Current Affairs 3 December 2022

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NATIONAL AFFAIRS

Union Civil Aviation Minister Jyotiraditya Scindia Launches Digi Yatra for 3 Airports in India Union Minister Jyotiraditya Scindia, Ministry of Civil Aviation (MoCA) launched ‘Digi Yatra’ from the Indira Gandhi International (IGI) Airport in New Delhi (Delhi) for three airports in India, namely New Delhi, Varanasi (Uttar Pradesh), and Bengaluru (Karnataka).

• Digi Yatra was designed to use Facial Recognition Technology (FRT) to achieve contactless, seamless passenger processing at airports.

Key Points:
i.In the initial phase, Digi Yatra will be introduced in 7 airports, starting with the first 3: Delhi, Bengaluru, and Varanasi.

• It will be followed by 4 airports by March 2023: Hyderabad (Telangana), Kolkata (West Bengal), Pune (Maharashtra), and Vijayawada (Andhra Pradesh).

ii.Currently, the service is only available to domestic flight passengers.
iii.With Digi Yatra, India will join the ranks of world-class airports such as Heathrow in London, the United Kingdom (UK), and Atlanta in the United States of America (USA).
Digi Yatra project
i.The Digi Yatra project is conceived by Digi Yatra Foundation under the Ministry of Civil Aviation.

• Digi Yatra platform is built on 4 key pillars: Connected Passengers, Connected Airports, Connected Flights, & Connected Systems.

ii.The project envisions any traveller passing through multiple airport checkpoints using paperless and contactless processing, establishing their identity with facial features and linking it to their boarding card.
iii.One-time registration (OTR) on the Digi Yatra app using Aadhar-based validation and a self-image capture is required in order to access this facility.

• There is no central storage of Personally Identifiable Information (PII) in the project’s privacy features.

iv.The ID and travel credentials of passengers are maintained in a secure wallet on the passenger’s smartphone.

• Blockchain technology will be used to process the uploaded data, and all data will be deleted from the servers 24 hours after use.

Ex Agni Warrior 2022 between Armed Forces of Singapore & India Concludes at MaharashtraThe 12th edition of Agni Warrior (XAW) 2022, a bilateral exercise between the Singapore Armed Forces (SAF) & Indian Army (IA) was held at Field Firing Ranges, Devlali in Maharashtra from November 13 – 30, 2022.

• The closing event was witnessed by Wong Wie Kuen, High Commissioner of Singapore to India & Lieutenant General S Harimohan Iyer, Commandant, School of Artillery along with other dignitaries from Singapore & serving officers from both armies.

Aim of exercise:
i.To enhance mutual understanding of drills & procedures
ii.To improve interoperability between SAF & IA
Highlights:
i.The exercise culminated in a joint live-firing exercise involving the Singapore Armed Forces’ (SAF) Singapore Light Weight Howitzer, Field Artillery Meteorological System, and the Indian Army’s 155mm Field Howitzer 77B.
ii.XAW comprises joint firepower planning, execution and use of New Generation Equipment by the Artillery arm of both armies.
iii.Expert academic discussions were also conducted on modern trends in Artillery and refinement of Artillery planning process.
iv.A joint computer war-game was also held as a part of the joint planning process.
Points to be noted:
i.Initiated in 2004, XAW is conducted as a part of the Army Bilateral Agreement, and testament to the long-standing defence relationship between Singapore and India.
ii.India was among the first countries to set up diplomatic relations after the independence of Singapore on August 24, 1965.

Indian Army trains kites to Destroy Enemy Drones

Indian Army forces are training Kites to prey on enemy drones in a first-of-its-kind operation. The military conducts operations with trained birds and dogs.Indian army used a kite named ‘Arjun’.

• With the kite-dog combination, the dog used its sensory skills to identify the location of a drone and, subsequently, the kite was launched to bring it down.
• During the ongoing joint training exercise Yuddh Abhyas in Auli, Uttarakhand, the Indian Army showed the use of Kites to prey on hostile drones.
• A 15-day-long exercise, ‘Yudh Abhyas 22’, the 18th edition of the Indo-US joint training exercise, began on 26th November 2022 in Auli, Uttarakhand.
• Yudh Abhyas 22 will focuses on high altitude and extremely cold climate warfare.

