Daily GK Update- 7th Aug, 2021

 

NATIONAL UPDATES:

 

1. India & World Bank sign $250 million project to safe dams and resilient: The World Bank has approved a USD 250 million projects in India for a long-term dam safety program and improving the safety and performance of existing dams across various states of India. The Second Dam Rehabilitation and Improvement Project (DRIP-2) agreement was inked on between the World Bank, the Government of India, the Central Water Commission, and government representatives from 10 participating states. The project will be implemented at the national level through the Central Water Commission (CWC). At the state level, approximately 120 dams will be undertaken across the states of Chhattisgarh, Gujarat, Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Odisha, Rajasthan, and Tamil Nadu. Other states or agencies may be added to the project during project implementation.

Other important measures that DRIP-2 will support include flood forecasting systems and integrated reservoir operations that will contribute to building climate resilience; the preparation and implementation of Emergency Action Plans to enable vulnerable downstream communities to prepare for and enhance resilience against the possible negative impacts and risks of climate change; and the piloting of supplemental revenue generation schemes such as floating solar panels.

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

 

2. Retired Justice V M Kanade appointed Lokayukta in Mumbai: Maharashtra Governor, Bhagat Singh Koshyari has approved the appointment of retired Bombay high court judge Justice V M Kanade as the new Lokayukta of Maharashtra, on the advice of the chief minister Uddhav Thackeray. Maharashtra was without a full-time Lokayukta for almost a year. The previous Lokayukta, (retd) Justice M L Tahaliyani had completed his tenure in August 2020.

About the Lokayukta:

(1) The Lokayukta is an anti-corruption ombudsman. Citizens can make complaints of corruption against any government official or elected representative directly to the Lokayukta, who is tasked with speedy redressal.

(2) The Lokayukta acts like a watchdog and plays a key role in fighting against corruption and bringing transparency. It’s been almost a year since there is no Lokayukta and this shows that the government is not keen on encouraging transparency.

(3) The Lokayukta post is important to keep a check on the government and has become a recourse for the man between 2015 and 2020.

 

3. Governors can pardon prisoners: Supreme Court of India: Supreme Court of India on August 3, 2021, held that the Governor of state can pardon prisoners, including in the death sentence cases. Governor can pardon the prisoners even before they have completed a minimum of 14 years of prison sentence. Court also said that the Governor’s power to pardon overrides a provision given under Section 433A of the Code of Criminal Procedure. Court noted, the sovereign power of the Governor to pardon prisoner under Article 161 is exercised by the State government and not the Governor on his own, in reality. Article 161 of the Indian constitution provides the Governor of a State with the power to grant pardons, reprieves, respites or to remit punishment or to suspend, remit or commute the sentence of any person convicted of any offence against laws.

About the Section 433A: Section 433A mandates that the sentence of the prisoner can be remitted only after 14 years of jail. The court observed that Section 433-A of the Code cannot and does not affect the constitutional power of the President or Governor to grant pardon under Articles 72 or 161 of the Constitution. Such power is in the exercise of the power of the sovereign. However, Governor will have to act on the aid and advice of the State Government.

Note: Supreme Court of India Established: 26 January 1950; Chief Justice of India Justice: NV Ramana.

 

4. A new book on Balakot air strikes 2019 authored by Manan Bhatt: A new book titled “Balakot Air Strike: How India Avenged Pulwama”, published by Garuda Prakashan, is written by Navy veteran Manan Bhatt. According to the publisher, the book, “a racy thriller” with “adrenalin-pushing action”, would make readers’ patriotism brim over, while filling them with a sense of gratitude and pride towards the armed forces. The book, in its detailed account of the “two epochal events”, claims to capture everything “from moments before the ill-fated CRPF bus was hit, to the cockpits from where precision bombs were triggered and what transpired in those 12 momentous, expectation-filled days.

 

5. National Handloom Day: 7th August: India has marked the 7th National Handloom Day to showcase the legacy of the Indian handloom industry. The day is to commemorate the Swadeshi Movement and to celebrate our country’s rich fabrics and colourful weaves. The whole nation will mark the day to showcase the legacy of the Indian handloom industry and to honour the weavers across the country. It was first observed in 2015 by the Govt of India. National Handloom Day seeks to focus on the contribution of handloom to the socio-economic development of the country and also increase the income of weavers.

 

INTERNATIONALUPDATES:

 

1. Germany becomes 5th country to sign ISA Framework Agreement: Germany became the 5th country to sign the International Solar Alliance Framework Agreement after amendments to it entered into force on 8th January 2021, opening its Membership to all Member States of the United Nations. Ambassador of Germany to India Walter J. Lindner deposited signed copies of the International Solar Alliance Framework Agreement with the Ministry of External Affairs, the depositary of the Agreement.

Membership to the ISA was earlier limited to 121 countries, which were partially or entirely located within the tropics. This didn’t allow major solar energy economies such as Germany to join the alliance that is being increasingly seen as a foreign policy tool. The initiative was launched by Prime Minister Narendra Modi at the India Africa Summit and a meeting of member countries ahead of the 2015 United Nations Climate Change Conference in Paris in November 2015. The framework agreement of the International Solar Alliance opened for signatures in Marrakech, Morocco in November 2016.

Note: Germany Capital: Berlin; Germany Currency: Euro; Germany President: Frank-Walter Steinmeier.

