GoI extends Navrang Saini’s term as interim chief of IBBI
The Government of India has extended the tenure of Navrang Saini as interim Chairperson of Insolvency and Bankruptcy Board of India (IBBI) for three more months till March 05, 2022. Mr. Saini, who is a Whole Time Member of IBBI, was assigned additional charge of Chairperson in addition to his existing duties in October 2021 for three months till January 13, 2022. The post of full-time Chairperson has been lying vacant after M.S. Sahoo retired upon completing a five-year tenure on September 30, 2021.
Important takeaways for all competitive exams:
- Insolvency and Bankruptcy Board of India Headquarters: New Delhi;
- Insolvency and Bankruptcy Board of India Founder: Parliament of India;
- Insolvency and Bankruptcy Board of India Founded: 1 October 2016.
Reliance acquires controlling stake of 73.37% in New York’s Mandarin Oriental hotel
Reliance Industries Ltd (RIL) has announced the acquisition of a controlling stake of 73.37% in Mandarin Oriental New York, a premium luxury hotel in midtown Manhattan. RIL through its wholly-owned arm Reliance Industrial Investments and Holdings Limited has acquired the entire share capital of Cayman Islands-based Columbus Centre Corporation (Cayman), for an equity value of approximately $98.15 million (Rs 735 crore).
Cayman is the parent company of Mandarin Oriental hotel. It had indirect ownership of a 73.37 per cent stake in the hotel. Reliance will also take over the hotel’s debt in excess of $115 million to take the entire deal value to around $270. The transaction is anticipated to close by the end of March 2022.
Important takeaways for all competitive exams:
- Reliance Industries Ltd CEO: Mukesh Ambani (31 Jul 2002–);
- Reliance Industries Ltd Founder: Dhirubhai Ambani;
- Reliance Industries Ltd Founded: 8 May 1973, Maharashtra;
- Reliance Industries Ltd Headquarters: Mumbai.
SBI Ecowrap: India’s Real GDP projected to grow at around 9.5% in FY22
The economic research team of the State Bank of India (SBI) released its Ecowrap report. In the report, SBI researchers have revised upwards the real GDP of India to around 9.5 per cent in 2021-22 (FY22) on a year-on-year (YoY). The report believes that though rising Covid infections could impact mobility, yet economic activity is not expected to get much affected.
RBI data: Forex reserves decline by USD 1.466 bn to USD 633.614 bn
As per the latest Reserve Bank of India (RBI) data, the foreign currency reserves of India declined by $1.466 billion to $633.614 billion, in the last week of 2021, which ended December 31, 2021. Gold reserves rose by USD 14 million to USD 39.405 billion. India’s forex touched a lifetime high of USD 642.453 billion in the week ended September 03, 2021. Forex reserves include foreign currency assets (FCAs), gold reserves, SDRs and the country’s reserve position with the IMF.
PM declares December 26 to be observed as ‘Veer Baal Diwas’ annually
Prime Minister of India, Narendra Modi has declared that starting from the year 2022, December 26 will be observed as ‘Veer Baal Diwas’ every year. The day will be commemorated as a tribute to the courage of the 4 Sahibzades (the four sons of Guru Gobind Singh Ji), who attained martyrdom in the 17th century. The announcement was made by PM Modi on January 09, 2022, on the occasion of the Parkash Purab of Sri Guru Gobind Singh Ji, or the birth anniversary of the 10th guru of Sikhs and the founder of the Khalsa community.
History of the day:
26 December marks the day on which Sahibzada Zorawar Singh Ji and Sahibzada Fateh Singh Ji (younger pair of Sahibzade) attained martyrdom after being sealed alive in a wall, at the tender age of 6 and 9 years. Sahibzada Ajit Singh Ji and Sahibzada Jujhar Singh Ji (older pair of Sahibzade) attained martyrdom on December 21, 1705, fighting the enemy in battle at Chamkaur Sahib at the young age of 18 and 14 years.
NSO projects Indian economy to grow 9.2% in FY22
National Statistical Office (NSO) has estimated India’s GDP to grow at 9.2 per cent in the current fiscal, 2021-22. NSO released its first advance estimates of economic output on January 07, 2022. The GDP estimate for the 2020-21 fiscal was projected at a contraction of 7.3 per cent by NSO.
Key points:
- In terms of figures, real GDP in 2021-22 is estimated at Rs. 147.54 lakh crore against the provisional estimate of GDP for the year 2020-21 at Rs 135.13 lakh crore.
- Nominal GDP for 2021-22 is estimated at Rs. 232.15 lakh crore, as against the Provisional
- Estimate of GDP for the year 2020-21 at Rs 197.46 lakh crore.
- The fiscal deficit target likely to be achieved is 6.8%.
TCS bags phase 2 of Centre’s passport plan
The Ministry of External Affairs (MEA) has signed an agreement with Tata Consultancy Services Limited (TCS) for the second phase of the Passport Seva Programme (PSP-V2.0). TCS will be the service provider for the Passport Seva Project, which it has been for over 10 years. The PSP-V2.O envisages rolling out chip-enabled e-passports, increasing data security and ensuring the next level of customer experience with the use of biometrics, artificial intelligence, advanced data analytics and auto-response.
