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IBPS RRB PO + IBPS PO+ SBI PO CURRENT AFFAIRS SNIPPETS OCTOBER 13 2022






CURRENT AFFAIRS SNIPPETS

OCTOBER 13, 2022

 

 

 

NATIONAL
We have made 12,000 km of rural roads in 8 years in Himachal: PM

PM Narendra Modi on Thursday, while addressing a gathering in Himachal Pradesh’s Chamba, said BJP’s double-engine government is trying to build roads in every village. "We have made 12,000 km of rural roads in eight years in Himachal Pradesh," PM Modi added. "BJP's double-engine government made domestic gas connections available for every home," he stated.

 

World Bank loan to Andhra Pradesh


The World Bank has extended an unconditional loan of $250 million to the Supporting Andhra's Learning Transformation (SALT) project in appreciation of the path-breaking reforms implemented by the state government.  The reforms initiated under the SALT project have brought about a paradigm shift in the way education was imparted and the outcomes had been encouraging according to Special Chief Secretary B. Rajasekhar (School Education).  The SALT Project is the first project in the school education sector to be funded by the World Bank without any precondition.  Approximately ₹53,000 crores has been spent on school education in the last three years.  In the academic year 2022-2023, more than 40,31,239 children were studying in government schools.


Himachal Pradesh govt starts new scheme "HIMCAD" to help farmers 


The state government of Himachal Pradesh has started a new scheme named ‘HIMCAD’, to provide irrigation facilities to farmers. According to the latest data, about 80% of the agricultural area of Himachal Pradesh is rain-fed.  The scheme will provide end-to-end connectivity of farmers’ fields for better water conservation, crop diversification and integrated farming.  Under the scheme, it is planned to provide command area development activities to 23,344 hectares of cultivable command area by March 2024, and the State Technical Advisory Committee has approved 379 minor irrigation schemes worth Rs 305.70 crore. About 80 per cent of the agricultural area of the state is rain-fed.  In order to provide irrigation facilities to the farmers in the state, the government has implemented schemes like Flow Irrigation Scheme, Efficient Irrigation Scheme through Micro Irrigation, Jal Se Krishi Ka Bal, construction of Lift Irrigation Scheme and Borewell etc.


Maharashtra: Mumbai airport completely switches to renewable energy 


The Adani group-AAI-operated Chhatrapati Shivaji Maharaj International Airport (CSMIA), Mumbai airport has switched to green energy sources, fulfilling 95 per cent of its requirement from hydro and wind, while the rest 5 per cent from solar power.  The facility witnessed a rise in natural energy procurement with 57 per cent in green consumption in April to a whopping 98 per cent. In August, the Mumbai Airport finally attained 100 per cent utilisation of renewable sources of energy.

 


Singapore, UAE interested in accepting RuPay: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has said that Singapore and United Arab Emirates have expressed their interest in accepting RuPay payments. "We are talking to different countries. Singapore and UAE have all come forward now to make Rupay acceptable in their countries," Sitharaman said. She added that this feature would immensely help Indians travelling to these countries.


Jaishankar to pay 2-day visit to Egypt to discuss bilateral issues

External Affairs Minister S Jaishankar will pay a two-day visit to Egypt starting Saturday to discuss bilateral, regional and international issues of mutual interest with Egypt's Foreign Minister Sameh Hassan Shoukry. The Centre said the promotion of bilateral trade, commerce and investments will be one of the focus areas during the visit. Jaishankar will also interact with Egypt-based Indians.

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INTERNATIONAL
Zaporizhzhia does not need Russian fuel: Ukraine nuclear company chief

Ukraine's nuclear energy company Energoatom's chief Petro Kotin has denounced Russia's comments that Zaporizhzhia nuclear power plant will need Russian fuel, Reuters reported. "There are a lot of rumours...from Russians...it's not easy to just transfer the fuel loading in Zaporizhzhia from one supplier to another," Kotin said. Fresh fuel supplies are in storage at the plant, he added.

Indian-American Tulsi Gabbard Exits Democratic Party


Former US Presidential candidate Tulsi Gabbard - who was the first Hindu-American to run for the White House in 2020 announced her exit from the Democratic Party ahead of next month's midterm elections.  Gabbard blamed the party for “racializing every issue in the nation” and denouncing it as the "elitist cabal of warmongers." The former US Congresswoman was a member of the party for the last 20 years.


IKEA lays off 10,000 employees after halting Russia operations in March

Swedish ready-to-assemble furniture retailer IKEA said it had to cut 10,000 jobs in Russia after halting its operations in the country in March over the Russia-Ukraine war. IKEA shut down its stores in Russia and said it would sell factories. "The war in Ukraine is a human tragedy that is continuing to affect people and communities," IKEA had earlier said.


US retail inflation rises 8.2% in 12 months through September

US Consumer Price Index (CPI) increased 8.2% in the 12 months through September, after rising 8.3% in August 2022, data from the US Bureau of Labor Statistics showed. Meanwhile, CPI rose 0.4% in September and 0.1% in August. Increases in shelter, food and medical care indices were the largest contributors to the rise in inflation in the last month.

 

BANKING, BUSINESS AND ECONOMY

 

Retail Inflation Highest Since April Stands At 7.41%


India's retail inflation accelerated to 7.41 per cent in September from a year ago on higher food and energy costs, the highest since April and above the upper end of the RBI's 2-6 per cent tolerance band in each month this year.  Data released by the National Statistics Office showed consumer price index-based inflation (CPI) in September rising to 7.41 per cent from a year ago, compared to August's 7 per cent.  The latest reading will pressure the RBI to accelerate policy tightening further, even at the cost of the economy, after raising its key repo rate to a three-year high of 5.9 per cent in four increments this year to tame surging prices.

