KARNATAKA IDBI ECGC IBPS SBI CURRENT AFFAIRS SNIPPETS SEPTEMBER 6 2022

 

 

CURRENT AFFAIRS SNIPPETS

06th September 2022

 

 

National News

 

 

Govt to onboard all states on National Single Window System by Mar 2023

Government is planning to bring onboard all states that aren't a part of the National Single Window System (NSWS) by March 2023, Department for Promotion of Industry and Internal Trade said. NSWS seeks to be the one-stop digital platform to obtain all requisite central and state approvals required to start business operations. About 15 states have reportedly integrated with NSWS.

Himachal CM inaugurates 55 projects worth ₹335 cr in Kangra

Ahead of the Assembly elections in Himachal Pradesh, CM Jairam Thakur on Tuesday inaugurated 55 development projects worth ₹335 crore in Kangra. Addressing a public meeting in Nagrota Bagwan, Thakur said the state government has ensured a balanced and all-round development of the state. "The present government is spending...₹1,300 crore annually on providing social security pensions," Thakur said.

 

GoI announces to rename the Rajpath as Kartavya Path 

The government of India has announced to change the name of Rajpath and Central Vista lawns into Kartavya Path. The decision is said to shed remnants of the British colony in India.  The decision came after a special meeting on September 7, convened with the aim of renaming the Rajpath and Central Vista lawns.  Earlier, the Modi government had changed the name of the road on which the Prime Minister's residence is, from Race Course Road to Lok Kalyan Marg.  Kartavya Path includes the entire avenue and area from the Netaji Statue to the Rashtrapati Bhavan. The route runs from Rashtrapati Bhavan on Raisina Hill through Vijay Chowk and India Gate to National Stadium in Delhi.

First LNG truck facility in India opened by Blue Energy Motors 

The long-haul, heavy-duty trucks from Blue Energy Motors, which intends to upend the Indian trucking business by producing clean energy, almost zero emissions vehicles, will run on LNG. The business was inaugrated by Union Minister, Nitin Gadkari.  Blue Energy Motors has a contract in place with FPT Industrial, the global powertrain brand of the Italian Iveco Group, to launch the first LNG trucks with BS VI-compliant FPT Industrial engines.

International News

 

US military to test launch an ICBM on Wednesday, Russia notified

The US military will test launch an intercontinental ballistic missile (ICBM) on Wednesday, the Pentagon said. Russia has been notified of the upcoming launch, the Pentagon added. The US last month carried out the test launch of the Minuteman III ICBM after initially putting it off to avoid escalation in tensions with China.

Earthquake death toll rises to 65 in China, over 50,000 relocated

The death toll from the 6.8-magnitude earthquake that struck southwestern China's Sichuan province on Monday has risen to 65. More than 50,000 people have been relocated to safer places following damage to buildings. The earthquake caused nearly 240 houses to collapse, Reuters reported. This is said to be the strongest earthquake to hit the Sichuan province since 2017.

 

Europe Heading For Recession As Inflation Crisis Deepens

The euro zone is almost certainly entering a recession, with surveys today showing a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending. While there was some easing of price pressures, according to the surveys, they remained high.  The European Central Bank is under pressure as inflation is running at more than four times its 2% target, reaching a record 9.1% last month. The ECB faces the prospect of raising interest rates aggressively just as the economy enters a downturn. A rise in borrowing costs would add to the woes of indebted consumers.  The euro dropped below 99 US cents for the first time in 20 years today after Russia said gas supply down its main pipeline to Europe would stay shut indefinitely.

Rishi Sunak lost to Liz Truss, who takes over as UK's new Prime Minister 

Liz Truss was elected as the leader of the ruling Conservative Party and the country's next prime minister. Liz Truss is now the third woman to be elected prime minister of the United Kingdom.  By more than 20,000 votes, Liz Truss defeated Rishi Sunak, who is of Indian descent. The country is currently experiencing a cost of living crisis, industrial unrest, and a recession.

