Daily Current Affairs August 27 2022 | Latest News | Download PDF

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CURRENT AFFAIRS: NATIONAL NEWS

India to have 1.8 lakh Km of Highways & 1.2 lakh Km of Rail Lines by 2025:

In 2025, India plans to build new trains and highways.
According to a survey by Bank of America Securities India, the total length of all national roads in India is predicted to be 1.8 lakh kilometers, while the total length of railway lines would be 1.2 lakh kilometers.
In India, new national roads totaled 77,000 kilometers in 2015, up from 4000 kilometers between 1950 and 2015.
By 2025, highways are predicted to have expanded to 1.8 lakh kilometers, which is more than twice their present length.
Only 10,000 rail lines made up India’s railway network in 1950; by 2015, there were 63,000 rail lines.
Making the railway network extend up to 2 lakh kilometers is the benchmark for 2025.

20th Edition of BioAsia 2023 scheduled for February 24-26:

The Government of Telangana will host the 20th edition of BioAsia 2023, the major event of BioAsia 2023 for life sciences and health tech, on February 24-26, 2023.
Minister for Industries and Commerce KT Rama Rao launched the BioAsia 2023 logo and theme, “Advancing for ONE: Shaping the Next Generation of Humanised Healthcare.”
To debate the multidisciplinary subjects of One Health, disruptive medical technology, and universal healthcare accessibility and affordability, “Bio Asia 2023 will bring together professionals in the life sciences and healthcare, academics, start-ups, regulators, and investors on one stage,” says Shakthi Nagappan, CEO of BioAsia and Director (Life Sciences), Government of Telangana.
More than 100 carefully selected health-tech entrepreneurs from across the world will be able to demonstrate their ground-breaking solutions to pressing medical problems at the BioAsia 2023 event’s start-up showcase.

PM Modi Inaugurates Homi Bhabha Cancer Hospital in Mohali:

A 300-bed Homi Bhabha Cancer Hospital and Research Center have been inaugurated by Prime Minister Narendra Modi at Mullanpur, Mohali, Chandigarh.
The Homi Bhabha Cancer Hospital and Research Centre were constructed for a total of more than 660 crores by the Tata Memorial Centre, an aided institution run by the Union Department of Atomic Energy.
The Bhabha Cancer Hospital’s opening ceremony also included the presence of Punjab’s Chief Minister, Bhagwant Mann.
To assure the treatment of all cancer kinds in India, the hospital is outfitted with the most cutting-edge facilities, such as Magnetic Resonance Imaging (MRI), Mammography, Digital Radiography, and Brachytherapy.
Chemotherapy, immunotherapy, bone marrow transplants, and surgery are the cancer treatments offered in this country.

EAC-PM to launch the India@100 roadmap:

The Competitiveness Roadmap for India@100 will be unveiled in New Delhi by the Economic Advisory Council to the Prime Minister (EAC-PM).
The EAC-India@100 PM’s report acts as a road map for India’s progress toward its centennial year and will guide and inform the nation’s route to a better income status by 2047.
The EAC-PM suggests policy goals, concepts, and approaches in India@100 to advance India’s economy toward sustainability and resilience, founded on social development and shared prosperity.
In the presence of Sherpa G-20 Amitabh Kant, Member EAC-PM Sanjeev Sanyal, and Chairman EAC-PM Dr. Bibek Debroy, the EAC-PM report (India@100) will be made public.

CURRENT AFFAIRS: BANKING & FINANCE

BASIX partners with Mastercard to digitize the rural ecosystem in Maharashtra

BASIX Social Enterprise Group launched BASIX Farmers’ Market (BFM), an agritech platform, in partnership with Mastercard.

Aim :

To improve the lives of over 10 lac (one million) farmers, including the new cohort of 200 Farmer Producer Organizations (FPO) being promoted under the SMART Project in partnership with the Maharashtra State Rural Livelihood Mission.

