Current Affairs 26 March 2022

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

IGSTC signs MoU with Tata Steel & LoI with BASF for Scientific Cooperation & Partnerships

On March 21, 2022, Indo-German Science and Technology Centre (IGSTC) signed a Memorandum of Understanding (MoU), and Letter of Intent (LoI)  with Tata Steel Ltd and Mumbai (Maharashtra)-based BASF Chemicals India Pvt Ltd (BASF), respectively.

• IGSTC has been established by the Department of Science and Technology (DST), Govt of India, and the German Federal Ministry of Education and Research (BMBF).

IGSTC’s MoU with Tata Steel Ltd:
Under this MoU, there will be a joint collaborative Research & Innovation (R&I) framework to facilitate new technologies development, conduct thought leadership workshops, and support human capital development. Their collaboration will also focus on innovation in the areas of Climate change, Greening of the Industrial sector, Emerging technologies in new materials.
IGSTC’s LoI with BASF:
This partnership will foster Science and Technology led innovations through Indo-German R&D networking, and research in PPP (Public Private Partnership) mode.

• BASF will jointly support the IGSTC’s Industrial Fellowships under the categories of Ph.D. Industrial Fellowships and Post-Doctoral Fellowships by providing exposure to young Indian researchers at BASF facilities in Germany.

Dr. Jitendra Singh Launches Data-Driven Research to Eradicate TB- “Dare2eraD TB”

On the occasion of World Tuberculosis(TB) Day(24th March 2022), Dr Jitendra Singh, Union Minister of State (Independent Charge) Science & Technology, launched the Data-Driven Research to Eradicate TB- “Dare2eraD TB” by the Department of Biotechnology(DBT), Ministry of  Science & Technology(MoS&T)

• The program was launched during the “STEP Up to End TB 2022” Summit organised on the occasion of World TB Day 2022. 

Note: India aims to reach the goal of a TB Mukt Bharat (TB-free India) by 2025, 5 years ahead of the target for TB set by Sustainable Development Goals 2030. 
About Dare2eraD TB:
i.The Dare2eraD TB programme will be based on Indian data, and the formation of a Genome Sequencing Consortium for Whole-Genome Sequencing (WGS) TB surveillance. 
ii.Dare2eraD TB will be the umbrella TB program of DBT comprising the key initiatives like,  

• InTGS – Indian Tuberculosis Genomic Surveillance Consortium;
• InTBK Hub- Indian TB Knowledge Hub- Webinar Series;
• Host Directed therapies against TB and developing an evidence-based regimen for treating extra-pulmonary Tuberculosis.

STEP Up to End TB 2022 Summit:

On the occasion of World TB Day 2022, Anandiben Patel, Governor of Uttar Pradesh(UP), virtually inaugurated the “Step Up to End TB- World TB Day Summit” at Vigyan Bhawan, New Delhi, Delhi. 
Other highlights of the summit:
i.Several reports and new interventions were released during the summit which includes, 
India TB report 2022 and National TB Prevalence Survey Report showed the TB status in India. 
ii.Report on C-TB (new skin test for TB infection diagnosis), Standard Treatment Workflows for Management for Extra-pulmonary TB & Paediatric TB (book & Mobile Application) were also released.
iii.Indian TB Genomic Surveillance Consortium (InTGS) was announced during the summit.
iv.The 21-day campaign through Ayushman Bharat- Health & Wellness Centres to kindle a Jan Andolan, and culminating on 14th April 2022 was also launched.

Central Govt extends Timeline for Converting Debt into Equity Shares for Startups to 10 years

The Central Government has extended the timeline for startups to 10 years from 5 years to convert debt investment in a company into equity shares, from the day when initial convertible note was issued. 

• This amendment was made during the review of the extent of FDI policy in India by the Department for Promotion of Industry and Internal Trade (DPIIT) where the entity announced various amendments.
• DPIIT works under the aegis of the Ministry of Commerce and Industry.