States News

Uttarakhand Govt launched ‘Samarth’ e-governance portal 

The Uttarakhand education department launched an e-governance portal "Samarth". This portal provides all administrative and educational updates including information about entrance exams, salary structures, and appointments from five state universities and 140 public schools.  The initiative has been taken in a bid to make the education system more transparent in the state.  The portal also provides access to 40 academic study modules.  200 assistant professors of science subjects will be sent to the Indian Institute of Science, Bengaluru for special training, while teachers of state universities will be given training at IIM Kashipur.  The new education policy (NEP-2020) will be also implemented in the state from this session in September.

Appointments News

SC Judge DY Chandrachud named as new Chairman of NALSA 

Supreme Court judge Justice DY Chandrachud has been appointed as the next executive chairperson of the National Legal Services Authority (NALSA). The post was previously held by the Chief Justice of India UU Lalit.  President Droupadi Murmu has appointed Justice D.Y. Chandrachud as the executive chairman of the NALSA.  Before being elevated as a judge of the Supreme Court, Justice Chandrachud served as the Chief Justice of the Allahabad High Court and prior to that a judge of the Bombay High Court.

Tamilnad Mercantile Bank named Krishnan Sankarasubramaniam as new MD & CEO

The Tuticorin-based Tamilnad Mercantile Bank (TMB) Ltd has announced the appointment of Krishnan Sankarasubramaniam as the Managing Director and CEO with effect for three years. His appointment was approved by the Reserve Bank of India (RBI), pursuant to its letter of approval dated August 18, 2022.
Krishnan served as the MD & CEO of Punjab & Sind Bank from September 4, 2020 to May 31, 2022. His tenure saw the transformation of the Bank across digital, IT, risk, compliance, monitoring, recovery, business development, and HR. He played a crucial role in the bank’s turnaround leading to the bank registering the highest ever profitin 2021-22.

Agreements News

 

BEL tie-up with Smiths Detection to manufacture scanning systems 

Bharat Electronics Limited (BEL) has signed a Memorandum of Understanding (MoU) with Smiths Detection, a global leader in threat detection and security inspection technologies, for offering advanced, high-energy scanning systems to the Indian market.  The MoU, signed for a period of five years and can be extended further by mutual consent, will leverage the high-end, technological capabilities of both firms to meet India’s domestic security needs.

BANKING, BUSINESS AND ECONOMY

Paytm disbursed 6 mn loans in Jul-Aug, up 246% from last year

Payments aggregator Paytm said that it disbursed 6 million loans in July and August in 2022, up 246% from the same period last year. It stated that the total value of these loans rose 484% to ₹4,527 crore. Paytm also added that its total gross merchandise value (GMV) increased to ₹2.10 lakh crore, up 72% from last year.

Will give necessary stimulus to economy along with RBI: Sitharaman

Finance Minister Nirmala Sitharaman has said the government and RBI will together give necessary stimulus to economy. She said, "Together with a central bank, the finance ministry...will be working out a pathway, which will be predictable...and give every stimulus required for the growth of the Indian economy." The government is committed to the announced plan for bank privatisation, she added.

 

UP Cabinet approves ₹192 cr aid to help farmers prevent crop damage

The CM Yogi Adityanath-led UP Cabinet has approved ₹192.57 crore in aid for farmers facing challenges crop damage challenges. The money will be used to control weeds in the field and for the safe storage of ready crops by using ecological resources over the next five years. Another proposal for a 50% subsidy on storage units was also approved.

 

Fintech startup GroMo raises $11 million in Series A round

Fintech platform GroMo has secured $11 million in Series A funding round led by SIG Venture Capital. The funding round also saw participation of Y Combinator, Goodwater Capital, Beyond Next Ventures, Soma Capital, ACE & Company and Hauz Khas Ventures. The startup also received funds from angel investors including CRED Founder Kunal Shah, Uni Cards CEO Nitin Gupta.

