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CURRENT AFFAIRS: IMPORTANT DAYS
World Population Day: July 11
- On July 11, 2022, World Population Day is celebrated and observed all over the world as an awareness program.
- It is observed to raise awareness among people about the impact of a growing population and issues including gender equality, the importance of family planning, poverty, maternal health, human rights, etc.
- World Population Day is observed to create awareness about the global population issues including overgrowing population and to take steps to control the same.
Theme
- The theme for this year is “A world of 8 billion: Towards a resilient future for all – Harnessing opportunities and ensuring rights and choices for all”
- World Population Day is observed every year on July 11 to raise awareness about global population issues.
History
- In 1804, The world population reached 1 billion people.
- In 1927, The world population doubled to 2 billion.
- In 1989, The world population reached 3 billion.
- In 1989, The United Nations recognized July 11 as World Population Day.
- On 11 July 1990, the day was first marked in more than 90 countries. Since then, many UNFPA country offices and other organizations and institutions commemorate World Population Day in partnership with governments and civil society.
- In 2000, Just 40 years after it reached 3 billion, the population doubles to 6 billion.
- On April 24, 2017, statistical models estimated that the world population is at 7.5 billion.
CURRENT AFFAIRS: NATIONAL NEWS
Union Minister Shri Hardeep Singh Puri launches SVANidhi Mahotsav:
- Shri Hardeep Singh Puri, Minister of Housing and Urban Affairs, announced the commencement of the “SVANIdhi Mahotsav” in honor of the PM SVANidhi scheme’s second anniversary, which will be observed from July 9 to July 31.
- The festival, which will take place in 75 places in all 50 states and the Union Territories, will feature a variety of cultural events as well as digital training exercises and loan melas.
- Additionally, it will feature ceremonies to honor notable street sellers.
- The event is the first of its kind for the financial inclusion of street sellers and intends to commemorate 75 years of independence with nano-entrepreneurs.
- The beneficiary of the plan has received a total distribution of 3,600 crore rupees, he continued.
- The Modi administration introduced the PM SVANidhi initiative in July 2020 to offer loans to street vendors who were suffering from the terrible impacts of the coronavirus outbreak.
2-Day training on Disaster Management of Museums held at Rashtrapati Bhavan:
- In cooperation with the National Institute of Disaster Management (NIDM), Rashtrapati Bhavan organized a session on “Disaster Management of Museums and Heritage Buildings” at the Rashtrapati Bhavan Museum.
- The President’s Secretariat stated that the purpose of this training is to increase the employees at Rashtrapati Bhavan and other stakeholders’ understanding of crisis management, with a specific emphasis on historical structures, museums, and cultural treasures.
- India’s leading training and capacity-building organization for managing natural disasters on a national and regional level are the National Institute of Disaster Management (NIDM).
- The National Centre of Disaster Management (NCDM), which was founded by an Act of Parliament in 1995, was renamed the National Institute of Disaster Management by the Disaster Management Act 2005, which was ratified by the President of India on January 9, 2006.
Key Points:
- Throughout the two-day workshop, participants will participate in a variety of sessions to learn about the Sendai Framework for Disaster Risk Reduction (SFDRR), the Prime Minister’s 10 Point Agenda on Disaster Risk Reduction, the Disaster Management Act’s various aspects, the Disaster Management framework, and guidelines, etc.
- The first day’s presenters emphasized the significance of promoting disaster management knowledge and instructing attendees on how to reduce loss in the case of a disaster.
- They also emphasized the importance of disaster management in old buildings and the necessity to have effective regulations and response mechanisms.
Shri Amit Shah virtually unveils ‘Statue of Peace’ of Swamy Ramanujacharya:
- The “Statue of Peace” of Swamy Ramanujacharya, which is housed in a temple in the Sonwar neighborhood of Srinagar, was essentially unveiled by Union Home Minister Shri Amit Shah.
- Saint Ramanujacharya, commonly known as Ramanuja, was a south Indian Brahmin born in Sriperumbudur, Tamil Nadu.
- He is regarded as a brilliant thinker, philosopher, and social reformer.
About the Ramanuja:
- Ramanuja is renowned for having rebelled against untouchability prejudice and for having contributed to a significant transformation in society.
- He shared the fundamentals of salvation and practiced Vaishnavism.
- He authored several publications, including Sri Bhashya, Vedartha Sangraha, and Bhagavad Gita Bhasya, all of which are distinct from Adi Shankaracharya’s teachings.
- The saint is renowned for assessing people based on their character rather than their caste at birth.
- He is thought to have been the first acharya in Hinduism to introduce women into “sanyasa” (renunciation of the world).
- He is also known for blending Vedanta methodology with ‘bhakti’.
