Current Affairs 9 September 2022

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NATIONAL AFFAIRS

Cabinet Approvals on September 7, 2022On September 7, 2022, the Union Cabinet chaired by the Prime Minister (PM) of India approved the following proposals:
i.The Union Cabinet approved the MoU between India, the United Kingdom (UK), and Northern Ireland on mutual recognition of academic qualifications which was signed on April 25, 2022.
ii.The Cabinet also approved  MoU between India’s Ministry of Education (MoE) and United Arab Emirates’ (UAE) Ministry of Education to further strengthen the educational collaboration between India and UAE, and to widen the scope of engagements.
iii.The Cabinet also approved a MoU on cooperation between India and Maldives in the field of disaster management which was signed between the National Disaster Management Authorities (NDMAs) of the both nations on August 2, 2022.
iv.The Union Cabinet approved the implementation of Rs 1,957.05 crore Kochi metro Rail Phase II of Kochi Metro Rail Project from JLN (Jawaharlal Nehru) International Stadium to Infopark via Kakkanad. It will cover a length of 11.17 Kms, and 11 stations.
v.The Union Cabinet has approved the Ministry of Railway’s proposal to revise the railways’ land policy to implement PM Gati Shakti Framework (Cargo related activities, Public utilities & Railway’s exclusive use).
vi.The Cabinet also approved a new Centrally Sponsored Scheme (CSS) – PM SHRI Schools (Pradhan Mantri ScHools for Rising India) Yojana under which there will be development and upgradation of 14,500 schools across India.
About Maldives:
Capital- Male
Currency– Maldivian Rufiyaa
>> Read Full News

GoI Extends Ceasefire Agreement with The NSCN-K Niki Group for Another Year, Until September 2023The Ministry of Home Affairs (MHA), Government of India (GoI), has granted a one-year extension to the cease-fire agreement with the National Socialist Council of Nagaland-Khaplang (NSCN-K) Niki group, a split-off faction of the Naga insurgency organisation NSCN, with effect from September 8, 2022, to September 7, 2023.

• The ceasefire agreement between the GoI and the NSCN (K) Niki has been in effect for a year, from September 2021.

Background
i.The NSCN was formed in 1980 but split into two groups NSCN-K & NSCN-IM in 1988.

• The NSCN-K was founded by Myanmar-based SS Khaplang in 1988 after detaching from NSCN.
• The NSCN-IM was formed by Isak Chishi Swu of Nagaland and Thuingaleng Muivah of Manipur that called itself NSCN (IM).

ii.The NSCN (K) is commanded by Niki Sumi, against whom the National Investigation Agency (NIA) has announced a Rs 10 lakh reward for killing 18 Indian Army soldiers in Manipur’s Chandel district in 2015.
Key Points:
i.On August 3, 2015, in the presence of Prime Minister (PM) Narendra Modi, MHA signed a framework agreement with the prominent Naga group NSCN-IM to find a long-term solution.

• The negotiations with the group have so far failed since the GoI has rejected the NSCN- IM’s demand for a separate Naga flag and constitution.

ii.The GoI has also held peace talks with NSCN breakaway groups in an effort to uphold stability and security in the region.
iii.The groups that have signed cease-fire agreements include: NSCN- Neopao Konyak/Kitovi (NSCN-NK), NSCN- Reformation (NSCN-R), NSCN K-Khango, and NSCN (K) Niki.
About Nagaland:
Chief Minister (CM) – Neiphiu Rio
Governor – Prof Jagdish Mukhi
Festivals – Tsukhenyie Festival; Surkenye Festival
Dance – Modse; Agurshikukula

GoI sets up Committee to moderate gas price; headed by Energy Expert Dr Kirit S Parikh

The government of India(GoI) set up a Committee to review the formula to formalise the pricing of gas produced by companies. The committee, chaired by Energy Expert Dr. Kirit Shantilal Parikh(Kirit S Parikh), a former Member of the Planning Commission(GoI), will include members from the fertiliser ministry, as well as gas producers and buyers.

• The committee aims to lower inflation and promote the use of cleaner fuel.
• It will suggest a “fair price to the end consumer”.

