The Hindu Review Daily Gk Update : 16th March 2019
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♦ President inaugurates festival of Innovation and Entrepreneurship
- President, Ram Nath Kovind, inaugurated the Festival of Innovation and Entrepreneurship in Gandhinagar in Gujarat.
- He also presented the 10th Biennial National Grassroots Innovation Awards on the occasion.
- Speaking on the occasion, President Ram Nath Kovind said that We have to draw upon the power of innovation to find solutions to our concerns in diverse domains such as health, education, food security, energy access, environmental protection, and national security.
- He also said that efforts need to be made to promote an innovation culture and become an innovation society.
♦ RBI names SBI, ICICI and HDFC as systemically important banks
- The Reserve Bank of India (RBI) on Thursday named State Bank of India (SBI), ICICI Bank and HDFC Bank as Domestic Systemically Important Banks (D-SIBs), which in other words mean banks that are too big to fail.
- As per the norms, these banks will have to set aside more capital for their continued operation. RBI comes with the list every year since 2015. Inclusion in D-SIB indicates that failure of any of these banks would have a cascading effect on Indian financial system.
- Inclusion in the list gives additional comfort to investors that these banks won’t be allowed to fail and therefore, borrowing costs of these banks from the markets are cheaper than their peers.
- SBI, being in the third bucket, was setting aside 0.45 per cent of its assets till 2018-19 as a surcharge. From next year, applicable from April 1, the bank will have to set aside 0.60 per cent of its risk-weighted assets. The increase in capital is in a phased manner, with the ultimate aim of providing one full percentage point extra as capital buffer for D-SIBs.
♦ VIENNA RANKED BEST CITY IN THE WORLD TO LIVE IN FOR 10TH YEAR RUNNING
- Vienna has been ranked the most liveable city in the world for the 10th year in a row.
- The Austrian capital topped the new Mercer Quality of Living Survey, whose 2019 ranking was dominated by European cities. Thirteen out of the world’s 20 best places to live are in Europe.
- Zurich, Switzerland’s biggest city, came in second place for overall quality of living, followed by Auckland, Munich and Vancouver in joint third place. The Canadian city has ranked the highest of any North American city over the past decade.
- Mercer’s annual index ranks 231 cities around the world on factors including political stability, crime, personal freedoms, healthcare, education, housing, recreation and public transport.
- Western European cities also dominated the safest cities rankings.
♦ This 16-Year-Old Climate Activist Has Been Nominated For The Nobel Prize
- Greta Thunberg, a 16-year-old Swedish activist has been nominated for the Nobel Peace Prize for climate change activism.
- The Swedish activist made global headlines after she protested outside the national legislature during her school hours demanding the government to reduce carbon emission. She started by skipping her classes from August till the Swedish general elections in September last year. After the elections, she continued the protest every Friday. Greta’s #FridaysForFuture movement inspired students across the world to skip school demanding action from leaders over climate change.
- In Germany, Belgium, Switzerland and more thousands of students swarmed the streets in protest.
♦ Syed Mushtaq Ali Trophy: Agarwal, bowlers help Karnataka grab title
- Mayank Agarwal smashed an unbeaten 85 as Karnataka dished out a clinical all-round performance to beat Maharashtra by eight wickets.
♦ Supreme Court revokes life ban on Sreesanth in spot-fixing case
- The Supreme Court on Friday revoked the life ban on former Indian cricketer S. Sreesanth in a case of spot-fixing and asked the Board of Control for Cricket in India (BCCI) to re-examine its quantum of punishment.
- A Bench of Justices Ashok Bhushan and K.M. Joseph said the life ban was “too harsh.”
- The court asked the BCCI disciplinary committee to review the quantum of his punishment in three months. It, however, upheld his indictment in the wake of the 2013 IPL spot-fixing scandal.
♦ U.S. spl Ops Forces hold exercise with NSG in Hyderabad
- The United States Special Forces Group stationed in Japan is involved in a joint exercise with India’s National Security Guard here, aimed at enhancing the capabilities of the armed forces of the two countries.
- The US forces are from the 1st Battalion, 1st Special Forces Group (Airborne) stationed out of Okinawa in Japan, a release from the US Consulate General said Wednesday.
- The Hyderabad-exercise would help build interoperability and comradeship between the two forces and was designed to enhance the capabilities of both Indian and U.S. armed forces, it said.
- The training focuses on mutual defense operations so both nations can more effectively employ forces and assist in the event of crises that may endanger public health and safety.
♦ Former Minister Y.S. Vivekananda Reddy dead
- Former Member of Parliament and State minister Y.S. Vivekananda Reddy passed away in the early hours of Friday in Kadapa. He was the younger brother of former Chief Minister Y.S. Rajasekhara Reddy, popularly known as YSR, and paternal uncle of YSRCP president, Y.S. Jagan Mohan Reddy.
- Reddy was initially believed to have suffered heart attack around dawn, but his family members, who found blood and bruises over his face, have expressed suspicion over the death as he was alone at home on the ill-fated night. They have complained to the police.
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