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NITI Aayog releases report on Online Dispute Resolution policy for Speedy Access to Justice
ii.For the initiation of ODR, NITI Aayog constituted a committee in 2020 to formulate an action plan for ODR. It is headed by Justice (Retd) Arjan Kumar Sikri as its Chairman.
iii.ODR is aimed at resolving disputes outside of the court system through arbitration, mediation, and negotiation. Mainly, it is the use of technology to resolve disputes.
About NITI (National Institution for Transforming India) Aayog:
Chairperson– Prime Minister of India (Currently- Narendra Modi)
Headquarters– New Delhi
>>Read Full News
Alternative Mechanism approved GoI’s 100% stake sale in CEL to Nandal Finance and Leasing Pvt. Ltd
ii.CEL is a CPSE (Central Public Sector Enterprises) under the Department of Scientific and Industrial Research (DSIR).
iii.This is the second strategic stake sale by GoI after Air India.
iv.Incorporated in 1996, Nandal Finance and Leasing Pvt Ltd is based in New Delhi, Delhi.
What is Alternative Mechanism?
Initiated in 2017 after Cabinet Committee on Economic Affairs (CCEA) approval, it is a framework to speed up and supervise the mergers of CPSEs, minority stake sales, and the Centre’s new exchange traded fund.
>>Read Full News
1st Edition of India Young Water Professional Programme was Launched
The 1st edition of the India Young Water Professional Program (IYWPP) launched virtually to provide a structured platform for capacity building with strategic and long-term investment to support the water management reforms in India.
- The program has been taken up under the National Hydrology Project, a Central Scheme of DOWR (Department Of Water Resources), River Development (RD) and Ganga Rejuvenation (GR) and supported by the Australian Water Partnership.
- This Program will be implemented by Australia India Water Centre (a consortium of Australian and Indian universities).
- Note – IYWPP lead Professor -Basant Maheshwari, Western Sydney University
About the Program:
i.A total of 20 participants (10 men and 10 women) have been selected for the 1st edition of this Programme from central and state implementing agencies of the National Hydrology Project.
ii.About 70 percent of the program is focused on project based learning through Situation Understanding and Improvement Projects (SUIP).
iii.IYWPP will equip water professionals with the necessary skills, knowledge, behaviours and networks to enable them to contribute to the development and management of water resources in India.
iv.Australia is a valued partner for India in the field of water resources and the launch of IYWPP marks a significant milestone in Australia-India Water relationship.
v.Based on the success of this edition, a second phase of YWP will be planned in the second half of 2022.
- Mr. Manpreet Vohra, Indian High Commissioner to Australia, Barry O’ Farrell, Australian High Commissioner to India and Ms. Debashree Mukherjee, Additional Secretary, DOWR, RD & GR, Ministry of Jal Shakti, participated in the launch.
- Other participants include Michael Wilson, CEO, Australian Water Partnership, Lyn O’Connell, Deputy Secretary, Department of Agriculture, Water and the Environment, Professor T G Sitharam, Director IIT Guwahati, Professor Basant Maheshwari, Western Sydney University, Vijay Kumar, South Asia Representative of Australian Water Partnership.
About Ministry of Jal Shakti:
Union Minister – Gajendra Singh Shekhawat (Constituency – Jodhpur, Rajasthan)
Minister of State – Prahlad Singh Patel (Constituency – Damoh, Madhya Pradesh), Bishweswar Tudu (Constituency – Mayurbhanj, Odisha)
52nd IFFI 2021 held in Goa;Hema Malini & Prasoon Joshi won 2021 Indian Film Personality of the Year
- The festival is conducted jointly by the Directorate of Film Festivals (under Ministry of Information and Broadcasting) and the Entertainment Society of Goa, Government of Goa.
- Union Minister for Information and Broadcasting, Anurag Singh Thakur, announced the Indian Film Personality of the Year Award for 2021 which was conferred to Hema Malini, Actor, Member of Parliament from Mathura, Uttar Pradesh and Prasoon Joshi, Lyricist and Chairperson, CBFC (Central Board of Film Certification).
