Daily GK Update- 9th Aug, 2022

 

NATIONAL UPDATES:

 

1. Indo-Israel Center of Excellence for Vegetables inaugurated: Israeli experts are providing the Center’s technology as part of the India-Israel Action Plan (IIAP), while MIDH is funding the construction of the Center’s infrastructure for demonstration purposes. On the basis of Israeli innovations, Centers of Excellence (CoEs) are being established in the United States. In order to improve agriculture, the Central and State Governments are collaborating on all fronts, according to Agriculture and Farmers Welfare Minister Narendra Singh Tomar. The newest technology in the horticulture industry are demonstrated and trained in at these Centers of Excellence. In protected cultivation, they also act as a source of seedlings for fruits and vegetables.

About the Indo-Isreal Centre Foundation: Using a video conference, Mr. Tomar laid the cornerstone for the Indo-Israel Center of Excellence for Vegetables in Chandauli, Uttar Pradesh. He hoped that the opening of this centre will be crucial to the growth of the Chandauli district and the Purvanchal region. The Minister also expressed satisfaction that Uttar Pradesh is carrying out Central Government initiatives and that the State has made quick progress in natural and organic farming.

 

2. UP Govt Plans to Double Farmers income under ‘Panchamrut Yojana’: Uttar Pradesh government announced that Chief Minister Yogi Adityanath’s ‘Panchamrut Yojana’ will help to achieve the goal of doubling farmers’ income through the introduction of cost-effective technical measures and the promotion of the co-cropping method. According to an official of the Sugarcane Development Department, the Government has already started taking steps under Panchamrut Yojana to achieve this goal, and would initially select a total of 2028 farmers in the state ahead of the autumn season, to develop model plots so that more and more innovative farmers felt encouraged to join the programme for their own benefit.

Panchamrut scheme: The Panchamrut scheme seeks to reduce the production cost of sugarcane, as well as increase productivity and the fertility of the land, through five techniques, including an integrated trench method for sowing of sugarcane, ratoon management and trash mulching, drip irrigation and co-cropping. The scheme has the combined objective of reducing costs through saving water and maximum use of stubble and the leaves of sugarcane, saving use of fertilisers and pesticides, promoting the cultivation of more than one crop for greater productivity and enhancing the income of farmers as well as controlling pollution as there will be no need to burn leaves in the fields.

 

3. K-DISC inks MoU with LinkedIn to Promote Employability: Kerala Development and Innovation Strategy Council (K-DISC) has signed a Memorandum of Understanding (MoU) with LinkedIn, the world’s largest professional network, along with the ICT Academy of Kerala (ICTAK) under the Kerala Knowledge Economy Mission (KKEM) as a part of Connect Career to Campus campaign (CCC). Kerala government aims to boost employability skills with this partnership among the youth of Kerala to get relevant jobs using LinkedIn. The MoU was signed and exchanged in the inaugural event of the CCC campaign in the presence of Chief Minister Pinarayi Vijayan, Minister of Labour and General Education V. Sivankutty, Minster of Higher Education R. Bindu, Minster of LSGD M.V. Govindan and MLA Kadakampally Surendran.

State Government announces that various products and services will be made available for the students on LinkedIn. The products and services include LinkedIn Insights, curated LinkedIn learning courses, and LinkedIn jobs. LinkedIn will help the students to create their online professional brands.

 

4. CSIR appoints Nallathamby Kalaiselvi its first woman director general: Senior electrochemical scientist, Nallathamby Kalaiselvi has become the first woman director general of the Council of Scientific and Industrial Research. Her appointment is for a period of two years with effect from the date of assumption of charge of the post or until further orders, whichever is earlier. Kalaiselvi succeeds Shekhar Mande, who superannuated in April. Kalaiselvi has risen through the ranks in CSIR and had broken the proverbial glass ceiling by becoming the first woman scientist to head the Central Electrochemical Research Institute (CSIR-CECRI) in February 2019.

Note: CSIR Founded: 26 September 1942; CSIR President: Prime Minister of India.

 

INTERNATIONAL UPDATES:

 

1. Gustavo Petro sworn in as first leftist President of Colombia: Gustavo Petro has been sworn in as the first leftist president of Colombia. The 62-year-old is a former member of Colombia’s M-19 guerrilla group as well as a former senator and mayor of Bogota. He succeeds Ivan Duque. Mr Petro is part of a growing group of leftist politicians and political outsiders who have been winning elections in Latin America since the pandemic broke out.

Gustavo Petro promised to fight inequality and help heralding a turning point in the history of a country haunted by a long war between the government and guerrilla groups. The new President also announced that Colombia will stop granting new licenses for oil exploration and will ban fracking projects, even though the oil industry makes up almost 50 per cent of the nation’s legal exports.

Note: Colombia Capital: Bogota; Currency: Colombian peso.

 

2. Nagasaki Day: 9th August: Japan commemorates the 9th of August every year as Nagasaki day. On August 9, 1945, the United States dropped an atomic bomb on Nagasaki, Japan. It was code-named “Fat Man” due to the design of the bomb as it had a wide, round shape. The year 2022 will mark the 77th anniversary of the incident and will pay tribute to all those who lost their lives in the attack or were left alive to die slowly in the horrible nuclear radiation. Japan started the observation of Nagasaki Day every year on August 9 to raise awareness about the devastating power of the nuclear bombs. The day is to remind the world about the pain and suffering of victims of the attack and honour those who lost their lives.

Nagasaki Day History: On August 9, 1945, an American bomber dropped an atomic bomb over Nagasaki killing around 40,000 people instantly. Similar events had taken place three days before on August 6, when a bomber dropped an atomic bomb on the city of Hiroshima killing over 80000 people. These two consecutive nuclear attacks on Japan forced it to surrender unconditionally in the world war on August 15 1945.

