of Jammu & Kashmir, is now being extended to the North East of India. The Pampore region of Jammu & Kashmir, which is commonly known as Saffron bowl of Kashmir, is the main contributor to saffron production in India. It is followed by Budgam, Srinagar, and Kishtiwar districts. However the government is now looking to explore the feasibility of growing saffron in North East region of India, with the same quality and higher quantity. North East Centre For Technology Application and Reach (NECTAR), an autonomous body under the Department of Science & Technology, Government of India conducted a pilot project, under which, the Botany and Horticulture department of Sikkim Central University carried out tests to understand the soil and actual pH conditions of Yangyang of Sikkim. The soil was found comparable to saffron growing places of Kashmir. As a result, Saffron seed/corms were purchased and air transported from Kashmir to Yangyang site by the department. The initiative will expand the geographical boundary for production of saffron as well as improve its farming, under the National Mission on Saffron of Central government.

 

2. Ministry of Textiles launches “Local4Diwali” campaign: The Union Ministry of Textiles has launched a campaign for Diwali- “Local4Diwali”. The campaign has been launched to promote the Indian handicraft which is the cultural heritage of the country and also a source of livelihood for many. As per the available data, the handicrafts sector is a major sector of women empowerment as almost 55% of the workers and artisans are women.

Aim of the Local4Diwali Campaign: The main aim of the #Local4Diwali campaign is to urge people to buy and gift Indian handicraft products on this Diwali. The basic aim of the campaign is to give a boost to Indian handicrafts and artisans. This campaign will help the handicraft artisans and workers in increasing their sales and promoting their business. After the promotion of the idea of “Vocal for Local” by PM Modi, every sector is working towards promoting local businesses and strengthening Atmanirbhar Bharat Abhiyan.

Note: Minister of Textiles: Smriti Zubin Irani.

 

3. World’s first Tram library for children launched in West Bengal: On the occasion of Children’s Day, a first-of-its-kind in the world, library on the tram for children was launched in Kolkata, West Bengal. A tram is a rail vehicle that runs on tramway tracks along public streets. The tram would run on Shyambazar-Esplanade and Esplanade-Gariahat routes, spanning across north and south Kolkata, every day from morning to evening. It has been jointly developed by the West Bengal Transport Corporation (WBTC) and Apeejay Anand Children’s Library and will have around 1,000 books.

Note: Chief Minister of West Bengal: Mamata Banerjee; Governor: Jagdeep Dhankhar.

 

4. NPCI imposes 30% cap on transaction volumes via UPI for third party apps: The National Payments Corporation of India (NPCI) has imposed a cap of 30 percent of the total volume of transactions processed in UPI, on all the Third Party App Provider (TPAP). It means that each of the Third Party App Providers (TPAPs), which provide payments services via UPI, will be allowed to process a maximum of 30% of the total volume of UPI transactions. This will be with effect from January 1, 2021 The existing TPAPs whose limit exceeds the specified cap will get a period of two years from January 2021 to comply with the same in a phased manner. However, for the new entrants such as WhatsApp Pay, the 30% cap will be applicable from January 2021. As per data available on the NPCI website, there are 21 third party applications live on the UPI platform, such as Amazon, Whatsapp, Samsung and Google.

 

5. A New Book on Gulzar “Boskiyana” by Radhakrishna Prakashan: ‘Boskiyana’, a new Hindi book on Gulzar, veteran Indian poet-lyricist has been published by Radhakrishna Prakashan. The book portrays the life of Gulzar through his films, poetry, philosophies, lifestyle, likes and dislikes. The 228- page book is edited and compiled by Yashwant Vyas. ‘Boskiyana’ is the name of the house of Gulzar in Mumbai.

About the Book: The book expresses the personality of Gulzar through detailed conversations and reveals his thoughts and vision of the world. It is a compilation of some of the most defining interviews and conversations of Gulzar from the last 30 years. Yashwant Vyas took 6 years to compile.

 

INTERNATIONAL UPDATES:

 

1. Aung San Sui Kyi Party claims to win Myanmar Elections: Myanmar’s ruling party led by Nobel laureate Aung San Suu Kyi claimed a resounding victory. National League for Democracy (NLD) party has won close to 400 seats while the opposition Union Solidarity and Development Party (USDP) has secured only 21 seats. Around 38 million voted to select the National League of Democracy (NLD) Party for a second term. NLD was required to win at least 2/3rd of the elected seats to win.

Note: Myanmar Capital: Naypyitaw; Myanmar Currency: Kyat.

 

2. Dr Harsh Vardhan attends 8th BRICS STI Ministerial Meet: The 8th BRICS Science, Technology and Innovation Ministerial Meeting was held through a virtual platform for Science and Technology cooperation among the member countries, which are Brazil, Russia, India, China and South Africa. The meeting was held under the Chairmanship of the Russian Federation. (Russia is the Chair for 12th BRICS Summit).

About the meeting: The Union Minister of Science and Technology, Dr Harsh Vardhan represented the Indian delegation at the meeting. The meeting concluded with the adoption of BRICS STI Declaration 2020. During the meeting, Dr Harsh Vardhan highlighted that “The COVID 19 pandemic has been a test, demonstrating that multilateral cooperation is the key to overcoming such global challenges”. He reiterated that “India will actively contribute in the implementation of BRICS STI Calendar of Activities 2020-21 and supports continuation scientific activities under BRICS MOU on Science, Technology and Innovation”.