About BASIX Farmers’ Market (BFM) :

The launch of BASIX Farmers’ Market is an extension of Mastercard Farm Pass, a rural and agriculture digitization solution that serves more than 3.5 lakh farmers across 5 states in India, & 1 million farmers globally.
It is a digital ecosystem platform that works offline to connect buyers, FPOs, and other agriculture ecosystem players with farmers, and enable them to get the best value for their produce.
The platform serves as an opportunity for banks, financial institutions, FPOs, and NGOs to create a white-labeled commercially sustainable agri-ecosystem by digitizing the value chains.
BFM currently caters to farmers across the Nagpur, Akola, Bhuldana, Wardha, and Amravati districts in Maharashtra and plans to further scale up across India to create a commercially sustainable digital agriculture ecosystem.
Sub K, a BASIX-promoted fintech company, is already leading the way in fintech innovations in the financial inclusion space.

About BASIX :

Group MD & CEO : Sattaiah Devarakonda

About Mastercard :

Founded: November 3, 1966
Headquarters: New York, United States
President & CEO : Michael Miebach

RBI imposes restrictions on Thodupuzha Urban Co-operative Bank for 6 months

In the exercise of powers vested in it under sub-section (1) of Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) has issued directions to Thodupuzha Urban Co-operative Bank Ltd, Kerala for six months.
The bank, without prior approval of RBI, cannot grant or renew any loans, make any investments, or accept fresh deposits.
No amount from the total balance across all savings bank or current accounts or any other account of a depositor may be allowed to be withdrawn, but are allowed to set off loans against deposits subject to the conditions.
The issue of the above Directions by the RBI should not per se be construed as a cancellation of a banking license by RBI.
The bank will continue its banking business with restrictions till its financial position improves.

About RBI :

Established: 1 April 1935
Headquarters: Mumbai, Maharashtra, India
Governor : Shaktikanta Das
Deputy governors: Mahesh Kumar Jain, Rajeshwar Rao, Michael Patra, and T. Rabi Shankar

Tata Neu & HDFC Bank partner to launch two co-branded credit card variants

India’s first super app of the Tata Group, Tata Neu and HDFC Bank partnered to launch co-branded credit cards in two variants: Tata Neu Plus HDFC Bank Credit Card and Tata Neu Infinity HDFC Bank Credit Card.
Each of the two variants of the card will be available on both RuPay and Visa

Key Highlights :

Customers will have a wide range of categories to choose from including grocery, travel, electronics, fashion, health, and wellness
The card will enable customers to earn rewards on all spends, both online and in-store in the form of NeuCoins (1 NeuCoin = INR 1).
Customers will be able to earn 2% NeuCoins with Tata Neu Plus HDFC Bank Credit Card, and 5% NeuCoins with Tata Neu Infinity HDFC Bank Credit Card on all purchases on partner Tata brands, both online and in-store.
For domestic and international purchases outside of partner Tata brands, customers will earn 1% and 1.5% NeuCoins on the respective card variants.
Combined with existing Tata Neu benefits of 5% NeuCoins, a customer will be able to earn a total of 7% or 10% of the value of their spending on the Tata Neu app depending on the card variant.

About HDFC Bank :

Founded: August 1994
Headquarters: Mumbai, Maharashtra, India
CEO : Sashidhar Jagdishan

RBI lifts the business restrictions imposed on American Express Banking Corp

The Reserve Bank of India (RBI) lifted business restrictions imposed on American Express Banking Corp (AEBC) citing satisfactory compliance demonstrated by the entity to RBI rules.

Background :

In April 2021, RBI imposed restrictions on AEBC from onboarding new domestic customers onto its card network from May 01, 2021, for non-compliance with the RBI circular dated April 6, 2018, on Storage of Payment System Data.

