Current Affairs 18 August 2022

We are here for you to provide the important Recent and Latest  Current Affairs 18 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

India’s 76th Independence Day 2022 Celebrations & Awards – August 15, 2022

On August 15, 2022, India and Indians around the world celebrated the 76th Independence Day, marking the beginning of a period of freedom from the more than 200-year oppression of British colonialism.
Significance
In India, Independence Day honours the sacrifices and persistent efforts of courageous leaders and freedom fighters who endured oppression and suppression at the hands of the British and devoted their entire lives for the welfare of the nation and its citizens.
Historical Background: Independence Day of India
i.On August 15, 1947, India was declared independent of British colonialism, and sovereignty was given over to the country’s leaders.
ii.The Indian Independence Bill, which created the independent nations of India and Pakistan from the former Mughal Empire, came into effect at midnight on August 15, 1947.
Celebration of 75 years of Indian Independence: Azadi Ka Amrit Mahotsav Initiative
i.The Government of India has launched the Azadi Ka Amrit Mahotsav to commemorate and celebrate 75 years of independence as well as the glorious past of its people, culture, and achievements.
ii.The inaugural journey of Azadi ka Amrit Mahotsav began on March 12, 2021, commencing a 75-week countdown to the 75th anniversary of independence. It will conclude post a year on August 15, 2023.
iii. Droupadi Murmu, the President of India and Supreme Commander of the Armed Forces, has presented 107 Gallantry awards to Armed Forces and Central Armed Police Forces (CAPF) personnel on the occasion of Independence Day 2022
>> Read Full News

MoS Dr Jitendra Singh approves StartUp Loan of Rs 1.15cr to TGP Bioplastics for commercializing Compostable Plastic

i.On August 16, 2022, the Minister of State (MoS) Dr Jitendra Singh, Ministry of Science & Technology (MoST) has approved StartUp loan of Rs 1.15 crores to M/s TGP Bioplastics Private Limited, Satara (Maharashtra) for commercializing compostable plastic which will mitigate the usage of Single Use Plastics (SUP).
ii.StartUp TGP Bioplastics has come up with an alternative solution of SUP with the prototype of a compostable plastic material which breaks down as compost in soil without affecting the environment.
iii.A MoU was signed between Technology Development Board (TDB), a statutory body under DST and TGP Bioplastics Private Limited for manufacturing & commercialization of compostable plastic.
About Department of Science & Technology (DST):
Secretary– Dr. Srivari Chandrasekhar
Parent Ministry– Ministry of Science & Technology
Headquarter– New Delhi, Delhi
>> Read Full News

Centre launches Early Childhood Development Conclave, Paalan 1000  National Campaign and Parenting app

Union Minister of State(MoS) for Health and Family Welfare, Bharati Pravin Pawar virtually launched the Early Childhood Development Conclave, Paalan 1000 National Campaign and Parenting App in Mumbai, Maharashtra.
Key people:
Dr Vinod K Paul, Member (Health & Nutrition), (National Institution for Transforming India) Aayog was also present.
About ‘Paalan 1000 – Journey of the First 1000 Days’,
It  focuses on the cognitive developments of children in the first 2 years of their life.
i.The programme is aligned with the mission of the Rashtriya Bal Swasthya Karyakram (RBSK), emphasizing responsive care and focusing interventions on the first 1000 days.
ii.The first 1,000 days encompasses conception as well as the first two years of a growing child’s life and during this period, the child needs the right nutrition, stimulation, love and support.
iii.The app will provide practical advice to caregivers on what they can do in their everyday routine and will help clear doubts.
iv.It focused on the 6 principles on Maximize Love, Talk & Engage, explore through Movement and Play, Read and Discuss Stories, Mother’s Engagement with the Child while Breastfeeding and Managing Stress and Staying Calm.
India has taken rapid strides in reducing child mortality since 2014.

• It has reduced child mortality  from 45 per 1000 live births to 35 per 1000 live births in 2019.

MP’s Tribal-Dominated Mandla Becomes India’s First Full Functional Literate District

Mandla, a district in Madhya Pradesh’s (MPs), which is a tribal-dominated region has become India’s first fully functionally literate district.

• In 2020, the district administration has launched a campaign “Niraksharta Se Azadi Abhiyaan” to make the residents of the district fully literate with the help of educators from the departments of education, women and child development (WCD) and social workers.