 

3. RCEP: 15 Asia-Pacific countries form world’s largest trading bloc: 15 Asia Pacific countries have signed the world’s biggest free trade deal, led by China, on the sidelines of the 37th Association of Southeast Asian Nations (ASEAN) Summit. The deal called as ‘Regional Comprehensive Economic Partnership (RCEP)’, is the world’s largest trading bloc, comprising of 10 Southeast Asian countries, as well as South Korea, China, Japan, Australia and New Zealand. Members of the RCEP accounts for nearly a third of the world’s population and around 30% of global gross domestic product (GDP).

 

OTHER UPDATES:

 

SPORTS

 

1. Lewis Hamilton wins F1 Turkish Grand Prix 2020: Lewis Hamilton (Mercedes-Great Britain) has won the Turkish Grand Prix 2020 at Istanbul Park, Turkey. Sergio Perez (Racing Point-BWT- Mexico) secured the second position and Sebastian Vettel of Ferrari finished third. This was Hamilton 10th victory of the season and 94th F1 win of his career. With this win, he claimed the seventh Formula One championships title of his career to equal the record of Michael Schumacher.

 

BANKING AND FINANCE

 

1. SEBI introduces flexi cap category in mutual funds: The markets regulator, SEBI has introduced a ‘flexi-cap category’ for mutual funds (MFs), which will be required to invest at least 65% of the corpus in equity but will have no restrictions on investing in large-, mid- or small-cap company stocks.Unlike the new multi cap funds, there is no restriction in terms of allocation to any market cap. According to the new rule, multi cap funds will now have to invest at least 25% of their corpus in large-, mid- and small-cap stocks. Many fund houses raised concerns about the risk in investing 25% in mid and small cap stocks and had demanded the formation of a flexi cap category. The move comes after new guidelines theissued in September required asset managers to more evenly spread their ‘multi-cap’ fund schemes across small, mid and large-cap stocks, or else convert their multi-cap schemes into other scheme categories, by 31 January 2021.

 

2. German Bank KfW extends 545 million Euro funding to MMRDA infra projects: The German state-owned development bank KfW has extended two loans totalling over €545 million (Rs 4,767 crore) to the Mumbai Metropolitan Region Development Authority (MMRDA) for infrastructure projects in Mumbai. The funds will be disbursed through an agreement with India’s Ministry of Finance and will be utilised to support two key mass transit projects in Mumbai. These projects are Metro line 4 from Wadala in central Mumbai to Kasarvadavli in Thane, and Metro line 4A that extends to the connectivity from Kasarvadavli to Gaimukh in Thane. This is part of the Mumbai Metropolitan Region Development Authority’s plan to build a 337-km metro rail network. The credit package consists of a development loan of €345 million and a promotional loan of €200 million.

 

BUSINESS AND ECONOMY

 

1. TCS to acquire Deutsche’s Postbank Systems AG: Tata Consultancy Services (TCS) announced an agreement under which the company will acquire 100% of the shares of Postbank Systems AG (PBS), the technology services unit of Frankfurt-based Deutsche Bank AG. PBS has close to 1,500 employees and post the acquisition, they will become a part of TCS. Postbank Systems provides project management, application management and infrastructure support services to Deutsche Bank. The acquisition is expected to finalise by year end. The transaction is subject to customary regulatory and governmental approvals.

 

AWARDS AND HONOURS

 

1. Sadat Rahman wins International Children’s Peace Prize 2020: Sadat Rahman from Bangladesh has been awarded the prestigious International Children’s Peace Prize 2020. He was awarded the prize for his involvement in setting up his social organization and mobile app ‘Cyber Teens’ to stop cyberbullying. The award was presented to 17-year-old Sadat by Nobel Peace Prize laureate Malala Yousafzai, during a ceremony in the Netherlands. He was selected out of 142 applicants from 42 countries.

About International Children’s Peace Prize: The International Children’s Peace Prize is given annually since 2005 by the International children’s rights organization KidsRights based in Amsterdam, the Netherlands. The prestigious Prize is annually awarded to a child who has made a special effort to promote children’s rights and better the situation of vulnerable children.

 

DEFENCE

 

1. India Successfully test fires QRSAM system off Odisha Coast: India successfully test-fired the Quick Reaction Surface to Air Missile (QRSAM) system off the coast of Balasore in Odisha. The system achieved a major milestone by a direct hit on to a Banshee Pilotless target aircraft at medium range and medium altitude. Indian forces have carried out at least seven tests earlier of the missile system.

About QRSAM system: The QRSAM system has been developed by the Defence Research and Development Organisation (DRDO) in association with Bharat Electronics Limited and Bharat Dynamics Limited for the Indian Army. The system is capable of detecting and tracking targets on the move and engaging target with short halts. The system is designed to give air defence coverage against strike columns of the Indian Army.

 

OBITUARIES

 

1. Veteran Bengali Actor Soumitra Chatterjee​ passes away: The legendary Bengali actor and Dadasaheb Phalke award recipient Soumitra Chatterjee passed away. He became famously known after his collaborations with Oscar-winning film director Satyajit Ray, with whom he worked in fourteen films. He had won a number of awards in home and abroad. Soumitra Chatterjee was awarded the Padma Bhushan by the Government of India in 2004, Dadasaheb Phalke Award, India’s highest award for cinema, in 2012. In 1999 Soumitra Chattopadhyay became the first Indian film personality to be conferred with the Ordre des Arts et des Lettres, France’s highest award for artists.