Current Affairs 25 March 2022

We are here for you to provide the important Recent and Latest Current Affairs  25 March 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

Cabinet Approval on March 22, 2022 

On March 22, 2022, the Union Cabinet chaired by Prime Minister (PM) Narendra Modi approved the following proposals
i.CCEA approved the extension of applicability of the New Investment Policy (NIP)-2012 for three upcoming units of Hindustan Urvarak & Rasayan Limited (HURL) at Gorakhpur, Sindri and Barauni. 
ii.The CCEA also approved an increase in the Minimum Support Price (MSP) of raw jute by Rs 250 to Rs 4,750 per quintal for the 2022-23 season to ensure a return of 60.53% over all India weighted average cost of production.
iii.The Union Cabinet gave its nod to the Bill for ‘Delhi Municipal Corporation Amendment Act 2022’ which seeks the merger of three municipal corporations in Delhi into a single unified Municipal Corporation of Delhi (MCD).
About Jute Corporation of India (JCI):
Parent Ministry– Ministry of Textiles
Managing Director– Cmde. Ajay Kumar Jolly
Headquarters– Kolkata, West Bengal
>> Read Full News

Bihar became first state to implement dynamic map for villages to track land ownership

Bihar as a part of its land reforms initiative, has introduced the concept of dynamic map for villages, which will get updated every time land ownership changes hands. The move is mainly aimed to curb the legal disputes regarding land.  
i.According to the Bihar government,the state has seen almost 37,000 cases of some land dispute since Febraury 2021. 
ii.The initiative is also in line with the mandate of Bihar Land Mutation Amendment Bill, 2021 which makes mutation of maps mandatory.
iii.The mutation process will now pass through three stages – first, a change in the text; second, a change in the land parcel; and third, a modification of the survey map.
About Bihar 
Governor: Phagu Chauhan
Capital: Patna
Chief minister: Nitish Kumar

BANKING & FINANCE

Airtel Payments Bank Partners with ICICI Lombard For Smartphone Insurance

Airtel Payments Bank signed an agreement with ICICI Lombard General Insurance Company(ICICI Lombard) to provide smartphone insurance which  offers  financial protection  against damages. It will boost the mobile insurance industry in India.
About the Agreement:
i.Under the agreement, the mobile insurance amount equal to the purchase price of the smartphones will be provided. 

• The smartphone price under the range of Rs 10,000 to Rs 1,00,000 will be considered.

ii.The customers have to  pay a monthly premium of Rs 1,299  through the Airtel Thanks App and they will get the insurance on their own within 10 days of making the purchase. 
iii.There is a provision for making two claims during the policy period, and it also includes free pickup & delivery, making it a unique offering in the market.
Smartphones industry in India-
According to a report published by RedSeer in 2020, the Indian smartphone insurance segment could potentially become a $500 million market by 2025, with an expected Compound Annual Growth Rate (CAGR) of 29%  per annum.
About Airtel Payments Bank:
Managing Director & CEO-Anubrata Biswas
Headquarters- New Delhi, Delhi

ICICI Bank collaborates with CSK & launches co-branded credit card: “Chennai Super Kings ICICI Bank Credit Card”

ICCI Bank has teamed up with the Chennai Super Kings (CSK), an Indian Premier League (IPL) franchise, to develop a co-branded credit card called the “Chennai Super Kings ICICI Bank Credit Card”, which is designed with a range of exclusive privileges for millions of cricket fans of the iconic team and distinct banking benefits from ICICI Bank.

• Customers can apply for the ‘Chennai Super Kings ICICI Bank Credit Card’ by sending an SMS ‘KING’ to 5676766.

The launch of this credit card adds another addition to an exclusive set of co-branded credit cards offered by ICICI Bank, as it had earlier launched a co-branded credit card in 2018 with Manchester United, a professional football club in England.

• These exclusive credit cards enable sports enthusiasts to connect with their favourite teams as well as avail the benefits of a credit card.

