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Wednesday, September 21, 2022

Daily GK Update- 21st Sep, 2022

NATIONAL UPDATES:

 

1. India to Be Home to Cheetahs after 70 Years: Eight African cheetahs are from Namibia into their new habitat at the Kuno National Park in Madhya Pradesh. The PM released the five female and three male cheetahs into the Park’s quarantine enclosures as part of his efforts to revitalise and diversify the country’s wildlife and habitat, his office has said.

The Cheetah: The last cheetah in India died in 1947 in Korea district in present day Chhattisgarh, which was earlier part of Madhya Pradesh, and the species was declared extinct from India in 1952. According to reports, the cheetah has lost 90 percent of its global habitat in the last 100 years. The ‘African Cheetah Introduction Project in India‘ was conceived in 2009, with a plan to introduce the big cat by November last year in Kuno National Park, but it suffered a setback due to the COVID-19 pandemic.

How Cheetahs are brought to India: The cheetahs board a customised Boeing 747-400 aircraft from Namibia’s capital Windhoek and arrive in Gwalior after completing an overnight journey lasting 10 hours and traversing 8,000 kilometres. The felines then be shifted from Gwalior to Kuno National Park (KNP) in an Indian Air Force (IAF) Chinook heavy-lift helicopter. The cheetahs, aged between four and six years, not be tranquilised for the journey. The aircraft bringing the animals has been sourced from a UAE-based aircraft company by Action Aviation. It carries the image of a tiger on its nose.

 

2. Jharkhand ups reservations for SC, ST, and others to 77%: Jharkhand Government agreed to the proposal for granting 77 percent reservation in state government jobs for the SC, ST, Backward Classes, and OBC and further economically weaker sections. The chief minister of Jharkhand Hemant Soren hiked the OBC reservation to 27 percent which was earlier 14 percent. Key Points:

a)      The decision of granting reservation was taken in the backdrop of tribals’ demand that the last land survey is conducted by the British government in 1932.

b)      The development came amid a political crisis in Jharkhand over the threats to Chief Minister Hemant Soren of his disqualification as an MLA.

c)       The state government will also request the center to the inclusion of the bill in the Ninth schedule of the constitution.

d)      In the proposal job reservation policy, local people of the SC community will have a quote of 12 percent, ST 28 percent, extreme Backward Class 15 percent, OBC 12 percent, and economically weaker sections 10 percent.

 

3. Election Commission of India launched BLO e-Patrika: The Election Commission of India has released a new digital publication ‘BLO e-Patrika’ at an interactive session held with BLOs spread across the states in India. In states/UTs, 50 BLOs from nearby states of Rajasthan, Uttar Pradesh, and Delhi joined the event physically at India Habitat Centre in New Delhi. Over 350 BLOs joined the meeting via video-conferencing from the office of Chief Electoral Officers (CEO). Key Points related to BLO e-Patrika:

a)      BLOs are the direct links of the Commission with the people.

b)      They are the primary source of information for every voter across the length and breadth of the country.

c)       The BLO e-Patrika is released to ensure a cascading information model for a better informed and motivated Booth Level Officer.

d)      The themes of the bimonthly e-Patrika include subjects related to EVM-VVPAT Training, IT application, special summary revision, Minimum SVEEP Activities at polling booths, Postal Ballot facilities, accessible elections, Electoral Literacy Clubs, Unique voter awareness initiatives, and National Voters Day.

 

4. Delhi Police First Force to Make Collection of Forensic Evidence Mandatory: Delhi Police has become the first police force in India to make a collection of forensic evidence mandatory in crimes punishable by more than six years. Delhi is a union territory and is under the administrative control of the Ministry of Home Affairs. Delhi Police Commissioner Sanjay Arora issued a ‘Standard Order’, to all the police units. Key Points:

a)      The order came into force after Home Minister Amit Shah pushed at Zonal Council Meeting.

b)      In the Zonal Council Meeting, Mr. Amit Shah informed that the government was going to overhaul the British-era Indian penal code.

c)       The changes in making the collection of forensic evidence compulsory in criminal cases punishable was one of the initial steps.

d)      Home Minister Amit Shah emphasized the fact that custodial torture has roots in colonial India, however, the conviction of a criminal can be achieved based on forensic evidence.

e)      The Delhi police order also suggests that the force has its own ‘mobile crime team van’, in each district. The forensic Mobil van will be allotted to each district to provide scientific and forensic assistance on the spot.

