Daily GK Update- 15th June, 2022

 

NATIONAL UPDATES:

 

1. PM Modi inaugurates Jagatguru Sreesant Tukaram Maharaj Shila Mandir in Pune: Prime Minister Narendra Modi has inaugurated Jagatguru Sreesant Tukaram Maharaj Shila Mandir at Dehu Village near Pune, dedicated to the 17th-century seer. Sant Tukaram was a Warkari saint and poet, famously known for Abhanga devotional poetry and community-oriented worship through spiritual songs known as Kirtans. He lived in Dehu.

About the Shila Mandir:

a)      Shila Mandir was built after his demise, but it was not formally structured as a Temple. It has been rebuilt in stone masonry with 36 peaks, and also carries an idol of Sant Tukaram.

b)      Earlier, the Prime Minister visited the statues of Vitthal-Rukmini in the main temple of Dehu. He also worshiped the symbolic pillar of Bhagwat Dharma built in front of the Shila Mandir.

c)       The ‘Palkhi Marg’, which has been given the status of National Highway, will have dedicated lanes for the ‘warkaris’. The prime minister also announced the upgradation of the highways approaching the temple town from all directs, at a cost of ₹1,180 crore.

 

2. Karnataka govt launched ‘FRUITS’ software for farmer schemes: The Karnataka government has launched ‘The Farmer Registration & Unified Beneficiary Information System’ or FRUITS software for Aadhar-based, single-window registration for the schemes. FRUITS software will facilitate single registration using an Aadhar card and Karnataka’s Bhoomi digitized land record system for authenticating ownership.

Through the creation of single digital identification through FRUITS, farmers can access benefits of hosts of schemes such as Direct Benefit Transfer under PM Kisan, payment for Minimum Support Prices (MSPs) for crops, special financial assistance, caste certificate authentication, and ration cards. To ensure that the farmers get easy access to benefits distributed under various government schemes, the Karnataka government has launched software for Aadhar-based, single-window registration for the schemes.

Note: Karnataka Governor: Thawar Chand Gehlot; Karnataka Chief Minister: Basavaraj Bommai; Karnataka Capital: Bengaluru.

 

3. India finalised deals for cheetahs from South Africa & Namibia: The Indian government has finalized deals with South Africa and Namibia to get the planet’s fastest animals, cheetahs that became extinct in India and will be released into the wild at Kuno Palpur, Madhya Pradesh, by the end of 2022. Initially, a Memorandum of Understanding (MoU) will be signed for 10 years, which can be extended for another five years. There will be 12 cheetahs from South Africa and 8 from Namibia and more will be followed in subsequent years.

The project to translocate cheetahs from Africa to India is a long-term, one-time project being implemented by the environment ministry with the help of the Wildlife Institute of India to reintroduce the cheetah into wild, which became extinct in India in the 1950s. The Supreme Court had appointed an expert panel, which approved Kuno Palpur as the possible location for cheetah relocation. In the past six months, the Madhya Pradesh Forest department has prepared a 10 sq km enclosure with round-the-clock surveillance for reintroduction of cheetahs.

 

4. Asia’s ‘longest-tusked’ elephant Bhogeshwara dies of natural causes: Bhogeshwara, reportedly the elephant with the longest tusks in Asia, died of natural causes at the age of 60. The wild elephant, also known as Mr Kabini, was found dead in the Gundre range of Karnataka’s Bandipur Tiger Reserve. According to forest department officials, Bhogeshwar’s tusks were 2.54 meters and 2.34 meters long. Known for its gentle temperament, the elephant frequented the Kabini backwaters for the last three decades.

 

INTERNATIONAL UPDATES:

 

1. UNGA adopts resolution on multilingualism, mentions Hindi language for 1st time: The United Nations General Assembly (UNGA) has adopted an India-sponsored resolution on multilingualism that mentions the Hindi language for the first time. The resolution passed encourages the UN to continue disseminating important communications and messages in official as well as in non-official languages, including in Hindi language. The resolution also mentions Bangla and Urdu for the first time. Key points:

a)      As part of these efforts, ‘Hindi @ UN’ project was launched in 2018 with an objective to enhance the public outreach of the United Nations in the Hindi language, and to spread greater awareness about global issues among millions of Hindi-speaking populations around the world.

b)      Multilingualism is an essential factor in harmonious communication among peoples and an enabler of multilateral diplomacy. It ensures effective participation of all in the Organization’s work, as well as greater transparency and efficiencies and better outcomes.

c)       Arabic, Chinese, English, French, Russian and Spanish are the six official languages of the United Nations; English and French being the working languages of the United Nations Secretariat.

Note: The United Nations General Assembly President: Abdulla Shahid; The United Nations General Assembly Headquarters: New York, United States.

 

2. 12th WTO Ministerial Conference opened at Geneva, Switzerland: The 12th World Trade Organization’s (WTO) Ministerial Conference (MC12) opened at WTO headquarters in Geneva, Switzerland. During the four-day meeting, members of the trade organization will hold discussions on such issues as TRIPS (Trade-Related Aspects of Intellectual Property Rights) waiver for COVID-19 vaccines, pandemic response, fishery subsidies, agriculture, food security, as well as the WTO’s reform and its future work priorities.

About the Conference:

a)      Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, addresses the opening ceremony of the WTO’s 12th Ministerial Conference in Geneva, Switzerland, on June 12, 2022.

b)      The Ministerial Conference, which is attended by trade ministers and other senior officials from the organization’s 164 members, is the WTO’s highest decision-making body, and is generally held every two years. Kazakhstan was originally scheduled to host MC12 in June 2020, but the conference was postponed due to the pandemic.

