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Saturday, September 24, 2022

Daily GK Update- 24th Sep, 2022

NATIONAL UPDATES:

 

1. India’s Presidency of AIBD extended for one more year: India’s Presidency of the Asia-Pacific Institute of Broadcasting Development (AIBD), has been extended for one more year. The Chief Executive Officer of Prasar Bharati and Director General of Doordarshan Mayank Kumar Agrawal is the President of AIBD. The decision to extend AIBD was taken at the two-day General Conference of the AIBD held in New Delhi. The conference was inaugurated by the Union Minister for Information and Broadcasting Anurag Thakur. The conference was also facilitated by Dr. L. Murugan, Minister of State for Information and Broadcasting, and Apurva Chandra secretary of the Ministry of Information and Broadcasting.

About AIBD: AIBD stands for Asia Pacific Institute for Broadcasting Development. The AIBD was formed in the year 1977. It is an inter-governmental organization of the Union Nations Economic and Social Commission for Asia and the Pacific. AIBD works in the field of electronic media development and currently has 26 countries as complete members represented by 43 organizations and 52 affiliate members. The AIBD is hosted by the Government of Malaysia and the secretariat is located in Kuala Lumpur.

 

2. Bihar govt is set to introduce ‘no-bag day’ in schools: The Bihar government is set to introduce a “no-bag day” rule in schools and a mandatory games period at least once a week to reduce the burden on students. The weekly ”no-bag day” will have task-based practical classes. At least once a week, students will come to school only with their lunch boxes. They do not need to carry books. The day will be devoted to practical and experiential learning. The objective of such a policy is to engage students in various activities which can positively impact their learning. About the schemes:

a)      School authorities must prepare a curriculum for such activities. This step will certainly bring positive changes among students, which will also improve their learning ability. Encouraged by the impressive performance of our students in regional, national and international sporting events, we will introduce a mandatory games period in schools.

b)      The initiative is in line with the National Education Policy 2020 and will be implemented in both state-run and private schools. The government will accordingly prepare them for the state, national and international sporting events.

 

3. Indian Navy signed an MoU with Amity University for Academic Cooperation: Amity University Uttar Pradesh signed an MoU with the Indian Navy to form a long-term relationship for Academic cooperation. The MoU between Amity University and Indian Navy will enhance the educational qualifications improving the prospect for ‘in-service’ appropriate nautical assignment and better placements in superannuation from the Indian Navy. Key Points:

a)      The MoU between Amity University and Indian Navy will conduct customized courses for the Indian Navy in niche domains.

b)      The various domains include 5G Technology and IoT, Control System Integration, AI, Blockchain, Machine Learning, Cryptology, Data Science, Big Data Analysis, Digital Marketing, Computer Networks, Anti Drone Warfare, Cyberwarfare, Security, Automation, Surveillance, and Tracking.

c)       This will also contribute to enhancing the ‘Scholar Warriors’, who can think better and adapt to the future challenges of conflict.

 

4. Saffron from Kashmir GI-tagged on sites both domestic and abroad: Farmers in the Union Territory of Jammu and Kashmir are now able to sell their products on domestic and international marketplaces thanks to the GI labelling of Kashmiri saffron. This was said by Chowdhury Mohammad Iqbal, director of agriculture in Kashmir, who visited the India International Saffron from Kashmir Trade Centre in Dussu in the Pampore neighbourhood of the Pulwama district of south Kashmir to see how it was operating there. Key Points:

a)      The Director of Agriculture spoke at the event and expressed his satisfaction with IIKSTC’s performance during the previous two years.

b)      According to him, more than 3000 kg of fresh saffron flowers from which more than 300 kg of saffron was collected could be processed in the IIKSTC lab, which the Department has been using on a trial basis for the past two years.

c)       He claimed that the GI tagging and e-auctioning facilities have facilitated the export of our goods to places like Dubai and other nations.

d)      They anticipate much better outcomes in the future. He noted that agreements had been established with several international marketing platforms, and that it was reasonable to anticipate that Kashmiri Saffron will expand its global marketing coverage in the future.