INTERNATIONAL AFFAIRS

CAGs of India & Chile Sign MoU to enhance the professional practices between two countries 

The Comptroller and Auditor General (CAG) of India and the Comptroller General of the Republic of Chile signed a Memorandum of Understanding (MoU) to develop institutional and professional capacities and learn from each other’s best practices in Santiago, Chile.

• The MoU was formally signed by Girish Chandra Murmu, CAG of India, and Jorge Bermudez Soto, the Comptroller General of the Republic of Chile.

Key Points:
i.Under the MoU, both parties agreed to assist capacity building, share methodology for public audits, and conduct training programmes in their respective nations.
ii.The MoU will bring in a new era of constructive engagement and deepen bilateral ties with Chile’s Supreme Audit Institution (SAI).
Comptroller and Auditor General of India
i.The Comptroller and Auditor General (CAG) of India is the head of the Supreme Audit Institution of India (SAI India) and performs his constitutional duties through the Indian Audit and Accounts Department (IAAD).
ii.The CAG of India is an independent jurisdiction constituted by Article 148 of the Indian Constitution.

• Article 148: There shall be a Comptroller and Auditor-General of India who shall be appointed by the President by warrant under his hand and seal and shall only be removed from office in like manner and on like grounds as a Judge of the Supreme Court.

iii.The CAG of India, also known as the “Guardian of the Public Purse,” is entrusted with inspecting and auditing all the expenditures of the Central and State Governments, as well as those organisations or bodies that get funding from the government.
About the Republic of Chile:
President – Gabriel Boric
Capital – Santiago
Currency – Chilean Peso (CLP)

BANKING & FINANCE

RBI adopted Four-Tiered Regulatory Framework for UCBs; Signs Letters of Cooperation with FSA, Japani.The Reserve Bank of India (RBI) revises Framework of Categorization of Urban Co-operative Banks (UCBs) for Regulatory Purposes. This revision will be applicable to all Primary (Urban) Co-operative Banks w.e.f December 1, 2022.
ii.RBI has adopted the four-tiered regulatory framework from the existing two-tiered framework, for categorization of UCBs in order to strengthen the financial soundness of the UCBs.
iii.Tier-1 UCBs will continue to maintain a minimum CRAR (Capital to Risk Weighted Assets) of 9% on an ongoing basis.Tier- 2,3,4 UCBs will maintain a minimum CRAR of 12% on an ongoing basis.
iv.RBI also eases rules for foreign branches or subsidiaries of banks or All India Financial Institutions (AIFIs) to deal in financial products that are not permitted in India w.e.f. December 1, 2022.
v.A letters of cooperation was exchanged between the RBI and Financial Services Agency (FSA), Japan in the field of Central Counter Parties (CCPs) to improve mutual cooperation.
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Headquarters– Mumbai, Maharashtra
Establishment– 1st April 1935
>> Read Full News

BoB’s Launches Foreign Currency Loan against INR DepositsBank of Baroda (BoB) has launched Foreign Currency Loan against INR Deposits of Indian Companies for their Overseas Subsidiaries/Joint Ventures (VS) in Gujarat International Finance Tec-City (GIFT City) branch in Gandhinagar, Gujarat.

• It provides an alternative facility for the Indian companies to raise funds for their international businesses.
• BoB is the first bank to offer this facility at GIFT City.

Key highlights:
i.Under the new loan scheme, BoB’s International Financial Services Centre (IFSC) Banking Unit (IBU) in GIFT City will provide financial support to Overseas Subsidiaries/JVs of Indian corporates by leveraging their INR deposits.
ii.This helps Indian companies to meet the cash flow requirements for their international operations.
Note – BoB is already offering Loan against NRE/FCNR Deposits and Loan against Deposits at the IBU.
About IBU:
i.BoB’s IBU is the first and only bank to provide transaction-based Internet Banking facility in 3 major foreign currencies including United States (US) Dollar, Euro and British Pound Sterling to cater to the needs of its retail and corporate customers.
ii.The IBU provides customers with a range of global solutions, including Foreign Currency Accounts for Individuals and Companies; Fixed Deposit (FD) in Foreign Currency; External Commercial Borrowing (ECB) Loans; Trade Finance Facilities; Loans in Foreign Currency/ Syndication Loans; Transaction-based Internet Banking facility.
About Bank of Baroda (BoB):
Managing Director (MD) & chief Executive Officer (CEO) – Sanjiv Chadha
Headquarters – Vadodara, Gujarat
Establishment – 1908

ICICI Bank Launches STACK for Companies in Real Estate SectorOn 1st December 2022, ICICI Bank Limited launched a STACK for companies in the real estate sector to offer solutions to their banking requirements on one platform.

