CURRENT AFFAIRS SNIPPETS APRIL8, 2022

 

CURRENT AFFAIRS SNIPPETS

APRIL8, 2022

NATIONAL

 

Ministry of Sports releases USD 72,124 to UNESCO Fund for Elimination of Doping

The Ministry of Youth Affairs and Sports, Government of India, has contributed an amount of USD 72,124 towards the UNESCO Fund for Elimination of Doping in Sport 2022. This is double the amount of the minimum agreed value. As per the resolution of 7COP held at Paris between 29-31 September 2019, the State Parties had agreed for contributing 1% of the regular budget of their respective nations to UNESCO towards the Fund for the Elimination of Doping in Sport.

Previously:

 

In 2021, India contributed USD 28172 towards the UNESCO Fund. The contributed fund will be used to support the implementation of the Fund’s Operational Strategy 2020-2025.

Minister of Youth Affairs and Sports:  Anurag Singh Thakur.

We're in a position to start testing, running pilot digital rupee projects: RBI

The Reserve Bank of India (RBI) is in a position to start off with testing and running pilot projects of central bank digital currency (CBDC) or digital rupee, Deputy Governor T Rabi Sankar said. He added that the RBI will take a calibrated and nuanced approach towards CBDC and ensure that it is introduced in a manner that is non-disruptive.

60-foot iron bridge built 50 years ago stolen in Bihar

A gang of thieves posing as officers of the State Irrigation Department allegedly stole a 60-feet defunct iron bridge in Bihar. The accused used gas cutters and earthmover machines to demolish the bridge, which was built in 1972. They also took the help of locals during the removal of the bridge. A police case has been filed in the matter.

Centre writes to 4 states and 1 UT over rise in COVID-19 cases

Union Health Secretary Rajesh Bhushan has written to the governments of Delhi, Haryana, Kerala, Maharashtra and Mizoram over the increase in COVID-19 cases there over the past week. The states have been asked to strictly monitor the cases and take pre-emptive action if necessary, ANI reported. India reported 1,109 new COVID-19 cases on Friday.

Sonu Sood granted Dubai Golden Visa, actor says 'I'm grateful'

Actor Sonu Sood has been granted the Dubai Golden Visa. "I'm incredibly honoured and grateful to...Dubai government for Golden Visa. Dubai has been one of my favourite destinations to visit. It's a dynamic place to thrive. I'm thankful to...authorities for the privilege," he said on receiving the Golden Visa. Boney Kapoor and his family also hold the Dubai Golden Visa.

Can't leave India without permission: Court to ex-Amnesty India chief

A Delhi court on Friday ordered the former Amnesty International India Board chair Aakar Patel to not leave India without permission until a decision is taken on CBI's plea challenging the order to quash look out circular issued against him. The court also put on hold Thursday's order which ordered CBI to tender a written apology to Patel.

 

INTERNATIONAL

Amazon signed contract with three firms to launch its satellite internet

The tech firm has secured up to 83 launches over a five-year period, which the company claims is the greatest commercial launch vehicle procurement in history. Arianespace, Blue Origin, and United Launch Alliance (ULA) have agreed to deploy the majority of Amazon’s Project Kuiper satellites, which aim to provide high-speed, low-latency broadband to a wide variety of clients around the world.

Key Points:

 

The tech firm has secured up to 83 launches over a five-year period, which the company claims is the greatest commercial launch vehicle procurement in history.

The contracts call for 18 launches on Arianespace’s Ariane 6 rockets, 12 launches on Jeff Bezos’ Blue Origin’s New Glenn, with options for up to 15 more launches, and 38 flights on ULA’s newest heavy-lift launch vehicle, the Vulcan Centaur.

The announcement brings Amazon’s satellite internet constellation one step closer to reality, as Elon Musk’s SpaceX continues to launch more Starlink satellites, bringing the total number of Starlink satellites launched to about 2300, and increasing Starlink’s global subscriber base to about 2.5 lakh.

Amazon’s current agreement with ULA comes in addition to a previous agreement with the space launch company to acquire nine Atlas V vehicles, which was revealed in April of last year.

In addition, Project Kuiper hopes to fly two test missions aboard ABL Space Systems’ RS1 rocket later this year.