Note: Capital of Jammu and Kashmir: Srinagar; LG of Jammu and Kashmir: Shri Manoj Sinha

 

5. USAID and UNICEF launch series titled ‘Door Se Namaste’: The US Agency for International Development and UNICEF launched the Doordarshan and YouTube series titled “Door Se Namaste” at a function held in New Delhi. A theatrical film on Duur Se Namaste was screened at the event, taking the audience through the main story, and showing how the messages of vaccine promotion and COVID-19 Appropriate Behaviour (CAB) have been interwoven in the entertainment education series. About the Door Se Namaste series:

a)      Door Se Namaste is a new television series which promotes healthy behaviours in a post-pandemic world. It is a fictional Hindi series developed in an entertainment education format highlighting the challenges of a post-pandemic world and promoting the adoption of healthy behaviour and practices.

b)      The programme will be telecast on every Sunday from 11 AM to 12 noon.

c)       The series is produced by National Film Award winner and Padmashee, Nil Madhav Panda’s production house, Elleeanora Images Pvt. Ltd.

 

INTERNATIONAL UPDATES:

 

1. India emerges as Sri Lanka’s largest bilateral lender overtaking China: India becomes the largest bilateral lender for Sri Lanka and overtakes China. In four months of 2022, India has provided a total of 968 million US Dollars in loans to Sri Lanka. China has been the largest bilateral lender to Sri Lanka for the past five years from 2017-2021. Key Points:

a)      Asian Development Bank (ADB) has been the largest bilateral lender in the past five years.

b)      In 2021, a total of 610 million dollars were provided to Sri Lanka by the Asian Development Bank (ADB).

c)       India has provided 4 billion dollars in food and financial assistance to Sri Lanka.

d)      India handed 21,000 tonnes of fertilizers to Sri Lanka on August 2022.

e)      Since the beginning of 2022, Sri Lanka is suffering from an economic crisis and the default of the government has made the situation worse. The Country is indebted to foreign loans and is battling severe food and fuel scarcity.

 

2. NHRC head elected as member of Asia Pacific Forum’s Governance Committee: National Human Rights Commission of India chairperson justice (retd) Arun Kumar Mishra has been elected as a member of the Governance Committee of the Asia Pacific Forum (APF). He has also been elected as a member of the Global Alliance of National Human Rights Institutions (GANHRI) Bureau at the 27th Annual General Meeting of the APF.

The APF’s Governance Committee is elected by APF councilors, representing ‘A status’ National Human Rights Institutions in the Asia Pacific region. The role of the five-member APF Governance Committee is to consider and make recommendations to the APF General Assembly on a range of issues for the promotion and protection of human rights.

 

OTHER UPDATES:

 

SPORTS

 

1. New cricket rules: ICC changes to the playing conditions: A host of changes have been announced by the International Cricket Council to the Playing Conditions, which will come into effect on October 1 2022. The Men’s Cricket Committee led by former India captain Sourav Ganguly recommended changes to the Playing Conditions in MCC’s updated 3rd Edition of the 2017 Code of the Laws of Cricket. The conclusions were also shared with the Women’s Cricket Committee, who endorsed the recommendations.  

The main changes are as follows:

a)      Batters returning when caught: When a batter is out Caught, the new batter will come in at the end the striker was, regardless of whether the batters crossed prior to the catch being taken.

b)      Use of saliva to polish the ball: This prohibition has been in place for over two years in international cricket as a Covid-related temporary measure and it is considered appropriate for the ban to be made permanent.

c)       Incoming batter ready to face the ball: An incoming batter will now be required to be ready to take strike within two minutes in Tests and ODIs, while the current threshold of 90 seconds in T20Is remains unchanged.

d)      Striker’s right to play the ball: This is restricted so as to require some part of their bat or person to remain within the pitch. Should they venture beyond that, the umpire will call and signal Dead ball. Any ball which would force the batter to leave the pitch will also be called No ball.

e)      Unfair movement by the fielding side: Any unfair and deliberate movement while the bowler is running in to bowl could now result in the umpire awarding five penalty runs to the batting side, in addition to a call of Dead ball.

f)        Running out of the non-striker: The Playing Conditions follow the Laws in moving this method of effecting a Run out from the ‘Unfair Play’ section to the ‘Run out’ section.

g)      Bowler throwing towards striker’s end before delivery: Previously, a bowler who saw the batter advancing down the wicket before entering their delivery stride, could throw the ball to attempt to Run out the striker. This practice will now be called a Dead ball.