• ICICI Bank is the first bank in the industry to offer real estate specific STACK to provide unparalleled convenience to the companies in the real estate sector.

About STACK:
i.The STACK is a combination of digital and physical solutions that enables participants of the real estate sector including builders, Real Estate Investment Trusts (REITs) and Alternate Investment Funds (AIFs) to undertake banking transactions efficiently.

• This is an extension of the ‘ICICI STACK for Corporates’ which was launched in 2021 to provide a customised set of banking solutions for corporates and their entire ecosystem.

ii.This offers banking solutions including digital opening of bank accounts, instant generation of account number for Real Estate Regulatory Authority (RERA) registration, construction finance, inventory funding, and lease rental discounting to cater to their financial needs, depending on the life cycle stage of a project.

• In addition, it also supports in managing their payment obligations to vendors, employees, utility providers and statutory payments efficiently

Features:
iThese accounts are equipped with a convenient one-view access to all accounts with a single login on the Bank’s Corporate Internet Banking (CIB) platform.

ii.It offers various options of loans to the builders throughout their project lifecycle including construction finance, inventory funding and Lease Rental Discounting (LRD) facility.

• In addition, the Bank also provides facilities such as overdraft (OD), letter of credit and bank guarantee to enhance financial and operational efficiencies.

About ICICI Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Sandeep Bakhshi
Headquarters – Mumbai, Maharashtra
Establishment – 1994

IIFL Mutual Fund Launches India’s First Passive Tax-Saver Fund – IN50IIFL Mutual Fund has launched India’s first passive tax saver fund, IIFL Equity-Linked Savings Scheme (ELSS) Nifty 50 Tax Saver Index Fund (IN50), which will be on sale through New Fund Offering (NFO).

• Parijat Garg is the dedicated Fund Manager for the IIFL ELSS Nifty 50 Tax Saver Index Fund.
• The scheme was launched after the capital market regulator, Securities and Exchange Board of India (SEBI), allowed fund houses to launch passive funds in May 2022.

Offering:
i.The NFO will begin on 1st December 2022 and ends on 21st December 2022.
ii.The scheme will again re-open for subscription and redemption on an ongoing basis from 2nd January 2022.
Key highlights:
i.IIFL ELSS IN50 is an open-ended passive equity-linked savings scheme that replicates or tracks the Nifty 50 index and has a statutory lock-in period of three years.
ii.The new scheme will provide the dual advantage of tax saving under Section 80C of the Income Tax Act, 1961 and the potential to benefit from a diversified exposure to the equity markets.
iii.This is a passive fund which is of low cost, compared to actively managed schemes that have a higher expense ratio.

BookMyForex launches “Interbank Rate Forex Card”, India’s first true Zero Markup Travel CardOnline foreign exchange marketplace BookMyForex.com launched Interbank Rate Multi-Currency Forex Card which is India’s first true zero markup travel card. It is co-branded multi-currency card developed in association with Yes Bank, and M2P Fintech. It is powered by Visa.

• BookMyForex.com, a MakeMyTrip Group Company is India’s very first tech initiative in the foreign exchange domain and the market leader in the online retail forex space.

Key Points:
i.During regular banking hours, International travellers will be able to buy Forex Cards at Interbank Rates with zero added markup i.e. the live & actual rates as seen on search engines at which banks deal with each other for major currencies.
ii.The card is accepted globally at over 35 million stores, 1 million e-commerce websites, and over 2 million ATMs
iii.Earlier, BookMyForex charged a markup of about 0.25 paise per dollar, which has now been waived with the introduction of interbank rate multi-currency forex card
iv.The card can be loaded with 14 different currencies, and the exchange rates on forex cards remain fixed,
v.BookMyForex will also provide a FREE international SIM with unlimited incoming calls and WhatsApp chats for 30 days post activation along with the Interbank rate Forex Card
About BookMyForex.com:
Founder and CEO– Sudarshan Motwani
Headquarters– Gurugram, Haryana

City Union Bank authorised to enable GST Payments

The Goods and Services Tax (GST) Network, under the auspices of the GST Council, has listed City Union Bank (CUB), an old private-sector institution, as one of the banks that can pay GST.