 

 

 

RBI raises Minimum Capital Requirement for setting up Asset Reconstruction Company(ARC) to Rs 300 cr


The Reserve Bank raised the minimum capital requirement for setting up an asset reconstruction company (ARC) to Rs 300 crore from the existing Rs 100 crore with an aim to strengthen the securitisation sector which plays a vital role in the management of distressed financial assets.  An Asset Reconstruction Company is a specialized financial institution that buys the NPAs or bad assets from banks and financial institutions so that the latter can clean up their balance sheets. Or in other words, ARCs are in the business of buying bad loans from banks.


IDBI Bank Partnered with Vayana Network To Boost Supply Chain Finance


IDBI Bank said that it has agreed to cooperate with Vayana Network as its first fintech partner to provide end-to-end digitization services. According to the bank, this alliance intends to help increase the penetration of supply chain finance in India, which now accounts for only 5% of total outstanding banking assets and less than 1% of the country’s GDP.  The adoption of end-to-end digitalization would allow IDBI Bank to offer comprehensive digital solutions to corporate banking and small business clients. The bank already has an established CMS and e-trade platform. This technology is meant to speed up customer experiences by cutting down on paperwork and transaction processing time.


South Indian Bank bagged World Book of Records for ‘101 Oonjals’


South Indian Bank bagged a world record for staging and swinging the highest 101. The South Indian Bank has organized an event 'Onnichirikkam Oonjaladam' and was accoladed with the World Book of Records award for 'staging and swinging 101 Oonjals'.  The event 'Onnichirikkam Oonjaladam' saw people gathered in large numbers to celebrate unity and prosperity during the ongoing festival season. Swings were made using wood and rope in the traditional way.



Hundreds of British citizens forced to cancel India trip due to visa delays

Several UK citizens looking to visit India have been forced to postpone or cancel their trips. This comes after visa agents in the country received notices that they could no longer apply for tourist visas on behalf of the applicant. It is aimed at preventing travel agents from illegally charging fees to get visas processed.


Japanese yen hits its lowest level against the US dollar since 1990

The Japanese yen hit its lowest level against the US dollar since 1990 as one US dollar was worth 147.67 yen on Thursday. This comes as US inflation data indicated higher interest rate hikes from the Federal Reserve. Notably, US Consumer Price Index (CPI) increased 8.2% in the 12 months through September.


Infosys announces share buyback proposal of ₹9,300 crore

Infosys' board of directors approved the buyback proposal aggregating to ₹9,300 crore in order to reward its shareholders. The company will buy back 5 crore shares via the open market route at a price of ₹1,850 per share. The approval was granted alongside the company's Q2 results, where Infosys reported an 11% YoY increase in consolidated net profit.


We do not support dual employment: Infosys on moonlighting

Infosys CEO Salil Parekh spoke on the moonlighting debate in the IT industry and said, "To be clear, we don't support dual employment." He said that the company supports employees working on certain external gig projects after the prior approval of managers. He also revealed Infosys let go of some employees after they were found working in two different companies.


HDFC Life gets final approval from IRDAI for Exide Life merger

HDFC Life Insurance Company said that it has received the Insurance Regulatory and Development Authority of India's (IRDAI) final approval for its merger with Exide Life Insurance Company. HDFC Life had acquired a 100% stake in Exide Life from its parent Exide Industries after issuing over 8.7 crore shares at ₹685 per share and a cash payout of ₹726 crore.


West Bengal govt hands over Letter of Intent to Adani Ports for Tajpur Port

The West Bengal government awarded the Letter of Intent (LoI) of Tajpur Port, located around 170 km southeast of Kolkata, to Adani Ports. An official statement from the government said the overall project will entail an investment of around ₹25,000 crore. The port is expected to create around one lakh direct and indirect jobs.


UP govt announces new EV policy to attract ₹30,000 crore investment

The Uttar Pradesh government announced a new electric vehicle policy to promote adoption of clean mobility solutions and create a conducive ecosystem for EVs. The government said the new electric vehicle policy aims to attract investment of over ₹30,000 crore and generate employment for over 10 lakh people. Government said the policy also enables provisions to attract big ticket investments.


MP govt to set up panel to aid SC,ST entrepreneurs: CM Shivraj Singh

Madhya Pradesh CM Shivraj Singh Chouhan has announced a state-level committee will be established to provide facilities to entrepreneurs from SC and ST communities. He said a global skill park is being established in Bhopal jointly with Singapore. MSME and Dalit Indian Chamber of Commerce and Industry signed an MoU for creating an ecosystem for the welfare of the community.


Piramal Pharma receives SEBI's nod to list shares on stock exchange

Piramal Pharma (PPL) said it has received approval from the Securities and Exchange Board of India (SEBI) to list shares on domestic stock exchanges, BSE and NSE. The company said it expects its shares to be listed next week. Piramal Pharma has been demerged from Piramal Enterprises Ltd (PEL) as a part of the simplification of the corporate structure.

 

 

Important Days


International Day for Disaster Risk Reduction 2022 observed on 13 October


October 13 is designated as International Day for Disaster Risk Reduction with a focus on encouraging a global culture of risk awareness and catastrophe preparedness.  The day is an opportunity to acknowledge the progress being made toward preventing and reducing disaster risk and losses in lives, livelihoods, economies and basic infrastructure in line with the international agreement for reducing global disaster risk and losses.  In 2022, the International Day will focus on Target G of the Sendai Framework: “Substantially increase the availability of and access to multi-hazard early warning systems and disaster risk information and assessments to people by 2030.”


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