 

2. SAFF Women’s Championship 2022: Bangladesh Beat Nepal to Clinch Maiden Title: Bangladesh won a historic victory at the SAFF Women’s Championship to lift the maiden title at the Dashrath Rangshala Stadium in Kathmandu, Nepal. The Bangladesh team defeated hosts Nepal by 3-1 in the finals before a full stadium to watch some brilliant football on display. Bangladesh skipper Sabina Khatun, who was the top scorer of the tournament netting eight goals in five games, dedicated the trophy to the people of Bangladesh. Goalkeeper Rupna Chakma from Bangladesh was named the best goalkeeper. She conceded just one goal in the tournament.

 

BANKING AND FINANCE

 

1. Union Bank of India announce digitalization of Kisan credit card: As part of the flagship Digital Transformation initiative “Sambhav,” Union Bank of India announced an industry-first, end-to-end digitalization of the Kisan Credit Card product with a farmer-focused focus, according to Elets BFSI. By digitalizing the KCC financing process, the company hopes to increase its effectiveness and farmer friendliness. Key Points:

a)      The Reserve Bank of India (RBI) oversees the Union Bank of India’s (UBI) Fintech initiative, Digitalization of Kisan Credit Card, which aims to address the challenges farmers face, such as the need to visit a bank branch in person, provide proof of land ownership and other documents, and wait a long time to receive the KCC.

b)      Over 400 farmers from the Harda District of Madhya Pradesh joined Mr. Rakesh Ranjan, Chief Product Manager, Reserve Bank Innovation Hub (RBIH), and Senior Management Team of Union Bank at the event, which was launched by A. Manimekhalai, MD & CEO, Union Bank of India as a pilot project.

c)       Based on the lessons learned from the trial, it is intended to progressively extend the digitalization of Kisan Credit Card (KCC) lending to additional areas in Madhya Pradesh.

 

BUSINESS AND ECONOMY

 

1. Gross Direct Tax Collection Registered Growth of 30% in 2022-23: The Central Board of Direct Taxes(CBDT) in a statement said that the net direct tax collections so far this financial year are at ₹700,669 crore, an increase of 23% as compared to ₹568,147 crore till the same period of the corresponding financial year. The total includes corporation tax of ₹368,484 crore and personal income tax (including securities transaction tax) worth ₹330,490 crore.

As per the CBDT statement, the gross collection of direct taxes (before adjusting for refunds) so far stands at ₹836,225 crore, as compared to ₹642,287 crore in the corresponding period of the preceding financial year, registering a growth of 30%, it said while adding that the the gross collection includes corporation tax at ₹436,020 crore and personal income tax (PIT) including securities transaction tax(STT) at ₹398,440 crore.

 

AWARDS AND HONOURS

 

1. Swati Piramal conferred with top French civilian honour: Swati Piramal, Vice Chairperson, Piramal Group has been conferred the Chevalier de la Légion d’Honneur (Knight of the Legion of Honour). The highest French civilian award comes in recognition of Piramal’s outstanding achievements and contribution in the fields of business and industry, science, medicine, art and culture, both nationally and internationally. The award was presented to her by H.E. Catherine Colonna, Minister for Europe and Foreign Affairs of France on behalf of President Emmanuel Macron.

In 2006, she was also awarded the Chevalier de l’Ordre National du Mérite (Knight of the Order of Merit), France’s second highest civilian honour. Swati Piramal is also a recipient of the Padma Shri, one of the highest civilian honours of India, as a champion of developing frameworks and policies to support women in leadership roles.

Dr Swati Piramal: She is an Indian scientist and industrialist and is involved in healthcare, focusing on public health and innovation. She is the vice chairperson of Piramal Group, a business conglomerate with interests in pharmaceuticals, financial services, real estate and glass packaging. She also served as a Member of the Prime Minister of India’s Trade Advisory Council and the Scientific Advisory Council. Currently, she is working on the Harvard Global Advisory Council.

