Current Affairs 13 August 2022

We are here for you to provide the important Recent and Latest  Current Affairs 13 August  2022, which have unique updates of Latest Current Affairs 2022 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

Japan Govt, IMD & UNDP Launched Joint Project to Accelerate Climate Action in India

The India Meteorological Department (IMD), an agency under the Ministry of Earth Sciences, the Government of Japan, and the United Nations Development Program (UNDP) have launched a new initiative to accelerate climate action in 10 states and Union Territories (UT) across India.

• The initiative will support National Determined Contribution (NDCs) help to achieve net-zero emissions and also supports climate-resilient development.
• For this initiative, Japan has given USD 5.16 million to UNDP India for climate funding.Japan had provided the fund as a part of Japan’s global assistance to 23 countries through the “UNDP Climate Promise-From Pledge to Impact” programme.
• Aim – To foster green jobs and green innovation in the Renewable Energy sector by providing skills and training to more than 2000 people.

Key Highlights:
i.The initiative comes after the inclusion of Nationally Determined Contribution (NDCs) in the United Nations Framework Convention on Climate Change (UNFCCC).
ii.Under the initiative, UNDP will work with IMD to promote climate resilience and work with Ministry of New and Renewable Energy (MNRE) to promote climate mitigation by deploying clean energy infrastructure and low emission technologies in sectors including transport, health and Micro, Small and Medium Enterprises (MSME).

• Through this initiative, 150 healthcare facilities, 20 micro-enterprises will be solarized and also supplies solar energy to 85 Electric Vehicle (EV) charging stations and 30 solar cold storage facilities in the 10 states.

iii.This also demonstrates resilient climate planning at the grassroots through climate information systems for 30 Gram Panchayats.
Implementation:

• This initiative will be implemented in coordination with the IMD at the Ministry of Earth Sciences and the MNRE.
• The project will be rolled out in states and UTs of Bihar, Delhi National Capital Region (NCR), Gujarat, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Sikkim, Uttarakhand and Uttar Pradesh from 2022-2023.

Note – In November 2021, at the Conference of Parties – 26 (COP-26) held in Glasgow, India pledged to cut India’s total projected carbon emission by 1 billion tones in 2030, install 500 GW of non-fossil fuel energy capacity by 2030, reduce carbon intensity by less than 45 percent and net zero emissions by 2070.

NBCC signed a pact with the MEA to redevelop a housing complex for Rs. 175 crore

NBCC (India) Limited, formerly known as National Buildings Construction Corporation Limited, has signed a Memorandum of Understanding (MoU) with the Ministry of External Affairs (MEA) for the redevelopment of the MEA Housing Complex (old) at Kasturba Gandhi Marg, New Delhi, Delhi.
The tentative cost of the redevelopment project is Rs. 175 crore.
NBCC also signed an MoU with 

• Aligarh Smart City Ltd for Providing Project Management and Consultancy (PMC) services for the ‘ Development and Modernisation of Infrastructure at Naurangilal College, SH: Sports facilities’ assignment. The estimation is around Rs.50 crore.
• National Cooperative Union of India (NCUI) for ‘Demolition and construction of National Centre for Cooperative Education (NCCE) Hostel building at National Cooperative Union of India (NCUI) complex’. The tentative cost for this project is Rs 33 crore.

INTERNATIONAL AFFAIRS

2022 Nature Index Rankings for Research Output : University of Hyderabad First Among Indian Universities ; IISc tops among Overall Indian Institutions 

The University of Hyderabad (UoH) in Telangana, an Institution of Eminence (IoE), was placed first among Indian universities and 16th among all academic institutions in India under the institutions ordered by research outputs in the academic sector in the Nature Index 2022 ranking.

• The rankings are based on Nature Index data from May 1, 2021 to April 30, 2022.
• The University of Hyderabad (UoH) is a prominent higher education institution in India that was established as a Central University in 1974 by an Act of Parliament.

The Nature Index is an indicator of high quality research in natural and physical sciences including subjects such as chemistry, life sciences, earth & environmental sciences, and physical sciences.

