Current Affairs 16 December 2021

We are here for you to provide the important Recent and Latest Current Affairs 16 December 2021, which have unique updates of Latest Current Affairs 2021 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Raksha Mantri Rajnath Singh handed over 5 DRDO Products to Armed Forces & 6 LAToTi.On December 14, 2021, Union Minister Rajnath Singh, Ministry of Defence (MoD) handed over five Defence Research and Development Organisation (DRDO) developed products to the Armed forces and other security agencies at an event held at DRDO Bhawan, New Delhi (Delhi) as part of Azadi Ka Amrit Mahotsav celebrations.
ii.He also handed over six Licensing Agreements for Transfer of Technology (LAToT) to seven public and private sector companies.
iii.Prior to this event, DRDO organised a Seminar on “Preparing For The Future” where Vice Chiefs of the Armed Forces and DRDO Scientists shared their views.
About Defence Research and Development Organisation (DRDO)
Parent Ministry– Ministry of Defence (MoD)
Chairman– Dr G. Satheesh Reddy
Headquarter– New Delhi, Delhi
>> Read Full News

Maharashtra tops the list of states with Maximum Number of Beneficiaries assisted under ABRYOn December 13, 2021, the Central Government released the list of states with maximum number of beneficiaries to be assisted under Atmanirbhar Bharat Rojgar Yojana (ABRY), as of December 4, 2021. The information was provided by the Minister of State (MoS) Rameswar Teli, Ministry of Labour & Employment in a written reply to Lok Sabha.

• The list has been topped by Maharashtra with 6,49,560 new employees in 17,524 Beneficiary Establishments (Estts.). The beneficiaries have been provided a total of Rs 4,09,72,34,366.
• Maharashtra is followed by Tamil Nadu (5,35,615 New Employees) at 2nd position, and Gujarat (4,44,741 New Employees) at 3rd.

Key Points:
i.In Tamil Nadu, the beneficiaries were provided Rs 300.46 crore under ABRY to new employees of 12,803 establishments.
ii.In Gujarat, Rs 278.63 crore have been provided to the new employees of 12,379 establishments.
iii.Notably, the average time taken to process the claims of the Employees’ Provident Fund Organisation (EPFO) subscribers was 7.3 days till December 6, 2021 in FY22.

• It was 8.4 days in FY21 and 11.5 days in FY20.

Following table shows the Top 3 states:

About Atmanirbhar Bharat Rojgar Yojana (ABRY):
Amid COVID-19, the Central Government launched ABRY to incentivise employment generation in EPFO registered establishments for a period from October 1, 2020 to March 31, 2022.

• Under the ABRY, the government is paying both employees’ and employers’ contributions of 24% of wages (12% of wages for each) in respect of establishments having 1,000 employees and employees’ contribution of 12% of wages to establishments employing more than 1,000 employees.
• As on December 4, 2021, employment opportunities have been created for 39.73 lakh new employees and benefits of Rs 2612.10 crore were credited.

MoS of S&T Dr Jitendra Singh Inaugurated 7th India International Science Festival 2021 at Panaji, GoaDr Jitendra Singh, Union Minister of State(MoS) (Independent Charge) Science & Technology(S&T), inaugurated the 7th edition of the India International Science festival, IISF at Panaji, Goa held from 10th December to 13th December 2021.

• IISF is a joint program of the Ministry of Science & Technology(MoST), Ministry of Earth Sciences(MoES) and Vijnana Bharati (VIBHA), a swadeshi science movement of Bharat.
• Nodal Agency for organising IISF 2021 was the National Centre for Polar and Ocean Research, an autonomous institute under the MoES.