 

2. Alia Bhatt receives the Prestigious “Priyadarshni Academy’s Smita Patil Memorial Award”: The 29-year-old actress, Alia Bhatt has been awarded the Best Actor at the prestigious Priyadarshni Academy Smita Patil Memorial Award. This award is given for her commendable contribution to Indian cinema at the 38th-anniversary celebrations of the premier non-profit, socio-cultural and educational organisation, Priyadarshini Academy.

This honour is bestowed upon outstanding national and international recipients annually and awards global recognition for their unparalleled excellence and immense contribution to their respective fields.  Notably:

a)      Ms Kiara Advani, Actress, India, received Priyadarshni Academy’s Smita Patil Memorial Award 2021 for Best Actress.

b)      Ms Taapsee Pannu, Actress, India, received Priyadarshni Academy’s Smita Patil Memorial Award 2020 for best actress.

 

3. Gujarati film ‘Chhello Show’ becomes India’s official entry for Oscars 2023: Gujarati film “Chhello Show”, a coming-of-age drama about a young boy’s love affair with cinema in a village in Saurashtra, is India’s official entry for the 95th Academy Awards or Oscar awards, the Film Federation of India (FFI) announced. Titled “Last Film Show” in English, the Pan Nalin directorial will release in theatres countrywide on October 14. The 95th Academy Awards are scheduled to take place on March 12, 2023 in Los Angeles.

According to FFI president TP Aggarwal, “Chhello Show” was unanimously chosen over films such as SS Rajamouli’s “RRR”, Ranbir Kapoor-led “Brahmastra: Part One Shiva”, Vivek Agnihotri’s “The Kashmir Files” and R Madhavan’s directorial debut “Rocketry”. The 17-member jury unanimously chose ‘Chhello Show’. There were a total of 13 films of different languages including six in Hindi — ‘Brahmastra’, ‘The Kashmir Files’, ‘Anek’, ‘Jhund”, “Badhaai Do’ and ‘Rocketry’ — and one each in Tamil (‘Iravin Nizhal’), Telugu (‘RRR’), Bengali (‘Aparajito’) and Gujarati (‘Chhello Show’) as well as few others.


Friday, September 23, 2022

Daily GK Update- 23rd Sep, 2022

 

NATIONAL UPDATES:

 

1. PM Narendra Modi launched world’s first Cheetah Rehabilitation Project: Prime Minister Narendra Modi has released wild Cheetahs in Kuno National Park and launched the world’s first Cheetah Rehabilitation Project. Cheetahs which have been brought from Namibia are being introduced in India under Project Cheetah, which is the world’s first inter-continental large wild carnivore translocation project. The release of wild Cheetahs by the Prime Minister is part of his efforts to revitalise and diversify India’s wildlife and its habitat. Out of the eight Cheetahs, there are five females and three males. On the occasion, he also interacted with Cheetah Mitras, Cheetah Rehabilitation Management Group and students at the venue.

Cheetah Rehabilitation Project: The cheetah was declared extinct from India in 1952. The Cheetahs will help restore open forest and grassland ecosystems in India. This effort, in line with the Prime Minister’s commitment to environmental protection and wildlife conservation, will also lead to enhanced livelihood opportunities for the local community through eco-development and ecotourism activities. The historic reintroduction of Cheetahs in India is part of a long series of measures for ensuring sustainability and environment protection in the last eight years which has resulted in significant achievements in the area of environment protection and sustainability.

 

2. CM of Manipur N. Biren Singh introduce web portal ‘CM Da Haisi’: The Manipur Chief Minister N. Biren Singh at Imphal launched a web facility to gather complaints and concerns from the general public. The web portal is called “CM Da Haisi,” which translates to “to inform the CM,” and the public can express their complaints there by visiting www.cmdahaisi.mn.gov.in. The status of the complaints may also be checked by the complainants. Key Points:

a)      The Public Grievances Redressal and Anti-Corruption Cell, located at the CM Secretariat, will use the portal to communicate with the relevant departments.

b)      This will be done in order to address public grievances in a timely manner and to forward complaints that can be taken further to the State Vigilance and Anti-Corruption Department for investigation.

c)       Since March 2022, the Public Grievance Redressal and Anti-Corruption Cell has received 134 complaints in total, of which 85% have been addressed and conveyed to the complainants.