Key Points:

i.The entire district has become functionally literate within 2 years of the initiation which made people of Mandla to write their names, count and read.

ii.As per 2011 survey, the literacy rate in Mandla was 68 percent while in 2020, another report stated that over 2.25 lakh people were not literate in the district and most of them were tribals living in the forest areas.

• A person can be called functionally literate when he or she is able to write his or her own name, to count and read and write.

INTERNATIONAL AFFAIRS

UK– the first country to approve COVID-19 booster vaccine targeting Omicron strains

The United Kingdom (UK) has become the first country to approve Moderna’s ‘bivalent’ Covid-19 vaccine that tackles both the original virus strain from 2020 and the Omicron BA.1 variant.
The Medicines and Healthcare products Regulatory Agency (MHRA) has approved Moderna’s bivalent which meets its standards of safety, quality and effectiveness.

• Joint Committee on Vaccination and Immunisation (JCVI), UK’s independent expert advisory committee will advise on how this new vaccine should be introduced as part of the UK’s booster vaccine deployment programme.

BANKING & FINANCE

Baroda Tiranga Deposit: Bank of Baroda launches Special FD Scheme

Baroda Tiranga Deposit: Bank of Baroda launches Special FD Scheme
i.To celebrate 75 years of India’s independence, the public sector lender Bank of Baroda (BoB) on August 16, 2022, has launched the ‘Baroda Tiranga Deposit Scheme’ for a limited time period i.e. till December 31, 2022. It applies to retail deposits under Rs 2 crore.
ii.It is a Special Fixed Deposit (FD) scheme offering a higher interest rate for subscribers.
iii.It is available in two tenor buckets offering interest rates of 5.75% per annum for 444 days and 6% per annum for 555 days.
iv.The Ujjivan Small Finance Bank (SFB) has also introduced two new tenures of retail FDs (below Rs 2 crore) viz. 75 weeks (525 days) and 75 months, both carrying the highest rate of 7.50%.
About Bank of Baroda (BoB):
Establishment– 1908
MD & CEO– Sanjiv Chadha
Headquarters– Vadodara, Gujarat
Tagline– India’s International Bank
>> Read Full News

Axis Bank Signs MoU with Food Corporation of India

Axis Bank, India’s 3rd largest private sector bank, has signed a Memorandum of Understanding (MoU) with Food Corporation of India (FCI) to provide ‘Ultima Salary package’, a salary account with exclusive benefits & features to all its employees.

• The signing ceremony was held at FCI Headquarters, New Delhi and G. N Raju, General Manager(GM), FCI Headquarters (HQ) represented FCI and Axis Bank was represented by Anil Agarwal, President, Financial Institutions Group & Lt Col M.K Sharma, National Accounts Head.

Key Highlights:     
i.With this MOU, the Bank will offer holistic banking services to the employees of Public Sector Undertakings (PSUs).
ii.Under the package, bank will offer personal accidental cover of upto Rs. 20 lakhs, additional education grant upto Rs. 8 lakhs, total permanent disability cover benefit upto  Rs. 20 lakhs, permanent partial disability cover of upto Rs. 20 lakhs, air accident cover of Rs. 1 crore.

• This also offers benefits such as free additional debit card for a family member, 12 Equated Monthly Instalment (EMI) waiver on Home loan, 3 zero balance accounts for family members, universal account number wherein all Axis Bank branches will function as a Home branch.

About Food Corporation of India (FCI):
Chairman and Managing Director (MD) – Subodh Kumar Singh
Establishment – 1964
Headquarters – New Delhi, Delhi

RBI directs loan recovery agents not to intimidate borrowers

On 12th August 2022, the Reserve Bank of India (RBI) issued new rules restricting the loan recovery agents from harassing the borrowers and calling them before 8 am and after 7 pm. 

• The circular also applies to all commercial, regional and rural, small finance banks, and non-banking financial companies including housing finance companies, except payments banks and Mutual fund business.
• RBI as part of guidelines on Fair Practices Code (FPC) warned and opposed making false representations to the borrowers. If RBI finds the agents violating the rule set by the Central Bank, it would be viewed seriously.

Regulated Entities (RE) must not benefit by harassing in any kind, either verbal or physical against any person in their loan recovery process. 