- After Ramanuja’s demise, the female community of ‘sanyasinis’ faded away.
PM Shri Modi inaugurates Akshaya Patra’s Midday Meal Kitchen in Varanasi:
- After the BJP won the assembly election in Uttar Pradesh, Prime Minister Shri Narendra Modi made his first visit to his home district of Varanasi and inaugurated the Akshaya Patra at the noon meal kitchen.
- During his visit, Modi will launch and lay the foundation for development projects worth Rs. 1,774 crores that are intended to improve the nation’s infrastructure and standard of living.
- 1 lakh students’ lunches may be made in the LT College kitchen.
- In response to the inauguration, Samajwadi Party chief Akhilesh Yadav declared that all 11 places recommended by the SP government should start using kitchens.
About Akshaya Patra Foundation:
- The Akshaya Patra Foundation is a non-profit trust that is managed by the Bangalore-based International Society for Krishna Consciousness (ISKCON).
- It oversees the Midday Meal Scheme in India, a program
- for school meals. Akshaya Patra is the Union Government of India’s main partner in putting the Mid Day Meal program into action at government-run schools in India.
- The project’s foundation is the public-private partnership.
Mangarh Hillock to be declared a monument of national importance:
- In the year of Azadi Ka Amrit Mahotsav, a delegation from the National Monuments Authority led by Shri Tarun Vijay, Chairman, National Monuments Authority, submitted a report for the designation of Rajasthan’s Mangarh Hill as a monument of National Importance.
- This study includes suggestions from the National Monuments Authority as well as pertinent information regarding the Mangarh hilltop.
Key Points:
- Unsung heroes and the Mangarh hilltop, according to Minister of State for Culture Shri Arjun Ram Meghwal, have not got the historical significance they merited.
- He added that on November 17, 1913, the British troops ruthlessly murdered 1500 Bhil tribal independence fighters.
- On the occasion of Azadi ka Amrit Mahotsav, we will unquestionably move on with the report provided by NMA Chairperson, Shri Tarun Vijay, as a way of paying them tribute.
- The union minister further stated that because our younger generation is ignorant of their sacrifice and Mangarh Hillock, it is our duty to emphasize its importance and disseminate knowledge about it.
CURRENT AFFAIRS: INTERNATIONAL NEWS
India was elected to the Intergovernmental Committee of UNESCO’s 2003 Convention for the Safeguarding of the Intangible Cultural Heritage
- India has been elected as a member of the Intergovernmental Committee (IGC) of the United Nations Educational, Scientific and Cultural Organization UNESCO’s 2003 Convention for the Safeguarding of the Intangible Cultural Heritage for a period of 4 years 2022-2026 cycle.
- The announcement was made by Union Minister for Culture, Tourism & DoNER Shri G.K
- The elections for the Intergovernmental Committee took place during the 9th General Assembly of the 2003 Convention held at UNESCO headquarters, Paris.
- The Union Culture Ministry stated against the four seats falling vacant within the Asia-Pacific group, six countries India, Bangladesh, Vietnam, Cambodia, Malaysia, and Thailand had presented their candidature.
- India received 110 votes from the 155 State Parties that were present and voting.
Key Highlights :
- India has served two terms as a member of the Intergovernmental Committee of this Conventione One from 2006 to 2010 and the other from 2014 to 2018.
- For its 2022-2026 term, India has formulated a clear vision for the protection and promotion of the intangible cultural heritage of humanity.
- Some of the priority areas that India will focus upon include fostering community participation, strengthening international cooperation through intangible heritage, promoting academic research on intangible cultural heritage, and aligning the work of the Convention with the UN Sustainable Development Goals.
- India ranks high in the listing of intangible cultural heritage, with 14 inscriptions on the Representative List of Intangible Cultural Heritage of Humanity.
- After the inscription of Durga Puja in 2021, India submitted the nomination for Garba of Gujarat to be discussed in 2023
- Noting the imbalance in the inscriptions on the 3 lists of the Convention, i.e., Urgent Safeguarding List, Representative List, and Register of Good Safeguarding Practices, India shall endeavor to encourage international dialogue to better showcase the diversity and importance of living heritage.
Note :
- The Intergovernmental Committee of the 2003 Convention consists of 24 members and is elected in the General Assembly of the Convention according to the principles of equitable geographical representation and rotation.
- States Members to the Committee are elected for a term of four years.
Functions of IGC :
- The Intergovernmental Committee includes promoting the objectives of the Convention, providing guidance on best practices, and making recommendations on measures for the safeguarding of intangible cultural heritage.
- The Committee also examines requests submitted by States Parties for the inscription of intangible heritage on the Lists as well as proposals for programs and projects.
