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Current Affairs 1 March 2021

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NATIONAL AFFAIRS

India Signs 4 MoUs with Nepal to Fund NRs 530 Million for Reconstructing 25 Health Posts in NepalIndia to fund NRs 530 million for reconstructioni.On February 26, 2021 India signed 4 Memorandum of Understanding(MoU) with Nepal to reconstruct 25 health post in Dhading district and Sindhupalchowk district of Nepal at a cost of Nepali Rupees(NRs) 530 million(About Rs.33 Crore).
ii.These health posts were damaged during the 2015 earthquake.
iii.The Central Building Research Institute (CBRI)-Roorkee, a premier institute of India in the field of earthquake-resilient reconstruction will provide technical assistance for the reconstruction.
Key People
The MoU was signed by the Head of Development Partnership and Reconstruction wing of the Embassy of India, Nepal and Project Director of Central Level Project Implementation Unit-CLPIU (Building) of NRA.
About Nepal:
Capital– Kathmandu
President– Bidhya Devi Bhandari
<<Read Full News>>

Education Minister Ramesh Pokhriyal ‘Nishank’ addressed the 16th FICCI Higher Education Summit 202116th FICCI Higher Education Summit 2021On 26th February 2021, Union Minister of Education, Ramesh Pokhriyal ‘Nishank’ addressed the inaugural session of the 16th Federation of Indian Chambers of Commerce & Industry (FICCI) Higher Education Summit 2021. On the occasion he also released the FICCI EY Report titled “Higher Education in India: 2040”.
Organizer – The Summit is being organised virtually by Federation of Indian Chambers of Commerce and Industry(FICCI) in collaboration with Ministry of Education and Ministry of Commerce and Industry.
i.The theme of the summit is ‘‘Higher Education @ 2030: R.I.S.E. – Resilience. Innovation. Sustainability. Enterprise.’
ii.He highlighted the current trend in the higher education sector, paving the way for India to become a global superpower.
iii.Importance of National Education Policy (NEP) 2020, that is built on foundational pillars of access, equity, quality, affordability & accountability.
About FICCI:
President– Uday Shankar
Established– 1927
Headquarter– New Delhi
About Ministry of Education:
Union Minister- Ramesh Pokhriyal ‘Nishank’ (Constituency- Haridwar, Uttarakhand)
Minister of State- Sanjay Shamrao Dhotre (Constituency- Akola, Maharashtra)
In August 2020, the Ministry of Human Resource & Development was renamed back to the Ministry of Education.
<<Read Full News>>

BANKING & FINANCE

Fino Payments Bank Ltd Gets the Status of Scheduled Commercial Bank: RBIFino Payments Bank is now a scheduled banki.On February 22, 2021 Reserve Bank of India(RBI) announced that Fino Payments Bank Limited has been included in the Second Schedule to the RBI Act, 1934.
ii.With this inclusion, Fino Payments bank gets the status of scheduled commercial bank.
About Fino Payments Bank Limited:
It is the 1st  payments bank to go live with 410 branches and more than 25,000 banking points on day one.
Incorporated– 4th April, 2017 with the name Fino Payments Bank Limited.
MD and CEO– Rishi Gupta
Head Office– Navi Mumbai, Maharashtra
<<Read Full News>>

IOB Signed Corporate Agency Agreement with SBI General Insurance to Retail its Insurance ProductsIOB signs corporate agency pact with SBI General Insurancei.On 26th February 2021, the Indian Overseas Bank(IOB), a public sector bank signed a corporate agency agreement with the SBI General Insurance to retail its insurance products to the customers of the bank.
ii.IOB has signed a Bancassurance for the distribution of the non-life offerings with SBI General Insurance to offer a wide range of general insurance solutions and innovative products to the customers of the bank.
iii.This partnership will improve the reach of insurance products in urban, tier II and III markets.
About Indian Overseas Bank:
MD & CEO– Partha Pratim Sengupta
Headquarters– Chennai, Tamil Nadu
Tagline– Good People to grow with
Founded in– 10th February 1937
<<Read Full News>>

ABHICL introduced India’s first Health Insurance plan, ‘Activ Health Policy’ with upto 100% Premium returns100 percent return on premiumi.On 26th February 2021, the Aditya Birla Health Insurance Company Limited (ABHICL),  Health Insurance subsidiary of Aditya Birla Capital Limited, has announced India’s first initiatives of upto 100% health insurance premium returns and other products with upgrades under the new version of its Flagship product ‘Activ Health Policy’. 
ii.With this ABHICL became the only insurance company to offer up to 100% premium returns(HealthReturnTM), offers upto 100% reload of sum insured through its upgraded Activ Health Policy.
iii.‘Activ Health’ is Asia’s first plan to offer mental illness counselling coverage and Industries first to cover unlimited homeopathy telemedicine.
About  Aditya Birla Health Insurance Company Limited (ABHICL):
ABHICL is a joint venture of Aditya Birla Groups and MMI Holdings of South Africa.
CEO– Mayank Bathwal
Incorporated in 2015
<<Read Full News>>