Note:
MoST and MoES organised the first edition of the IISF in 2015 at the Indian Institute of Technology(IIT) in New Delhi.
The theme of IISF 2021 is ‘AzadiKaAmritMahotsav’ – celebrating Creativity, Science, Technology and Innovation for a prosperous India.
About Ministry of Science & Technology(MoST) & Ministry of Earth Sciences(MoES):
Minister of State(MoS) (Independent Charge)- Dr Jitendra Singh (Constituency- Udhampur, Jammu and Kashmir)
>> Read Full News

India & Uzbekistan Pushes Cooperation to Boost Economic TiesDeputy Prime Minister, Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov & Indian Envoy, Manish Prabhat decided to promote cooperation & intensify interregional cooperation, especially between Andijan (Uzbekistan) and Gujarat (India).

• The financial-technical cooperation between India & Uzbekistan were also discussed

i.The direct interaction for the implementation of joint projects in the investment, trade and cultural-humanitarian spheres will be established between Uzbekistan’s Fergana region and Haryana, the cities of Bukhara and Hyderabad, and also between Tashkent and New Delhi.
ii.The Projects regarding infrastructure development, education, Information Technology, healthcare and education will be accelerated under Indian grants.
About Uzbekistan:
President – Shavkat Mirziyoyev
Capital – Tashkent
Currency – Uzbekistan Som (UZS)
>> Read Full News

CBDT rolls out ‘e-Verification Scheme, 2021’ for Taxpayer’s info e-verificationThe Central Board of Direct Taxes (CBDT) has issued new rules namely ‘e-Verification Scheme, 2021’ for faceless collection of information from taxpayers, where mismatches are detected.

• The scheme is notified under a provision in Income Tax Act 135A that proposes faceless information gathering aimed at imparting efficiency, transparency and accountability. It eliminates the interface between the income-tax authority and the assessee.
• The scheme also focuses on the optimal use of the department’s resources.

Key Points:
i.The e-verification will cover information which is either in possession of designated tax officials or which is handed down to them by other official arms.
ii.The Central Government has empowered the tax office to gather more information from the taxpayers and reconcile it with information received from other specified agencies.In case there is any mismatch between the amount reported, the information could be passed for the intelligence and criminal investigation.
About Central Board of Direct Taxes (CBDT):
Parent Ministry– Ministry of Finance
Chairperson– J.B. Mohapatra
Headquarters– New Delhi, Delhi

India’s 1st Green Hydrogen Microgrid Projects to be set up by NTPC at Simhadri, APNational Thermal Power Corporation Limited (NTPC) has awarded a project of “Standalone Fuel-Cell based Micro-grid with hydrogen production using electrolyser in Simhadri, near Visakhapatnam in Andhra Pradesh (AP).

• It is India’s 1st Green Hydrogen based Energy Storage Project and one of the largest in the world.

Note – India targets to become carbon neutral by 2070Key points:
i.According to the Ministry of Power, it would be a precursor to large scale hydrogen energy storage projects.

• It will be useful for studying and deploying multiple microgrids in various off grid and strategic locations of the country.

ii.The hydrogen will be produced by using the advanced 240 kW Solid Oxide Electrolyser by taking input power from the nearby Floating Solar project.
iii.The hydrogen produced during sunshine hours would be stored at high pressure and would be electrified using a 50 kW Solid Oxide Fuel Cell.
Other initiatives:
i.NTPC Renewable Energy Limited (NTPC REL) has also inked a pact with the Union territory of Ladakhfor a green hydrogen mobility project, with the company along with NVVN jointly executing the project.
ii.India plans to soon call bids for building 4 gigawatt (GW) of electrolyzer capacity as part of its energy security strategy.
About National Thermal Power Corporation Limited (NTPC):
Chairman & MD- Gurdeep Singh
Founded- 1975
Headquarters- New Delhi, India

PM Modi Inaugurated 1st Phase of Kashi-Vishwanath Corridor Project, Varanasi

Prime Minister(PM) Narendra Modi inaugurated the 1st phase of the Kashi Vishwanath Corridor project (Kashi Vishwanath Dham project) which connects the Kashi Vishwanath temple and Ganga ghats in Varanasi.
23 building spread over around 5 lakh square feet area was inaugurated as a part of the 1st phase of the Rs 339 crore Kashi Vishwanath Corridor project.
The foundation stone of the project was laid on 8th March 2019.