 

OTHER UPDATES:

 

SPORTS

 

1. Tokyo Olympics 2020: BajrangPunia wins Olympic wrestling bronze medal: Indian wrestler BajrangPunia has won the Olympic wrestling bronze medal match after 8-0 win over DauletNiyazbekov of Kazakhstan in the men’s freestyle 65kg category. Punia became the sixth Indian wrestler to finish on the Olympic podium after KD Jadhav, Sushil Kumar, YogeshwarDutt, Sakshi Malik and Ravi Kumar Dahiya. This became the second instance after the 2012 London Olympics when two Indian wrestlers won medals in the same Games.

 

BANKING AND FINANCE

 

1. RBI imposes Rs 6 lakh penalty on Hewlett-Packard Financial Services: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 6 lakh on Bengaluru-based Hewlett-Packard Financial Services (India) Private Ltd. RBI said the statutory inspection of the company, concerning its financial position as of March 31, 2019, revealed, inter alia, non-compliance with the statutory directions on (i) submission of credit information to Central Repository of Information on Large Credits and (ii) submission of credit data to Credit Information Companies. The penalty has been imposed in exercise of powers vested in it under the provisions of the Reserve Bank of India Act, 1934 and the Credit Information Companies (Regulation) Act, 2005, taking into account the failure of the company to adhere to the aforesaid directions issued by RBI.

 

BUSINESS AND ECONOMY

 

1. Kumar Mangalam Birla steps down as Non-Executive Chairman of Vi: Aditya Birla Group Chairman Kumar Mangalam Birla has stepped down as the Non-Executive Director and Non-Executive Chairman of the Vodafone Idea (now Vi) Board. The Vi Board of Directors have unanimously elected HimanshuKapania, currently a Non-Executive Director, as the Non-Executive Chairman with effect. Kapania, a nominee of the Aditya Birla Group, is a telecom industry veteran with 25 years of experience. He has also served on the Global GSMA Board for two years and was also the Chairman of the Cellular Operators Association of India (COAI) for two years. He is presently the Chairman of the FICCI Council on Telecom, Electronics and Digital Economy.

Note: Aditya Birla Group Founder: Seth Shiv Narayan Birla; Aditya Birla Group Founded: 1857; Aditya Birla Group Headquarters: Mumbai.

 

AWARDS AND HONOURS

 

1. C.R. Rao Gold Medal award winners announced: The Indian Econometric Society (TIES) Trust has selected two renowned economic scholars for the Prof. C.R. Rao Centenary Gold Medal award. Renowned economists JagdishBhagwati and C Rangarajan have been conferred with the inaugural Prof CR Rao Centenary Gold Medal (CGM). Bhagwati is a professor of economics, law and international relations at Columbia University while C Rangarajan is the former chairman of the Economic Advisory Council of the Prime Minister and former governor of the Reserve Bank of India.

About the award: TIES Trust had constituted a jury to shortlist the awardees. Based on the jury’s recommendations, it announced that inaugural award to two distinguished scholars. The medal is presented once in two years to an Indian or Indian-origin scholar for lifetime contributions to the fields of theoretical and applied aspects of quantitative economics and official statistics.

 

DEFENCE

 

1. INS Khanjar becomes the first INS to call at heritage coastal port: Indian Naval Ship Khanjar becomes the first Indian Navy ship to call at the heritage coastal port of Gopalpur in Odisha. The two-day visit was organised as part of AazadikaAmritMahotsav as well as Swarnim Vijay Varsh celebrations to commemorate the 75th anniversary of Independence and the 50th anniversary of the 1971 War. The visit of the ship was aimed at enhancing ties and spreading awareness with the local populace on aspects of coastal security and maritime operations.

During the visit, ship’s officers interacted with Port Officials and discussed aspects related to berthing facilities for OTR of Naval ships and security overview of port infrastructure. The ship’s team also undertook a cleanup drive at Gopalpur beach and tree plantation in the port premises. In addition, books and dry provisions were distributed to Samarth Orthopedically Handicapped Welfare Association, at Chatrapur in Ganjam district.

 

OBITUARIES

 

1. Padma Shri awardee Padma Sachdev passes away: Padma Shri awardee and noted author Padma Sachdev, the first modern woman poet of Dogri language, passed away. She received the Padma Shri, the country’s fourth-highest civilian award, in 2001 and was awarded the KabirSamman for poetry for 2007-08 by the Madhya Pradesh government. She authored many books in Dogri and Hindi, and her poetry collections, including ‘Meri Kavita Mere Geet’, won her the SahityaAkademi Award in 1971.

 

Daily GK Update- 6th Aug, 2021

 

NATIONAL UPDATES:

 

1. Manipur’s Chandel Tops List of Aspirational Districts in June: NITI Aayog: Chandel district in Manipur has topped the list of aspirational districts ranked by government think tank NITI Aayog for the month of June. Sahibganj (Jharkhand) and Firozpur (Punjab) have been ranked at the second and third positions, respectively, NitiAayog said. Dhubri (Assam) and Kiphire (Nagaland) are at the fourth and fifth places, respectively. The delta rankings took into account incremental progress made by over 112 aspirational districts across six developmental areas in June 2021.

