Current Affairs 11th August 2022 Daily GK Update

11/08/2022

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Current Affairs 11th August 2022 Daily GK Update

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National News

PM Modi dedicated 2nd Generation Ethanol Plant in Panipat

Prime Minister Narendra Modi has launched 2nd Generation (2G) Ethanol Plant at Panipat in Haryana.
It has been built at an estimated cost of over Rs 900 crore by the Indian Oil Corporation Limited.
2G Ethanol Plant in Panipat will help boost production and usage of biofuels in the country and it will also help in reducing pollution in the Haryana & Delhi.
It will generate around 3 crore litres of Ethanol per annum.
Ethanol blending in petrol in the country increased to around 8 per cent in last 7 to 8 years. Mr. Modi said that country saved at least 50 thousand crore rupees following the introduction of Ethanol blending process and the amount diverted to the farmers.

About Haryana

Capital – Chandigarh
Chief Minister – Manohar Lal Khattar
Governor – Bandaru Dattatreya

International News

Russia successfully launched Iran’s satellite into orbit

Russia has launched an Iranian satellite into orbit from southern Kazakhstan.
An Iranian satellite named Khayyam into orbit by the Soyuz rocket from the Russia-leased Baikonur launch facility in Kazakhstan.
The name of satellite was named after Omar Khayyam, a Persian scientist who lived in the 11th and 12th centuries.
The satellite fitted with high-resolution camera will be used for environmental monitoring and will remain fully under its control.

About Russia

Capital – Moscow
Currency – Rubel
President – Vladimir Putin

Banking and Financial

SBI formalized policy to finance makers of lab-grown diamonds

State of Bank of India (SBI) is the first Indian lender to frame a policy to fund makers of lab-grown diamonds which come across as replicas of the natural stones.
The bank’s operational guidelines for financing man-made diamond houses include the standard prudential practices like treating non-fund limits at part with funded limits.
Lab grown diamonds are the replicas of natural stones.

About State Bank of India (SBI)

Founded – 1 July 1955
Headquarters – Mumbai, Maharashtra
Chairman – Dinesh Kumar Khara
Managing Director – (4) Alok Kumar Choudhary, Swaminathan Janakiraman, Challa Sreenivasulu Setty, and Ashwini Kumar Tewari
Imperial Bank of India was previous name of SBI.
The presidency Banks of Bengal, Bombay and Madras with merged in 1921 to Imperial Bank of India.
Tagline – (1) Pure Banking Nothing Else

(2) With you all the way

(3) A bank of the common man

(4) The banker to every Indian

(5) The Nation banks on us

HDFC Bank partnered with M1xchange for Trade receivables Discounting System (TReDs)

HDFC Bank has partnered with Mixchange promoted by Mynd Solutions Pvt Ltd to make a debut in the Trade receivables Discounting System (TReDs) platform.
TReDS system regulated by RBI enables MSMEs to auction their trade receivables online and borrow funds from the financial institution which offers loan at the lowest rate of interest.
The collaboration between HDFC Bank and M1xchange is another significant step forward in the provision of financing to MSME and micro category businesses.
This partnership is expected to bring in more liquidity and enhance adoption of TReDS among a wider number of corporate customers and MSMEs.

About HDFC Bank

Founded – 1994
Founder – Hasmukhbhai Parekh
Headquarters – Mumbai, Maharashtra
MD & CEO – Sashidhar Jagdishan
Tagline – We understand your world

Recent MoUs

Indian Bank signed an MoU with SRM University-AP for starts up
Indian Army signed an MoU with DFI to accelerate drone technology for frontline soldiers
Andhra Pradesh govt signed an MoU with NISG for integrated land management system
National Institute for Entrepreneurship and Small Business Development (NIESBUD) partnered with Hindustan Unilever Limited to develop entrepreneurial skills
IOC signed an MoU with National Tiger Conservation Authority (NTCA) for Cheetah relocation from Africa to India

EPFOs’ Rs 1.59 lakh crore investment in ETFs rises to Rs 2.26 lakh crore

EPFO has invested Rs 1,59,299.46 crore in Exchange Traded Funds (ETFs) till March 2022 and its national market value of these investments was Rs 2,26,919.18 crore.
EPFO has been investing in ETFs since August 2015. Initially, the body decided to invest 5% of its investible deposits in stock markets.
Later, the proportion was increased to 10% in 2016-17 and 15% 2017-18 and onwards.
The EPFO invested Rs 12,199.26 crore in ETFs in April-June period this year while the total investment (in debt and equity) was Rs 84,477.67 crore.
The body had invested Rs 43,568.02 crore in 2021-22, Rs 32,070.84 crore in 2020-21 and Rs 31,501.09 crore in 2019-20 in ETFs.
The EPFO invests 85% of the funds in debt instruments and 15% in ETFs, as per the investment pattern notified by the government.