CURRENT AFFAIRS: STATE NEWS
Karnataka Becomes the first state in India to have an R&D policy
- Karnataka is set to be the first state in India to have an exclusive Research & Development policy.
- Karnataka chief minister Shri Basavaraj Bommai, chaired a meeting with the Task Force headed by Prof Ashok Shettar, vice-chancellor of KLE Technological University, and senior officials regarding the formulation of the new policy.
- The CM has instructed the officials to prepare the necessary systems for the effective implementation of the proposed policy.
- IT, BT minister CN Ashwathnarayan, CM’s Principal Secretary N. Manjunath Additional Chief Secretary in the Industries department EV Ramana Reddy and others were present.
Aim of the Policy :
- To allocate at least 0.1% of the state’s Gross State Domestic Product towards R&D and innovation that would eventually help the state in bringing more development.
- Also, some of the other measures suggested as a part of the policy include allocating a certain amount of budget to various departments for research purposes.
- The proposed policy should be simple.
- Any R&D is considered worthy only when it is found useful in the daily life of the people & it should cater to all sectors.
- A state-level R&D Council and Foundation will be established as a supplementary initiative for the implementation of the proposed policy.
- The policy would be cleared after discussing it in the state cabinet.
About Karnataka :
- Governor: Thawarchand Gehlot
- CM: Basavaraj Bommai
- Capital: Bangalore
CURRENT AFFAIRS: BANKING & FINANCE
Women’s World Banking & Bank of Baroda launches the ‘Baroda Jan Dhan Plus’ in Uttar Pradesh & Uttarakhand
- One of India’s leading public sector banks, Bank of Baroda (BoB) has partnered with Women’s World Banking (WWB) to roll out the third and broader phase of the ‘Baroda Jan Dhan Plus’ program across 25 districts of Uttar Pradesh and all 13 districts of Uttarakhand.
Aim :
- To increase access to and improve engagement of low-income women with formal financial services.
- The 3rd & largest phase of ‘Baroda Jan Dhan Plus’ will reach out to a wide base of existing Jan Dhan customers of Bank of Baroda through financial literacy camps and business correspondents, to disseminate the benefit of savings and provide access to formal credit by way of Pradhan Mantri Jan Dhan Yojana (PMJDY) Overdraft facility and other social security schemes.
About the ‘Baroda Jan Dhan Plus’ program:
- The program will train and work with over 2000 business correspondents (BC) and 1000 BC Sakhis (women business correspondents) to empower them to help women customers in their regions.
- It builds on the robust infrastructure of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which has brought around11 crore or 251.1 million women into the banking ecosystem with Jan Dhan bank accounts.
- It brings a compelling proposition to encourage women to account holders to save money systematically by motivating them to deposit 500 monthly for 5 months, building a relationship that can lead to a PMJDY overdraft loan facility of up to Rs. 10,000.
- The ‘Baroda Jan Dhan Plus’ model rests on 3 core pillars
- Making the bank ecosystem a welcoming one for low-income women
- Making savings relatable and rewarding for women
- Training and capacity building of business correspondent (BC) agents on soft skills with a gender focus to make them better understand and fulfill the needs of women customers.
About WWB :
- Founded: 1979
- Headquarters: New York, U.S
- President & CEO : Mary Ellen Iskenderian
- Founders: Esther Afua Ocloo, Ela Bhatt, Michaela Walsh
- Women’s World Banking is a nonprofit organization.
- It is a global non-profit committed to giving low-income women access to financial tools for long-term financial security and
About Bob :
- Founded: 20 July 1908
- Headquarters: Vadodara, Gujarat, India
- MD & CEO: Sanjiv Chadha
PNB signs MoU with Indian Air Force for ‘PNB Rakshak Plus Scheme’
- Punjab National Bank (PNB), the nation’s leading Public Sector Bank, has signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to provide specially designed products to the defense personnel under the bank’s flagship scheme of ‘PNB Rakshak Plus’.
- The agreement was exchanged between Atul Kumar Goel, MD and CEO of PNB, and Chief of Air Staff, Air Chief Marshal Vivek Ram Chaudhari, on behalf of the Indian Air Force in a ceremony at the Indian Air Force Auditorium in Delhi.
About PNB Rakshak Plus Scheme
- The scheme includes personal accident insurance as well as air accidental insurance for serving, retired as well as trainees of the defense forces.
- It also covers retired defense pensioners, along with personnel of the central armed police forces, state police force, and metro police
Key features of the PNB Rakshak Plus Scheme :
- Personal Accidental (Death) cover of Rs 50 lakh.
- Air Accidental (Death) Insurance cover of Rs 100 lakh.
- Personal Accidental (Permanent Total Disability) cover of Rs 50 lakh.