• These buildings will provide a variety of facilities to pilgrims, including yatri suvidha kendras, tourist facilitation centre, vedic kendra, mumukshu bhavan, bhogshala, city museum, viewing gallery, food court, among others.
• The project involved the purchase and acquisition of more than 300 properties around the temple.

BANKING & FINANCE

RBI Introduces PCA Framework for NBFCs
On December 14, 2021, the Reserve Bank of India (RBI) issued the Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs) to further strengthen the supervisory tools applicable to NBFCs.

• The provisions of the PCA framework will be effective from October 2022 based on the financial position of NBFCs on or after March 31, 2022.
• Applicability: The PCA framework will be applicable to  All Deposit-Taking NBFCs (NBFCs-D) and All Non-Deposit Taking NBFCs (NBFCs-ND) in the Middle, Upper and Top Layers.
• Capital and Asset Quality would be the key areas for monitoring in PCA Framework.

About PCA Framework:
What is PCA?
i.PCA is a framework under which banks with weak financial metrics are put under watch by the RBI. Under the Framework, the supervised Entity will be required to initiate and implement remedial measures in a timely manner to restore its financial health.
ii.The RBI introduced the PCA framework in December 2002 as a structured early-intervention mechanism to supervise and regulate the banks that become undercapitalised due to poor asset quality, or vulnerable due to loss of profitability.
About Reserve Bank of India (RBI):
Establishment– April 1, 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
>> Read Full News

ADB Extends $112 Million Loan to Establish a Skill University in AssamThe Asian Development Bank (ADB) has approved a $112 million loan to strengthen skills education and training through the establishment of the Assam Skill University (ASU).

• The Loan will create a path for skill development to enhance the productivity and competitiveness of Assam’s economy and industries.

ADB’s Assistance:
i.The project will improve skills and provide greater paying, decent job opportunities for youth and adults (especially women and disadvantaged groups).
ii.The project will develop the ASU’s management & operating systems, Research & Development (R&D) program, business models, faculty & staff

• ASU supports the development of design & construction of environmentally sustainable and climate-resilient university campuses for efficient and sustainable operations.

iii.It also supports the design and delivery of industry-aligned programs like cutting-edge digital skills & career development programs.
iv.The project promotes the professional development of trainers and faculty members of technical and vocational education and training (TVET) institutions.
Additional Grants:
An additional $1 million grant from the Japan Fund for Poverty Reduction will support the introduction of technologies for smart campus management, integrated teaching, learning, and career development management.
Highlights on Assam’s Economy:
i.Assam’s economy is dominated by low value-added, natural resource-based products and is poorly integrated with global and regional value chains.
ii.Due to low growth potential and natural hazards, migration has been increased among people of Assam for jobs and education and in turn, it has also resulted in a shortage of skills.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Established – 19th December 1966
Headquarters – Manila, Philippines
Member Countries – 68 members (49 from Asia and Pacific regions)

Paytm Launches EdTech Platform to Train Traders, Investors – ‘Paytm Wealth Academy’India’s Leading online payment ecosystem Paytm launched the first of its kind Artificial Intelligence (AI) powered Educational Technology (EdTech) platform named, ‘Paytm Wealth academy’ for traders and investors.

• The educational platform will offer courses and webinars on trading and financial concepts according to the needs of individuals.

About Paytm Wealth Academy:
i.Paytm Wealth Academy will be initially available on the Paytm Money app, owned by Paytm’s wholly-owned subsidiary Paytm Money, to selected users (soon to every user).

ii.The platform provides an access trading community on educational content and specialized knowledge which was previously available only to institutional investors and traders.