About Kirit Parikh committee:
i.The committee will also recommend a market-oriented, transparent and reliable pricing regime for India’s long-term vision for ensuring a gas-based economy.
ii.The committee’s recommendations will not be reflected in the next 6 months (from October) revision of local gas prices. Cabinet approval is required for the implementation of the committee’s recommendations.
iv.It will submit its report to the government by the end of September 2022.
Members of the committee:
i.The panel includes representatives of the gas producers association such as ONGC (Oil and Natural Gas Corporation) and OIL (Oil India Limited).

• It also has a member from private city gas operators, state gas utility GAIL (India) Limited, a representative of Indian Oil Corporation (IOC) and a member from the fertilizer ministry.

Regulation of oil prices in India:
i.In 2014, the government decided to use prices in gas surplus countries to arrive at a formula for locally produced gas.

• The local gas prices were linked to a formula tied to global benchmarks, including Henry Hub, Alberta Gas, National Balancing Point (NBP) and Russian Gas with a lag of one quarter.

ii.The rates according to this formula were subdued and at times lower than the cost of production till March 2022 but rose sharply thereafter, reflecting the surge in global rates in the aftermath of Russia’s invasion of Ukraine.
Note
In 2013, the Ministry of Petroleum and Natural Gas assigned the task to advise Pricing Methodology for Diesel, Domestic LPG and PDS Kerosene to the Kirit Parekh panel.

INTERNATIONAL AFFAIRS

Union Minister Dharmendra Pradhan Visited Australia to Explore Aspects in Education & Skill Development; Also Visited Bali, Indonesia for G20 MeetingUnion Minister Dharmendra Pradhan, Ministry of Education and Ministry of Skill Development & Entrepreneurship, made a four-day visit to Australia from August 20-23, 2022, to deepen Indo-Austalian ties and to explore the connect, collaborate and cooperate elements of education and skill development.
Dharmendra Pradhan Co-Chairs 6th Meeting of Australia-India Education Council 2022
Union Minister Dharmendra Pradhan met with his Australian counterpart, His Excellency Jason Clare, and co-chaired the 6th meeting of the Australia India Education Council (AIEC) 2022 at Western Sydney University (WSU) in Australia.
Union Minister Dharmendra Pradhan participated ‘Dialogue with Group of Eight: Building successful Australia-India research collaboration’ at University House, Melbourne.
Union Minister Dharmendra Pradhan attended the Group of Twenty (G20) 4th Education Working Group Meeting & Education Ministers’ Meeting 2022 in Bali, Indonesia, from August 31 to September 1, 2022.

• Host of the meeting: Ministry of Education, Culture, Research, and Technology, Republic of Indonesia.

About Republic of Indonesia:
The Indonesian Parliament has passed a law to relocate its capital from Jakarta to East Kalimantan. The new capital will be called Nusantara.
President – Joko Widodo
Currency – Indonesian Rupiah (IDR)
>> Read Full News

BANKING & FINANCE

Agribazaar Launches Kisan Safalta Card for Agri Financing

Star Agribazaar Technology Private Limited (Agribazaar), an electronic agri mandi, has launched ‘Agribazaar Kisan Safalta Card’, a farmer-centric card that supports farmers to meet their pre-harvest and post-harvest farm requirements and other related expenses.

• The farmers can use the card to avail the financing facility. The funding through this is restricted to buying farm inputs.
• In phase -1, the card will be available to farmers in Madhya Pradesh, Rajasthan, Maharashtra and Delhi National Capital Region (NCR).

About Agribazaar Kisan Safalta Card:
Repayment:
The ‘Agribazaar Kisan Safalta Card’ comes with a 12-month repayment period.
The repayment plan can also be rescheduled, if farmers face any crop damage due to natural calamity or poor crop yield and can repay their loan after the harvest.
Limits of the card:
i.The limit of the card, the financing scale along with maintenance expenses are determined according to each farmer’s crop yield.
ii.The card amount can be adjusted for marginal farmers, ranging from Rs. 10,000 to Rs. 50,000.
iii.The maximum limit of the card can be increased every year after an annual review based on the recent crop yield and repayment history of farmers.
About Star Agribazaar Technology Private Limited (Agribazaar):
Chief Executive Officer (CEO) – Amith Agarwal
Establishment – 2016
Headquarters- Mumbai, Maharashtra

Axis Bank Partners with PayNearby to Boost Bank’s Priority Sector Lending Targets Axis Bank has partnered with PayNearby Technologies Private Limited, a technology-based company to boost credit growth in meeting the bank’s priority sector lending (PSL) targets segment.