Rupee Co-operative Bank Ltd. Gets 3 Month Banking License Extension from RBI Till May 31, 2021Rupee Co-operative Bank gets extension from RBIReserve Bank of India(RBI) extended banking license to Rupee Co-operative Bank Ltd., Pune, Maharashtra for 3 months (i.e.) till May 31, 2021. The co-operative bank was placed under the directions of RBI from the close of business on February 22, 2013.

  • Lastly, the validity of the direction was extended till February 28, 2021

Current position of  Rupee Co-operative Bank
i.Until January 2021, the co-op bank has made a total recovery of Rs 258.11 crore and aggregate operating profit of Rs 53.19 crore in the last 4 years.
ii.Till January 31, 2021 it had  made an operating profit of Rs 19.93 crore and paid Rs 366.54 crore to 92,602 depositors under the Hardship Scheme.
iii.For the past 5 years, the bank has been earning operating profit.
Note:The bank for recovery, has taken many steps like attachment of properties of defaulter borrowers and public auctions of the same, filing criminal suits against defaulter borrowers/guarantors, etc.
What are the Directions?
i.According to the directions issued by RBI in 2013, the depositors can withdraw a sum upto Rs 1000 of the total balance held in every savings bank or current account or any other deposit account by whatever name called. This is subject to conditions stipulated in the RBI Directions.
ii.Without prior approval from RBI, the co-operative cannot grant or renew loans, make any investment among others.
About Rupee Co-operative Bank Ltd.,
Chairman of Administrator Board–  Sudhir Pandit
Established– 1912
Headquarters– Pune, Maharashtra

ECONOMY & BUSINESS

Liberty Steels Group signs MoUs with 2 European Companies to build France’s 1st Hydrogen-based steel making plant

United Kingdom based Liberty Steel Group which is owned by Indian-origin metals tycoon Sanjeev Gupta has signed MoUs with 2 European companies namely Luxembourg based ‘Paul Wurth’ & Germany based ‘SHS’ (Stahl-Holding-Saar) to set up France’s 1st Hydrogen-based steel making plant. Liberty Steel Group is part of the diversified GFG Alliance, which has a presence in India.

 ACQUISITIONS & MERGERS        

Ashok Leyland to Buy the Stake of Nissan in Hinduja Tech for Rs.70.20 croreAshok Leyland to buy Nissan's stake inAshok Leyland, a Chennai-based commercial vehicle manufacturer owned by Hinduja Group, signed a share purchase agreement with Nissan International Holdings BV, an investment arm of Nissan Group(Japan) to acquire its 38% stake in Hinduja Tech Limited(HTL), a part of Hinduja Group for Rs.70.20 crore.
About the acquisition:
i.Ashok Leyland has acquired 58500000 shares for the total consideration of Rs.70.20 crore in a paid up share capital of Hinduja Tech Limited.
ii.As a result of this acquisition, HTL has become the wholly owned subsidiary of Ashok Leyland.
Background:
i.Ashok Leyland sold the 38% stake of HTL to Nissan International Holding BV for an undisclosed sum.
ii.The stake divestment was a part of Ashok Leylands plan to get the company out of debt.
iii.As the result of the sale, the holdings of Ashok Leyland in HTL was at 62% and the remaining was held by Nissan International Holding.
Hinduja Tech Limited:
Hinduja Tech provides engineering manufacturing and enterprise(EME) services and solutions to automotive, aerospace, defence, industrial and general manufacturing industries.
CEO– Kumar Prabhas
Headquarters– Chennai, Tamil Nadu.
Founded in 2009

SPORTS

Indian Cricketer Vinay Kumar announces retirement from First Class & International CricketR Vinay Kumar announces retirementFormer Indian Cricketer & Fast Bowler Ranganath Vinay Kumar announced his retirement from First Class & International Cricket at the age of 37. He hails from Davanagere, Karnataka and is affectionately called as ‘The Davanagere Express’.

  • Vinay Kumar has represented India in 31 ODIs & 9 T20Is & 1 Test International and has picked up 49 wickets across all 3 formats.
  • He has played in 115 Ranji Trophy Matches picking up 442 wickets making him the 4th Highest Wicket-taker in Ranji Trophy after Rajinder Goel (637), Srinivasaraghavan Venkataraghavan (531), Sunil Joshi (479).
  • He has played for Karnataka, Puducherry in the Ranji Trophy.
  • In the Indian Premier League (IPL) he has played for Mumbai Indians, Royal Challengers Bangalore, Kolkata Knight Riders & now defunct Kochi Tuskers.

