Current Affairs 26 August 2022

We are here for you to provide the important Recent and Latest  Current Affairs 26 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

NHLML, IWAI, & RVNL signs Pact for Swift Development of modern MMLP under Bharatmala Pariyojna 

i.On August 24, 2022, a tripartite agreement was signed between the National Highways Logistics Management Limited (NHLML), Inland Waterways Authority of India (IWAI) and Rail Vikas Nigam Limited (RVNL) which envisages swift development of modern Multi Modal Logistics Parks (MMLP) under Bharatmala Pariyojna across India.
ii.Its objective is to centralize freight consolidation and reduce logistics cost from 14% to less than 10% of GDP (Gross Domestic Product) at par with International Standards.
iii.It was signed by Prakash Gaur, Chief Executive Officer (CEO), NHLML; Ravi Kant, Chief Engineer & Project Manager for IWAI, and Vikas Awasthi, Executive Director (Planning), RVNL.
About Ministry of Road Transport and Highways (MoRTH):
Union Minister– Nitin Jairam Gadkari (Constituency- Nagpur, Maharashtra)
Minister of State (MoS)– General (Retd) Vijay Kumar Singh (Constituency- Ghaziabad, Uttar Pradesh)
>> Read Full News

PM Modi Formally Inaugurates Homi Bhabha Cancer Hospital in Punjab, & Amrita Hospital in Haryana

Prime Minister (PM) Narendra Modi dedicated the Homi Bhabha Cancer Hospital & Research Centre to the nation at Mohali, Punjab, with the goal of offering top-notch cancer care to inhabitants of Punjab and neighbouring States/Union Territories (UTs).

• The event was attended by Banwarilal Purohit, Governor of Punjab; Bhagwant Mann, Chief Minister (CM) of Punjab & Union Minister Dr. Jitendra Singh.

Core Features of the Cancer Hospital
i.The Cancer Hospital is a 300-bed tertiary care hospital established at a cost of about Rs. 684 crore by Tata Memorial Centre, a grant-in-aid institution under the Department of Atomic Energy (DAE), Government of India (GoI).
ii.It has advanced facilities to treat all kinds of cancers using every possible treatment option such as Surgery, Radiotherapy, And Medical Oncology including Chemotherapy, Immunotherapy and Bone Marrow Transplant.
iii. With a 100-bed hospital in Sangrur, Punjab, the hospital will serve as a “hub” of cancer care and treatment in the region.
Amrita Hospital in Faridabad, Haryana
PM Narendra Modi inaugurated the Amrita Hospital in Faridabad, Haryana, providing a significant boost to modern healthcare infrastructure in the National Capital Region (NCR).

• The event was attended by Bandaru Dattatreya, Governor of Haryana; Manohar Lal Khattar, CM of Haryana & Dushyant Chautala, Deputy CM of Haryana.

Core Features of Amrita Hospital
i.Amrita Hospital is a 2600-bed super-speciality private hospital built at a cost of Rs. 6000 crore and administered by Mata Amritanandamayi Math.
ii.It will feature eight Centres of Excellence (CoEs), including gastro-sciences, renal sciences, bone diseases & trauma, transplants, and mother & child care, as well as a medical college. It will also offer cutting-edge technology, including a fully-automatic central laboratory.
iii. The hospital is anticipated to be completely operational over the course of 5 years in stages. When completed, the 81-specialty hospital would be the largest private hospital in Delhi-NCR and India.

Ministry of Chemicals & Fertilizers Implements ‘One Nation One Fertilizer’ Plan Under ‘Bharat’ Brand  

The Ministry of Chemicals and Fertilizers has decided to implement the “One Nation One Fertilizer” initiative by introducing a “Single Brand for Fertilizers and Logo” under the “Pradhan mantri Bhartiya Janurvarak Pariyojna” (PMBJP) fertilizer subsidy scheme.

• It has issued an order mandating all businesses to sell their products under the single brand name “Bharat” in order to achieve uniformity in fertilizer brands throughout India.