• All Banks are required to extend 40 percent of their overall lending to priority sectors, which include loans to agriculture and Micro Small and Medium Enterprises (MSME) sectors.
• In case of a shortfall, banks have to take on loans under this category from other lenders.

About the partnership:
i.Through this partnership, Axis Bank could reach the customers in remote regions and provide banking solutions digitally.

• This will also simplify banking for retail shop owners and individual customers.

ii.Axis Bank will also leverage PayNearby’s distribution-as-a-Service (DaaS) for providing financial solutions for both savings and current accounts of the last-mile retailers and customers.
Note – Axis Bank has around 2,100 branches which are classified as Bharat Bank branches.
About PayNearby Technologies Private Limited:
MD & CEO – Anand Kumar Bajaj
Establishment – 2016
Headquarters – Mumbai, Maharashtra

About Axis Bank Limited
Headquarters– Mumbai, Maharashtra
MD & CEO– Amitabh Chaudhry
Establishment– 1993 (Commenced Operation-1994)
Tagline – Badhti Ka Naam Zindagi

SBI & WAARE Collaborate to Finance Projects for Consumers & Channel Partners

The State Bank of India (SBI) and WAAREE Energies Ltd. (WAAREE), India’s largest manufacturer of solar photovoltaic (PV) panels, has signed an agreement for solar projects.

• It enables WAAREE to obtain unsecured financing for solar projects through SBI’s Surya Shakti Solar Finance Scheme and to provide working capital for its channel partners through the Electronic Dealer Finance Scheme (EDFS).

Through the Surya Shakti Solar Fund Scheme, WAAREE aims to use a credit line worth over Rs. 500 crore and offer loan applicants a digital platform to seamlessly finance solar projects.
Key Points:  
i.The Surya Shakti Solar Finance Scheme by SBI aims to offer financing to Small and Medium-sized Enterprises (SME) & Business Enterprises & Business Enterprises for the installation of solar rooftop/ground-mounted grid-connected systems up to 1 megawatt (MW) capacity for captive usage.

• Under the scheme, the highest loan amount is Rs. 4 crore, with a 20% margin, and the repayment period is 10 years with a six-month moratorium.

ii.This unsecured financing mechanism will be widely used by commercial organisations, enterprises, resorts, hotels, manufacturing units, and warehouses to assist them in switching to solar energy.
iii.WAAREE has also been acknowledged by The Economic Times as “India’s Best Brand” in the Renewable Energy (RE) industry.
iv.WAAREE is also listed as the Top Performer in the 2022 Scorecard of PVEL, a globally recognized lab in photovoltaic testing.
About State Bank of India (SBI):
Chairman –  Dinesh Kumar Khara
Establishment – 1955
Headquarters – Mumbai, Maharashtra

LIC introduces Non-Participating, Unit Linked New Pension Plus Plan

The Life Insurance Corporation of India (LIC) has introduced a new Individual Pension Plan  namely ‘LIC’s New Pension Plus (NPP)’ which is non-participating, and Unit Linked. It was launched at Hotel Trident during the function of Insurance Week Celebration (September 1-7, 2022).

• Its Unique Identity Number (UIN) is 512L347V01.
• The plan will aid in systematic and disciplined savings which can be used as regular income by purchase of an annuity plan on completion of term.
• As per LIC, the plan is suitable for young individuals to make provision for their retired life.

Features of Plan:

i.It provides pension seekers various investment options which can be selected as per his/her risk-taking capacity.

• The investment options are Pension Bond Fund, Pension Secured Fund, Pension Balanced Fund, Pension Growth Fund and Pension Discontinued Fund.

ii.Entry Age
Minimum- 25 years
Maximum- 75 years
iii.Vesting Age
The minimum vesting age or the minimum age at which one may opt to get regular annuity is 35 years and the maximum is 85 years.
iv.Policy Term
The minimum policy term is 10 years and maximum is 42 years.
v.Premium Payment Frequency
It can be  Single or Regular. Under a Regular Premium policy, the Premium is payable over the term of the policy, as per minimum and maximum limits of policy terms, and vesting age.