- Uttar Pradesh has been picked as the most friendly state for film shooting at 52nd IFFI. Additional Chief Secretary (Information) Navneet Sehgal received the award.
- The BRICS (Brazil, Russia, India, China, and South Africa) Film Festival was held for the 1st time on the side-lines of IFFI.
- For the first time, 52nd IFFI had the presence and participation of OTT (Over-the-Top) platforms. More than 50 films were screened simultaneously on OTT platforms.
- The IFFI 2021 presented more than 148 foreign films from 73 countries. It witnessed 12 world premieres, 7 international premieres, 24 Asia premiers and 74 India premieres. 75 Indian films were screened, 17 of them specially selected under India @75 Section.
About Ministry of Information & Broadcasting:
Union Minister – Anurag Singh Thakur (Constituency – Hamirpur, Himachal Pradesh)
Minister of State – L. Murugan (Constituency – Madhya Pradesh)
>>Read Full News
Dr Jitendra Singh launches ‘unique’ face recognition Technologies for all Pensioners
- This face recognition technology has been devised by the National Informatics Center (NIC), Ministry of Electronics and Information Technology in collaboration with the UIDAI (Unique Identification Authority of India).
- The initiative to provide digital life certificates was launched by the Department of Pension and Pensioners’ Welfare (DoPPW).
i.All pensioners are mandated to submit their life certificate annually to continue receiving pension.
ii.The Ministry of Personnel, Public Grievances and Pensions has already implemented a facility to provide these certificates through digital manner.
Note- in 2014, the government decided to introduce and implement digital life certificates for the pensioners. The newly added unique face recognition technology will further help pensioners.
iii.The initiative will cover employees under EPFO (Employees’ Provident Fund Organisation), various state and central governments.
Other important initiatives:
In August 2020, The Ministry of Personnel, Public Grievances & Pensions decided to integrate the electronic Pension Payment Order (e-PPO) with Digi Locker.
- e-PPO is generated through the Public Finance Management System (PFMS).
i.The integration facility has been created with ‘Bhavishya’ software. Bhavishya will provide an option to retiring employees, to link their Digi-locker account with their “Bhavishya” account and obtain their e-PPO in a seamless manner.
- Bhavishya is an online Pension Sanction and Payment Tracking System implemented by the Ministry of Personnel, Public Grievances & Pensions.
About Ministry of Personnel, Public Grievances and Pensions:
Union Minister – Narendra Modi (Varanasi, Uttar Pradesh)
Minister of State- Dr. Jitendra Singh (Udhampur, J&K)
BANKING & FINANCE
RBI supersedes Board of Reliance Capital; appoints Nageswar Rao Y as New Administrator
On November 29, 2021, the Reserve Bank of India (RBI) superseded the Board of Directors of Reliance Capital Ltd (RCL), a Non-Banking Financial Company (NBFC), by exercising its power conferred under Section 45-IE (1) of the RBI Act, 1934. RCL is promoted by Anil Dhirubhai Ambani’s Reliance Group.
- The reason behind this is the defaults made by RCL for various debt obligations payments and serious governance concerns.
- In this regard, the apex bank has appointed Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) as the Administrator of the company under Section 45-IE (2) of the RBI Act.
i.Soon, RBI will initiate bankruptcy proceedings against RCL under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.
ii.Reserve Bank will also apply to the National Company Law Tribunal (NCLT), Mumbai (Maharashtra) for appointing the Administrator as the Insolvency Resolution Professional.
iii.As on October 31, 2021 RCL owes Rs 21,781.01 crore, including interest, to lenders.