 

3. International Day of the World’s Indigenous Peoples: 9th August: International Day of the World’s Indigenous Peoples is celebrated on 09th August across the world. The celebration highlights the role of indigenous people and the importance of preserving their rights, communities and knowledge they gathered and passed down over centuries. The theme of International Day of the World’s Indigenous Peoples this year is “The Role of Indigenous Women in the Preservation and Transmission of Traditional Knowledge.”

International Day of the World’s Indigenous Peoples History: On December 23, 1994, the UNGA, passed resolution 49/214, declaring August 9 as the International Day of the World’s Indigenous People. On this date, in 1982, the UN Working Group on Indigenous Populations had held its first meeting. On December 21, 1993, the UNGA had declared December 10, 1994, as the start of the International Decade of the World’s Indigenous People. 1993 was also announced as the International Year of the World’s Indigenous People.

 

OTHER UPDATES:

 

SPORTS

 

1. Commonwealth Games 2022: PV Sindhu won the gold medal in women’s single badminton: India’s shuttler P V Sindhu has clinched a gold medal in the final of women’s single at the Commonwealth Games 2022. The double Olympic medalist beat Michelle Li of Canada to win the Gold. PV Sindhu beat Michelle Li by 21-15, 21-13. This is the first-ever Commonwealth Games singles gold of Sindhu’s career.

 

2. Commonwealth Games 2022: India won silver medal after losing to Australia in cricket: The Indian women’s cricket team has created history and secured the country’s first-ever medal in cricket in the history of the Commonwealth Games (CWG) 2022. The Women in Blue have reached the gold medal match after beating hosts England in a nail-biting clash at the Edgbaston Cricket Ground. Batting first, Australia scored 161/8 in the final played at Edgbaston ground. In reply, the Indian team could only score 152 runs in 19.3 overs. India lost the gold medal match by just 9 runs.

In the bronze medal match earlier, New Zealand coasted to an eight-wicket win over England. The home side won the toss and elected to bat but could only muster 110-9 in their 20 overs. England captain Nat Sciver top-scored with 27 and Amy Jones hit 26 but the total looked well short of par.

 

3. Commonwealth Games 2022: Aussie Swimmer Emma McKeon Has Won More Gold Than 56 Countries: 28-year-old swimmer, Emma McKeon from Australia, has set a unique record of sorts at the Commonwealth Games 2022 as she bagged more medals than 56 nations/territories at the 2022 Commonwealth Games. She won one bronze, one silver, and six gold medals across various events in swimming at the Commonwealth Games. Out of the 72 countries/territories that took part in the CWG 2022, only 16 won eight or more medals.

 

4. Commonwealth Games 2022: India contingent completed its Commonwealth Games 2022 campaign in Birmingham. India won 61 medals in the overall Commonwealth Games 2022 medal table. India finished its CWG 2022 campaign as the fourth-best country on the medals table. India won 22 gold medals, 16 silver and 23 bronze medals at the Commonwealth Games in Birmingham. India’s Commonwealth Games 2022 campaign is its fifth-best in terms of the number of medals won. India’s best finish was at its home games in Delhi in 2010, where it won 101 medals. First and last medal in Indian Tally:

a)      Weightlifter Mirabai Chanu won India’s first gold medal in Commonwealth Games 2022 after she topped the 49kg category.

b)      Paddler Sharath Kamal won India’s last gold medal in Commonwealth Games 2022 with a gold medal in the Table Tennis men’s singles competition.

Commonwealth Games 2022: Overall Medal Tally

Rank	Country	Gold	Silver	Bronze	Total
1	Australia	67	57	54	178
2	England	57	66	53	176
3	Canada	26	32	34	92
4	India	22	16	23	61
5	New Zealand	20	12	17	49
6	Scotland	13	11	27	51
7	Nigeria	12	9	14	35
8	Wales	8	6	14	28
9	South Africa	7	9	11	27
10	Malaysia	8	8	8	24

 

 

BANKING AND FINANCE

 

1. Indian Bank received a Rs. 32 lakh fine from the RBI: In accordance with paragraph 3.2.6 of Reserve Bank of India (Frauds, classification and reporting), the Reserve Bank of India fined the Indian Bank a total of Rs. 32.00 lakh (Rupees Thirty Two Lakh only) for failing to submit a Flash Report for frauds involving amounts of at least Rs. 5.00 crore (Rupees Five Crore) to the RBI as required by Section 47A(1)(c) of the Banking Regulation Act, 1949.

The Indian Bank has taken essential preventative and comprehensive measures to stop a repeat of this in the future. A notification was sent to the bank in response to this, instructing it to provide justification for not facing a penalty for failing to follow RBI instructions. This action is based on the regulatory compliance shortcomings and is not meant to rule on the legality of any deal or arrangement the bank has with its clients.

 

2. Unity SFB named Inderjit Camotra as MD & CEO: The Unity Small Finance Bank (SFB) Limited (Unity Bank) has appointed, Inderjit Camotra as the managing director and chief executive officer (MD & CEO) of the bank. A senior banker with over 25 years of experience across India, Camotra held various leadership positions at Standard Chartered Bank. In January 2022, the bank appointed Vinod Rai, the former CAG of India, as its Chairman.

About the Unity Small Finance Bank: Unity Small Finance Bank is a new age, the digital-first bank which was recently elevated to a ‘Scheduled Bank’ and was included in the Second Schedule of the RBI Act. The bank is promoted by Centrum Financial Services Ltd and Resilient Innovations Pvt Ltd as a joint investors. The bank commenced its operation in November 2021.