Govt gives coal plants 2 more years to install emissions equipment

The Centre has extended its deadline for coal-fired power plants by two years to install equipment to cut sulphur emissions. Initially, a 2017 deadline was set to install flue gas desuphurisation (FGD) to reduce emissions and last year it was extended to 2025. As per the new order, power plants will be forcibly retired if they don't comply by 2027.

28th Edition of Status Report on India’s External Debt 2021-22 Released

The External Debt Management Unit (EDMU) in the Department of economic Affairs, Ministry of Finance, has released 28th edition of the Status Report on India’s External Debt 2021-22. India’s external debt, at US$ 620.7 billion as at end-March 2022, grew by 8.2 per cent over US$ 573.7 billon as at end-March 2021.  While 53.2 per cent of it was denominated in US dollar, Indian rupee denominated debt, estimated at 31.2 per cent, was the second largest. External debt as a ratio to GDP fell marginally to 19.9 per cent as at end-March 2022 from 21.2 per cent a year ago. Foreign currency reserves as a ratio to external debt stood slightly lower at 97.8 per cent as at end-March 2022 than 100.6 per cent a year ago.

Business News

CCI approves the acquisition of BillDesk by PayU Payment 

The Competition Commission of India (CCI) approved the acquisition of 100 percent equity of Indiaideas.com (Billdesk) by PayU Payments.  The proposed combination relates to the acquisition of 100 percent of the equity share capital of India Ideas Ltd (IIL) by PayU India. Prosus NV-backed PayU announced in August 2021, that it will buy digital payments provider Billdesk for USD 4.7 billion.  It will make it one of the biggest deals in the Indian consumer internet space. The proposed combination pertains to the acquisition of an additional 10 percent stake in Apraava by CDPQ from CPL CPEC Holding Limited.

Awards News

President Droupadi Murmu confers National Awards to distinguished teachers 

On the occasion of Teachers Day, President Droupadi Murmu has honoured 45 selected teachers from across the country with National Awards at Vigyan Bhawan New Delhi. India is celebrating its 50th National Teachers’ Day.  The day is celebrated on September 5 every year which is the birth anniversary of India’s second President Dr Sarvepalli Radhakrishnan, who was also a scholar, philosopher, and Bharat Ratna awardee.  The Union Ministry of Education, Department of School Education & Literacy constituted an Independent Jury at National Level to bestow the National Award to Teachers (NAT) for the year 2022. Sh. Sidharth made it to the list of 45 outstanding teachers from all over India selected after 3-stage rigorous online transparent process.

Ranks and Reports News

Grievance Redressal Index 2022: UIDAI topped in August 2022

Unique Identification Authority of India (UIDAI) has topped among all Ministries/Departments for resolving Public Grievances in the ranking. The report was published by the Department of Administrative Reforms and Public Grievances (DARPG).  In a statement released by the Ministry of Electronics and IT, it is stated that UIDAI is further committed in serving the people of India and has been a catalyst for both ease of living and business.  UIDAI has been a top performer in the resolution of cases received through the Centralized Public Grievance Redress and Monitoring System (CPGRAMS).  UIDAI is further committed to serving residents of India and has been a catalyst for both ease of living and ease of doing business.  UIDAI has a robust grievance redressal mechanism in place comprising of UIDAI HQ Divisions, Regional Offices, Technology Centre and engaged Contact Centre partners, which is enabling UIDAI to resolve around 92% of CRM Grievances within 7 days.

Defence News

Indian Army Chief Manoj Pande conferred honorary rank of Nepal Army General

Indian Army chief General Manoj Pande was conferred the title of Honorary General of the Nepali Army by Nepal President Bidya Devi Bhandari in Kathmandu.  General Pande was honoured at a special ceremony at the President's official residence 'Shital Niwas' in the capital city of Nepal. He has also presented a sword and scroll during the function.  On behalf of the Indian government, General Manoj Pande presented training equipment to Nepali Army, along with Light Vehicles which would augment the capabilities of Nepali Army personnel.