 

5. Manoj Bajpayee publishes book “Muskurate Chand Lamhe aur Kuchh Khamoshiyan”: At a ceremony in New Delhi, well-known actor Manoj Bajpayee published a book titled Muskurate Chand Lamhe aur Kuchh Khamoshiyan in the presence of Apurva Chandra, the secretary of information and broadcasting. A variety of poetry are offered in the book. Jiwesh Nandan is the author of it. Mr. Apurva Chandra expressed his opinions at the time and remarked that the book is focused on humour and philosophy.

 

INTERNATIONAL UPDATES:

 

1. Queen Elizabeth II funeral, buried at Windsor Castle’s St. George’s Chapel: The royal family bid farewell to Britain’s longest-reigning monarch, Queen Elizabeth II, in a private ceremony at Windsor Castle. A smaller crowd bid the Queen Elizabeth II farewell in St George’s Chapel after the official burial earlier that day at London’s Westminster Abbey, where world leaders, members of European royal families, and the general public had assembled. Key Points:

a)      2,000 people, including heads of state, gathered in Westminster Abbey for Queen Elizabeth II funeral.

b)      The casket was then carried to Wellington Arch in a procession that included soldiers and musicians from the armed forces.

c)       After the casket departed the abbey, the Queen’s children, including King Charles III, followed behind it. Prince William and Prince Harry, his sons, joined them. Later, the Queen’s casket was transported to Windsor Castle.

d)      The Queen’s coffin was lowered into the royal vault during a ritual of commitment in St. George’s chapel, and her imperial relics were laid out on the altar.

e)      In the King George VI Memorial Chapel located within St. George’s Chapel, Queen Elizabeth II and Prince Philip were interred after the monarch passed away on September 8 at the age of 96. The coffin of Prince Philip was removed from its current location and buried next to his wife.

Note: Capital of the United Kingdom: London; Prime Minister of the United Kingdom: Mary Elizabeth Truss a.k.a. Liz Truss; King of the United Kingdom: King Charles III

 

2. World Alzheimer’s Day: 21st September: World Alzheimer’s Day is observed annually on September 21 to raise awareness about neurological disorders. Alzheimer’s disease is the most common cause of dementia and affects the person’s memory, mental ability, and ability to carry out simple tasks. This year’s theme for World Alzheimer’s Month is ‘Know Dementia, know Alzheimer’s’. It is in continuation with the last year’s campaign which focused on warning signs and diagnosis of dementia and also the effect of the COVID-19 pandemic on the dementia community around the world. However, this year, special emphasis will be laid on post-diagnosis support for dementia.

World Alzheimer’s Day History: World Alzheimer’s Day was first marked on 21 September 1994 at the opening of ADI’s annual conference in Edinburgh. The day was celebrated to mark the 10th anniversary of the organization, which was founded in 1984.

 

3. International Day of Peace: 21st September: The International Day of Peace is observed globally on September 21. This year’s theme is “End racism. Build peace.” The UN General Assembly has declared this as a day devoted to strengthening the ideals of peace, through observing 24 hours of non-violence and cease-fire.

Symbol of International Peace Day: The Peace Bell was donated by the United Nations Association of Japan in 1954. It has become tradition to ring the bell twice a year: on the first day of spring, at the Vernal Equinox, and on 21 September to celebrate the International Day for Peace.

International Day of Peace History: The International Day of Peace was established in 1981 by the United Nations General Assembly. Two decades later, in 2001, the General Assembly unanimously voted to designate the Day as a period of non-violence and cease-fire. This year’s UN page on International Day of Peace highlights the ace-based discrimination at borders.

Note: United Nations Headquarters in New York, USA; United Nations was founded on 24 October 1945; Mr Antonio Guterres is the Secretary-General of the United Nations.