 

2. Government launches digital tools to improve logistics efficiency, sustainability: The government has launched the Secured Logistics Document Exchange (SLDE) along with a Calculator for Green House Gas Emission to improve ease of doing business, logistics efficiency, reduce logistics cost, and promote multi-modality and sustainability. The SLDE platform is a solution to replace the present manual process of generation, exchange and compliance of logistics documents with a digitized, secure and seamless document exchange system. The GHG Calculator is an efficient, user-friendly tool and provides for calculating and comparing GHG emissions across different modes.

 

3. NABARD sanctions Rs 446 crore for drinking water projects in Punjab: National Bank For Agriculture and Rural Development (NABARD) Punjab regional office has sanctioned Rs 445.89 crore under the Rural Infrastructure Development Fund (RIDF) for five large surface based drinking water projects in Ferozpur, Fazilka, Hoshirapur and Rupnagar districts of Punjab. These projects envisage to provide 70 litre per capita per day potable drinking water at the consumer-end through functional household tap connections covering a rural population of 10.39 lakh in 700 villages.

 

4. IIT Madras launches India’s first consortium for Virtual Reality: Indian Institute of Technology Madras has launched the country’s first Consortium for Virtual Reality called ‘Consortium for VR/AR/MR Engineering Mission in India’ (CAVE). As a group of academia, industries, start-ups, and Government bodies, this consortium is being coordinated by IIT Madras. The main objective of this consortium is to enable members to create new advanced technologies and applications in Virtual Reality, Augmented Reality, Mixed Reality (XR) and haptics together. Their research collaboration would be undertaken with industrial sponsors and participants from industry, academia, and Government.

 

5. TRIFED celebrates its 34th Foundation Day: Tribal Co-operative Marketing Federation of India (TRIFED) has celebrated its 34th foundation day on 6th August. TRIFED was founded to drive tribal development through marketing support for tribal products, both, handicrafts and Non-Timber Forest Produce (NTFP). TRIFED will celebrate this day in a special manner, with due publicity, to raise awareness among one and all regarding the issues related to trade in tribal areas, and the need to ensure a fair deal for the tribes in the commerce of their products. The proposed event shall also recognize the achievements and contributions that the tribes and people working for them have made in this regard.

About the TRIFED: TRIFED was established on the 6th of August 1987 as a National level Cooperative body with the major objective of socio-economic development of tribals. TRIFED will be celebrating its 34th Foundation Day on August 6, an event to recognise TRIFEDs achievements and the contribution of Tribes as well as people working with it.

 

INTERNATIONALUPDATES:

 

1. EbrahimRaisi sworn in as new President of Iran: EbrahimRaisi was officially sworn in as the new president of Iran on August 05, 2021. He won the 2021 Iranian presidential election in June, with 62 per cent of the vote. The 60-year-old Raisi succeeds Hassan Rouhani to begin his four-year term. He is also been the Chief Justice of Iran since March 2019. Raisi’s inauguration comes at a pivotal time, with Iran currently in indirect negotiations with the United States over how to revive the 2015 nuclear agreement. Raisi will also face the task of reviving his country’s economy, which has been battered in recent years by the previous US administration’s “maximum pressure” campaign of sanctions. Tensions in the region are also high following a string of maritime provocations blamed by the West on Tehran.

Note: Iran Capital: Tehran; Iran Currency: Iranian toman.

 

2. 7 Indian Companies Feature in Fortune Global 500 list for 2021: Seven Indian companies have found a place in 2021 Fortune’s Global 500 list. The Fortune Global 500 is an annual ranking of the top 500 enterprises globally, as measured by business revenues. MukeshAmbani-led Reliance Industries Ltd is the highest-ranked Indian company on the list in terms of revenue, with revenues of nearly $63 billion. It is placed at 155th spot globally. Globally, Walmart has topped the list in terms of revenue for the eighth consecutive year and the 16th time since 1995. China has dominated this years list for the highest number of companies featuring in the list at 143, including those from Taiwan. This is followed by the U.S. with 122, and Japan with a total of 53, respectively.

 

Indian Companies in the list:		The top 10 Global Companies in the list:
Reliance Industries (155)		Walmart (US)
State Bank of India (205)		State Grid (China)
Indian Oil (212)		Amazon.com (US)
Oil & Natural Gas (243)		China National Petroleum (China)
Rajesh Exports (348)		Sinopec (China)
Tata Motors (357)		Apple (US)
Bharat Petroleum (394)		CVS Health (US)
		UnitedHealth Group (US)
		Toyota Motor (Japan)
		Volkswagen (Germany)

 

3. Hiroshima Day: 6th August: Annually 6th of August marks the anniversary of the atomic bombing in Hiroshima during World War II. The horrific incident took place on August 6, 1945, when the United States dropped an atomic bomb named “Little Boy”, on the town of Hiroshima in Japan. This bomb attack was done with the motive to end the Second World War in 1945. This day is remembered to promote peace and spread awareness about the danger of nuclear energy and nuclear weapons. 2021 marks the 76th anniversary of the world’s first atomic bombing.

History of Hiroshima Day: During the 2nd World War which was active in 1939- 1945, the world’s first deployed atomic bomb with more than 9000 pounds uranium-235 was loaded and US B-29 bomber aircraft, the Enola Gay attacked the Japanese city of Hiroshima on 6th August 1945. The explosion was so huge that it immediately killed 70,000 people wiping 90% of the city and later on around 10,000 people died due to the effect of radiation exposure.

