Daily GK Update- 22nd June, 2022

 

NATIONAL UPDATES:

 

1. Union Minister Hardeep Singh Puri launches NIPUN for Promoting Upskilling of Nirman workers: Housing and Urban Affairs Minister, Hardeep Singh Puri has launched an innovative project National Initiative for Promoting Upskilling of Nirman workers (NIPUN) in New Delhi. NIPUN is an initiative of the Ministry of Housing and Urban Affairs under its flagship scheme of the Deendayal Antyodaya Yojana-National Urban Livelihoods Mission DAY-NULM to train over one lakh construction workers, through fresh skilling and upskilling programmes and provides them with work opportunities in foreign countries also.

About the NIPUN Project: NIPUN Project will enable the construction workers to seek better job opportunities, increase their wages and even pursue overseas placements – an indication of a new eco-system. The NIPUN project implementation is divided into three parts, training through Recognition of Prior Learning (RPL) at construction sites, training through Fresh skilling by Plumbing and Infrastructure SSC, and International Placement through industries, builders, and contractors.

 

2. IISc Centre for Brain Research officially opened by PM Modi: Prime Minister Narendra Modi inaugurated the Centre for Brain Research and lay the foundation stone for Bagchi Parthasarathy Multispeciality Hospital at IISc Bengaluru. This centre will be at the cutting edge of research into how to treat brain problems. The Centre for Brain Research is a one-of-a-kind research centre dedicated to undertaking critical research in order to develop evidence-based public health treatments to treat age-related brain illnesses. The Bagchi Parthasarathy Multispeciality Hospital, with its eighty-two beds, will be built on the campus of IISc Bengaluru, assisting in the integration of science, engineering, and medicine at the prominent institute. It will provide clinical research in the country a big boost, and it will work to identify new solutions that will assist the country’s healthcare systems improve.

 

3. Union Minister Bishweswar Tudu inaugurates 20th Folk Fair in Odisha’s Puri: Minister of State for Tribal Affairs and Jal Shakti, Bishweswar Tudu inaugurated the 20th Folk Fair (National tribal/folk song & dance festival) and 13th Krishi Fair 2022 at Saradhabali in Puri, Odisha. The two fairs which aimed at preserving tribal culture and promoting innovation in agriculture respectively will continue for five days and conclude on 24th June.

The objective of the 20th Folk Fair 2022 is to emphasize the importance of tribal culture and establish its originality and uniqueness. Through the fair, attempts are being made to help the groups and individuals from the tribal communities to showcase their talents in the preserve their culture. The 13th Krishi Fair in the meantime is a platform for all organisations and companies with innovations, products, solutions and services related to agriculture. The exhibition has representatives from the entire spectrum of agriculture and allied industry, manufacturers, dealers, traders, exporters and consultants in agriculture, floriculture, aquaculture, sericulture and more.

Note: Odisha Capital: Bhubaneswar; Odisha Governor: Ganeshi Lal; Odisha Chief Minister: Naveen Patnaik.

 

4. A book titled “Gautam Adani: The Man Who Changed India” by RN Bhaskar: The biography of billionaire industrialist, Gautam Adani, titled “Gautam Adani: The Man Who Changed India” will hit the stands in October, announced Penguin Random House (PRHI). The book written by journalist-author RN Bhaskar, claims to bring to light, for the first time, the unknown aspects of one of the richest men in the world. The book, according to the publishers, delves deep, detailing a range of fascinating anecdotes from Adani’s life, illuminating his early childhood, his initiation into business, and the learnings and opportunities he pursued.