What conversion of debt investment into equity shares in startups?
An investor can invest in a startup using convertible notes viz. debt or loan instruments. These are repayable by the startup at the option of the investor or can be converted into equity shares after the company has achieved some milestone. Now, the period for this conversion is set for 10 years. 

• This extension will secure the startups till further fundings, and from the impact of COVID-19 and liquidity issues.

Tripartite Agreement Signed between ICIMOD, NDPL & SDCL to Promote Yak Dairy Enterprise in Nepal

On March 23, 2022, a tripartite agreement was signed between the International Centre for Integrated Mountain Development (ICIMOD), Surketham Dairy Cooperative Limited (SDCL), and Nepal Dairy Pvt. Ltd (NDPL). It will promote yak dairy enterprise to sustain the age-old yak herding culture in the highlands of Eastern Nepal.

• They will collaborate in processing, product diversification, and market linkages for yak products.

Signatories:
i.Pema Gyamtsho, Director General, ICIMOD, 
ii.Heramba B. Rajbhandary, Executive Chairman, NDPL, 
iii.Maita Bahadur Libang, Chairperson, SDCL
Aim:
To develop a viable yak-based business model to generate employment opportunities for rural youth in the Kangchenjunga Landscape of Nepal.
Reason behind this partnership:
Due to climate change and socioeconomic issues the interest in yak herding is reduced. In 2009, SDCL, an institution formed by the yak and cattle farmers in Panchthar district, Nepal, ventured into yak dairy processing. However, it has not been able to succeed. Now, to save yaks and yak farming culture from extinction, the Kangchenjunga Landscape Conservation and Development Initiative (KLCDI) under ICIMOD approached NDPL for this partnership.

India’s first-ever SAI NCOE for MTB and BMX to be set up in Shimla, HP

The Ministry of Youth Affairs and Sports in collaboration with Department of Youth Services and Sports of Government of Himachal Pradesh, sets up India’s first-ever Sports Authority of India (SAI) National Centre of Excellence (NCOE) to train athletes in Mountain Terrain Biking (MTB) and Bicycle Motocross (BMX) in Shimla, Himachal Pradesh.

i.The National Centre of Excellence (NCOE) is set up with an aim to provide world-class training facilities to Indian cyclists to compete for the 18 Olympic medals in the disciplines of MTB and BMX. 

ii.The SAI-NCOE is a high altitude (2000 feet above sea level) world-class infrastructure to train 200 cyclists with a state-of-art sports science high performance centre, 1 Cross-country Olympics (XCO)-level track, 1 BMX track, 1 state-of-the-art indoor gymnasium, an indoor setup with virtual trainers and coaches of international repute.

About Sports Authority of India
SAI is an autonomous body under the Ministry of Youth Affairs and Sports
Headquarters – New Delhi, Delhi
Director General- Sandip Pradhan, Indian Revenue Service (IRS).
About Himachal Pradesh
Governor – Rajendra Vishwanath Arlekar.
Chief minister – Jai Ram Thakur.

BANKING & FINANCE

Central Govt sets Rs 1-trillion Infrastructure Lending Target for NaBFID

The Central Government has set a target of Rs 1-trillion for the new Development Finance Institution (DFI) namely ‘National Bank for Financial Infrastructure and Development (NaBFID)’ for sanctioning loans to the infrastructure sector in FY23. It will start its operations in Q1FY23.

• The information for the same was provided by the officials from Department of Financial Services (DFS), Ministry of Finance to the Parliamentary Standing Committee on Finance.

Key Points:
i.NaBFID will get a 10-year tax concession so that it can provide long-term funds at an affordable cost to the infrastructure sector.
ii.It will also get government guarantees at a concessional rate of up to 0.1% for borrowing from multilateral institutions, sovereign wealth funds, and other such foreign institutions.
About NaBFID:
The setting up of NaBFID was announced in the FY22 Union Budget and it came into force on April 19, 2021. The Central government has infused Rs 20,000 crore in NaBFID, and an additional Rs 5,000 crore has been given as grants. Government had sought an additional outgo of Rs 13,050 crore for transferring Rs 20,000 crore in the supplementary demand for grants.