 

3. Britain’s Queen becomes the world’s second-longest reigning monarch: Britain’s Queen Elizabeth II overtook Thailand’s King to become the world’s second-longest reigning monarch in history, after France’s Louis XIV. The UK has been celebrating the 96-year-old Queen’s Platinum Jubilee to mark 70 years of service to the nation with grand events. After four days of royal parades, street parties, pageantry and other events held across the UK and the Commonwealth to mark the Platinum Jubilee milestone.

Crowned in 1953, Queen Elizabeth II became the longest-serving British monarch in September 2015, surpassing her great-great grandmother Queen Victoria. Now she has overtaken Thailand’s King Bhumibol Adulyadej, who reigned for 70 years and 126 days between 1927 and 2016, to set another record. Louis XIV of France remains the longest-reigning monarch, with a 72-year and 110-day reign from 1643 until 1715.

Note: United Kingdom Capital: London; United Kingdom Prime minister: Boris Johnson

 

4. Global Wind Day: 15th June: On 15th June, Global Wind Day is celebrated across the world, annually and it is marked as a day of discovering the possibilities of wind power. This day is dedicated to learning about wind energy and its potential to reshape energy systems, decarbonizing economies and boosting employment as well as growth. The purpose of this day is to increase public knowledge of wind energy and its uses.

Global Wind Day History: The First Wind Day was commemorated in 2007 by the European Wind Energy Association (EWEA). In 2009 the EWEA collaborated with the Global Wind Energy Council (GWEC) and made it a global event. WindEurope and GWEC from then celebrate this day together. In 2012, the clubs promoted photography competition where people were encouraged to capture the best picture keeping in mind the theme of the year.

 

5. World Elder Abuse Awareness Day: 15th June: World Elder Abuse Awareness Day (WEAAD) is annually observed on 15 June. The day aims to draw attention to the impact of elder abuse. It also highlights how the abuse is perpetuated and what can be done to combat it. This year theme of World Elder Abuse Awareness Day 2022 “Combatting Elder Abuse”.

This year, World Elder Abuse Awareness Day (WEAAD) coincides with two important events. The first is the start of the United Nations Decade of Healthy Ageing (2021-2030). This marks the beginning of ten years of concerted, catalytic and sustained collaboration with diverse stakeholders on improving the lives of older people, their families and their communities. The second is the 20th milestone of the Second World Assembly on Ageing and the fourth review and appraisal of the implementation of the Madrid International Plan of Action on Ageing (MIPAA). These provide an opportunity to generate renewed momentum for international action to advance the ageing agenda.

World Elder Abuse Awareness Day History: It was officially recognized by the United Nations General Assembly in its resolution 66/127, December 2011, following a request by the International Network for the Prevention of Elder Abuse (INPEA), who first established the commemoration in June 2006.

 

OTHER UPDATES:

 

SPORTS

 

1. Haryana won Khelo India Youth Games 2021 title: Hosts Haryana won the Khelo India Youth Games (KIYG) 2021 title with 52 gold medals on the final day. Haryana also won 39 silver and 46 bronze medals, taking their overall medal tally to 137 medals – the highest cumulative haul by any state. The late surge helped Haryana leapfrog the 2020 champions Maharashtra on the KIYG medals table. Maharashtra, meanwhile, managed 45 gold, 40 silver and 40 bronze medals to come second with 125 medals. Karnataka, with 22 gold, 17 silver and 28 bronze, finished third with 67 medals.

About the Khelo India Youth Games 2021:

a)      The Khelo India Youth Games 2021 started on June 4 across multiple venues with Haryana’s Panchkula hosting the bulk of the events. The Games, which are a part of the Indian government’s Khelo India initiative, concluded on June 13.

b)      This was Haryana’s second KIYG title. Haryana won the inaugural title in 2018 but finished second to Maharashtra in the next two seasons.

c)       This was the fourth edition of the Khelo India Youth Games. Some 4,700 athletes, including 2,262 women, from all of India’s 36 states and Union Territories participated at KIYG 2021.

d)      Hosts Haryana fielded the biggest contingent with 398 athletes, followed by Maharashtra with 357. A total of 33 states won at least one medal at KIYG 2021 while 28 won at least one gold.

 

2. Max Verstappen won Azerbaijan Grand Prix 2022: Red Bull’s Max Verstappen won the Azerbaijan Formula One Grand Prix 2022 (his fifth victory of the season). In the process, Verstappen became the most successful driver in the Red Bull of all time. Red Bull’s Sergio Perez came second and Mercedes’ George Russell came at the third spot.

However, the day was all about Max Verstappen who had one of the best races in his season, finishing on the podium after starting from number three. In the process, Verstappen became the most successful driver in the Red Bull of all time. The 24-year-old now has 66 podiums for Red Bull and is tied ninth for the most race wins alongside Jim Clark and Niki Lauda.

 

BANKING AND FINANCE

 

1. OmniCard becomes 1st RBI licensed PPI to launch cash withdrawal across all ATMs PAN India: Payment solution provider, OmniCard has announced that it became the 1st RBI licensed PPI (prepaid payment instrument) to launch cash withdrawal using a RuPay-powered card from any ATMs across the country. The move came in after RBI permitted the non-bank licensed entities to enable cash withdrawals from the digital wallets. OmniCard users can withdraw cash from any ATM at their convenience with full security from frauds like card theft, card cloning, and PIN skimming as the withdrawal facility comes with high safety & secure features and protects the user from exposing their money and bank account details. The company worked with the National Payments Corporation of India (NPCI) team to enable the facility.