 

INTERNATIONAL UPDATES:

 

1. ‘Fujian,’ China’s third most advanced domestically built aircraft carrier launched: China launched its third aircraft carrier, the country’s most modern and first “completely domestically made” naval warship, as an aggressive Beijing pushed to expand its navy’s range in the key Indo-Pacific area. The ‘Fujian’ aircraft carrier was launched at a brief ceremony at Shanghai’s Jiangnan Shipyard, according to official media reports from the eastern metropolis. Key Points:

a)      Due to the COVID lockdown of Shanghai, the ship’s launch was delayed by two months. It was supposed to be launched on April 23, around the time of the People’s Liberation Army Navy’s 73rd anniversary (PLAN).

b)      China State Shipbuilding Corporation Limited’s third aircraft carrier has a displacement of more than 80,000 tonnes and is equipped with electromagnetic catapults and arresting gear.

c)       The ‘Liaoning,’ China’s first aircraft carrier, was a refurbishment of a Soviet-era ship that was commissioned in 2012, followed by the Chinese-built second aircraft carrier, the ‘Shandong,’ in 2019. Two Chinese provinces are named Liaoning and Shandong.

d)      According to official Chinese media, China aims to have roughly five aircraft carriers. China is planning to develop a nuclear-powered aircraft carrier as its next project. According to the daily newspaper, the ship Fujian was launched at a brief but lively ceremony.

 

2. Pakistan remains in FATF ‘grey list’ for terror financing, money laundering: Pakistan will continue to be on the “Grey List” of countries under increased monitoring of the Financial Action Task Force (FATF), from the global money-laundering and terror-financing watchdog. Pakistan has been on the grey list of the Paris-based Financial Action Task Force (FATF) since June 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019. Key points:

a)      Since then, the country continues to be on that list due to its failure to comply with the FATF mandates. The concluding session of the plenary meeting of the FATF is due and includes Pakistan’s review on the agenda.

b)      Pakistan is now targeting the full completion of the 2021 action plan on anti-money laundering and combating terror financing by the end of January 2023.

c)       In October 2021, the FATF acknowledged Pakistan’s progress on a 27-point action plan on completion of 26 items but kept the country on its increased monitoring list to exhibit terror financing investigations against and prosecutions of top cadres of UN-designated terror groups. Pakistan had to complete two concurrent action plans with a total of 34 items.

Note: FATF Headquarters: Paris, France; FATF President: Marcus Pleyer; FATF Purpose: Combat money laundering and terrorism financing; FATF Founded: 1989.

 

OTHER UPDATES:

 

SPORTS

 

1. Sunil Chhetri becomes joint 5th highest goalscorer: Indian Men’s football team captain, Sunil Chhetri scored his 84th International goal against Hong Kong during the Asian Football Confederation (AFC) Asian Cup 2023 Qualifiers and equalled the record of Real Madrid and Hungarian Football Legend Ferenc Puskás. Sunil Chhetri has scored 84 goals in 129 appearances while Ferenc Puskás (died in 2006 aged 79) scored 84 goals in 85 international matches. Sunil Chhetri is the 3rd highest goal scorer in international football among active players, after Cristiano Ronaldo with 117 goals and Lionel Messi with 86 goals. He is also the highest active goal scorer from Asia and India.

Top 5 International Goal Scorer:

Cristiano Ronaldo with 117 goals

Iran’s Ali Daei managed 109 goals.

Malaysia’s Mokhtar Dahari netted 89 goals.

Lionel Messi with 86 goals.

Sunil Chhetri and Ferenc Puskás with 84 goals.

 

2. Red Bull driver Max Verstappen wins Canadian Grand Prix 2022: Red Bull’s Max Verstappen narrowly claimed his sixth victory of the Formula 1 season after withstanding pressure from Ferrari’s Carlos Sainz in the closing stages of the Canadian Grand Prix. For the second time this season, Verstappen’s teammate Sergio Perez was forced to retire from the race due to engine problems, while Mercedes’ Lewis Hamilton grabbed his second podium this campaign in third. Hamilton’s teammate George Russell kept up his own personal streak of finishing in the top five of every race so far this season by claiming P4, while Charles Leclerc put together a strong performance to come home in P5 despite starting from the back of the grid.

