Daily GK Update- 3rd April, 2022

 

NATIONAL UPDATES:

 

1. Maharashtra launches scheme to offer personal loans for prisoners: The Maharashtra government has introduced a scheme that allows prisoners to obtain personal loans from banks of up to Rs. 50,000 to help their families improve their living conditions and meet expenses related to their legal matters. It will be a first of its kind initiative in our country. The Maharashtra State Co-operative Bank would provide loans up to 50,000 under the scheme at a 7% interest rate. The scheme would be implemented in Yerawada Central Jail in Pune, Maharashtra, on a pilot basis. This type of loan is called a “khavti” loan, and benefits approximately 1,055 prisoners.

Under the scheme, the loan facility will be decided on the basis of the prisoner, prisoner’s loan limit, duration of punishment, possible relief from it, age, estimated annual working day and minimum daily income. The loan will not require a guarantor. There will be no need for a guarantor. It will be disbursed on a personal bond. The bank will decide the amount based on earnings, skill, and daily wages.

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

 

2. NV Ramana, the Chief Justice, launches a software named FASTER: Chief Justice of India NV Ramana unveiled the ‘Fast and Secured Transmission of Electronic Records’ (FASTER), a digital platform that allows the supreme court to send interim orders, stay orders, and bail orders to the appropriate authorities via a secure electronic channel. The online introduction of the FASTER programme was attended by CJI Ramana, Justices AM Khanwilkar, DY Chandrachud, and Hemant Gupta, as well as Chief Justices and Judges of High Courts.

Key Points:

a)      The CJI has launched software to convey court orders quickly and securely via electronic means, a measure that will aid in judicial order transmission.

b)      He emphasised the importance of court orders issued by higher courts being safely communicated without tampering by outside parties.

c)       The initiative ‘FASTER‘ was initiated when a bench led by CJI Ramana took suo motu notice of delays in convicts’ release even after they had been granted bail, citing reasons such as non-receipt or non-verification of legal orders.

d)      The Registry, in partnership with the NIC, created the FASTER system on a war footing, according to a Supreme Court press release.

e)      So far, 73 Nodal Officers have been selected at various levels to ensure that this system reaches all of India’s districts. By constructing a safe conduit, all Nodal Officers have been connected through a specific judicial communication network JCN.

 

3. Manipur govt tie-up with Samsung to start Sports Digital Experience Centre: The state government of Manipur has signed a Memorandum of Understanding (MoU) with Samsung Data System India Pvt Ltd and Abhitech IT Solutions Pvt Ltd for setting up a world-class “Sports Digital Experience Centre” as a domain of Manipur Olympian Park and Khuman Lampak Sports Complex. The MoU was exchanged in the presence of chief minister N Biren Singh at the cabinet hall of the Chief Minister’s Secretariat.

With the setting up of the Digital Experience Centre, various achievements of Olympians from Manipur will be digitally displayed making the public aware about their achievements. Such initiatives will help in improving and enhancing the performance of sporting talents through the latest technologies like sports analytics, virtual reality and mixed reality among others, he maintained, adding that it will also motivate younger generations to opt for sports as a career.

Note: Manipur Capital: Imphal; Governor: La. Ganesan.

 

4. Vishwas Patel re-elected as chairman of Payments Council of India: Vishwas Patel has been re-elected as the Chairman of Payments Council of India (PCI) for the second time in 2022, previously he was elected as a Chairman of PCI in the year 2018. In 2013, he served as Co-Chairman of PCI. PCI is a payment ecosystem industry body and is a part of the Internet and Mobile Association of India (IAMAI).

About the Payments Council of India: The Payments Council of India works to promote the growth of the Indian payment industry and promote a cashless economy in the country. It works with other important financial and banking Institutions and Organisations to turn India into a ‘cashless society. This industry body for digital operators in the country is said to be in its final stages of submitting its independent application to become a self-regulatory organisation (SRO) for digital payments, under the mandate of the Reserve Bank of India (RBI).

 

INTERNATIONAL UPDATES:

 

1. World’s Biggest Electric Cruise Ship made its maiden voyage in China: The largest electric cruise ship in the world has returned back to port in Yichang in central Hubei province, China after travelling up and down the Yangtze River for its maiden voyage. This cruise ship has been powered by a 7,500-kilowatt-hour massive-sized marine battery. This battery has been provided by Contemporary Amperex Technology, the No. 1 battery manufacturer for electric cars in the world.

