Current Affairs Quiz 9th and 10th July 2022 : Daily GK Update

Exp. PM Modi attended the first Arun Jaitley Memorial Lecture

Prime Minister Narendra Modi has attended the first ‘Arun Jaitley Memorial Lecture’ (AJML) at Vigyan Bhavan in Delhi.

Theme of this lecture ‘Growth through Inclusivity, Inclusivity through Growth’ is very appropriate as inclusive development is necessary for real growth.

The first AJML has been delivered by Tharman Shanmugaratnam, Senior Minister, Government of Singapore.

The Department of Economic Affairs has organised the first Arun Jaitley Memorial Lecture in recognition of former Finance Minister Arun Jaitley’s invaluable contribution to the nation.

Exp. NMCG organized 8th edition of Igniting Young Minds: Rejuvenating Rivers

The 8th Edition of the Webinar Series ‘Igniting Young Minds, Rejuvenating Rivers’ has organized by National Mission for Clean Ganga.

Theme of the webinar – Afforestation

The Webinar series is organized with an aim to connect with the youth on the important issue of Ganga Rejuvenation.

Namami Ganga Programme is an Integrated Conservation Mission approved as flagship programme in June 2014 with budget outlay of Rs. 20,000 crores to accomplish the effective abatement of pollution, conservation and rejuvenation of National River Ganga.

Exp. Google announced Startup School India initiative

Google has announced a Startup School India aimed at enabling 10,000 startups in tier 2 and tier 3 cities understand the dynamics of entrepreneurship.

The 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.

The curriculum will feature instructional modules on subjects such as shaping an effective product strategy, deep dives on product user value, building apps for next billion users in markets like India, driving user acquisition among others.

With nearly 70,000 startups, India is the third largest base for startups in the world. As more Indian founders lead their companies successfully to IPOs or unicorn status, it has sparked a virtuous cycle wherein their success stories have ignited aspirations among young Indians across the country.

Exp. India elected to UNESCO panel on intangible Cultural Heritage

India has been elected a member of the Intergovernmental Committee of UNESCO’s 2003 Convention for the Safeguarding of the Intangible Cultural Heritage for the 2022-2026 cycle.

India has served as a member of the ICH Committee twice — from 2006 to 2010 and from 2014 to 2018.

India received 110 votes from the 155 State Parties that were present and voting.

For its 2022-2026 term, India has formulated a clear vision for the protection and promotion of the intangible cultural heritage of humanity.

Exp. Max Life launched Smart Capital Guarantee Solution

Max Life Insurance Company Limited has launched Smart Capital Guarantee Solution, a life insurance product solution that merges two benefits.

Merging the benefits of ‘Max Life Smart Wealth Plan’ and ‘Max Life Flexi Wealth Advantage Plan’.

The product will offer wealth creation through market-linked returns along with a guarantee on premiums paid at maturity with additional financial protection.

According to the latest India Protection Quotient survey, over 46% of consumers prefer financial products as a mix of guaranteed and market-linked instruments.

Exp. City Union Bank signed an agreement with Sriram Insurance to distribute insurance product

Private sector lender City Union Bank (CUB) has signed a corporate agency agreement with Shriram General Insurance to distribute the latter’s insurance products through its network of branches across the country.

Under this agreement, Shriram General Insurance will offer personal lines of insurance products such as motor, accident, home and travel insurance along with commercial lines of insurance products such as property, marine and engineering insurance to the bank’s customers.

Shriram General Insurance Company is a joint venture between Shriram Capital, the holding company for the financial services business of the Shriram Group, and Sanlam Limited.

Exp. RBI imposed penalties on Federal Bank and Bank of India for violating regulatory norms

Bank of India and Federal Bank has fined by the Reserve Bank of India (RBI) for not adhering to certain provisions.

The public sector lender Bank of India has been fined ₹70 lakh by the central bank for failing to follow Know Your Customer (KYC) guidelines, according to a statement from the RBI.

Federal Bank has been slapped with a fine of Rs. 5.72 crore because the private lender failed to make sure that no incentive (cash or non-cash) was paid to its staff engaged in insurance broking/corporate agency services by the insurance company.

In addition, the RBI fined Gurugram-based Dhani Loans and Services ₹7.06 lakh for failing to follow the “Reserve Bank of India KYC Directions, 2016”.

The RBI also cancelled Shri Anand Co-operative Bank Limited’s license. The license has been cancelled as the bank does not have adequate capital and earning prospects, the bank has failed to comply with the requirements of Section 56 of the Banking Regulation Act, 1949.

Exp. Gita Gopinath becomes first woman to feature on wall of former chief economics

India origin Gita Gopinath has become the first woman and second Indian to feature on the ‘wall of former chief economists’ of the International Monetary Fund (IMF).

Gopinath was appointed as IMF Chief Economist in October 2018 and was later promoted as the IMF’s First Deputy Managing Director in December last year. She had served as the first female chief economist of the IMF for three years.