 

BANKING AND FINANCE

 

1. MeitY declares HDFC, ICICI, NPCI’s IT resources as critical information infra: The Ministry of Electronics and IT (MeitY) has declared the IT resources of ICICI Bank, HDFC Bank and UPI managing entity NPCI as ‘critical information infrastructure’, implying any harm to them can have an impact on national security and any unauthorised person accessing these resources may be jailed for up to 10 years. The IT resources under CII include Core Banking Solution, Real Time Gross Settlement and National Electronic Fund Transfer (NEFT) comprising Structured Financial Messaging Server. Key Points:

a)      The persons authorized to access IT resources of ICICI Bank, HDFC Bank, and NPCI are their designated employees, authorized team members of contractual managed service providers or third-party vendors who have been authorised by them for need- based access and any consultant, regulator, government official, auditor and stakeholder authorised by the entities on case-to-case basis.

b)      This decision, to put their IT resources under CII, has been taken due to cyber-attacks which raised the need for a protected system by all the banks and financial institutions.

CII imply: It means any harm to this infrastructure can have an impact on national security and any unauthorized person accessing these resources may be jailed for up to 10 years, and also be liable to fine. The Central Government, under the IT Act, 2000, has the power to declare any data, database, IT network or communications infrastructure as CII to protect that digital asset. The National Critical Information Infrastructure Protection Centre (NCIIPC), established in 2014, is the nodal agency for taking all measures to protect India’s CII. NCIIPC will monitor and forecast national-level threats to CII for policy guidance, expertise sharing and situational awareness for early warning or alerts.

 

2. RBI spent more to print ₹20, ₹50, ₹100, ₹200 notes in FY22: Selling price of bank notes in the denomination of ₹20, ₹50, ₹100 and ₹200 has gone up in FY22. However, for notes in the denomination of ₹500, the prices have remained unchanged. Key Points:

a)      Selling price for 1,000 pieces of ₹50 recorded a maximum increase of around 23 per cent in FY22 over FY21, while that of ₹20 registered the lowest increase of a little over 1 per cent, according to information sourced through RTI from the Bharatiya Reserve Bank Note Mudran Ltd (BRBNML).

b)      Although notes of ₹500 denomination are the highest in terms of volume (34.9 per cent of all denomination) among all the paper notes in circulation, and also in terms of value (73.3 per cent of value of all denomination), their selling price has not seen any change in FY22 and FY21.

c)       Interestingly, even as RBI spent ₹4,984.8 crore, which is 24 per cent more than it did in FY21 (₹4,012.09 crore), the total supply was lower. The overall cost of printing currency in FY22 was the second highest, after an all-time high of around ₹8,000 crore during the year of demonetisation (2016-17).

 

BUSINESS AND ECONOMY

 

1. Fitch upgrades 9 Indian Banks’ IDRs to Stable: Fitch Ratings upgraded nine Indian institutions, including SBI, ICICI Bank, and Axis Bank, from negative to stable. Bank of Baroda (BOB), Bank of Baroda (New Zealand) Ltd, Bank of India, Canara Bank, Punjab National Bank (PNB), and Union Bank of India are among the other institutions to get a upgrade. Fitch Ratings has upgraded 9 India-based banks’ Long-Term Issuer Default Ratings (IDRs) to Stable from Negative, while upholding their IDRs. Key Points:

a)      The IDRs are based on Fitch’s evaluation of the sovereign’s ability and tendency to offer extraordinary support for these institutions, which takes into account Fitch’s assessment of the sovereign’s ability and inclination.

b)      It takes into account the government’s track record of backing systemically important banks, the lenders’ relative systemic importance, and their various ownership structures.

c)       Fitch also changed the outlook on the Export-Import Bank of India’s (EXIM) Long-Term IDR from negative to stable.

d)      These steps come after Fitch changed the outlook on India’s ‘BBB-‘ rating from negative to stable last week, citing reduced downside risks to the country’s medium-term growth, as evidenced by its rapid economic recovery and lessening financial sector problems.