In the next phase of the programme, TCS will refresh existing facilities and systems, and develop new solutions to enable the issuance of e-passports using technologies such as biometrics, artificial intelligence, advanced data analytics, chatbots, auto-response, natural language processing, and the cloud.
Important takeaways for all competitive exams:
- Tata Consultancy Services Limited CEO: Rajesh Gopinathan (21 Feb 2017–);
- Tata Consultancy Services Limited Founded: 1 April 1968;
- Tata Consultancy Services Limited Headquarters: Mumbai.
Sikkim celebrated Losoong (Namsoong) Festival
Losoong (Namsoong) is annually celebrated across the Indian State of Sikkim on the 18th day of the 10th month of the Tibetan Lunar Calendar, which also marks the beginning of the harvest season. The Namsoong festival begins on the 1st day of the new moon phase Kurneet Lovo, as per the Lepcha lunisolar Calendar known as Dungkit Karchu. The losoong festival is celebrated as Sonam Losoong, by the Sikkimese Bhutia and as Namsoong by the Lepchas. The festival is also celebrated in Nepal and Bhutan.
Other Festivals of Sikkim:
- Pang Lhabsol
- Sonam Lhochhar Festival
- Saga Dawa
Important takeaways for all competitive exams:
- Chief Minister of Sikkim: PS Golay.
- Governor of Sikkim: Ganga Prasad.
- Sikkim’s capital and largest city: Gangtok.
Sudhir Kumar Saxena committee constituted to enquire security lapses during PM Punjab visit
Ministry of Home Affairs has constituted a committee to enquire into the serious lapses in the security arrangements during Prime Minister Narendra Modi’s visit to Punjab. It is a three-member committee and will be headed by Sudhir Kumar Saxena, Secretary (Security), Cabinet Secretariat. It also comprises Balbir Singh, Joint Director, IB and Suresh, IG, SPG.
The committee has been asked to inquire about the alleged lapses in the security arrangements of PM Modi “which led to the exposure of the VVIP to grave risk” and submit the report at the earliest. The move comes just ahead of the Supreme Court’s hearing on the PM’s security breach. It was the government’s own former ASG, Maninder Singh, who moved SC seeking an independent probe into the PM’s security breach. The court is slated to hear the matter on January 7.
Australia & Japan signed defence agreement to counter China
The leaders of Japan and Australia signed a “landmark” defence agreement that allows closer cooperation between their militaries and stands as a rebuke to China’s growing assertiveness in the Indo-Pacific region. Australian Prime Minister Scott Morrison and Japanese Prime Minister Fumio Kishida met in a virtual summit to sign the Reciprocal Access Agreement, the first such defence pact signed by Japan with any country other than the United States.
About the agreements:
- The agreement follows more than a year of talks between Japan and Australia aimed at breaking down legal barriers to allow the troops of one country to enter the other for training and other purposes.
- Morrison called the pact a “pivotal moment for Australia and Japan and (for) the security of our two nations and our people.”
- The pact builds on the strategic dialogue known as “the Quad,” which includes Japan, Australia, the United States and India. Australia last year also signed the Aukus agreement with the United States and Britain, both of which have pledged to help Australia acquire nuclear-powered submarines.
RBI issues eligibility norms for entities harnessing credit bureau data
Reserve Bank of India (RBI) issued eligibility criteria for entities that harness data from credit information companies (CICs) or credit bureaus. These newly-formed guidelines said that a company’s net worth must be at least Rs 2 crore and owned and controlled by resident Indian citizens to become a designated user with a credit bureau, which comes amid accusations of lending applications with Chinese ties functioning in India.
According to the eligibility criteria for entities to be categorised as Specified User under clause (j) of Regulation 3 of the Credit Information Companies (Amendment) Regulations, 2021:
- A company incorporated in India or a Statutory Corporation constituted in India shall be the entity.
- The governing statute of the Statutory Corporation or Memorandum of Association of the Company, as the case may be, should allow the business/activity of processing of information for the support or benefit of credit institutions.
- The guidelines said a company’s net worth must be at least two crore rupees as of the most recent audited balance sheet, and it must meet the criterion on a continuous basis.
- Also, the company must be owned and controlled by resident Indian citizens/an Indian company owned and controlled by resident Indian citizens in the case of a company. The ownership of the company shall be well diversified.
- The corporation must have at least three (3) years of experience in the business/activity of processing information for the assistance or benefit of credit institutions, as well as a clean track record.
- The company, its promoters, or any of its directors should not have been convicted of a crime involving moral turpitude or a financial crime at any time in the past.
- In addition, the entity should have a certification from CISA certified auditor that it has a robust and secure Information Technology (IT) system in place for preserving and protecting the data relating to the credit information as per the provision of the Credit Information Companies (Regulation) Act, 2005 and Rules and Regulations framed thereunder and any other applicable Regulations, Guidelines in this regard.