- Sweep Facility
- Initial threshold amount – Rs 10000/-
- Minimum Sweep In/Out – Rs 1000/-
- Multiples of – Rs 1000/-
- No ‘Cash Handling Charges’ levied for the transaction(s) implying thereby that all branches of PNB, PAN-India, would be considered as ‘Home’ branch.
- Overdraft up to last 3 months Net Salary/Pension amounting from Rs 75000 to Rs 3 lakh.
- Concession in rate of interest and service charges under Housing, Car, Education, and Personal Loan Schemes.
- Education loan under “PNB Pratibha” is available forwards of a Primary Account holder who takes admitted to premier institutes and the Army Educational institutions.
- Zero balance saving account to family members.
- Concession in locker rent – 25 percent Annual Maintenance Charges (AMC) waived off for three years from the date of issue.
- Financial assistance of Rs. 1 lakh per year for 4 years or the actual expenditure, whichever is less, for the education of two surviving and dependent children (Male/Female) of a PAI (Death).
- Unlimited free DDs/POs with a ceiling of Rs 50,000 per free DD/PO.
- Free SMS Alerts for transactions in the account and on the connected Debit/Credit card(s).
About PNB :
- Founded: 19 May 1894
- Headquarters: New Delhi, Delhi, India
- MD & CEO : Atul Kumar Goel
- Tagline: The Name You Can Bank Upon
About IAF :
- Founded: 26 January 1950
- Headquarters: New Delhi, Delhi, India
- Chief of the Air Staff: Air Chief Marshal Vivek Ram Chaudhari
SBI renews MoU with Indian Air Force for defense salary package
- State Bank of India (SBI) has renewed the Memorandum of Understanding (MoU) with the Indian Air Force for the Defence Salary Package (DSP) scheme.
About the DSP Scheme :
- Under this scheme, it will offer various benefits and features to all serving and retired Air Force personnel and their families.
- The lender offers extensive benefits to the Air Force personnel such as complimentary personal accidental insurance, air accidental insurance, and additional cover in case of on-duty death (during the action).
- In case of death of the Air Force personnel, the family of the deceased is provided with add-on covers for child education and marriage of girl child.
- Additionally, the retired personnel will be eligible for complimentary personal accidental insurance, irrespective of their age.
- The families of pensioners would be entitled to some benefits.
- The MoU will be automatically extended to all the Air Force personnel who are covered under its Defence Salary Package.
About SBI :
- Founded: 1 July 1955
- Headquarters: Mumbai, Maharashtra
- Chairperson: Dinesh Kumar Khara
RBI Cancels License Of Shri Anand Co-Operative Bank Due To Lack Of Capital
- Reserve Bank of India (RBI) has canceled the license of Shri Anand Co-operative Bank, Chinchwad, Pune as the lender does not have adequate capital and cannot pay its present depositors in full.
The Reserve Bank canceled the license of the bank because:
- The bank does not have adequate capital and earning prospects.
- As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
- The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d), and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949.
- The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
- The continuance of the bank is prejudicial to the interests of its depositors.
- The bank with its present financial position would be unable to pay its present depositors in full.
- On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh only from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961.
- As per the data submitted by the bank, more than 99% of the depositors are entitled to receive the full amount of their deposits from DICGC.
- As of May 18, 2022, DICGC has already paid Rs 9.42 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961 based on the willingness received from the concerned depositors of the bank.
About RBI :
- Established: 1 April 1935
- Headquarters: Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy governors: Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra, and T. Rabi Shankar
Samunnati Partners with SBI for Financing FPOs
- India’s Open Agri network Samunnati has entered into a co-lending partnership with the State Bank of India (SBI) to expand its outreach to Farmer Producer Organisations (FPOs).
- Both entered into a non-financial MOU to develop the FPO Sector, mainstream FPO as an asset class, and increase awareness of this class of farmer-owned institutions in the Banking sector.
About the Partnership :
- The partnership will enable Samunnati to scale its outreach to FPOs with customized financial solutions at affordable interest rates, leveraging the vast resources available with SBI.
- It will enhance the outreach for SBI channel credit to the under-served segment of small-holder farmers in the agriculture sector, by leveraging Samunnati’s outreach and nuanced understanding of the FPO sector.
- The initial program amount is INR 100 Crores.
- Samunnati works with a growing network of 3000+ Farmer Collectives with a member base of over 6 million farmers with solutions spanning Agri Finance, Agri Commerce, and advisory services.
- In November 2020, the Reserve Bank of India (RBI) issued guidelines on Co-Lending Model between Scheduled Commercial Banks and NBFCs.
- SBI is one of the first Banks to participate in a co-lending program aimed at mainstreaming FPOs as an asset class.