Under the PMBJP scheme, the Central Government provides fertilizer subsidies on an annual basis.
Key Mandates of the Order
i.In accordance with the order, all fertilizer bags, regardless of whether they contain Urea, Di-Ammonium Phosphate (DAP), Muriate of Potash (MOP), or NPK (Nitrogen, Phosphorus & Potassium (K-Kalium)), would bear the brand name “Bharat Urea”, “Bharat DAP”, “Bharat MOP” and “Bharat NPK”, respectively, for all Fertilizer Companies, State Trading Entities (STEs) and Fertilizer Marketing Entities (FMEs).
ii.The new “One Nation One Fertilizer” scheme only permits companies to display their name, brand, logo, and other relevant product information on one-third of their bags.

• The order also directed that the Bharat Brand and the logo of the PMBJP shall be featured on two-thirds of the fertilizer bags.

iii. Fertilizer companies are urged not to procure old designed bags w.e.f. September 15, 2022.
iv.The new bags under One Nation One Fertilizer initiative will be made available w.e.f. October 2, 2022.
v.To exhaust the market of outdated designed bags, a wait time of four months i.e., upto December 12, 2022, has been assigned.
vi.The Fertilizer Companies are advised to comply with the other terms and conditions of the Meteorology Act and the Packaged Commodities Act.

INTERNATIONAL AFFAIRS

Visit of Minister of State for External Affairs & Culture Meenakashi Lekhi to Norway, Iceland and Malta – August 16-23, 2022

Meenakashi Lekhi, Union Minister of State (MoS), Ministry of External Affairs (MEA), and Ministry of Culture, visited Norway, Iceland, and Malta on an official visit from August 16 – 23, 2022.
MoS Meenakashi Lekhi visited Norway from August 16–18, 2022, and met with Ms. Anniken Huitfeldt, Minister of Foreign Affairs of Norway, Mr. Tore Hattrem, Secretary General, and Mr. Erling Rimestad, State Secretary, Ministry of Foreign Affairs of Norway.
i.A Memorandum of Understanding (MoU) about the predictive eye screening for diabetes was signed in the presence of MoS Meenakashi Lekhi by RetinaRisk, a local health technology firm in Iceland, and Sankara Nethralaya, a charitable not-for-profit eye hospital in India.
ii.In addition, MoS had a discussion with the Director and Board Members of the Mediterranean Academy of Diplomatic Studies (MEDAC), University of Malta, which has an MOU with the Sushma Swaraj Institute of Foreign Service (SSIFS), MEA, India, to improve cooperation between the diplomatic institutes of the two nations.
About Norway:
Prime Minister – Jonas Gahr Støre
Capital – Oslo
Currency – Norwegian krone (NOK)
>> Read Full News

GWEC and MEC+ Report: India can Add Additional 23.7 GW of Clean Energy by 2026

On 24th August 2022,  the Global Wind Energy Council (GWEC) and MEC Intelligence (MEC+) released the 3rd edition report titled ‘Renewing wind growth to power the energy transition: India Wind Energy Market Outlook 2026’ which suggests that India can add another 23.7 Gigawatts(GW) within next 5 years(2026) provided necessary enabling policies, facilitative instruments, and the right institutional interventions are put in place
The report highlights that Wind energy’s critical relation with India’s green energy transition.
About the report:
i.As of March 2022, wind power constituted the majority of the renewable energy mix in India which accounted for 37.7% of the total installed capacity in India.
ii.The estimated capacity is lower than the installed capacity which accounts to over 600 GW of on-shore capacity at 120m hub height along with 174 GW of fixed bottom and floating off-shore wind potential.
iii.This shows a significant amount of untapped wind energy potential which will help in advancing India’s clean energy transition.
iv.The outlook also finds that the market in India was affected by the COVID-19 pademic coupled with global supply chain challenges.

• Since 2021, around 2.65 GW of the SECI awarded wind or solar hybrid tenders and 3.5 GW of standalone wind projects were awarded.