About AEBC :

Headquarters: Gurugram, Haryana
Interim CEO & COO : Sanjay Khanna
AEBC is a Payment System Operators authorized to operate Card Networks in the country under the Payment and Settlement Systems Act, 2007 (PSS Act)

SBI Topped in Market Share of Debit cards; HDFC Topped in Credit cards

According to the data collated by PGA Labs, State Bank of India (SBI) remained the top player with a 30% market share of debit cards as of June 2022, despite a 6% decline in year-on-year (Y-o-Y) growth
With an 8% market share, Bank of Baroda (BoB) secured 2nd place followed by Bank of India, Canara Bank Union Bank, and Punjab National Bank (PNB) with 5% each.
HDFC Bank and Axis Bank witnessed the highest YoY growth in the debit card segment with 19% and 18%, respectively
HDFC Bank also topped the charts in the credit cards segment with a market share of 22%, followed by SBI (18%), ICICI Bank (17%), Axis Bank (12%), RBL Bank (5%), and Kotak Mahindra Bank (5%).
The banking system added over 1.84 million credit cards in June 2022 taking the outstanding credit cards in the system to 78.72 million.
HDFC Bank added 386,487 cards in June 2022, followed by Kotak Mahindra Bank (262,942), Axis Bank (228,933), ICICI Bank (190,490), and SBI Card (166,976).
Elite credit cards like American Express and CITI are losing market share with a negative YoY growth of -8% and -2, respectively.
As per the PGA Data, the 2 banks collectively hold a market share of 5%.

BOB Financial Partners With The Indian Army To Launch A Co-Branded Contactless RuPay Credit Card for Army Personnel

BOB Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of Baroda (BoB) and the Indian Army has launched a co-branded RuPay credit card for the Indian Army personnel, in collaboration with National Payments Corporation of India (NPCI).
The co-branded credit card will be equipped with contactless features and will be offered on the RuPay platform.

About the co-branded RuPay credit card :

Yoddha, the co-branded credit card has been curated like none other, offering best-in-class features and benefits along with democratic choice, for the Indian Army personnel.
The card will be offered Life Time Free (LTF) to all Indian Army personnel
It comes with attractive welcome, activation, and spend-based gifts.
The card will also offer complimentary domestic airport lounge access and golf games/lessons.

Features :

Personal Accident insurance
1% Fuel Surcharge Waiver
LTF Add-Ons
EMI offers and periodic merchant offers through tie-ups done by BOB Financial as well as NPCI will also be applicable

About BFSL :

Founded: 1994
Headquarters: Mumbai, Maharashtra
MD & CEO : Mr. Shailendra Singh

About NPCI :

Founded: 2008
Headquarters: Mumbai, Maharashtra, India
MD & CEO: Dilip Asbe

CURRENT AFFAIRS: BUSINESS NEWS

India Has Ample Forex Buffers to Tackle Cyclical Difficulty: S&P

According to S&P Global Ratings, India has created protections against cyclical problems and has enough foreign exchange reserves to resist pressure on credit quality.
S&P Sovereign & International Public Finance Ratings Director Andrew Wood said the nation has a robust external balance sheet and little external debt, making debt payments not too costly.
He was speaking at the India Credit Spotlight 2022 webinar.
According to him, the rating agency does not anticipate that the challenges soon would significantly affect India’s credit status.
After a 7.3 percent GDP growth this fiscal, the economic growth is expected to moderate to 6.5-6.7 percent over the next fiscal year.
Indian economy expanded 8.7 percent in the last fiscal (2021-22).

CURRENT AFFAIRS: AWARDS AND HONOURS

Former German chancellor Angela Merkel wins Unesco Peace Prize 2022:

Angela Merkel, a former German chancellor, has been given the 2022 Unesco Peace Prize for “her efforts to welcome migrants”
The German chancellor, Angela Merkel, famously declared to her people, “We can do this,” in the summer of 2015 as refugees poured into Europe.
She subsequently changed her mind about being pro-immigration when support declined from both the general public and her conservative party.
Her selfless choice in 2015 to accept more than 1.2 million refugees, particularly those from Syria, Iraq, Afghanistan, and Eritrea, moved every single member.