- It also defaulted on repayment of inter-corporate deposits taken from various parties amounting Rs 562 crore and interest Rs 120 crore for which maximum days of default ranges from 510 days to 567 days.
iv.RCL will become the third large NBFC to go under the insolvency procedure after Dewan Housing Finance (DHFL), and Srei Group companies viz. Kolkata (West Bengal) based Srei Infrastructure Finance and Srei Equipment Finance
ADB Approves $125 Million Loan for Uttarakhand Water Supply and Sanitation Projects
- The funds will be utilised to improve access to quality water supply and sanitation services to the entire population of about 154,000 people of the state.
- About 17,410 households in Dehradun will be connected to the sewerage system.
- Around 40,000 people, including 4,000 urban poor and vulnerable groups will be benefited with the water pipe system.
Focus – To build cost-effective city-wide sanitation, wider-reach and less water-dependent, and to engage the private sector in building the skills of concerned urban local bodies.
About Asian Development Bank (ADB)
President – Masatsugu Asakawa
Established – 1966
Headquarters – Manila, Philippines
Members – Owned by 68 members (49 from Asian and Pacific Regions)
>>Read Full News
SBI signs MoU with Usha International for Empowering Women Entrepreneurs
- The financial assistance will be provided under the Joint Liability Group model.
i.This is the first of its kind collaboration between UIL and SBI for the upliftment of the social and economic status of women in rural areas.
- ‘NAVCHETNA’ makes women entrepreneurs self-reliant through equal opportunity for financial growth and inclusion.
ii.The branches of the SBI in Uttarakhand, Delhi, Western Uttar Pradesh, and National Capital Region (NCR) Haryana will be financing women entrepreneurs to Usha Silai School to purchase sewing machines for enhancement and upgradation of technical sewing skills or to purchase thread of clothes, etc,.
iii.UIL has been providing necessary training to women through USHA Silai Schools across the country.
About State Bank of India (SBI):
Chairman – Dinesh Kumar Khara
Established – 1955
Headquarters – Mumbai, Maharashtra
Agriwise Finserv & Central Bank of India enters Co-lending partnership for Agri-Loan Disbursals
- The agreement ensures the loan at affordable interest rates as per the RBI directive for the farmer, agri and allied community in a simple, transparent and speedy manner.
i.The co-lending agreement allows Agriwise to enlarge service to rural customer segments and increase offerings to current customers at blended interest rates.
ii.Central Bank of India focuses on lending to the agriculture sector as a goal to empower our farmer community under priority sector lending and the tie-up reaches the customers in the rural and agri-sector.
About Agriwise Finserv Limited:
Managing Director – Suresh Goyal
Headquarters – Mumbai, Maharashtra
About Central Bank of India:
CEO & Managing Director – Matam Venkata Rao
Established – 1911
Headquarters – Mumbai, Maharashtra
Tagline – ‘Central’ to You Since 1911
ECONOMY & BUSINESS
Ind-Ra estimates India’s GDP at 8.3% in Q2 FY22 and 9.4% in FY22
- Workplace mobility in Q1 FY22 was 26 percent lower than the baseline and 16 percent lower year-on-year than the baseline at FY21.
- The government’s capital expenditure (capex) grew 51.9 percent in Q2 FY22 as against 26.3 percent in Q2 FY21.
The agency has attributed the higher growth to the nine consecutive quarters of over 3 percent agriculture growth and has brightened consumer spending in private final consumption expenditure.
Expectation and Findings of Ind-Ra:
i.Mobility started improving in Q2 FY22 due to the extensive vaccination programme of
the government and was only 7 percent lower year-on-year than the baseline at the end of Q2 FY22.
ii.The agency expects the fixed capital formation to grow at around 8.5 percent in Q2 FY22 as the government supports investment activities on infrastructure.
iii.The aggregate capex of 24 states has dropped to 62.2 percent in Q2 FY22 massively down from 98.4 percent in Q1 FY22.
iv.The reforms like a production-linked incentive scheme and sustained export growth will boost the ongoing growth recovery.
