Unmukt Chand becomes the 1st Indian male to sign up for BBL
Unmukt Chand has become the first Indian male cricketer to sign up for the Big Bash League as he is set to feature in the Melbourne Renegades side in the upcoming edition. The 28-year-old, who led India to the Under-19 World Cup title in 2012, has represented India A, apart from featuring in teams like Delhi Daredevils, Mumbai Indians, and Rajasthan Royals in the IPL. He announced his retirement from Indian cricket in August this year stating that he would explore ‘better opportunities from around the world’.
Chand has now shifted his base to the United States of America (USA). He was recently named ‘Player of the Tournament as his side, Silicon Valley Strikers, won the Minor League Cricket (MCL) title. The right-handed batter will travel to Australia later this month and be available for the entire duration of the tournament.
WHO approves Bharat Biotech’s Covaxin for emergency use
Bharat Biotech’s Covaxin has got WHO approval as the technical advisory team has recommended the India-made vaccine for emergency use listing for 18 years and above. This marks a major victory for India’s journey in vaccination against Covid-19. Covaxin is a vaccine, completely ‘made in India’, by Hyderabad-based Bharat Biotech and the Indian Council of Medical Research. WHO has so far approved Covid-19 vaccines of Pfizer-BioNTech, AstraZeneca-SK Bio/Serum Institute of India, Johnson 7 Johnson – Janssen, Moderna, and Sinopharm for emergency use.
The emergency listing got delayed last month as the technical advisory group sought some additional clarification from Bharat Biotech for its final risk assessment. The technical advisory group met to take the final call, and Covaxin has been recommended for emergency use listing. Covaxin has demonstrated 77.8 per cent effectiveness against symptomatic COVID-19 and 65.2 per cent protection against the new Delta variant.
Important takeaways for all competitive exams:
- WHO Established: 7 April 1948;
- WHO Director General: Dr Tedros Adhanom Ghebreyesus;
- WHO Headquarters: Geneva, Switzerland.
South African author Damon Galgut wins Booker Prize
South African playwright and novelist, Damon Galgut has won the 2021 Booker Prize for “The Promise”, his third shortlisted novel which chronicles a family in his homeland from the late apartheid era through to Jacob Zuma’s presidency. Spanning several decades, the book shows the family’s growing disintegration as the country emerges into democracy.
Mr. Galgut took the prize on his third time as a finalist, for a book the judges called a “tour de force.” He was previously shortlisted for “The Good Doctor” in 2003 and “In a Strange Room” in 2010, but lost both times.
US lawmaker introduces Bill to declare Diwali a national holiday
United States lawmakers led by Congresswoman Carolyn B Maloney from New York, introduced a bill to declare Diwali a national holiday in the country. The lawmaker announced the Deepavali Day Act in the House of Representatives. The historic legislation is being supported by a number of lawmakers including Indian-American Representative Raja Krishnamoorthi. Meanwhile, Krishnamoorthi also introduced a resolution in the US Congress to recognise the religious and historical significance of the festival of lights.
Important takeaways for all competitive exams:
- United States Capital: Washington, DC;
- United States President: Joe Biden;
- United States Currency: United States Dollar.
RBI issues revised PCA framework for banks
The RBI has issued a revised Prompt Corrective Action (PCA) framework for banks to enable supervisory intervention at “appropriate time” and also act as a tool for effective market discipline. Capital, asset quality and leverage will be the key areas for monitoring in the revised framework. The revised PCA framework will be effective from January 1, 2022. The framework was last revised in April 2017.
What is the objective of PCA?
The objective of the PCA framework is to enable supervisory intervention at an appropriate time and require the supervised entity to initiate and implement remedial measures in a timely manner, so as to restore its financial health. The central bank also stressed that the PCA framework does not preclude the RBI from taking any other action as it deems fit at any time, in addition to the corrective actions prescribed.
Which banks are covered under the PCA framework?
