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. 

Daily GK Update- 19th Sep, 2022

NATIONAL UPDATES:

 

1. India becomes power surplus nation: The government has informed that India has turned into a power surplus nation with a total installed electricity capacity of over 4 lakh Mega Watt. India is the world’s third largest producer of renewable energy, with 40% of its installed electricity capacity coming from non-fossil fuel sources. Power Generation from Renewable Energy Sources has increased from 51 thousand 226 Gigawatt hours to one lakh 38 thousand 337 Gigawatt hours in 2020. The country’s vision is to achieve Net Zero Emissions by 2070, in addition to attaining the short-term targets including increasing renewables capacity to 500 Giga Watt by 2030 and meeting 50 percent of energy requirements from renewables.

 

2. World’s largest museum of Harappan culture is coming up in Rakhigarhi, Haryana: Harappan Culture in Haryana:  The world’s largest museum of Harappan culture is coming up in Rakhigarhi in Haryana to showcase about 5,000-year-old Indus Valley artefacts. The village of Rakhigarhi was part of the Indus Valley Civilisation from 2600-1900 BC. Haryana is slated to host the world’s largest museum dedicated to the Harappan civilization. Rakhigarhi is a hamlet in Haryana’s Hisar district, some 150 kilometres from Delhi. The settlement is also a well-known archaeological site from the time of the Indus Valley civilization.

 

3. India’s first plastic project listed by EKI Energy Services Ltd: EKI Energy Services, a developer and seller of Carbon credits, announced that it is the first company to list an Indian plastic project (India’s first plastic project) under a global accreditation standard. With this, the Indore-based carbon credit specialist, EKI Energy Services, who has worked in the field of climate action and offset solutions for the past 14 years across 16 countries, became the first company to ever list a plastic project from the nation with the goal of creating India’s first-ever international plastic credits. Key Points:

a)      The project by EKI Energy Services makes sure that plastic waste, primarily Polyethylene Terephthalate (PET) waste, PET flakes, and chips, are properly sourced and recycled to create Recycled Polyester Staple Fibre (RPSF).

b)      Recycled Polyester Staple Fibre (RPSF) can then be used in the textile industry for clothing and other utility products made of fabric.

c)       It will motivate numerous additional projects around the nation to build up their recycling efforts in a planned manner for plastic credits financing that can enable and support greater climate action.

d)      All participants in the collecting and recycling process, from ragpickers to recycling facilities, will be empowered by such a value chain.

e)      The project has been accredited by Verra, a Washington-based organisation, under their Plastic Waste Reduction Standard.

 

4. Koo tie-up with IPPB to drive financial inclusion in remote cities: India Post Payments Bank (IPPB), a division of India Post, the country’s postal giant, has partnered with the Indian microblogging platform Koo. IPPB has signed a memorandum of understanding (MoU) with Koo to boost financial inclusion and literacy in the country. IPPB and Koo will work together to promote financial education in tier-2, tier-3, remote, and hinterlands. Koo is a multilingual platform that allows users to communicate in 10 languages – Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, Telugu, Assamese, Bengali and English. About the partnership:

a)      The partnership between Koo and IPPB will allow the bank to reach out to their customers across the country, even in remote cities and hinterlands and use the multi-lingual Koo (MLK) feature offered to communicate in the language that the customer is comfortable in.

b)      India Post Payments Bank was set up in 2018 and uses a network of 1,55,000 post offices across the country to offer its services. Out of the 1,55,000 post offices, 1,35,000 are situated in rural areas.

c)       This is where Koo will be able to help IPPB to communicate with its customers in different languages. Koo’s grievance redressal system will also allow IPPB to manage customer relationships.

Note: India Post Payments Bank Founded: September 1, 2018, under the Department of Posts, Ministry of Communication; India Post Payments Bank Headquarters: New Delhi, Delhi; India Post Payments Bank MD & CEO: J Venkatramu; India Post Payments Bank Tag line: Aapka Bank, Aapke Dwaar.

 

5. Sanjay Kumar Rakesh, named managing director of CSC e-Governance SPV: Sanjay Kumar Rakesh, a former IAS officer, has been named managing director of the CSC e-Governance India SPV, which is run by the central government. The appointment follows Dinesh Tyagi’s resignation from the position, who was instrumental in increasing the number of CSCs from 60,000 in 2014 to over 5 lakh at the moment. Key Points:

a)      Meity Secretary Alkesh Kumar Sharma presided over the board meeting, which covered essential items like the hiring of a new managing director and directors as well as the adoption of the annual financial statement for the fiscal year 2021–2022.

b)      Net profit rose from Rs 125 crore in the fiscal year 2020–21 to Rs 141 crore in the fiscal year 2021–22.

c)       In comparison to the financial year 2020–21, CSC’s earnings climbed by more than 25% to Rs 1,804.92 crore in the year ending March 2022.

d)      CSC disclosed a 6% dividend for its stockholders. 5.33 lakh CSCs were in operation as of July 2022, with 74,500 of those being run by female rural entrepreneurs.

