FEDERAL ECGC RBI CURRENT AFFAIRS SNIPPETS 27TH MAY 2022

CURRENT AFFAIRS SNIPPETS

 

27th May 2022

NATIONAL NEWS

We've decided to work together: Kejriwal on meeting Delhi's new LG

Delhi CM Arvind Kejriwal on Friday met the newly-appointed Lieutenant Governor of Delhi Vinai Kumar Saxena. Informing about the same, Kejriwal said, "We discussed several issues and decided to work together for...betterment of...[Delhi's people]." Saxena, who took oath as the 22nd Lt Governor of Delhi on Thursday, had said that he'll work as a "local guardian" in the national capital.

 

Prime Minister Modi chaired the 40th PRAGATI Interaction 

The Prime Minister, Shri Narendra Modi has urged infrastructure agencies to map their projects with the water bodies being constructed under the Amrit Sarovar. Mr Modi stated that this would be a win-win situation because the material needed for the Amrit Sarovars could be used by the agencies for public works.  The Prime Minister presided over the 40th edition of PRAGATI, an ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation that brings together the Centre and State governments.  Jharkhand, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu, Chhattisgarh, Odisha, Assam, Arunachal Pradesh, Meghalaya, Tripura, Mizoram, Nagaland, and Sikkim are among the states involved.  Prime Minister Modi also discussed the 'National Broadband Mission' programme at the meeting. States and agencies were asked to use the centralised Gati Shakti Sanchar Portal to ensure that Right of Way (RoW) applications were processed quickly.  States may also construct state-level GatiShakti Master Plans based on the PM GatiShakti National Master Plan and establish state-level entities for this purpose, according to the Prime Minister.

Bharat Drone Mahotsav 2022: PM Modi inaugurated India’s biggest drone festival 

Prime Minister Narendra Modi has inaugurated India's biggest drone festival here and interacted with Kisan drone pilots as well as witnessed open-air drone demonstrations. 'Bharat Drone Mahotsav 2022' is set to be a  two-day event being held on May 27 and 28.  The prime minister interacts with Kisan drone pilots, witnesses open-air drone demonstrations and interacts with startups in the drone exhibition centre.  According to the Prime Minister’s Office, more than 1600 delegates, consisting of government officials, armed forces, central armed police forces, Public Sector Units (PSUs), foreign diplomats, private companies as well as drone startups, etc., will participate in the Bharat Drone Mahotsav 2022.  The PMO mentioned that more than 70 exhibitors will display various use cases of drones at the Drone Festival.  The Bharat Drone Mahotsav 2022 will also witness a virtual award of drone pilot certificates, panel discussions, product launches, a display of a ‘Made in India’ Drone Taxi prototype, and flying demonstrations, among others, the Prime Minister’s Office further added.

International News

Russia needs huge financial resources for operation in Ukraine: Minister

Russian Finance Minister Anton Siluanov on Friday said that Russia needs huge financial resources for its military operation in Ukraine. The war in Ukraine had prompted the West to impose sanctions on the Russian economy in an effort to discourage Russia from continuing the conflict. The Russian economy has been pushed to the brink of recession, according to Reuters.

 

 

UNICEF-WHO release the first Global Report on Assistive Technology

The World Health Organization (WHO) and the United Nations Children's Fund (UNICEF) have released the first Global Report on Assistive Technology (GReAT).  The paper, which was created in conjunction with UNICEF's Office of Research – Innocenti, includes 10 important actionable suggestions for enhancing access to assistive technology for all children, as well as evidence-based best practise examples.  With the help of UNICEF's Office of Research – Innocenti, UNICEF and WHO created a series of 11 free-access background papers to accompany the Report.  Around the world, 2.5 billion people require assistive technology. According to the estimate, by 2050, the population will have grown to 3.5 billion people.  The gaps between low- and middle-income countries and high-income countries in terms of access to assistive technology are disturbing.  Access to assistive technology for individuals who need it is as low as 3% in some low- and middle-income nations, whereas it is significantly higher in high-income countries, with up to 90% of people receiving the assistive devices and services they require.  The worldwide impact of the WHO-UNICEF Global Report on Assistive Technology in this scenario will be unprecedented. Enabling settings and Assistive Technology are recognised in the Global Report as prerequisites for people in need to realise their human rights.