About UNESCO

Founded: 16 November 1945
Headquarters: Paris, France
Members: 193 countries
Head: Audrey Azoulay

CURRENT AFFAIRS: MOUS AND AGREEMENT

Royal Enfield tie-up with UNESCO to promote the cultural heritage of India:

The Intangible Cultural Heritage of India, starting with the Himalayas, is being promoted and protected by Royal Enfield in collaboration with UNESCO (the United Nations Educational, Scientific, and Cultural Organization).
The event is designed to be a hands-on and imaginative display of Intangible Cultural Heritage (ICH) activities in the Western Himalayas and the North Eastern area.
This entails a panel discussion, a movie screening, a performance, and a lecture demonstration.
Eminent creatives, including Adil Hussain, Peter D’Ascoli, Sonam Dubal, Rita Banerji, Mallika Virdi, Tsewang Namgail, Yangdup Lama, Nilza Wangmo, and Anumitra Ghosh, will participate in the four-day event.
Also appearing are luminaries in the social development field.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Indian Scientist Mr. Samir V Kamat Appointed As New DRDO Chairman

Distinguished scientist Samir V Kamat was appointed as Secretary of the Department of Defence Research and Development and Chairman of the Defence Research and Development Organisation (DRDO) from the date of his assumption of charge till he attained the age of 60 years.
He will replace G Satheesh Reddy, who has been named as scientific adviser to Defence Minister, Shri Rajnath Singh
The Appointments Committee of the Cabinet (ACC) has also appointed G Satheesh Reddy as scientific adviser to the defense minister.

About Mr Samir V Kamat :

He joined DRDO at Defence Metallurgical Research Laboratory (DMRL), Hyderabad, in 1989.
He took over as the director of the lab in 2015.
Earlier, Dr. Kamat was Director General of Naval Systems & Materials (NS & M) at DRDO since July 2017.

About DRDO :

Established: 1958
Headquarters: New Delhi, Delhi, India
DRDO is the premier agency under the Department of Defence Research and Development in the Ministry of Defence of the GoI.

IDFC appoints Mr. Mahendra Shah as MD& CEO

Based on the recommendation of the Nomination and Remuneration Committee, the board of directors of Infrastructure Development Finance Company (IDFC) Limited has appointed Mahendra N Shah as the Managing Director (MD) & Chief Executive Officer (CEO) with effect from October 1, 2022, till September 30, 2023.
Shah will replace incumbent MD and CEO Mr. Sunil Kakar, whose term will end on September 30, 2022.

About Mahendra N Shah :

Shah worked with International Paper Limited for 6 years as director of finance and company secretary where he was in charge of the finance function and regulatory compliances.
He joined IDFC in 2001.
Shah is the Company Secretary & Compliance Officer of IDFC Limited since May 24, 2019.

About IDFC Limited :

Founded: 1997
Headquarters: Chennai, Tamil Nadu, India

Credit Suisse appoints Mr. Dixit Joshi as new Chief Financial Officer

Credit Suisse has appointed Dixit Joshi as a chief financial officer (CFO) with effect from October 1, 2022, and Mr. Francesca McDonagh as group chief operating officer (COO) from September 19, 2022.
Dixit Joshi will replace Mr. David Mathers who stepped down after more than 11 years.
Joshi worked at Credit Suisse in New York and London between 1995 and 2003.
Recently, McDonagh served as the Bank of Ireland’s CEO after holding several senior management roles at HSBC Group.
The firm also appointed Michael J. Rongetti as Interim Head of the Asset Management Division and Mr. Michael Bonacker as Head of Transformation.

About Credit Suisse :

Founded : 1856
Headquarters : Zürich, Switzerland
Chairman : Axel Lehmann
CEO: Ulrich Körner

GoI appoints former CEA Mr. K Subramanian as Executive Director for India at IMF

The Government of India (GoI) has appointed former Chief Economic Adviser Mr. K V Subramanian as the Executive Director for India at the International Monetary Fund (IMF).
Subramanian’s term will begin in November 2022 & he will continue for three years or until further orders, whichever is earlier.
He will replace the eminent economist, Surjit S Bhalla as ED (India), IMF whose tenure will end on 31 October 2022.