About Employees’ Provident Fund Organization (EPFO)

Founded – 1952
Headquarters – New Delhi
EPFO is the statutory body under the ownership of Ministry of Labour and Employment

IDFC FIRST Bank partnered with LetsVenture to support startups

IDFC FIRST Bank has partnered with LetsVenture technologies to explore synergies and support the startup ecosystem by offering curated products and solutions to startups, founders and investors.
IDFC FIRST Bank offers customized solutions to startUps under its FIRST WINGS program, dedicated to powering the startup ecosystem.
With this, it makes IDFC FIRST Bank a preferred banker to all startups on LetsVenture’s Scalix.
LetsVenture’s Scalix is a newly launched platform that supports the startUp ecosystem.
IDFC FIRST CEO – V. Vaidyanathan

Recent MoUs

SVC Bank signed an agreement with SIDBI for empowering MSMEs
Airbus signed an agreement with GMR Group for aircraft maintenance engineering
Blockchain network 5ire signed an MoU with Goa Police to implement a smart policing solution
IISc Bengaluru signed an MoU with Indian Navy for collaborative aviation research
Reliance, Ola and Rajesh Exports signed an agreement for battery manufacturing

RBI canceled the license of Rupee Co-operative Bank, Pune

RBI has canceled the license of Rupee Co-operative Bank Ltd, Pune will be effective after six weeks (September 22, 2022).
Reason- The bank is unable to pay its present depositors in full (Capital inadequacy).
It does not comply with the provisions of Section 11(1) and Section 22 (3) (d) with Section 56 of the Banking Regulation Act, 1949.
The bank has also prohibited from conducting the business of ‘banking’ which includes, acceptance and repayment of deposits.
On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000 from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961

Banks whose License got cancelled by RBI recently

Karnala Nagari Sahakari Bank, Panvel in Maharashtra.
Goa-based Madgaum Urban Cooperative Ban
Dr Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd, Nilanga, Latur
Sarjeraodada Naik Shirala Sahakari Bank, Sangli, Maharashtra
People’s Co-operative Bank Ltd Kanpur, Uttar Pradesh
The Mudhol Co-operative Bank Limited, Bagalkot, Karnataka

About Reserve Bank of India (RBI)

Founded – 1 April 1935
RBI Nationalized – 1 January 1949
Headquarters – Mumbai, Maharashtra
RBI set up – Hilton Young Commission
1st Governor – Sir Osborne Smith (Australia)
1st Indian Governor – CD Deshmukh
25th Governor – Shaktikanta Das
RBI Deputy Governor (4) – 1. Tavarna Rabi Sankar

Mukesh Kumar Jain
Michael D Patra
M Rajeshwar Rao

Five Subsidiaries of RBI
1. Deposit Insurance and Credit Guarantee Corporation of India (DICGC)
2. Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)
3. Reserve Bank Information Technology Private Limited (ReBIT)
4. Indian Financial Technology and Allied Services (IFTAS)
5. Reserve Bank Innovation Hub

Paytm partnered with Piramal Finance to offer loans

One 97 Communications the parent entity of digital payments firm Paytm has partnered with Piramal Capital and Housing Finance to further expand its merchant loan business to small towns and villages of India.
With this, merchants can avail loans of up to Rs 10 lakh with a tenure of 6-24 months.
This partnership will expand Paytm’s loan distribution business, supported by Piramal Finance’s wide network of over 300 branches across India. It will also help drive financial inclusion by bringing access to credit to small businesses and retailers.
It will also empower MSMEs from smaller cities and towns with access to digital credit.