Airtel Payments Bank tie-up with Park+ to offer FASTag-based Parking Solutions
Airtel Payments Bank and Park+ have collaborated to offer FASTag-based smart parking solutions to marquee commercial and residential properties across India. This partnership will utilize the reach of Airtel Payments Bank to digitize the parking ecosystem using FASTag associated with the vehicle. Park+ is backed by Sequoia Capital and Matrix Partners and is engaged in automating parking spaces through FASTag.
About the collaboration:
The collaboration aims to leverage the deep distribution reach and digital payments stack of Airtel Payments Bank to digitize the parking ecosystem using FASTag associated with the vehicle. Park+ will offer its entire suite of FASTag services including issuance, acquiring, recharge, and technology support to Airtel Payments Bank. Park+ access control systems are installed at over 1500 societies, over 30 malls, and over 150 corporate parks across the country.
Important takeaways for all competitive exams:
- Airtel Payments Bank’s MD and CEO: Anubrata Biswas.
- Airtel Payments Bank Headquarters: New Delhi.
- Airtel Payments Bank Founded: January 2017.
RBI increased banks’ LCR maintenance on Funds received
The Reserve Bank of India has increased the threshold limit for Banks to maintain the Liquidity Coverage Ratio (LCR) on deposits and other ‘extension of funds’ received from non-financial small business customers from Rs 5 crore to Rs 7.5 crore. This is applicable on all Commercial Banks other than Regional Rural Banks, Local Area Banks, and Payments Banks. To better align RBI’s guidelines with the Basel Committee on Banking Supervision (BCBS) standard and enable banks to manage liquidity risk more effectively.
Liquidity Coverage Ratio:
LCR promotes the short-term resilience of banks to potential liquidity disruptions by ensuring that they have sufficient high-quality liquid assets (HQLAs) to survive an acute stress scenario lasting for 30 days.
LLC named Jhulan Goswami as Ambassador of All Women Match Official Team
Legends League Cricket (LLC) has appointed Jhulan Goswami as an ambassador to its All Women Match Official Team to promote Women’s Empowerment initiatives of the LLC and to increase participation of women in cricket. The LLC set up an All Women Match Official Team for the League. This is the first of its all-women official teams that would officiate an entire men’s league.
About the Legends League Cricket (LLC):
Legends League Cricket (LLC) is the professional cricket league for retired cricketers. The inaugural session of LLC will be organized from January 20 2022 at Oman Cricket Stadium in Muscat, Oman. Legends League Cricket (LLC) 2022 teams: Indian Maharaja, Aisan Lions, World Giants.
Satish Adiga gets ICMR national award “Dr Subhas Mukherjee Award”
A professor in the clinical embryology department at Kasturba Medical College (KMC), under Manipal Academy of Higher education (MAHE), Dr Satish Adiga has been selected by the Indian Council of Medical Research (ICMR) for its national award. He will receive Dr Subhas Mukherjee Award from ICMR in recognition for his outstanding contribution to the field of in-vitro fertilization (IVF). He has contributed significantly to both clinical IVF and fertility research.
World Rapid Chess Championship 2021 won by Nodirbek Abdusattorov
Nodirbek Abdusattorov (Uzbekistan), won the World Rapid Chess Championship 2021 by defeating Ian Nepomniachtchi (Russia) in a tiebreaker and dethroning Magnus Carlsen, the current World Number 1. 2020 FIDE Championship was won by Magnus Carlsen.
Nodirbek won the title along with a prize of $60,000, where he lost only one match against the Ukrainian Anton Korobov, and tied in five others. The Uzbeki Grand Master (GM), received the Mard Uglon (“Brave Son”) Presidential medal.
Rajnath Singh inaugurates Kalpana Chawla Centre For Research at Chandigarh University
Defence Minister Rajnath Singh has inaugurated Kalpana Chawla Centre for Research in Space Science and Technology (KCCRSST) at Chandigarh University. The Union Minister also launched Chandigarh University’s Defence Scholarship Scheme, worth Rs 10 Crore, for the wards of Defence Personnel of the three services. Kalpana Chawla was the first woman of Indian origin to go to space.
Established with the objective of training students in space science and satellite development and to meet future challenges in the area of space research, this state-of-the-art space centre would be the Ground Control Station (GCS) for the Chandigarh University’s Student Satellite (CUSAT), an in-house developed nano-satellite being designed by the students of Chandigarh University, and a Geo Spatial Centre for research, besides other important projects.
Forensic Science Laboratory won SKOCH award for combating crime against children
The Forensic Science Laboratory (FSL) won SKOCH Award in the Silver category for its work towards combating Crime and Violence against Children. The award was given out at the 78 SKOCH Summit. The “State of Governance” was the theme of the summit.
Deepa Verma, the Director of the Rohini-based lab, has accepted the award on behalf of the lab. FSL is a scientific department and a participant in the criminal justice system whose mission is to investigate incidents of crime and violence against children who have suffered physical, sexual, financial, or emotional harm.