 

OTHER UPDATES:

 

SPORTS

 

1. 15 year old Pranav Anand becomes India’s 76th Chess Grandmaster: 15 year old, Pranav Anand from Bengaluru, Karnataka became India’s 76th Chess GrandMaster (GM) after winning against International Master (IM) Emin Ohanyan of Armenia. He received the title after he crossed the 2,500 Elo points in the ongoing World Youth Chess Championship in Mamaia, Romania. A month before Pranav Anand became India’s 76th GM, Pranav Venkatesh became India’s 75th Grandmaster.

 

BANKING AND FINANCE

 

1. FinMin to allow RRBs to raise funds via IPO, rights issue: Draft guidelines for Regional Rural Banks (RRBs) to raise capital from the capital market have been released by the Finance Ministry, opening the door for raising capital through rights issues, private placements with a selected group of investors, like major banks and insurance companies, and initial public offerings (IPO). Key Points:

a)      The government has issued a thorough model of guidelines for Regional Rural Banks (RRBs) to acquire capital and put the responsibility on sponsor banks to select suitable RRBs.

b)      There are currently 43 RRBs around the nation, sponsored by 12 Scheduled Commercial Banks, with 21,892 branches. Deposits and loans and advances (net) held by RRBs as of March 2022 totaled $5,62,538 crore and $3,42,479 crore, respectively.

c)       The Government of India (GoI), the respective State Governments (SGs), and the Sponsor Banks (SBs) jointly own RRBs, with equity contribution in the ratio GoI: SG: SB:: 50:15:35.

 

BUSINESS AND ECONOMY

 

1. India Ratings Cuts FY23 GDP Growth Forecast to 6.9%: India Ratings became the latest agency to cut its FY23 gross domestic product forecast. The ratings agency cut the forecast to 6.9 per cent from 7 per cent, joining other institutions who have cut their projections to below 7 per cent since the release of the April-June quarter GDP data.

Other Agencies Prediction: Global rating agency Fitch also lowered India’s economic growth forecast for FY23 to 7 per cent from its June 2022 estimate of 7.8 per cent. It now expects the GDP to slow further to 6.7 per cent in FY24 as compared to its earlier forecast of 7.4 per cent. India Ratings projects GDP growth of 7.2 per cent in July-September FY23 quarter, 4 per cent in October-December and 4.1 per cent in February-March.

 

2. Air India Unveiled Transformation Plan Vihaan.AI: Air India, a Tata group-owned airline, unveiled a comprehensive Vihaan.AI to establish itself as a world-class global airline of Indian origin. The plan aims to focus on growing both its network and fleet, revamping its customer’s proposition, enhancing reliability and on-time performance, taking a leadership role in technology, sustainability, and innovation, and investing in the best talent in the airline industry. Key Points related to Vihaan.AI:

a)      In the coming five years, Air India will strive to increase its market share to at least 30% in the domestic market.

b)      It aims to grow significantly in the international routes from the present market share.

c)       The immediate focus of the airline is to fix the basics and readying itself for growth.

d)      More focus on building for excellence and establishing scale to become a global industry leader.

e)      This plan is the blueprint for Air India’s brand-new foundation.

 

3. India Stands 4th in Global Crypto Adoption Index 2022: Blockchain analysis platform Chainalysis published its global crypto adoption index for 2022 of nations with the highest cryptocurrency adoption rate with India ranking fourth in the list, two spots down from last year. Chainalysis report noted that the emerging markets dominate the Global Crypto Adoption Index this year.

What the Report Said: The report noted, “Out of our top 20 ranked countries, 10 are lower-middle income: Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia. Eight are upper-middle income: Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador.”

Countries Performance:

a)      On the index, India ranks above the US, UK and Russia suggesting that the country’s crypto community is not far behind in pushing for further use of the technology.

b)      The Philippines and Ukraine have taken the second and third rankings, respectively, showing a significant preference for crypto adoption in the near future.

c)       The global index is led by Vietnam for the second consecutive year, emerging as the country that is most eager to embrace cryptocurrency adoption.

d)      After landing thirteenth on the ranking in 2021, China reentered the top ten this year. This is very intriguing given the Chinese government’s crackdown on cryptocurrency activities since last year.