About India Ratings and Research (Ind-Ra)
Chairman, Managing Director(MD) & CEO – Rohit Karan Sawhney
Headquarters – Mumbai, Maharashtra
RedBus launches Rail Ticketing Service – ‘redRail’ in Partnership with IRCTC
i.The Android app users of redBus will now be able to make reservations for bus as well as rail travel now within the same app.
ii.Soon the service will also be available on desktop, mobweb and iOS phones.
iii.As an introductory offer, redRail will not levy any service fee or payment gateway charges
i.All of IRCTC’s scheduled train services, which includes over 9 million daily seats, will be available for booking through ‘redRail’on the redBus app
ii.‘redRail’ offers a superior booking experience to customers with a customer support system, from the time of booking the train tickets, till the time of boarding.
iii.This also includes instant refunds on cancellations and customer support in five regional languages.
CEO – Prakash Sangam
Established – 2006
Headquarters – Benguluru, Karnataka
Chairman & Managing Director – Rajni Hasija
Headquarters – New Delhi, Delhi
AWARDS & RECOGNITIONS
65th Ballon d’Or: Argentina’s Lionel Messi won the Ballon d’Or Award for 7th time; Alexia Putellas won Women’s Award
- The year 2021 marks the 65 edition of the Ballon d’Or Ceremony.
- The 2021 Ballon d’Or ceremony was held on 29th November 2021 in Théâtre du Châtelet, Paris, France.
i.Italy and PSG goalkeeper Gianluigi Donnarumma has won the 2021 Yashin Trophy for the best goalkeeper.
ii.Bayern Munich and Poland striker Robert Lewandowski won the Striker of the Year award 2021.
iii.19-year-old Pedro González López, known as Pedri, of Spain won the Kopa trophy which is presented to the best male player age 21 or under.
iv.Chelsea FC won the 2021 Club of the Year at the Ballon d’Or awards ceremony.
>>Read Full News
APPOINTMENTS & RESIGNATIONS
Indian-American Parag Agrawal Takes Over as CEO of Twitter; Jack Dorsey Stepped Down
He was appointed following the resignation of Jack Dorsey, the co-founder of Twitter, from the post of CEO.
- Parag Agrawal will also be joining the board of directors of Twitter.
- Bret Taylor, a member of the board of Directors, Twitter, has been named as Independent Chair of the board succeeding Patrick Pichette.
About Parag Agrawal:
i.Parag Agrawal is an alumnus of the Indian Institute of Technology, Bombay and Stanford University.
ii.He joined Twitter in 2011 as a software engineer and has been serving as the CTO since October 2017.
About Jack Dorsey:
i.Jack Dorsey the co-founder of Twitter is also the CEO and Co-Founder, Square, a digital payments company.
ii.Jack Dorsey will remain a member of the board of Twitter till 2022.
iii.He has served as the CEO of Twitter from 2006 to 2008, and again from 2015 to 2021.
About Twitter, Inc.:
CEO– Parag Agrawal
Headquarters– San Francisco, California, United States
Founded in 2006
Sweden elect 1st Female Prime Minister Magdalena Andersson
- On 24 November 2021 she was first elected as the PM but later resigned after her coalition partner (Green Party) quit the government and the budget failed to pass.
- Swedan’s Parliament is known as Riksdag.
- Sweden is the last Nordic country to get a female Prime Minister.
About Magdalena Andersson:
i.Magdalena Andersson was born on 23 January 1967. She is a 54 year old Swedish politician and economist serving as the PM from the Social Democratic Party or SDP.
ii.She began her political career as a political adviser to then PM Goran Persson in 1996 and then as Director of Planning.
iii.In 2004 she began to work in the Ministry of Finance as State Secretary.
iv.She became the head of the SDP on November 4, 2021. She is the second woman leader of the SDP.
i.It is among the five Nordic countries – Sweden, Norway, Finland, Iceland and Denmark.
ii.It is a member of the Arctic Council that comprises eight countries- Canada,Denmark,Finland, Iceland, Norway, Russia, Sweden,and the United States.