Note: Capital of Manipur: Imphal; Chief Minister of Manipur: Nongthombam Biren Singh; Governor of Manipur: La. Ganesan

 

3. India’s 1st lithium-ion cell factory inaugurated in Andhra Pradesh: The Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar has launched the pre-production run of India’s first lithium-ion cell manufacturing facility at Tirupati, Andhra Pradesh. This state-of-the-art facility has been set up by Chennai-based Munoth Industries Limited with an outlay of Rs 165 crores. Key Points:

a)      The facility is located in one of the two Electronics Manufacturing Clusters set up in the temple town, by Prime Minister Narendra Modi in 2015.

b)      The installed capacity of the plant at present is 270 MWH and can produce 20,000 cells of 10Ah capacity daily. These cells are used in power banks and this capacity is around 60 per cent of India’s present requirement.

c)       Cells for other consumer electronics like mobile phones, hearable and wearable devices will also be produced.

d)      Currently, India imports complete requirements of lithium-ion cells primarily from China, South Korea, Vietnam, and Hong Kong.

 

4. Maharashtra’s Daulatabad Fort to be renamed as ‘Devgiri’ Fort: Maharashtra Tourism Ministry has decided to rename the Daulatabad fort to Devgiri which is located near Aurangabad. It is a national heritage monument, which is maintained by the Archeological Survey of India (ASI). The decision of renaming Daulatabad fort to Devgiri came after Shiv Sena chief Uddhav Thackeray renamed Aurangabad to Sambhajinagar after a long demand from Sena Foot Soldiers.

About Daulatabad Fort: Daulatpur Fort is a historic fortified citadel located in Devagiri Village near Aurangabad, Maharashtra. It was earlier the capital of the Yadava Dynasty for a brief time the capital of the Delhi Sultanate. The fort was renamed Daulatabad by Mohammed Tughlaq in the 14th century who understood its Importance as a base for military operations in southern India and conceived the Idea of making his capital. The fort was later known as Qubbatul Islam and coins were minted with this name.

 

6. A&N becomes India’s first state/UT to achieve 100 percent coverage of precautionary dose: Andaman and Nicobar Islands became the first Indian state/UT to achieve 100 percent coverage of precautionary dose. More than 2,87,216 beneficiaries aged 18 have been vaccinated with a precautionary dose. After 15th July, the rate of vaccination has seen a spike when the government decided to provide free-of-cost precautionary doses on the occasion of ‘Azadi ka Amrit Mahotsav’. Key Points:

a)      The healthcare workers reached households and organized several camps to intensify the campaign. The camps were organized in the Urban as well as Rural areas which received a good response.

b)      The set target has been achieved before the set time limit of the 30th of September.

c)       The Nicobar district has been fully vaccinated with a precautionary dose. Later the North and Middle Andaman and South Andaman districts were fully vaccinated.

d)      The precautionary doses included Corbevax and Covishield.

 

7. National Cinema Day: 23rd September: The National Cinema Day was previously announced to be held on September 16, however, on request from various stakeholders and in order to maximize participation, it was rescheduled to September 23. The day has been scheduled by the Multiplex Association of India (MAI). Over 4,000 screens at multiplexes from across the country, including PVR, INOX, Cinepolis, Carnival, and Delite, have teamed up to offer a “celebratory admission price” of Rs 75 to mark National Cinema Day.

 

INTERNATIONAL UPDATES:

 

1. China and UAE to join hands on moon rover missions: China and the United Arab Emirates (UAE) have agreed to join hands to help further the latter’s space ambitions. The Mohammed Bin Rashid Space Centre (MBRSC) of the UAE and the China National Space Agency (CNSA) have signed a memorandum of understanding (MoU) to work together on the UAE’s moon missions. The agreement marks the first joint space project between the two countries.

The UAE has been pushing to become an important space player. Its collaboration with China involves the “landing of an MBRSC rover aboard a CNSA lander.” Under the project, the UAE will develop a rover dubbed Rashid-2; China will help it with the landing, data transmission, observation, and control. MBRSC director-general Salem Humaid Al Marri and CNSA deputy director Wu Yanhua signed the MoU.