BANKING & FINANCE

RBI imposes restrictions on Thodupuzha Urban Co-operative Bank for 6 months

i.The Reserve Bank of India (RBI) in exercise of powers conferred under sub section (1) of Section 35A of the Banking Regulation (BR) Act, 1949, read with Section 56 of BR Act, 1949 imposes restrictions on Thodupuzha Urban Co-operative Bank, Kerala for 6 months starting August 23, 2022, and are subject to review.
ii.On the other hand, RBI has lifted the restrictions imposed on American Express Banking Corp. (AEBC) after the latter has demonstrated satisfactory compliance with regard to Storage of Payment System Data.
About American Express Banking Corp (AEBC) India:
Interim CEO and COO– Sanjay Khanna
Headquarters– Gurugram, Haryana
>> Read Full News

PGA Labs report: SBI Topped in Market Share of Debit cards; HDFC Topped in Credit cardsAccording to the data collated by PGA Labs, State Bank of India (SBI) remained the top player with 30 percent market share of debit cards as of June 2022, despite 6 percent decline in year-on-year (Y-o-Y) growth and HDFC Bank has topped the credit card chart with 22 percent market share.
From the report:
i.Debit card – The Bank of Baroda (BoB) has ranked 2nd with 8 percent market share followed by Bank of India, Canara Bank, Union Bank and Punjab National Bank (PNB) with 5 percent market share.
ii.Credit card – The HDFC was followed by SBI (18%), ICICI Bank (17%), Axis Bank (12%), RBL Bank (5%) and Kotak Mahindra Bank (5%).

About State Bank of India (SBI)
Established in – 1955
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
>> Read Full News

Tata Neu & HDFC Bank Partners to Launch Two Co-branded Credit Card Variants

On 24th August 2022, Tata Neu, India’s first super app from Tata Group and HDFC Bank partnered to launch co-branded credit cards in two variants that includes Tata Neu Plus HDFC Bank Credit Card and Tata Neu Infinity HDFC Bank Credit Card.
Key Highlights:
i.Tata Neu customers can apply for credit cards on the Tata Neu app and each of its two variants will be available on both RuPay and Visa networks.

• Customers can choose from a wide range of categories that includes grocery, travel, electronics, fashion, health, and wellness.

Benefits:
i.The customers will earn rewards on all spending, both online and in-store in the form of NeuCoins (1 NeuCoin equals 1 Rupee).
ii.Customers will also earn 2 percent NeuCoins with Tata Neu Plus HDFC Bank Credit Card and 5 percent NeuCoins with Tata Neu Infinity HDFC Bank Credit Card on all purchases on Tata brands (both online and in-store purchases).

• For purchases beyond Tata brands (both domestic and international), customers will earn 1 percent and 1.5 percent NeuCoins on each card variant respectively.
• The existing rewards can also be boosted for Tata Neu customers on every purchase made through the Tata Neu app.

iii.In addition, a benefit of 5 percent NeuCoins will be provided, by which customers can now earn a total of 7 percent or 10 percent of the value of their spends on the Tata Neu app depending on the card variant.

BoB Financial & the Indian Army Launches Yoddha, Co-branded RuPay Contactless Credit Card for Army Personnel

On 24th August 2022, BOB Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of Baroda (BoB) and the Indian Army launched Yoddha, a co-branded RuPay credit card for the Indian Army personnel, in partnership with National Payments Corporation of India (NPCI).

• It will be equipped with contactless features and will be offered on the RuPay Platform.

Key Points:
i.Yoddha includes attractive welcome, activation and spend-based gifts along with complimentary domestic airport lounge access and golf games/lessons.

• The card will also offer best-in-class features and benefits along with democratic choice, for the Indian Army personnel.

ii.Other features – It also covers Personal Accident insurance, 1 percent Fuel Surcharge Waiver, LTF Add-Ons, Equated Monthly Instalments (EMI) offers and periodic merchant offers through tie-ups done by both BOB Financial and NPCI.

• This co-branded credit card will be offered Life Time Free (LTF) to all Indian Army personnel including reward points.

About BOB Financial Solutions Limited (BFSL):
BOB Financial Solutions Limited a Non-Banking Financial Company (NBFC), wholly owned by the Bank of Baroda (BoB).
MD & CEO – Shailendra Singh
Establishment – 1994
Headquarters – Mumbai, Maharashtra

PoPs to get 0.20% of the NPS D-Remit Contribution w.e.f. Sept 1, 2022: PFRDA 

On August 22, 2022, the Pension Fund Regulatory and Development Authority (PFRDA) announced that a trail commission of 0.20% of the NPS (National Pension System) D-Remit (Direct Remittance) contribution amount will be paid to Points of Presence (PoPs) from September 1, 2022.