• In October 2021, the government had appointed Kundapur Vaman Kamath as the chairman of NaBFID. 
• Along with investing in infrastructure projects, it will issue debt securities and promote  securitization of loan portfolios of companies engaged in development and financing of infrastructure.
• Click Here to Read More about NaBFID

About Ministry of Finance:
Union Minister– Nirmala Sitharaman (Constituency – RajyaSabha, Karnataka)
Ministers of State– Pankaj Chaudhary (Constituency – Maharajganj, Uttar Pradesh); Dr. Bhagwat Kishanrao Karad (Constituency – Rajya sabha Maharashtra)

RBIH launched in Bengaluru, Karnataka; Kris Gopalakrishnan is 1st Chairman of RBIH 

On March 24, 2022, the Governor of Reserve Bank of India (RBI), Shaktikanta Das, inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru, Karnataka. It has been set up as a Section 8 company under Companies Act, 2013, with an initial capital contribution of Rs 100 crore; and wholly owned subsidiary of the RBI.

• Senapathy (Kris) Gopalakrishnan, co-founder and former co-Chairman, Infosys, was earlier appointed as RBIH 1st Chairman.
• It will encourage financial innovation through an institutional set-up.The hub aims to promote innovation across the financial sector by leveraging technology

Key Points:
i.The RBIH will be guided and managed by a Governing Council (GC) led by a Chairman. There will be 9 other eminent persons from industry and academia as its members. Click Here to Read
ii.It promotes access to financial services and products for the low-income population in the country.
About Reserve Bank of India (RBI):
Establishment– April 1, 1935
Headquarters– Mumbai, Maharashtra
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar

SBI Signs Co-Lending Pact with 5 HFCs for Affordable Housing

State Bank of India (SBI), India’s largest lender, has entered into a co-lending partnership with five Housing Finance Companies (HFCs) to provide affordable housing loans to the underserved and unserved sections of society as per Reserve Bank of India (RBI) guidelines.

• The five HFCs are: PNB Housing Finance, IIFL Home Finance, Shriram Housing Finance, Edelweiss Housing Finance, and Capri Global Housing Finance.

This tie-up will help to accelerate effective and affordable credit to economically weaker sections (EWS) and the informal sector & contribute to the Government of India’s vision of ‘Housing for All by 2024’.
Key Points:
i.This partnership will assist SBI in expanding its distribution network in order to reach more working-class, unserved, and underserved consumers for house loans and make funds available to borrowers at an affordable cost.
ii.The bank’s overall home loan portfolio is estimated to be around Rs. 5.5 trillion, with a goal of reaching Rs. 7 trillion by 2024.
iii. Shriram Housing Finance and SBI will jointly service housing loan customers as per the 20:80 co-lending model (CLM) of the RBI. 

Co-Lending Model (CLM)
CLM is built on mutual understanding between banks and NBFCs. It is expected to benefit borrowers by utilizing the reduced funding costs of banks and the wider reach of the NBFCs. It also lowers the cost of financing for last-mile borrowers and is the future of priority sector lending (PSL).

• CLM requires HFCs and Non-Banking Financial Companies (NBFCs) to keep a minimum of 20% of individual loans on their books, with the remainder held by banks.
• PSL accounts for around 40% of the loan portfolio.

About State Bank of India (SBI):
It is an Indian Multinational, Public Sector Banking and Financial services statutory body.
Chairman – Dinesh Kumar Khara
Establishment – 1955
Headquarters – Mumbai, Maharashtra.

