Current Affairs 9 July 2022

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NATIONAL AFFAIRS

Karnataka to Become 1st State in India to Have exclusive R&D Policy
Karnataka is slated to be the first state in India to establish an exclusive Research and Development (R & D) policy. A Task Force, headed by Professor Ashok S. Shettar, the Vice-Chancellor of KLE Technological University (KLE Tech), Karnataka, and other officials, has been formed to ensure its effective.  implementation.
Backdrop
Basavaraj Bommai, the Chief Minister of Karnataka, presided over a meeting in Bengaluru, Karnataka, with the R & D Task Force Chairman, Professor Ashok S. Shettar, and other officials.

• The CM has directed officials to prepare the necessary systems for the effective implementation of the proposed policy.

The Task Force meeting was attended by Dr. Ashwathnarayan C. N., Minister of Information Technology & Biotechnology and Science & Technology; Manjunath Prasad N, Principal Secretary of Karnataka CM; EV Ramana Reddy, Additional Chief Secretary, Department of Industries and Commerce, Government of Karnataka; and others.
Highlights:
i.According to the Task force, Karnataka has a tremendous potential to excel in R&D.
ii.The policy is designed to be simple, with any R&D regarded as effective only if it is relevant in people’s daily lives and serves all sectors.
iii. To support the implementation of the proposed policy, a state-level R&D council and foundation will be established. The policy would be approved following a discussion in the state cabinet.
iv.The policy might aim to dedicate at least 0.1% of the state’s Gross State Domestic Product (GSDP)to R&D and innovation, which would likely benefit the state by bringing more development.

• A few of the additional measures outlined in the policy proposal include giving each department a certain budgetary amount for research purposes.

About Karnataka:
Governor – Thaawar Chand Gehlot
Festivals – Karnataka Rajyotsava (Celebrates the formation day of the state); Kambala Festival (an annual buffalo race)
Stadium – Karnataka State Hockey Association (KSHA) Hockey Stadium (Bengaluru); Hosamani Siddappa District Stadium (Haveri)

REC & CEEW sign MoU to Improve Operational & Financial Sustainability of Discoms

REC Ltd  (formerly Rural Electrification Corporation Limited) signed a Memorandum of Understanding (MoU) with the Council on Energy, Environment and Water (CEEW) to collaborate on activities of operational and financial sustainability of distribution companies (discoms). 

• The agreement was signed in the presence of R Lakshmanan, Executive Director of REC and Arunabha Ghosh, Chief Executive Officer(CEO) of  CEEW. 
• CEEW is one of Asia’s leading not-for-profit policy research institutions

Key Points: 
i.Under the agreement, both REC & CEEW will collaborate by providing services such as the deployment of smart meters, strengthening of power distribution networks and improved quality of service for electricity consumers.
ii.Under this partnership, in addition to providing research and evaluation support, REC & CEEW will collaborate to conduct primary and secondary research to support discoms in their efforts to deploy smart meter.
iiii.Both the parties will work together to implement and evaluate innovative strategies to improve operational efficiencies and financial sustainability of DISCOMs.
About Council on Energy, Environment and Water (CEEW):
CEO– Dr. Arunabha Ghosh
Founded- 2010
Headquarters- New Delhi, Delhi

BANKING & FINANCE

India emerged as Leader in Large-Value Digital Payment System in RBI Report; Issues New Guidelines for Non-Bank PSOs

i.The Reserve Bank of India (RBI) released the report titled ‘Benchmarking India’s Payment Systems – Follow-on exercise’ in which India has shown a significant progress, and emerged as leader in large-value digital payment systems i.e. RTGS (Real Time Gross Settlement).
ii.India’s Payment Systems performance is based upon 40 indicators in which it was categorized as ‘leader’ in 16 indicators, ‘strong’ in 9 indicators, ‘ moderate’ in 7 indicators, and ‘weak’ in 8 indicators.
In other words, India was categorized as a ‘leader’ or ‘strong’ in respect of 25 (21 in the previous exercise) out of 40 indicators and categorized as ‘weak’ in respect of 8 (12 in the previous exercise) indicators.
iii.RBI in exercise of its powers conferred under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007 issues new guidelines for non-bank payment system operators (PSOs). PSOs are institutions, which have been authorized to operate payment systems.
About Reserve Bank of India (RBI):
i.The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
>> Read Full News

Power Finance Corporation Inks Loan Pact for JPY 30 bn with JBIC

On 7th July 2022, Power Finance Corporation (PFC) Limited, a state-owned and a leading Non-Banking Finance Company (NBFC) in the Indian power sector signed a loan agreement for Japanese Yen (JPY) 30 billion(~USD 220.83 million) with Japan Bank for International Cooperation (JBIC).