Key features: Run by Noida-based Eroute Technologies, Omnicard is a RuPay powered prepaid card with a mobile app where the users can spend using swipe, scan, tap and pay online, avail in-app offers from partner brands and get rewarded on every spends.

Note: Co-Founder and Chief Executive Officer (CEO) of OmniCard: Sanjeev Pandey.

 

BUSINESS AND ECONOMY

 

1. Retail inflation for May matches estimates at 7.04%: According to data released by the Ministry of Statistics and Programme Implementation, India’s headline retail inflation rate eased to 7.04 percent in May from April’s near-eight-year high of 7.79 percent thanks to a favourable base effect. The fall in inflation in May is unlikely to do much to slow down the Reserve Bank of India’s (RBI) rate hike cycle. The Consumer Price Index (CPI) based inflation was 7.79 per cent in April. In May 2021, the retail inflation stood at 6.3 per cent.

Important points:

a)      Meanwhile, a rise in price across all items from fuel to vegetables and cooking oil pushed WPI or Wholesale Price Inflation to a record high of 15.08 per cent in April and retail inflation to a near eight-year high of 7.79 per cent.

b)      Retail inflation tracked by the Consumer Price Index (CPI) measures changes in prices from a retail buyer’s perspective.

c)       The Reserve Bank, which factors in the CPI in its monetary policy, had earlier this month raised the inflation forecast for the current financial year to 6.7 per cent from its previous estimate of 5.7 per cent.

 

DEFENCE

 

1. 38th India-Indonesia Coordinated Patrol Conducted in Andaman Sea: The 38th India-Indonesia Coordinated Patrol (IND-INDO CORPAT) between the Indian Navy Units of Andaman & Nicobar Command (ANC) and Indonesian Navy is being conducted from June 13 to 24 2022 in the Andaman Sea and Straits of Malacca. The 38th CORPAT is the first post pandemic Coordinated Patrol (CORPAT) between the two countries. It includes a visit by the Indonesian Navy units to ANC at Port Blair from June 13 to 15, 2022 followed by a Sea Phase in the Andaman Sea and visit by IN Units to Sabang (Indonesia) from June 23 to 24, 2022.

As part of Government of India’s vision of SAGAR (Security And Growth for All in the Region), Naval Component under the aegis of HQ ANC undertakes coordinated patrols with other littoral countries of the Andaman Sea along respective Exclusive Economic Zones (EEZ) towards enhancing regional maritime security.

About the CORPAT exercise: The two Navies have been carrying out CORPAT along their International Maritime Boundary Line (IMBL) since 2002. This has helped build understanding and interoperability between both the Navies and has facilitated measures to prevent and suppress Illegal Unreported Unregulated (IUU) fishing, drug trafficking, maritime terrorism, armed robbery and piracy, etc. The IND-INDO CORPAT contributes towards forging strong bonds of friendship across the Andaman Sea and Straits of Malacca.

Note: Indonesia Capital: Jakarta; Indonesia Currency: Indonesian rupiah; Indonesia President: Joko Widodo.

 

OBITUARIES

 

1. Long distance running legend Hari Chand passes away: Long distance great Hari Chand, a two-time Olympian and a double Asian Games gold medallist, passed away in Jalandhar. He was 69. Chand won the 5000 and 10,000m gold at the 1978 Bangkok Asiad and also the 10,000m title at the 1975 Asian Championships in Seoul.

Chand, who hailed from Ghorewaha village in Punjab’s Hoshiarpur District, made waves with his barefoot running and broke the 10,000m National record at the 1976 Montreal Olympics which stood for 32 years before falling to Surendra Singh. He was eighth in his heats in Montreal, clocking 28:48.72s. And in the next Olympics, in Moscow 1980, he was 10th in the 10,000m heats and finished 31st in the marathon which had 74 runners.

Daily GK Update- 14th June, 2022

 

NATIONAL UPDATES:

 

1. Nirmala Sitharaman inaugurated National Museum of Customs and GST in Goa: Union Finance Minister, Nirmala Sitharaman has inaugurated the National Museum of Customs and GST “Dharohar” in Goa as part of the Azadi Ka Amrit Mahotsav Iconic week of the Ministry of Finance, being celebrated from June 6 to 12. The two-storey ‘Blue building’, which was earlier known as Alfandega, during the period of Portuguese rule in Goa, has been standing on the banks of the Mandovi River in Panaji for more than 400 years. About Dharohar:

a)      Dharohar is one of its kind museum in the country that showcases not only the artefacts seized by Indian Customs but also depicts various aspects of work performed by the Customs Department while safeguarding the economic frontiers of the country, its heritage, flora & fauna and the society.

b)      Dharohar has 8 galleries viz: Introductory gallery, History of Taxation Gallery, Guardians of our economic frontiers gallery, Guardians of our Art & Heritage, Guardians of Flora & Fauna, Custodians of our social well being, Journey of Indirect taxes -Salt Tax to GST and the GST gallery.

c)       The Museum provides the rare opportunity of having a peep into the working of the Department over the years ushering in change in its methodologies to meet the emanating challenges while at the same time providing yeomen service to the Nation.

Note: Goa Capital: Panaji; Goa CM: Pramod Sawant; Goa Governor: S. Sreedharan Pillai.