The Top 3 Among the Indian Institutions under research Output

The Top 3 in Global wise academic institutions under research Output

Click here for more info about index

BANKING & FINANCE

RBI issues Digital Lending Norms to curb Malpractices; Cancels banking licence of Rupee Co-operative Bank , Pune

i.On August 10, 2022, the Reserve Bank of India (RBI) issued a regulatory framework to make digital lending safe for members of the public; curb malpractices; and to mitigate the concerns arising from credit delivery through digital lending methods.
ii.The framework is focused on the digital lending ecosystem comprising RBI Regulated Entities (REs) and the Lending Service Providers (LSPs) engaged by them to extend various permissible credit facilitation services.
iii.RBI has cancelled the licence of Rupee Co-operative Bank Ltd, Pune in Maharashtra thereby prohibiting the bank from conducting the business of banking which includes acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation (BR) Act, 1949 w.e.f. September 22, 2022.
About Deposit Insurance and Credit Guarantee Corporation (DICGC):
DICGC is a wholly-owned subsidiary of the Reserve Bank of India (RBI) which provides an insurance cover of up to Rs 5 lakh on bank deposits
Chairman – Michael Debabrata Patra(M.D.Patra)
Establishment – 15th July 1978
Headquarters – Mumbai, Maharashtra
>> Read Full News

Navi Mutual Fund Launches India’s First Manufacturing Index FundNavi Mutual Fund (Formerly known as Essel Mutual Fund) has launched its 6th fund for the year 2022, the Navi Nifty India Manufacturing Index Fund which is India’s first open-ended manufacturing index fund.

• The fund is an open-ended equity scheme replicating the Nifty India Manufacturing Index, which tracks the performance of manufacturers among the top 300 companies in India.

Key highlights:
i.Navi Nifty India Manufacturing Index Fund aims to simplify investing in the Indian manufacturing sector.

• The fund proposes to have a total expense ratio (TER) of 0.15 percent for the direct plan and 1 percent for the regular plan and the fund will be managed by Aditya Mulki.

ii.The companies are selected from the combined universe of Nifty 100, Nifty Midcap 150 and Nifty Smallcap 50 index based on 6-month average free-float market.

• The index holds a minimum weight of 20 percent for certain manufacturing sectors.
• The weightage of each stock in the index is based on its free float market capitalisation which is reconstituted semi-annually along with Nifty Broad-based indices.

iii.The largest sectors in the Nifty India Manufacturing Index include automobile & auto components, capital goods, healthcare, and metals & mining.
iv.The top 10 stocks constitute around 37 percent of the index which includes Sun Pharma, Reliance Industries, Tata Steel, Maruti Suzuki India, Mahindra & Mahindra and JSW Steel.
About Navi Mutual Fund:
Founder – Sachin Bansal
Establishment – 2018
Headquarters – Bengaluru, Karnataka

RBI Disallows Use of Letters of Comfort: To Impact Debt Worth Rs. 35,000 Crore  

The Reserve Bank of India (RBI) has prohibited the usage of Letters of Comfort (LoC), a document that gives a guarantee of support to the borrower without any promise to make good any defaults.

• This move will downgrade the credit ratings of roughly 100 firms, equal to Rs. 35,000 crore of debt.

All credit rating agencies (CRAs) were instructed to disregard these letters in a guidance note and Frequently Asked Questions (FAQs) document that the RBI published in 2022 on April 22 and July 26, respectively.
Letter of Comfort (LoC)
i. A Letter of Comfort (LoC) is a document issued by a parent company telling a bank that one of its subsidiaries has acquired a loan. According to it, the parent company “supports” the subsidiary during the process and will offer assistance as needed.
ii.Generally, it is granted by foreign companies with subsidiaries and branches in India.
About Reserve Bank of India (RBI)
Governor – Shaktikanta Das
Establishment – 1935
>> Read Full News

Airtel Africa signs up for a USD 125 million credit bond with Citi

Airtel Africa has signed a credit bond with Citi for USD 125 million revolving facility. The facility  involves borrowing both in local currencies and US dollars.
The facility has a tenor up to September 2024 and will be used to support Airtel Africa’s operations and investments in four of its subsidiaries. It provides interest rate savings in exchange for achieving social impact to relate digital inclusion and gender diversity with a focus on rural areas and women. 

• The entire deal was executed by Citi’s Indian unit in New Delhi, where the parent company of Airtel Africa, Bharti Airtel is headquartered.