• The loan agreement was signed by Ravinder Singh Dhillon, Chairman & Managing Director (CMD), PFC and Kazushige Gobe, Director General, Social Infrastructure Finance Department, JBIC in the presence of Parminder Chopra, Director (Finance) at PFC, Rajiv Ranjan Jha, Director (Projects) at PFC and Toshihiko Kurihara, Chief Representative, JBIC New Delhi office.

Key Highlights:
i.JBIC has provided the loan under the initiative, ‘Global action for Reconciling Economic growth and Environmental preservation’ (GREEN).

• JBIC provides financing for projects that effectively reduce greenhouse gas emissions and work towards the conservation of the global environment.

ii.The funds under the facility would be used by PFC to finance its renewable energy portfolio and would also help PFC in providing competitive rates for renewable power projects.
About Power Finance Corporation (PFC) Limited:
Chairman & Managing Director (CMD) – Ravinder Singh Dhillon
Establishment – 1986
Headquarters – New Delhi, Delhi

BoB & WWB Announce the Launch Of “Baroda Jan Dhan Plus” In Uttar Pradesh & Uttarakhand

Bank of Baroda (BoB), one of India’s leading public sector banks, has partnered with Women’s World Banking (WWB), a global Non-Profit Organization (NPO), to launch the broader Phase 3 of the ‘Baroda Jan Dhan Plus’ to inculcate savings behaviour in customers.

• It will be rolled out in all 13 districts of Uttarakhand & 25 districts in Uttar Pradesh.

Aim: To enhance access to and promote the participation of low-income women with formal financial services.

• The primary objective of WWB is to provide low-income women with access to financial resources that will lead to their long-term financial security and prosperity.

Significance: 
i.The phase 3 of ‘Baroda Jan Dhan Plus’ will cover existing BoB Jan Dhan clients via financial literacy camps and business correspondents (BC).
ii.The Pradhan Mantri Jan Dhan Yojana (PMJDY) Overdraft (OD) facility and other social security schemes will be used to disseminate the benefits of saving and enable access to formal credit.

• PMJDY is a National Mission on Financial Inclusion that employs an integrated strategy to ensure comprehensive financial inclusion of all households in India.

iii. Baroda Jan Dhan Plus relies on the strong base of the PMJDY, which has enrolled almost 25.11 crore, or 251.1 million women, in the financial system through Jan Dhan bank accounts.
Features of ‘Baroda Jan Dhan Plus’:
i.The initiative will train and work with over 2000 business correspondents (BC) and 1000 BC Sakhis (women business correspondents) to educate them to assist female clients in their respective locations.

• It encourages women account holders to deposit Rs. 500 monthly for five months, which may qualify them for a PMJDY OD loan of up to Rs. 10,000.

ii.The 3 core pillars of ‘Baroda Jan Dhan Plus’

• Making the banking ecosystem more welcoming to low-income women
• Making savings more relatable and profitable for women, and
• Training and capacity building for BC agents in soft skills with a gender focus to help them better understand and meet the demands of women customers.

Note: Between January 2020 and January 2022, the first two pilot projects of Baroda Jan Dhan Plus featured 170 BoB branches in Mumbai (Maharashtra), Delhi, Chennai (Tamil Nadu), and Shahjahanpur (Uttar Pradesh)
About Bank of Baroda (BoB):
MD & CEO – Sanjiv Chadha
Establishment – 1908
Headquarters – Vadodara, Gujarat
Tagline – India’s International Bank

RBI Cancels Licence of Shri Anand Co-operative Bank Due to Lack of Capital

On 7th July 2022 Reserve Bank of India (RBI) cancelled the licence of Shri Anand Co-operative Bank Limited, Chinchwad, Pune as the lender does not have enough capital to pay present depositors in full.

• The bank ceases to carry on banking businesses including acceptance of deposits and repayment of deposits as defined in section 5(b) read with section 56 of the Banking Regulation Act, 1949, with effect from 7th July 2022.