• The trail commission on D-Remit contributions made by NPS subscribers who were on-boarded by the respective PoPs will be similar to eNPS.
• The PoPs will get a minimum Rs 15 and maximum Rs 10,000, under this.

Reason behind this decision:
i.To support POPs for their significant efforts and resources deployed by them for sourcing NPS Accounts and make them sustain their NPS outreach efforts
ii.To compensate PoPs players who were losing fees.
What are PoPs?
PoPs are banks, non-banking financial companies (NBFCs) and other players which register and service subscribers under NPS. They are the first point of interaction between the subscriber and NPS.
What is D-Remit (Direct Remittance)?
PFRDA had introduced the D-Remit facility for the subscribers wherein they could deposit their voluntary contributions with greater ease by creating a static Virtual ID linked to their Permanent Retirement Account Number (PRAN) and remit the amount from their Bank Account

• It optimises investment return for subscribers by offering same-day net asset value (NAV) if the trustee bank receives the contributions before 9.30 am.
• A D-Remit contribution must be at least Rs. 500 in value.

Click Here for Official Notification 

APPOINTMENTS & RESIGNATIONS          

SBI Securities appointed Deepak Kumar Lalla as the new MD & CEO

SBI Securities, a wholly-owned subsidiary of SBI Capital Securities Limited (SBICAP), has appointed Deepak Kumar Lalla as the new Managing Director (MD) & Chief Executive Officer (CEO). He succeeded Naresh Yadav.

• Prior to this appointment, he served as the  Head of the Wealth Management Business for the State Bank of India (SBI).
• SBI Securities, a part of the State Bank group, is engaged in DEMAT/Broking/Investment Products distribution and Retail Assets Acquisition for SBI.

About Deepak Kumar Lalla:
i.Deepak Kumar Lalla joined SBI in 1985 and has  37 years of experience in the field of banking and finance management.
ii.He holds a Master’s degree in Commerce and a Diploma in Banking & Finance from Rajasthan University.

IDFC appoints Mahendra Shah as MD & CEO from October 1

On August 24, the Board of Infrastructure Development Finance Company (IDFC) Limited appointed Mahendra N Shah, the Company secretary & Compliance Officer of IDFC FIRST Bank Limited, as the Managing Director (MD) and Chief Executive Officer (CEO) starting from October 1, 2022, till September 30, 2023.

• Mahendra N Shah will replace Sunil Kakar whose tenure ends on September 30, 2022.

About Mahendra Shah:
i.Shah worked as Director Finance and Company Secretary with International Paper Limited for 6 years. He was incharge of the finance function and regulatory compliances.
ii.He joined IDFC in 2001 and was designated as the Company Secretary & Compliance Officer of IDFC Limited from May 24, 2019.

Note: RBI Made IDFC become the first Non-Banking Finance Company (NBFC) to be classified as Infrastructure Finance Company (IFC)

ACQUISITIONS & MERGERS    

Bharti Telecom to buy 3.33% Airtel Stake from Singtel for Rs 12,895 crore;TVS Motor acquires 48.27% stake in DriveX