 

OTHER UPDATES:

 

SPORTS

 

1. Ravi Kumar Dahiya wins silver medal at Tokyo Olympics 2020: Indian wrestler Ravi Kumar Dahiya bagged the silver medal after losing in the final of men’s 57kg freestyle category to Russian Olympic Committee’s (ROC) ZavurUguev. This is India’s fifth medal at the Tokyo Olympics and the second silver of the campaign. Ravi Kumar is the fifth Indian wrestler after KD Jadhav, Sushil Kumar, YogeshwarDutt, and Sakshi Malik to finish on the Olympic podium.

 

BANKING AND FINANCE

 

1. RBI’s New Rules on Interchange Fee, 24/7 Bulk Clearing Facility Functional: The Reserve Bank of India’s new directions on raising interchange fee and making available the facility of bulk clearing round the clock have become effective from August 1 onwards. The RBI in June raised the interchange fee for financial transactions from Rs 15 to Rs 17, while for non-financial transactions the increase was done from Rs 5 to Rs 6. These new rates have become applicable from August 1, 2021, as per the RBI’s direction. An interchange fee is a fee charged by banks to the merchant who processes a credit card or debit card payment.

 

2. GyanDhan receives NBFC licence from RBI: GyanDhan, India’s first education financing platform said it has received an NBFC license from the Reserve Bank of India and it aims to disburse Rs 650 crore worth of education loans in FY22. Out of this, Rs 50 crore will be for domestic short-term courses offered by various ed-tech players and coaching institutes. The Delhi-based, digital-first company has already partnered companies including Great learning and various IAS institutions to offer interest-free education loans to prospective students wanting to pursue short-term courses.

 

3. HDFC partners with IFC partner to promote affordable green housing finance: HDFC Ltd has got a loan of $250 million from International Finance Corporation (IFC), the investment arm of the World Bank Group, to be used by India’s largest housing finance company for green housing. Green housing is regarded as a luxury market in the country, but has climate benefits. IFC said its partnership with HDFC would help change perceptions about the market. At least 25 per cent of the funding is for green affordable housing. Green affordable housing can help India on its path to deliver on its commitments under the Paris Agreement, to reduce a third of its carbon emissions by 2030 from 2005 levels.

 

BUSINESS AND ECONOMY

 

1. India possesses 501.83 million tonnes of gold reserves: Union govt: India has an estimated 501.83 million tonnes of gold reserves or resources of gold ore, as per the National Mineral Inventory data. Out of these, 17.22 million tonnes have been placed under the reserves category and the remaining 484.61 million tonnes under remaining resources category, Union Minister of Mines, Coal and Parliamentary Affairs Prahlad Joshi said. The largest resources of gold ore are located in Bihar (44%) followed by Rajasthan (25%), Karnataka (21%), West Bengal (3%), Andhra Pradesh (3%), and Jharkhand (2%). The remaining 2% resources of ore are located in Chhattisgarh, Madhya Pradesh, Kerala, Maharashtra and Tamil Nadu.

 

2. GST collections for July record Rs 1.16 lakh crore: The Goods and Services Tax collection for the month of July rose to Rs 1,16,393 crore, after slipping below the Rs 1 lakh crore mark for the first time in eight months in June, data released by the finance ministry showed. Of the total collection in July, Rs 22,197 crore came from Central GST, while Rs 28,541 crore came from the State GST component. Integrated GST collections amounted for Rs 57,864 crore (including Rs 27,900 crore collected on import of goods) and Cess was Rs 7,790 crore.

 

3. Forex reserves down by USD 1.581 billion to USD 611.149 billion: The country’s foreign exchange reserves declined by USD 1.581 billion to stand at USD 611.149 billion for the week ended July 23, RBI data showed. The reserves had reached a lifetime high of USD 612.730 billion after rising by USD 835 million in the previous week ended July 16, 2021. Gold reserves were down by USD 449 million to USD 36.884 billion in the reporting week.

 

OBITUARIES

 

1. Film critic Rashid Irani passes away: Eminent film critic Rashid Irani, a much-loved figure in the cinema circles of the city, was found dead at his residence here. He was 74. Irani, who had contributed several articles in national dailies like Times of India, Hindustan Times and the website Scroll.in, was “one of the pillars of the Mumbai Press Club Film Society.

 

2. Veteran Odisha Politician ArunDey passes away: Trade union leader, activist and five-time MLA of Odisha, ArunDey, passed away at the age of 75 at a private hospital in Bhubaneswar. He was elected to the Assembly in 1980 and 1990 from Balasore. In 1995 he contested as an independent candidate and won it. In 2004 he was again elected on behalf of the Odisha GanaParishad. Dey had contested the assembly election from Balasore in 2014 on Congress ticket. However, he lost to the Biju Janata Dal’s JibanPradip Das. The veteran leader joined the BJD headed by Chief Minister Patnaik ahead of the 2019 elections. 

Daily GK Update- 5th Aug, 2021

 

NATIONAL UPDATES:

 

1. Indian Olympics contingent to be Guests at Independence Day: Prime Minister Narendra Modi will invite India’s Olympic contingent as special guests for Independence Day celebrations on August 15. Modi will also invite contingent to his residence for interaction. This year, India has been represented by a 228-strong contingent that includes 120 athletes at the Tokyo Olympics. PM Narendra Modi supported and encouraged the Olympians throughout the events. He also congratulated the winners and appreciated the ones who made India proud.

