Current Affairs Quiz 27th February 2022 : Daily GK Update Quiz

Exp. Centre approved continuation of IVFRT visa scheme till March 2026 with an outlay of Rs 1,364.88 crores

The Centre has approved the continuation of Immigration Visa Foreigners Registration Tracking (IVFRT) Scheme till March 31, 2026 with a period of five years which starts from April 1, 2021 and its financial outlay is Rs 1,364.88 crores.

In order to Modernize and upgrade the Immigration services, “Immigration, Visa and Foreigners Registration & Tracking (IVFRT)” has been identified and included as one of the MMPs to be undertaken by the Ministry of Home Affairs under the National e-Governance Plan (NeGP).

The aim is to provide a secure and integrated service delivery framework that facilitates legitimate travellers by strengthening national security.

The main objective for the continuation of IVFRT is the modernization and up-gradation of Immigration and Visa services.

Exp. Delhi Cabinet approved India’s first’ e-waste eco-park

The Delhi Cabinet has approved to set up India’s first of its kind ‘electronic-waste eco-park’. It has also agreed to devise ‘Delhi Film Policy 2022’, as a thrust to promote tourism.

The electronic waste eco-friendly park is to be built on 20 acres of land in Delhi. Nearly, 2 lakh tonnes of e-waste are thrown by Delhi every year. This eco-park will recycle, refurbish and dismantle e-waste in a scientific and a safe way.

This eco-park will act as an Integrated Facility, by engaging in dismantling, segregating, refurbishing, material-wise storage, testing and plastic recycling. It will also have precious metal extraction facilities, especially from Printed Circuit Boards (PCBs) through high-end technologies.

The Delhi Film Policy 2022 is to promote tourism in Delhi, making the National Capital- a Brand. It will also make it a hub for modern film-making, meeting European Standards.

The government is to create an ‘e-Film Clearance Portal’ and provide an aid of Rs 3 crores for film production. It has also decided to incentivize hiring locals in the cinema industry.

Exp. MSME Technology Centre with an outlay of Rs 200 crores to be set up in Sindhudurg

Union Minister for Micro, Small & Medium Enterprises (MSME), Narayan Rane has announced the establishment of MSME-Technology Centre with an outlay of Rs. 200 Crore, in Sindhudurg, Maharashtra.

The MSME-Technology Centre will provide the best of technology, incubation as well as advisory support to the industry, especially MSMEs, to enhance their competitiveness and provide skilling services for the employed and unemployed youth of the area to enhance their employability.

The Ministry is presently focussing to create a benchmark for MSMEs across the country by scaling them to new heights in terms of exports, quality of products, contribution to GDP and providing World-class infrastructure to all MSMEs in India.

Exp. India & Nepal will set up a joint task force on building hydropower project

India and Nepal agreed to set up a joint task force on “proposal to construct a hydropower project” from investments of both the countries.

The task force will have maximum three members from both the countries. Agreement was signed at the 9th meeting of Nepal-India Energy Secretary-Level Joint Steering Committee in Kathmandu.

Meeting was co-chaired by Secretary of the Energy Ministry of India Alok Kumar and Secretary of Energy Ministry Debendra Karki from Nepal.

The issues including existing transmission lines between the two countries, under-construction and proposed interstate transmission line, the Arun III hydropower and transmission line and interstate power trade were discussed.

They agreed to increase the capacity of energy being imported and exported using interstate 400 KV Dhalkebar-Muzaffarpur transmission line. This 400 KV transmission line will span over 140 kilometres, of which 20 kilometres will be in Nepal while remaining 120 km will be in Indian territory.

Arun-3 Hydro Electric project is a 900 MW run-of-river project, located on Arun River in Eastern Nepal. Government of Nepal and Sutlej Jal Vikas Nigam (SJVN) Limited had signed a memorandum of understanding for the project in 2008 to execute on Build Own Operate and Transfer (BOOT) basis for a period of 30 years, which also include five years of construction period.