Federal Bank, Bank of Baroda, Avanti Finance & Axis Bank partnered with RBIH to Advance Digital Financial Inclusion for Women

The Federal Bank, Bank of Baroda &  Axis Bank, Avanti Finance teamed up with Reserve Bank Innovation Hub (RBIH), a subsidiary of the Reserve Bank of India (RBI) to promote financial inclusion of women through technology. They will work as scale up partners for the 2nd phase of Swanari TechSprint programme.

• Swanari is ‘Swanirbhar Nari’ meaning ‘Self Reliant Lady’.

Objective:
The programme aimed at advancing digital financial inclusion for women and to create digital solutions for bridging the gender gap in India.
About Swanari TechSprint programme:
i.RBIH will host the  ‘Swanari TechSprint’ programme for women.
from 18 -22 April 2022  along with core program partners AIR – the Alliance for Innovative Regulation, CIIE.CO, and MSC (MicroSave Consulting) .
ii.It will provide smart, creative, and sustainable solutions supporting women’s advancement in financial growth and independence for women-owned enterprises. 
iii.The programme will specifically connect fintechs, financial service providers, innovators, and subject matter experts to collaborate at one place.

•  The programme will impact the lives of more than 331 million adult women, including 13 million women-led enterprises and 7.45 million self-help groups (SFGs) in India.

AWARDS & RECOGNITIONS        

American Mathematician Dennis P. Sullivan got the Abel Prize for 2022

The Norwegian Academy of Science and Letters awarded the Abel prize for 2022 to American Mathematician Dennis Parnell Sullivan. The award was given  “For his groundbreaking contributions to topology in its broadest sense, and in particular its algebraic, geometric and dynamical aspects.”
Note- 
i.The  Abel Prize is also known as the International Prize of Mathematics.
ii.In  2007, Indian American Srinivasa S. R. Varadhan was awarded with the Abel Prize. 

• He was awarded for this contribution in probability theory and in particular for creating a unified theory of large deviations.

What is Topology?
Topology is a field of mathematics, which was born in the nineteenth century and it deals with properties of surfaces that do not change when they are deformed. 
About Abel Prize:
i.The prize is named after Norway’s greatest mathematician, Niels Henrik Abel.  

• It is the highest honor given in the field of Mathematics. Abel Prize is a top honour in mathematics, being similar to the Nobel prize for the sciences in being awarded for major contribution to a field of math.

ii.It was established by the Norwegian Parliament  in 2002, on the occasion of the 200th  anniversary of Niels Henrik Abel birth.
iii.The Prize is awarded by The Norwegian Academy of Science and Letters, on behalf of the Ministry of Education.
iv.The award prize money was increased  from 6 million NOK (Norwegian Kroner) to 7.5 million NOK in 2019.
About Dennis Parnell Sullivan:
i.Dennis P. Sullivan is an American mathematician and famous for his work in algebraic topology, geometric topology, and dynamical systems. 
ii.He holds the Albert Einstein Chair at the City University of New York Graduate Center and is a distinguished professor at Stony Brook University, US (United States).
iii.Books: Geometric Topology: Localization, Periodicity and Galois Symmetry: The 1970 MIT Notes, Shaping Tomorrow’s Church: Guidelines for Parish Growth
iv.Awards: Sullivan’s notable awards include the Institut de France’s inaugural Élie Cartan Prize in 1981, the 1993 King Faisal International Prize in Science, the USA’s National Medal of Science in 2005, the 2006 Steele Prize for Lifetime Achievement from the American Mathematical Society (AMS), the 2014 Balzan Prize for Mathematics and the 2010 Wolf Prize.

APPOINTMENTS & RESIGNATIONS        

Pralay Mondal Appointed as Interim MD and CEO of CSB Bank

The Reserve Bank of India (RBI) has approved the appointment of Pralay Mondal as interim Managing Director (MD) and CEO of CSB Bank Limited for a period of 3 months.

• The appointment is for three month period which effective from April 1, 2022 or till the appointment of a regular MD & CEO is made.
• He is currently serving as the Deputy Managing Director of CSB Bank since his appointment in June 2021.

