NATIONAL UPDATES:
1. PM
Modi launch “One Sun, One World, One Grid” initiative: Prime Minister
Narendra Modi and his British counterpart Boris Johnson jointly launched the
‘One Sun, One World, One Grid’ (OSOWOG) initiative at the COP 26 Climate Meet
in Glasgow. This project is about setting a ‘trans-national electricity grid to
supply solar power across the world.
About OSOWOG: The vision behind
OSOWOG is ‘The Sun Never Sets. It is a constant at some geographical location,
across the globe, at any given point of time. This is the most ambitious scheme
undertaken by India and is significant in terms of economic benefits. It has
been taken up under the technical assistance program of the World Bank. This
plan will also leverage the International Solar Alliance (ISA). Key points:
(1) On the occasion, he also announced that
India’s space agency, ISRO will provide a calculator to the world soon, that
can measure the solar energy potential of any region.
(2) ‘One Sun, One World, One Grid’ (OSOWOG)
solution will be used to tackle the challenge of solar power.
(3) Earth’s atmosphere receives enough
sunlight in one hour, that can be used to power the electricity needed of every
human on earth for a year.
(4) However, solar energy is only available
during the day. Another challenge is that it is dependent on weather
conditions.
2. Amit
Shah launches ‘Ayushman CAPF’ health card: Union Home Minister Amit Shah has
announced that the Central government has extended the benefits of the
“Ayushman CAPF healthcare scheme” to the personnel of all Central Armed Police
Forces (CAPFs). The scheme was launched in line with the commitment of the Modi
govt to ensure healthcare facilities of CAPF personnel so that they can
discharge their duties with full concentration. Under this scheme, CAPF
personnel & their families would be able to avail cashless in-patient and
out-patient healthcare facilities across the hospitals that come under Ayushman
Bharat PM-JAY.
Who are covered under the scheme: It covers all Central
Armed Police Forces (CAPF) officials & serving personnel as well as their
dependents from seven forces namely, Border Security Forces (BSF), Assam
Rifles, Sashastra Seema Bal (SSB), Central Industrial Security Force (CISF),
Central Reserve Police Force (CRPF), Indo-Tibetan Border Police (ITBP) and
National Security Guard (NSG).
3. Niti
Aayog, World Bank ready electric vehicles financing push: NITI (National
Institution for Transforming India) Aayog and the World Bank (WB) are working
together to facilitate a program for faster and easier financing of electric
vehicles (EVs). NITI Aayog and World Bank are setting up a $300-million ‘first
loss risk sharing instrument’, with the State Bank of India (SBI) as its
program manager. The current rate of interest for electric two-wheelers &
electric 3 Wheelers, which is in the range of 20-25 per cent is expected to be
reduced to 10-12 per cent.
Note: World Bank Founded: July 1944; World
Bank Headquarters: Washington DC, USA; World Bank President: David R. Malpass.
4. GoI
form empowered group of secretaries under Cabinet secretary to review
implementation of PM GatiShakti: Centre has constituted an Empowered Group
of Secretaries (EGoS) to review and monitor the mechanism for the development
and implementation of the PM Gati Shakti National Master Plan (NMP). The
Cabinet Secretary will be the Chairperson of 20-member EGoS. Head of Logistics
Division will be the Member and Convenor. The Logistics Division will act as
Secretariat to the EGoS for its Terms of Reference (ToRs).
INTERNATIONAL UPDATES:
1. US
lawmaker introduces Bill to declare Diwali a national holiday: United States
lawmakers led by Congresswoman Carolyn B Maloney from New York, introduced a
bill to declare Diwali a national holiday in the country. The lawmaker
announced the Deepavali Day Act in the House of Representatives. The historic
legislation is being supported by a number of lawmakers including
Indian-American Representative Raja Krishnamoorthi. Meanwhile, Krishnamoorthi
also introduced a resolution in the US Congress to recognise the religious and
historical significance of the festival of lights.
Note: United States Capital: Washington,
DC; United States President: Joe Biden; United States Currency: United States
Dollar.
2. International
Day for Preventing the Exploitation of the Environment in War and Armed
Conflict: 6th November: The International Day for Preventing the Exploitation
of the Environment in War and Armed Conflict is an international day observed
annually on November 6. On 5 November 2001, the UN General Assembly declared 6
November of each year as the International Day for Preventing the Exploitation
of the Environment in War and Armed Conflict. At the time of war, it affects
the ecosystem such as water supply is poisoned, the forest is burnt, animals
being killed, etc. Though humanity has always counted its war casualties in
terms of dead and wounded soldiers and civilians, destroyed cities and livelihoods,
the environment has often remained the unpublicized victim of war. Water wells
have been polluted, crops torched, forests cut down, soils poisoned, and
animals killed to gain military advantage.
OTHER UPDATES:
SPORTS
1.
Unmukt Chand becomes the 1st Indian male to sign up for BBL: Unmukt Chand has
become the first Indian male cricketer to sign up for the Big Bash League as he
is set to feature in the Melbourne Renegades side in the upcoming edition. The
28-year-old, who led India to the Under-19 World Cup title in 2012, has
represented India A, apart from featuring in teams like Delhi Daredevils,
Mumbai Indians, and Rajasthan Royals in the IPL. He announced his retirement
from Indian cricket in August this year stating that he would explore ‘better
opportunities from around the world’.