AWARDS & RECOGNITIONS     

Shashi Tharoor to receive Chevalier de la Legion d’Honneur, Highest Civilian Award of FranceCongress Member of Parliament (MP) and wordsmith Shashi Tharoor received the Chevalier de la Legion d’Honneur (the Legion of Honour), for his writings and speeches.
i.The award will be conferred on him by the French government during the next visit of any minister of the French government to India.
ii.The National Order of the Legion of Honour, formerly the Royal Order of the Legion of Honour, is the highest French order of merit.

• The French order of merit was established in 1802 by Napoleon Bonaparte and is awarded to people for their excellent civil or military conduct.

Shashi Tharoor:
i.He is a former international diplomat, politician, writer and public intellectual, serving as a Member of Parliament (MP) for Thiruvananthapuram, Kerala, since 2009.
ii.He served 29 years at the United Nations(UN), rising to the position of Under-Secretary-General for Communications And Public Information in 2002
iii.iii.In 2010, the King of Spain honoured Shashi Tharoor with the Encomienda de la Real Order Espanola de Carlos III’;.
Prominent books of Shashi Tharoor:

• Bookless in Baghdad (2005)
• India Shastra: Reflections on the Nation in our Time (2015)
• An Era of Darkness: The British Empire in India (2016)
• Why I Am A Hindu (2018)
• The Paradoxical Prime Minister (2018)
• The Hindu Way: An Introduction to Hinduism (2019)

APPOINTMENTS & RESIGNATIONS        

Government Reappoints Four Independent Directors on RBI Central Board

The government has reappointed four independent directors on the board of Reserve Bank of India (RBI) for another 4 years.
Four independent directors:
i.The centre appointed directors including Swaminathan Gurumurthy and cooperative movement veteran Satish Kashinath Marathe with the effective from 11th August 2022, or until further orders, whichever is earlier.
ii.The Centre also re-nominated Revathy Iyer and Sachin Chaturvedi as part-time, non-official directors on the Board of RBI for 4 years after the completion of their present tenure on 18th September 2022.

• Revathy Iyer has also been re-appointed as a member on the Northern Local Board of the RBI and Sachin Chaturvedi has been re-appointed as a member on the Eastern Local Board of the RBI for a further period of 4 years after completion of their present tenure.

Note – The Non-official directors are appointed for a period of 4 years and are eligible for re-appointment.

Argentine Rear Admiral Guillermo Pablo Ríos appointed as new  UNMOGIP Head of Mission, Chief Military Observer

United Nations (UN) Secretary-General António Guterres has appointed a veteran Argentine naval officer Rear Admiral Guillermo Pablo Ríos as Head of Mission and Chief Military Observer for the United Nations Military Observer Group in India and Pakistan (UNMOGIP) on 10 August 2022. 
Rear Admiral Guillermo Pablo Ríos succeeds Major General José Eladio Alcain of Uruguay, South America, who completes his assignment shortly.
UNMOGIP was established in January 1949 in India and Pakistan at Islamabad and Srinagar., to oversee the ceasefire between India and Pakistan in the state of Jammu and Kashmir. 

• Recently, he served as the General Director of Education, Training and Doctrine of the Joint Staff in 2022. 

SCIENCE & TECHNOLOGY

MHI launched Automated Online Data Transfer for Capturing Critical Data of auto PLI Applicants

i.The Ministry of Heavy Industries (MHI) launched automated online data transfer for capturing critical data related to domestic value addition in the Production Linked Incentive (PLI) scheme for the auto sector.
ii.The new system will capture data from PLI applicant’s ERP (Enterprise Resource Planning) system to PLI auto portal.
iii.All approved applicants of the PLI Scheme have their own IT (Information technology)-enabled ERP system. It is a type of software that organizations use to manage business activities. It enables smooth transfer of data from the applicant’s existing ERP system to PLI Auto portal of MHI.
About Ministry of Heavy Industries (MHI):
Union Minister-  Dr. Mahendra Nath Pandey (Constituency- Chandauli, Uttar Pradesh )
Minister of State (MoS)- Krishan Pal Gurjar (Constituency- Faridabad, Haryana )
>> Read Full News

IMPORTANT DAYS

World Elephant Day 2022- August 12 

World Elephant Day is annually celebrated on 12 August to create awareness on elephant conservation and to share knowledge and positive solutions for the better protection and management of wild and captive elephants.
World Elephant Day plays a crucial role in raising awareness about the problems faced by these gentle giants all around the globe.
i.It also highlights the need for the protection of elephants and laws and measures to be enacted to ensure their survival.