 

2. Kerala CM inaugurates cancer research centre in Kochi: Kerala Chief Minister, Pinarayi Vijayan has inaugurated a cancer diagnostics and research centre here, which is slated to be the country’s first oncology laboratory for comprehensive cancer diagnostic services. Karkinos Healthcare’s advanced centre for cancer diagnostics and research will serve as a central lab for analysing specimens at molecular and genomic levels to aid in personalised targeted therapy, predicting possible response to treatment and evaluate response by liquid biopsy.

Focus of the centre: The focus is on early diagnostic tools, molecular assays for precision medicine, which are not readily available in the country. The Tata Group is investing Rs 110 crore in Karkinos while Rakuten Medical, the global clinical stage biotechnology company, Mayo Clinic and Reliance Digital Health, hold minority stakes.

About the Karkinos Healthcare: Karkinos Healthcare has installed the most advanced high-throughput HPV assay equipment, Cobas 6800, in this centre with the ability to test over 1,200 Human Papilloma Virus (HPV) assays of all high-risk types. It has partnered with organisations such as Kerala Federation of Obstetrics and Gynaecologic to support the World Health Organization’s mission of eliminating cervical cancer by 2030.

Note: Kerala Governor: Arif Mohammad Khan; Kerala Capital: Thiruvananthapuram; Kerala Chief minister: Pinarayi Vijayan.

 

3. India’s first centralised AC railway terminal in Bengaluru becomes operational: The ultra luxury Sir M Visvesvaraya Railway Terminal in Karnataka’s capital city Bengaluru was made operational. The Ernakulam Tri-Weekly Express chugged trough the station to mark this special occasion. According to the railway officials, the air-conditioned SMV Railway Terminal is a Rs 314 crore project. It has solar rooftop panels and rainwater harvesting mechanism.

The railway terminal at the city’s Baiyappanahalli area, named after Bharat Ratna Sir M. Visvesvaraya, is equipped with state-of-the-art facilities and claims to have an airport-like aura. It was a joyous moment for the crew and passengers for being the first to use the city’s third major terminal, which is situated between Banaswadi and Baiyyappanahalli in the city. The other two major terminals in Bengaluru are Bengaluru City Railway Station and Yashwanthpur Railway Station.

 

4. NCPCR’s Elimination of Child Labour Week: 12-20 June 2022: National Commission for Protection of Child Rights (NCPCR) is celebrating Elimination of Child Labour Week in the honour of World Day Against Child Labour. It is being celebrated in 75 places as part of the “75th anniversary celebrations of India’s independence – “Azadi ka Amrit Mahotsav” in different districts starting from 12th June to 20th June, 2022 as a significance to pay attention to the problem of child labour and to find ways to eradicate it.

About the National Commission for Protection of Child Rights:

a)      The National Commission for Protection of Child Rights (NCPCR) emphasises the principle of universality and inviolability of child rights and recognises the tone of urgency in all the child related policies of the country.

b)      For the Commission, protection of all children in the 0 to 18 years age group is of equal importance. Thus, policies define priority actions for the most vulnerable children.

c)       This includes focus on regions that are backward or on communities or children under certain circumstances, and so on. The NCPCR believes that while in addressing only some children, there could be a fallacy of exclusion of many vulnerable children who may not fall under the defined or targeted categories.

Note: NCPCR Founded: March 2007; NCPCR Chairman: Priyank Kanoongo; NCPCR Headquarters: New Delhi, India.

 

INTERNATIONAL UPDATES:

 

1. China releases world’s most detailed map of the moon: China has released a new geological map of the moon, which it says is the most detailed to date, registering even finer details of the lunar surface than mapped by the US in 2020. The new map, which has details of craters and structures not charted before, will assist in further research of the moon. The world’s most detailed map of the moon released by China is expected to make a great contribution to the scientific research, exploration, and landing site selection on the moon.

Moon Map Released by China:

a)      The new comprehensive geological map of the moon released by China is to a scale of 1:2,500,000. It is the most detailed moon map to date.

b)      The moon map includes the 12,341 impact craters, 17 rock types, 81 impact basins, and 14 types of structures.

c)       The most detailed map of the moon was published by Science Bulletin on May 30, 2022.

Note: China Capital: Beijing; China Currency: Renminbi; China President: Xi Jinping.

 

2. Ecuador, Japan, Malta, Mozambique, Switzerland Elected to the UNSC: Ecuador, Japan, Malta, Mozambique, and Switzerland were elected to the United Nations Security Council as non-permanent members for the 2023-2024 term, and took over the horseshoe table from India, Ireland, Kenya, Mexico, and Norway on January 1, 2023. Key Points:

a)      India’s two-year stint as a non-permanent member of the United Nations Security Council will finish in December 2022, when it will simultaneously hold the Presidency of the powerful UN body.

b)      India has been at the vanguard of the 15-nation Council’s reform efforts for years, claiming that it is entitled to a permanent seat on the body, which in its current configuration does not reflect the geopolitical realities of the twenty-first century.

c)       On the question of “categories of membership,” the G4 nations of Brazil, Germany, India, and Japan have stated that the Council’s decisions can only reflect the interests of the entire membership if permanent seats are enlarged.

 

3. Indian diplomat Amandeep Singh Gill appointed as UN Chief’s envoy on technology: UN Secretary-General Antonio Guterres has appointed senior Indian diplomat Amandeep Singh Gill as his envoy on technology to coordinate programmes for international digital cooperation. The UN describing him as a “thought leader on digital technology” who has a solid understanding of how to leverage the digital transformation responsibly and inclusively for progress on the Sustainable Development Goals.