• The users are able to build a strong understanding of financial markets, especially Futures & Options (F&O) and intraday traders.

iii.Paytm Wealth Academy bridges the gap through personalized learning options for every type of investor and trader.
Note – India has seen an increase in stock market participation in the past 2 years.
About Paytm:
Founder & CEO – Vijay Shekhar Sharma
Established – 2010
Headquarters – Noida, Uttar Pradesh

SEBI sets up 7-member ALeRTS Committee headed by Madhabi Puri BuchThe Securities and Exchange Board of India (SEBI) has set up an Advisory Committee for Leveraging Regulatory and Technology Solutions (ALeRTS) to enhance technological capabilities and explore suitable technology solutions for the early detection of market anomalies.
Key points: 
i.ALeRTS, is  a 7-member committee headed by Madhabi Puri Buch, former whole-time member of SEBI and has experts from various technology domains as members.

ii.ALeRTS will recommend future roadmaps and improvements in the various ongoing technology projects.

• It will also guide SEBI in designing and framing requirements for the different in-house systems

iii.It will help SEBI in finding appropriate technology solutions to improve its capabilities.
About Securities and Exchange Board of India (SEBI):
Chairperson– Ajay Tyagi
Established- 12 April 1992
Headquarters– Mumbai, Maharashtra

FSS & CSB Bank launches Hyperlocal Banking Services to Boost Financial InclusionFinancial Software and Systems (FSS), a globally leading provider of integrated payment products and a payments processor, and CSB Bank, one of the oldest private sector banks in India, have partnered to deliver hyperlocal banking services to financially underserved segments.

• CSB Bank and FSS plan to open 1,000 Smart Cash franchisees in semi-urban and rural areas across India to expand financial services adoption among underserved segments.

Vision – To build a universally available platform for digital transactions for strengthening the financial capability of target segments.
About Smart Cash franchisees:
i.The Smart Cash franchisees is a one-stop-shop for products offered by CSB Bank and also 3^rd party partner products including utility payments and domestic money transfers.

• They would offer affordable banking, investment, credit, and insurance products to target segments.

ii.Smart Cash franchisees will be modelled on a Branch-in-a-Box service concept powered by FSS eFinclusiv (Aadhaar enabled Payment services) at the backend and equipped with a kiosk or a Micro-ATM device.

• The platform will be hosted on FSSNeT, an FSS secure private cloud.

Accessibility: Customers of all banks can access services from any Smart Cash franchisee using Aadhaar linked to a bank account or through a debit card and associate PIN.
Note – The government of India has initiated Jan Dhan schemes for financial inclusion which approximately included 440 million population but many of these accounts are dormant.
Key Points:
i.Smart Cash will operate on a franchise model to bridge infrastructure gaps and fast-track growth.
ii.This service model is cost-efficient to CSB Bank and brings new technology innovations to the market by eliminating capital expense.
About CSB Bank:
Establishment – 1920 (as The Catholic Syrian Bank Limited)
Managing Director (MD) & CEO – C.VR.Rajendran
Headquarters – Thrissur, Kerala

ECONOMY & BUSINESS

Meta & CBSE Expand Partnership to Enable 1 Crore Students to Embrace Immersive Tech

Meta (formerly Facebook) is set to expand its partnership with the Central Board of Secondary Education (CBSE) to provide a curriculum on digital safety and online well-being and Augmented Reality (AR) for around 1 crore college students and 10 lakh educators across India over the next 3 years.

• This was announced by Mark Zuckerberg, Founder and CEO of Meta at Meta’s Fuel for India 2021.
• This is in line with the vision of the Indian government to Universalize Education.

In line with National Education Policy (NEP) 2020, meta and CBSE will collaborate on content curation and development of curriculum integrating immersive technologies, AR and Virtual Reality (VR).

AWARDS & RECOGNITIONS   

SJFI Honoured Former Indian Cricketer Sunil Gavaskar with SJFI Medal 2021The Sports Journalists’ Federation of India (SJFI) has decided to honour former Indian Cricketer and cricket commentator Sunil Manohar Gavaskar with its prestigious ‘SJFI Medal 2021’ at SJFI Annual General Meeting (AGM) in Guwahati, Assam.