This action is in response to Rajendran Chinna Veerappan, the bank’s current MD and CEO, announcing his decision to retire early due to health concerns. He will be holding the office till the close of office hours on March 31, 2022.

About Pralay Mondal:
He is an expert banker with 30 years of experience with Axis Bank, HDFC Bank and Yes Bank.
i.Mondal had been with CSB since September 23, 2020 as President (Retail, Small and Medium Enterprise (SME), Operations, and IT).
ii.Prior to joining CSB Bank, he worked for Axis Bank, where he held the posts of Executive Director and Head of Retail Banking between 2019 and 2020.
iii.Prior to it, he served as the CEO of HDFC Bank for 12 years.
About CSB Bank Limited:
It was formerly known as The Catholic Syrian Bank and is one of the oldest private sector banks in India.
MD & CEO – Rajendran Chinna Veerappan
Establishment –  1920 (celebrated its centenary year in 2020)
Headquarters – Thrissur, Kerala      

SCIENCE & TECHNOLOGY

NASA’s Jet Propulsion Laboratory confirms 5,000 exoplanets beyond our solar system 

The National Aeronautics and Space Administration’s (NASA) Jet Propulsion Laboratory (JPL) on March 21, 2022 have confirmed the existence of 5,000 plus exoplanets beyond our solar system.
i.The 5,000-plus exoplanets found includes 30% Gas giant (many times larger than Jupiter or Saturn, and even hotter than some stars), 31% Super earth (Large rocky sized earth), 35% Neptune like (similar in size of Neptune or Uranus), 4% terrestrial (small rocky planet similar to earth).
ii.The NASA exoplanet archive has begun to count the exoplanets that are immediate to our solar family, as of 21 March, 65 exoplanets were added. 
About Jet Propulsion Laboratory (JPL):
i.Jet Propulsion Laboratory is a federally-funded Research and Development (R&D) centre managed by California Institute of Technology for National Aeronautics and Space Administration (NASA).
Interim Director and Chief Operating officer – Larry D. James.
About National Aeronautics and Space Administration (NASA):
NASA Administrator – Sen. Bill Nelson.
Deputy Administrator – Pam Melroy

North Korea confirms test-firing of biggest ICBM :Hwasong-17: North Korea’s ‘monster missile’.

Hwasong-17: Intercontinental ballistic missile was test fired by North Korea has test fired its biggest-yet Intercontinental Ballistic Missile (ICBM), Hwasong- 17 as per the orders of their Supreme leader Kim Jong Un. 
i.The Hwasong-17 was launched directly from a Transporter Erector Launcher (TEL) vehicle, with 11 axles.
ii.The missile flew 1,090 km (681 miles) at a maximum altitude of 6,248.5 km (3,905 miles) and hit a target in the Sea of Japan after travelling 67.5 minutes in air.
iii.Its predecessor, the Hwasong-15, which was tested in November 2017 reached an altitude of about 4,475 km and covered 950 km over 53 minutes. 
About Hwasong-17:
Diameter – 2.5 metres. 
Mass – when fully fuelled, is between 80,000 to 110,000 kg.
Fuel type – Two-stage, liquid fuelled.
About North Korea:
Capital: Pyongyang 
Supreme leader: Kim Jong-un
Currency: North Korean won

OBITUARY

GIF Inventor Steve Wilhite Passed Away due to Covid-19

American computer scientist Steve Wilhite, who invented the Graphics Interchange Format (GIF) in 1987 has passed away due to COVID-19 complications in Milford, Ohio, United States of America(USA). He was born on 3rd March 1948 in Milford, Ohio, USA. 
About Steve Wilhite:
i.Steve Wilhite was the Engineering Lead of the team at CompuServe, an American online service provider, which developed GIF. 
ii.He was one of the chief architects of AOL, formerly called America Online, one of the largest Internet-access.
iii.He was awarded a Lifetime Achievement award at The Webby Awards in 2013.
Note: The Oxford American Dictionary named GIF as the word of the year in 2012.