The developer of this ship, China Yangtze Power has plans to use this electric ship as the starting point for expanding the marine electric vehicle market in China. The name of the ship is Yangtze River Three Gorges 1 and it is a 100 per cent electric cruise ship that has been developed and built in China. This ship is 16 meters wide and 100 meters long and has the capacity to carry around 1,300 passengers.

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

 

OTHER UPDATES:

 

SPORTS

 

1. Meghalaya would be hosting 83rd National Table Tennis Championship 2022: Meghalaya is geared up to host the 83rd National Table Tennis Championship 2022, which will take place at the SAI Indoor Training Centre, NEHU in Shillong from April 18 to 25. This is the second time the Northeast has hosted the world’s largest table tennis tournament.

Key Points:

a)      During a press conference, Meghalaya Chief Minister Conrad K Sangma stated that the tournament is one of the largest sports events that the state has hosted to date, among others.

b)      The State is expecting around 650 people to attend, with 450 of them being players and the rest being coaches and support personnel. He went on to say that the state is expecting a variety of officers from several states, including Haryana’s Deputy Chief Minister.

c)       This tournament is being hosted in honour of the State’s 50th anniversary of statehood, he said, adding that the cost of hosting the tournament is projected to be 1.5 crore rupees, with a total of 10 players from the State scheduled to compete.

 

BANKING AND FINANCE

 

1. RBI extended the deadline for banks to utilise lockable cassettes in ATMs by a year: The Reserve Bank of India has delayed the deadline for banks to use lockable cassettes in their ATMs that can be swapped during cash replenishment by a year, till March 31, 2023. The decision was made after the RBI received representations from various banks and the Indian Banks’ Association noting difficulty in achieving the deadline, according to a notification released yesterday.

Key Points:

a)      It has instructed the banks to establish an internal roadmap that has been approved by the Board in order to meet the extended deadline and submit a quarterly status report, and it has requested the banks’ boards to monitor progress to assure compliance.

b)      Most ATMs are currently replenished via open cash top-ups or by placing cash into the machines on the spot. The RBI requested that this approach be replaced by guaranteeing that lockable cassettes are swapped when currency is replenished in ATMs.

c)       Previously, banks were expected to begin using lockable cassettes in a gradual way, with at least one-third of their ATMs protected by March 31, 2021. The deadline was later extended until March 31, 2022.

 

2. HDFC ERGO launched “VAULT” digital customer engagement and rewards program: HDFC ERGO General Insurance Company has launched its VAULT program. It is India’s first industry-based digital customer engagement and rewards program. This program is an experiment to test a new idea under the Regulatory Sandbox of IRDAI (Insurance Regulatory and Development Authority of India). The testing period will be till 14th May 2022 and further continuance of the product beyond the testing period will be subject to IRDAI approval.

About the VAULT program: VAULT program is a customer engagement-based membership program. Under the program, eligible customers will be incentivized by way of reward points on meeting the specified criteria or actions. Maximum customer enrolments under this program will be 10,000. This reward program will cover Optima Restore health insurance customers.

Note: HDFC ERGO General Insurance Company CEO: Ritesh Kumar; HDFC ERGO General Insurance Company Headquarters: Mumbai; HDFC ERGO General Insurance Company Founded: 2002.

 

BUSINESS AND ECONOMY

 

1. GoI keeps interest rates on Small Savings Schemes unchanged for Q1 (April-June 2022): The Ministry of Finance has decided to keep the interest rates unchanged on small savings schemes or post office schemes for the Quarter -1 of FY2022-23 (April-June 2022). The interest rates on the various instruments for April-June 2022 range from 4.0 per cent to 7.6 per cent. It must be noted that the Government notifies the Interest rates for small savings schemes on a quarterly basis. This is the eighth consecutive quarter when the interest rates on small savings instruments remained unchanged.