 

2. TCS, HDFC Bank, Infosys and LIC featured among the top 100 global biggest brands: As per Kantar Brandz, 2022 ‘Most Valuable Global Brands report’, 4 Indian companies namely, Tata Consultancy Service (TCS), HDFC Bank, Infosys and Life Insurance Corporation (LIC) were featured among the top 100 global biggest brands.

Indian Companies:

a)      TCS was the most valuable brand coming out of India, which sat on the 46th spot of the list. The company’s brand value is estimated to be $50 billion by Kantar Brands 2022, the author of the ‘Most Valuable Global Brands’ report.

b)      Its counterpart Infosys, a latest entrant in the list, was ranked at 64th position as its brand value lingered at $33 billion.

c)       Meanwhile, HDFC Bank stood at the 61st rank as the second biggest brand from India.

d)      LIC, which recently held India’s biggest public issue of ₹21,000 crore — was at the 92nd spot, with a brand value of $23 billion.

e)      TCS was the second biggest brand in the Asia Pacific Region, second only to Samsung that has a brand value of $54 billion. HDFC Bank and Infosys stood at the third and fourth position on the list.

 

Top Companies in the world:

Rank	Brand	Value (in USD)
1	Apple	947 billion
2	Google	819 billion
3	Amazon	705 billion
4	Microsoft	611 billion
5	Tencent	214 billion
6	McDonalds	196 billion
7	Visa	191 billion
8	Facebook	186 billion
9	Alibaba	169 billion
10	Louis Vuitton	124 billion

 

a)      Apple was the most valuable brand in the world, with a brand value of $947 billion. It was followed by other tech giants Google, Amazon and Microsoft, in the same order. Facebook, which recently changed its name to Meta, stood at the eight position as its brand value was nearly a fifth of Apple’s.

b)      Louis Vuitton is the 1st luxury brand that ranked No.10 with the brand value USD 124.3 billion and 64% and is the 1st European brand to reach the global Top 10 since 2010.

 

DEFENCE

 

1. Indian Coast Guard inducts new Advanced Light Helicopter Squadron 840 CG: In the Indian Coast Guard, a new air squadron known as 840 Squadron was established in Chennai, with an Advanced Light Helicopter (ALH) Mark-III aircraft as its first aircraft. In the presence of Inspector General AP Badola, Commander of the Eastern Coast Guard Region, the aircraft was greeted with the usual water cannon salute. This is the first time the defence force has deployed such a plane in the eastern region.

According to the Coast Guard, three more ALH aircraft will be added to the new Squadron’s inventory in the near future. Modern radars are used to detect beyond the visual range of the aircraft. It is armed with a mounted Heavy Machine Gun for target neutralisation operations. The ALH is an indigenous aircraft built by Hindustan Aeronautics Limited as part of the government’s ‘Aatmanirbhar Bharat’ initiative.

Advanced Light Helicopter (ALH) Mark-III aircraft:

a)      Hindustan Aeronautics Limited (HAL) created and developed the HAL Dhruv utility helicopter (HAL). HAL Dhruv’s development was confirmed in November 1984.

b)      The ALH MK- III is powered by two Shakti engines and is equipped with surveillance radar, electro optic pod, medical urgent care unit, high-intensity searchlight, infrared suppressor, heavy machine gun, and glass cockpit.

 

OBITUARIES

 

1. Veteran Photojournalist R. Raveendran passes away: Veteran photojournalist, R. Raveendran passed away at the age of 69. He was the recipient of numerous photography awards and is known for his iconic photo of Rajiv Goswami setting himself on fire during the Mandal agitation in the Capital. He has worked in AFP and ANI. He started his career as a teleprinter operator in AFP 1973 and then became a photographer. He was presently working with ANI as Photo Editor.