• CUB’s digital solutions include digital signatures, QR codes, Video KYC, and digital payment solutions such as UPI 123pay, payment on the go using wearables, increased payment limit for online transactions, and soft launch of voice biometric verification for mobile banking.

Tata Play becomes 1st firm to file confidential DRHP with SEBI for IPO

Tata Play (formerly Tata Sky), has become the 1st company to file a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).
It will be the Tata group’s 1st IPO in 2 decades. The group last entered the primary market through TCS in 2004.

• On 29th November 2022, Tata group filed DRHP with SEBI, BSE (formerly Bombay Stock Exchange) and National Stock Exchange of India Ltd (NSE).
• On November 29, the direct-to-home (DTH) platform confidentially submitted the DRHP with the SEBI.
• The Tata Group direct-to-home (DTH) platform is looking to raise Rs 2,000-2,500 crore to give part or full exit to partners such as the Walt Disney Company.

ECONOMY & BUSINESS

IDFC AMC to be renamed as Bandhan Mutual Fund as Regulators approve Change in Ownership

On 30th November 2022, the Securities and Exchange Board of India (SEBI) approved the Bandhan-led consortium’s proposed acquisition of IDFC Asset Management Company.

• Bandhan Financial Holdings GIC and ChrysCapital formed a consortium to purchase IDFC AMC and IDFC AMC Trustee Company from parent IDFC for Rs 4,500 crore. After the transaction, BFHL will own around 60% of IDFC AMC, while GIC and ChrysCapital will each possess 20%.
• The Competition Commission of India (CCI) approved the deal in August 2022 and the Reserve Bank of India (RBI) approved it in November 2022
• After the acquisition, IDFC AMC will be renamed Bandhan AMC and IDFC Mutual Fund is proposed to be renamed Bandhan Mutual Fund.

AWARDS & RECOGNITIONS        

2022 Burgundy Private Hurun India 500: Reliance Most Valued Indian Firm; TCS Emerges Winner in India’s Top 10 Private Employers’ List  The “2022 Burgundy Private Hurun India 500,” the second edition of the list that ranks the 500 most valuable firms in India, was published by Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India.According to the list, Reliance Industries Limited (RIL) is the most valuable listed company in India, with a valuation of Rs 17.2 lakh crore, up 3.6% from 2021.

• Tata Consultancy Services (TCS) is ranked 2nd on this list with a valuation of Rs. 11.7 lakh crore, and HDFC Bank is ranked 3rd with a valuation of Rs. 8.3 lakh crore.
• The cut-off date for this list was October 30, 2022.

2022 Burgundy Private Hurun India 500: Key Highlights
i.The companies on this list are based in 36 Indian cities, with Mumbai (159) [Maharashtra], Bengaluru (63) [Karnataka], and Delhi (42) at the forefront.
ii.The Adani Group companies in saw the largest year-over-year (YOY) gains in absolute terms, which are:
About Hurun Report Inc. (Hurun Report):
Hurun Report is a leading research, luxury publishing and events group established in London,UK in 1998. It has its presence in India, China, France, UK, USA, Australia, Japan, Canada and Luxembourg.
MD & Chief Researcher of Hurun India – Anas Rahman Junaid
>> Read Full News

Book on Chipko Movement Wins Kamaladevi Chattopadhyay NIF Prize 2022On 1st December 2022 the Kamaladevi Chattopadhyay NIF Book Prize 2022 was awarded to ‘The Chipko Movement: A People’s Movement’(Published by Permanent Black), a book on the popular forest conservation campaign Chipko Movement written by a historian and an activist Shekhar Pathak.

• The book, ‘The Chipko Movement: A People’s Movement’, has been translated from Hindi by Manisha Chaudhry.
• The 2022 was the 5th edition of the Kamaladevi Chattopadhyay NIF Book Prize.
• The New India Foundation has been awarding the annual Kamaladevi Chattopadhyay NIF Book Prize.