Bharti Telecom Limited (BTL) the promoter of Bharti Airtel and a joint venture between Bharti Enterprises and Singapore-based Singtel will acquire a 3.33% stake in Bharti Airtel from Singapore-based telecommunications company (Singtel) for Singapore dollars 2.25 billion (Rs 12,895 crore) in 90 days.
After the stake purchase, the direct shareholding of Singtel will stand at 10% and Bharti Airtel at 6%.
Key Points:
i.BTL exposed the agreement of Singtel to transfer 3.33% shares to the company for a lump amount of Rs 12,895 crore.
ii.Sunil Mittal, the Chairman of Bharti Enterprises confirmed that this transaction will remain under the principal vehicle of Bharti Telecom to hold controlling shares in Airtel. The company and Singtel have a mutual agreement on working towards equalising their effective stake in Airtel.
iii. Bharti Telecom at present holds 35.85% stake in country’s second largest telecom service provider Bharti Airtel.
TVS Motor acquires 48.27%  stake in Narain Karthikeyan’s Two-Wheeler Start-up DriveX
On 24th August 2022, TVS Motor Company announced it will acquire 48.27 % stake in NKares Mobility Millennial Solutions Private Limited (NMMSPL) for Narain Karthikeyan’s pre-owned two-wheeler start-up ‘DriveX’ for a consideration of Rs.85 crore.
i.NMMSPL operates under the brand ‘DriveX’ which was founded by  Formula 1 driver Narain Karthikeyan.
Note: TVS stands for Thirukkurungudi Vengaram Sundram, the founder of the TVS group.
Key Points:
i.TVS’s investment in DriveX is aimed at enabling innovative solutions to lead this transformation.
ii.Narain karthikeyan, founder and Chief Executive Officer (CEO) of DriveX shared the analytics-led capabilities across the value chains of DriveX by serving all brands and the pre-owned two-wheeler platform is a digital-first business.
iii. In the Financial year 2021-2022, DriveX reported a turnover of around Rs 9 crore and the acquisition will be completed by November 30, 2022
About Bharti Airtel:
MD & CEO : Gopal Mittal
Established: 7th July, 1995
Parent Organisation: Bharti Enterprises
Headquarters: New Delhi, Delhi.
About TVS Motor Company:
Founder: Thirukkurungudi Vengaram Sundram
Established in: 1992 (Incorporation Year); Founded: 1978
Headquarters: Chennai, Tamilnadu.    

SCIENCE & TECHNOLOGY

Union Govt Launches Rashtriya Puraskar Portal; Nominations Open for Various Awards

The Union Government has launched Rashtriya Puraskar Portal (https://awards.gov.in) to bring together all the awards of the various Ministries, Departments and agencies of the government under one platform.

• This has been launched to ensure transparency and public partnership.
• It also facilitates every citizen or organisation to nominate individuals/organisations for various Awards instituted by the Government of India (GoI).

Highlights:

The nominations or recommendations for the Padma Awards are open till 15th September 2022 while nominations or recommendations for Jeevan Raksha Padak will be open till 30th September 2022.

• Individuals and organisations can visit Rashtriya Puruskar Portal for making their nominations or recommendations for various awards constituted by the government.

Awards and last date for nominations:

SPORTS

India’s Tour of Zimbabwe 2022: India Wins Kajaria Cup, Defeats Zimbabwe to win the series 3-0

Indian Cricket Team has won the Kajaria Cup India Tour of Zimbabwe One Day International (ODI) Series 2022 (3-0)  defeating Zimbabwe in the 3rd and final One Day International (ODI) at Harare Sports Club, Harare, Zimbabwe. The ODI series formed part of the inaugural 2020–2023 ICC Cricket World Cup Super League.

• India registered a 13-run victory and clinched the ODI series by 3-0.
• Rohit Sharma in 2010, KL Rahul in 2016, and Shubman Gill in 2022 – all scored their maiden ODI century in Zimbabwe.
• The Indian Cricket team was led by KL Rahul, while Zimbabwe was led by Regis Chakabva.

Shubman Gill brokes Sachin Tendulkar’s 24-year-old massive ODI record in the innings
India’s opener Shubman Gill (22 years) broke legendary Sachin Tendulkar’s 24-year-old record by scoring his maiden international century against Zimbabwe in the third ODI.

• In 1998 Sachin Tendulkar scored 127 runs at Queens Sports Club Ground in Bulawayo, Zimbabwe. Shubman Gill had surpassed that score with 130 off 97 balls, hitting 15 fours and a six in an innings.
• Shubman Gill shared a 140-run third-wicket partnership with Kishan, who reached his half-century before being run out by Tony Munyonga.

About Shubman Gill:

• He is an Indian international cricketer who plays for Punjab in domestic cricket as a right-handed opening batsman.
• He was the vice-captain of the India U-19 team for the 2018 Under-19 Cricket World Cup.
• Shubman Gill, from Punjab, also became the 2nd youngest Indian with an ODI hundred against Zimbabwe at the age of 22y 348 days after Mohammed Kaif (21y 287d).
• He was also adjudged as the “Player of the Series” for scoring 245 runs in 3 ODIs.