 

2. Union Cabinet approves continuation of 1,023 fast track special courts: The Union Cabinet has approved the continuation of 1,023 fast track special courts, including 389 exclusive POCSO courts, as a centrally sponsored scheme for another two years. Union minister Anurag Thakur said out of 31 states and union territories, 28 have started the scheme. West Bengal is one of the states which has not started the scheme. The scheme would continue from April 1, 2021, to March 31, 2023, with an outlay of Rs 1572.86 crore — Rs 971.70 crore as central share and Rs 601.16 crore as state share. The central share is to be funded from the ‘Nirbhaya’ Fund. The scheme was launched on October 2, 2019.

To bring more stringent provisions and expeditious trial and disposal of such cases, the Criminal Law (Amendment) Act, 2018 was enacted which made provision of stringent punishment, including the death penalty, for perpetrators of rape. This led to the establishment of the fast track special courts. These are dedicated courts expected to ensure swift dispensation of justice. They have a better clearance rate as compared to the regular courts and hold speedy trials. Besides providing quick justice to the victims, it strengthens the deterrence framework for sexual offenders.

 

3. A book on Leopard titled ‘Leopard Diaries – the Rosette in India’ by Sanjay Gubbi: Wildlife Biologist, Sanjay Gubbi authored a book about Leopard titled ‘Leopard Diaries – the Rosette in India’, in which he says about the food habits, ecological context, and conservation of Leopard along with the suggestions to overcome leopard–human conflict. The book also details Sanjay Gubbi’s practical engagement as a conflict manager, adviser to the State government, and leopard PR (Public Relations) person. The book was published by Westland. Leopard is one of the five extant species in the genus Panthera, a member of the cat family, Felidae. As per the government’s report, Madhya Pradesh has the highest number of leopards, about 26 per cent of the total number estimated in the country.

 

INTERNATIONALUPDATES:

 

1. ShehrozeKashif becomes world’s youngest mountaineer to scale K2: A 19-year old Pakistani climber ShehrozeKashif became the youngest person in the world to reach the summit of K2, the second-highest peak in the world. ShehrozeKashif from Lahore achieved the feat of scaling the 8,611-metre high peak with the aid of bottled oxygen. Before Kashif, SajidSadpara, the son of the legendary climber Muhammad Ali Sadpara, was the youngest person to have climbed K2 at the age of 20. Kashif also scaled the world’s 12th-highest mountain, the 8,047-meter Broad Peak, at the age of 17. In May this year, he became the youngest Pakistani to scale Mount Everest. Pakistan, Nepal, and China are home to the 14 highest peaks in the world, also known as the 8,000ers. Five 8,000-metre peaks, including K2 and Nanga Parbat, are in Pakistan.

Note: Pakistan Capital: Islamabad; Pakistan President: ArifAlvi; Pakistan Prime minister: Imran Khan; Pakistan Currency: Pakistani rupee.

 

2. Mumbai, Bengaluru lose top-100 spots in QS Best Student Cities Ranking: Mumbai and Bengaluru are out of the global top-100 list and are currently ranking at 106 and 110, respectively in the latest edition of the QS Best Student Cities Ranking. While Mumbai lost 29 places, Bengaluru fell by 21 places in the ninth edition of the rankings brought out by global higher education analysts QS Quacquarelli Symonds. Globally, the results, which enable students to compare 115 premier educational destinations, see London retain its status as the world’s best student city for the third consecutive edition. It is followed by Munich, which rises from 4th to 2nd. Seoul, which jumps from 10th to joint-3rd, shares the bronze-medal position with Olympic hosts Tokyo.

 

3. ESA launched ‘Eutelsat Quantum’ revolutionary reprogrammable Satellite: European Space Agency (ESA) launched ‘Eutelsat Quantum’, the world’s 1st commercial reprogrammable satellite into space aboard Ariane 5 rocket from French Guiana. It is a fully flexible software-defined satellite. The satellite has been developed under a European Space Agency partnership project with satellite operator Eutelsat, Airbus & Surrey Satellite Technology.

A reprogrammable satellite allows the user to repurpose it even after being launched into orbit. It can be reprogrammed in real-time to suit the changing purposes of the user. The Quantum satellite is capable of responding to changing demands for data transmission and secure communication during its lifespan of 15 years and will cover the areas from West Africa to Asia. The satellite will remain in geostationary orbit for its 15-year lifespan, after which it will be safely placed in a graveyard orbit away from Earth to avoid becoming a risk to other satellites.

About the Satellite: Eutelsat Quantum is a UK flagship project with most of the satellites developed and manufactured by British industry. Airbus is the prime contractor and was responsible for building the satellite’s innovative payload, while Surrey Satellite Technology Ltd manufactured the new platform. The innovative phase array antenna was developed by Airbus in Spain.

Note: European Space Agency is an intergovernmental organization of 22 member states; European Space Agency was established in 1975 and headquartered in Paris.

 

OTHER UPDATES:

 

SPORTS

 

1. Tokyo Olympics 2020: Boxer LovlinaBorgohain Claims Bronze Medal: Indian Boxer, LovlinaBorgohain has failed to reach the gold medal final match. She settles for a bronze medal. This is India’s third medal of the ongoing Tokyo Olympics. She lost to BusenazSurmeneli of Turkey by unanimous decision in the women’s welterweight (69 kg) semifinal at Tokyo 2020. Lovlina had already assured India of their first boxing medal at the ongoing Olympic Games when she upstaged former world champion, Nien-Chin Chen of Taiwan, to enter the semis.