Highlights:
i.The other 4 shortlisted books include,

• Accidental Feminism: Gender Parity and Selective Mobility Among India’s Professional Elite by Swethaa S. Ballakrishnen
• Whole Numbers and Half TruthsL What Data Can and Cannot Tell Us About Mordern India by Rukmini S.
• Midnight’s Borders: A People’s History of Modern India by Suchitra Vijayan
• Born a Muslim: Some Truths about Islam in India by Ghazala Wahab.

ii.Jury – The winner was selected by a six-member jury panel chaired by political scientist Niraja Gopal Jayal and other members include entrepreneur Manish Sabharwal; historians Srinath Raghavan and Nayanjot Lahiri; former diplomat Navtej Sarna; and attorney Rahul Matthan.
About the award:
i.The Kamaladevi Chattopadhyay NIF Book Prize was established in 2018 and is given for non-fiction on contemporary India by writers of any nationality, carrying a cash award of 15 lakhs, a trophy and a citation.
ii.This prize has been named after Kamaladevi Chattopadhyay, the institution-builder who had contributed significantly to the freedom struggle, women’s movement, refugee rehabilitation and renewal of handicrafts..
iii.Previous winners of the prize are

• Milan Vaishnav, When Crime Pays: Money and Muscle in Indian Politics (Yale University Press)(2018)
• Ornit Shani, How India Became Democratic: Citizenship and the Making of the Universal Franchise (Penguin Random House India) (2019)
• Jointly awarded in 2020:
  Amit Ahuja, Mobilizing the Marginalized: Ethnic Parties without Ethnic Movements (Oxford University Press) Jairam Ramesh, A Chequered Brilliance: The Many Lives of VK Krishna Menon (Penguin Random House).
• Dinyar Patel, Naoroji: Pioneer of Indian Nationalism (Harvard University Press (2021).

About Shekhar Pathak
i.Shekhar Pathak is a historian and a Padma Shri-awardee who had lived in the Himalayan region for years and conducted extensive research into the Chipko Movement, engaging with local communities and leaders.
ii.He established the People’s Association for Himalaya Area Research (PAHAR) in 1983 and also wrote Asia ki Peeth Per (On Asia’s Back), a biography of the Himalayan explorer Pandit Nain Singh Rawat, along with Uma Bhatt.
About Chipko Movement:
i.The Chipko movement (or Chipko Andolan) was a non-violent, social and ecological movement by rural villagers, particularly women that took place in 1973 in India.
ii.The protest aimed at curbing the felling of trees and it also led to a major debate about Indian forest policy, sustainable development, and the need for ecological balance between forests and local communities.

NSEIT’s Manthan Platform wins Best Tech Initiative Award at D&B Business Excellence Awards 2022

On 29th November 2022, the Manthan platform, powered by NSEIT won the Best Tech Initiative of the Year at the Dun & Bradstreet Business Excellence Awards 2022 during the ‘Business Enterprises of Tomorrow 2022’ event in Mumbai, Maharashtra.

• Dr Sapna Poti, Director of Strategic Alliances Division, Office of Principal Scientific Adviser (PSA) to the Government of India and Anantharaman Sreenivasan, Managing Director (MD) & Chief Executive Officer (CEO), NSEIT, received the Award.

Note: The theme for the Business Enterprises of Tomorrow 2022 event is ‘Time for India’s New-Age Entrepreneurship’.

Best Tech Initiative of the Year 2022: 
i. Dr Sapna Poti, Director of Strategic Alliances Division, Office of Principal Scientific Adviser (PSA) to the Government of India and Anantharaman Sreenivasan, Managing Director (MD) & Chief Executive Officer (CEO), NSEIT, received the Award.
ii. The award was presented for building the technology infrastructure to support Manthan, a platform that promotes collaboration at scale between industry and the scientific research and development ecosystem.
iii. The platform was designed and implemented by the Office of the Principal Scientific Adviser (PSA) to the Government of India.
Key Points:
i. Manthan platform promotes collaboration between industry and the scientific research and development ecosystem.