Interest Rates for Quarter-1 (April-June) of 2022-23 are listed below:

 

Small Savings Instruments	Interest Rate For Apr-June 2022	Compounding frequency
Savings deposit	4.00%	Annually
One-year time deposit	5.50%	Quarterly
Two-year time deposit	5.50%	Quarterly
Three-year time deposit	5.50%	Quarterly
Five-year time deposit	6.70%	Quarterly
Five-year recurring deposit	5.80%	Quarterly
Senior Citizen Savings Scheme	7.40%	Quarterly and Paid
Monthly Income Account	6.60%	Monthly and Paid
National Savings Certificate	6.80%	Annually
Public Provident Fund Scheme	7.10%	Annually
Kisan Vikas Patra	6.90%	Annually
Sukanya Samriddhi Account Scheme	7.60%	Annually

 

2. Microsoft launches ‘Startups Founders Hub’ platform: Microsoft launched a new digital and inclusive platform for startup founders in India. The platform called as ‘Microsoft for Startups Founders Hub’ in India, will support startup founders in India at every stage of their startup journey. This platform will offer over USD 300,000 worth of benefits and credits to startups, including free access to the technology, tools, and resources from the tech giant and partners. The initiative will help the Startups to gain mentorship and skilling opportunities with industry experts and Microsoft Learn. Microsoft for Startups Founders Hub is designed specifically for early-stage startups to lower the barriers of business creation, act as a catalyst for entrepreneurship and innovation, and contribute to easing the journey from an idea to a unicorn.

Note: Microsoft CEO and Chairman: Satya Nadella; Microsoft Headquarters: Redmond, Washington, United States.

 

DEFENCE

 

1. Two battalions of the Dogra regiment were presented with the President’s Colours by the army chief: During an amazing Color Presentation Parade held at the Dogra Regimental Centre, Faizabad (UP), General MM Naravane, Chief of the Army Staff, gave the prestigious President’s Colours to two battalions of the Dogra Regiment, namely 20 DOGRA and 21 DOGRA.

Key Points:

a)      General NC Vij (retd), former COAS and Honorary Colonel of The Dogra Regiment, Army Commanders of Southern Command and Central Command, as well as a large number of active and retired people, were present at the Color Presentation Parade.

b)      Following the parade, the Army Chief praised the Dogra Regiment‘s long traditions in all aspects of military life, including operations, training, and sports.

c)       The COAS also praised the newly raised units for their outstanding performance in such a short period of time, and wished all ranks well in their efforts to serve the country with pride.

Daily GK Update- 2nd April, 2022

 

NATIONAL UPDATES:

 

1. Cabinet approves increase in Dearness Allowance/Dearness Relief by 3% to 34%: The Union Cabinet chaired by the Prime Minister, Narendra Modi has approved a hike in Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners by 3 per cent to 34%, over the existing rate of 31% of the Basic Pay/Pension. The hike announced will be effective from January 1, 2022, to compensate for the price rise.

The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs. 9,544.50 crore per annum. This increase is in accordance with the accepted formula, based on the recommendations of the 7th Central Pay Commission. The hike will benefit about 47.68 lakh Central Government employees and 68.62 lakh, pensioners.

 

2. The government of Karnataka has introduced the Vinaya Samarasya initiative: The Basavaraj Bommai government announced the Vinaya Samarasya Yojana as a public awareness campaign against caste prejudice in the state’s gramme panchayats. It will be formally launched on April 14, the birth anniversary of Dr. B.R. Ambedkar.

Key Points:

a)      The initiative was named after Vinay, a three-year-old Dalit kid who strayed into a temple in Miyapur hamlet in Karnataka’s Koppal district to seek shelter from the rain in September 2021. His family has faced even greater hostility since being fined Rs 25,000 by village elders.

b)      The area’s 1,500 members, largely from the Ganiga group, had intensified their persecution of the Dalit family in the meantime, forcing Vinay’s family to leave the village and abandon possessions, including agricultural land.

c)       All of the accused who were imprisoned for caste prejudice in the aftermath of the incident were also released on bail, and they continue to control the village, according to Vinay’s relatives and family.

                                                  

3. Living Root Bridges of Meghalaya included tentative list of World Heritage Sites:  ‘Jingkieng Jri or Living Root Bridge’, found in over 70 villages in Meghalaya highlighting the socio-cultural, social and botanical links between people and nature, has been included in the tentative list of World Heritage Sites of the United Nations Educational, Scientific and Cultural Organisation (UNESCO).