Daily GK Update- 21st June, 2022

 

NATIONAL UPDATES:

 

1. Gujarat: PM inaugurates the renovated Shree Kalika Mata temple: Prime Minister Narendra Modi unveiled the renovated Shree Kalika Mata temple at Pavagadh Hill in Gujarat’s Panchmahal district. At the temple, he also conducted Puja with customary customs. A ‘Dhwaja’ was raised at full mast atop the shrine by Mr. Modi. This majestic Mahakali temple’s sanctum sanctorum is composed of gold. It is one of the region’s oldest temples and draws a huge number of pilgrims. Key Points:

a)    The Prime Minister told the crowd that this temple also represents Sabka Saath, Sabka Vikas, Sabka Vishwas, and Sabka Prayas.

b)    He emphasised the significance of the event, when Dhwaja, the sacred flag, was flown on the temple after five centuries and even 75 years after independence. This ‘Shikhar Dhwaj,’ he explained, is a symbol of the reality that centuries pass, eras pass, yet religion endures.

c)     Mr Modi added that ‘Garvi Gujarat’ is synonymous with India’s pride and glory, and that Pavagadh has been a centre of worldwide harmony with India’s historical variety. This pinnacle flag, according to Mr Modi, is not only a symbol of our faith and spirituality, but it also indicates that the pinnacle of faith is eternal throughout centuries of change.

d)    Surendra Patel, president of the Pavagadh Temple Trust, estimates that almost two crore people visit the temple each year. The temple’s reconstruction was finished at a cost of 125 crore rupees.

e)     He claims that ‘Garvi Gujarat’ is connected with India’s pride and greatness. He stated that Panchmahal and Pavagadh have continued to fight for the pride in our history in the great tradition of the Somnath temple.

 

2. New Delhi to host National summit on cyber security and National security: At Vigyan Bhawan in the national capital, the Ministry of Home Affairs will organise a National Conference on Cyber Safety and National Security (Cyber Apradh Se Azadi, Azadi Ka Amrit Mahotsav). Union Minister Amit Shah will be the conference’s Chief Guest, according to the Ministry of Home Affairs. The seminar is part of the country’s efforts to raise public awareness

The Indian Cyber Crime Coordination Centre (I4C), in collaboration with the Ministry of Culture, Government of India, held functions on Cyber Hygiene, Cyber Crime Prevention, Cyber Safety, and National Security at 75 locations across the country under the banner “Azadi Ka Amrit Mahotsav” from June 8 to 17. The Union Minister for Culture, Tourism, and Development of the North Eastern Region, G Kishan Reddy, the Minister of State for Home Affairs, Ajay Kumar Mishra, and senior officials from the Ministries of Home Affairs, Culture, and States and Union Territories, as well as representatives from various organisations, will all be present at the conference.

Note: Union Minister of Home Affairs: Shri Amit Shah; Minister of Culture: Shri G. Kishan Reddy

 

3. Appointment of new chief justices to five high courts approved: The appointment of new chief justices to five high courts has been approved by the government. The appointment for Uttarakhand, Telangana, Himachal Pradesh, Rajasthan, and Gauhati has been announced by the Ministry of Law and Justice. The Chief Justice of the Uttarakhand High Court will be Justice Vipin Sanghi of the Delhi High Court, while the Chief Justice of the Telangana High Court will be Justice Ujjal Bhuyan of the Telangana High Court.

The Chief Justice of the Himachal Pradesh High Court will be Justice Amjad Ahtesham Sayed of the Bombay High Court, while the Chief Justice of the Rajasthan High Court will be Justice Shinde Sambhaji Shiwaji of the Bombay High Court. The Chief Justice of the Gauhati High Court has been named Justice Rashmin M Chhaya of the Gujarat High Court. Satish Chandra Sharma, Chief Justice of the Telangana High Court, has been appointed to the Delhi High Court, according to the Ministry.

 

INTERNATIONAL UPDATES:

 

1. World’s biggest plant discovered off Australian coast: The world’s largest living plant has been identified in the shallow waters off the coast of Western Australia. The sprawling seagrass, a marine flowering plant known as Posidonia australis, stretches for more than 112 miles (180 kilometers) in Shark Bay, a wilderness area protected as a World Heritage site.