Appointments News

Indian officer Anwar Hussain Shaik is new chair of WTO committee

An Indian Government Officer, Anwar Hussain Shaik has been made the chair of the World Trade Organisation’s Committee on Technical Barriers on Trade. Mr. Shaik will take this role from Elisa Maria Olmeda de Alejandro from Mexico.  WTO is a 164-member multilateral body which formulates rules for global exports and imports and adjudicates disputes between countries on trade-related issues. India is a member since 1995.  The Technical Barriers to Trade (TBT) Agreement aims to ensure that technical regulations, standards and conformity assessment procedures are non-discriminatory and do not create unnecessary obstacles to trade.  TBT Committee work involves two broad areas, review of specific measures and strengthening implementation of the TBT Agreement. WTO members use this committee to discuss specific trade concerns, specific laws, regulations or procedures that affect their trade, usually in response to notifications.

Banking, Business and Economy  News

RBI reduces net-worth requirement for non-bank Bharat Bill Payment units 

The Reserve Bank of India (RBI) has eased norms for non-bank entities to set up Bharat Bill Payment operating units by reducing the net-worth requirement to Rs 25 crore, with a view to encouraging more players in the segment.  At present, a net worth of Rs 100 crore is required to obtain authorisation for a non-bank BBPOU (Bharat Bill Payment Operating Units). The reduction in net-worth requirements follows an announcement regarding the same by the central bank in April.  To increase participation, the RBI had decided to align the net worth requirement of non-bank BBPOUs with that of other nonbank participants who handle customer funds (like payment aggregators) and have a similar risk profile.  Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments and the scope and coverage of BBPS extend to all categories of billers who raise recurring bills. Users of BBPS enjoy benefits like a standardised bill payment experience, a centralised customer grievance redressal mechanism and a prescribed customer convenience fee.

Fintech startup Mahagram partners with IndusInd Bank to nurture digital payments

Rural NEO Bank Mahagram has tied up with the IndusInd Bank to digitize the nation’s payment ecosystem and provide a wider scope to transact for its customers in rural India. Mahagram was launched with a vision to transform India into a digitally empowered society and knowledge economy.  The partnership between the two aims to boost financial inclusion, encourage socio-economic development, mitigate the risks of a shadow economy, and accelerate the growth of a cashless society.  This association will also ensure the building of an efficient, reliable, and secure payment ecosystem, which will not only promote and encourage the use of e-payments methods but will also help merchants across the country to accept digital payments easily, making it more accessible for everyone.

Postal Department and India Post payments Bank (IPPB) Aarohan 4.0 begins in Shimla

Two days meeting of senior functionaries of the Postal Department and India Post payments Bank (IPPB), AAROHAN 4.0 started in Shimla, Himachal Pradesh.  The agenda of the meeting is to discuss and deliberate ways to further deepen the Financial Inclusion drive in the country and to provide banking solutions to every citizen of India.  Postal Department along with IPPB is working on the vision of the Prime Minister's Digital India initiative to promote digital payments and bring digital banking services to every nook and corner of the country in a customer-friendly manner. IPPB leverages upon the world's largest postal network of the Department of Posts to offer interoperable banking services at the doorstep benefiting senior citizens, farmers, migrant labourers and women amongst others.  The meeting was inaugurated by Shri. Alok Sharma, Director General Postal Services in presence of Shri J Venkatramu, MD & CEO of IPPB, Chief PMG of 23 Postal Circles and other senior functionaries of the Department and IPPB. Discussions were held today to further strengthen the synergy between the post office and IPPB operations.

RBI includes 'work from anywhere' policy for staff in its agenda for 2022-23

The RBI in its annual report that was released on Friday stated "working from anywhere" under its agenda for 2022-2023. While it had operationalised work from home during COVID-19, the annual report further stated, "The roadmap for the year would include…To devise a policy on 'working from anywhere' for building a seamless work environment as part of business continuity planning."