 

AWARDS AND HONORS

 

1. GRSE awarded Prestigious ‘Rajbhasha Kirti Puraskar’ for 2021-22: Garden Reach Shipbuilders and Engineering Limited (GRSE), Kolkata, has been awarded with the ‘Rajbhasha Kirti Puraskar’ by the Ministry of Home Affairs, Government of India. GRSE was awarded by the Government of India for the best implementation of official language under public sector undertakings in region ‘C’ for the year 2021-22. Key Points: 

a)      The ‘Rajbhasha Kirti Puraskar’ was presented to Shri Ajay Kumar Mishra, Hon’ble Union Minister of State for Home.

b)      GRSE has received the ‘Rajbhasha Kirti Puraskar’ for the best official language Implementation during 2011-2012, 2012-2013, 2014-2015, 2015-2016, and 2016-2017.

c)       The ‘Rajbhasha Kirti Puraskar’ is the highest award given by the government of India in the field of official Language Implementation.

d)      GRSE is the only Defence, and public sector undertaking in Kolkata to receive this award.

 

2. Padmaja Naidu Himalayan Zoological Park in Darjeeling recognised as best zoo: The Padmaja Naidu Himalayan Zoological Park (PNHZP) in West Bengal’s Darjeeling has been adjudged the best zoo in the country, while Kolkata’s Alipore Zoological Garden has secured the fourth position. There are around 150 zoos across the country. As per the list, the Arignar Anna Zoological Park in Chennai has secured the second position, followed by the Sri Chamarajendra Zoological Gardens in Mysore, Karnataka. About the Padmaja Naidu Himalayan Zoological Park:

a)      The zoological park is internationally recognised for its breeding and conservation programmes of endangered animal species of the eastern Himalayas, including the Snow Leopard and the Red Panda. The Red Panda is one of the top attractions of PNHZP, besides others such as the Himalayan Black Bear, Snow Leopard, Goral and Himalayan Thar.

b)      Padmaja Naidu Himalayan Zoological Park (also called the Darjeeling Zoo) is a 67.56-acre (27.3 ha) zoo in the town of Darjeeling in the Indian state of West Bengal.

c)       The zoo was opened in 1958, and an average elevation of 7,000 feet (2,134 m), is the largest high-altitude zoo in India. It specializes in breeding animals adapted to alpine conditions and has successful captive breeding programs for the snow leopard, the critically endangered Himalayan wolf and the red panda.


Tuesday, September 20, 2022

Daily GK Update- 20th Sep, 2022

NATIONAL UPDATES:

 

1. India’s First Forest University to be established in Telangana: India is going to have its first Forest University. The Forestry Universities (UoF) Act 2022 was approved by the Telangana Assembly. The University of Forestry (UoF) will be the first of its kind in India. Globally, it will be the third University of Forestry after Russia and China. The Telangana government has decided to expand the Forestry College and Research Institute (FCRI) in Hyderabad. The FCRI will be turned into a full-fledged University. Aims:

a)      When FCRI gets upgraded into a university, additional 18 programs including Ph.D., Diploma, and certificate courses in Urban Forestry, nursery management, agro-forestry, tribal livelihood enhancement, forest entrepreneurship, climate-smart forestry, and forest park management are planned to be launched

b)      The objectives of the University will be to produce quality forestry professionals for conservation and sustainable management of forest resources and to promote research and develop appropriate methods for propagation of plantation crops to meet the demand of industries.

c)       The University will also work to develop agro-forestry models suitable for various agroecological conditions in addition to traditional forestry operations to reduce pressure on natural forests, and economic upliftment of farming communities.

 

2. Jharkhand becomes the 3rd state to have Food Security Atlas: Jharkhand has become the third state after Bihar and Odisha in eastern India to have Food Security Atlas for its rural areas. Odisha and Bihar had their Atlas launched in 2018. Food Security Atlas of Rural Jharkhand 2022’ launched in Ranchi. Key Points of the Atlas:

a)      This Atlas is an effort toward mapping the food security situation in the state. It has been prepared by the Delhi-based Institute for Human Development (IHD) as part of the research initiative of the Indira Gandhi Institute of Development Research, Mumbai.`

b)      This document will play an important role in informing policy. Given the poor monsoon this year there is a drought-like situation in many districts of the state. Hence, the availability of food is an issue due to the low extent of irrigation and ensuring food security is an even bigger issue wherein 75 per cent of the people need attention whose hunger needs to be eradicated.