Using genetic testing, scientists have determined a large underwater meadow in Western Australia is in fact one plant. It is believed to have spread from a single seed over at least 4,500 years. The seagrass covers about 200 sq km. The plant is so large because it clones itself, creating genetically identical offshoots. This process is a way of reproducing that is rare in the animal kingdom although it happens in certain environmental conditions and occurs more often among some plants, fungi and bacteria.

Note: Australia Prime minister: Anthony Albanese; Australia Capital: Canberra; Australia Currency: Australian dollar.

 

2. International Day of Yoga: 21st June: International Day of Yoga is celebrated worldwide on 21st June. This year, the 8th edition of the International Day of Yoga will be observed. Yoga is an ancient physical, mental and spiritual practice that originated in India. The word ‘yoga’ derives from Sanskrit and means to join or to unite, symbolizing the union of body and consciousness. International Yoga Day 2022 will be celebrated on 21 June 2022 with the theme ‘Yoga for Humanity’ across the world with great enthusiasm.

The significance of Yoga Day can be seen in the light of spreading awareness on the issue of mental and physical well-being. The International Day of Yoga also aims to inculcate a habit of meditation for the peace of mind and the self-awareness which is necessary to survive in a stress-free environment.

International Yoga Day History: The United Nations General Assembly had declared June 21 as the International Day of Yoga in 2014 at the initiative of India with the support of 177 countries. The idea of International Day of Yoga was first proposed by Indian Prime Minister Narendra Modi during his speech at United Nations General Assembly (UNGA) on 27th September 2014.

 

3. World Music Day: 21st June: World Music Day is celebrated every year on June 21. The day gives respect to the art form of music that binds people across culture, region, language and religion. Music also gives a channel to various emotions like love, grief, loss, and is cathartic in nature. It is a massive cultural exchange and also brings society closer. The theme for World Music Day 2022 is “Music on the intersections”.

World Music Day History: Music Day was first celebrated in the year 1982 on the Summer Solstice in France, when the former French minister of art and culture, Jack Lange, along with Maurice Fleuret started the Fête de la Musique in Paris. That is also why World Music Day is alternatively known as Fête de la Musique as well.

 

4. International Day of the Celebration of the Solstice: 21st June: International Day of the Celebration of the Solstice is observed globally on 21st June. This day bring awareness about solstices and equinoxes and their significance for several religions and ethnic cultures. The Summer Solstice is the day of the year when the sun reaches its highest point in the sky. It happens on June 21st this year.

There are a number of things that happen on the Summer Solstice. First, the sun reaches its highest point in the sky during the day. This is called summer solstice sunrise. Second, the sun sets at its lowest point in the sky during the day. This is called summer solstice sunset. Finally, there is a shift in Earth’s rotational axis, which means that Earth’s north pole moves towards the sun for a few weeks during the Summer Solstice.

 

OTHER UPDATES:

 

SPORTS

 

1. Olympic champion Neeraj Chopra wins gold at Kuortane Games in Finland: Olympic champion Neeraj Chopra clinched his first top podium finish of the season by winning the javelin throw event at the Kuortane Games in Finland, beating reigning world champion Anderson Peters of Grenada. The 24-year-old Chopra’s opening throw of 86.69m turned out to be the winning distance. Trinidad and Tobago’s 2012 Olympics champion Keshorn Walcott was second with a first round throw of 86.64m. Peters was third with a best throw of 84.75m, which also came in the opening round.

 

2. Neeraj Chopra to lead 37-member athletics team for CWG 2022: Neeraj Chopra will be leading a 37-member Indian athletics team at the upcoming Commonwealth Games, the Athletics Federation of India announced. The Tokyo Olympics gold medallist will be the flag bearer in Birmingham as star sprinters like Hima Das and Dutee Chand booked their berth for the Games that will be held from July 28 – August 8. The selection committee picked up all the expected athletes for CWG with zero surprises. Out of 37 members, 18 are women.