Exp. 10th International Intellectual Property Index (IIP Index 2022): India ranked 43rd; US topped

Global Innovation Policy Centre (GIPC) of United States Chambers of Commerce (USCC) released the 10th edition of International Intellectual Property (IIP) Index, ‘Compete for Tomorrow’ (IIP Index 2022). India has ranked 43 out of 55 countries on the 2022 IIP Index.

The Index is topped by the US with 95.48 percent followed by the United Kingdom (UK) with 94.14 percent and third position is occupied by Germany with 92.46 percent.

India’s overall score has increased from 38.40 percent (19.20 out of 50) in the ninth edition to 38.64 percent (19.32 out of 50) in the 10th edition.

The top 5 countries:

Rank 1: United States of America

Rank 2: United Kingdom

Rank 3: Germany

Rank 4: Sweden

Rank 5: France

Exp. NHPC inked pact with HDFC Bank to monetise RoE of Chamera-I Power Plant

State-owned National Hydropower Generation Company (NHPC) limited signed a facility agreement with HDFC bank limited to securitise return on equity (RoE) of its 540-MegaWatt (3 X 180 MegaWatt) Chamera-I Power Plant in Himachal Pradesh for 10 years.

The facility agreement is in compliance with the Regulation 30 of Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The amount of securitization facility has arrived Rs. 1,016.39 crore at 5.24% per annum and the discounting rate is linked with 3 months Treasury bills (T-Bills).

Chamera-I Power Plant (3 x 180 MW) is an underground powerhouse with an installed capacity of 540 MW houses 3 units of 180 MW capacity each designed which generates 1664.56 million units of hydropower from river Ravi in Chamba district of Himachal Pradesh.

Exp. Union Bank of India launched MSME RuPay Credit Card

Union Bank of India (UBI), in association with the National Payments Corporation of India (NPCI), launched ‘Union MSME RuPay Credit Card’ for meeting business-related operational expenses of Micro, Small & Medium Enterprises (MSMEs).

This Card comes with interest-free credit for up to 50 days. The dedicated card for MSMEs is available to eligible borrowers of the Union Bank of India.

It also offers EMI facility for the customers on their business-related purchases.

On this card, MSME customers will get accidental insurance coverage of up to Rs 10 lakh. They will also get domestic airport lounge access of 2 per quarter and other rewards.

Exp. SEBI extended deadline for client-level segregation of funds

Securities and Exchange Board of India (SEBI) extended the deadline for the implementation of Client Level Segregation of Funds and Monitoring of Collateral at Stock Brokers to May 2, 2022 from February 28, 2022.

The guidelines on client-level segregation were notified in 2021 by SEBI amid instances of misuse of client collateral by brokers. This is the second time SEBI has extended the deadline for these rules. Earlier, it was supposed to be implemented from December 1, 2021.

The new rules for segregating and monitoring are aimed at further strengthening the protection of client collateral from misuse by Trading Member (TM) or Clearing Member (CM) and default of such members and other clients.

TM and CM have to report disaggregated information (segment-wise and asset type-wise break-up) of each client collateral. Besides, CM will be required to maintain at least 50% of the total collateral in the form of cash or cash equivalents (futures and options, currency, and commodities) with Clearing Corporations (CCs).

Exp. Brickworks Ratings projected India’s GDP growth at 8.3% in FY22

Brickworks Ratings has revised downwards India’s GDP growth forecast to 8.3% in the current fiscal 2021-22 (FY22). Earlier in January 2022, the rating agency had estimated this between 8.5-9%.

Brickwork Ratings is one of the seven Sebi-registered credit rating agencies (CRA). The latest growth indicators suggest a loss of economic momentum in recent months. The rapid spread of Covid in January 2022 led to renewed restrictions on economic activities, dampening the revival process, particularly in contact-intensive sectors.

Exp. Bharti Airtel inked deal with Vodafone to acquire 4.7% stake in Indus Towers

Bharti Airtel has decided to acquire an additional 4.7% stake in Indus Towers from Vodafone Group, the company announced.

The two companies signed an agreement on the condition that Vodafone will use the proceeds to invest in Vodafone Idea (Vi) and the latter will clear its pending dues with Indus Towers.