Experience of Amandeep Singh Gill: Amandeep Singh Gill has been India’s permanent representative to the Conference on Disarmament in Geneva from 2016-to 2018.  He is now the chief executive officer of the International Digital Health and Artificial Intelligence Research Collaborative (I-DAIR) project at the Graduate Institute of International and Development Studies in Geneva.

 

4. World Blood Donor Day: 14th June: World Blood Donor Day is observed globally on 14 June every year. The day is celebrated to promote awareness about the need for blood donation and thank voluntary, unpaid blood donors for their life-saving gifts of blood. The host nation for World Blood Donor Day 2022 is Mexico. The global event will be held in Mexico City on June 14, 2022. The Theme for World Blood Donor Day 2022 is “Donating blood is an act of solidarity. Join the effort and save lives”. The theme aims to highlight the need for committed donors to regular year- blood donation, to maintain adequate supplies and achieve universal and timely access to safe blood transfusion.

World Blood Donor Day History: The World Health Organization initiated and declared June 14, the birth anniversary of Karl Landsteiner, as World Blood Donor Day in 2004. Nearly a year after this declaration, during the 58th Globe Health Assembly in May 2005 in May 2005, WHO and its 192 member states launched Blood Donor Day to encourage all nations to recognise blood donors for their selfless efforts in saving people’s lives.

 

OTHER UPDATES:

 

SPORTS

 

1. Teenager Rahul Srivatshav becomes India’s 74th Grandmaster: Rahul Srivatshav P of Telangana has become India’s 74th Grandmaster, achieving the title after breaking the 2500 (Elo points) barrier in live FIDE ratings during the 9th Cattolica Chess Festival 2022 in Italy. The 19-year old player reached the 2500 Elo live rating mark after drawing his 8th round game against Grandmaster Levan Pantsulaia in the Cattolica event. His current Elo rating is 2468. Srivatshav had already secured five GM norms and achieved the title when he crossed the rating threshold of 2500.

 

2. R Praggnanandhaa won Norway Chess Group A open chess tournament: Young Indian Grandmaster, R. Praggnanandhaa emerged winner in the Norway Chess Group A open chess tournament here with 7.5 points from nine rounds. The 16-year-old GM, the top-seed, was in fine form and remained unbeaten through the nine rounds. He finished the tournament with a win over fellow Indian V Praneeth, an International Master. Praggnanandhaa finished a full point ahead of second-placed IM Marsel Efroimski(Israel) and IM Jung Min Seo (Sweden).

 

BANKING AND FINANCE

 

1. Fino Payments Bank collaborated with Go Digit for shop insurance policy: Fino Payments Bank Limited has partnered with Go Digit General Insurance Limited, one of India’s fastest growing general insurers, to provide small and medium business owners with shop insurance coverage. Fino Payments Bank serves as a corporate representative for Go Digit. Through the partnership, small and medium businesses are allowed to take advantage of Digit’s My Business Policy in the case of a catastrophe. Key Features of Insurance:

a)      The insurance is for one-year that will cover loss or damage to inventory or goods caused by burglary, earthquakes, fire, lightning, storms, floods, and riots.

b)      The customers of Fino Bank can join Go Digit’s coverage for Rs 550 per year (for a sum insured of Rs 3 lakh), which will rise to Rs 2,600 per year (for a sum insured of Rs 15 lakh).

Note: Fino Payments Bank Founded: 4 April 2017; Fino Payments Bank Headquarters: Juinagar, Navi Mumbai; Fino Payments Bank MD & CEO: Rishi Gupta.

 

2. RBI increased individual housing loan limit for co-operative banks: Reserve Bank of India (RBI) has decided to increase the existing limits on individual housing loans provided by cooperative banks, taking into account the rise in housing prices since the limits were last revised and considering customers’ needs for larger loans. RBI has also permitted the Rural Cooperative Banks (RCB) for financing residential real estate projects, in a bid to support affordable housing and inclusive growth.

About the limit: Accordingly, the limits for tier 1/tier 2 urban cooperative banks (UCBs) stood revised from ₹30 lakh/ ₹70 lakh to ₹60 lakh/ ₹140 lakh. As regards rural cooperative banks (RCBs), the limits have been increased from ₹20 lakh to ₹50 lakh for RCBs with assessed net worth less than ₹100 crore; and from ₹30 lakh to ₹75 lakh for the rest. These limits were last revised for UCBs in 2011 and for RCBs in 2009.

 

3. R Subramaniakumar appointed as MD & CEO of RBL Bank: Reserve Bank of India (RBI) has appointed R Subramaniakumar as the MD & CEO of RBL Bank. He has been appointed at RBL for three years from the date of taking charge. He is a former managing director and chief executive director of state-run Indian Overseas Bank. He was appointed the administrator of Dewan Housing Finance Co Ltd after the mortgage financier’s board was superseded.

Note: RBL Bank Headquarters: Mumbai; RBL Bank Founded: August 1943.

 

BUSINESS AND ECONOMY

 

1. Tencent bought stake in Flipkart worth Rs 2,060 crore: Chinese technology conglomerate Tencent has bought stake worth USD 264 million (about Rs 2,060 crore) in Flipkart from its co-founder Binny Bansal through its European subsidiary, according to official documents. Singapore-headquartered e-commerce firm Flipkart has operations in India only. Bansal holds around 1.84 per cent stake in Flipkart after selling part of his stake to Tencent Cloud Europe BV. Post the transaction, Tencent arm holds 0.72 per stake in Flipkart which is valued at around USD 264 million, as per last valuation of USD 37.6 billion disclosed by the e-commerce firm in July 2021. The company’s valuation surged to USD 37.6 billion after raising USD 3.6 billion (about ₹26,805.6 crore) in funding round led by Singapore’s sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2 and Walmart.