About Chennai Super Kings (CSK):
A cricket franchise in India run by Chennai Super Kings Cricket Limited.
CEO – K. S. Viswanathan
Founded – 2008
Parent Organization – India Cements
About ICICI Bank:
It is formerly known as Industrial Credit and Investment Corporation of India.
MD & CEO – Sandeep Bakhshi
Establishment – 1994
Headquarters – Mumbai, Maharashtra
Tagline – Hum Hai Na Khaayal Aapka

EbixCash Partners with Axis Securities to Provide End-To-End Trading Services

EbixCash Limited, a technology-based provider of digital products and services in the B2C (Business to Consumer), B2B (Business to Business) and financial technology arenas, announced a strategic agreement with Axis Securities, a wholly-owned subsidiary of Axis Bank.

• The partnership will provide end-to-end trading services to customers of EbixCash through an integrated business model.
• As a result, customers of EbixCash will be able to access a 3-in-1 account that combines their savings, demat, and trading accounts.

Highlights:
i.With this tie-up, EbixCash customers will have access to the seamless online platform of Axis Securities and favours them to buy and sell stocks and other investment products.
ii.Customers can also choose from a variety of investment options such as mutual funds, Systematic Investment Plans (SIPs), investment advisory, and portfolio management services, as well as open a trading or demat account.
iii. With a “phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia, EbixCash holds dominant positions in key businesses in which it operates.
About EbixCash Limited:
A leading financial services provider in India.
Chairman –  Robin Raina
Headquarters – Mumbai, Maharashtra
About Axis Securities:
A subsidiary of Axis Bank which is India’s 3rd largest private sector bank.
MD & CEO – B Gopkumar
Headquarters – Mumbai, Maharashtra

HDFC to Boost Small Business with Digital Loans

HDFC Bank has announced a dedicated app for small, family-owned, or independent businesses (mom-and-pop stores) to push merchant loans.

• The bank also has the application “AutoFirst” in the pipeline, which exclusively offers fully automated auto loans.
• It is also working on the SmartHub Vyapar programme for merchants. It is an application that combines all payment platforms such as cards, UPI, QR code, tap pay, and SMS-based payments.

Highlights:
i.The small business loan digital application will have access to the quantum of loan eligibility.

• The merchant can avail of working capital or short-term loans, a business card or loan on the business card.

ii.The bank also will launch a dedicated platform for vehicle loan customers.
iii. In order to provide customized services and responses to customer queries and complaints, the bank has also set up a digital customer hub that aims at giving an omnichannel experience.
iv.The bank also has its own mobile and other apps like Payzapp and Smartbuy platforms and will soon launch a digital credit card.
Note: The Reserve Bank of India (RBI) has recently lifted all the restrictions on HDFC Bank’s digital business, which was prohibited from issuing new cards until it had sorted out its tech problems in December 2020.
About HDFC Bank:
MD & CEO – Sashidhar Jagdishan
Establishment – 1994
Headquarters – Mumbai, Maharashtra
Tagline – We Understand Your World

ECONOMY & BUSINESS

OECD retains India’s FY24 GDP growth at 5.5%

On March 23, 2022, the Organization for Economic Cooperation and Development (OECD) in its ‘Economic Outlook for Southeast Asia, China and India 2022 – Financing Sustainable Recovery from COVID-19 (Volume 2022 Issue I)‘ retained India’s real Gross Domestic Product (GDP) at 5.5% in FY24, lower than 8.1% in 2022-23.

• The key obstacle to bond-market development in India is limited investor base; and insufficient liquidity in the secondary market.

Key Points:
i.China’s economy will grow 5.1% in both 2022 and 2023.
ii.The GDP of emerging Asia – China, India and the 10 members of the Association of Southeast Asian Nations (ASEAN) is projected to grow 5.8% in 2022, following a 7.4% expansion in 2021 and a 0.8% contraction in 2020.
iii.There are inflationary and supply chain risks amid the Ukraine-Russia war.
Click Here for Official Publication
About Economic Outlook for Southeast Asia, China and India:
It is a regular publication on regional economic growth and development in Emerging Asia. It focuses on the economic conditions of ASEAN members: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India.
About Organization for Economic Cooperation and Development (OECD):
Secretary General– Mathias Cormann
Headquarters– Paris, France 

Omnispace Forms Strategic Partnership with Nelco to Provide 5G NTN Service

Omnispace, a pioneer in global communications services (based in United States) and Nelco Limited, a TATA Group company & a leading satellite communication (Satcom) service provider in India have signed a strategic cooperation agreement to enable and distribute 5G non-terrestrial network (NTN), direct-to-device satellite services.
The collaborative effort aims to expand the reach of 5G using satellite communication throughout India and South Asia.