• SJFI Medal is the highest honour of SJFI.

Other SJFI Awards:

About Sports Journalists’ Federation of India (SJFI):
SJFI was founded on 27th February 1976 at the Eden Gardens, Calcutta (now Kolkata), West Bengal.
President– A Vinod   
>> Read Full News          

SCIENCE & TECHNOLOGY

Official website of Multinational Naval Exercise MILAN 22 Launched 

Rear Admiral Sanjay Sadhu, Chief Staff Officer(Technical), Eastern Naval Command(ENC) launched the official website of the forthcoming Multinational Naval Exercise – MILAN 2022, a biennial multilateral naval exercise hosted by the Indian Navy.
The theme of MILAN 22 is ‘Camaraderie, Cohesion, Collaboration’. 

• MILAN 22 is scheduled to be held at Visakhapatnam, Andhra Pradesh from 25th February to 4th March 2022.
• Around 46 countries have been invited to participate in the exercise.
• International Maritime Seminar, Subject Matter Expertise Exchange(SMEE), Demonstration of Submarine Rescue capability, Maritime Expo Showcasing ‘Atmanirbhar Bharat’ were also held during the Exercise “MILAN 22”.

SPORTS

AIBA Adopted Comprehensive Set of Governance Reforms; Changed its Acronym to ‘IBA’

The International Boxing Association (AIBA) Extraordinary Congress 2021 adopted a comprehensive set of governance reforms developed by independent experts and changed its acronym from AIBA to IBA. 
The new acronym marks a new chapter in the sport’s history focused on upholding the highest standards of integrity and ensuring every boxer has the chance for a fair fight.

• 107 national federations of the IBA were present to approve the adopted reforms.
• The year 2021 marks the 75th anniversary of IBA.

Background:
i.The International Boxing Association (IBA) is a non-profit international organization that succeeded the former Fédération Internationale de Boxe Amateur (Association Internationale de Boxe Amateur- AIBA) in 1946.
ii.IBA changed its full name to “International Boxing Association” in 2007, maintaining its previous acronym of AIBA.
Changes adopted at the 2021 congress:
i.From now on the Ordinary Congress will take place annually.
ii.On the recommendations of the Governance Reform Group, a new Boxing Independent Integrity Unit (BIIU) will be constituted. It is set to become fully operational in the course of 2022.
iii.The number of Board of Directors will be reduced from 28 members to 18 following elections which will be held by June 30.
Additional info:
IBA has also started its work towards defining the weight categories and developing the Olympic qualification system, subjected to the International Olympic Committee(IOC) approval, for Paris 2024.
About International Boxing Association (IBA):
President– Umar Kremlev
Headquarters– Lausanne, Switzerland

BOOKS & AUTHORS

Vice President releases the Book ‘Raj Kapoor: The Master at Work’On 15th December 2021, Vice President of India, M Venkaiah Naidu released the book titled ‘Raj Kapoor: The Master At Work’ authored by Rahul Rawail and published by Bloomsbury India.

• The book launch event was held at India Habitat Centre in New Delhi, coinciding with Raj Kapoor’s 97th birth anniversary.

i.The vice president described the book as a “labour of love and dedication”.
ii.The book is also dedicated to Raj Kapoor’s second son and father of Ranbir Kapoor, Rishi Kapoor, who passed away in April 2020.
iii.Raj Kapoor was an Indian actor, film producer and film director who worked in Hindi cinema since the 1950’s.

• He received multiple awards including three National Film Awards and 11 Filmfare Awards in India also the Filmfare Lifetime Achievement Award.
• Raj Kapoor was also awarded with Padma Bhushan (1971) & Dadasaheb Phalke Award (1987)

Famous movies of Raj Kapoor:

• Mera Naam Joker
• Awaara
• Bobby 1973
• Shree 420

 About Rahul Rawail:
Rahul Rawail, author of the book, is a filmmaker who served as an assistant director to Raj Kapoor on films like Bobby,Love Story, Betaab, Arjun, Dacait, Anjaam etc.