Villagers grow the living root bridges by training the ‘ficus elastica’ tree on both sides of water bodies over a period of about 10 to 15 years where the roots form the bridge. At present, there are about 100 known living root bridges spread across 72 villages in the state. Villagers, (especially Khasi and Jaintia tribal communities) build and maintain these bridges from the past for more than 600 years.

Other sites included in the list: The Geoglyphs of the Konkan region of Maharashtra, Sri Veerabhadra Temple and Monolithic Bull (Nandi) at Lepakshi of Andhra Pradesh have made it to the Tentative list of UNESCO world heritage sites in 2022.

Note: UNESCO Founded: 16 November 1945; UNESCO Headquarters: Paris, France; UNESCO Members: 193 countries;UNESCO Head: Audrey Azoulay

 

4. Virat Kohli tops in Duff & Phelps Celebrity Brand Valuation Report 2021: According to the Celebrity Brand Valuation Report 2021 (7th Edition) titled “Digital Acceleration 2.0.” released by Duff & Phelps (Now Kroll), Indian Cricketer Virat Kohli was ranked as the most valued celebrity for the 5th consecutive time in 2021. The brand value of Virat Kohli has dropped from USD 237.7 million in 2020 to USD 185.7 million in 2021.

Alia Bhatt has ranked 4th with a brand value of USD 68.1 million and has become the most valued female celebrity. She is the youngest celebrity among the top 10 and she is the most valued brand amongst female Bollywood actors.

 

Rank	Name	Brand Value (In Millions)
1	Virat Kohli	USD 185.7
2	Ranveer Singh	USD 158.3
3	Akshay Kumar	USD 139.6
4	Alia Bhatt	USD 68.1
5	MS Dhoni	USD 61.2
6	Amitabh Bachchan	USD 54.2
7	Deepika Padukone	USD 51.6
8	Salman Khan	USD 51.6
9	Ayushmann Khurrana	USD 49.3
10	Hrithik Roshan	USD 48.5

 

INTERNATIONAL UPDATES:

 

1. International Children’s Book Day: 2nd April: The International Children’s Book Day (ICBD) is organised annually on the 2nd of April since 1967, by the International Board on Books for Young People (IBBY). IBBY is an international non-profit organization, to inspire a love of reading and to call attention to children’s books.

In 2022, Canada is hosting International Children’s Book Day with this chosen theme: “Stories are wings that help you soar every day.” Every year, a different international section of IBBY hosts a children’s books event on or around April 2 (which is the birthday of classic children’s book author Hans Christian Andersen). The host country picks a theme and invites a well-known author and illustrator to create a message for children around the world.

Note: International Board on Books for Young People Founder: Jella Lepman; International Board on Books for Young People Founded: 1953, Zürich, Switzerland; International Board on Books for Young People Headquarters: Basel, Switzerland.

 

2. World Autism Awareness Day: 2nd April: World Autism Awareness Day is observed annually on 2nd April by the member states of the United Nations. The day is observed to raise awareness among its citizens about people with Autism Spectrum Disorder throughout the world. World Autism Awareness Day is organized by the UN Department of Global Communications and UN Department of Economic and Social Affairs, with the support of civil society partners including the Autistic Self Advocacy Network, the Global Autism Project and the Specialisterne Foundation. The theme for ‘World Autism Awareness Day 2022’ is “Inclusive Quality Education for All”. Access to education that was made easy for years, especially for autistic persons was disrupted after 2020 with the spread of the Covid-19 pandemic.

History of the day: The United Nations General Assembly designated a resolution (A/RES/62/139). The council passed ‘World Autism Awareness Day’ on November 1, 2007, and adopted it on December 18, 2007. The purpose was to highlight the need to help improve the quality of life of autistic people. The very first World Autism Day was observed in the year 2008 on April 2. World Autism Day is one of only seven official health-specific UN Days.

Note: World Autism Organisation: 1998; World Autism Organisation President: Dr Samira Al Saad; World Autism Organisation Founded: Luxembourg.

 

OTHER UPDATES:

 

SPORTS

 

1. Adidas Unveils Official Al Rihla FIFA World Cup Ball for Qatar 2022: Al Rihla – the Official Match Ball for the FIFA World Cup Qatar 2022 has been revealed by Adidas. It is Adidas’ 14th World Cup ball, and it is designed to accommodate the fastest game speeds possible, since it flies quicker in flight than any other World Cup ball.