In addition, Airtel is also protected with a capped price, which is lower than the price for the block of Indus shares sold by Vodafone on February 24. This shall be value accretive to Airtel and protect its existing significant shareholding in Indus Towers.

With the acquisition, Airtel’s shareholding in Indus Towers will increase to 46.4 %. Vodafone holds a 28.1 % stake in the company at present and its shareholding will reduce to 21 %.

Exp. CCI approved acquisition of stakes by Kirloskar Ferrous Industries Ltd in ISMT

The Competition Commission of India (CCI) has approved the acquisition of stakes in ISMT Limited by Kirloskar Ferrous Industries Limited, a flagship company of Kirloskar Group.

The Proposed Combination is notifiable under Section 5 (a) of the Competition Act, 2002.

Under the proposed combination, Kirloskar Ferrous Industries proposes to acquire sole control of the ISMT, pursuant to the subscription of preferential allotment, equity shares as per the terms of the Securities Subscription Agreement (SSA) dated 25th November 2021, and an open offer to acquire up to 25.05% of the Emerging Voting Capital of the ISMT, as per the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Under this combination, Kirloskar Ferrous Industries seeks to acquire up to 51.25% of the EmergingVoting Capital of the ISMT and will acquire up to 76.3% of the Emerging Voting Capital of the ISMT.

About Competition Commission of India (CCI):

• Founded: 14 October 2003
• Headquarters: New Delhi
• Chairperson: Ashok Kumar Gupta

Exp. Ideal Finance rebranded itself to Mahindra Ideal Finance ltd

Ideal Finance Ltd, a subsidiary of Mahindra and Mahindra Financial Services Ltd, announced to rebrand its company as Mahindra Ideal Finance Ltd (MIFL).

The purpose of the renaming is to make MIFL into one of the leading licensed finance companies (LFC) in Sri Lanka.

Mahindra Ideal Finance Ltd (MIFL) is a joint venture of Mahindra Finance and Ideal Group. The entity was rebranded to Mahindra Ideal Finance in order to enhance its customer value base and offer a wider suite of products.

Exp. Abhishek Singh appointed as National e-Governance Division chief

A 1995-batch IAS officers and Digital India Corporation CEO, Abhishek Singh appointed as new National e-Governance Division (NeGD) chief. The IAS officer from Nagaland cadre will hold the position in the rank and pay of Additional Secretary.

The officer will continue to hold the additional charge of the post of Managing Director & Chief Executive Officer, Digital India Company.

Also, a 1997-batch Uttarakhand cadre IAS officer Ramesh Kumar Sudhanshu as MyGov, CEO under the Union ministry of electronics & information technology for a tenure of five years.

Exp. KS Mani elected to the Board of Directors of the National Cooperative Dairy Federation of India

K S Mani, Chairman of Kerala Co-operative Milk Marketing Federation (KCMMF), known by its brand name ‘Milma’ has been elected to the Board of Directors of the National Cooperative Dairy Federation of India (NCDFI) based at Anand, Gujarat.

NCDFI is the apex body of dairy and edible oil cooperatives in India. The election was held at the Special General Body meeting of the NCDFI, held at Anand, Gujarat.

K S Mani took charge as the Chairman of KCMMF in July 2021. He is also serving as the Chairman of the Malabar Regional Cooperative Milk Producers Union (MRCMPU).

Exp. MoD signed Rs 1075 crores contract with BEL for retro-modification of Commander Sight of Battle Tanks T-90

Acquisition Wing of the Ministry of Defence (MoD) has signed a contract for Rs 1075 crores with Bharat Electronics Limited (BEL) for retro-modification of Commander Sight of Battle Tanks-T-90.

Retro-modification will be carried out in 957 T-90 tanks of Indian Army. It will provide further boost to ‘Make in India’ initiative of the government.

T-90’s present Image Converter (IC) tube-based sight for night viewing will be replaced with the advanced Mid Wave Thermal Image (MWIR) based sight which is jointly designed and developed by DRDO (Defence Research and Development Organisation) and BEL. This modification is based on the requirement by the Indian Army.