About samunnati :
- Founded: 2014
- Founder and CEO: Anil Kumar
- Headquarters: Chennai, Tamil Nadu
Power Finance Corporation inks loan pact with JBIC for JPY 30 bn
- State-owned & the leading Non-Banking Finance Company (NBFC) in the Indian power sector, Power Finance Corporation (PFC) signed a loan agreement for Japanese Yen (JPY) 30 billion with Japan Bank for International Cooperation (JBIC).
- The loan agreement was signed by R S Dhillon, CMD, PFC, and Kazushige Gobe, Director General, Social Infrastructure Finance Department, JBIC.
- It was signed in the presence of Parminder Chopra, Director (Finance) at PFC, R R Jha, Director (Projects) at PFC, and Toshihiko Kurihara, Chief Representative, JBIC New Delhi office.
- JBIC provided this long-term facility to PFC under JBIC’s initiative titled ‘Global action for Reconciling Economic growth and Environmental preservation’ (“GREEN”).
- JBIC provides financing for projects which ensure the effective reduction of greenhouse gas emissions and conservation of the global environment.
- The funds under the facility would be used by PFC to finance its renewable energy portfolio.
- This facility from JBIC would be a landmark transaction demonstrating the Quad partners’ strong unity and robust commitment to the Indo-Pacific region, while also enhancing the bilateral cooperation between Japan and India.
- It would also help PFC in providing competitive rates for renewable power projects.
About PFC Limited :
- Founded: July 1986
- Headquarters: New Delhi, Delhi, India
- Chairman & MD: Ravinder Singh Dhillon
- Power Finance Corporation Ltd. is an Indian financial institution under the ownership of the Ministry of Power, GoI.
About JBIC :
- Founded: 1 October 1999
- Headquarters: Tokyo, Japan
- President & CEO : Tadashi Maeda
- JBIC is a Japanese public financial institution and export credit agency that was created through the merger of the Japan Export-Import Bank (JEXIM) and the Overseas Economic Cooperation Fund (OECF).
Max Life launches ‘Smart Capital Guarantee Solution’
- Max Life Insurance Company Ltd. has launched Smart Capital Guarantee Solution, a life insurance product solution that combines the features of two of Max’s existing products – ‘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.
Key features of Max Life Smart Capital Guarantee Solution:
- Capital guarantee through maturity benefit of Max Life Smart Wealth Plan; market-linked returns through a part of the premium paid towards the Max Life Flexi Wealth Advantage Plan
- Unique and customized storyboards tailored to meet varied financial needs in the form of lump-sum benefits, regular income, or whole-life income benefit
- Flexibility to choose from different premium term payment options
- Comprehensive protection with death-benefits
- Tax benefits under section 80C and Section 10 (10D) of the Income Tax Act 1961
Max Life Smart Wealth Plan:
- This product offers a combination of protection and savings.
- It is a comprehensive life insurance savings product with guaranteed returns.
- It provides greater flexibility by offering five different variants – 3 in a lump sum and one each in regular and whole-life income.
- Depending on the variant, all five variants provide distinct living benefits as well as comprehensive life cover.
Max Life Flexi Wealth Advantage Plan:
- This plan maximizes wealth creation while providing financial protection.
- It ensures the return of eligible policy charges, loyalty add-ons, and power-packed boosters.
- Also, it allows for greater customization through unlimited switches and free premium redirection at various stages of the growth journey.
About Max Life Insurance Company Ltd :
- Founded: 2000
- Headquarters: New Delhi, Delhi, India
- Max Life Insurance Company Limited is a life insurance company in India with a joint venture (JV) between Max India Ltd and Axis Bank.
- It is a subsidiary of the publicly listed Max Financial Services and is the largest non-bank private-sector life insurer in India.
Indian Bank signs MoU With Government Of Haryana for Mobile Phone Distribution
- Public sector Indian Bank has signed a Memorandum of Understanding (MoU) with the Government of Haryana regarding the distribution of mobile phones to consumers through an e-unified payment interface (e-upi) system.
- The program was flagged off by Shri. Anoop Dhanak, Hon’ble Minister of State, Revenue and Disaster Management in the presence of Imran Amin Siddiqui, Executive Director, Indian Bank.
- Under this arrangement, e-upi coupons will be provided by Indian Bank to all the beneficiaries through SMS or QR-code on the mobile numbers of Lambardars.
- The e-coupon can be redeemed without any credit or debit card, mobile app, or internet and shall enable the holder to get the mobile phone for the eligible amount from the designated vendor.
- Under this initiative, Mobile distribution melas would be organized by the bank in Haryana.