• The minimum premium varies with the frequency of payment. For monthly payment, the minimum premium is Rs 3,000, for quarterly Rs 9,000, for half yearly Rs 16,000 and for yearly payment, the minimum premium is Rs 30,000.
• There is no cap on maximum premium.
• Each premium is subject to Premium Allocation Charge.

vi.Guaranteed additions offered by LIC are payable as 5% to 15.5% on regular premium, and up to 5% on single premium. In both cases, these will be added at the end of 6th year, 10th year and every subsequent year from the 11th year till the end of the policy term.
vii.Insurance Cover
In case of the unfortunate death of a policyholder during the policy term, an amount higher of the fund value and 105% of the total premium paid (excluding taxes, interest on late payment and charges, if any) will be paid to the nominee.
viii.Purchase of Annuity Plan
At least 40% of the fund value will be utilized to purchase Annuity Plans from the LIC of India or any other IRDAI (Insurance Regulatory and Development Authority of India)-regulated insurance company.
ix.There is an option to extend the accumulation period or deferment period within the same policy, with the same terms and conditions as in the original policy, subject to conditions
x.The Life Assured can utilize the proceeds of the Policy on Vesting (i.e. at the end of the Policy Term)/on Surrender/ on Discontinuance as per the Annuitization provision. Partial withdrawal of units allowed after 5 years.
Click Here for Official Notification 

Lord’s Mark Industries Gets Direct Insurance Broking Licence from IRDAILord’s Mark Insurance Broking Services Private Limited, the insurance division of Lord’s Mark Industries, has received the direct insurance broking licence from Insurance Regulatory and Development Authority of India (IRDAI) for selling life and general insurance products.

• The company will penetrate the under-served market segments in tier-2 and tier-3 towns in addition to metro cities.

Policy King:
i.The company plans to collaborate with  leading insurers  to launch the insurance products on its platform, ‘Policy King’.
ii.Policy King is a mobile application, through which customers can compare all available insurance offers and choose the right life insurance, term life insurance, health insurance, motor insurance and others.

• Policy King will function on an innovative operating model based on a conventional insurance distribution framework as well as a digital customer acquisition and engagement system.

About Lord’s Mark Industries:
MD & CEO – Sachidanand Upadhyay
Establishment – 1998
Headquarters – Thane, Maharashtra

HDFC Bank unveils ‘Bank on Wheels’ in Gujarat

The Housing Development Finance Corporation Limited (HDFC) Bank introduces its rural banking business, ‘Bank on Wheels’ in the village of Koteshwar, near Ahmedabad, in Gujarat, as an initiative to offer banking services in unbanked areas around Ankleshwar. 
‘Bank on Wheels’ can go to distant villages positioned 10 – 25 km from the closest department to additional accessibility.

• The van was flagged by Dhavalkumar R Patel, Taluka Development Officer, Ankleshwar at a function organised in the Ankleshwar Taluka Panchayat office. 
• The bank plans to conduct a series of 3 financial literacy camps at 68 rural branches across Gujarat which reach both adults and school children from over 136 villages and the material provided by the Reserve Bank of India (RBI).
• The HDFC bank is the 1st bank to translate Financial Literacy Material into the Gujarati language, in Gujarat. 

ECONOMY & BUSINESS

NIESBUD, IIE and ISB signed MoU to offer Entrepreneurial programmes to India’s youthThe National Institute for Entrepreneurship and Small Business Development (NIESBUD) and the Indian Institute of Entrepreneurship (IIE), autonomous Organisations under the Ministry of Skill Development and Entrepreneurship (MSDE), individually signed a Memorandum of Understanding (MoU) with the Indian School of Business (ISB) to provide world-class management education through entrepreneurial programmes targeted towards youth, job seekers and budding entrepreneurs.
What is in the MoU?
i.The agreement will enable the development and implementation of two programmes: Business Foundations & Entrepreneurial Skills and Behavioural Skills Programme by ISB faculty and industry experts.
ii.Under this partnership, NIESBUD and IIE will drive the enrolment of youth, job seekers and entrepreneurs on the ISB LMS (Learning Management System), across the 2 training programmes. On completion of the courses, a joint course certificate will be provided to the participants.
iii.The partnership is in line with the vision of creating a holistic environment to support entrepreneurship and skill development, making India the Skill Capital of the World.
About Training Programmes:
i.The Business Foundations & Entrepreneurial Skills programme–