Schemes News

PM Narendra Modi announced PM-SHRI Scheme for upgrading 14500 school

Prime Minister Narendra Modi has announced a new initiative, the development and upgradation of 14 thousand 500 schools across the country under the Pradhan Mantri Schools For Rising India (PM-SHRI) Yojana.  PM-SHRI schools will become model schools which will encapsulate the full spirit of the National Education Policy. The centrally sponsored scheme will be implemented by strengthening existing schools selected from amongst those managed by the Central government, states, Union Territories and local bodies.  The aim of these schools will not only be qualitative teaching, learning and cognitive development but also to create holistic and well-rounded individuals equipped with key 21st-century skills.

Sports News

F1 GP-2022: Max Verstappen won Dutch F1 Grand Prix 2022

Red Bull’s driver Max Verstappen has won the Dutch Formula 1 Grand Prix 2022. Mercedes’ George Russell & Ferrari’s Charles Leclerc came at the 2nd and 3rd positions respectively.  Verstappen has now won 10 of this season’s 15 races. It was his 72nd podium finish & he collected 26 points from this race. Verstappen won the Dutch GP in 2021 as well. He has now won a total of 30 races.

IIT Madras joins Inspire Institute of Sports for innovative boxing analytics software

IIT Madras joins Inspire Institute of Sports: IIT Madras researchers and Inspire Institute of Sports in Karnataka have joined forces to create the analytics platform "Smartboxer."  To boost India's boxing medal total at the 2024 Olympics, advanced boxing analytics software is being created. IIT Madras' Center of Excellence for Sports Science and Analytics is responsible for creating the multi-version software.  It will use wearable sensors and cameras with Internet of Things (IoT) capabilities to deliver feedback and performance evaluations.  Inspire Institute of Sport will use "Smartboxer" to evaluate the boxers' performance (IIS).  The "Smartboxer" analytics platform will be modified in response to IIS's suggestions. This will make it possible for coaches and boxers to benefit from the programme in a useful way.

Indian GM Aravindh Chithambaram wins Dubai Open chess Tournament

Grandmaster Aravindh Chithambaram wins the 22nd Dubai Open Chess Tournament with 7.5 points. While seven Indians finished in the top 10, R. Praggnanandha was in the second spot with five others.  Aravindh Chithambaram and R. Praggnanandha settled for a draw in the ninth and final match, which enabled Aravind Chithambaram to finish the match with seven and a half points ahead of the rest of the field.

Mushfiqur Rahim Announces Retirement from T20 Cricket

Mushfiqur Rahim announces his retirement from T20 international cricket. Mushfiqur Rahim Bangladesh wicketkeeper announced his retirement.  The decision came after Bangladesh faced defeat in Asia Cup 2022 match against Sri Lanka. He announced retirement from the short-format game, and he would continue to play one-day international and test cricket.  He has played 82 test innings and scored 5,235 runs and in 236 ODI's he scored 6,774 runs. He is also the second player from Bangladesh to retire this year after Tamim Iqbal. 

 

India lose to SL in T20 Asia Cup for 1st time, virtually out of race to reach final

Sri Lanka defeated India by six wickets in their Asia Cup 2022 Super 4 stage match on Tuesday. This is India's first defeat against Sri Lanka in T20 Asia Cup history. With the defeat, India are virtually out of race to reach the final of Asia Cup 2022 after having earlier lost to Pakistan in the Super 4 stage.

 

OBITUARY

Frank Drake, who led search for life on other planets, dies aged 92

Frank Drake, the American radio astronomer, who led the search for life on other planets, died aged 92 on September 2 at his home in California. Founder of Search for Extraterrestrial Intelligence (SETI), Drake also developed Drake Equation, used to estimate the number of advanced civilizations in the galaxy. He was the former dean of science at University of California.

 

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