OBITUARY

Vijaya Bank Ex-chairman Sadananda Shetty passes away

Sadananda Shetty, former Vijaya Bank chairman and founder and serving Chairman of Soham Group of Companies, passed away at the age of 85 years in Nice city, France. He was the current President of Renewable Energy Developers Association of Karnataka.

• He served as the Chairman of Vijaya Bank, which has now merged with Bank of Baroda(BoB), from 1983 to 1990.
• He also served as the vice-chairman of Indian Banks Association and served on the boards of Air India and Industrial Reconstruction Bank of India.

BOOKS & AUTHORS

Former VP  M Venkaiah Naidu launches a book ‘’A New India: Selected Writings 2014-19’’

Former Vice President of India, M Venkaiah Naidu released  Arun Jaitley’s book(pubished posthumously) titled “A New India: Selected Writings 2014-19”, a collection of articles penned by former Union Minister and BJP leader Arun Jaitley who passed away on 24 August 2019.

• The book, published by Juggernaut Publication, was launched to pay tribute to Arun Jaitley on his third death anniversary on August 24, 2022.
• Arun Jaitley, a senior advocate of the Supreme Court, served as the Minister of Finance and Corporate Affairs from 2014 to 2019.

Economist Stefan Dercon authored new book titled “Gambling on Development”

Economist and Government Adviser Professor Stefan Dercon’s insightful book “Gambling on Development: Why Some Countries Win and Others Lose” published by C Hurst & Co Publishers Ltd (5th May 2022) brings out the query why some countries have prospered and others have failed to develop. 
He also mentioned that in the past 3 decades the developing world has undergone tremendous change by studying the development of all countries.

• Stephan put forth that on the whole, poverty has Fallen, People live longer and healthier lives, and economies have been transformed but still many countries have not taken the right path for its development.
• He gave 3 conditions to ensure a development bargain:

i.Long periods of peace and stability are essential for development.
ii.Should find the balanced requirements of what the state should do and what it can do (a mature, sensible state).
iii. The ability to learn from mistakes and course-correct.

Journalist Nilanjana Bhowmick authored new book titled “Lies Our Mothers Told Us” 

An Independent Journalist, Nilanjana Bhowmick’s book “Lies Our Mothers Told Us: The Indian Woman’s Burden” published by Rupa & Co; Aleph Book Company, on 5 July 2022. This book takes a close look at gender inequality and the burdens they carried over from a very young age. 

• Nilanjana wrote this book to narrate a childhood spent watching her mother battle towards the cave that is an Indian woman’s married life.
• She showed how the Indian woman weighed by the domestic burdens and responsibilities outside the home. 
• Women who have fought for equal rights and won are: Savitribai Phule, Mahasweta Devi, Amrita Pritam, Medha Patkar, Kamla Bhasin, and countless others, since the 19th Century.

Piyush Goyal unveiled Booklets and Documents on Future Ready Commerce

The Union Minister of Commerce and Industry, Piyush Goyal released the booklets and documents ‘The Department of Commerce Restructuring Dossier’ which are being restructured to make it ‘Future ready’ by the Department of Commerce. It was released on 23rd August 2022 in New Delhi, Delhi.

• The target on releasing restructuring places an ecosystem to achieve USD 2 trillion exports by 2030.
• Goyal made sure that this exercise would not cause any reduction in manpower in the ministry and will have discussions before the plan is ready for rollout.

IMPORTANT DAYS

World Water Week 2022- August 23 to September 1

World Water Week is annually observed across the globe on the last week of August to address the global water issues and related concerns of international development.
World Water Week 2022 takes place from 23 August to 1 September.

• World Water Week 2021 was observed from 23rd to 27th August 2021.
• World Water Week 2020 was observed from 24th August to 28th August 2020.

The World Water Week is an annual event organized by the Stockholm International Water Institute (SIWI).
The theme of the 2022 World Water Week is “Seeing the unseen: The value of water”.
>> Read Full News

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