ACQUISITIONS & MERGERS
PNB to pick up 9.5% stake in ONDC Ltd
- ONDC is yet to be incorporated by the Companies Act 2013.
i.For the acquisition of less than 10 % shareholding, regulatory approval is not required. PNB will have 9.5 % equity capital in the ONDC or INR 25 crore, whichever is lower.
ii.ONDC is an infrastructure development private company which facilitates e-commerce to all marketplace players.
iii.ONDC will develop a platform in the form of an open network for digital commerce. In this platform buyers can sell their entities without registering themselves.
About Punjab National Bank (PNB):
MD & CEO– S. S. Mallikarjuna Rao
Founded-1894 (Commenced Operation on -1895)
Tagline- The Name You Can Bank Upon
SCIENCE & TECHNOLOGY
China launches Zhongxing-1D Communications Satellite into Space
i.The satellite was launched by a Long March-3B carrier rocket and entered the planned orbit successfully. This rocket is regarded as the mainstay of the Chinese space programme since 1970.
- The launch marked the 399th mission for the Long March series carrier rockets
ii.It was developed by the China Academy of Space Technology (CAST).
iii.Services provided: high-quality voice, data, and radio and television transmission services etc.
Other initiatives of China:
i.In November 2021, China launched three new remote sensing satellites from the Xichang Satellite Launch Centre. The satellites belong to the Yaogan-35 family.
- They were launched by a Long March-2D carrier rocket and entered the planned orbit successfully.
- This was the 396th mission for Long March series carrier rockets of China.
ii.Micius- Quantum-Enabled Satellite:
In 2020, Micius satellite of China sent light particles to Earth to establish the world’s most secure communication link.
- Micius-It is the world’s first quantum communications satellite, launched by China in 2016.
Russian Navy Test-Fired Zircon, a Hypersonic Missile, in the White Sea
The Admiral Gorshkov frigate launched the Zircon cruise missile which striked the practice target at 400 kilometers (215 nautical miles) away.
- This is the latest launch in a series of tests of Zircon, will be commissioned into the Russian navy in 2022.
i.Zircon, a anti-ship hypersonic cruise missile, is one of several hypersonic missiles under development in Russia.
ii.It is capable of flying at nine times the speed of sound and have a range of 1,000 kilometers (620 miles).
iii.This will boost the capability of Russia’s military.
iv.Russia is planning to arm the Russian cruisers, frigates and submarines with Zircon.
Day of Remembrance for all Victims of Chemical Warfare 2021 – November 30
The day also reaffirms the commitment of the Organisation for the Prohibition of Chemical Weapons (OPCW) to eliminate the threat of chemical weapons and promote peace, security, and multilateralism.
- The Day of Remembrance for all Victims of Chemical Warfare has been observed on 30th November since 2016.
- To assess the progress made towards preventing the use of Chemical weapons.
- To renew the commitment to achieve a world free of chemical weapons.
About Organisation for the Prohibition of Chemical Weapons(OPCW):
Chairperson– Abdelouahab Bellouki(Morocco)
Members of Executive Council– 41 Member States (includes India)
Headquarters– The Hague, The Netherlands
>>Read Full News
Gujarat Signed 12 MoUs worth Rs 14K crore as a Part of Vibrant Gujarat Global Summit 2022
The MoUs are signed as a precursor to the 10th edition of the Vibrant Gujarat Global Summit(VGGS) 2022.
- The MoUs were signed by Rajiv Gupta, Principal Secretary, Industries department of Gujarat government and industry representatives.
i.This is the 2nd MoU signing event held ahead of the 10th VGGS 2022 which will be held from 10th to 12th January 2022.
ii.Along with the 1st batch of MoUs, worth Rs 24,185 crore, which were signed on 22nd November 2021, the total amount of the proposed investments is over Rs 38,188 crore.