PCA framework is applicable only to commercial banks. Co-operative banks and non-banking financial companies (NBFCs) are not covered under it.
Key Points
- The framework will apply to all banks operating in India, including foreign banks operating through branches or subsidiaries based on breach of risk thresholds of identified indicators.
- The framework also details conditions for exit from PCA and withdrawal of restrictions. If a bank is put under the PCA, several restrictions are placed on it.
- The restrictions are imposed on dividend distribution and remittance of profits, bringing in the capital (in the case of foreign banks), branch expansion, and capital expenditure.
Barclays’ new chief is India-born CS Venkatakrishnan
Barclays new CEO is CS Venkatakrishnan, an Indian-American and the first person of color to hold that position. Venkatakrishnan, who was most recently Barclays’ co-president and head of global markets, is stepping in as CEO after Jes Staley resigned over his ties with late financier Jeffrey Epstein, a convicted sex offender who died by suicide in prison three years ago.
As chief risk officer, Venkatakrishnan put in place processes that proved instrumental in helping Barclays steer clear of the Archegos Capital Management implosion; more recently, he was put in charge of the bank’s markets division.
Amit Shah launches ‘Ayushman CAPF’ health card
Union Home Minister Amit Shah has announced that the Central government has extended the benefits of the “Ayushman CAPF healthcare scheme” to the personnel of all Central Armed Police Forces (CAPFs). The scheme was launched in line with the commitment of the Modi govt to ensure healthcare facilities of CAPF personnel so that they can discharge their duties with full concentration.
Under this scheme, CAPF personnel & their families would be able to avail cashless in-patient and out-patient healthcare facilities across the hospitals that come under Ayushman Bharat PM-JAY.
Who are covered under the scheme?
It covers all Central Armed Police Forces (CAPF) officials & serving personnel as well as their dependents from seven forces namely, Border Security Forces (BSF), Assam Rifles, Sashastra Seema Bal (SSB), Central Industrial Security Force (CISF), Central Reserve Police Force (CRPF), Indo-Tibetan Border Police (ITBP) and National Security Guard (NSG).
Niti Aayog, World Bank ready electric vehicles financing push
NITI (National Institution for Transforming India) Aayog and the World Bank (WB) are working together to facilitate a program for faster and easier financing of electric vehicles (EVs). NITI Aayog and World Bank are setting up a $300-million ‘first loss risk sharing instrument’, with the State Bank of India (SBI) as its program manager. The current rate of interest for electric two-wheelers & electric 3 Wheelers, which is in the range of 20-25 per cent is expected to be reduced to 10-12 per cent.
Important takeaways for all competitive exams:
- World Bank Founded: July 1944;
- World Bank Headquarters: Washington DC, USA;
- World Bank President: David R. Malpass.
PM Modi launch “One Sun, One World, One Grid” initiative
Prime Minister Narendra Modi and his British counterpart Boris Johnson jointly launched the ‘One Sun, One World, One Grid’ (OSOWOG) initiative at the COP 26 Climate Meet in Glasgow. This project is about setting a ‘trans-national electricity grid to supply solar power across the world.
About OSOWOG:
The vision behind OSOWOG is ‘The Sun Never Sets. It is a constant at some geographical location, across the globe, at any given point of time. This is the most ambitious scheme undertaken by India and is significant in terms of economic benefits. It has been taken up under the technical assistance program of the World Bank. This plan will also leverage the International Solar Alliance (ISA).
Key points:
- On the occasion, he also announced that India’s space agency, ISRO will provide a calculator to the world soon, that can measure the solar energy potential of any region.
- ‘One Sun, One World, One Grid’ (OSOWOG) solution will be used to tackle the challenge of solar power.
- Earth’s atmosphere receives enough sunlight in one hour, that can be used to power the electricity needed of every human on earth for a year.
- However, solar energy is only available during the day. Another challenge is that it is dependent on weather conditions.