• Through this agreement, Omnispace emerged as the fifth Satcom operator actively waiting for the Indian market to provide satellite-based broadband connectivity.

Highlights:
i.The strategic alliance will benefit business critical applications such as Aero IFC and maritime communication as it will focus on enabling the use of 5G direct-to-device communications using Omnispace’s global NGSO satellite network across various market segments.

• The hybrid network enables the customers to connect their device with the terrestrial network as well as their satellite network in areas that are outside terrestrial coverage.

Similar Agreement of Nelco with Telesat, Canada:

Nelco has already collaborated with the Canadian satellite operator, Telesat, on terrestrial facilities, commercial distribution and regulatory frameworks to offer Telesat Low Earth Orbit (LEO) global satellite connectivity in India.
>> Read Full News

APPOINTMENTS & RESIGNATIONS       

Pushkar Singh Dhami sworn in as Chief Minister of Uttarakhand

On 23, March 2022, Pushkar Singh Dhami, Bharatiya Janata Party (BJP) leader and son of an ex-serviceman took oath as Chief Minister of Uttarakhand for his second consecutive term in Dehradun’s Parade Ground administered by the Governor Lt Gen (retd) Gurmit Singh. 
About the Swearing ceremony 
i.Along with him, eight cabinet ministers were also administered the oath.
ii.The Cabinet ministers are Satpal Maharaj, Dhan Singh Rawat, Rekha Arya, Ganesh Joshi,Subodh Uniyal along with the three new faces including  Chandan Ramdas, Premchand Agarwal and Saurabh Bahuguna. 
About Pushkar Singh Dhami
i.Pushkar Singh Dhami was born on 16 September 1975 in Kanalichhina village in Pithoragarh district of Uttarakhand.
ii.Pushkar Singh Dhami became the chief minister of the hill state at a young age of 46 years belonging to Bharatiya Janata Party (BJP). 
iii.He  has to get re-elected from any of the constituencies of Uttarakhand within a period of six months post which he ceases to be a Minister (Article 164(4) of Indian Constitution).
About Uttarakhand:
Governor – Lt Gen (retd) Gurmit Singh
Chief Minister – Pushkar Singh Dhami
Legislative Assembly strength – 70 members

ACQUISITIONS & MERGERS      

CCI approves Acquisition of Shareholding of Busybees Logistics Solutions Pvt Ltd by BXG Xenon HoldCo Ltd & TPG SF

The Competition Commission of India (CCI) has approved the acquisition of the shareholding in Busybees Logistics Solutions Private Limited, which operates in India under the brand name ‘Xpressbees’ by BXG Xenon HoldCo Limited and TPG SF

Acquisition of Xpressbees by Blackstone:
The proposed combination envisages the acquisition of certain equity shareholding on a fully diluted basis in BusyBees Logistics Solutions Private Limited (Target) by BXG Xenon HoldCo Ltd (Acquirer).

• BXG Xenon HoldCo Limited is controlled by funds advised and /or managed by affiliates of Blackstone Inc.
• Blackstone Inc, headquartered in the United States (US), is a global alternative asset manager.

About BXG Xenon HoldCo Ltd:
BXG Xenon HoldCo Ltd, controlled by funds advised and /or managed by affiliates of Blackstone Inc is a newly incorporated entity and at present does not have any business operations, in India or worldwide.
Acquisition of Xpressbees by TPG SF:
CCI has also approved the acquisition proposed by TPG Growth V SF Markets Pte Ltd (TPG SF) to acquire around 7% shareholding (on a fully diluted basis) of Xpressbees. 