Assam Governor releases book ‘Principles and Practice of Oncology’The Governor of Assam, Jagadish Mukhi released a book titled  ‘Principles and Practice of Oncology’ at the Raj Bhavan.
The book is published by  Director of Dr B Borooah Cancer Institute, Dr Amal Kataki and faculty members of the Guwahati based institute.
i.The book is based on ‘Oncology’ – the study of cancer.
ii.The oncologists and research scientists work on cancer to educate people on how to detect cancer in the early stage and check its recurrence by adopting a healthy lifestyle.
iii.This book will also benefit students and practising clinicians across India.

STATE NEWS

Andhra Pradesh inked pact with UN-FAO & ICAR for Sustainable AgricultureAn agreement on Technical Cooperation Project has been inked by Andhra Pradesh (AP) Government with the United Nations Food and Agriculture Organisation (UN-FAO) and Indian Council of Agricultural Research (ICAR) to help the state farmers in adopting  a sustainable agriculture food system.

• Through this agreement, there will also be strengthening the capacities of the state government in the agriculture sector.

Signatories:
Agriculture special chief secretary Poonam Malakondaiah signed the pact on behalf of AP while FAO was represented by its country director Tomio Shichirim, and Ashok Kumar Singh, Deputy Director General signed on behalf of ICAR.
What will be done under the MoU?
FAO will provide training to farmers, Rythu Bharosa Kendram (RBK) staff, officials, and scientists on new technologies in agricultural allied sectors and training to farmers on best cultivation management practices.

• FAO will also provide technical and financial assistance to the RBKs in the state while ICAR, and FAO will work towards strengthening RBKs in Andhra Pradesh.

What is Rythu Bharosa Kendram (RBK)?
In 2020, RBKs or farmer support centres were set up in AP as part of an effort to weed away fake seeds, pesticides and fertilisers from the markets.

• It also provides agricultural supplies to agriculture, aquaculture, and horticulture farmers. More than 10,000 RBKs are to be set up at village secretariats.

About United Nations Food and Agriculture Organization (UN-FAO):
Director-General– Qu Dongyu
Headquarters– Rome, Italy
About Indian Council of Agricultural Research (ICAR):
Parent Ministry– Ministry of Agriculture and Farmers Welfare (MoA&FW)
Director General– Dr. Trilochan Mohapatra
Headquarter– New Delhi, Delhi

Rajasthan Govt Signs MoU with Rays Power to generate 500 MW from Solar ParkRajasthan government has signed a Memorandum of Understanding (MoU) with Rays Power Infra to build an avant-garde PV Photovoltaic (PV) Power Station (commonly called solar power plant) and to generate 500 MW of green electricity.

• This MoU is an instrumental step towards an eco-friendly future.
• The MoU was finalized during the ongoing Dubai Expo, to reduce traditional electricity consumption derived from non-renewable sources

Significance:
i.Rays Power has already started constructing 500 MW of solar energy commissioning in the next 9 months to offset the power requirements of 50 percent for corporate customers and 50 percent for utility projects.

• Out of this 500 MW, India develops 220MW and the remaining 280 MW will be developed at Rays Power’s international portfolio.

About Rays Power Infra:
Rays Power Infra is an ingenious pioneer in the Solar EPC (Engineering, Procurement & Construction) segment with commissioned 1 Giga Watt (GW) portfolio.
Established – 2011
Headquarters – Jaipur, Rajasthan
About Rajasthan:
Governor – Kalraj Mishra
National Park – Desert National Park, Keoladeo Ghana National Park
Wildlife Sanctuaries – Jaisamand Wildlife Sanctuary, Sajjangarh Wildlife Sanctuary, Phulwari ki nal Sanctuary

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