• The year 2022 marks the 11th anniversary of World Elephant Day.

>> Read Full News

International Youth Day 2022  – August 12

United Nations (UN’s) International Youth Day is annually celebrated on 12 August to raise awareness regarding issues that are faced by the world’s youth.
i.The purpose is to spread the message that action is needed from all generations to achieve Agenda 2030 and its 17 Sustainable Development Goals (SDGs) and leave no one behind.

• The theme for 2022’s edition of International Youth Day-“Intergenerational solidarity: creating a world for all ages.”

>> Read Full News

STATE NEWS

Odisha Signs Pact with NIOT for Protecting Coastline

The Odisha government has signed a Memorandum of Understanding (MoU) with National Institute of Ocean Technology (NIOT) for protecting its coastline.

• The MoU was signed by Water Resources Department Engineer in Chief B K Mishra and Dr. G A Ramdass, Director, NIOT, Chennai, Tamil Nadu. Odisha’s Water Resources Minister Tukuni Sahu, who was also present on the occasion.

About the MoU:
i.Under the partnership, NIOT will provide technical guidance, design, and drawing of climate resilient coastal protection measures.

• The 6 coastal districts of Odisha including Balasore, Bhadrak, Kendrapara, Jagatsinghpur, Puri, and Ganjam will be benefitted.

ii.This MoU will be a milestone in the Disaster Risk Reduction (DRR) in the coastal areas of the state.
Key Points:
i.Odisha has a vast coastline of about 480 km and the coastal areas are exposed to natural disasters like Cyclones which cause high tidal waves with very high wind speed, resulting in loss of lives and properties.
ii.At present, the Odisha government is taking all possible measures for disaster mitigation and focusing on zero casualties.
About National Institute of Ocean Technology (NIOT):
NIOT, under the Ministry of Earth Sciences, is India’s premier institute which specialises in the field of ocean engineering and coastline protection.
Director – G. A. Ramadass
Establishment – November 1993
Headquarters – Chennai, Tamil Nadu

Haryana Launches Cheerag Scheme for EWS Students

The Haryana Government, led by Chief Minister (CM) Manohar Lal Khattar, introduced the “Chief Minister Equal Education Relief, Assistance and Grant (Cheerag)” scheme.

• Under the scheme, the Haryana government would offer free education in budget private schools to government school students from the Economically Weaker Section (EWS).

It replaced a similar scheme initiated by Bhupinder Singh Hooda’s government in 2007 under Rule 134 A of the Haryana School Education Rules, 2003.
Key Points:
i. Government school students whose parents have an annual verified income of less than Rs 1.8 lakh can enroll in private schools from Class II to XII under the Cheerag

• The government will reimburse Rs 700 per student from Classes II to V, Rs 900 from Classes VI to VIII, and Rs 1,100 from Classes IX to XII.

ii.Under the Cheerag scheme, 533 “budget” private schools, predominantly in rural and small towns, applied to offer seats to EWS students.

• Due to various technical reasons, only 381 schools were deemed eligible and these schools provided 24,987 seats for EWS students from government schools.

iii. However, only 1,665 students preferred the scheme, accounting for only 6.66% of the total available seats.
About Haryana:
Governor – Bandaru Dattatraya
Wildlife Sanctuary (WLS) – Chhilchhila WLS, Kurukshetra; Nahar WLS, Rewari
Airport – Ambala Air Force Station; Hisar Airport; Sirsa Air Force Station

Flipkart signs MoU with Varanasi, Government of UP under the Samarth program

An Indian e-commerce company, Flipkart, has signed a Memorandum of Understanding (MoU) with the District Administration of Varanasi, Government of Uttar Pradesh(UP) August 7, 2022 to empower National market access for artisans, weavers, and people with disabilities. 

• Under this partnership iconic products like Banarasi Sarees, Handmade Carpets, Zardozi Craft, Metal Crafts, and Handmade Dari from UP will be made available on the Flipkart platform.

The MoU under Flipkart Samarth program was exchanged at an event in Varanasi in the presence of Bhanu Pratap Singh Verma, Minister of State(MoS) for Micro, Small and Medium Enterprises(MSME); Umesh Kumar Singh, Joint Commissioner, Department of Industries, Varanasi Division; and Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group.

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