 

BUSINESS AND ECONOMY

 

1. TATA Steel to spend 3000 cr on seating for new Vande Bharat trains: Tata Group is preparing to introduce the “First in India” seating system for Vande Bharat Express trains starting in September 2022 and plans to invest Rs 3,000 crore on R&D by FY26. By 2030, the steel-to-salt conglomerate hopes to rank among the top 5 technological companies worldwide in the steel sector. The Vande Bharat express has placed a bulk order worth Rs 145 crore with Tata Steel‘s Composites division for seating systems. This order calls for the provision of complete seating systems for 22 train sets, each consisting of 16 coaches.

These seats have been carefully created, can rotate 180 degrees, and have conveniences similar to those seen in aeroplanes. This is a first-of-its-kind supply that will be carried out over a 12-month period beginning in September 2022, according to Debashish Bhattacharjee, Vice President of Tata Steel’s Technology & New Materials Business, who spoke to PTI.

 

DEFENCE

 

1. 12th edition of Defence Expo to be held in Gandhinagar, Gujarat: The Ministry of Defence has announced that the 12th edition of the Defence Expo, India’s flagship exhibition on Land, Naval and Homeland Security systems, will be held in Gandhinagar, Gujarat. The event will be held between October 18 and 22, 2022. The theme for this edition is ‘Path to Pride’ invoking nationalistic pride and encouraging citizens to partake in nation-building through establishing a capable indigenous Defence industry.

The five-day event will witness three business days followed by two public days. Live demonstrations showcasing the equipment and skill set of the Armed Forces, DPSUs and Industry will be held on all five days at Sabarmati River Front through active participation and synchronized efforts at all levels, informed the officials.

Key points of the 22nd Defence Expo 2022:

a)      The Indian Defence industry has been keenly anticipating DefExpo-2022 which is Asia’s largest event in the defence sector. It was postponed in March 2022 due to logistical problems being faced by the participants.

b)      The reforms in defence manufacturing are attracting greater interest from Indian Defence manufacturers and it is therefore anticipated that DefExpo-2022 would attract active participation from Indian companies.

c)       The DefExpo-2022 website (www.defexpo.gov.in) is available to provide online services to exhibitors, besides hosting informative content about the various indigenous defence products and promoting heritage and leisure at Gujarat.

d)      The exhibition is in line with the vision of Prime Minister Narendra Modi to achieve self-reliance in defence and achieve export of $5 billion by 2025.

 

2. Indian Army conducts pan-India drill ‘Skylight’ to test operational readiness: The Indian Army has conducted a pan-India satellite communication exercise named ‘Ex Skylight’, in the last week of July. The main objective of this exercise was to test the operational readiness and robustness of its hi-tech satellite communication systems, in the event of an attack by an adversary. Key Points:

a)      The Indian Army is preparing to have its own multi-band dedicated satellite, with added security features by 2025.

b)      The dedicated GSAT-7B satellite of the Army is a first-of-its-kind indigenous multi-band satellite, designed with advanced security features. It will support tactical communication requirements for troops deployed on the ground, remotely piloted aircraft, air defence weapons and other mission-critical and fire support platforms.

c)       ISRO and various agencies responsible for space and ground segments also participated in the exercise.

d)      The IAF and Navy already have their own GSAT-7 series satellites.

Daily GK Update- 8th Aug, 2022

 

NATIONAL UPDATES:

 

1. PM Modi Chairs 7th NITI Aayog Governing Council Meet: Prime Minister Narendra Modi attended the seventh NITI Aayog governing council meeting which took place at the Rashtrapati Bhavan’s cultural centre in the national capital. The council held discussions over several issues such as crop diversification, urban development and implementation of the National Education Policy (NEP). Top Points in the Meeting:

a)      Among the agendas of the conference are evolving a shared vision of national priorities and strategies with the active involvement of states and union Territories,” the NITI Aayog Governing Council is a key forum for deliberations.

b)      With India hosting the G20 Presidency and summit next year, Sunday’s meeting assumes greater significance. Presidency for India for the federal system and the role that states can play in highlighting their progress at the G-20 Platform.

c)       Telangana chief minister K. Chandrashekar Rao on Saturday, claiming discrimination by centre, said he would not attend the conference, In a statement, the NITI Aayog said it was “unfortunate”.

d)      Bihar chief minister Nitish Kumar is also not present at the meeting.

 

2. Uttarakhand govt decides to develop one Sanskrit-speaking village in each district: Uttarakhand government has decided to develop one Sanskrit-speaking village in each of the 13 districts in the state. Citizens of these villages will be trained by experts to use the ancient Indian language as a medium of daily communication, Uttarakhand’s Minister for Sanskrit Education. Sanskrit teachers will be sent to the selected villages to teach locals how to communicate in the language. They will also be taught the Vedas and the Puranas to help them acquire proficiency in Sanskrit. To be called ”Sanskrit Gram”, each of these villages will be a centre of ancient Indian culture

Sanskrit is the second official language of Uttarakhand. The first language is Hindi. Uttarakhand is the first state in the country to launch an initiative on this scale to promote Sanskrit. There is only one Sanskrit-speaking village in the state of Karnataka.

Note: Uttarakhand Chief Minister: Pushkar Singh Dhami; Uttarakhand Capitals: Dehradun (Winter), Gairsain (Summer); Uttarakhand Governor:  Lt Gen Gurmit Singh.