Chand has now shifted his base to the
United States of America (USA). He was recently named ‘Player of the Tournament
as his side, Silicon Valley Strikers, won the Minor League Cricket (MCL) title.
The right-handed batter will travel to Australia later this month and be
available for the entire duration of the tournament.
2.
Sports ministry upgrades three new facilities in Lucknow, Delhi and Chennai as
KISCE: The
Ministry of Sports has upgraded three existing sports facilities across the
country as the Khelo India Sports Centres of Excellence (KISCE).
The three new centres are: (1) Guru Gobind
Singh Sports College, Lucknow; (2) Chhatrasal Stadium, Delhi; (3) Jawaharlal
Nehru Stadium, Chennai
Now the total number of KISCEs in India has
increased to 27 spread across 26 States and Union Territories.
BANKING AND FINANCE
1.
RBI issues revised PCA framework for banks: The RBI has issued a revised Prompt
Corrective Action (PCA) framework for banks to enable supervisory intervention
at “appropriate time” and also act as a tool for effective market discipline.
Capital, asset quality and leverage will be the key areas for monitoring in the
revised framework. The revised PCA framework will be effective from January 1,
2022. The framework was last revised in April 2017.
Objective of PCA: The objective of
the PCA framework is to enable supervisory intervention at an appropriate time
and require the supervised entity to initiate and implement remedial measures
in a timely manner, so as to restore its financial health. The central bank
also stressed that the PCA framework does not preclude the RBI from taking any
other action as it deems fit at any time, in addition to the corrective actions
prescribed. PCA framework is applicable only to commercial banks. Co-operative
banks and non-banking financial companies (NBFCs) are not covered under it. Key
Points:
(1) The framework will apply to all banks
operating in India, including foreign banks operating through branches or
subsidiaries based on breach of risk thresholds of identified indicators.
(2) The framework also details conditions
for exit from PCA and withdrawal of restrictions. If a bank is put under the
PCA, several restrictions are placed on it.
(3) The restrictions are imposed on
dividend distribution and remittance of profits, bringing in the capital (in
the case of foreign banks), branch expansion, and capital expenditure.
2.
RBI named Bandhan Bank as agency bank: The Reserve Bank of India has now appointed
Bandhan Bank as an Agency Bank of the RBI to conduct government business.
Bandhan Bank now joins several other private banks that have been empanelled as
an Agency Bank of the RBI. Bandhan Bank will now be authorised to handle
transactions related to GST, VAT and the collection of state taxes.
List of Banks recently appointed as Agency
Bank of RBI: (1) South Indian bank; (2) Karnataka bank; (3) DCB Bank; (4) RBL
Bank; (5) Dhanlaxmi Bank; (6) IndusInd Bank and (7) Bandhan Bank
BUSINESS AND ECONOMY
1.
Edelgive Hurun India Philanthropy List 2021: Hurun India and EdelGive have
jointly released the Edelgive Hurun India Philanthropy List 2021. The list was
topped by Azim Premji, the founder chairman of Wipro, with a donation of Rs
9,713 crore during fiscal 2020-21 which is around Rs 27 crore a day. HCL’s Shiv
Nadar once again retained the second spot on the list with an annual donation
of Rs 1,263 crore, marking a 59 per cent rise. Mukesh Ambani, the chairman of
Reliance Industries, and his family occupied the third spot on the philanthropy
list with an annual donation of Rs 577 crore.
Here is the top 5 Philanthropist in the
list:
|
Rank |
Person |
Donation |
|
1 |
Azim Premji |
Rs 9,713 crore |
|
2 |
Shiv Nadar |
Rs 1,263 crore |
|
3 |
Mukesh Ambani |
Rs 577 crore |
|
4 |
Kumar Mangalam Birla |
Rs 377 crore |
2.
Arun Chawla named as Director-General of FICCI: Industry chamber
Federation of Indian Chambers of Commerce & Industry (FICCI) named Arun
Chawla as its new director-general. He will assume charge with immediate
effect. He joined FICCI in 2011 and is currently the deputy secretary-general
of the chamber. He joined the Federation of Indian Chambers of Commerce &
Industry in 2011 and is currently the deputy secretary-general of the chamber.
Note: FICCI Founded: 1927; FICCI
Headquarters: New Delhi; FICCI President: Uday Shankar; FICCI Secretary
General: Dilip Chenoy.
AWARDS AND HONOURS
1. South African author Damon Galgut wins Booker Prize: South African playwright and novelist, Damon Galgut has won the 2021 Booker Prize for “The Promise”, his third shortlisted novel which chronicles a family in his homeland from the late apartheid era through to Jacob Zuma’s presidency. Spanning several decades, the book shows the family’s growing disintegration as the country emerges into democracy. Mr. Galgut took the prize on his third time as a finalist, for a book the judges called a “tour de force.” He was previously shortlisted for “The Good Doctor” in 2003 and “In a Strange Room” in 2010, but lost both times.