Key Points:

a)      Al Rihla provides the highest level of precision and reliability on the field of play, having been designed from the inside out utilising data from extensive testing in Adidas labs, wind tunnels, and on-pitch.

b)      The ball was also created with the environment in mind, with all components carefully considered, and Al Rihla being the first World Cup ball to be constructed entirely of water-based inks and glues.

c)       The game’s ever-increasing pace is reflected in the strong, vibrant colour and visuals placed on a pearlescent background, with speed revealing the spectrum of colour to excite players and fans from grassroots to elite levels throughout the world.

 

BANKING AND FINANCE

 

1. Central Bank of India partnered with Kwik.ID to digitize customer onboarding: Central Bank of India partnered with ID to implement digital Know Your Customer (KYC), video KYC and eKYC for its network across India. The aim of the partnership is to bring seamless onboarding and provide efficient digital facilities to the customers across India.

ID is India’s fastest and first-ever AI-based fully compliant Video KYC solution and a flagship product by Think360.ai. It has the target to digitize 10 million customers’ onboarding annually and streamline its end-to-end processes. Central Bank of India had an eight-month-long gruelling evaluation process on technology and product experience followed by a reverse auction commercial round for this selection. This partnership will support the bank in driving its digital transformation agenda and supporting digital finance initiatives championed by the government.

Note: Central Bank of India Founded: 21 December 1911; Central Bank of India Headquarters: Mumbai, Maharashtra; Central Bank of India MD & CEO: Matam Venkata Rao; Central Bank of India Tagline: ‘Central’ to you since 1911.

 

BUSINESS AND ECONOMY

 

1. India Ratings lowers India’s FY23 GDP growth forecast to 7-7.2%: India Ratings and Research (Ind-Ra) has revised downwards the GDP growth forecast for India in FY23 to 7-7.2 per cent. Earlier in January, the rating agency Ind-Ra had forecast this rate at 7.6 per cent.

According to Ind-Ra, in scenario one, the crude oil price is assumed to be elevated for three months, and in scenario two, the assumption is for six months, both with a half cost pass-through into the domestic economy. Since the duration of the Russia-Ukraine conflict continues to be uncertain, Ind-Ra has created two scenarios with respect to the FY23 economic outlook basis certain assumptions.

 

2. Google Pay, Pine Labs tieup to offer ‘Tap to Pay’ for UPI users: Google Pay has launched ‘Tap to Pay for UPI’, new functionality to bring the seamless convenience of Tap to Pay to Unified Payments Interface (UPI). The initiative has been launched in collaboration with Pine Labs. To complete a payment, all a user will need to do is tap their phone on the POS terminal and authenticate the payment from their phone, using their UPI PIN, making the process virtually instantaneous, as compared to scanning a QR code or entering the UPI-linked mobile number.

The functionality will be available to any UPI user who wants to use their NFC-enabled Android smartphone to transact using any Pine Labs Android POS terminal across the country. This was piloted with Reliance Retail and will now be available at other large merchants such as Future Retail and Starbucks.

Note: Google CEO: Sundar Pichai; Google Founded: 4 September 1998; Google Headquarters: Mountain View, California, United States.

 

AWARDS AND HONOURS

 

1. Mirabai Chanu bagged ‘BBC Indian Sportswoman of the Year’ award 2021: Olympic silver medallist weightlifter, Mirabai Chanu won the 3rd edition of the BBC Indian Sportswoman of The Year award 2021. Chanu created history last year when she became the first Indian weightlifter to clinch a silver medal at the Summer Olympics. Chanu won the gold medal in the 48kg division at the 2017 World Championships in Anaheim and followed up with Commonwealth Games gold in 2018.

Other awardees:

a)      The BBC Emerging Player award was presented to 18-year-old cricketer Shafali Verma, who has recently been playing at the Women’s World Cup in New Zealand. In 2021, Verma became the youngest Indian cricketer, male or female, to play in all three formats for the national team.

b)      The first Indian woman to have won a medal at the Olympics in 2000, former weightlifter Karnam Malleswari was presented the ‘BBC Lifetime Achievement’ award. Olympians and the Paralympians from the Tokyo Games were also honoured in this edition of BBC ISWOTY.