Note: Jharkhand Capital: Ranchi; Jharkhand Chief Minister: Hemant Soren; Jharkhand Governor: Ramesh Bais.

 

3. Sikkim government hikes minimum wage by 67%: The Sikkim government hiked the minimum wage for unskilled workers by 67 percent to Rs 500. The daily wage for unskilled laborers was Rs 300 which is now increased to Rs 500 with retrospective effect from 11th July 2022. The daily wage for semi-skilled workers was increased from Rs 320 to Rs 520. The skilled laborers or workers will now get Rs 535, which was earlier Rs 335. Highly skilled labor will be paid Rs 565 per day, instead of Rs 365 per day. Key Points:

a)      These updated wages will be applicable for laborers who are working at altitudes up to 8,000 feet.

b)      50 percent more wages will be given to those working at altitudes from 8,001 feet to 12,000 feet.

c)       The laborers working in the altitudes of 12,001 feet to 16,000 feet will be paid 75 percent more than the normal wage.

d)      The laborers working at places above 16,001 feet will get double the normal wage.

 

4. Health Minister Dr Mansukh Mandaviya launched Raktdaan Amrit Mahotsav: Union Health Minister Mansukh Mandaviya launched a 15-day blood donation drive from 17 September, on Prime Minister Narendra Modi’s birthday. The blood donation drive is known as ‘Raktdaan Amrit Mahotsav’ will continue till 1st October 2022 which is National Voluntary Blood Donation Day. Health Minister Mansukh Mandaviya urges people to take part in the blood donation drive and donate blood to save lives. The citizens can register themselves on Aarogya Setu App or e-Raktkosh portal to donate blood as part of the ‘Raktdaan Amrit Mahotsav’. Key Points:

a)      In India, 5,857 camps have been approved, 55,8959 donors have registered and 4000 people have donated blood so far.

b)      The drive aims to collect one lakh units of blood in a day and raise awareness about the need for regular non-remunerated voluntary blood donation.

c)       One unit donated translates to 350ml of Blood.

d)      The drive will create a repository of voluntary blood donors so that those in need can get help on time and minimize the need for replacement blood donation.

e)      Every blood bank in India is encouraged to organize at least one blood donation camp as part of the 15-day blood donation drive.

 

5. Andhra Pradesh, Odisha Attract Maximum Industrial Investment In 2022: Andhra Pradesh has ranked one on the list of states in attracting industrial investments in the first seven months of 2022. According to the Department for Promotion of Industry and Internal Trade (DPIIT), Andhra Pradesh has generated an investment of Rs 40,361 crore. Andhra Pradesh stood at 45 percent of the total investment that the entire country got from January to July 2022. India got a total investment of Rs 1,71,285 crore by the end of July as per the DPIIT data.

Andhra Pradesh rolled out its new ‘industrial Development Policy 2022-2023’ which focuses on a sustainable development model of growth, Infrastructure development, and asset creation. The Industrial Development Policy 2020-2023 aims to improve the ease of doing business and incentivize high-value additional industrial investments. In July 2022, Karnataka generated an investment of Rs 3712 crore, Gujarat generated an investment of Rs 2969 crore, and Odisha generated an investment of Rs 1493 crore.

 

6. Senior IAS BVR Subrahmanyam appointed as next CMD, ITPO: BVR Subrahmanyam (lAS) has been appointed as the new Chairman & Managing Director of the India Trade Promotion Organization (ITPO). He will be replacing LC Goyal. The Appointments Committee of the Cabinet approved the appointment of Subrahmanyam on September 15. A 1987 batch Indian Administrative Services officer of Chhattisgarh cadre, he is currently working as the Secretary, Department of Commerce, Ministry of Commerce and Industry. Senior IAS Subrahmanyam has been appointed to the post on a contractual basis for two years.

Note: India Trade Promotion Organization Headquarters: New Delhi; India Trade Promotion Organization Founded: 1 April 1977.