BOOKS & AUTHORS

Anindya Dutta Authored a New Book Titled “Advantage India: The Story of Indian Tennis”New Book Titled Advantage India The Story of Indian TennisAnindya Dutta, a banker turned author, penned a new book titled “Advantage India: The Story of Indian Tennis”, a chronicle of Indian Tennis.  Advantage India is a well-researched account of the journey of Indian tennis, with a special section on the Doubles game and on women’s tennis in India.
The book is published by Westland publications.
About the book:
i.The book provides the extensive history of Indian tennis on both men’s and women’s side.
ii.The book is the result of the detailed research of Anindya Dutta on the data from the archives of the Ministry of Information and Broadcasting and British newspapers from the past 200 years.
iii.The book features the pre independence players like Mohammed Sleem, the Fyzee brothers, S.M. Jacob and Ghaus Mohammed and tennis icons like Dilip Bose, Sumant Misra, Naresh Kumar and Ramanathan Krishnan.
iv.This also features Rohan Bopanna and Sania Mirza who transformed the Women’s Tennis in India.
About Anindya Dutta:
i.Anindya Dutta is a columnist for Sportstar, The Cricketer Magazine, First Post, Hindustan Times, ESPN Cricinfo, Cricket Monthly, Cricket Soccer, Roar and Fountain Ink.
ii.His debut book was “A Gentleman’s Game: Reflections on Cricket History Foreword by Kersi Meher-Homji” published in 2017 following which he published the “Spell-binding Spells: Cricket’s most magnificent bowling spells”, an account of the greatest bowling spells in the history of cricket.
iii.His other books include, We are The Invincibles: The Incredible Story of Bradman’s 1948 team (2019), Wizards: The Story of Indian Spin Bowling (2019), The Greatest Year: The 1971 Tours of West Indies and England (2020).

Hillary Clinton partners with Louise Penny to co-write ‘State of Terror’ Mystery novel

Former United States Secretary of State, Hillary Clinton is co-writing a mystery novel called ‘State of Terror’ with Louise Penny, a Canadian author. The novel is slated to be released on October 12, 2021. It will be jointly released by Clinton’s Publisher, Simon & Schuster & Louise Penny’s St. Martin’s Press.

IMPORTANT DAYS

National Protein Day 2021 – February 27National Protein Day - February 27 2021i.The National Protein Day is annually observed across India on 27th February to create and raise awareness about the importance and health benefits of Protein.
ii.The theme of the National Protein Day 2021 is ‘Powering with Plant Protein’,
iii.The theme aims to focus on plant-based sources of protein – as accessible, affordable, acceptable, and versatile protein sources that are often ignored in a country.
‘Right To protein’ a national level public health initiative launched the National Protein Day in India.
iv.The first National Protein Day in India was observed on 27th February 2020. 
<<Read Full News>>

STATE NEWS

Kushinagar Airport Becomes 3rd Licensed International Airport of UP

Directorate General of Civil Aviation (DGCA) has given 4C license to Kushinagar Airport, Kushinagar district, UttarPradesh(UP) to operate international flights. With this, the airport has become the 3rd licensed International Airport of UP after Chaudhary Charan Singh International Airport in Lucknow, and Lal Bahadur Shastri International Airport in Varanasi.  It is the 87th airport in India. The airport will operate both domestic and international flights.

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S.no Current Affairs 1 March 2021
1 India Signs 4 MoUs with Nepal to Fund NRs 530 Million for Reconstructing 25 Health Posts in Nepal
2 Education Minister Ramesh Pokhriyal ‘Nishank’ addressed the 16th FICCI Higher Education Summit 2021
3 Fino Payments Bank Ltd Gets the Status of Scheduled CommercialBank: RBI
4 IOB Signed Corporate Agency Agreement with SBI General Insurance to Retail its Insurance Products
5 ABHICL introduced India’s first Health Insurance plan with upto 100% Premium returns
6 Rupee Co-operative Bank Ltd. Gets 3 Month Banking License Extension from RBI Till May 31, 2021.
7 Liberty Steels Group signs MoUs with 2 European Companies to build France’s 1st Hydrogen-based steel making plant
8 Ashok Leyland to Buy the Stake of Nissan in Hinduja Tech for Rs.70.20 crore
9 Indian Cricketer Vinay Kumar announces retirement from First Class & International Cricket
10 Anindya Dutta Authored a New Book Titled “Advantage India: The Story of Indian Tennis”
11 Hillary Clinton partners with Louise Penny to co-write ‘State of Terror’ Mystery novel
12 National Protein Day 2021 – February 27
13 Kushinagar Airport Becomes 3rd Licensed International Airport of UP