Note: China Capital: Beijing; China Currency: Yuan; China President: Xi Jinping;

United Arab Emirates (UAE) Capital: Abu Dhabi; United Arab Emirates (UAE) Currency: Dirham; United Arab Emirates (UAE) President: Mohamed bin Zayed Al Nahyan; United Arab Emirates (UAE) Prime Minister: Mohammed bin Rashid Al Maktoum.

 

2. Union Minister to lead delegation to US for Global Clean Energy Action Forum: Union Minister of State for the Ministry of Science and Technology and Minister of state ministry of earth science, Jitendra Singh will lead the Joint Indian Ministerial official delegation of the Ministry of Power, New and Renewable Energy and Ministry of Science and Technology on a five-day visit to USA to participate in the Global Clean Energy Action Forum. Key Points:

a)      In order to attend the Global Clean Energy Action Forum, Indian officials from the Ministries of Power, New and Renewable Energy, and Science and Technology will travel to the United States for a five-day visit.

b)      The Union minister will meet with distinguished academics and members of the Indian diaspora while in the country.

c)       Speaking of this visit, Minister Singh said that he believes it is appropriate for all of us that at least 30 nations would be represented by their individual ministries as well as official delegations, CEOs, at what may be the first meeting of its kind in the global clean energy Action Forum.

d)      He also emphasised Prime Minister Modi’s commitment to India’s pledge at the COP26 meeting to reach the Net Zero goal by 2070.

 

3. International Day of Sign Languages: 23rd September: The International Day of Sign Languages (IDSL) is celebrated annually across the world on 23 September. The day is a unique opportunity to support and protect the linguistic identity and cultural diversity of all deaf people and other sign language users.. As the name suggests, this day aims to spread awareness regarding the importance of sign language in the realisation of the human rights of people who are deaf. The theme for the 2022 International Day of Sign languages is “Sign Languages Unite Us!”.

International Day of Sign Languages History: The proposal for the Day came from the World Federation of the Deaf (WFD), a federation of 135 national associations of deaf people, representing approximately 70 million deaf people’s human rights worldwide. The resolution A/RES/72/161 was sponsored by the Permanent Mission of Antigua and Barbuda to the United Nations, co-sponsored by 97 United Nations Member States and adopted by consensus on 19 December 2017. The choice of 23 September commemorates the date that the WFD was established in 1951.

Note: World Federation of the Deaf President: Joseph J. Murray; World Federation of the Deaf Founded: 23 September 1951, Rome, Italy; World Federation of the Deaf Headquarters location: Helsinki, Finland.

 

OTHER UPDATES:

 

SPORTS

 

1. World Wrestling Championships 2022: Bajrang Punia won bronze medal: Indian wrestler Bajrang Punia won the bronze medal after defeating Daulet Niyazbekov of Kazakhstan in the men’s freestyle 65kg category at the World Wrestling Championships 2022. It was Bajrang’s fourth medal at the world championships. With his silver in 2018 and bronze medals in 2013 and 2019, he was already India’s most successful wrestler at the world championships coming into this edition.

 

2. World Para Athletics Grand Prix: Devendra Jhajharia won silver: Indian javelin thrower, Devendra Jhajharia has clinched a silver medal in the World Para Athletics Grand Prix, in Morocco. Paralympics gold medalist Devendra threw the javelin to a distance of 60.97 meters to capture the silver. Devendra is a three-time Paralympics medalist. While 2020 Tokyo Paralympics silver medallist Nishad Kumar won the gold medal in the men’s T47 high jump, javelin throwers Ajeet Singh and Devendra Jhajharia bagged gold and silver respectively in F46 category.

India has so far won 3 gold medals, two silver, and a bronze in the World Para Athletics Grand Prix in Morocco. Other medalists for India include Neeraj Yadav (F55/56 discus- Gold), Anil Kumar (T54 100m- Silver), and Ranjeet Bhati (F57 javelin- Bronze).