Key Points:
i.The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949.
ii.The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

• On liquidation, every depositor would be entitled to receive deposit insurance claim amount of deposits up to Rs 5,00,000 from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961.

iii.As per the data from the bank, more than 99% of the depositors are entitled to receive the full amount of their deposits from DICGC.

• As on 18th May 2022, DICGC has already paid Rs. 9.42 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961.

About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governor – T. Rabi Sankar, M. Rajeshwar Rao, M.D. Patra, M.K. Jain
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra

Max Life Launches New Life Insurance Product – Smart Capital Guarantee Solution

Max Life Insurance Company Limited has launched ‘Smart Capital Guarantee Solution’, a life insurance product solution that merges the benefits of 2 existing products, Max Life Smart Wealth Plan and Max Life Flexi Wealth Advantage Plan.

• The product will offer wealth creation through market-linked returns and simplifies premium payments with additional financial protection.

Key features:
i.From the 2 existing products, the capital guarantee is offered through maturity benefit of Max Life Smart Wealth Plan and the market-linked returns will be through a part of the premium paid towards the Max Life Flexi Wealth Advantage Plan.
ii.Unique and customised storyboards created to meet various financial needs through lump sum benefits, regular income, or whole-life income benefit
iii.Flexibility to choose from different premium term payment options with comprehensive protection and death-benefits
iv.Tax benefits can be availed under section 80C and Section 10 (10D) of the Income Tax Act 1961.
About Max Life Insurance Company Limited:
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited that offers long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.
Managing Director (MD) & CEO – Prashant Tripathy
Establishment – 2000
Headquarters – New Delhi, Delhi

ECONOMY & BUSINESS

Google announces Startup School India initiative for small-city entrepreneurs

Google has announced an initiative, Startup School India, to organise accumulated knowledge into a structured curriculum to enable startups in small cities to overcome various challenges. The initiative will help 10,000 startups in tier 2 and tier 3 cities.
Startup School India is a nine-week programme, delivered virtually, will have fireside chats between Google leaders and collaborators from across the startup ecosystem, spanning fintech, business-to-business and business-to-consumer e-commerce, language, social media and networking, job search and other areas.
Note- India is the third-largest base for startups in the world with nearly 70,000 startups, after the United States (US) and China.

AWARDS & RECOGNITIONS     

Gita Gopinath becomes first woman and 2nd Indian to feature on IMF’s ‘Wall of former Chief Economists’

Indian American Economist Gita Gopinath was featured on the ‘Wall of Former Chief Economists’  of the International Monetary Fund (IMF).  She became the first woman and second Indian to get this achievement. 

• The first Indian was Raghuram Rajan, who was Chief Economist and Director of Research of IMF between 2003 and 2006.

Key points: 
i.In October 2018 Gita Gopinath was appointed as IMF Chief Economist by its managing director Christine Lagarde. 

• She served as the first female Chief Economist of IMF between 2019 and 2022. 

ii.In 2021 She was promoted as the IMF’s First Deputy Managing Director, (Appointed by IMF’s managing director Kristalina Georgieva).
About Gita Gopinath:
i.Gita Gopinath was born on 8  December 1971 in Kolkata, West Bengal. She is an Indian-American economist.
ii.Before joining the faculty of Harvard University in 2005, she was an assistant professor of economics at the University of Chicago’s Booth School of Business.
iii.She is also a co-director of the international finance and macroeconomics program at the National Bureau of Economic Research (NBER) and also worked as the honorary economic adviser to the Chief Minister of Kerala.
Note– she is the recipient of the Pravasi Bharatiya Samman, the highest honour conferred on overseas Indians by the Government of India.
About International Monetary Fund:
Headquartered– Washington, D.C, United States (US)
Managing Director-Kristalina Georgieva
Founded- 1944

GODI becomes India’s first company to get BIS certification for made-in-India Li-ion cells

Hyderabad-based GODI India Private Limited has become India’s first company to receive Bureau of Indian Standards (BIS) certification for its 21700 cylindrical NMC811 lithium-ion cells made using its home-grown technology. As per BIS requirements, the Godi-designed cells were tested and qualified by a third-party testing agency (TUV).
i.The company will set up a giga-factory for lithium-ion cell manufacturing in India by 2024, referring to a facility used for producing electric batteries at a huge scale, primarily for use in electric vehicles (EV).
ii.For the first time in Indian history, NMC811 21700, 3.65V-4.5Ah cylindrical cells were made-in-India & Made-for-India.”   