 

3. Haryana government developed the Cheerag programme for EWS Students: The “Chief Minister Equal Education Relief, Assistance and Grant (Cheerag)” programme was recently introduced by the administration of Haryana Chief Minister Manohar Lal Khattar. It was put in lieu of a comparable programme started by the Bhupinder Singh Hooda administration in 2007 under Rule 134 A of the 2003 Haryana School Education Rules. According to the plan, government students from the Economically Weaker Section (EWS) who attend private schools will receive a free education. About Cheerag Scheme:

a)      Under the Cheerag programme, government school children in grades 2 through 12 may enrol in private schools.

b)      To qualify, parents’ verifiable annual income must be less than Rs. 1.8 lakh.

c)       The state of Haryana will pay back: -Rs 700 each student in grades two through five, Rs 900 per student in grades six through eight and Rs 1,100 each student in grades nine through twelve.

d)      Under the Cheerag programme, 533 low-cost private schools in rural areas and small cities had submitted applications. Due to various technological issues, only 381 schools were deemed to be eligible.

e)      Government school students from EWS were given 24,987 seats in eligible schools. However, only 1665 students—or 6.66 percent of the available seats—have chosen the programme. This is due to the fact that those schools are not close and that only government schools have certain facilities. Furthermore, reputable private schools have not expressed an interest in taking part.

 

4. ISRO’s launched tiniest rocket to display the Tricolor in Space: A tiny satellite launch vehicle was sent from Sriharikota by the Indian Space Research Organization on 7th August 2022. It is a three-stage vehicle, and each step of propulsion uses solid fuel. The goal of the project is to place an Earth observation satellite called EOS-02 into low earth orbit along with a satellite called “Azaadi SAT.” The satellite will be launched from Sriharikota. About the AzaadiSAT:

a)      In order to mark India’s 75th anniversary of independence, Prime Minister Narendra Modi declared on August 15 that this spacecraft would be launched. A co-passenger satellite called “AzaadiSAT” will be aboard SSLV in honour of India’s festival of “Azaadi Ka Amrit Mahotsav.“ It was designed specifically for the 75th anniversary of Independence Day.

b)      AzaadiSAT has 75 payloads in total. 750 young female students from 75 Indian rural government schools built these payloads. It is the outcome of ISRO’s efforts to encourage girls to pursue “Science, technology, engineering, and mathematics (STEM)”.

c)       The CubeSat weighs 8 kg. The 75 payloads weigh around 50 grammes each. In addition, AzadiSAT has a long-range transponder and a solid-state PIN diode-based radiation counter that will measure the ionising radiation in its orbit.

d)      To connect and interact with AzadiSAT in orbit, ISRO will employ a ground system created by Space Kidz India.

 

5. Nation observes 80th anniversary of Quit India movement: The 80th anniversary of the August Kranti Din or Quit India Movement, which is considered as one of the important milestones in the history of the freedom struggle of our country, is being observed on 8 August 2022. The slogans “Quit India” and “Do or Die” became battle cries for the freedom fighters during the Quit India movement.

Quit India movement History: On 8 Aug 1942, Mahatma Gandhi gave a clarion call to end British rule and launched the Quit India Movement at the session of the All-India Congress Committee in Mumbai. Although the movement was suppressed by 1944, it played an important role in uniting the common people across the country against British rule. The Quit India movement was supposed to be a peaceful and non-violent movement that only aimed to urge the British to leave India and grant Independence. Gandhi gave separate instructions to each age group and a working group in India about the movement.

 

INTERNATIONAL UPDATES:

 

1. ASEAN Has Celebrated Its 55th Anniversary In 2022: External Affairs Minister Dr S. Jaishankar has congratulated ASEAN Member States and the Secretary General on their 55th anniversary. In a tweet, he said, we celebrate 2022 as the ASEAN-India Friendship Year, reaffirming the commitment to the partnership and to ASEAN’s centrality in the Indo-Pacific. The ASEAN-India Centre (AIC) at Research and Information System for Developing Countries (RIS), New Delhi, organised a panel discussion to celebrate the 55th Anniversary of ASEAN on Monday.

The theme of this year’s ASEAN Day is “Stronger Together” that invites and welcomes the forward-minded people of ASEAN to come in synchronization and work as a collective to face the challenges of 21st Century. ASEAN symbolizes the spirit of solidarity and peaceful, prosperous and socially responsible ASEAN Community.

About ASEAN: The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration). The motto of ASEAN is “One Vision, One Identity, One Community”.

Founding Members: Indonesia, Malaysia, Philippines, Singapore and Thailand. Brunei Darussalam (1984), Vietnam (1995), Lao PDR and Myanmar (1997), and Cambodia (1999), joined the ASEAN later.

ASEAN Secretariat – Indonesia, Jakarta.

 

OTHER UPDATES:

 

SPORTS

 

1. Commonwealth Games 2022: Eldhose Paul becomes the first Indian to win gold in the triple jump: India’s Eldhose Paul scripted history by winning the first-ever gold medal in Men’s Triple Jump at the Commonwealth Games 2022. With the best effort of 17.03m, he left everyone in awe of his stunning jump. Paul’s statemate Aboobacker won silver with a 17.02m jump (wind assistance +1.2) in his fifth attempt. Bermuda’s Jah-Nhai Perinchief won bronze with a jump of 16.92m.

 

2. Commonwealth Games 2022: Boxer Nitu Ghangas wins gold in women’s 48 kg category: Indian boxer Nitu Ghangas has clinched a gold medal after defeating England’s Demie-Jade Resztan in the final of the women’s 48 kg category at the Commonwealth Games 2022. She won on basis of points by 5-0 over her English opponent. Indian boxer Nitu Ghangas assured the nation of another medal after reaching the final of the Minimum weight (over 45 kg- 48 kg) category by defeating Priyanka Dhillion of Canada in the semifinal at the ongoing Commonwealth Games 2022 in Birmingham.