• Under the programme introduction to microeconomics and macroeconomics and foundational aspects of business are covered through marketing management, operations management, competitive strategy, negotiation analysis and basics of finance.
• The entrepreneurial skills are provided through entrepreneurial orientation, understanding the start-up development pipeline and identifying market needs, problems, and opportunities.

ii.The Behavioural Skills Programme-

• It is aimed at empowering youth with a range of skills and strategies to enhance their personal and workplace effectiveness.
• The course will include building self-awareness, inculcating growth mindset, effective verbal & non-verbal communications, presentation & public speaking, art of networking, building personal brand, art of storytelling, intro to technology etc.

Note-

• NIESBUD is located in Noida, NCR of Delhi, Uttar Pradesh (UP)
• IIE is located in Guwahati, Assam.
• ISB is located in Hyderabad, Telangana.

AWARDS & RECOGNITIONS

Karim Benzema & Alexia Putellas Win UEFA Player Of The Year 2021/2022 Titles

Real Madrid CF striker Karim Mostafa Benzema (France) was awarded the ‘UEFA Men’s Player of the Year 2021/22’ title and Alexia Putellas Segura (Spain) was awarded the ‘UEFA Women’s Player of the Year 2021/2022 ’ title.

• The 2021/2022 Union of European Football Associations (UEFA) award ceremony, hosted by Turkish Football Federation, was held in Istanbul, Turkey on 25th August 2022.

Highlights:
i.Karim Mostafa Benzema, is a French professional footballer who plays as a striker for La Liga club Real Madrid and the France national team.
ii.Alexia Putellas Segura, is a Spanish professional footballer who plays as a midfielder for Primera Division club Barcelona, whom she captains, and the Spain national team.
iii.Since 1998, the UEFA President’s award has also acknowledged an outstanding individual or group achievement, whose impact transcends the game.
About 2021/2022 UEFA awards:

About Union of European Football Associations (UEFA):
Founded- 1954
President- Aleksander Čeferin
Headquarters- Nyon, Switzerland

Hindi writer Dr. Asghar Wajahat conferred with 31st Vyas Samman

The 31st Vyas Samman Award was conferred to renowned Hindi writer Dr. Asghar Wajahat in New Delhi, Delhi. He was selected for the prestigious award for his play ‘Mahabali’, which is focused on Mughal emperor Akbar and poet Tulsidas. Through this play he attempted to answer who is the real Mahabali, the poet or the emperor.

• The Vyas Samman awarded by the K.K. Birla Foundation is a literary award that recognises outstanding work of Hindi literature by an Indian citizen published in the previous 10 years. The award includes a cash prize of Rs 4 Lakh, a citation and a plaque.

• Ram Vilas Sharma received the inaugural Vyas Samman (1991) for his work ‘Bharat ke Pracheen Bhasha Parivar aur Hindi’.
• 30th Vyas Samman was presented to Professor Sharad Pagare for his novel ‘Patliputra ki Samragi’.

APPOINTMENTS & RESIGNATIONS

Shaji Prabhakaran appointed as Secretary General of AIFF & Dhar as its Deputy

The All India Football Federation (AIFF) appointed Shaji Prabhakaran as its new Secretary General who resigned the post of Football Delhi president.

• The appointment of Prabhakaran as Secretary General and Sunando Dhar as the new Deputy Secretary General of the sports body was carried out by the newly-formed executive committee of the AIFF, whose president is Kalyan Chaubey.

Dhar joined the AIFF as I-League Chief Executive Officer (CEO) and took over as the acting general secretary after Kushal Das was on medical leave

Indian FMCG company Pintola announces Sunil Chhetri as Brand Ambassador

Indian superfood brand Pintola, the Fast-moving consumer goods (FMCG) company has appointed renowned Indian Football Captain Sunil Chhetri as Brand Ambassador. 