• Manthan was launched on India’s 76th Independence Day (15th August 2022).

ii. Manthan enables multiple stakeholders to collaborate to co-create solutions that are compatible with the United Nations’ Sustainable Development Goals (SDGs) and our national scientific missions.
Dun & Bradstreet Business Excellence Awards 2022: 
i. The Dun & Bradstreet small and mid-size enterprise (SME) and Mid-Corporate ‘Business Excellence Awards 2022’ is an effort to recognise and celebrate the accomplishments and excellent performances of SMEs and Mid-Corporates.
ii. 2022 Awards is presented across ~35 award categories which include, Industry Award Categories ( like Mineral Products, Textiles & Textile Articles and others) and Theme-based Award Categories(like Best Unicorn of the Year; Best Global SME/Mid-Corporate; Entrepreneur of the Year and others)
About Dun & Bradstreet:
i. Dun & Bradstreet is a global provider of business-to-business (B2B) data, insights, and AI-driven platforms for organisations around the world.
ii. Since 1841, companies of all sizes have relied on Dun & Bradstreet to manage risk and uncover opportunities.
About NSEIT Limited:
i. NSEIT is a subsidiary of the National Stock Exchange (NSE) of India.
ii. It is a global technology enterprise focused on delivering excellence in a complex digital environment, primarily in the banking, insurance, and capital market ecosystem.

APPOINTMENTS & RESIGNATIONS       

India Assumes UN Security Council Presidency for DecemberOn 1st December 2022 India assumed the Presidency of the United Nation Security Council (UNSC) for the month of December, the second time in its two-year tenure as an elected member of the Council in 2021-22.

• India had earlier assumed the UNSC Presidency in August 2021.

Key highlights:
i.During India’s Presidency, two high-level signature events will be held on 14th December 2022 on Reformed Multilateralism and 15th December 2022 on Reformed Multilateralism and will be chaired by External Affairs Minister S Jaishankar.

• On 14th December 2022 The high-level open debate on the theme ‘Maintenance of International Peace and Security: New Orientation for Reformed Multilateralism’ will be conducted, which will encourage the UN members to work on reforms in the current multilateral architecture with the UN at its centre.
• On 15th December 2022, a high-level briefing on the theme ‘Threats to International Peace and Security Caused by Terrorist Acts: Global Approach to Counter Terrorism – Challenges and Way Forward’ will take place, which helps in building a consensus on the principles of a global counter-terror architecture.

ii.This will enhance the Delhi Declaration adopted during the special meeting of the counter-terrorism committee in October 2022 in India.
iii.The bust of Mahatma Gandhi will be placed in the “prestigious” North Lawn of the UN building, which is the first time that a sculpture of the Mahatma will be installed in the United Nations Headquarters.
Other events:
i.The UNSC will also hold discussions on some critical issues including Syria and Yemen, UN investigative team to promote accountability for crimes committed by Islamic State of Iraq and Levant (ISIL or Da’esh), United Nations Integrated Transition Assistance Mission in Sudan, United Nations Organization Stabilization Mission in Congo.
ii.In addition, the UNSC would include the United Nations Office (UNO) for the Coordination of Humanitarian Affairs, the International Residual Mechanism for Criminal Tribunals, Middle East, the United Nations Mission in South Sudan, the United Nations Support Mission in Libya, the Democratic Republic of Congo and United Nations Disengagement Observer Force.
About United Nation Security Council (UNSC):
India’s permanent representative to UN – Ruchira Kamboj
Headquarters – New York, United States
Establishment – 1945    

ACQUISITIONS & MERGERS  

RBI Grants Conditional Approval to Carlyle Group, Verventa Holdings to Buy 10% Stake in YES BankThe Reserve Bank of India (RBI) has granted a conditional approval to the Carlyle Group and Verventa Holdings to acquire 9.99 percent of paid up share capital each in YES Bank through subscription to equity shares and share warrants of the Bank.

• The proposed investment is by CA Basque investments, which is a part of the Carlyle Group and Verventa Holdings, an affiliate of funds managed by Advent.

Key highlights:
i.Background – In July 2022 ,YES Bank raised Rs.8,900 crore from private equity investors, Carlyle Group and Advent International, where-in Rs.5,100 crore was proposed to be raised through shares and Rs.3,800 crore through share warrants.