 

3. Commonwealth Games 2022: Amit Panghal wins Gold in men’s 48kg-51kg flyweight boxing: Indian boxer Amit Panghal has won the gold medal in the 48-51kg weight category at Commonwealth Games 2022. He defeated England’s Kiaran Macdonald by 5-0 in the final match. It is his second CWG medal after Silver in Gold Coast. Subedar Amit Panghal is an Indian Army Junior Commissioned Officer (JCO) and a boxer. Born in a farming family based in Rohtak, Haryana, Panghal took inspiration from his elder brother Ajay to become a boxer.

 

4. Commonwealth Games 2022: Table Tennis player Bhavina Patel won a gold medal in the women’s singles: Star Indian para table tennis player, Bhavina Patel won a gold medal in the women’s singles class 3-5 at the Commonwealth Games 2022. The 35-year-old from Gujarat, prevailed 12-10 11-2 11-9 over Nigeria’s Ifechukwude Christiana Ikpeoyi to cap off. Bhavina Hasmukhbhai Patel is an Indian parathlete and table tennis player from Mehsana, Gujarat.

 

5. Commonwealth Games 2022: Naveen won the gold medal in the men’s 74kg freestyle wrestling: Indian wrestler Naveen Malik won the gold medal in the men’s 74kg freestyle wrestling at the 2022 Commonwealth Games at the Coventry Stadium and Arena. Naveen defeated Muhammad Sharif Tahir of Pakistan. The Indian seemed to have the edge over Tahir in terms of speed and used it to his advantage to open the scoring with a two-point takedown. He went for the kill to score two more takedowns and earned a comprehensive 9-0 win.

 

6. Commonwealth Games 2022: Wrestler Ravi Kumar Dahiya bags gold for India: Ravi Kumar Dahiya has created history at Commonwealth Games 2022 by winning Gold for the country in Men’s Freestyle 57kg wrestling. Ravi defeated Ebikewenimo Welson of Nigeria 10-0 in the final to win his maiden Commonwealth Games gold. The match lasted two minutes and 16 seconds. Dahiya was extremely dominant in the first period and did not let his opponent score.

 

7. Commonwealth Games 2022: Nikhat Zareen wins Gold in Boxing: Nikhat Zareen wins the Gold medal at Commonwealth Games 2022 in Birmingham. She defeated Mc Naul of Northern Islands in the finals, by 5-0 in women’s light-fly 48kg-50kg boxing. With Nikhat Zareen’s gold medal at Commonwealth Games 2022, India gets a total of 17 golds and 48 total medals. Nikhat Zareen again proves her dominance in the world of boxing.

 

BANKING AND FINANCE

 

1. RBI Imposes ₹2.33 Cr Monetary Penalty on Spandana Sphoorty Financial: The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.33 crore on Hyderabad-based Spandana Sphoorty Financial Ltd for its failure to adhere to the pricing of credit guidelines for Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs).

Reason for This Action: RBI had conducted statutory inspections of the company, a NBFC- MFI, with reference to its financial position as on March 31, 2019 and March 31, 2020. Examination of the Risk Assessment Report, Inspection Reports, supervisory letters and all related correspondence revealed that the company’s failure to adhere to pricing of credit guidelines for NBFC-MFI, according to the central bank’s statement.  The central bank observed that its action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.

 

2. SBI’s first-quarter net profit fell by 7% to Rs. 6,068 billion: SBI’s first-quarter net profit: Due to a reduction in revenue, the largest lender in the nation, State Bank of India (SBI), reported a 7% decline in standalone net profit for the first quarter of the current fiscal year, coming in at Rs 6,068 crore. In the April through June quarter of 2021–2022, the bank had posted a net profit of Rs 6,504 crore. SBI reported in a regulatory filing that its standalone total income decreased to Rs 74,998.57 crore in the first quarter of 2022–23 from Rs 77,347.17 crore in the same period last year. Sbi’s First-Quarter Net Profit: Key Points:

a)      Due to Mark to Market (MTM) losses on its investment book, the bank’s operational profit decreased by 33% to Rs 12,753 crore from Rs 18,975 crore in the April-June quarter of the previous fiscal.

b)      The bank’s Return on Asset and Return on Equity, which were 0.48 percent and 10.09 percent, respectively, were negatively impacted by the MTM hit.

c)       However, the bank’s interest income increased to Rs 72,676 crore from Rs 65,564 crore previously. At the same time, net interest income rose from Rs 27,638 crore in the first quarter of the previous fiscal to Rs 31,196 crore.

d)      From 3.15 to 3.23 percent, the net interest margin increased.

 

BUSINESS AND ECONOMY

 

1. Government Emphasises on Whole of the Government Approach to Boost Exports: Union Commerce and Industry Minister Piyush Goyal emphasised on ‘Whole of Govt’ approach to boost exports. Interacting with the Export Promotion Councils (EPCs) and representatives of Industry associations at New Delhi, Goyal reviewed the Export scenario of the country. He said that the ‘Whole of Govt’ approach to boost exports would require exporters, EPCs, govt agencies and Indian missions abroad to work together. He further stated that the ball is in our court and we have to be ready to take on global competition. He said that government is doing its best through various measures to support Indian exporters to compete globally.

 

2. Amazon India signed an agreement with Indian Railways to boost delivery: Amazon India has engaged with the Railway of India to boost its delivery services in the country. Through this partnership, Amazon India will be able to transport packages on more than 110 inter-city routes, ensuring one to two-day delivery for its customer. Amazon began working with the Indian Railways in 2019. The company has increased its transportation lanes five-fold, it said.

Amazon will pay a monthly rent of about Rs 3.57 crore, with periodic rental escalation, for a lease tenure of 21 years and six months. The lease agreement includes a rent-free period of 24 months, with a lock-in period of 15 years from the lease commencement date.