Note: Tencent Founded: 11 November 1998; Tencent Headquarters: Shenzhen, Guangdong, China; Tencent Chairman, CEO: Pony Ma; Tencent President: Martin Lau.

 

2. Ather Energy partners SBI for customer retail finance: Electric two-wheeler manufacturer Ather Energy has partnered State Bank of India to provide customers with vehicle financing. As part of the association Ather Energy customers will get instant loans at interest rates as low as 9.55 percent per annum. Pre-approved loans will also be administered, depending on the buyer’s creditworthiness. SBI will offer the vehicle loans on their YONO mobile application as well as at their branch network, as the public sector lender ensures ease of adoption for the buyers.

With this collaboration, the original equipment manufacturer (OEM) aims to accelerate the growth of the electric vehicle (EV) ecosystem in the country. The customers, depending on their profiles, will be eligible to avail loans up to 85 percent of the on-road prices of the electric two-wheelers. The approved loan amount will be credited directly to the dealer’s account. Customers can avail the loan through YONO at an EMI of as low as Rs 251 per Rs 10,000 under SBI Easy Ride loan.

Note: Ather Energy Owner: Hero MotoCorp; Ather Energy Headquarters location: Bengaluru; Ather Energy Founders: Tarun Mehta, Swapnil Jain.

 

AWARDS AND HONOURS

 

1. Maharashtra Governor presents Honorary Doctorate to industrialist Ratan Tata: Industrialist and philanthropist, Ratan Tata was presented with Honorary Doctor of Literature by Maharashtra Governor Bhagat Singh Koshyari at Raj Bhavan Mumbai. The Honorary doctorate was presented to Mr. Ratan at the First Special Convocation of the HSNC University. The Governor said the honour for Ratan Tata is in effect the honour of the entire Tata family and Tata Group.

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

Daily GK Update- 13th June, 2022

 

NATIONAL UPDATES:

 

1. Andhra Pradesh govt launched YSR Yantra Seva scheme: Andhra Pradesh Chief Minister, YS Jagan Mohan Reddy has launched YSR Yantra Seva Scheme and flagged off the distribution of tractors and combine harvesters at Chuttugunta Centre in Guntur, Andhra Pradesh. Chief Minister YS Jagan Reddy flagged off the state-level mega distribution of tractors and combine harvesters under YSR Yantra Seva Pathakam in Guntur.

Key points of the schemes:

a)      Around 3,800 tractors and 320 combined harvesters would be made available at Rythu Bharosa Centres (RBKs) across AP. A subsidy of 175 crores has been credited into 5,260 farmer group bank accounts.

b)      The government of Andhra Pradesh aims to establish a total of 10,750 YSR Yantra Seva Kendras (CHCs).

c)       YSR Yantra Seva Pathakam initiative was taken up to overcome the shortage of farming machinery to farmers and to provide them with the much-needed support in renting machinery at affordable prices which will help reduce the input cost.

d)      These farm-related machinery will be available at respective village RBK level CHCs.

Note: Andhra Pradesh Governor: Biswabhusan Harichandan; Andhra Pradesh Chief minister: Y. S. Jaganmohan Reddy.

 

2. N J Ojha appointed as MGNREGA ombudsman: N J Ojha has been appointed as ombudsman for a two-year term under the Mahatma Gandhi National Rural Employment Guarantee Scheme. Ojha has the power to investigate allegations by MGNREGA staff, consider them, award awards within 30 days of receipt of the complaint.

Power of MGNREGA ombudsman:  An ombudsman has the power to receive complaints from MGNREGA workers, consider such complaints, pass awards within 30 days from the date of receipt of complaint and issue direction for conducting spot investigation and also initiate proceedings ‘suo motu’ if there are any grievance including on issues related to delayed payment of wages or non-payment of unemployment allowance.

About the MGNREGA scheme: National Rural Employment Guarantee Act 2005 or NREGA, later renamed as the Mahatma Gandhi National Rural Employment Guarantee Act or MGNREGA in 2009, is an Indian labour law and social security measure that aims to guarantee the ‘right to work’.

 

3. In Ahmedabad, Prime Minister Modi inaugurates IN-SPACe: The Indian National Center for Space Promotion and Authorization (IN-SPACe) was established in Ahmedabad by Prime Minister Narendra Modi. Amit Shah, the Union Home Minister, was also present at the ceremony. After inaugurating the Indian National Space Promotion and Authorisation Centre (IN-SPACe) in Ahmedabad, Prime Minister Narendra Modi reviewed its headquarters.

Key Points:

a)      PM Modi had previously met his high school teacher in Vadnagar, Gujarat’s Navsari. In Navsari, PM Modi also opened the AM Naik Healthcare Complex and the Nirali multi-specialty hospital.

b)      They have emphasised a holistic approach to improve the country’s health system for the past eight years. They have attempted to modernise the treatment facilities as well as emphasis on themes such as better diet, a healthy lifestyle, and health prevention.

c)       PM Modi emphasised Gujarat’s progress, calling the state’s tremendous development over the last two decades its “pride.”

d)      Prime Minister Modi lay the foundation stone for a number of development projects in Gujarat totaling Rs 3,050 crores. According to the Prime Minister’s Office, these projects would assist improve the region’s water supply while also increasing connection and making life easier.