 

2. India wins bronze in men’s hockey, beat Germany 5-4: Indian men’s hockey team defeated Germany to win their first-ever Olympic medal in 41 years. India wins the bronze medal in men’s hockey after beating Germany 5-4 at Tokyo Olympics. Before this podium finish for bronze, India last climbed up the Olympic podium in 1980, when it won its 8th gold at the Games. Simranjeet Singh scored two goals for India at the Oi Hockey Stadium, along with Hardik Singh, Harmanpreet Singh and Rupinder Pal Singh also adding their names on the scoresheet.

 

BANKING AND FINANCE

 

1. RBI Authorises IndusInd Bank to act as an ‘Agency Bank’: The IndusInd Bank has been empanelled by the Reserve Bank of India (RBI) to act as an ‘Agency Bank’. As an Agency Bank, IndusInd becomes eligible to carry out transactions related to all kinds of government-led businesses. This decision is based on the RBI guideline that authorises scheduled private sector banks as agency banks of the regulator for the conduct of government business. IndusInd Bank now joins few other private banks of the country listed as Agency Bank of RBI, to carry out general banking business on behalf of the central and state government, apart from offering its customers the convenience of undertaking routine financial transactions through its banking platform.

As an empanelled ‘Agency Bank’, IndusInd Bank can perform certain transactions such as:

(1) Handle transactions pertaining to revenue receipts under CBDT, CCBIC and GST on behalf of the state/central government.

(2) Make transactions for pension payments on behalf of state/central government work related to Small Savings Schemes (SSS).

(3) Collection of stamp duty charges, and collection of stamp duty from citizens for the franking of documents.

(4) Undertake the collection of state taxes such as professional tax, VAT, state excise etc. on behalf of various state governments, among other things.

Note: The IndusInd Bank CEO: SumantKathpalia; The IndusInd Bank Headquarters: Pune; The IndusInd Bank Owner: Hinduja Group; The IndusInd Bank Founder: S. P. Hinduja; The IndusInd Bank Founded: April 1994, Mumbai.

 

2. Mini Ipe appointed as LIC MD ahead of proposed IPO: Mini Ipe took charge as managing director of Life Insurance Corporation of India. Ipe is a post-graduate in commerce and joined LIC in 1986 as a direct recruit officer. She has a diverse experience in LIC having worked in various capacities. Before taking charge as managing director, she was executive director, legal department, LIC of India. Mini Ipe was the first woman zonal manager (in-charge) of LIC and headed SCZO, Hyderabad. She has also worked as executive director (international operations), director and CEO of LICHFL Financial Services Ltd. She has also worked as regional manager (P&IR) and regional manager (estate) of the western zone. Ipe joins the team of other MDs at LIC, including Mukesh Kumar Gupta, Raj Kumar and Siddhartha Mohanty.

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

 

BUSINESS AND ECONOMY

 

1. GoI cuts Mudra loans target to Rs 3 trillion in FY22: The government has set the loans disbursement target under the PM Mudra Yojana (PMMY) at Rs 3 trillion for 2021-22 (FY22). This target is lower than the previous year. For FY21, the target was set at Rs 3.21 trillion. Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Under PMMY, credit up to Rs 10 lakh is provided by banks and non-banking financial companies for entrepreneurial activities to small business units, including for new enterprises in sectors such as manufacturing, trading, services and activities allied to agriculture. The central government allocates annual targets for sanctioning of loans under the scheme. In FY22, loans worth Rs 3,804 crore have been sanctioned by 13 public sector banks (PSBs) as of June 25.

 

DEFENCE

 

1. Ordnance Factory launches new weapon ‘Trichy Carbine’: The Ordnance Factory Tiruchirappalli (OFT) in Tamil Nadu launched a new high-tech and low sound weapon called TriCa (Trichy Carbine), a mini version of the Trichy Assault Rifle (TAR). It was unveiled by General Manager of OFT Sanjay Dwivedi, IOFS (Indian Ordnance Factories Service) during a function.Features of TriCa:

Size of TriCa: 7.62 X 39 mm portable weapon launched on the carbine platform

Weight of TriCa: 3.17 kg (including the magazine) and

Range of TriCa: 150 to 175 metres

The lighter and compact weapon, carbine TriCa is designed for the infantry combat vehicle, helicopter crew and security personnel for operations that call for a compact and relatively powerful individual automatic weapon. The weapon is also for paratroopers, police and security personnel guarding highly secure facilities such as airports, and for use by the Special Operation Forces.

 

2. IAF inducts 2nd squadron of Rafale aircraft at West Bengal’s Hasimara: The Indian Air Force (IAF) has formally inducted the second squadron of Rafale jets at West Bengal’s Hasimara airbase in Eastern Air Command (EAC). The event included a fly-past heralding the arrival of Rafale to Hasimara, followed by a traditional water cannon salute. Recalling the glorious history of 101 Squadron, which bestowed upon them the title of ‘Falcons of Chamb and Akhnoor’, Bhadauria urged the personnel to combine their zeal and commitment with the unmatched potential of the newly inducted platform.