Recent agreements

Reliance, Ola and Rajesh Exports signed an agreement for battery manufacturing

Andaman Nicobar Command signed an MoU with AAI to boost inter-island connectivity under Udaan Scheme in Port Blair.
ReNew signed an MoU with Egypt government to set up green hydrogen plant in Egypt

Indian and Malaysian bodies signed an MoU to promote palm oil
Rajasthan signed an MoU with Telangana to set up women’s bank

Appointment and Resignation

James Marape sworn in as prime minister of Papua New Guinea

James Marape has been re-elected as PM of Papua New Guinea for second term.
Papua New Guinea has been governed by multi-party coalitions
He joined the PANGU Pati in May 2019 and announced to lead the PANGU Pati.

About Papua New Guinea

Capital – Port Moresby
Currency- Kina
It is a South Pacific nation
It got independence from Australia on 16 September 1975
It is rich reserves of copper, gold, and oil

Newly Appointed Prime Minister & President

Colombia’s first leftist President – Gustavo Petro
New PM of Kuwait – Sheikh Mohammad Sabah Al Salem
New PM of Sri Lanka – Dinesh Gunawardena
New President of Sri Lanka – Ranil Wickremesinghe
New President of Colombia – Gustavo Petro
New President of South Korea – Yoon Suk Yeol
New Prime Minister of Pakistan – Shehbaz Sharif
New Prime Minister of France – Elisabeth Borne
1st Woman President of Hungary – Katalin Novak
1st Woman President of Tanzania – Samia Suluhu Hassan
1st Woman President of Honduras Xiomara Castro
Hong Kong’s Next Leader -John Lee
Re-Elected as President of Serbia – Aleksandar Vučić
Hungary’s New Prime Minister - Viktor Orban
New Prime Minister of Kazakhstan - Alikhan Smailov
New President of of Albania – Bajram Begaj
New Prime Minsiter of Israel – Yair Lapid

Book and Author

ZSI published new book titled ‘Field Guide, Birds of India’

The Zoological Survey of India (ZSI) has published a book titled ‘Field Guide, Birds of India’.
The new book on over 1,000 bird species.
It deals with 1,331 avian species found in the country.
It highlights quality photographs of birds unlike other books that mainly used drawings.

About Zoological Survey of India (ZSI)

Founded – 1 July 1916
Headquarters – Kolkata, West Bengal
Director – Dhriti Banerjee
Under the Ministry of Environment, Forest and Climate Change

Recent Books

Dilip Kumar: In the Shadow of a Legend – Faisal Farooqui
Beyond The Misty Veil, Temple Tales of Uttarakhand’ book released – Aradhana Johri
The McMahon line- A century of discord – former Chief of Army Staff General JJ Singh (Retd).
The Winning Formula for Success – Vinit Karnik
Fearless Governance – Dr Kiran Bedi
Bhartiya Samvidhan Ankani Kahani – Ram Bahadur Rai
The Life and Times of Georeg Fernandes – Rahul Ramgundan
The Struggle for Police Reforms in India- Ruler’s Police to People’s Police – Prakash Singh
A Place Called Home – Preeti Shenoy
Tomb of Sand – Geetanjali Shree
Listen to Your Heart- The London Adventure – Ruskin Bond
Shuttling to the Top- The Story of P.V. Sindhu – V. Krishnaswamy
Leaders, Politicians, Citizens – Rasheed Kidwa

Important day

10 August – World Lion Day

World Lion Day is observed globally on 10 August.
Objective – To spread awareness of lions and the urgent need to strive toward their conservation.
Lions are silently in danger of going extinct worldwide. Lions supposedly wandered amiably through Africa, Asia, Europe, and the Middle East some three million years ago.
Over the course of five decades, the global lion population has decreased by about 95%, necessitating a need to work towards its conservation, which World Lion Day emphasises on.
In 2013, the first World Lion Day was observed. Dereck and Beverly Joubert, from the Big Cat Initiative and National Geographic, founded it. Their objective was to safeguard lions in their natural environment.
Lions are in the endangered species category on the IUCN (International Union for Conservation of Nature) Red List.

12 August – International Youth Day

International Youth Day is observed globally on 12 August every year.
Objective – To draw attention to the issues surrounding youth
The UN General Assembly started working hard in 1965 to have an impact on young people. They supported the Declaration on Promoting the Values of Peace, mutual respect, and understanding among people.
Theme – Intergenerational Solidarity: Creating a World for All Ages

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Current Affairs 11th August 2022 Daily GK Update