About Mr KV Subramanian :

KV Subramanian served the Government of India as Chief Economic Adviser between 2018 and 2021.
He was a Member & Director of Research, P J Nayak Committee on Governance of Bank Boards formed by RBI.
He was also a member of the Uday Kotak Committee on Corporate Governance in SEBI.
He also served on the Board of Directors of Bandhan Bank, National Institute of Bank Management, and Reserve Bank of India Academy.
Currently, Subramanian is a Professor at the Indian School of Business.

About IMF :

Established: 27 December 1945
Headquarters: Washington, D.C., United States
Managing Director: Kristalina Georgieva
Membership: 190 countries (189 UN countries and Kosovo)
The Executive Board of the IMF is composed of 24 Directors, who are elected by member countries or by groups of countries.

India’s SBICAP Securities appoints Mr. Deepak Kumar Lalla as the new MD & CEO

Indian financial services firm SBICAP Securities, a unit of SBI Capital Markets and part of the government-owned State Bank Group, has appointed Deepak Kumar Lalla as the new Managing Director (MD) and Chief Executive Officer (CEO).
He replaced Naresh Yadav.

About Mr Deepak Kumar Lalla :

Lalla joined the State Bank of India (SBI) in 1985 & he has over 37 years of experience.
He served as the head of & the wealth management business for the

About SBICAP :

Founded: August 1986
Headquarters: Mumbai, Maharashtra, India
SBI Capital Markets (SBICAPS) is a wholly-owned investment banking subsidiary of the State Bank of India (SBI).

RBL bank appoints Mr. Gopal Jain & Mr. Sivakumar Gopalan as non-executive directors

The private sector lender RBL Bank has appointed Gopal Jain and Dr. Sivakumar Gopalan as the non-executive directors.

About Mr. Gopal Jain :

Jain co-founded Gaja Capital in 2004 and is a Managing Partner at the firm.
He has also been a member of SEBI’s Alternative Investment Policy Advisory Committee since 2018.

About Mr Sivakumar Gopalan :

He has been a faculty member of the Dept of Computer Science and Engineering, IIT Bombay, since 1991
He has served as an Independent Director on the Board of Andhra Bank and
He is the Head of the Centre for Formal Design and Verification of Software (CFDVS), an R&D Centre at IIT Bombay.
Currently, he is an Independent Director at CCIL, NSDL, IFTAS, and
With the new additions, the RBL Bank’s board now has 14 members, guiding the Bank’s strategy on business, technology, and innovation.
The board of RBL Bank approved raising to ₹3,000 crores through the issue of debt securities on a private placement basis, on a “time-to-time basis”.

About RBL bank :

Founded: 1943
Headquarters: Mumbai, Maharashtra, India
MD & CEO : Mr. R Subramaniakumar
Tagline: Apno ka Bank

CURRENT AFFAIRS: ACQUISITIONS & MERGERS

Bharti Telecom to buy 3.33% Airtel stake from Singtel for Rs 12,895 cr

Bharti Airtel promoter, Bharti Telecom Limited (BTL) will buy a 3.33% stake from Singtel (Singapore-based telecommunications company) for 2.25 billion Singapore dollars (around Rs 12,895 crore) in 90 days.
The direct shareholding of Singtel and Bharti Airtel at around 10% and 6%
At present, Singtel holds a 50.56% stake in Bharti Telecom, while the Mittal family owns 49.44%.
Bharti Telecom at present holds a 35.85% stake in the country’s second-largest telecom service provider Airtel.

About Bharti Airtel :

Founded: 7 July 1995
Headquarters: New Delhi, Delhi, India
Chairman: Sunil Bharti Mittal
MD & CEO: Gopal Vittal

TVS Motor Acquires 48.27% Stake In Narain Karthikeyan’s Startup DriveX For INR 85 Cr

TVS Motor Company will acquire a 48.27% stake in NKars Mobility Millennial Solutions Pvt Ltd (NMMSPL) for Narain Karthikeyan’s pre-owned two-wheeler startup ‘DriveX’ for a consideration of Rs 85 crore.