About Indian Bank :
- Established: 1907
- Headquarters: Chennai, Tamil Nadu, India
- MD & CEO: Shri Shanti Lal Jain
About Haryana :
- Governor : Bandaru Dattatreya
- CM : Manohar Lal Khattar
- Capital: Chandigarh
CURRENT AFFAIRS: BUSINESS NEWS
Google launched Startup School India, which targets 10,000 startups in small cities:
- Google, a tech giant, established the Startup School India program, which intends to assist 10,000 companies in Tier 2 and Tier 3 towns by compiling pertinent material on startup creation into a structured curriculum.
- Fireside conversations involving Google leaders and partners from the whole startup ecosystem will take place over the nine-week virtual program.
Key Points:
- The goal of Company School is to provide early-stage start-up owners with the resources, products, and information that expanding businesses require.
- It consists of a series of guided online training.
- The course material will include learning modules on topics like formulating a successful product strategy, delving deeply into product user value, developing a roadmap and product requirements document, creating apps for the next billion users in markets like India, accelerating user acquisition, and many more.
- India is the third-largest country in the world for the creation of startups, with close to 70,000 of them.
- And when more Indian founders succeed in taking their businesses public or reaching unicorn status, it has sparked aspirations among young Indians all around the nation, creating a positive feedback loop.
About Google
- CEO: Sundar Pichai;
- Founded: 4 September 1998;
- Headquarters: California, United States.
CURRENT AFFAIRS: AWARDS AND HONOURS
Polish government honored maharajas for helping refugees during WW II:
- The maharajas of Jamnagar and Kolhapur, among others, who provided sanctuary to Polish refugees escaping the Soviet Union’s invasion of Poland during World War II, have received honors from the Polish government.
- In response to the invitation, the Indian government dispatched a team to Poland that included former royals from Jamnagar and Kolhapur as well as Yuvraj Sambhaji Raje and Sanyogitaraje Chhatrapati of Kolhapur.
- Piotr Glinski, the deputy prime minister of Poland, also attended the Warsaw gathering.
- Poles residing there displayed images of the kindness of the Indian monarchs as they recalled their recollections of living there.
- Germany invaded Poland and the Soviet Union in 1939, both from the west and the east.
- Thousands of Poles were compelled by the Soviet government to move farther into Soviet territory during the occupation, including Siberia.
- Then, at least 5,000 Poles left their nation and sought safety in Kolhapur.
- They spent many years in the village of Valiwade, which is close to Kolhapur, where a miniature version of Poland developed, complete with a school, a hospital, and even a fire department.
Gita Gopinath becomes the first woman and 2nd Indian to feature on IMF’s ‘wall of former chief economists’:
- India-born Gita Gopinath became the first woman and second Indian to feature on the ‘wall of former chief economists of the International Monetary Fund (IMF).
- The first Indian to achieve the honor was Raghuram Rajan who was Chief Economist and Director of Research of IMF between 2003 and 2006.
- 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.
- Gopinath had served as the first female chief economist of the Washington-based global lender for three years.
- Gopinath’s research has been published in many top economics journals.
- Before she was appointed IMF Chief
- Economist, she was the John Zwaanstra Professor of International Studies and Economics in the economics department of Harvard University.
- Before joining the faculty of Harvard University in 2005, she was an assistant professor of economics at the University of Chicago’s Booth School of Business.
CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS
SBI General Insurance appoints Shri Paritosh Tripathi as new MD & CEO
- State Bank of India (SBI) General Insurance Company Limited has appointed Shri Paritosh Tripathi as its new Managing Director & Chief Executive Officer.
- He Succeeded Prakash Chandra Kandpal who has been posted as DMD (P&RE) at the Corporate Center, State Bank of India.
About Shri Paritosh Tripathi :
- Paritosh Tripathi has over 32 years of rich and diverse banking experience.
- In his banking career, he had worked primarily in the MSME, mid-corporate segment, & International Banking and Bancassurance.
- Before joining SBI General Insurance, he was a general manager, operations, and internal banking group, with the State Bank of India.
- He was also on the Board of Sterling Bank, Nigeria, and SBI Canada.
- From 2017 to 2020, he was Head of Bancassurance, firstly with SBI Mutual Fund and then with SBI General Insurance.
- He was Head of FI Relationship (East Asia) in Hong Kong and CEO of the SBI DIFC (Dubai International Financial center) Branch in Dubai, United Arab Emirates (UAE).
About SBI General Insurance :
- Founded: 2009
- Headquarters: Mumbai, Maharashtra, India
ACFI constitutes a new board and appoints Mr. Yashpal Sharma as its new President
- Air Cargo Forum India (ACFI) at its Annual General Meeting constituted a new board & appointed Yashpal Sharma, Managing Director of Skyways Group as President from 2022 to 2024.
