Current Affairs Quiz 1st and 2nd January 2022 : Daily GK Update Quiz

Exp. Government approved 19th Tranche of Electoral Bonds

Government has approved the issuance of the 19th tranche of electoral bonds, which will be open for sale from January 1 to 10, 2022, ahead of assembly elections in five states Uttar Pradesh, Uttarakhand, Punjab, Himachal Pradesh and Goa.

In the 19th tranche of sale, the State Bank of India (SBI), has been authorised to issue and encash electoral bonds through its 29 specialised branches.

There is no limit on the number of bonds an individual or company can purchase. An electoral bond will be valid for 15 days.

Exp. Jharkhand partnered with Indian School of Business to boost forest economy

The Jharkhand Government partners with premier city-based B-school, Indian School of Business (ISB) to empower Jharkhand’s forest economy.

Aim: To empower Jharkhand’s forest economy and create jobs and wealth through a sustainable development model.

The ISB team is planning to implement the initiative first as a pilot in the Gumla district, Jharkhand before taking it to other districts.

Exp. RBI extended deadline for Periodic KYC Update till March 31, 2022

The Reserve Bank of India (RBI) has extended the deadline for periodic Know Your Customer (KYC) updation in bank accounts till March 31, 2022, from the previous deadline of December 31, 2021, due to the Omnicron variant of the COVID-19 in India.

The deadline was extended so that no restriction can be placed on bank accounts related to cash deposits, withdrawals etc. due to non-compliance with KYC requirements.

Periodic updation of KYC needs to be carried out at least once every 2 years for high-risk customers, once in every 8 years for medium risk customers and once in every 10 years for low risk customers from the date of opening of the account or last KYC updation.

Exp. Federal Bank signed an MoU with Schwing Stetter India to offer customised financial solutions

Federal Bank signed an MoU with Schwing Stetter (India) Ltd, a subsidiary of Schwing GMBH, Germany, one of the largest manufacturers of Concrete and Construction equipment in India.

The MoU would enable both Federal Bank and Schwing Stetter to offer customised financial solutions to their customers.

The Bank will work to cater to the customers’ needs through Commercial Equipment loans with easy monthly repayment plans.

Exp. SBI will acquire 9.95% stake in India International Clearing Corporation (IFSC) Ltd

State Bank of India will acquire up to 9.95 per cent stake in India International Clearing Corporation (IFSC) Ltd subject to a maximum investment of Rs 34.03 crore.

The Clearing Corporation is a GIFT City (Gandhinagar, Gujarat) based Market Infrastructure Institution (MII). The Corporation is the first international clearing corporation to be set up at Gujarat International Finance Tec-City (GIFT) International Financial Services Centre (IFSC).

The Clearing Corporation acts as a central counterparty providing clearing & settlement and risk management services to India International Exchange (IFSC) Ltd.

Exp. LIC, GIC Re and New India Assurance continue to be Domestic Systemically Important Insurers

The IRDAI stated that Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC) and New India Assurance continue to be identified as Domestic Systemically Important Insurers for 2021-22.

D-SIIs are insurers of such size, market importance and domestic and global interconnectedness whose distress could cause turbulence in the domestic financial system

The continued functioning of D-SIIs is critical for the availability of insurance services

D-SIIs are insurers that are perceived to be ‘too big or too important to fail’

Exp. Reliance New Energy Solar Ltd acquired UK’s battery firm Faradion

Reliance New Energy Solar Ltd has signed definitive agreements to acquire sodium-ion battery technology company Faradion (UK).

RNESL, a wholly owned subsidiary of Reliance Industries Ltd (RIL), will acquire 100 per cent shareholding in Faradion Limited through secondary transactions for a total value of British Pound Sterling (GBP) 94.42 million based on an enterprise value of £100 million.

The sodium-ion technology developed by Faradion provides a globally leading energy storage and battery solution which is safe, sustainable, provides high energy density and is significantly cost competitive.

Exp. LIC inaugurated “Digi Zone” to enhance its Digital Footprint

Life Insurance Corporation (LIC) of India has inaugurated “Digi Zone”, at Bandra Kurla Complex, Mumbai, Maharashtra, as part of its effort to enhance its digital footprint.

LIC’s Digi Zone can be used by the customers to purchase policies online, pay the premium and avail of other services.

As a part of its efforts to become a tech-driven life insurer, LIC will offer information related to its products and services through kiosks installed on the Digi Zone premises.

Exp. SBI Card joined hands with Paytm for Card Tokenization to protect cardholders’ data

SBI Cards and Payment Services has collaborated with Paytm to enable their cardholders to tokenize their cards on devices and make payments through Paytm.

Currently, only cards issued in the Indian Territory are enabled on Paytm network but this partnership enables SBI Cardholders to transact through Paytm network in international locations.

Exp. Vinay Kumar Tripathi appointed as Chairman and CEO of Railway Board

Vinay Kumar Tripathi (1983 Batch of Indian Railway Service of Electrical Engineers) has been appointed as new Chairman and Chief Executive Officer of Railway Board with effect from January 1, 2022.

He is presently working as General Manager, Northeastern Railway to the post of Chairman of Railway Board.

Indian Railway Board is the apex body of the Indian Railways, which reports to parliament through the Ministry of Railways.

Exp. Sanjay Arora will hold additional charge as DG of Sashastra Seema Bal

ITBP director general Sanjay Arora will hold the additional charge of another border guarding force Sashastra Seema Bal (SSB) as the latter’s chief Kumar Rajesh Chandra is set to retire on December 31.

Arora, a 1988-batch officer of Tamil Nadu cadre, was appointed the Indo-Tibetan Border Police (ITBP) DG in August and he took charge of the India-China LAC guarding force on September 1.

Exp. Amir Subhani appointed as new Chief Secretary of Bihar

In accordance with the General Administration Department of Bihar’s notification, the 1987 batch IAS (Indian Administrative Service) topper, Amir Subhani, appointed as the new Chief Secretary of Bihar w.e.f. January 1, 2022 succeeding Tripurari Sharan who retires on December 31, 2021.

Prior to this, Amir Subhani was serving as Bihar’s development commissioner. He will retire in April 2024.

Meanwhile, Additional Chief Secretary of the social welfare department Atul Prasad, an IAS officer of the 1987 batch, has been appointed as new development commissioner.

Exp. VS Pathania takes over as Director General of Indian Coast Guard

Director General V S Pathania took over as the 24th Chief of Indian Coast Guard with effect from 31st December 2021.

He is an alumnus of Defence Services Staff College, Wellington and National Defence College, New Delhi.

He was elevated to the rank of Additional Director General in Nov 2019 and took over the reins as Coast Guard Commander (Eastern Seaboard) at Visakhapatnam.

Exp. India won U-19 Asia Cup 2021 title in Dubai by defeating Sri Lanka

India lifted under-19 Asia cricket Cup by defeating Sri Lanka by nine wickets in a rain-interrupted One-Day International final in Dubai through Duckworth-Lewis-Stern method.

In the match, Sri Lanka opted to bat first and scored 106 for nine in the stipulated 38 overs.

Raghuvanshi and Rasheed has stitched an unbeaten 96-run stand to take India home in the summit.

Exp. South Africa’s Quinton de Kock announced retirement from Test cricket

South Africa’s star wicketkeeper-batter Quinton de Kock announced his retirement from Test cricket with immediate effect.

In 54 matches, he scored 3300 runs with the highest score of 141 not out, at an average of 38.82 and strike rate of 70.93.

He has six centuries and 22 half-centuries under his belt along with 232 dismissals, which includes 221 catches and 11 stumpings.