List of Athletics

Men: Avinash Sable (3000m Steeplechase); Nitender Rawat (Marathon); M Sreeshankar and Muhammed Anees Yahiya (Long Jump); Abdulla Aboobacker, Praveen Chithravel, and Eldhose Paul (Triple Jump); Tajinderpal Singh Toor (Shot Put); Neeraj Chopra, DP Manu and Rohit Yadav (Javelin Throw); Sandeep Kumar and Amit Khatri (Race Walking); Amoj Jacob, Noah Nirmal Tom, Arokia Rajiv, Muhammed Ajmal, Naganathan Pandi and Rajesh Ramesh (4x400m Relay).

Women: S Dhanalakshmi (100m and 4x100m relay); Jyothi Yarraji (100m Hurdles); Aishwarya B (Long Jump and Triple Jump) and Ancy Sojan (Long Jump); Manpreet Kaur (Shot Put); Navjeet Kaur Dhillon and Seema Antil Punia (Discus Throw); Annu Rani and Shilpa Rani (Javelin Throw); Manju Bala Singh and Sarita Romit Singh (Hammer Throw); Bhawna Jat and Priyanka Goswami (Race Walking); Hima Das, Dutee Chand, Srabani Nanda, MV Jilna and NS Simi (4x100m relay).

 

BANKING AND FINANCE

 

1. RBI’s ‘Payments Vision 2025’ aims for a three-fold increase in digital payments: In light of rising geopolitical threats, the RBI released its Payments Vision 2025 document, which discusses ring-fencing domestic payment networks, as well as the necessity to enforce domestic processing of payment transactions. Key Points:

a)      One of the most important forward-looking initiatives is the internationalisation of UPI, RTGS, NEFT, and RuPay cards, where bilateral treaties with countries, particularly those covering the USD, GBP, and Euro, will greatly benefit Indian residents and their counterparts abroad with online realisation at lower costs.

b)      With a steady push from the government and the rise of rural fintechs, Dilip Modi, founder of Spice Money, noted that while the epidemic raged over the country, India was on its way to realising its payments vision, and digital payments grew dramatically in volume and popularity.

c)       According to the RBI, overall digital payments surged by 216 percent in volume and 10% in value in March 2022 compared to March 2019.

d)      Paper instrument usage, on the other hand, has decreased dramatically during the same time period, with its proportion of total retail payments falling from 3.83 percent to 0.88 percent in volume and from 19.62 percent to 11.47 percent in value.

e)      The central bank said in a statement that the document, titled Payments Vision 2025, was created after considering input from various stakeholders as well as recommendations from the RBI’s Board for Regulation and Supervision of Payment and Settlement Systems.

 

2. Equitas Small Finance Bank set to launch “ENJOI” kid’s savings account: Equitas Small Finance Bank is set to launch kids’ savings account called ENJOI, on Father’s Day. The SFB announced that this account introduces “young kids” to the financial world, encouraging them to develop an early habit of saving. Features of ENJOI saving Accounts:

a)      ENJOI will allow kids of 0-18 years to open savings accounts under the supervision of their parents. Minors aged 10 and above will also get the option for a personalised debit card.

b)      To promote higher growth in savings, the account will offer 7 per cent interest for savings balances between Rs 5 lakh to Rs 2 crore. Upon written consent from parents, minors aged 10 and above can also avail of self-operating accounts with limited transaction limits.

Benefits of the account:

a)      Focussed on the theme of education and literacy, financial or otherwise, ENJOI account holders will also have access to exclusive deals from ed-techs and online learning providers.

b)      The ENJOI account will offer flexibility to choose the mode of savings, either as a Savings Account with balance starting as low as Rs 1,000, RD (Recurring Deposit) for Rs 500 monthly; or FD (Fixed Deposit) for Rs 10,000.

Note: Equitas Small Finance Bank Ltd Founded: 2016; Equitas Small Finance Bank Ltd Headquarters: Chennai, Tamil Nadu; Equitas Small Finance Bank Ltd MD & CEO: Vasudevan Pathangi Narasimhan; Equitas Small Finance Bank Ltd Tagline: It’s Fun Banking.