 

DEFENCE

 

1. 20th India-France Bilateral Naval Exercise ‘VARUNA -2022’ kicks-off: The 20th edition of the Bilateral Naval Exercise between the Indian Navy and French Navy named ‘VARUNA’ is being conducted in the Arabian Sea from March 30 to April 03, 2022. The Bilateral Naval Exercises between the two Navies is being held since 1993 and the exercise was christened as ‘VARUNA’ in 2001. Various ships, submarines, maritime patrol aircraft, fighter aircraft and helicopters of the two navies will be participating in the VARUNA-2022 exercise.

About the exercise: VARUNA series of exercises continue to provide both the navies opportunities to learn from each other’s best practices. The exercise has been a principal driver for operational-level interactions between the two navies and has underscored the shared commitment of both nations to security, safety and freedom of the global maritime commons.

 

 

 

 

 

 

 

 

 

 

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Daily GK Update- 1st April, 2022

 

NATIONAL UPDATES:

 

1. Cabinet approved $808 million programme to improve and accelerate the performance of MSME: The government authorised a World Bank-backed programme costing USD808 million on Wednesday to aid and improve the functioning of the country’s Micro, Small and Medium Enterprises (MSMEs).

Key Points:

a)      The government said in an official statement that it would support various COVID-19 pandemic-related resilience and recovery interventions of the enterprises and that it would begin in financing at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, which envisions a programme called ‘Raising and Accelerating MSME Performance’ (RAMP) and is supported by a World Bank-assisted central sector scheme, the government said.

b)      The loan from the World Bank’s International Bank for Reconstruction and Development will be for USD500 million, with the remaining $308 million coming from the Centre, according to the statement.

c)       The loan from the World Bank’s International Bank for Reconstruction and Development will be for 18.5 years, with a 5.5-year grace period.

d)      In addition, the RAMP initiative will work to increase state implementation capability and MSME coverage. It will address the MSME sector’s generic and COVID-related challenges by enhancing the impact of existing MSME schemes, particularly on the competitiveness front.

 

Assam and Meghalaya have signed an agreement to resolve a border issue in six disputed districts: Assam and Meghalaya agreed to resolve their five-decade-long border dispute in six of the 12 contested places that have frequently sparked tensions between the two states, with Union Home Minister Amit Shah hailing the decision as a “historic day for the Northeast.” Chief Ministers of Assam and Meghalaya, Himanta Biswa Sarma and Conrad Sangma, respectively, inked the agreement in the presence of Shah.

Key Points:              

a)      The agreement will end the long-running disagreement in six of the 12 points along the 884.9-kilometer boundary between the two States.

b)      According to the home minister, the signing of the agreement has settled 70% of the border issue between the two countries, and he hopes to find a solution for the remaining six places shortly.

c)       Manipur, Mizoram, Tripura, Meghalaya, Arunachal Pradesh, Nagaland, and West Bengal share a 2743-kilometer border with Assam. Nagaland, Mizoram, Meghalaya, and Arunachal Pradesh all have border conflicts with it.

d)      There are 36 communities in the six locations, totaling 36.79 square kilometres, for which an agreement has been reached.

e)      In August of last year, the two states appointed three committees each to investigate the thorny boundary issue. The panels were formed after two rounds of talks between Sarma and Sangma, during which the two neighbours agreed to settle the matter in stages.

f)        According to the committees’ combined final set of recommendations, Assam will obtain complete control of 18.51 sq km of the 36.79 sq km disputed area taken up for settlement in the first phase, while Meghalaya will have full control of 18.28 sq km.

 

3. Museum of all former Prime Ministers of India inaugurates soon: A museum of all former Prime Ministers, Pradhan Mantri Sangrahalaya (the Museum of Prime Ministers), has been built at Teen Murti Estate, in Delhi. The Rs. 270 crore project will be inaugurated on April 14, 2022, at the Teen Murti Bhavan complex which was the residence of ex-PM Jawaharlal Nehru.

About the Museum: The Museum will showcase the life, times and contribution of all 14 Prime Ministers of India so far, except for the collections and works on Jawaharlal Nehru, who has a separate Nehru Memorial Museum, which was also his residence. The PMs Museum project was approved in 2018, and the deadline for its completion was October 2020 but faced delays due to pandemic-related lockdowns, as well as civil works and content-curation issues.