• In 20 years of Sunil Chhetri s professional career, this was his first partnership with an FMCG company in India.
• Pintola aims to serve a consumer size of 100 million shortly with a premium basket sized 21 products. 

SCIENCE & TECHNOLOGY

DRDO: India Successfully Completes Six Flight Tests of QRSAM; Successfully Tests Pinaka Rockets at Pokhran

i.On 8th September 2022 the Defence Research and Development Organisation (DRDO) and the Indian Army successfully completed 6 flight tests of the Quick Reaction Surface to Air Missile (QRSAM) system from the Integrated Test Range (ITR) Chandipur, off the coast of Odisha and is now ready for induction into the Army.

The DRDO successfully test fired an enhanced Range Pinaka Multi-Barrel Rocket Launcher (MBRL) at Balasore and Pokhran, Rajasthan.

• The Pinaka MBRL is designed by the Armament Research and Development Establishment (ARDE), a laboratory of the DRDO that is based in Pune, Maharashtra.
• Munitions India Limited and Economic Explosives Limited manufactured the system.

About Defence Research and Development Organisation (DRDO):
Chairman – Dr Samir Vankatpati Kamat
Headquarters – New Delhi, Delhi
>> Read Full News

SPORTS

Anishka Biyani wins gold medal in Malaysian Chess Meet

Anishka Biyani, a 6-year-old Mumbai girl, won a gold medal in the Malaysian Age Group Rapid Chess Championship in Kuala Lumpur, Malaysia. Anishka, a first-grade student achieved the feat in the Under-6 Open category (girl’s category) with a score of 4 points out of a possible six to clinch the title.

• She was also qualified as one of the best Under-7 players in the All India FIDE (The International Chess Federation) Rating Chess Tournament held in Yousufguda, Hyderabad, Telangana. 

OBITUARY

Bhojpuri folk dance exponent Padma Shri awardee Ramchandra Manjhi passes away

On 7th September 2022, Padma Shri awardee Ramchandra Manjhi, renowned Bhojpuri folk dancer(well known for Launda Naach) and theatre artist passed away in Patna, Bihar. Manjhi was the one who gave international recognition to ‘Launda Naach’.

Note: ‘Launda Naach’- folk dance (men crossdress as women) of the Bhojpuri speaking Community of India, Nepal, Mauritius and the Caribbean Islands.
About Ramchandra Manjhi:
i.Ramchandra Manjhi was born in Saran District, Bihar stepped on to the drama troupe of famous Bhojpuri artist Bhikhari Thakur at age 10.
ii.He was an associate of Bhikhari Thakur(folk artist and poet) and a member of the Naach troupe for 30 years. Thakur was nicknamed “Shakespeare of Bhojpuri”.
iii. He has been performing Launda Naach for 84 years. He also practised dance styles such as Natua Naach, Dhobiya Naach, and many others, and music styles such as Ghazal, Bhajan, Dadra and many others.
iv.He was presently associated with the (Saran-based) Bhikhari Thakur Repertory Training & Research Centre, a troupe run by Dr Jainendra Dost (a renowned artist & filmmaker).
Awards: 
i.In 2017, He won the Sangeet Natak Akademi award, for his contribution to the Folk Music of Bihar (felicitation happened in 2019).
ii.In 2021, he was honoured with the Padma Shri award in the Arts field.

IMPORTANT DAYS

International Literacy Day 2022- September 8

The United Nations Educational, Scientific, and Cultural Organization (UNESCO)’s International Literacy Day (ILD) is annually observed on September 8 across the world to highlight the importance of literacy for individuals, communities and societies and also to highlight the positive effects of a higher literacy rate.

• The theme for ILD 2022 is “Transforming Literacy Learning Spaces”

Objective- To raise awareness and remind people of the importance of literacy as a matter of dignity and human rights and to build resilience and ensure quality, equitable, and inclusive education for all individuals around the globe.
>> Read Full News

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• List of Current Governors in India – AUGUST 2022
• List of Current Chief Ministers in India – AUGUST 2022

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