Exp. 3rd India-Japan joint military exercise ‘DHARMA GUARDIAN-2022’ conducted in Karnataka

The third edition of the joint military exercise “EX DHARMA GUARDIAN-2022” between India and Japan will be conducted from 27 February to 10 March 2022, at Belagavi (Belgaum), Karnataka.

The 15th Battalion the Maratha Light Infantry Regiment of the Indian Army and 30th Infantry Regiment of Japanese Ground Self Defence Forces (JGSDF) are participating in this 12 days long joint exercise.

The military exercise will focus on operations in Jungle & Semi-Urban/Urban terrains. The exercise aims at enhancing the inter-operability and foster mutual understanding between the two Armies.

Exercise DHARMA GUARDIAN is an annual military training event, being conducted in India since 2018.

Exp. Canada approved world’s 1st plant-derived COVID-19 vaccine

Canada became the first country in the world that has authorized the use of a plant-based COVID-19 vaccine.

The two-dose vaccine of Medicago Inc. (a biopharma company owned by Mitsubishi Chemical and Philip Morris), can be given to adults who are aged between 18 to 64, but little data is available on the shots received by people aged 65 and above.

The decision to authorize the vaccine was based on a study conducted on 24,000 adults that showed the efficacy rate of the vaccine is 71% at preventing COVID-19 – although the tests were conducted before the omicron variant emerged.

Covifenz is the name given to this vaccine. Canada agreed to buy 20 million doses of this plant-based vaccine, with an option to purchase 56 million additional doses.

Exp. Mirabai Chanu won gold in Singapore, qualified for CWG in 55kg weight category

Star Indian Weightlifter Mirabai Chanu qualified for the 2022 Commonwealth Games in the 55 kg weight category by clinching the gold in the Singapore Weightlifting International.

She lifted a total 91 kg (86kg+105kg) to stand on top of the podium. Mirabai Chanu has also qualified for the CWG in the 49kg weight category on the basis of her Commonwealth rankings.

The other three Indian lifters competing on day one of the event — Sanket Sagar (55kg), Rishikanta Singh (55kg) and Bindyarani Devi (59kg)– also sealed Commonwealth Games berths.

Exp. Carlos Alcaraz became youngest ATP 500 winner by winning men’s singles title in Rio Open 2022

Spain’s Carlos Alcaraz Garfia has won the Men’s Singles title at the 2022 Rio Open, defeating Diego Schwartzman of Argentina, and became the youngest to clinch an ATP 500 title.

The 2022 Rio Open was held from 14th February to 20th February 2022 at Jockey Club Brasileiro, Rio de Janeiro, Brazil.

This is Carlos Alcaraz’s first ever Association of Tennis Professionals (ATP) 500 trophy and he has become the youngest ATP 500 Winner.

2022 Rio Open.

2022 Rio Open is the 8th edition of the Rio Open and it is a part of the selected group of 13 tournaments named ATP 500 (ATP Tour 500) of 2022 ATP Tour. Fabio Fognini and Simone Bolelli of Italy won the 2022 Rio Open Doubles title defeating Jamie Murray (the United Kingdom) and Bruno Soares (Brazil).

Exp. 27 February: World NGO Day

World NGO Day is observed every year on 27th February in several countries across the world. Non-Governmental Organizations or NGOs work in the upliftment of society.

It is an international day to recognise, celebrate and honour non-government and non-profit organisations and also those who contribute their time and efforts in making society a better place to live in.

World NGO Day aims to create awareness about the sector and encourage people across the world who work in the sector for a good cause.

The Baltic Sea NGO Forum of the Council of the Baltic Sea State officially recognised this day on April 27, 2010. It was adopted in the forum’s Final Statement Resolution two years later. In 2014, February 27 was declared as World NGO Day and it became a historic day for the NGO community across the globe.

Exp. Odisha’s 1st tribal Chief Minister Hemananda Biswal passed away

Former Odisha Chief Minister and prominent tribal Congress leader Hemananda Biswal passed away at a private hospital in Bhubaneswar. He was the first tribal chief minister of Odisha.

Mr. Biswal was elected chief minister for the first time for the period December 7, 1989, to March 5, 1990, and again from December 6, 1999, to March 5, 2000.