Note: Amazon Founder: Jeff Bezos; Amazon CEO: Andy Jassy; Amazon HQ: Seattle, Washington, United States; Amazon Formed: 5 July 1994.

 

AWARDS AND HONOURS

 

1. Indian-American Aarya Walvekar crowned Miss India USA 2022: Indian American from Virginia, Aarya Walvekar has crowned Miss India USA in 2022 in New Jersey. Saumya Sharma, a second-year premedical student at the University of Virginia, was declared first runner up and Sanjana Chekuri of New Jersey was the second runner-up. This year marks the 40th anniversary of the pageant which is the longest-running Indian pageant outside of India. It was started by New York-based Indian- Americans Dharmatma and Neelam Saran under the banner of Worldwide Pageants. About the competition:

a)      As many as 74 contestants representing 30 states participated in three different pageants –Miss India USA, Mrs. India USA and Miss Teen India USA.

b)      Akshi Jain from Washington has crowned Mrs India USA and Tanvi Grover from New York was crowned Miss Teen India USA.

c)       Winners of all three categories receive complimentary tickets to Mumbai early next year to take part in Worldwide Pageants organised by the same group.

d)      The event attended by singer Shibani Kashyap, Khushi Patel, Miss India Worldwide 2022 and Swathy Vimal, Mrs. India Worldwide.

 

2. Spiritual leader Dalai Lama honoured with Ladakh’s highest civilian award: Tibetan spiritual leader, Dalai Lama was honoured with the ‘dPal rNgam Duston’ award, the highest civilian honour of Ladakh. This award is given for his immense contribution to humanity, especially towards the union territory. The sixth award was conferred by Ladakh Autonomous Hill Development Council (LAHDC), Leh which celebrated the ‘dPal rNgam Duston’ with great fervour on the occasion of its foundation day at Sindhu Ghat.

The 87-year-old spiritual leader, who is on a visit to the union territory since July 15, appreciated the gesture and stressed maintaining communal harmony in the region. The ‘dPal rNgam Duston’ marks the celebration of the remarkable contribution and achievement of the heroes of Ladakh and seeks to instil a sense of pride in the younger generation.

Daily GK Update- 7th Aug, 2022

 

NATIONAL UPDATES:

 

1. World’s largest floating solar power plant going to be built in Khandwa, MP: The world’s largest floating solar power plant is going to be built at Khandwa in Madhya Pradesh. With an aim to increase the power generation capacity of the central state of Madhya Pradesh and address the electricity problems in the region. A floating solar power plant is going to be built in Khandwa which will generate 600 Megawatt power by 2022-23.

The project which is said to world’s largest floating solar plant will be constructed at an estimated cost of over Rs 3,000 crore over the Omkareshwar Dam and it will help generate. Khandwa will become the only district in the state to have all three things including solar, hydel and thermal with over 4,000MW power to be produced from a single district.

Note: Madhya Pradesh Capital: Bhopal; Madhya Pradesh Chief Minister: Shivraj Singh Chouhan; Governor of Madhya Pradesh: Mangubhai C. Patel.

 

2. Quality Council collaborates with National Health Authority: In order to accredit and rate HMIS (Health Management Information System) and LMIS (Laboratory Information Management System) solutions that have been integrated with the Ayushman Bharat Digital Mission, the National Health Authority (NHA) has onboarded the Quality Council of India (QCI) for six months. The National Accreditation Board for Hospitals and Healthcare Providers (NABH), a constituent board of QCI, is in charge of national accreditation in the medical field, according to the Union Ministry of Health and Family Welfare. Key Points:

a)      In order to provide prospective buyers with reliable information, NABH will take on the task of accrediting and grading the ABDM compliant solutions on a variety of factors, such as ease of use, user interface, price, number of modules/features, and value for money/price.

b)      The recognised health tech solutions will assist healthcare businesses in managing their patient journeys and business more systematically in accordance with ABDM standards, according to Adil Zainulbhai, Chairman, QCI.

c)       In order to build an accreditation standard for digital health solutions across several product categories (such as HMIS, LMIS, Health Locker, etc.) that have successfully completed their ABDM integration, NABH, QCI will onboard professionals in the field of digital health as part of this endeavour.

 

3. Goa Police and blockchain network 5ire agree to work to build smart policing: In order to digitise its operations, Goa Police declared that it had inked an agreement (MoU) with Level-1 blockchain network 5ire. S.P. Crime, Nidhin Valsan, IPS, and Pratik Gauri, the founder and CEO of 5ire, signed the MoU on behalf of the Goa Police. Goa would become the first police state in India to totally abandon paper with the signing of this MoU. Key Points:

a)      With the implementation of a smart policing solution to increase openness and efficiency in policing, the MoU would establish a public-private collaboration between 5ire and the Goa Police.

b)      It will make processes more efficient and give stakeholders a more accurate picture of all events. The digitization and digitalization of offline systems would also be aided by the MoU.

c)       In accordance with a press release, 5ire‘s blockchain-based smart policing solutions can accurately record all official operations, giving police access to documents and evidence that will aid in assisting citizens.

d)      Furthermore, the Goa Police can use blockchain technology to streamline processes, make them online, and more environmentally friendly.

 

4. NIESBUD tie-up with Hindustan Unilever Ltd to develop entrepreneurial skills: National Institute for Entrepreneurship and Small Business Development (NIESBUD) and Hindustan Unilever Limited (HUL) signed a memorandum of understanding (MoU) for developing entrepreneurial skills among the youth and identifying other aspects for mutual collaboration. The alliance will further enhance employment generation and create sustainable livelihood opportunities, giving a major boost to nano and micro-entrepreneurship advancement in the country. Under the partnership:

a)      Both the entities will collaborate to organise training programmes, develop course curriculum, undertake cluster development activities, organise workshops and extend incubation support, provide industry linkages, assist trainees in linking up with suitable wage employment, etc.

b)      HUL is also contributing INR 63,00,000 to NIESBUD to support the Skill Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) Project, which aims at strengthening the entrepreneurship ecosystem, and bringing in better market connectivity and inclusion of marginalised sections of society.