 

4. WB Governor unveiled PARAM Shakti, a petascale supercomputer at IIT Kharagpur: The National Supercomputing Mission (NSM), a collaborative project of the Ministry of Electronics and Information Technology (MeitY) and the Department of Science and Technology, has dedicated PARAM Shakti, a Petascale Supercomputer, to the country at IIT Kharagpur (DST). Shri Jagdeep Dhankhar, Honourable Governor of West Bengal, inaugurated the supercomputer on March 27, 2022. The PARAM Shakti supercomputing facility is advancing research and development efforts in diverse disciplines of computational and data sciences.

In March 2019, IIT Kharagpur and the Centre for Development in Advanced Computing (CDAC) signed a Memorandum of Understanding (MoU) to develop this state-of-the-art Supercomputing Facility with 17680 CPU cores and 44 GPUs. This facility was the first to use an RDHX-based efficient cooling system to achieve great power efficiency. Both IIT Kharagpur and CDAC have thoroughly tested this system for commercial, open-source, and in-house software in a variety of applications.

 

INTERNATIONAL UPDATES:

 

1. Prime Minister Narendra Modi virtually attends 5th BIMSTEC Summit: Prime Minister Narendra Modi has participated in the 5th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Summit through virtual mode. The Summit was hosted by the Government of Sri Lanka, which was the chair nation of BIMSTEC. At the conclusion of the Summit, Thailand took over as chair nation of BIMSTEC. The year 2022 marks the 25th year of the establishment of BIMSTEC. The theme of the Summit was “Towards a Resilient Region, Prosperous Economies, Healthy People”.

Key points of the Summit:

a)      During the Summit, leaders witnessed the signing of three BIMSTEC agreements

1.      BIMSTEC Convention on Mutual Legal Assistance in Criminal Matters

2.      BIMSTEC Memorandum of Understanding on Mutual Cooperation in the field of Diplomatic Training

3.      Memorandum of Association on Establishment of BIMSTEC Technology Transfer Facility

b)      Adoption and signing of the BIMSTEC Charter, which would lead to putting in place s set of rules, a framework and long-term goals. This will help to streamline the operations of BIMSTEC and allow the organisation to enhance its potential.

c)       Adoption of the ‘Master Plan for Transport Connectivity’ which lays out a guidance framework for connectivity-related activities in the region in the future.

d)      Prime Minister of India, Narendra Modi announced that India will provide USD 1 million to the BIMSTEC secretariat to increase its operational budget.

About the BIMSTEC: BIMSTEC is an international organisation of seven South Asian and Southeast Asian nations. These are Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. The Leadership is rotated in alphabetical order of country names. The permanent secretariat of BIMSTEC is in Dhaka, Bangladesh.

 

OTHER UPDATES:

 

SPORTS

 

1. Himanta Biswa Sarma re-elected as President of Badminton Association of India: The incumbent president of the Badminton Association of India (BAI), Himanta Biswa Sarma has been re-elected unopposed for a second four years term, from 2022 to 2026. He was elected during the General Body Meeting of BAI in Guwahati on March 25, 2022. He is also the current Chief Minister of Assam. He was first elected as BAI chief in 2017. Apart from this, Sarma also serves as Vice President of Badminton Asia and a member of the Badminton World Federation Executive Council.

About the Badminton Association of India: Badminton Association of India is the governing body of badminton in India. BAI is an association registered under the Society’s act. It was formed in 1934 and has been holding national-level tournaments in India since 1936.

Note: Badminton Association of India Founded: 1934; Badminton Association of India Headquarters: New Delhi.

 

BANKING AND FINANCE

 

1. Banks reported fraud totaling Rs 34,000 crore, according to the Reserve Bank of India: According to Reserve Bank of India data, in the nine months ending December, 96 incidences of fraud were recorded by 27 scheduled commercial banks and financial institutions, totaling Rs 34,097 crore. Punjab National Bank had the greatest amount of frauds at Rs 4,820 crore, while Bank of India had the highest number of frauds at 13. This penalty was issued in accordance with RBI’s authority under section 47A (1) (c) of the Banking Regulation Act, 1949, as well as sections 46(4)(i) and 51(1).