 

INTERNATIONAL UPDATES:

 

1. 25-year-old climate activist Vanessa Nakate appointed as UNICEF Goodwill Ambassador: United Nations International Children’s Emergency Fund (UNICEF) appointed Vanessa Nakate, a 25 year old climate activist from Uganda as the Goodwill Ambassador of the UN Children’s Fund (UNICEF). Nakate began her activism in January 2019 with a protest with her siblings and cousins on the streets of Kampala, inspired by Greta Thunberg. She continued to protest every week, becoming a well-known face in a movement of young people “striking” for the climate around the world. In 2020 she came to further global prominence when she was cropped out of a news photo she appeared in alongside Thunberg and other white climate activists. Nakate’s response to the incident, in which she said the news outlet “didn’t just erase a photo, you erased a continent”, made international headlines.

Note: UNICEF Founded: 1946; UNICEF Headquarters: New York City, USA; UNICEF Director General: Catherine M. Russell; UNICEF Membership: 192.

 

2. Joao Lourenco Re-elected as President of Angola: The National Electoral Commission announced Joao Lourenco as the President with 51% of the votes. President Joao Lourenco is a member of the Popular Movement for the Liberation of Angola (MPLA), and he was re-elected as the President of Angola. The election results extended the hegemony of the MPLA, which is the only party that has governed Angola since its Independence from Portugal in 1975.

The MLA obtained over 3.16 million votes, which would allow it to have 124 out of 200 seats in the National Assembly. The opposition party, Adalberto Costa Junior’s National Union for the Total Independence of Angola (UNITA) received 44 percent of the votes, which is about 90 seats in the National Assembly. In the general elections, 14.3 million citizens out of 33 million people were called to vote.

 

OTHER UPDATES:

 

SPORTS

 

1. India beats Nepal with 4-0 in the SAFF U-17 Championship Title finals: In the SAFF U-17 Championship Title, India beats Nepal with 4-0 in the finals. The SAFF U-17 Championship final was held in Racecourse International Stadium, Colombo, Sri Lanka. In the group league, India defeated Nepal 3-1, however, in the finals, India took the opportunity and defeated Nepal with a leading charge. Indian women’s football team was, however, defeated by Bangladesh in the third match of the SAFF Women’s Championship.

 

2. Sikandar Raza and Tahlia McGrath named as ICC Player of the month award for August 2022: Zimbabwe’s all-rounder Sikandar Raza and Australian all-rounder Tahlia McGrath have been declared the winners of the ICC Player of the month award for August 2022 in their respective categories. Raza has become the first Zimbabwe International to receive the honours and has been key for Zimbabwe during the month. Meanwhile, McGrath has also been a pivotal cog in the Australian team’s journey during August.

Sikandar Raza: Raza has had a tremendous time at the 22-yards. He scored centuries against Bangladesh and India in the home ODI series and has also scalped a few wickets. His two tons against Bangladesh in a three-match series helped Zimbabwe defeat the Bangla Tigers by 2-1. Raza also notched up a ton against India in three ODIs. He has also picked seven wickets.

Tahlia McGrath: Meanwhile, Tahlia McGrath has also had a memorable month as she helped her team to win the Gold medal in the Birmingham Commonwealth Games. McGrath has scored 128 runs in her team’s journey towards the yellow metal and has eight five batters packing during the tournament.

Note: ICC Founded: 15 June 1909; ICC Chairman: Greg Barclay; ICC CEO: Geoff Allardice; ICC Headquarters: Dubai, United Arab Emirates.

 

BANKING AND FINANCE

 

1. SBI Raises Benchmark Lending Rate By 0.7%: The country’s largest lender, State Bank of India (SBI), raised the Benchmark Prime Lending Rate (BPLR) by 70 basis points (or 0.7 per cent) to 13.45 per cent. The announcement would make loan repayment linked to BPLR costlier. The current BPLR rate is 12.75 per cent. It was revised last in June. The bank has also raised the base rate by similar basis points to 8.7 per cent.

 

2. Federal Bank ranked 63rd in Best Workplaces in Asia 2022: Federal Bank was ranked 63rd on the Best Workplaces in Asia 2022 and becomes the only bank in India to be listed by Great Place to Work, the global authority on workplace culture. The list is based on over one million survey responses across Asia and West Asia, representing the experience of over 4.7 million employees in the region. This recognition is based on confidential survey data assessing employee experiences of trust, innovation, company values and leadership. Companies are also evaluated on how well they are creating all workplace experiences, inclusive of all employees no matter who they are or what they do.