SBI Launches India’s 1st start-up Dedicated Branch in Bengaluru

On 17th August 2022, the State Bank of India (SBI) launched India’s first state-of-the-art start-up dedicated branch in Koramangala in Bengaluru, Karnataka. This will serve as a one-stop shop for all start-ups and corporates in Karnataka.

• The branch was opened by SBI Chairman Dinesh Khara and is located alongside neighbouring HSR Layout and Indiranagar, which are the biggest start-up hubs in Bengaluru, Karnataka.
• Karnataka was adjudged the best performer in the central government’s States’ Startup Ranking-2021 for developing a strong startup ecosystem.

Note – Two more branches will be opened in Gurgaon, Haryana and in Hyderabad, Telangana.
Key highlights:
i.The branch would act as a hub with various stakeholders offering a one-stop solution to the corporates and start-ups starting from the formation of the entity till the Initial Public Offerings (IPOs) and Follow on Public Offers (FPOs) of the companies.

• The branch will also cater to the requirements of the private equity (PE) and venture capital (VC) funds and the Alternative Investment Funds (AIFs).

ii.The branch will acquire a number of specialist officers for the forex, treasury solutions, wealth management and credit needs of the start-ups.

iii.The branch would provide access to banking facilities, funding, and credit facilities. Rs 2 crore in collateral-free financial assistance will be given to start-up entrepreneurs.

iv.The branch has also entered into a Memorandum of Understandings (MoUs) with the government of Karnataka initiatives like Karnataka Innovation and Technology Society (KITS) and Karnataka Digital Economy Mission (KDEM) to support the entire start-up ecosystem in Karnataka.

AWARDS & RECOGNITIONS       

Axis Bank CEO Amitabh Chaudhry, is the top paid bank CEO in India

Amitabh Chaudhry, Managing Director (MD) and Chief Executive Officer (CEO) of Axis Bank Ltd, has topped among the highest paid MD & CEOs of India in the fiscal year 2022(FY22). He received a total payment of Rs 7.63 crore in FY22, including his performance pay of Rs 89 lakh.

• Sumant Kathpalia MD & CEO of Indusind Bank, was the 2nd highest paid MD&CEO, with Rs 7.3 crore remuneration in FY22, followed by Sandeep Bakhshi MD and CEO of ICICI Bank(RS 7.08 crore) and Sashidhar Jagdishan MD and CEO of HDFC Bank(Rs 6.51 crore).
• Executive Director of HDFC Bank, Kaizad Bharucha is the highest paid banker of FY22, received Rs 10.64crore remuneration in FY22, mainly due to Rs 4.46 crore as a performance bonus. 

APPOINTMENTS & RESIGNATIONS        

Kenya’s Deputy President William Ruto wins presidential poll

Deputy President of Kenya, William Samoei Arap Ruto won the presidential election 2022. He defeated his rival former Prime Minister Raila Odinga securing  7176,141 votes, or 50.49% of the vote.

• He will be succeeding 4th President Uhuru Kenyatta.
• He becomes Kenya’s first sitting deputy president to succeed the incumbent following competitive elections and first candidate to win the presidency at first attempt.

About William Samoei Arap Ruto:
i.He was born on 21 December 1966 in Kamagut, Kenya. He is the leader of the United Democratic Alliance party under the Kenya Kwanza (Kenya First) coalition.
ii.He has been serving as the Deputy President of Kenya since 2013.
iii.He was a Member of Parliament (MP) from 1998 to 2013. He served as Minister for Home Affairs in the Daniel Arap Moi administration in 2002.
iv.He also served as Minister of Agriculture from 2008 to 2010 and as Minister for Higher Education in 2010.
About Kenya:
Capital- Nairobi
Currency- Kenyan shilling
President- Uhuru Kenyatta

Centre govt. appoints Rajkiran Rai as NaBFID as its MD for nearly 5 years

The Centre govt. and the board of the National Bank for Financing Infrastructure and Development (NaBFID)  appointed Rajkiran Rai G as its Managing Director (MD) for five years (2022-2027).