About the MoU’s:
i.Mitsu Private Limited has proposed an investment of Rs 5,000 crore for a mixed industrial cluster for chemicals, pharmaceuticals, API, textiles, engineering, plastic, etc, in Vapi, Valsad, Gujarat. This proposed project which will start in 2025will create 15000 jobs.
ii.Aarti Industries Limited has signed 4 MoUs in Chemical and Petrochemical sector to establish manufacturing facility for pesticides, specialty and intermediate chemicals as well as chemicals & petrochemicals at Jhagadia, Dahej, Atali and Vapi.
The company will invest nearly Rs 4,000 crore for these projects.
iii.Aarti Drugs Limited will invest Rs 475 crore for chemicals, pesticide, specialty and intermediate chemicals facility at Jhagadia near Bharuch, Dahej and Vapi.
iv.Gujarat Fluorochemicals Limited has proposed an investment of Rs 2000 Crore for battery chemicals and other products for eclectic vehicles at Dahej GIDC (Gujarat Industrial Development Corporation).
v.Asian Paints Limited has signed an MoU for an investment of Rs 1,140 crore to establish an integrated paint factory at Ankleshwar in Bharuch, Gujarat. This will provide employment of around 3900.
vi.Navin Fluorine Advanced Sciences Limited has proposed an investment of Rs 720 crore and Pragna Specialty Private Limited has proposed an investment of Rs 500 crore in Chemical sector.
vii.Steve Healthcare Pvt Limited proposed an investment of Rs 117 crore for pharmaceuticals sector and Sanjopin Industries Pvt Limited has proposed Rs 100 crore investment in intermediates sector.
Nagaland Police Launched ‘Call your cop’ Mobile App
- The app was developed by the Police Headquarters CID branch in collaboration with Excellogics Tech Solutions Pvt Ltd, Nagaland.
To enable all the citizens, especially those who are under stress, to get in touch with the police.
i.The mobile app is available for android users and soon it will be made available for iOS users.
ii.The app will enable the users to search and find police officers, police station details with an interactive map besides other features like alerts and emergency numbers.
Chief Minister(CM)– Neiphiu Rio
Airport– Dimapur Airport
Bird Sanctuary- Ghosu Bird Sanctuary
Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 1 December 2021|
|1||NITI Aayog releases report on Online Dispute Resolution policy for Speedy Access to Justice|
|2||Alternative Mechanism approved GoI’s 100% stake sale in CEL to Nandal Finance and Leasing Pvt. Ltd|
|3||1st Edition of India Young Water Professional Programme was Launched|
|4||52nd International Film Festival of India 2021 held in Goa from November 20 – 28, 2021|
|5||Government launches ‘unique’ face recognition Technologies for all Pensioners|
|6||RBI supersedes Board of Reliance Capital; appoints Nageswar Rao Y as New Administrator|
|7||ADB Approves $125 Million Loan for Uttarakhand Water Supply and Sanitation Projects|
|8||SBI signs MoU with Usha International for Empowering Women Entrepreneurs|
|9||Agriwise Finserv & Central Bank of India enters Co-lending partnership for Agri-Loan Disbursals|
|10||Ind-Ra estimates India’s GDP at 8.3% in Q2 FY22 and 9.4% in FY22|
|11||RedBus launches Rail Ticketing Service – ‘redRail’ in Partnership with IRCTC|
|12||65th Ballon d’Or: Argentina’s Lionel Messi won the Ballon d’Or Award for 7th time; Alexia Putellas won Women’s Award|
|13||Indian-American Parag Agrawal Takes Over as CEO of Twitter; Jack Dorsey Stepped Down|
|14||Sweden elect 1st Female Prime Minister Magdalena Andersson|
|15||PNB to pick up 9.5% stake in ONDC Ltd|
|16||China launches Zhongxing-1D Communications Satellite into Space|
|17||Russian Navy Test-Fired Zircon, a Hypersonic Missile, in the White Sea|
|18||Day of Remembrance for all Victims of Chemical Warfare 2021 – November 30|
|19||Gujarat Signed 12 MoUs worth Rs 14K crore signed as a Part of Vibrant Gujarat Global Summit 2022|
|20||Nagaland Police Launched ‘Call your cop’ Mobile App|