BOOKS & AUTHORS

IMD Launches Climate Hazards E-book & Vulnerability E-atlas on World Meteorological Day

On 23 March 2022, An e-book titled “Climate Hazards and Vulnerability Atlas of India- State: Tamil Nadu” launched by India Meteorological Department (IMD) as part of the World Meteorological Day celebrations. 

• The readers can access the book from the website of  mausam.imd.gov.in

About the book:
i.The vulnerability e-atlas is provided on the official website of IMD. The  e-atlas would help disaster management agencies take preventive steps
ii.The ebook highlights the challenges faced in the hydrological modeling in urbanized river basins for the forecasting of floods.
About India Meteorological Department (IMD):
It  works under the Ministry of Earth Sciences (MoES). It is the principal agency responsible for meteorological observations, weather forecasting and seismology. 
Headquarters-New Delhi, Delhi
Founded- 1875
Director General of Meteorology (DGM)-Dr. Mrutyunjay Mohapatra
Points to remember-

• World Meteorological Day is celebrated on 23rd March every year.

IMPORTANT DAYS

International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade 2022 – March 25 
The United Nations(UN)’s International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade is annually observed across the globe on 25th March to commemorate the memory of the victims of Transatlantic Slave Trade. 
The day also offers the opportunity to honour and remember the people who have suffered and died because of the slavery system. 
The theme of 2022 International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade is “Stories of Courage: Resistance to Slavery and Unity against Racism”.
Background:
i.The United Nations General Assembly(UNGA) adopted the resolution 62/122 on 17th  December 2007 and declared 25th March of every year as International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade.
ii.The first-ever International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade was observed on 25th March 2008. 
>> Read Full News

International Day for Achievers 2022 – March 24

International Day for Achievers is annually observed across the globe on 24th March to celebrate achievers and their strong sense of purpose and confidence. The day also supports making great efforts to become an achiever. 

• The day acknowledges the efforts and contribution of the genius minds who thought out of the box and did great work for the development of society.
• The day is observed by celebrating past achievements and encouraging others to set goals that they want to achieve along with a timeline.

STATE NEWS

HP Government signs MoU with NIPER as Knowledge Partner for Medical Devices Park in Nalagarh, Solan 

Government of Himachal Pradesh (HP) signed a Memorandum of Understanding (MoU) with National Institute of Pharmaceutical Education and Research (NIPER), Mohali, Punjab as Knowledge Partner for upcoming Medical Devices Park, Nalagarh in Solan, HP. 

• The approval for MoU was given by the Board of Members from the Department of Pharmaceuticals (DoP) under the Ministry of Chemicals and Fertilizers.

Signatories:
The MoU was signed between Rakesh Kumar Prajapati, Director Industries cum Managing Director, HPSIDC, on behalf of the  HP Government and Professor Dulal Panda, Director of NIPER, Mohali. 
Key points:
i.Himachal Pradesh State Industrial Development Corporation Limited (HPSIDC) is the State Implementing Agency for conception, development and execution of Medical Devices Park.
ii.A Centre for Excellence (CoE) in the Medical Devices Park will be set up by NIPER Mohali, which will provide Industry-Academia linkage. 
iii.Funding- The HP State Planning Department sanctioned Rs. 74.95 crore to the HPSIDC for development of the Medical Park.

• The Department of Pharmaceuticals (DoP) will also provide the first installment worth Rs. 30 crore of grant-in aid in the coming days.

iv.An  Investment Outreach Program will be organized with investors across India and countries such as Israel, Japan, South Korea, Taiwan and Germany to facilitate  cutting-edge technology in the Medical Devices sector. 
About Himachal Pradesh:
Chief Minister-Jai Ram Thakur
Wildlife Sanctuary -Kibber Wildlife Sanctuary, Lipa Asrang Wildlife Sanctuary
Festivals –  Manali Winter Carnival, Lohri – Makar Sankranti, Halda

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