About the Federal Bank Limited: Federal Bank Limited is an Indian private sector bank headquartered in Aluva, Kochi. The bank has 1,272 branches spread across different states in India. It also has representative offices abroad in Abu Dhabi, Qatar, Kuwait, Oman, and Dubai.

With a customer base of over 10 million, including 1.5 million NRI customers and a large network of remittance partners around the world, Federal Bank handled more than 15% of India’s total inward remittances of $79 billion in 2018. The bank has remittance arrangements with more than 110 Banks/Exchange Companies around the world. The bank is also listed in the BSE, NSE and London Stock Exchange and has a branch in India’s first International Financial Services Centre (IFSC) at GIFT City.

Note: Federal Bank Limited Headquarters: Aluva, Kerala; Federal Bank Limited CEO: Shyam Srinivasan; Federal Bank Limited Founder: K.P Hormis; Federal Bank Limited Founded: 23 April 1931, Nedumpuram.

 

BUSINESS AND ECONOMY

 

1. Fitch Cuts India’s Economic Growth Forecast for FY23 to 7% from Previous Estimate of 7.8%: Fitch Ratings slashed India’s GDP growth projection for FY23 to 7 per cent, saying the economy is expected to slow against the backdrop of the global economy, elevated inflation and high-interest rate. In June, it had forecast 7.8 per cent growth for India. As per official GDP estimates, the Indian economy expanded 13.5 per cent in the June quarter, higher than the 4.10 per cent growth clocked in January-March. The RBI expects the economy to grow 7.2 per cent in the current fiscal year.

The Inflation Prospect: The wholesale-price-based inflation softened to an 11-month low of 12.41 per cent in August, even though retail inflation inched up to 7 per cent. The US-based agency said it expects the rupee value to remain at 79 against the US dollar by the end of 2022, while the retail inflation is at around 6.2 per cent.

 

2. Kantar BrandZ India: TCS now India’s most valuable brand: IT services firm Tata Consultancy Services became India’s most valuable brand in 2022, according to a report by market data and analytics firm Kantar, displacing long-time topper HDFC Bank. TCS, with a brand value of $45.5 billion in 2022, is followed by HDFC Bank at $32.7 billion. HDFC Bank has held the No.1 position since the ranking was unveiled in 2014. Key Points:

a)      After bouncing back from the pandemic shock, India’s top 75 brands now are worth a combined $393 billion, or 11% of India’s national GDP, Kantar said. These brands have reported a compounded annual growth rate (CAGR) of 35% in their brand value since 2020.

b)      Technology providers and B2B brands aced the rankings this year, contributing over a third of total brand value. Purpose and sustainability are major drivers of value growth for brand success.

Kantar BrandZ Top 10 Most Valuable Indian Brands 2022

 

Rank

Brand

Category

Brand Value 2022 (USD mil)

1

Tata Consultancy Services

Business Solutions & Technology Providers

45,519

2

HDFC Bank

Banks

32,747

3

Infosys

Business Solutions & Technology Providers

29,223

4

Airtel

Telecom Providers

17,448

5

Asian Paints

Paints

15,350

6

State Bank of India

Banks

13,631

7

LIC

Insurance

12,387

8

Kotak Mahindra Bank

Banks

11,905

9

ICICI Bank

Banks

11,006

10

Jio

Telecom Providers

10,707

 

OBITUARIES

 

1. Former Tennis Legend captain Naresh Kumar passes away: Former Indian tennis player and Davis Cup captain, Naresh Kumar passed away recently at the age of 93. He was born on December 22, 1928, in Lahore, Naresh Kumar went on to become a big name in Indian tennis after Independence. He made news by reaching the final of the Northern Championships (later known as Manchester Open) in England in 1949.

His talent was soon recognised and Naresh Kumar made it to the Davis Cup team in 1952. He represented the country for eight consecutive years and later went on to become the captain. Prior to his Grand Slam appearances, Naresh Kumar went on to win two singles titles in the Irish Championships in 1952 and 1953. He also won the singles crown in the Welsh Championship and won a total of five career titles.