Nykaa's Q4 net profit falls 49% to ₹8.56 crore, revenue rises to ₹973 crore

Beauty e-commerce startup Nykaa's parent FSN E-Commerce Ventures Ltd reported that the net profit attributable to its shareholders dropped 49% year-on-year to ₹8.56 crore in the quarter ended March. While the company's revenue from operations rose 31% year-on-year to ₹973 crore, its expenses rose to about ₹979 crore from ₹725 crore a year earlier.

 

Moody’s cuts India’s economic growth forecast to 8.8% for 2022 

Moody’s Investors Service slashed India’s economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high inflation.  In its update to Global Macro Outlook 2022-23, Moody’s said high-frequency data suggest that the growth momentum from December quarter 2021 carried through into the first four months this year.  However, the rise in crude oil, food and fertilizer prices will weigh on household finances and spending in the months ahead. Rate hikes to prevent energy and food inflation from becoming more generalized will slow the demand recovery’s momentum.  Strong credit growth, a large increase in investment intentions announced by the corporate sector, and a high budget allocation to capital spending by the government indicate that the investment cycle is strengthening. For 2022 and 2023, it projected inflation to be around 6.8 per cent and 5.2 per cent, respectively.

RBI issued guidelines for certified jewellers' Gold import 

The Reserve Bank of India (RBI) has announced new guidelines to permit qualified jewellers to import gold through the India International Bullion Exchange IFSC Ltd. (IIBX) or any other exchange. IFSCA and the DGFT, the Government of India, must sanction the other exchanges. All payments by authorised jewellers for gold imports through IIBX must be done using an exchange mechanism recognised by IFSCA in accordance with the IFSC Act and regulations, according to the RBI.   According to the new recommendations, approved dealers banks may allow Qualified Jewellers to make eleven-day advance payments for gold imports through IIBX in accordance with the existing Foreign Trade Policy and Regulations published under the IFSC Act.  In accordance with the terms of the sale contract or other document in the nature of an irrevocable purchase order in terms of the IFSC Act and regulations made thereunder by IFSCA, AD banks shall ensure that advance remittance for such import through exchange/s authorised by IFSCA is in accordance with the terms of the sale contract or other document in the nature of an irrevocable purchase order in terms of the IFSC Act and regulations made thereunder by IFSCA.  Furthermore, licenced dealers banks must perform all due diligence and guarantee that the remittances sent are only for bona fide import transactions through IFSCA-approved exchanges.

26-year-old Abhilasha Barak becomes the Indian Army’s first woman combat aviator 

Haryana’s Captain Abhilasha Barak has become the first woman officer to join the Army Aviation Corps as a combat aviator after successfully completing her training. She was awarded the coveted wings along with 36 other army pilots by the DG and Colonel Commandant of Army Aviation in Nashik.  She has been assigned to the second flight of the 2072 Army Aviation Squadron. She was commissioned into the Indian Army from the Officers Training Academy, Chennai in 2018.  Captain Barak is an alumnus of The Lawrence School, Sanawar. She completed her graduation with B-Tech in Electronics and Communication Engineering from Delhi Technological University in 2016 and was placed at Deloitte, USA.  During her attachment with the Corps of Army Air Defence, she was selected as a Contingent Commander for Presentation of Colours to Army Air Defence by President Ram Nath Kovind.  She attained an ‘A’ grading in the Army Air Defence Young officers course, 75.70 per cent in Air Traffic Management and Air Laws course and passed the promotional exam, Part B, in her first attempt.

Awards News

Indian novel 'Tomb of Sand' wins International Booker Prize

Indian writer Geetanjali Shree and American translator Daisy Rockwell won the International Booker Prize for “Tomb of Sand,”. Originally written in Hindi, it’s the first book in any Indian language to win the high-profile award, which recognizes fiction from around the world that has been translated into English.  The 50,000-pound ($63,000) prize money will be split between New Delhi-based Shree and Rockwell, who lives in Vermont. “Tomb of Sand” is published in Britain by a small publisher Tilted Axis Press. It was founded by translator Deborah Smith, who won the 2016 International Booker for translating Han Kang’s “The Vegetarian” to publish books from Asia.  The book tells the story of an octogenarian widow who dares to cast off convention and confront the ghosts of her experiences during the subcontinent’s tumultuous 1947 partition into India and Pakistan. Shree’s book beat five other finalists including Polish Nobel literature laureate Olga Tokarczuk, Claudia Piñeiro of Argentina and South Korean author Bora Chung to be awarded the prize at a ceremony in London.