Background:

a)      Minister of State for Finance Bhagwat Karad responded to a query in the Rajya Sabha during the budget session of parliament by giving bank-by-bank data of frauds totaling more than Rs 100 crore. Between April and December, scheduled commercial banks and select financial institutions reported these.

b)      The RBI’s master guidelines emphasise fraud prevention, early detection, rapid reporting, and prompt start of accountability processes in the case of fraud. In his response, the minister stated that, in addition to the master directives, a number of steps have been implemented to prevent fraudsters and defaulters. That includes:

c)       The Fugitive Economic Offenders Act of 2018 authorises the attachment of a fugitive economic offender’s property. Such possessions may be seized, and the perpetrator may be disentitled, making it impossible for them to defend any legal claim.

d)      Based on RBI directives and board-approved regulations, public sector banks can elect to publish images of willful defaulters.

e)      PSBs can acquire certified copies of the passports of the proprietors or directors, as well as other approved signatories, of enterprises that take out loans in excess of Rs 50 crore.

 

BUSINESS AND ECONOMY

 

1. ICRA cuts India’s GDP growth forecast in FY23 to 7.2%: Rating agency ICRA has lowered the growth forecast for India’s GDP in 2022-23 (FY23) to 7.2 per cent. Earlier this rate was 8 per cent. The ICRA Ltd. has projected the GDP growth forecast for 2021-22 (FY22) at 8.5%, lower than the official advance estimate from the National Statistical Office of 8.9%.

Citing elevated commodity prices and supply chain challenges arising from the Russia-Ukraine conflict, as well as higher prices of fuels and edible oils denting demand due to squeezed household incomes.

 

2. Max Life Insurance teamed with PhonePe to provide consumers with financial security: Max Life Insurance Co. Ltd has announced the debut of the Max Life Smart Secure Plus Plan via the PhonePe app, a non-linked non-participating individual pure risk premium life insurance plan aimed at digitally savvy customers.

Customers can choose a sum assured of up to ten crore rupees and have their policies renewed through the PhonePe app. Max Life will provide PhonePe users an inherent terminal sickness benefit and a particular exit option within the life insurance category. IRDAI has awarded PhonePe, a digital payments platform, a direct broking licence, allowing them to offer insurance through their app.

 

DEFENCE

 

1. IONS Maritime Exercise 2022 (IMEX-22) concludes in Arabian Sea: The first edition of the Indian Ocean Naval Symposium (IONS) Maritime Exercise 2022 (IMEX-22) was held from March 26 to 30, 2022, in Goa and in the Arabian Sea. The objective of the exercise was to enhance the interoperability of the navies of member nations in Humanitarian Assistance and Disaster Relief (HADR) operations. The exercise is seen as a significant stepping stone for regional navies to collaborate and respond collectively to natural disasters in the region and paves way for further strengthening regional cooperation.

About the exercise: The navies from 15 out of the 25 member nations of IONS, participated in the exercise. The Harbour Phase of IMEX – 22 was held at Marmugao port, Goa on March 26 and 27 while the Sea Phase took place in the Arabian Sea from March 28 to 30, 2022.

IONS: The Indian Ocean Naval Symposium (IONS) is a series of biennial meetings between the littoral states of the Indian Ocean region, to increase maritime security cooperation, discuss regional maritime issues, and promote friendly relationships among the member states. The forum was established in 2007.

 

OBITUARIES

 

1. Former CM of Sikkim B.B. Gurung Passes Away: The 3rd Chief Minister of Sikkim, Bhim Bahadur Gurung has passed away at his residence in Lumsui in Gangtok, Sikkim. B. Gurung served as a teacher and a staff reporter in a Calcutta (Kolkata)-based newspaper the Amrita Bazar Patrika and he also edited the first news-based Nepali Journal of Sikkim, called Kanchenjunga. Gurung started his political career with Sikkim Rajya Congress Party in 1947 and was later appointed as the General Secretary in 1958. He served as the 3rd CM of Sikkim from 11 May to 24 May 1984, the shortest term in the history of Sikkim. Between 2014 and 2015 he served as the political advisor to the CM of Sikkim.

 

2. Belgian Footballer Miguel Van Damme passes away: Veteran Belgian footballer, Miguel Van Damme has passed away aged 28 after a long battle with leukaemia. Van Damme was diagnosed with leukaemia in 2016 and was undergoing treatment for cancer for over five years. During his eight-year professional career, Van Damme played for Cercle Brugge and made 40 appearances for the team.