APPOINTMENTS & RESIGNATIONS    

India elected to the IGC of UNESCO’s 2003 Convention for Safeguarding of Intangible Cultural Heritage

On July 7, 2022, The Union Minister Gangapuram Kishan Reddy, Ministry of Culture, Ministry of Tourism and Ministry of Development of North Eastern Region(MDoNER) announced that India has been elected as a State Member of the Intergovernmental Committee (IGC) of UNESCO’s (United Nations Educational, Scientific and Cultural Organization) 2003 Convention for the Safeguarding of the Intangible Cultural Heritage for a period of 2022-2026 i.e. 4 years.
Election:
The elections for the same were held during the 9th General Assembly of the 2003 Convention at UNESCO headquarters, Paris (France) from 5th to 7th July 2022.

• There were four seats vacant within the Asia-Pacific group, six countries, namely, India, Bangladesh, Vietnam, Cambodia, Malaysia, and Thailand had presented their candidature where India received 110 votes from the 155 State Parties that were present and voting.

Key Points:
i.India has previously served as a member of this IGC Committee twice viz. 2006 to 2010 & from 2014 to 2018.
ii.India’s vision for 2022-2026 is the protection and promotion of the intangible cultural heritage of humanity.

• Some of the priority areas include fostering community participation, strengthening international cooperation through intangible heritage, promoting academic research on intangible cultural heritage, and aligning the work of the Convention with the UN (United Nations) Sustainable Development Goals (SDGs).

iii.As there is imbalance in the inscriptions on the three lists of the Convention viz. Urgent Safeguarding List, Representative List and Register of Good Safeguarding Practices, India will try to encourage international dialogue to showcase importance of living heritage.

• There are India’s 14 inscriptions on the Representative List of Intangible Cultural Heritage of Humanity.
• In 2021, Durga Puja was added to inscription list. Now, India submitted the nomination for Garba of Gujarat for discussion in 2023.

iv.Notably, India is also a member of the World Heritage committee of UNESCO (2021-2025).
About IGC of the 2003 Convention:
It main function is to promote the objective of the convention, provide guidance on best practices, and to make recommendations on measures for the safeguarding of the intangible cultural heritage.

• It consists of 24 members and is elected in the General Assembly of the Convention as per equitable geographical representation and rotation.
• States Members to the Committee are elected for a term of four years after a voting system.

CII elects R. Dinesh as the President-Designate & Sanjiv Puri as Vice President for FY23

The Confederation of Indian Industry (CII) elected R. Dinesh, executive vice chairman of TVS Supply Chain Solutions Ltd and Director at TVS Automobile Solutions as its President designate for 2022-2023.

• The CII also elected Sanjiv Puri, chairman and managing director of ITC Ltd as the Vice President.

i.Sanjiv Bajaj, Chairman and Managing Director (CMD), Bajaj Finserv Ltd, assumed office as the President of the Confederation of Indian Industry (CII) for 2022-23 in May 2022.
About R. Dinesh:
i.R Dinesh is a Commerce Graduate and an Associate Member of the Institute of Chartered Accountants of India (ICAI) and the Institute of Cost & Works Accountants of India (ICWAI).
ii.He served as the Chairman of CII Southern Region during 2018-19.
iii.He is the Chairman of the CII ‘National Committee on Logistics’ & CII Institute of Logistics Advisory Council.

• He is also the Chairman of the CII FBN (Family Business Network) India Chapter Council and CII Tamil Nadu State Council.

Awards-

• ‘Icon of the Year 2018’ from ICT Academy of Tamilnadu
• ‘Entrepreneur of the Year 2017’  for ‘Services’, category by Ernst & Young  ‘Next Gen Entrepreneur 2014’ by TiECON award
• ‘Emerging Entrepreneur 2010’ award by CII

About Confederation of Indian Industry (CII):
President -Sanjiv Bajaj
Director-General-Chandrajit Banerjee
Headquarters- New Delhi, Delhi
Founded-1895   

SBI General Insurance appoints Paritosh Tripathi as the new MD & CEO 

State Bank of India (SBI) General Insurance appointed Paritosh Tripathi as Managing Director (MD) and Chief Executive Officer (CEO), effective from 5 July 2022.