 

4. India’s first COVID-19 vaccine for animals ‘Anocovax’ launched: Agriculture Minister, Narendra Singh Tomar has launched the country’s first homegrown COVID-19 vaccine “Anocovax” for animals, developed by Haryana-based ICAR-National Research Centre on Equines (NRC). Anocovax is an inactivated SARS-CoV-2 Delta (COVID-19) vaccine for animals. The immunity induced by Anocovax neutralises both Delta and Omicron variants of SARS-CoV-2. The vaccine contains inactivated SARS-CoV-2 (Delta) antigen with Alhydrogel as an adjuvant. It is safe for dogs, lions, leopards, mice and rabbits, it added. The COVID-19 vaccine for animals, Anocovax, is effective and capable of neutralising both Delta and Omicron variants of SARS-CoV-2.

Antibody Detection Kits for Animals: The Union Minister Narendra Singh Tomar also launched ‘CAN-CoV-2 ELISA kit’, an antibody detection kit against SARS-CoV-2 for animals. It is a sensitive and specific nucleocapsid protein-based indirect ELISA kit.

 

INTERNATIONAL UPDATES:

 

1. India’s Krishna Srinivasan to head IMF’s Asia-Pacific dept: International Monetary Fund, Managing Director Kristalina Georgieva has announced the appointment of Indian national Krishna Srinivasan as director of the Asia and Pacific Department (APD) from June 22. Srinivasan will succeed Changyong Rhee whose retirement from the Fund was announced on March 23.

Mr. Srinivasan has more than 27 years of Fund experience, starting in 1994 in the Economist Program. He is currently a Deputy Director in APD where he oversees the department’s surveillance work on a number of large and systemically important countries such as China and Korea, and smaller states in the Pacific such as Fiji and Vanuatu.

Note: IMF Formation: 27 December 1945; IMF Headquarters: Washington, D.C., United States; IMF Member Countries: 190; IMF MD: Kristalina Georgieva.

 

2. NASA’s DAVINCI Mission is set to launch in 2029: NASA is set to launch a mission called “DAVINCI Mission”. DAVINCI stands for “Deep Atmosphere Venus Investigation of Noble gases, Chemistry and Imaging Mission”. The mission will fly by Venus and explore its harsh atmosphere in 2029. It will be the first mission to study Venus by means of both flybys and descent. Spacecraft is likely to explore layered Venusian atmosphere. It will reach Venusian surface by June 2031. The mission would capture data about Venus, which scientists are trying to measure since early 1980s.

About the DAVINCI spacecraft: DAVINCI spacecraft will serve as a flying chemistry lab. It can measure different aspects of atmosphere and climate of Venus. Spacecraft will take the first descent images of its highlands. Instruments on the spacecraft will also be able to map Venusian surface as well as detect composition of mountainlike highlands of Venus’. This lab will paint a picture of layered Venus’s atmosphere as well as the picture of how it interacts with surface in Alpha Regio Mountains.

 

3. AR Rahman appointed ambassador of Indo-UK culture platform: Music Maestro, AR Rahman has been appointed as ambassador of The Season of Culture, which marks the 75th anniversary of India’s independence. It was officially launched, by Britain’s Deputy High Commissioner to India Jan Thomson and Director (India) of the British Council Barbara Wickham. The Season of Culture aims to strengthen India-UK collaboration in the areas of arts, English and education.

About season of Culture: Over 1,400 artists will showcase their collaborations to millions of audiences across India, Britain, Scotland, Wales, and Northern Ireland, through a wide array of arts such as theatre, dance, visual arts, literature, music, architecture, design, fashion, tech-art and new media art. The ‘Season of Culture’ intends to build on the British Council’s work in India and strengthen partnerships between India and the UK in the arts, English, and education. People in both nations will get the opportunity to see unique and exciting creative work by UK and Indian artists.

Note: British Council Director: Barbara Wickham; British Council Headquarters: New Delhi, Delhi.

 

4. International Albinism Awareness Day: 13th June: International Albinism Awareness Day is observed by the United Nations on June 13 every year. The day represents the importance and celebration of human rights of people with albinism. The theme for International Albinism Awareness Day 2022 is “United in making our voice heard”. According to the United Nations, the theme was chosen because including voices of persons with albinism is essential to ensure equality #Inclusion4equality

International Albinism Awareness Day History: On 18 December 2014, the General Assembly adopted a resolution proclaiming, with effect from 2015, 13 June as International Albinism Awareness Day. In response to the call from civil society organizations advocating to consider persons with albinism as a specific group with particular needs that require special attention, the Council created the mandate of Independent Expert on the enjoyment of human rights by persons with albinism on March 26, 2015.

Albinism: Albinism is a rare, non-contagious, genetically inherited difference present at birth. In almost all types of albinism, both parents must carry the gene for it to be passed on, even if they do not have albinism themselves. The condition is found in both sexes regardless of ethnicity and in all countries of the world. Albinism results in a lack of pigmentation (melanin) in the hair, skin and eyes, causing vulnerability to the sun and bright light. As a result, almost all people with albinism are visually impaired and are prone to developing skin cancer. There is no cure for the absence of melanin that is central to albinism.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. ICICI Bank Partners with ZestMoney to Expand ‘Cardless EMI’ Facility: ICICI Bank has announced that it has partnered with digital EMI/pay-later platform ZestMoney, to expand its ‘Cardless EMI’ facility for purchases on retail and e-commerce platforms. The partnership enhances affordability of customers of the Bank who can use pre-approved cardless credit to instantly buy products/ services using ZestMoney and take care of the cost into Equated Monthly Installments (EMIs).