Hasimara is the second IAF base to be equipped with Rafale aircraft. The first squadron of the Rafale jets is stationed at Ambala Air Force station. India has so far received 26 Rafale aircraft out of the 36 it has ordered from Dassault Aviation. The first batch of five Rafale jets arrived in India on 29 July 2020, nearly four years after India signed an inter-governmental agreement with France to procure 36 aircraft at a cost of ₹59,000 crores. The Rafale jets are India’s first major acquisition of fighter planes in 23 years after the Sukhoi jets were imported from Russia. The Rafale jet is capable of carrying a range of potent weapons.

About the Rafale jets: The multi-role Rafale jets, built by French aerospace major Dassault Aviation, are known for air superiority and precision strikes. European missile maker MBDA’s Meteor beyond visual range air-to-air missile and Scalp cruise missile will be the mainstay of the weapons package of the Rafale jets.

Daily GK Update- 4th Aug, 2021

 

NATIONAL UPDATES:

 

1. Cabinet approves DICGC act ensuring Rs 5 lakh for depositors in 90 days: The Union Cabinet cleared changes to the deposit insurance laws to provide funds up to Rs 5 lakh to an account holder within 90 days in the event of a bank coming under the moratorium imposed by the RBI. Earlier, account holders had to wait for years till the liquidation or restructuring of a distressed lender to get their deposits that are insured against default. The government has also permitted raising the deposit insurance premium by 20 per cent immediately, and maximum by 50 per cent. The premium is paid by banks to the DICGC. The Centre plans to introduce the Deposit Insurance & Credit Guarantee Corporation (Amendment) Bill 2021 in the ongoing Monsoon session of Parliament.

 

2. Government releases Rs 8257.88 cr to States, UTs towards India Covid-19 Emergency Response and Health System Preparedness Package in 2020-21: The Government has released 8257.88 crore to the States and Union Territories towards the India Covid-19 Emergency Response and Health System Preparedness Package during 2020-21. Similarly, 1113.21 crore rupees was released during the financial year 2019-20. 23 thousand 123 crores rupees approved by the Cabinet under India Covid-19 Emergency Response and Health System Preparedness Package- Phase-II to be implemented from 1st July 2021 to 31st March 2022. This includes 15 thousand crore as Central Component and 8123 crore as State component.

 

3. Government nod to 100% FDI in oil PSUs approved for stake sale: The Department for Promotion of Industry and Internal Trade (DPIIT) issued an executive order to allow 100 per cent foreign direct investment (FDI) under automatic route for oil and gas PSUs, in case an in-principle approval for strategic disinvestment has been approved by the government. The development was followed by the Union Cabinet’s approval regarding the same on July 22. The move will expand the scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (BPCL) and enable the sale of the government’s 52.98 per cent stake in the company to a foreign buyer. It will also open the door for FDI in other public sector companies in the oil sector put up for privatisation.

 

4. A new book titled “My Own Mazagon” by Captain Ramesh Babu: A new book titled “My Own Mazagon” has authored by Captain Ramesh Babu. The book published by Indus Source Books features the history and story of Mazagon, the island which was merged into a single entity as Bombay. The Book will be jointly released by Vice Admiral R. Hari Kumar, Flag Officer Commanding in Chief, Western Naval Command, Vice Admiral Narayan Prasad, (Retd.), CMDMazagon Dock Shipbuilders Limited. The Book rediscovers the forgotten history of Mazagon and resurrects the identity of MazaGaon, or ‘My own Village’. Captain Ramesh Babu retired from Mumbai after serving the Indian Navy at Mazagon Dock. Other books authored by Capt. Babu: “After You Sir: A Collection of School Stories” and “Calicut Heritage Trails”.

 

INTERNATIONALUPDATES:

 

1. IMF approves historic $650 bln allocation of Special Drawing Rights: The Board of Governors of the International Monetary Fund (IMF) have approved a record general allocation of $650 billion in IMF Special Drawing Rights (SDR), to help boost global liquidity. The $650 billion SDR allocation aims to support member countries, especially emerging and developing nations, battling the coronavirus pandemic and the economic downturn it has caused. This allocation is the largest-ever distribution in the IMF’s 77-year history, in terms of monetary reserves assets. The allocation will become effective from August 23, 2021. The newly created SDRs will be credited to member countries in proportion to their existing quotas shareholding in the Fund.

Note: IMF Headquarters: Washington, D.C. U.S; IMF Managing Director and Chairman: Kristalina Georgieva; IMF Chief Economist: Gita Gopinath.

 

2. World’s largest star sapphire cluster found in a Sri Lankan backyard: World’s largest star sapphire cluster has been found in Ratnapura, Srilanka. The stone is pale blue in colour. It was found by labourers while digging a well in a gem trader’s home. Ratnapura is known as the gem capital of the country. The sapphire cluster weighs around 510kgs or 2.5 million carats. It has an estimated value of up to $100 million in the international market.

Note: Sri Lanka Capitals: Sri Jayawardenepura Kotte; Currency: Sri Lankan rupee; Sri Lanka Prime Minister: Mahinda Rajapaksa; Sri Lanka President: Gotabaya Rajapaksa.