According to Amazon, the two prototype satellites – KuiperSat-1 and 2 – will incorporate most of the technology and subsystems that will power the company’s production satellite design, and are an essential step in the development process.

The US Federal Communications Commission approved Amazon’s Project Kuiper in July 2020, with a constellation of 3,236 satellites in low Earth orbit (LEO).

The corporation unveiled Project Kuiper’s low-cost consumer terminal, which could deliver rates of up to 400 Mbps.

The Seattle-based firm said it is designing and building the complete system in-house, which will include a constellation of advanced LEO satellites, compact, affordable consumer terminals, and a secure, robust ground-based communications network.

Amazon CEO: Andrew R. Jassy;

Amazon Founded: 5 July 1994.

US to supply Ukraine with new weapon systems

Secretary of State Antony Blinken said the US will send new weapon systems to Ukraine after NATO foreign ministers decided to increase arms deliveries to Ukraine following the atrocities in Bucha by Russian forces. "We're not going to let anything stand in the way of getting Ukrainians what they need, and what we believe, to be effective," Blinken said.

German Parliament rejects vaccine mandate for people aged over 60

The German Parliament on Thursday rejected a proposal for a COVID-19 vaccine mandate for people aged over 60. The Bill was supported by Chancellor Olaf Scholz and Health Minister Karl Lauterbach. Out of 674 MPs, 378 voted against a vaccine mandate while 296 voted for it. A recent opinion poll showed that about 60% of Germans support a vaccine mandate.

Alternatives to Russian weapons are too expensive, India told US: Bloomberg report

India has conveyed to the US that the alternatives to Russian weapons are too expensive, Bloomberg reported citing people aware of India-US exchanges on the Russian invasion of Ukraine. As per the report, US Assistant Secretary of State Victoria Nuland had offered help to India in finding alternative sources of weapons to counter neighbours Pakistan and China.

Akshata Murthy, wife of UK minister Rishi Sunak, is richer than the Queen: Report

Akshata Murthy, the wife of British Finance Minister Rishi Sunak and daughter of Infosys Co-founder Narayana Murthy, is reportedly richer than the Queen, whose personal wealth is about £350 million. With an estimated fortune of £690 million (over ₹6,834 crore), 42-year-old Akshata owns a 0.9% stake in Infosys, worth £430 million. She also receives about £11.5 million in annual dividends.

26/11 mastermind Hafiz Saeed sentenced to 31 years in jail by Pak court

An anti-terrorism court in Pakistan has sentenced Lashkar-e-Taiba co-founder Hafiz Saeed to 31 years in prison and also ordered the confiscation of all his assets. The terrorist, who masterminded the 26/11 Mumbai terror attacks, has also been reportedly fined PKR 3,40,000. The action has reportedly been taken in two cases of terror financing.

 

BANKING, BUSINESS AND ECONOMY

Karnataka establishes cooperative bank for milk producers

Karnataka Chief Minister, Basavaraj Bommai Establishing the ‘Nandini Ksheera Samridhi Cooperative Bank’ is a revolutionary initiative, which will provide greater financial strength for the milk producers. Karnataka is the only state in the country to set up an exclusive bank for milk producers. Union Home Minister Amit Shah launched the logo of “Nandini Ksheera Samurdhi Sahakar Bank”.

About the ‘Nandini Ksheera Samridhi Cooperative Bank’:

 

The Milk Producers cooperatives have a turnover of about Rs 20,000 crore in various banks every day.

It will bring a second wave of White Revolution in the dairy sector.

The state government has provided Rs 100 crore as its share capital and the Milk

Federation and Cooperatives would contribute Rs 260 crore as their share of capital for the proposed cooperative bank which would stimulate huge economic activity in rural hinterland.

The state government has decided to computerise all the Primary Agricultural Credit Societies (PACS).

Karnataka Capital: Bengaluru;

Karnataka Chief Minister: Basavaraj S Bommai;

Karnataka Governor: Thawar Chand Gehlot.

 RBI Monetary Policy 2022: key rates unchanged --08042022

The six-member Monetary Policy Committee (MPC) voted unanimously to keep the repo rate unchanged at 4 per cent. MPC committee keeps the reverse repo rate unchanged at 3.35 per cent as Russia’s invasion of Ukraine added to a rise in inflation. The Reserve Bank of India’s Monetary Policy Committee headed by Reserve Bank of India (RBI) Governor Shaktikanta Das kept the repo rate unchanged for the 11th consecutive time. The repo rate or the short-term lending rate was the last cut on May 22, 2020. Since then, the rate remains at a historic low of 4 per cent.