Note: Hindustan Unilever Limited CEO: Sanjiv Mehta (10 Oct 2013–); Hindustan Unilever Limited Headquarters: Mumbai; Hindustan Unilever Limited Established: 17 October 1933.

 

5. National Handloom Day: 7th August: In India, the National Handloom Day is observed annually on the 7th of August to honour the handloom weavers. The day highlights the contribution of the handloom industry to the socioeconomic development of the country and increased the income of the weavers. 2022 marks the 8th National Handloom Day. This year theme of National Handloom Day 2022 is ”Handloom, an Indian legacy”.

National Handloom Day History: The Union government officially declared August 7 as NHD in July 2015. In 2015 the Honorable Prime Minister of India Narendra Modi declared August 7 as National Handloom Day. It was on this day in 1905, that the Swadeshi Movement was launched in the Calcutta Town hall to protest against the partition of Bengal by the British Government.

 

6. Javelin Throw Day: 7th August: The Athletics Federation of India (AFI) is celebrating the second ‘Javelin Throw Day’ on August 7, 2022. The day was first observed in 2021 in honour of Javelin thrower Neeraj Chopra, who won India’s first Olympic gold medal in athletics at Tokyo. This decision to observe Javelin Throw Day is also an attempt to attract more youth towards the sport and get champions ready for a bright future in athletics ahead.

Neeraj Chopra has scripted history at the Olympic Stadium in Tokyo when he threw the javelin to a distance of 87.58m to end India’s medal drought in athletics at the Olympics. This is India’s first-ever gold medal in athletics in the history of the Olympics.

Note: Athletics Federation of India President: Adille J Sumariwalla; Athletics Federation of India Founded: 1946; Athletics Federation of India Headquarters location: New Delhi.

 

INTERNATIONAL UPDATES:

 

1. Sweden and Finland approved to join NATO by US Senate: With 95 senators voting in favour of the measure, the US Senate decisively approved the NATO membership of Sweden and Finland. Republican Senator Josh Hawley of Missouri cast the lone dissenting vote, contending that the threat posed by China should receive considerably more attention than European security. Finland and Sweden’s membership in NATO has the strong support of US President Joe Biden, who in July forwarded the issue to the Senate for consideration.

About Finland and Sweden’s Membership:

a)      The decision in Washington came after a vote earlier in the National Assembly of France, where 209 deputies supported the admission of Sweden and Finland and 46 opposed it.

b)      The approval of the accession was already approved by the Senate, the second chamber of the French parliament.

c)       In the wake of Russia’s invasion of Ukraine, Sweden and Finland submitted applications to join the Western Defense Alliance. The two nations have up to now been close allies but not NATO members.

d)      All 30 NATO countries, of which two-thirds have already approved the new members, must ratify the accession procedures before they can go into effect.

Note: NATO Chairman: Jens Stoltenberg;

NATO Nations: Current member states of NATO are Albania, Belgium, Bulgaria, Canada, Croatia, the Czech Republic, Denmark, Estonia, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Montenegro, the Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Turkey.

 

2. IDF World Dairy Summit 2022 to be held in New Delhi: International Dairy Federation World Dairy Summit (IDF WDS 2022), is scheduled to be held in New Delhi from September 12. India will look to improve its per animal milk productivity by drawing lessons from advanced nations. Currently, the world’s largest milk producer with about 210 million tonnes of production per year, India lags behind many advanced countries in dairy productivity. This, according to dairy sector leaders, will be a key takeaway for the country from the Summit that has a theme of “livelihood and nutrition”. Before this, India hosted the International Dairy Congress in 1974. It must be noted that India is the largest milk producing country in the world.

About the IDF World Dairy Summit: The IDF World Dairy Summit is an annual meeting of the global dairy sector, bringing together approximately 1500 participants from all over the world. The participant profile includes CEOs and employees of dairy processing companies, dairy farmers, suppliers to the dairy industry, academicians, government representatives, etc. The summit is composed of a series of scientific and technical conferences and social events.

 

OTHER UPDATES:

 

SPORTS

 

1. Commonwealth Games 2022: Bajrang Punia Wins Gold in Men’s 65kg Category: Bajrang Punia has won his 3rd Commonwealth Games medal and his second successive Gold medal in the men’s 65kg category. The Tokyo Olympics bronze medallist beat Lachlan McNeil of Canada in the final (9-2). He had won silver in his maiden CWG in 2014 and then bettered the colour four years ago in Gold Cost by winning a gold.

 

2. Commonwealth Games 2022: Indian Grappler Divya Kakran won Bronze medal: Indian wrestler, Divya Kakran has won a bronze medal in the women’s 68 kg category at the Commonwealth Games 2022. In the bronze medal match, Kakran defeated Tonga’s Tiger Lily Cocker Lemalie in 26 seconds via Victory by Fall. Kakran bagged the medal in only 26 seconds via Victory by Fall.

 

3. Commonwealth Games 2022: Wrestler Mohit Grewal Bags Bronze in Men’s Freestyle: Indian grappler, Mohit Grewal has clinched the bronze medal in the Men’s Freestyle 125kg in the Commonwealth Games 2022 after defeating Jamaica’s Aaron Johnson. Grewal defeated Johnson 5-0 in the bronze medal match. He bagged the medal in only three minutes and 30 seconds. Mohit started his campaign on a winning note against Alexios Kaouslidis of Cyprus in the quarterfinal bout but lost to eventual champion Amarveer Dhesi of Canada in the semi-final.