 

OTHER UPDATES:

 

SPORTS

 

1. Alexander Zverev wins gold in men’s singles tennis at Tokyo Olympics 2020: Germany’s Alexander Zverev beats Russian Karen Khachanov 6-3 6-1 to win the men’s singles gold at the Tokyo Olympics. He became the first German man to win singles Olympic gold. The 24-year-old, who has yet to win a Grand Slam title, was in stunning form in the one-hour and 19-minute express contest to become the first German man to win a single Olympic gold. Zverev became only the second German to win Olympic singles gold, matching Steffi Graff’s achievement at the 1988 Seoul Olympics.

 

2. Anurag Thakur Launches Paralympic Theme Song “Kar De KamaalTu”: Union Minister for Youth Affairs and Sports, Anurag Singh Thakur launched the theme song for the Indian Paralympic contingent in New Delhi. The song is titled “Kar De KamaalTu”. The composer and singer of the song is Sanjeev Singh, a Divyang cricket player from Lucknow. 54 para-sportspersons across 9 sports disciplines are participating in Paralympic Games in Tokyo, beginning August 24, 2021.

 

BANKING AND FINANCE

 

1. SBI launches ‘SIM Binding’ feature for YONO: India’s largest lender State Bank of India (SBI) has launched a new and enhanced security feature for its YONO and YONO Lite apps, called ‘SIM Binding’, to protect customers from various digital frauds. Under the new SIM Binding feature, the YONO and YONO Lite apps will work only on those devices which have SIM of mobile numbers registered with the Bank. The main aim of the new version of the platform is to provide enhanced security to customers and help them with a convenient and safe online banking experience.

How to avail of the new service: SBI customers will have to update their mobile app, to get access to the new version of YONO and YONO Lite with enhanced security features. The users will need to complete the one-time registration process on these apps, where the bank will verify the SIM of the registered mobile number with the lender. Customers must register themselves with the device which has the SIM of the registered contact number.

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

 

2. IFC invests ₹916 crore in Federal Bank for 4.99% stake: IFC, along with two investment funds managed by IFC Asset Management Company (IFC Financial Institutions Growth Fund and IFC Emerging Asia Fund) have picked up 4.99 per cent stake in Federal Bank for ₹916 crore. The investment will support Federal Bank’s commitment to environmental social and governance (ESG) standards, and also strengthen its Tier 1 capital adequacy ratio (CAR) and expand its micro, small and medium sized enterprises (MSME) and climate finance portfolios.

 

3. Yes Bank, Indiabulls Housing Finance sign co-lending agreement: Yes Bank and Indiabulls Housing Finance have entered into a co-lending agreement for home loans. The partnership aims at synergising capabilities to provide an efficient and seamless experience to retail home loan customers. The partnership is in line with Yes Bank’s strategy of expanding its retail franchise through a mix of organic and partnership-led origination models.

 

4. RTGS, NEFT payment systems opened up for non-banks in phases: RBI: The Reserve Bank of India said that it has allowed non-banks to participate in its Centralised Payment Systems (CPS) through Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems, in a phased manner. To be sure, RBI in April had already said that non-banks would be allowed access to CPS viz. RTGS, NEFT in a phased manner. Till now, only banks were allowed to use RTGS and NEFT payments facilities.

 

BUSINESS AND ECONOMY

 

1. Centre’s fiscal deficit touch 18.2 pc of annual target at end of June: The Central Government’s fiscal deficit stood at Rs 2.74 lakh crore or 18.2 per cent of the full year’s Budget estimate at the end of June, according to data released by the Controller General of Accounts (CGA). The fiscal deficit at the end of June 2020 was 83.2 per cent of the Budget Estimates (BE) of 2020-21.In absolute terms, the fiscal deficit was at Rs 2,74,245 crore at the end of June. The fiscal deficit or the gap between expenditure and revenue for 2020-21 was 9.3 per cent of the Gross Domestic Product (GDP), better than 9.5 per cent projected in the revised estimates in the Budget in February.

 

2. Amazon India, InCred join hands to offer credit to e-commerce retailers: InCred has entered into a strategic partnership with Amazon India to provide collateral-free, working capital loans of up to Rs 50 lakh to Amazon merchants via its seller portal. The InCred and Amazon India partnership aims to resolve this challenge by addressing the financial constraints of the Indian e-tailers. Both intend to empower them by extending quick, easy, and low-interest working capital loans based on their revenues, with minimal documentation and flexible repayment options.

 

3. YouTube to acquire video-based social commerce startup simsim: Google’s YouTube has signed a definitive agreement to buy video shopping app simsim as it looks to help discover and buy products from Indian retailers. The terms of the acquisition were not disclosed. In its blogpost, Google said this deal builds up on its ongoing investments in India that includes the $10 billion India Digitization Fund.

 

AWARDS AND HONOURS

 

1. DBS clinches global accolade for innovation in digital banking: DBS has been honoured as the global winner for Most Innovative in Digital Banking by Financial Times publication, The Banker, in its 2021 Innovation in Digital Banking Awards. The bank was also recognised as the Asia-Pacific winner and won in the Cyber Security category for its Secure Access and Remote Working Solution. The Banker’s Innovation in Digital Banking Awards recognises the most innovative banks across the world for their digital banking initiatives, strategy, and overall commitment to digital transformation. These awards, now in their second year, are the evolution of The Banker’s Technology Projects of the Year Awards. DBS is named Asia’s Best Bank & Asia’s Best Digital Bank in the Euromoney Regional Awards.

Note: DBS Bank Headquarters: Singapore; DBS Bank CEO: Piyush Gupta.