Raghuram Rajan was the first Indian who was featured on the IMF’s wall of former chief economics. He served as IMF’s Chief Economist and Director of Research between 2003 and 2006.

About International Monetary Fund (IMF)

Founded – 1945

Headquarters- Washington, D.C.

Managing Director – Kristalina Georgieva (Bulgaria)

First Deputy MD – Gita Gopinath

Chief Economist – Pierre-Olivier Gourinchas (France)

Member countries – 190 (last member – Andorra)

IMF Released Report – Global Financial Stability Report, World Economic Outlook

Exp. R Dinesh appointed as President Designate of CII for 2022-23

R Dinesh (Executive Vice-Chairman of TVS Supply Chain Solutions) has been elected President Designate of the Confederation of Indian Industry (CII) for 2022-23.

He has been the Chairman of CII Southern Region during 2018-19.

Sanjiv Puri (Chairman & MD of ITC) will continue as the Vice-President of CII.

Sanjiv Bajaj (Chairman & MD of Bajaj FinServ Ltd.) continues to be the President of CII for 2022-23.

About Confederation of Indian Industry (CII)

Headquarters – New Delhi

President – Sanjiv Bajaj

Director General – Chandrajit Banerjee

Exp. Former Niti Aayog CEO Amitabh Kant appointed as the new G20 Sherpa

Former NITI Aayog CEO Amitabh Kant has been appointed as India’s new Sherpa for the G-20.

Kant will replace Piyush Goyal (Minister for Commerce & Industry and Consumer Affairs) who was appointed as the G-20 Sherpa in September last year.

India will hold the G20 presidency from December 1, 2022 to November 30, 2023, and the need for a full-time Sherpa for this duration is being cited as one of the reasons for the change.

G20 is a grouping of 19 major developed and emerging economies and the European Union. Its members account for more than 80% of global GDP, 75% of global trade, and 60% of the global population.

India will take over G20 presidency from Indonesia on December 2.

Upcoming G20 Summit

18th G20 summit 2023 : India

19th G20 summit 2024 : Brazil

20th G20 Summit 2025 : South Africa

Exp. Paritosh Tripathi appointed as MD and CEO of SBI General Insurance

Private non-life insurer SBI General Insurance has appointed Paritosh Tripathi as Managing Director and Chief Executive Officer.

He has succeeded P C Kandpal, who has been posted as Deputy Managing Director (DMD)-(P&RE) at the Corporate Center, State Bank of India (SBI).

Tripathi has over 32 years of rich and diverse banking experience. In the first half of his banking career, he had worked primarily in the MSME and mid-corporate segment, whereas in the latter part of his career he primarily worked in International Banking and Bancassurance.

Recent Appointment

• MD & CEO of Indian Overseas Bank (IOB) – Ajay Kumar Srivastava
• Head of Punjab & Sind Bank – Swarup Kumar Saha
• Managing Director of Union Bank of India – A Manimekhalai
• MD-CEO of DCB Bank – Murli Natarajan
• MD & CEO of IDBI Bank – Rakesh Sharma

Exp. Alvaro Lario appointed as   new President of IFAD

The governing council of the International Fund for Agricultural Development (IFAD) has been appointed as Spain’s Alvaro Lario new President.

Lario will take office on 1 October 2022 and serve a four-year term. He will succeed Gilbert Houngbo who has led the organization since 2017.

Lario, who would become IFAD 7th president, will lead the UN agency at a crucial time when global food prices are surging, induced by the Ukraine war, climate change, and the pandemic, with the World’s poorest countries hardest hit.

New figures published by five UN agencies including IFAD showed the world falling further behind in efforts to end hunger and poverty in line with the 2030 Sustainable Development Goals.

The State of Food Security and Nutrition report showed that hunger globally rose to as many as 828 million in 2021, an increase of about 150 million since the outbreak of the Covid-19 pandemic.

Exp. Delhi Government launched ‘Mission Kushal Karmi’ programme to upskill construction workers

The Delhi government has launched the ’Mission Kushal Karmi’ programme under which labourers registered with the Delhi Building and Other Construction Workers Welfare Board will be offered a skill development training course.

The government will also provide a sum of at least ₹4,200 to each worker who takes the course to compensate for the loss of work during the 15-day programme.

The programme was launched by deputy chief minister Manish Sisodia, who explained that workers will undergo upskilling that will help boost their income. Under the programme, workers will be trained for 120-hours in their workplace-like environment.

Exp. Secretary General of OPEC Mohammad Barkindo passed away

Organization of the Petroleum Exporting Countries (OPEC) Secretary-General, Mohammad Sanusi Barkindo, passed away.

Barkindo was due to step down at the end of this month after six years in the top job at the OPEC.

OPEC is a permanent, intergovernmental organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.