Customers can convert transactions up to Rs 10 lakh into EMIs by simply putting their registered mobile number, PAN and OTP (received on registered mobile number) at the check-out of the e-commerce website/app or at the PoS machine in retail outlets, without using cards. The facility, in partnership with ZestMoney, is live on select e-commerce websites and will soon be available at retail stores. With this partnership, the Bank’s customers will be able to use ZestMoney’s wide merchant base. They will also be able to use ZestMoney’s flagship ‘Pay-in-3’ offering, where they can split the bill into three EMIs without extra cost.

Note: ZestMoney CEO & Co-Founder: Lizzie Chapman; ZestMoney Established: 2015; ZestMoney Headquarters: Bengaluru, Karnataka.

 

2. RBI cancelled licence of Mudhol Co-op Bank, Bagalkot, Karnataka: The Reserve Bank of India has cancelled the licence of “The Mudhol Co-operative Bank Limited, Bagalkot (Karnataka)”, thus restricting it from repayment of deposits and acceptance of fresh funds. The bank does not have adequate capital and earning prospects, the Reserve Bank of India (RBI) said while announcing the cancellation of licence. RBI also said that bank with its present financial position would be unable to pay its present depositors in full. Reason:

a)      RBI said that bank with its present financial position would be unable to pay its present depositors in full.

b)      As per the data submitted by the bank, RBI said more than 99 per cent of the depositors are entitled to receive full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

c)       On liquidation, every depositor would be entitled to receive deposit insurance claim amount up to Rs 5 lakh from the DICGC.

d)      DICGC has already paid Rs 16.69 crore of the total insured deposits based on the willingness received from the concerned depositors of the bank, the RBI added.

Note: DICGC Chairperson: Michael Patra; DICGC Headquarters: Mumbai; DICGC Founded: 15 July 1978.

 

BUSINESS AND ECONOMY

 

1. UNCTAD’s World Investment Report: India ranked 7th: According to the United Nations Conference on Trade and Development (UNCTAD), India jumped one position to 7th among the top recipients of foreign direct investment (FDI) in the last calendar year (2021) despite FDI inflows into the country declining. In its latest World Investment Report, UNCTAD said FDI inflows into India declined to $45 billion in 2021 from $64 billion in the preceding year. Outward FDI from India rose 43 percent to $15.5 billion in 2021.

While the United States ($367 billion) remained the top recipient of FDI, China ($181 billion) and Hong Kong ($141 billion) also retained second and third position, respectively. Among the top 10 host economies for FDI, only India saw a decline in its FDI inflows.

 

2. EASE 5.0 ‘Common Reforms Agenda’ launched by Nirmala Sitharaman: From FY19 through FY22, Enhanced Access and Service Excellence-EASE evolved over four year editions, catalysing improvements in a variety of areas in Public Sector Banks. The EASENext program’s EASE 5.0 ‘Common reforms agenda’ was designed for Public Sector Banks and was introduced by Minister of Finance and Corporate Affairs Nirmala Sitharaman through video conference in New Delhi. Key Points:

a)      Virtually present were Managing Directors and CEOs, as well as other senior officials from Public Sector Banks.

b)      In his introductory remarks, Sanjay Malhotra, Secretary, Department of Financial Services, stated that all PSBs are now profitable and have better balance sheets, and that PSBs must take use of this position of strength to greatly boost their competitiveness.

c)       He said PSB Manthan 2022, which was held in April 2022 with functional chiefs of Public Sector Banks and opened the ground for the development of a wider and bolder programme – EASENext – which would include two main initiatives: EASE 5.0 and a bank-specific strategic three-year roadmap.

d)      PSBs will continue to invest in new-age capabilities and deepen ongoing changes under EASE 5.0 in order to respond to changing consumer needs, competition, and the technological environment.

e)      EASE 5.0 will place a strong emphasis on digital customer experience as well as integrated and inclusive banking, with a particular emphasis on small companies and agriculture.

f)        The agenda was unveiled by the Finance Minister. EASENext, she said, is well-positioned to channel reforms, with a particular emphasis on customer-centric efforts. The focus on personnel development and a customer-first strategy were emphasised by FM.

 

AWARDS AND HONOURS

 

1. 2nd Edition of the DSDP Excellence Awards held in New Delhi: In New Delhi, the 2nd edition of the Awards for Excellence in District Skill Development Planning, DSDP, was held, with the top 30 districts in the area being recognised for their unique best practises in skill development. The top three districts in the competition were Rajkot in Gujarat, Cachar in Assam, and Satara in Maharashtra. District Collectors, District Magistrates, and other officials from 30 states attended the award ceremony to share their views and experiences, as well as to exhibit the skill development work that respective districts had done at the grassroots level.

Dharmendra Pradhan, the Union Minister for Skill Development and Entrepreneurship, spoke at the event and urged District Collectors, District Magistrates, and other officials to conduct demand mapping of the skilled workforce and raise awareness about skill development initiatives at the local level. District Collectors, he said, should support the entire continuum of skill development and endeavour to build the skill development ecosystem at the district level through innovative planning.

Note: Union Minister for Skill Development and Entrepreneurship: Dharmendra Pradhan.