 

BANKING AND FINANCE

 

1. RBI Removes Central Bank of India from PCA Framework: The Reserve Bank of India (RBI) removed Central Bank of India from its Prompt Corrective Action Framework (PCAF) after the lender showed improvement in various financial ratios, including minimum regulatory capital and net non-performing assets (NNPAs). The RBI had imposed the PCA norms on the bank in June 2017 due to its high net NPA and negative return of assets (RoA). After reviewing the performance of the Central Bank of India, RBI decided to remove the restrictions on the bank.

PCA Framework: The PCA norm is a supervisory tool and is imposed when a bank breaches certain regulatory thresholds on capital to risk weighted assets ratio (CRAR), net NPAs and return on assets (RoA). Key Points:

a)      RBI initiated the Scheme of Prompt Corrective Action (PCA) in 2002.

b)      In early 2018, there were 12 banks under PCA framework. Of these, 11 were PSBs.

c)       Due to recapitalization & corrective measures there were only six banks (all PSBs) under the PCA framework as of March 2019.

d)      Objective – Prompt Corrective Action or PCA is a framework under which financial institutions with weak financial metrics are put under watch by the RBI.

e)      Until now, the RBI had imposed PCA only on banks. Now, PCA framework is extended to NBFCs also. The move comes in the wake of large NBFCs such as IL&FS, DHFL, SREI Group and Reliance Capital getting into financial trouble over the last few years.

f)        Applicability – The PCA framework for NBFCs comes into effect from October 1, 2022, based on their financial position on or after March 31, 2022. The framework will apply to all deposit-taking NBFCs, excluding government companies, and all non-deposit taking NBFCs in the middle, upper and top layers.

g)      Implications – This is a welcome move as it will stop bad lenders from going worse rather than brushing the issue aside. Safer NBFCs will translate to a safer overall financial system.

 

BUSINESS AND ECONOMY

 

1. Google Cloud & Nasscom tie-up to skill students for entry-level Cloud jobs: Google Cloud has announced it has launched the first cohort of its computing foundations with Kubernetes course in collaboration with FutureSkills Prime, an IT Ministry and Nasscom digital skilling initiative. The beginner-level course aims to provide participants an opportunity to experience cloud computing, cloud basics, big data and machine learning (ML). Google Cloud certifications will help individuals validate their cloud expertise, elevate their careers, and transform businesses with Cloud technology. About the course:

a)      The course will offer hands-on training (via Google Cloud Skills Boost platform), for diverse career paths including IT infrastructure, data analytics, and Cloud-native application development, among others.

b)      The course will be offered free to students at higher education Institutions and freshers seeking to skill themselves on emerging technologies.

c)       According to Gartner, cloud technology is becoming mainstream, with enterprises investing more on cloud-based offerings leading to higher demand for cloud talent and the need for upskilling. Kubernetes is an open-source container orchestration system for automating software deployment, scaling and management.

Note: Google CEO: Sundar Pichai; Google Founded: 4 September 1998, California, United States; Google Founders: Larry Page, Sergey Brin.

Nasscom Chairperson: Krishnan Ramanujam; Nasscom Headquarters location: New Delhi; Nasscom Founded: 1 March 1988.

 

2. WhatsApp and IDFC FIRST Bank enabled FASTag recharge: IDFC FIRST Bank for the customers, launch its integration with “payments on WhatsApp” would enable quick and secure FASTags recharging. Due to this collaboration, users of IDFC FIRST will be able to recharge their FASTags directly from IDFC FIRST’s WhatsApp chatbot and finish the transaction from within the chat thread. Key Points:

a)      The recharge process will be a smooth one that allows payments in two easy stages. Customers must enter the amount and authenticate the transaction using an OTP after choosing the recharge option in the WhatsApp chat. They will then receive a message confirming the transaction.

b)      Millions of FASTag customers that utilise the Bank, this new feature will enable users to pay for their recharge using “payments on having to sign into any other mobile app or net banking platform.

c)       Users may now send and receive money via Unified Payment Interface (UPI) from their friends as simple as sending a WhatsApp message thanks to the “Payments on WhatsApp” feature.

d)      ‘Payments on WhatsApp’ is built with a rigorous set of security and privacy principles with user safety at its core, including entering a unique UPI-PIN for each payment.