 

4. Sakshi Malik Wins Gold in Women’s wrestling: Star Indian wrestler, Sakshi Malik has won the gold medal in the Women’s Wrestling Freestyle 62Kg at the 2022 Birmingham Commonwealth Games. She defeated Ana Godinez Gonzalez of Canada in the final. The 29-year-old defeated England’s Kelsey Barnes 10-0 via technical superiority in the quarter-final and then beat Cameroon’s Berthe Emilienne Etane Ngolle 10-0 via technical superiority in the semi-final.

 

5. Commonwealth Games 2022: India’s Deepak Punia won a gold medal in Wrestling: India’s wrestler Deepak Punia has won the gold medal in the Commonwealth Games 2022 by defeating Pakistan’s Muhammad Inam by 3-0 in the men’s 86 kg category in the final. In the semifinal earlier, Deepak saw out Canada’s Alexander Moore 3-1 as he gained early points. This is India’s third gold medal in wrestling.

 

6. Commonwealth Games 2022: Anshu Malik Clinches Silver In Women’s Freestyle: Indian Grappler or wrestler, Anshu Malik won the silver medal in the Women’s Freestyle 57kg category in the Commonwealth Games 2022. She faced 3-7 defeat against Nigeria’s Adekuoroye in the gold medal match. Malik bagged the first medal for India in the wrestling of the Commonwealth Games 2022.

So far India has won 26 medals in the ongoing games with nine gold, eight silver and nine bronze medals. India is now expecting medals in boxing, badminton, table tennis and hockey. India won the most number of 10 medals in weightlifting, including three gold. Australia is at the top of the medal’s tally with 50 gold, 43 silver and 45 bronze medals. The Commonwealth Games 2022 games will conclude on August 8.

 

BANKING AND FINANCE

 

1. New Payment System for NRIs: The BBPS: The Reserve Bank of India (RBI) proposed to allow non-resident Indians (NRIs) to make utility, education and other bill payments on behalf of their family members living in India. The payments will be processed through Bharat Bill Payment System’s (BBPS) cross-border inward bill payments facility.

BBPS: BBPS is a payments system conceptualized by RBI and run by National Payments Corporation of India(NPCI) to help customers make bill payments both digitally and physically, say, through bank branches and business correspondents.

It’s Benefits: Experts said the move will be convenient for NRIs who make regular payments in India. The move was announced by RBI governor Shaktikanta Das in his monetary policy statement. The central bank will soon be issuing instructions to put this into effect.

 

BUSINESS AND ECONOMY

 

1. India’s Trade Deficit at Record High: 31 billion Dollar: India’s trade deficit widened to a record $31.02 billion in July, as imports of goods surged despite curbs and merchandise exports contracted for the first time in 20 months. July merchandise exports declined by 0.76% from a year ago to $37.24 billion, while imports grew 44% to $66.26 billion during the month because of high commodity prices and a weak rupee, data released by the ministry of commerce and industry showed on Tuesday.

Trade Deficit: Trade deficit is said to take place when the imports done by a country exceed that of the exports done by a country in a fiscal year.

Current Development: Barring 2019-20, when global trade collapsed under the impact of the Covid pandemic, India’s trade deficit has been gradually falling due to an increase in Indian exports. In 2021-22, India’s exports touched a record $418 billion.

 

2. Agreement between NPCI and IIT Kanpur for Research Collaboration: A Memorandum of Understanding (MoU) between the National Payments Corporation of India (NPCI) and the Indian Institute of Technology (IIT), Kanpur, paves the way for the exchange of creative ideas and collaboration on the creation of homegrown digital payment solutions. The collaboration will also aid in strengthening cybersecurity safeguards for the goods and services provided by NPCI and its affiliates. The MoU will spur NPCI and IIT Kanpur to work together on a variety of projects. Key Points:

a)      With the help of this partnership, distinguished faculty members from the institute will conduct in-depth educational sessions and give lectures to NPCI staff on cybersecurity and the most recent developments in Artificial Intelligence (AI), Machine Learning (ML), Security Product Roadmaps, and Distributed ledger technologies (DLT).

b)      On the other hand, NPCI would give IIT Kanpur students internship opportunities, giving them the essential experience of working on real NPCI projects.

c)       IIT Kanpur students’ domain-specific knowledge and skills would help NPCI swiftly carry out the changing demands of customer-focused solutions.

d)      The MoU’s knowledge-sharing features will be advantageous to both parties and make it possible to create better and more secure digital payment products and services that are focused on advancing the national interest.

 

DEFENCE

 

1. Indian Navy’s all-female crew completes first solo maritime mission: Women officers in the Indian Navy made history when they flew a Dornier 228 on the first-ever all-female autonomous maritime reconnaissance and surveillance mission in the North Arabian Sea. Five officers from the Indian Navy Air Squadron (INAS) 314 stationed at the Naval Air Enclave in Porbandar, Gujarat, completed the mission.

About the Maritime Surveillance Mission over Arabian Sea:

a)      Lt Cdr Aanchal Sharma, the mission commander, piloted the plane while assisted by Lt Shivangi and Lt Apurva Gite, Lt Pooja Panda, and SLt Pooja Shekhawat, tactical and sensor officers.

b)      The women officers underwent extensive mission briefings and months of ground training in preparation for this historic sortie, according to a statement from the Ministry of Defence.

c)       Frontline Naval Air Squadron INAS 314 is stationed in Porbandar, Gujarat.

d)      This “first-of-its-kind military flying operation” is anticipated to open doors for female aviation cadre officers to take on more responsibility and strive for more difficult roles.