- He succeeded Cyrus Katgara, who will be part of the current board as Ex Officio.
About ACFI :
- Founded: 2012
- Headquarters: New Delhi, Delhi, India
- Vice President: Sanjiv Edward
- ACFI is an association of all key stakeholders of the air cargo logistics supply chain industry consisting of airlines, airport operators, cargo terminal operators, freight forwarders, customs brokers, express industry, bonded truckers, etc.
- It has been working very closely with the Ministry of Civil Aviation (MoCA) on its vision to achieve the goal of taking Indian air space to 10 million MT by 2030-31 from the current 3.1 million MT.
CII Elects Mr. R Dinesh as President-Designate & Mr. Sanjiv Puri As Vice President FY23
- Confederation of Indian Industry (CII) has elected R Dinesh, Executive Vice Chairman, TVS Supply Chain Solutions as President-Designate for 2022-23.
- In addition to that, Sanjiv Puri, Chairman, and Managing Director, ITC has been elected as the Vice President of CII.
- Sanjiv Bajaj, Chairman, and Managing Director, Bajaj Finserv Limited assumed office as the President of CII for the year 2022-23 in May 2022.
About Mr. R Dinesh :
- Dinesh is an Associate Member of the Institute of Chartered Accountants of India (ICAI) and the Institute of Cost & Works Accountants of India (ICWAI).
- He has been the Chairman of the CII Southern Region during 2018-19.
- He is the Chairman of the National Committees on Logistics, CII Family Business Network India Chapter Council, CII Tamil Nadu State Council, and CII Institute of Logistics Advisory Council.
About Mr. Sanjiv Puri :
- Sanjiv Puri is an alumnus of the Indian Institute of Technology, Kanpur, and Wharton School of Business.
- He has been a member of the CII National Council.
- He has held several important positions in CII including Chairman of the CII-ITC Centre of Excellence for Sustainable Development and the Chairman of the CII Agriculture Council.
- He is the Chairman of ITC Infotech India Limited and its wholly-owned subsidiaries in the UK and USA as well as Chairman of Surya Nepal Private Limited.
About CII :
- Founded: 1895
- Headquarters: New Delhi, Delhi, India
- Director-General: Chandrajit Banerjee
- The CII is a non-governmental trade association and advocacy group
Former NITI Aayog CEO Mr. Amitabh Kant appointed as new Sherpa of G-20
- Former NITI Aayog CEO Mr. Amitabh Kant has been appointed as India’s new Sherpa for the G-20.
- He replaced Minister for Commerce & Industry and Consumer Affairs Shri Piyush Goyal, who was appointed as the G-20 Sherpa in September 2021.
- India will hold the presidency from December 1, 2022, to November 30, 2023.
- The G-20 Leaders’ Summit will be held in India for the first time in 2023.
- As the G-20 presidency, India will set the agenda for the year, identify the themes and focus areas, conduct discussions and work out outcome documents.
About Amitabh Kant :
- Amitabh Kant was born on 1 March 1956, in Varanasi, UP.
- He is a 1980 batch retired IAS officer of Kerala cadre.
- He served as the NITI Aayog CEO from June 2016 to June 2022.
- He has worked as Secretary, Department of Industrial Policy & Promotion (DIPP).
- He was also the chairman of Empowered Group-3, one of the 11 groups set up by the Center to tackle the spread of the Covid-19 pandemic.
About Sherpa :
- A sherpa is a personal representative of a head of state or head of government who prepares an international summit, such as the annual G7 and G20 summits
- Some of the previous Sherpas for the G-20 include Suresh Prabhu, Shaktikanta Das, and Montek Singh Ahluwalia.
About G-20 :
- The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
- The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
- India has been a member of the G20 since the grouping’s inception in 1999.
Role of G-20 :
- The G-20 forum connects the world’s developed and developing economies together.
- It accounts for two-thirds of the global population, 75% of international trade, and 85% of the global GDP.
- It is an influential platform for international economic cooperation.
- The G-20 process is divided into the Sherpa track and the Finance track.
- Under the Sherpa track, about 100 official meetings are expected to be organized in the areas of employment, health, digital economy, trade, investment and industry, environment and climate, energy, anti-corruption, agriculture, tourism, culture, and socio-economic development, education, and women empowerment.
- Under the Finance track, about 40 meetings are expected to be organized including in the areas of international financial architecture, financial inclusion and sustainable finance, financing for infrastructure, climate finance, and tax matters.