 

DEFENCE

 

1. Indian Air Force set to retire Abhinandan’s MiG-21 squadron: The Indian Air Force is set to retire its Srinagar-based MiG-21 squadron ‘Sword Arms’ that Wing Commander Abhinandan Varthaman. MiG-21 squadron ‘Sword Arms’ was a part of when he had downed an F-16 combat aircraft of Pakistan a day after the Balakot strike in February 2019. ‘Sword Arms’ is one of its four remaining squadrons of ageing MiG-21 fighter jets.

The No. 51 Squadron is to be retired by the end of September, “as per the plan”. The remaining three squadrons of MiG-21 will be phased out by 2025. IAF is inducting different variants of the indigenous Tejas light combat aircraft to replace the MiG-21s. The air force got its first single-engine MiG-21 in 1963, and it went on to induct 874 variants of the Soviet-origin supersonic fighters to bolster its combat potential.

Why was this decision taken?

a)      Several MiG-21s have crashed in recent years, with the accidents turning the spotlight on India’s longest-serving fighter plane, its safety record and IAF’s plans to replace the ageing jets with newer models in the coming years.

b)      Over 400 MiG-21s have been involved in accidents over the past six decades, killing around 200 pilots. More MiG-21s have crashed than any other fighter jets because they formed the bulk of the combat aircraft in the IAF’s inventory for a long time.

c)       The air force had to keep its MiG-21 fleet flying longer than it would have liked because of delays in the induction of new aircraft, as previously reported.

Note: Indian Air Force Chief: Air Chief Marshal Vivek Ram Chaudhari; Indian Air Force Headquarters: New Delhi; Indian Air Force Founded: 8 October 1932, India.

 

2. Indian Navy conducts ENC Yachting Championship at Visakhapatnam: ENC Yachting Championship was conducted by INWTC, INS Circas under the aegis of HQENC at Vishakhapatnam. Prize distribution and closing ceremony were facilitated by the Chief Guest, Cmde Sumantra Hazarika, Director MWC (V). Key Points:

a)      In total 38 races were conducted in Enterprise Dinghly, ILCA 6, ILCA 7 classes, and BicNova Wind Surfer.

b)      A total of 46 yachtsmen and 8 yatchwomen took part in the ENC Yachting Championship. The races were conducted among seven different teams of ENC.

c)       Local Ashore B was declared the overall winner and Fleet B was runner-up for the ENC Yachting Championship.

d)      The main of the championship was to inculcate sportsmanship, camaraderie, and a spirit of adventure among the participants.

 

3. Army chief General Manoj Pandey inaugurates Kargil International Marathon: Chief of Army Staff General Manoj Pandey has inaugurated Kargil International Marathon in Ladakh. The events are organized by the Ladakh Autonomous Hill Development Council (LAHDC), Kargil, and Ladakh police in collaboration with Sarhad Pune. The events include runs of full length, Half, 10 km, and 5 km. In the International Marathon, over 2000 runners participated.

 

OBITUARIES

 

1. Comedian Raju Srivastava passes away at the age of 58: Comedian Raju Srivastava has passed away in Delhi at the age of 58. He had suffered a heart attack while exercising on August 10. As per a report Raju was still conscious and with normal body movements.

Early Career: Srivastava appeared in Hindi films such as “Maine Pyar Kiya”, “Baazigar”, “Bombay to Goa” (remake) and “Aamdani Atthani Kharcha Rupaiya”. He was one of the contestants on “Bigg Boss” season three. He was the chairman of the Uttar Pradesh Film Development Council. Srivastava, who has been in the entertainment industry since the 1980s, shot to fame after participating in the first season of the reality stand-up comedy show The Great Indian Laughter Challenge in 2005.

 

2. Senior RSS pracharak Keshav Rao Dattatreya Dikshit passes away: Senior most pracharak of Rashtriya Swayam Sevak Sangh, Keshav Rao Dattatreya Dikshit has passed away. He was 98. Born in 1925 at Pulgaon village of Wardha district in Maharashtra, Keshav Rao came to Bengal in 1950 to act as a pracharak. He was respected one and all of the Sangh Pariwar. The mortal remains of Keshav Rao was kept at the state headquarters, Keshav Bhavan. Sukanta Majumder the state president and other senior leaders of the party express their condolences at his death.