• TPG SF is majority-owned and controlled by certain affiliates of TPG, Inc. the ultimate holding company of the TPG group, a global, diversified investment firm 
• The proposed transaction is notifiable under Section 5(a)(i)(A) of the Competition 

Act, 2002.
About BusyBees Logistics Solutions Private Limited:
BusyBees Logistics Solutions Private Limited operates in India under the brand name ‘Xpressbees’. 
It is engaged in the business of providing logistics and delivery solution services in India.   

RBI Gives Approval to SBI Group of Entities to Pick Up to 9.99% stake in ICICI Bank for 1 Year 

The Reserve Bank of India (RBI) approved SBIFML (State Bank of India Mutual Fund Limited), along with other SBI group companies, to acquire up to 9.99%  equity capital in the ICICI Bank. The approval to SBI Mutual Fund is valid for a period of one year that is up to 22 March, 2023.

• Earlier in December 2021, SBI Mutual Fund had 5.72% stake in ICICI Bank.
• RBI instructed SBIFML to ensure that the SBI groups shareholding remains below 10% at all times.

The approval is subject to compliance with the provisions of Banking Regulation Act 1949. 
Highlights: 
i.In 2021, the RBI set up an Internal Working Group (IWG) which was formed to review ownership guidelines and corporate structure for Indian private sector banks. 
ii.RBI also allowed financial institutions, supranational institutions, public sector undertakings to have 15% stake in private sector banks.

• Prior  approval from the RBI is required for such an entity to pick up more than 5% stake in a private sector bank.

About Reserve Bank of India (RBI):
Headquarters-Mumbai, Maharashtra
Founded-1 April 1935
Governor– Shaktikanta Das

SCIENCE & TECHNOLOGY

India successfully test fired the surface to surface BrahMos Supersonic Cruise missile from Andaman and Nicobar Island

On 23, March 2022, India successfully test fired a surface-to-surface ‘BrahMos’ supersonic cruise missile extended range from Andaman and Nicobar Island. This 290 Km Missile range has a top speed of Mach 2.8 nearly three times the speed of sound and missile range will be extended. 
About BrahMos Missile:
i.The BrahMos missile, is a Medium-range Ramjet Supersonic Cruise Missile that can be launched from Submarine, Surface Warship, Aircraft or Land against surface and sea-based targets.
ii.It is jointly developed by Russia’s Federal State Unitary Enterprise NPO Mashinostroyenia (NPOM) and India’s Defence Research and Development Organisation (DRDO).
iii.The name BrahMos is a portmanteau formed from the names of two rivers, the Brahmaputra of India and the Moskva of Russia.
iv.The payload can be both conventional and nuclear warheads of up to 300 kilogram. 
v.The first air launch of BrahMos was successfully carried out from a Su-30MKI fighter aircraft in 2017.
Related news 
i.Earlier this month, the Indian Navy had successfully demonstrated an extended-range land-attack Brahmos supersonic cruise missile from the stealth destroyer INS Chennai with a pin point accuracy.
ii.In a boost to AtmaNirbhar Bharat, The BrahMos Aerospace Private Limited (BAPL) signed a $375 million deal with the Department of National Defence of the Republic of Philippines to deliver 290 km  Shore Based BrahMos Anti-Ship Missile System.
About BrahMos Aerospace
Chief Executive officer and Managing Director – Atul Dinkar Rane
Headquarters – New Delhi
About Defence Research and Development Organisation
Chairman – Dr G Satheesh Reddy
Headquarters – New Delhi

OBITUARY

Former Chief Justice of India R.C. Lahoti passed awayFormer Chief Justice of India (CJI), Ramesh Chandra Lahoti(35th CJI) passed away at the age of 81 years in New Delhi.
About Justice Ramesh Chandra Lahoti:
i.Ramesh Chandra Lahoti was born on 1st November 1940 in Guna, Madhya Pradesh (MP). ii.He was appointed as an Additional Judge of the Madhya Pradesh High Court in 1988 and later became a permanent judge in 1989.
iii.He was appointed as the 35th CJI on 1st June 2004 & retired on 1st November, 2005. 
iv.He was a former independent director on the Board of directors of the Press Trust of India..
v.He was appointed as an arbitrator by the Government of India in the ₹20,000 crore high-profile tax dispute case with Vodafone telecom company. 
Books authored by Ramesh Chandra Lahoti:

• ‘’Preamble: The Spirit and Backbone of the Constitution of India’’
• ‘’Canons of Judicial Ethics’’

IMPORTANT DAYS

World Tuberculosis Day 2022 – March 24

World Tuberculosis(TB) Day is annually observed across the globe on 24th March to create awareness about the global epidemic of tuberculosis (TB) and highlight the health, social and economic consequences of TB. 
World TB Day is one of the 13 official global public health campaigns(10 days and 2 weeks and 1 year) marked by the World Health Organization (WHO). 
The theme of World TB Day 2022 is “Invest to End TB. Save Lives”. 
Under this theme, WHO calls for increased investments into TB services and research.
Why March 24?
The date (March 24) marks the day in 1882 when Dr Robert Koch, a German physician and microbiologist, announced to the Berlin Physiological Society that he had discovered the bacterium, Tubercle Bacillus, that causes tuberculosis (TB).
>> Read Full News

International Day for the Right to the Truth Concerning Gross Human Rights Violations and for the Dignity of Victims 2022 – March 24 

United Nations(UN)’s International Day for the Right to the Truth Concerning Gross Human Rights Violations and for the Dignity of Victims is annually observed across the globe on 24th March to pay tribute to the memory of Monsignor Óscar Arnulfo Romero, who was murdered on 24 March 1980 after denouncing violations of the human rights of the most vulnerable individuals in El Salvador.
Background:
i.On 21 December 2010, the United Nations General Assembly (UNGA) adopted the resolution A/RES/65/196 and proclaimed the 24 March of every year as the International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims.
ii.The day was first observed on 24th March 2011. 
>> Read Full News

STATE NEWS

Kerala Tourism Dept. Launches 24/7 WhatsApp Chatbot ‘Maya’ 

The Tourism Minister of Kerala,  P A Mohamed Riyas launched ‘Maya’, a 24×7 working WhatsApp chatbot to provide information and updates related to the tourism ecosystem in Kerala.

• Billed as the first such service in the country, Maya shares all information on destinations, experiences, stay, travel and a whole lot of details that will keep them updated about the places they travel through or stay in the State.
• To enable the chatbot, tourists have to send a ‘Hi’ to the WhatsApp no: 7510512345 or by scanning the QR code to access the service.

Highlights: 
i.The chatbot  Maya will work as a virtual travel assistant for tourists and provide complete information for hassle-free travel experience.
ii.It will assist tourists to also know about experience-oriented locations, important spots, historical places, eco-tourism, arts and culture hubs, festivals, local food, visa information, Covid-19 protocol, weather update, etc.
About Kerala:
Chief Minister- Pinarayi Vijayan
Airport-Kannur International Airport, Calicut International Airport
Ramsar Sites – Vembanad-Kol Wetland, Sasthamkotta Lake

Chief Minister Of Nagaland Presented The Deficit Budget Of Rs 2212.74 crore For The FY 2022-23The Chief Minister (CM) of Nagaland, Neiphiu Rio, who also holds the Finance portfolio of Nagaland has presented the deficit budget of Rs 2212.74 crore for the Financial Year (FY) 2022-23. The budget focused on the livelihood of people, farmers, infrastructure and also to promote the field of arts, sports, etc.
Receipts And Expenditure:
i.The gross receipts and gross expenditure of the budget is estimated to be Rs 24,389.80 crore and Rs 24,239.50 crore respectively for FY 2022-23.
Flagship Schemes Of The Budget 2022-23:
i.Chief Minister’s Micro Finance Initiative:

• The scheme provides credit to farmers, Self Help Groups (SHG), Farmer producer organisations in the form of subsidy for the activities in the agri sector.

ii.Chief Minister’s Health Insurance Scheme:

• This scheme provides health coverage upto Rs 5 lakh per annum per family of the state irrespective of their income.
• The scheme provides cashless service coverage in both government and private hospitals.

iii.Target Champion Scheme (TACS):

• This scheme spots talented athletes and provides them with scholarships for training and development to become champions.

About Nagaland:
Governor – Jagdish Mukhi
Festivals – Ngada Festival, Hega Festival
Dance Forms – War Dance, Zeliang Dance
>> Read Full News

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