 

INTERNATIONAL UPDATES:

 

1. Sibi George appointed India’s next ambassador to Japan: Senior diplomat Sibi George has been appointed as the next Indian ambassador to Japan. George, a 1993-batch Indian Foreign Service officer, is currently the Ambassador of India to Kuwait. He will replace Sanjay Kumar Verma as India’s envoy to Japan. He previously served as Ambassador of India to Switzerland as well.

Note: Japan Capital: Tokyo; Currency: Yen; Prime Minister: Fumio Kishida

 

2. Kyrgyzstan Reports Heavy Fighting With Tajikistan: Kyrgyzstan reported “intense battles” with Central Asian neighbour Tajikistan and said 24 people had been killed in the latest outbreak of violence to hit the former Soviet Union. Both of the small impoverished landlocked nations have accused each other of restarting fighting in a disputed area, despite a ceasefire deal. In a statement, the Kyrgyz border service said its forces were continuing to repel Tajik attacks.

The issue: Kyrgyzstan reported fighting in its southern Batken province which borders Tajikistan’s northern Sughd region and features a Tajik exclave, Vorukh. The same area is famous for its jigsaw-puzzle political and ethnic geography and became the site of similar hostilities last year, also nearly leading to a war. Clashes over the poorly demarcated border are frequent, but usually de-escalate quickly.

 

3. International Week of Deaf People: 19th to 25th September: Every year, the full week ending on the last Sunday of September is observed as the International Week of the Deaf (IWD). In 2022, IWD is being observed from September 19 to 25 September 2022. The theme of the 2022 International Week of Deaf People is “Building Inclusive Communities for All”. It is an initiative of the World Federation of the Deaf (WFD) and was first launched in 1958 in Rome, Italy to commemorate the month when the first World Congress of the WFD was held.

Daily themes:

Monday 19 September 2022: Sign Languages in Education

Tuesday 20 September 2022: Sustainable economic opportunities for deaf people

Wednesday 21 September 2022: Health for All

Thursday 22 September 2022: Safeguarding deaf people in times of crisis

Friday 23 September 2022: Sign Languages Unite Us!

Saturday 24 September 2022: Intersectional Deaf Communities

Sunday 25 September 2022: Deaf Leadership for Tomorrow

International Week of the Deaf History: On 19 December 2017, the UN General Assembly declared 23 September as the International Day of Sign Languages (IDSL). The resolution was proposed through the Permanent Mission of Antigua and Barbuda to the UN, following an original request by the World Federation of the Deaf (WFD). There were 97 UN Member States including Canada voted for the adoption of the resolution as co-sponsors. The choice of 23 September commemorates the date the WFD was established in 1951. The objective of the IDSL is to raise awareness on sign languages and strengthen their status of sign languages.

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

 

OTHER UPDATES:

 

SPORTS

 

1. Vinesh Phogat wins bronze in World Wrestling Championships: Vinesh Phogat won bronze at the World Wrestling Championship 2022 in the women’s 53kg category.  In the bronze medal bout, Vinesh defeated European Champion Emma Malmgren of Sweden by 8-0. Vinesh Phogat became the first Indian woman wrestler to win two medals at the World Championship. She also became the first Indian woman to win a gold medal at both the Commonwealth and Asian Games. At Commonwealth Games 2022, she won the gold medal in the women’s 53 kg freestyle wrestling category.

 

2. Roger Federer announces retirement from Professional Tennis: One of the greatest sporting careers will come to a close when Roger Federer, 41, announces his retirement following the Laver Cup in London. Federer, a 20-time grand slam champion, declared on social media that his final week playing professionally will be the one in LAver Cup. The Laver Cup, a competition modelled after the Ryder Cup, was founded by Federer’s management company, Team8.

Roger Federer hasn’t played since the Wimbledon quarterfinal loss to Hubert Hurkacz, 6-3, 7-6(4), 6-0, where it was revealed he had reinjured the knee that had kept him off the tour for more than a year. Since January 2020, Federer has competed in five events and undergone three knee surgeries. He gave as his reason for retiring his late-career injury issues.

Roger Federer Career:

a)      For a significant amount of time, Roger Federer owned the male grand slam championship record, surpassing his idol Pete Sampras, whose total of 14 titles was once thought to be virtually indestructible.

b)      He also broke numerous records that serve as a testament to his excellence and consistency throughout his career, like making it to 36 straight quarterfinals and 23 consecutive grand slam semifinals.

c)       Roger Federer has won six ATP Finals, 28 ATP Masters titles, and 103 ATP singles championships. He had a singles record of 1251-275 (82%) in 1,526 ATP tour matches.