Daily CA on July 10 :
- On July 11, 2022, World Population Day is celebrated and observed all over the world as an awareness program. The theme for this year is “A world of 8 billion: Towards a resilient future for all – Harnessing opportunities and ensuring rights and choices for all”
- Shri Hardeep Singh Puri, Minister of Housing and Urban Affairs, announced the commencement of the “SVANIdhi Mahotsav” in honor of the PM SVANidhi scheme’s second anniversary, which will be observed from July 9 to July 31.
- In cooperation with the National Institute of Disaster Management (NIDM), Rashtrapati Bhavan organized a session on “Disaster Management of Museums and Heritage Buildings” at the Rashtrapati Bhavan Museum.
- The “Statue of Peace” of Swamy Ramanujacharya, which is housed in a temple in the Sonwar neighborhood of Srinagar, was essentially unveiled by Union Home Minister Shri Amit Shah.
- After the BJP won the assembly election in Uttar Pradesh, Prime Minister Shri Narendra Modi made his first visit to his home district of Varanasi and inaugurated the Akshaya Patra at the noon meal kitchen.
- The National Monuments Authority led by Shri Tarun Vijay, Chairman of, the National Monuments Authority, submitted a report for the designation of Rajasthan’s Mangarh Hill as a monument of National Importance.
- India has been elected as a member of the Intergovernmental Committee (IGC) of the United Nations Educational, Scientific and Cultural Organization UNESCO’s 2003 Convention for the Safeguarding of the Intangible Cultural Heritage for a period of 4 years 2022-2026 cycle.
- Karnataka is set to be the first state in India to have an exclusive Research & Development policy.
- One of India’s leading public sector banks, Bank of Baroda (BoB) has partnered with Women’s World Banking (WWB) to roll out the third and broader phase of the ‘Baroda Jan Dhan Plus’ program across 25 districts of Uttar Pradesh and all 13 districts of Uttarakhand.
- Punjab National Bank (PNB), the nation’s leading Public Sector Bank, has signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to provide specially designed products to the defense personnel under the bank’s flagship scheme of ‘PNB Rakshak Plus’.
- State Bank of India (SBI) has renewed the Memorandum of Understanding (MoU) with the Indian Air Force for the Defence Salary Package (DSP) scheme.
- Reserve Bank of India (RBI) has canceled the license of Shri Anand Co-operative Bank, Chinchwad, Pune as the lender does not have adequate capital and cannot pay its present depositors in full.
- India’s Open Agri network Samunnati has entered into a co-lending partnership with the State Bank of India (SBI) to expand its outreach to Farmer Producer Organisations (FPOs).
- State-owned & the leading Non-Banking Finance Company (NBFC) in the Indian power sector, Power Finance Corporation (PFC) signed a loan agreement for Japanese Yen (JPY) 30 billion with Japan Bank for International Cooperation (JBIC).
- Max Life Insurance Company Ltd. has launched Smart Capital Guarantee Solution, a life insurance product solution that combines the features of two of Max’s existing products – ‘Max Life Smart Wealth Plan’ and ‘Max Life Flexi Wealth Advantage Plan’.
- Public sector Indian Bank has signed a Memorandum of Understanding (MoU) with the Government of Haryana regarding the distribution of mobile phones to consumers through an e-unified payment interface (e-upi) system.
- State Bank of India (SBI) General Insurance Company Limited has appointed Shri Paritosh Tripathi as its new Managing Director & Chief Executive Officer & he Succeeded Mr. Prakash Chandra Kandpal who has been posted as DMD (P&RE) at the Corporate Center, State Bank of India.
- Google, a tech giant, established the Startup School India program, which intends to assist 10,000 companies in Tier 2 and Tier 3 towns by compiling pertinent material on startup creation into a structured curriculum.
- The maharajas of Jamnagar and Kolhapur, among others, who provided sanctuary to Polish refugees escaping the Soviet Union’s invasion of Poland during World War II, have received honors from the Polish government.
- India-born Gita Gopinath became the first woman and second Indian to feature on the ‘wall of former chief economists of the International Monetary Fund (IMF).
- Air Cargo Forum India (ACFI) at its Annual General Meeting constituted a new board & appointed Mr. Yashpal Sharma, Managing Director of Skyways Group as President from 2022 to 2024 & he succeeded Cyrus Katgara.
- Confederation of Indian Industry (CII) has elected Mr. R Dinesh, Executive Vice Chairman, TVS Supply Chain Solutions as President-Designate for 2022-23 & in addition to that, Mr. Sanjiv Puri, Chairman, and Managing Director, ITC has been elected as the Vice President of CII.
- Former NITI Aayog CEO Mr. Amitabh Kant has been appointed as India’s new Sherpa for the G-20 & he replaced Minister for Commerce & Industry and Consumer Affairs Shri Piyush Goyal, who was appointed as the G-20 Sherpa in September 2021.
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