The Marginal Standing Facility (MSF) rate and bank rates remain unchanged:

 

Policy Repo Rate: 4.00%

Reverse Repo Rate: 3.35%

Marginal Standing Facility Rate: 4.25%

Bank Rate: 4.25%

CRR: 4%

SLR: 18.00%

Key Points:

The GDP growth forecast has been lowered to 7.2 per cent, owing to inflationary pressures due to the ongoing Russia Ukraine War. Earlier, the central bank had kept the GDP growth rate at 7.8 per cent.

RBI announced that now people can withdraw money from ATMs without a card in all banks across the nation. This has been done to give a push to Digital India.

Net worth requirement for Bharat Bill Payments System Operating Units lowered from Rs 100 crore to Rs 25 crore.

Rationalisation of risk weights for individual housing loans to be extended till March 31, 2023.

RBI sees the Current account deficit at sustainable levels and forex reserves at $606.5 billion.

Inflation is now projected at 5.7% in 2022-23 with Q1 at 6.3%, Q2 at 5%, Q3 at 5.4% and Q4 at 5.1%.

India’s 10-year bond yield rises to 7%, the highest since 2019.

The composition of the Monetary Policy Committee is as follows:

Governor of the Reserve Bank of India – Chairperson, ex officio: Shri Shaktikanta Das.

Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy– Member, ex officio: Dr Michael Debabrata Patra.

One officer of the Reserve Bank of India to be nominated by the Central Board – Member, ex officio: Dr Mridul K. Saggar.

A professor at the Mumbai-based Indira Gandhi Institute of Developmental Research: Prof. Ashima Goyal.

A professor of finance at the Indian Institute of Management in Ahmedabad: Prof. Jayanth R Varma.

An agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi: Dr Shashanka Bhide.

Some important instruments of Monetary Policy:

 

The RBI’s Monetary Policy has several direct and indirect instruments which are used for implementing the monetary policy. Some important instruments of Monetary Policy are as follows:

 

Repo Rate: It is the (fixed) interest rate at which banks can borrow overnight liquidity from the Reserve Bank of India against the collateral of government and other approved securities under the liquidity adjustment facility (LAF).

 

Reverse Repo Rate: It is the (fixed) interest rate at which the Reserve Bank of India can absorb liquidity from banks on an overnight basis, against the collateral of eligible government securities under the LAF.

 

Liquidity Adjustment Facility (LAF): The LAF has overnight as well as term repo auctions under it. The term repo helps in the development of the inter-bank term money market. This market sets the benchmarks for the pricing of loans and deposits. This helps in improving the transmission of monetary policy. As per the evolving market conditions, the Reserve Bank of India also conducts variable interest rate reverse repo auctions.

 

Marginal Standing Facility (MSF): MSF is a provision that enables the scheduled commercial banks to borrow an additional amount of overnight money from the Reserve Bank of India. Bank can do this by dipping into their Statutory Liquidity Ratio (SLR) portfolio up to a limit at a penal rate of interest. This helps the banks to sustain the unanticipated liquidity shocks faced by them.

 

RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

We're not aware of it: NPCI as Coinbase says users can buy crypto with UPI

The National Payments Corporation of India (NPCI) has clarified it's not aware of any crypto exchange using UPI after US-based Coinbase said it will allow users to buy cryptocurrencies with UPI. Coinbase later said that it was aware of the recent statement published by NPCI. "We are committed to working with NPCI and other relevant authorities," the crypto exchange said.

RBI imposes monetary penalty of ₹93 lakh on Axis Bank, ₹90 lakh on IDBI Bank

The Reserve Bank of India (RBI) imposed a monetary penalty of ₹93 lakh on Axis Bank and ₹90 lakh on IDBI Bank. RBI fined Axis Bank for non-compliance with directions on loans and advances, KYC guidelines and penalties on non-maintenance of minimum balance in savings accounts. IDBI Bank was fined for reporting frauds to RBI with delay, among other things.

 

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