• He succeeded  Prakash Chandra Kandpal, who was appointed  as Deputy Managing Director (DMD)-(P&RE) at the Corporate Center, SBI.

About Paritosh Tripathi:
i.He has banking experience of 32-years and has worked in various departments including MSME, mid-corporate segment, international banking and bancassurance.
ii.Prior to joining SBI General Insurance, he was managing operations, internal banking group with SBI. he also served on the board of Sterling Bank, Nigeria and SBI Canada.
iii.From 2017 to 2020, he was head – bancassurance, firstly with SBI Mutual Fund and then with SBI General Insurance.

• He was also the CEO of SBI DIFC (Dubai International Financial Center) branch in Dubai, United Arab Emirates (UAE).
• He was Head of FI Relations (East Asia) in Hong Kong 

About State Bank of India (SBI) General Insurance:

MD & CEO- Paritosh Tripathi
Headquarters- Mumbai,Maharashtra
Founded-2009

ACFI constitutes new board, appoints Yashpal Sharma as new President

On 29th June 2022, Air Cargo Forum India (ACFI) constituted a new board for a term of 2 consecutive years (2022-2024) at the Annual General Meeting. Yashpal Sharma, Managing Director (MD) of Skyways Group has been appointed as the President of ACFI for 2022-2024.

• Yashpal Sharma succeeded Cyrus Katgara, the Former President of ACFI and he will be part of the current board as an Ex officio member.
• Sanjiv Edward, Chief Commercial Officer at Delhi International Airport Limited, is named the new Vice-President for the 2022-2024 term.
• ACFI, an association of all key stakeholders of the air cargo logistics supply chain industry, has been working with the Ministry of Civil Aviation (MoCA) on its vision to achieve the goal of taking Indian air cargo to 10 million metric tonnes (MT) by 2030-31 from the current 3.1 million metric tonnes (MT).      

SCIENCE & TECHNOLOGY

Union Minister Anurag Thakur Launches Revised Schemes for Cash Awards, National Welfare, and Pensions for SportspersonsUnion Minister Anurag Singh Thakur, Ministry of Youth Affairs and Sports (MoYAS), launched revised schemes for Cash Awards, National Welfare and Pension to sportspersons, Web Portal for Schemes of Department of Sports (https://dbtyas-sports.gov.in/) and National Sports Development Fund website (nsdf.yas.gov.in) in New Delhi, Delhi.
The MoYAS has made significant amendments to the following schemes in order to make them more user-friendly, accessible, and transparent.

• Scheme of Cash Award to Medal Winners in International Sports Events and their Coaches,
• Scheme of Pandit Deendayal Upadhyay National Welfare for Sportspersons (PDUNWFS) and
• Scheme of Pension to Meritorious Sportsperson

About Ministry of Youth Affairs and Sports (MoYAS):
Union Minister – Anurag Singh Thakur (Hamirpur Constituency, Himachal Pradesh)
Minister of State (MoS) – Nisith Pramanik (Coochbehar Constituency, West Bengal)
>> Read Full News

OBITUARY

Japan’s Former PM Shinzo Abe Passed Away

On 8th July 2022, Japan’s longest-serving leader and former Prime Minister (PM) Shinzo Abe passed away at the age of 67, after being shot, in the city of Nara in Japan.

• Shinzo Abe was assassinated(shot) while campaigning for the parliamentary election in Nara, Japan.
• He was shot twice by Tetsuya Yamagami(41-year-old resident of Nara), the identified suspect of the assassination.
• It was the first assassination of a sitting or former Japanese leader since the days of pre-war militarism in the 1930s.

About Shinzo Abe:
i.Shinzo Abe was born on 21 September 1954 in  Shinjuku City, Tokyo, Japan.
ii.He was a Japanese politician who served as PM of Japan and President of the Liberal Democratic Party (LDP) from 2006 to 2007 and again from 2012 to 2020.

• At 52, Abe had taken over as Japan’s youngest prime minister since World War II.
• He  also served as Chief Cabinet Secretary (2005-06) under Junichiro Koizumi and leader of the opposition in 2012.
• The economic policies adopted by him in his reign are dubbed as “Abenomics”.

Indian Honour-
In January 2022, He was awarded Netaji Award 2022 by Netaji Research Bureau on the 125th Birth Anniversary of Netaji Subhas Chandra Bose.

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