• The bank now plans to issue 3,700 million shares on a preferential basis at Rs.13.78 per share and 2,570 million warrants at Rs 14.82 a share.

ii.The fundraising would be conducted through a combination of USD 640 million (Rs 5,100 crore) in equity shares and USD 475 million (Rs 3,800 crore) through equity share warrants.
iii.Both the entities will initially acquire 5.9 percent stake each on shares and eventually rises to 10 percent after the conversion of share warrants into shares.
iv.As of September 30 2022, foreign portfolio investors hold a 12.15% stake in the bank. State Bank of India (SBI) is the largest public shareholder in the YES bank, holding a 30% stake.

• ICICI Bank, Axis Bank, IDFC First Bank and Bandhan Bank together hold an 8.22% stake in the lender.Life Insurance Corporation of India (LIC) holds 4.98% shares.

About YES Bank:
Managing Director (MD) & Chief Executive Officer (CEO) – Prashant Kumar
Establishment – 2004
Headquarters – Mumbai, Maharashtra
Tagline – Experience Our Expertise

IMPORTANT DAYS

World Computer Literacy Day 2022 – December 2World Computer Literacy Day is annually observed on December 2 to raise public knowledge of computers and encourage the development of technological skills, particularly among children and women in India.

• The day aims to promote digital literacy and raise awareness in underserved communities across the globe.
• 2022 marks the 22nd World Computer Literacy Day.

i. World Computer Literacy Day was established by an Indian computer company, the National Institute of Information Technology (NIIT), in 2001 to mark NIIT’s 20th anniversary.
ii. The 1st World Computer Literacy Day was observed on 2nd December 2001.
>> Read Full News

National Pollution Control Day 2022 – December 2National Pollution Control Day, also known as “National Pollution Prevention Day”, is annually observed across India on December 2 to honour and commemorate the people who lost their lives in the Bhopal Gas Tragedy on the 2nd and 3rd of December 1984.
Note: 2nd December 2022 marks the 38th anniversary of the Bhopal Gas Tragedy.
Aims: 

• To spread awareness on managing and controlling industrial disasters.
• To prevent the pollution produced by industrial processes or human negligence
• To make people and industries aware of the importance of pollution control acts.

Key Points:
i. In India, air pollution is responsible for 7 million annual deaths, of which 4 million are caused by indoor air pollution.
ii. Nine out of ten people on the earth are believed to lack access to clean air.
The 1984 Bhopal Gas Tragedy:
i. India’s 1st major industrial disaster, the Bhopal Gas Tragedy, was a gas leak from the Union Carbide Plant in Bhopal, Madhya Pradesh, on December 2nd and 3rd, 1984.
ii. The insecticide plant owned by Union Carbide India Limited (UCIL), the Indian division of the American company Union Carbide Corporation, released about 45 tonnes of the hazardous chemical Methyl isocyanate (MIC).
iii. Nearly 25000 people were killed and around 6 lakh victims sustained injuries.
Some of the Acts and Rules Passed after the Bhopal Disaster: 

• Bhopal Gas Leak Disaster Act (1985),
• The Environment (Protection) Act (1986),
• Criminal liability provisions of the Environment Protection Act, (1986),
• Factories Act (1987),
• Hazardous Wastes rules (1989),
• The Public Liability Insurance Act (1991),
• The National Environment Tribunal Act (1995),
• Chemical Accidents rules (1996).

International Day for the Abolition of Slavery 2022 – December 2United Nations (UN)’s International Day for the Abolition of Slavery is annually observed across the globe on December 2 to raise public awareness of the need to combat modern forms of slavery such as child labour, human trafficking, sexual exploitation, forced marriage, and the forced recruitment of children for use in armed conflict.

• The day aims to abolish modern-day forms of slavery.

Background:
i.International Day for the Abolition of Slavery is observed on 2nd December to mark the United Nations General Assembly (UNGA)’s adoption of the UN Convention for the Suppression of the Traffic in Persons and of the Exploitation of the Prostitution of Others(A/RES/317(IV)) on 2nd December 1949.
ii.The Convention entered into force on 25th July 1951.
About the International Labour Organization (ILO):
Director-General- Gilbert Fossoun Houngbo
Headquarters- Geneva, Switzerland
Establishment- 1919
>> Read Full News

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