 

BANKING AND FINANCE

 

1. Axis Bank and Square Yards launched co-branded home buyer ecosystem: Axis Bank and Square Yards launched ‘Open Doors’, a co-branded Home Buyer Ecosystem. The ‘Open Doors’ platform will ensure that the complete journey from searching to buying one’s dream home becomes an efficient and delightful experience for the customers. Axis Bank and Square Yards have created a digital-first solution to simplify the customer journey. These digital platforms reflect the cultural alignment between the two organizations. Key Points:

a)      Open Doors is a first-of-its-kind unified platform, which is designed to address the entire gamut of customer queries.

b)      Customers, who are looking to purchase a house can now avail of end-to-end home buying assistance, exclusive builder inventory access, seamless home loan processing, and other ecosystem services.

c)       The ecosystem services include rental and property management, home furnishing, and legal and technical services.

d)      The real estate inventory displayed on the Open Doors platform will carry joint offers from both Square Yards and Axis Bank on home buying, home loans, interiors, property management, and other allied property services.

e)      The customers of Axis Bank and Square Yards can now also avail of an array of value-added financial benefits. The value-added financial benefits include customized loan amounts and flexible tenure, with the benefits of minimal documentation for a seamless home buying experience.

 

2. SBI hit market capitalization of Rs 5 trillion, share prices reach record high: State Bank of India, SBI, market capitalization of India’s largest state lender, surpassed $5 trillion for the first time after its shares reached a new high of Rs. 564.85 in intraday trade on the Bombay Stock Exchange (BSE). According to data from Bombay Stock Exchange (BSE), State Bank of India (SBI) is ranked seventh overall among corporations with a market valuation of 5.03 trillion.

State Bank of India, SBI surpasses the market cap of Rs. 5 trillion, making it the third lender in the nation to do so. HDFC Bank, the biggest private lender in India, tops this list with a market cap of Rs 8.38 trillion, followed by ICICI Bank with a market cap of Rs 6.33 trillion.

Note: SBI Chairman: Dinesh Kumar Khara

HDFC Bank Chairman: Deepak Parekh; HDFC Bank CEO: Sashidhar Jagdishan

ICICI Bank Chairman: Girish Chandra Chaturvedi; ICICI Bank CEO: Sandeep Bakhshi

 

BUSINESS AND ECONOMY

 

1. Google acquire cyber-security company Mandiant for $5.4 billion: Google for $5.4 billion acquired Cybersecurity Company Mandiant has been fully acquired according to Thomas Kurian, CEO of Google Cloud. Mandiant in order to assist organisations in managing threats, incidents, and exposures better will join Google Cloud. Mandiant is renowned for discovering the shocking SolarWinds hack.  Benefits of the Mandiant company acquisition:

a)      With this organizations will be able to continuously check assets for exposures by integrating Mandiant‘s attack surface management capabilities into Google Cloud’s portfolio.

b)      It allows intelligence and red teams to shift security programmes from reactive to proactive in order to understand what is exposed, misconfigured, and vulnerable.

c)       The partnership between Google Cloud and Mandiant and their dedication to multi-cloud will encourage more collaboration, spur innovation in the cybersecurity sector, and strengthen threat research capabilities.

Note: Google CEO: Sundar Pichai; Google Cloud CEO: Thomas Kurian

 

2. IBM and IIT Madras collaborate to promote quantum computing in India: Indian Institute of Technology, Madras (IIT-Madras) and International Business Machines (IBM) have cooperated to improve quantum computing research and talent development in India. IIT Madras joins the IBM Quantum Network’s global membership of over 180 organisations through this agreement. IIT Madras also joins the global network of Fortune 500 corporations, start-ups, academic institutions, and research labs using IBM Quantum technology to enhance quantum computing and investigate business application cases as the “first Indian university.” Key Points:

a)      The partnership will open up new opportunities to collaborate with business partners to accelerate research, make quantum real in areas like supply chain improvements, logistics, and the modelling of financial data, among other things.

b)      Finance, energy, chemistry, materials science, optimization, machine learning, and even space exploration will all benefit from the combined study on quantum computing.

c)       The collaboration enables IIT Madras to access IBM’s cutting-edge quantum computing devices through the cloud.

d)      In order to develop and expand the quantum computing ecosystem in the nation, IIT Madras’ Centre for Quantum Information, Communication and Computing (CQuICC) will use IBM Quantum services along with the open-source Qiskit framework to investigate topics like quantum algorithms, quantum machine learning, quantum error correction, quantum tomography, and quantum chemistry.