 

BUSINESS AND ECONOMY

 

1. Since 1980s, world’s central banks launch their most hawkish campaign: Central bankers around the world are enacting what could be the most dramatic tightening of monetary policy since the 1980s, risking recessions and upsetting financial markets as they try to deal with an unexpected spike in inflation. The week began with a surprise move on Wall Street to price in a Federal Reserve rate hike of 75 basis points. Chairman Jerome Powell declared himself fully committed to bringing inflation back down, the greatest step by the US central bank since 1994.

Key Points:

a)      Switzerland surprisingly boosted rates, while the Bank of England raised rates for the fifth time, this time by 25 basis points, and indicated that it will soon double the rate.

b)      The bond market’s reaction to the coordinated removal of stimulus was so ferocious that the European Central Bank called an emergency meeting on Wednesday to address rising yields in some euro-zone countries.

c)       Borrowing costs have risen in emerging markets from Brazil to Taiwan to Hungary, with Australia, South Korea, India, New Zealand, and Canada among those planning further action.

d)      Only the Bank of Japan defied the trend, keeping its ultra-easy monetary policy despite intense market pressure to jump on board the global bandwagon.

e)      Expectations of higher inflation in the United States boosted 75 basis points. The Federal Reserve is raising interest rates.

f)        China is an exception, but traders around the world are ready for a series of rate hikes that many will have never seen before in their lives.

g)      The Federal Reserve expects to raise its benchmark rate to 3.8 percent by the end of 2023, up from the 1.5 percent to 2% range it reached last week, and numerous Wall Street firms predict an even higher peak.

 

2. Bhagwat Karad: Govt to take additional efforts to reduce inflation if required: Bhagwat Kishanrao Karad, India’s state minister for finance, stated that the Finance Ministry will take additional efforts to reduce inflation if necessary. Inflation is a worldwide phenomena, and India is better off than other countries. The government is keeping a close eye on inflation and doing everything it can to keep it under control. According to the minister of state, the Russia-Ukraine conflict has had a significant impact on India’s inflation. Key Points:

a)      The Finance ministry has already reduced excise duty in order to decrease the retail impact of gasoline inflation on customers.

b)      The price of crude oil has been rising steadily over the world. Following the reduction in excise duty by the federal government, some states reduced their fuel VAT.

c)       To mitigate the impact of rising world prices on farmers, India has boosted the fertiliser subsidy for the Kharif season.

d)      Wheat exports were also prohibited by the government in order to prevent domestic inflation.

e)      Sugar shipments were capped at 100 LMT by the food ministry in anticipation of a scarcity in October and November.

 

AWARDS AND HONOURS

 

1. Hamad International Airport named World’s Best Airport 2022: Qatar’s Hamad International Airport has been named the World’s Best Airport for the second year running. The announcement took place at the Skytrax 2022 World Airport Awards, held at Passenger Terminal EXPO in Paris, France. Other major winners include:

a)      Kempegowda International Airport, Bengaluru (BLR Airport) was named the finest regional airport in India and South Asia. Customers voted for the airport with the greatest customer service every year in a global study, and BLR Airport received this honour.

b)      Singapore Changi Airport (World’s Best Airport Staff Service and World’s Best Airport Dining).

c)       Istanbul Airport (World’s Best Airport Shopping and Most Family-Friendly Airport).

d)      Tokyo Haneda Airport won awards as the World’s Cleanest Airport, the World’s Best Domestic Airport, the Best Airport in Asia, and the Best Airport PRM & Accessible Facilities.

e)      King Khalid International Airport in Riyadh secured the award as the World’s Most Improved Airport.

f)        Nagoya’s Chubu Centrair International Airport was named the World’s Best Regional Airport.

g)      Copenhagen Airport won the World’s Best Airport Immigration Processing award.

h)      Zurich Airport repeated its success by winning the World’s Best Airport Security Processing award.