• He will take the charge of MD on August 8 2022, and will hold the top post till May 18, 2027.
• In October 2021, the government appointed veteran banker KV Kamath as the chairperson of the NaBFID for three years.

i.Initially the name was recommended by the Financial Services Institutions Bureau (FSIB), former Banks Board Bureau (BBB).
ii.The board of NaBFID approved his appointment on July 30 2022 based on clearance by the Reserve Bank of India (RBI), Centre govt. and the Development Finance Institution (DFI)’s nomination and remuneration committee.
About Rajkiran Rai G:
i.He was  Managing Director (MD) & Chief Executive Officer (CEO)of Union Bank of India from 2017.
ii.He has more than three decades of rich banking experience which includes heading Industrial Finance Branch, Regions and Zonal Offices.
iii.He was appointed as the  Agricultural Finance Officer in the Central Bank of India in 1986 and also served as the Executive Director of Oriental Bank of Commerce.

• He has also served as the Chairman of Indian Banks’ Association (IBA).

iv.He is the Chairman of Union Bank of India (U.K.) Limited, Union Asset Management Company, Star Union Dai-Ichi Life Insurance Company Limited, CorpBank Securities Limited, and Director on the Board of EXIM Bank and United India Insurance Company Limited.

ACQUISITIONS & MERGERS        

CCI Approves Acquisition of Stake by ADIA Group; Sekhmet & ODPL and Adani Groups in Different Companies
The Competition Commission of India (CCI) has approved the acquisition of stake in IIFL Home indirectly by Abu Dhabi Investment Authority (ADIA) group, sole beneficiary and settlor of the Platinum Jasmine Trust.

• The proposed transaction relates to the acquisition of up to 20 percent stake in IIFL Home Finance by Platinum Owl C 2018 RSC Ltd, a trustee acting for Platinum Jasmine Trust.

CCI Approves Acquisition in ODPL by Sekhmet; ODPL Acquisition in OPPL and OLSPL
The CCI approves acquisition of majority shareholding in Optimus Drugs Private Limited (ODPL) by Sekhmet Pharmaventures Private Limited (Sekhmet) and ODPL’s acquisition of shareholding in Optimus Pharma Private Limited (OPPL) and Optimus Life Science Private Limited (OLSPL) under Section 31(1) of the Competition Act, 2002.
CCI Approves Acquisition of Holcim’s stake in Holderind, Ambuja & ACC Ltd by Endeavour
The CCI approves acquisition of Holcim’s stake in Holderind Investments Limited, Ambuja Cements Limited and ACC Limited by Endeavour Trade and Investment Limited, an Adani Group company.

• The proposed combination envisages the acquisition of the entire share capital of Holderind Investments Limited (Holderind) by the Endeavour Trade and Investment Limited (Endeavour).

CCI Approves Merger of HDFC Bank and HDFC Limited
The CCI has given approval for the merger of HDFC Limited, India’s largest housing finance company and HDFC Bank, India’s largest private sector bank.

• The proposed combination involves amalgamation of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings.
• The proposal has already received the approval of NSE Limited and BSE Limited, stock exchanges and the pension regulator Pension Fund Regulatory and Development Authority (PFRDA).

About Competition of India (CII):
Chairperson – Ashok Kumar Gupta
Establishment – 2003
Headquarters – New Delhi, Delhi
>> Read Full News

SCIENCE & TECHNOLOGY

Manthan: Platform for Industry, R&D collaboration unveiled by Principal Scientific Adviser to GoI.

On August 16, 2022, the Office of the Principal Scientific Adviser (PSA) to the Government of India (GoI) launched a Manthan Platform which will enable and empower all spheres of science and technology within India. This launch commemorates India’s 75 years of independence- Azadi ka Amrit Mahotsav.

• The platform is powered by NSEIT Limited and led by the Office of PSA.
• NSEIT is a 100% subsidiary of the National Stock Exchange (NSE) of India.

Aim behind Manthan:
i.To promote collaboration at scale between industry and the scientific Research and Development (R&D) ecosystem to help meet India’s sustainability goals in alignment with the United Nations (UN) defined Sustainable Development Goals (SDG) charter.
ii.To implement technology-based social impact innovations and solutions.
Key Points:
i.Manthan will provide an opportunity to bring national and global communities closer to India’s technology revolution.
ii.It will facilitate knowledge transfers and interactions through Information Exchange Sessions, Exhibitions, and Events to develop a framework for future science, innovation, and technology-led growth.
iii.It will enhance interactions among stakeholders, facilitate research and innovation, and share challenges in various emerging technologies and scientific interventions.
iv.India’s Principal Scientific Adviser to the Government of India is Prof. Ajay Kumar Sood while the Managing Director (MD) & Chief Executive Officer (CEO) of NSEIT is Anantharaman Sreenivasan.