French Riviera Film Festival: Nawazuddin Siddiqui honoured with Excellence in Cinema award

Bollywood actor, Nawazuddin Siddiqui has been honoured with an international award for his contribution to cinema. At the prestigious French Riviera Film Festival, Emmy award-winning American actor Vincent De Paul bestowed the honour to Siddiqui.  This is not the first time that Nawazuddin has brought accolades back home. Previously, the actor was chosen as one of the delegates to receive awards on behalf of the nation at the Cannes Film Festival.  Siddiqui’s illustrious career boasts of some terrific films, including Gangs of Wasseypur, Raman Raghav 2.0, The Lunchbox, and Munto. He is the only actor in the world to have eight films officially selected and screened at the Cannes Film Festival. Along with films, he also appeared in web series like Sacred Games and Mc Mafia.

Sports News

Sri Lanka beat Bangladesh by 10 wickets in 2nd Test, win series 1-0

Sri Lanka beat hosts Bangladesh by 10 wickets in second Test in Dhaka on Friday to win the two match series 1-0. After Sri Lanka took a first-innings lead of 141, they bowled out Bangladesh for 169 in their second innings. The visitors chased the 29-run target in three overs. Fast bowler Asitha Fernando took 10 wickets in the match.

Jos Buttler smashes hundred as RR defeat RCB to reach IPL final after 14 years

RR defeated RCB by seven wickets in the Qualifier 2 to reach the final of IPL 2022. RCB put up a total of 157/8, with RR chasing it down in 18.1 overs, driven by Jos Buttler's 106*(60). RR have reached an IPL final after 14 years. They had defeated CSK in the final of the inaugural edition in 2008.

India beats Indonesia 16-0 in Asia Cup 2022 hockey tournament

Indian men's team slammed six goals in the final quarter to record a 16-0 win over Indonesia in a thrilling Pool A game of the Asia Cup 2022 to qualify for the Super 4 stage of the Asia Cup.  India joined Japan, Malaysia, and South Korea in the Super 4 round of the Asia Cup. India needed to win the contest by at least a 15-0 margin to qualify and the young side thrived under pressure.  Both India and Pakistan finished on four points each in Pool A behind Japan but the holders qualified for the Super 4s on the basis of a better goal difference (1). Pakistan had lost 2-3 to Japan earlier in the day.  This was India's first win in the ongoing edition of the Asia Cup as they were held to a 1-1 draw by Pakistan before suffering a 2-5 defeat at the hands of Japan, who finished first in Pool A. Japan won all of their three matches in the pool.

IBA Women’s World Boxing Championships: Turkey topped medal tally of 2022

The 12th edition of the 2022 International Boxing Association (IBA) Women’s World Boxing Championship (WWBC) was held at Başakşehir Youth and Sports Facility, Istanbul, Turkey.  The event saw the participation of 310 Boxers from 73 nations. Belarusian and Russian boxers were not allowed to compete at the event after a ban as a result of the Russian invasion of Ukraine.  The India Boxer Nikhat Zareen( from Nizamabad, Telangana) won the gold in the flyweight (52kg) division with 5-0 points against Thailand’s Jitpong Jutamas. With this win, she became the fifth Indian women boxer to win the World Championship.  The other two Indian women boxers Manisha Moun (from Haryana) and Parveen Hooda(from Haryana) had won the bronze medals in the 57kg and 63kg categories respectively.

Overall Medal Tally:

Rank	Nation	Gold	Silver	Bronze	Total
1	Turkey	5	0	2	7
2	Ireland	2	0	0	2
3	Canada	1	1	0	2
4	India	1	0	2	3

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