SPORTS

Ireland’s Kevin O’Brien Announces Retirement from International Cricket

On 16th August 2022 The 38-year-old, Ireland all-rounder, Kevin Joseph O’Brien announced his retirement from international cricket.
About Kevin O’Brien:
i.Kevin O’Brien made his debut for Ireland in 2006 and was one of their longest serving cricketers.

• He is also Ireland’s leading wicket taker in the One Day International (ODI) format, with 114 wickets at an average of 32.68.
• He scored the fastest century ever in 50-over World Cup History (2011), from 50 balls against England.

ii.During his 16-year career, he has played 3 tests, 153 ODI, 110 T20 Internationals for Ireland and recorded a total of 258 runs, 3,619 runs and 1,973 runs respectively.
iii.He became the 1st Ireland cricketer to score a century in red-ball cricket.

OBITUARY

Former BCCI Secretary & Chairman of JSCA Amitabh Choudhary Passed Away 

The former Board of Control for Cricket in India (BCCI) acting secretary and chairman of Jharkhand State Cricket Association (JSCA), Amitabh Choudhary passed away at the age of 58 due to heart attack in Ranchi, Jharkhand. 
He was a retired IPS officer, who served in the rank of Inspector General of Police (IGP) with the Jharkhand police. He has also served as, BCCI joint secretary, and Team India’s administrative manager.
Choudhary played a major role in building one of the finest cricket stadiums in Ranchi and brought international cricket and the Indian Premier League (IPL) to Jharkhand.

IMPORTANT DAYS

Partition Horrors Remembrance Day 2022- August 14

India annually observes “Partition Horrors Remembrance Day ” on August 14 to acknowledge the difficulties faced by the Indians during the partition of India in 1947.

• The year 2022 marks the 2nd edition of Partition Horrors Remembrance Day.
• Partition Horrors Remembrance Day” is observed on the line on “Holocaust Remembrance Day”.

The objective of observing this day is to honour the memory of victims.
Background:
i.In 2021 Prime Minister (PM) Narendra Modi announced to observe 14th August as Partition Horrors Remembrance Day.

• 14 August also marks Independence Day in Pakistan.

ii.India was partitioned into India and Pakistan on August 14, 1947.

• This event led to violence, communal riots and loss of property. It is considered to be the most violent and abrupt displacement in the world’s history.

Partition of India 1947:
i.A boundary commission was set up to mark the territorial limits, headed by Cyril Radcliffe.

• Cyril Radcliffe was given the task to redraw the boundaries of India and Pakistan.

ii.The boundaries of two new countries were created in a hurry that lacked planning. It ultimately led to the “horrors of Partition” due to administrative flux, and massive communal riots.
iii.The partition resulted in the displacement of 10 to 20 million people and the death of around 2 million people.

• To commemorate this, the Indian government decided to observe “Partition Horrors Remembrance Day” is observed on the line on “Holocaust Remembrance Day”.

STATE NEWS

Kerala CM Launches “Lucky Bill App” to Curb GST Evasion by Offering Attractive Prizes to Users

On 16 August 2022, the Chief Minister (CM) of Kerala, Pinarayi Vijayan launched the mobile application “Lucky Bill App”. It is the first-of-its-kind initiative to be introduced in India.

• The objective is to encourage consumers to upload invoices  in a bid to curb Goods and Service Tax (GST) evasion.
• It can be downloaded from the Google Play Store or www.keralataxes.gov.in.

About Lucky Bill App:
i.It was developed by the State Goods and Services Tax (GST) department of Kerala and designed by the Digital University Kerala (DUK).
ii.It will help in boosting tax collection and also enable the government to examine the status of tax return filings with the help of bills uploaded by people.
iii.It encourages the citizen to ask for a bill every-time they make a purchase. To reward them in doing so, the app offers cash prizes upto Rs 25 lakh.
iv.The prizes worth Rs 5 crore would be offered annually for the winners selected among buyers who upload their bills.

• Besides, daily, weekly and monthly draws would be held in addition to a bumper prize of Rs 25 lakh.

v.The application will help to ensure that the taxation rules are strictly followed.

• Apart from cash prizes, the app will also offer rewards such as gift packs from Kudumbashree and Vanashree as well as KTDC tour packages.

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