Govt appoints 10 merchant bankers for managing IPO of LIC
The government of India has appointed 10 merchant bankers for managing the Initial Public Offering of Life Insurance Corporation of India (LIC). The IPO of LIC is likely to be launched in the January-March quarter of 2022. The role of merchant bankers in the case of IPO is of Issue management, Promotional activities, Credit syndication, Project counselling, and Portfolio management, etc.
The name of these merchant bankers are:
- Goldman Sachs (India) Securities
- Citigroup Global Markets India
- Nomura Financial Advisory and Securities India
- SBI Capital Market
- JM Financial
- Axis Capital
- BofA Securities
- JP Morgan India
- ICICI Securities
- Kotak Mahindra Capital Co Ltd.
RBI approves re-appointment of V. Vaidyanathan as MD & CEO of IDFC FIRST Bank
The Reserve Bank of India (RBI) has granted its approval for the re-appointment of V. Vaidyanathan as the Managing Director & Chief Executive Officer (‘MD & CEO’) of the IDFC First Bank. Vaidyanathan has been appointed for a further period of three years, which will be effective from December 19, 2021. He first took charge as the MD & CEO of IDFC FIRST Bank in December 2018, after the merger of IDFC Bank and Capital First.
Important takeaways for all competitive exams:
- IDFC First Bank Headquarters: Mumbai;
- IDFC First Bank Founded: October 2015.
Bank of Baroda’s launches digital platform ‘bob World’
Bank of Baroda has announced the launch of its digital banking platform named ‘bob World’. The aim of the platform is to provide all banking services under one roof. The pilot test of the platform began on August 23, 2021. Over 220 services will be converged into one single app, covering nearly 95 per cent of all retail banking services, which can be accessed by customers domestically and globally.
About the app:
bob World’ will offer a wide gamut of banking products and services, to be rolled out in phases, under four key pillars — Save, Invest, Borrow and Shop. It has also integrated e-commerce to provide a wholesome and rewarding experience of banking and beyond, under one roof to the customers.
Important takeaways for all competitive exams:
- Bank Of Baroda Headquarters: Vadodara, Gujarat, India;
- Bank Of Baroda Chairman: Hasmukh Adhia;
- Bank Of Baroda MD & CEO: Sanjiv Chadha.
India’s first high ash coal gasification based methanol production plant inaugurated
India’s first indigenously Designed High Ash Coal Gasification Based Methanol Production Plant at Bharat Heavy Electricals Limited (BHEL) Research and Development Centre, Hyderabad was inaugurated. The project was funded by the Department of Science and Technology, which provided a Rs 10 crore grant, at the initiative of NITI Aayog, PMO-India and the Ministry of Coal.
About the plant:
- The facility can create 0.25 ton per day (TPD) Methanol from high ash Indian coal using a 1.2 TPD Fluidized bed gasifier.
- The purity of the crude methanol produced is between 98 and 99.5 per cent.
What is Methanol?
Methanol is utilized as a motor fuel, to power ship engines, and to generate clean power all over the world. Methanol is also used to generate di-methyl ether (DME), a liquid fuel that is very similar to diesel — existing diesel engines simply need to be minimally changed to use DME instead of diesel.
IIT Madras Retains Top Spot in Overall Category of NIRF India Ranking 2021
The Union Minister of Education, Dharmendra Pradhan released the NIRF India Rankings 2021, on September 09, 2021, through video conferencing. The NIRF India Rankings 2021 is the sixth edition of the annual list which ranks higher educational institutions in the country based on objective criteria to promote competitive excellence. In Overall Winner: The Indian Institute of Technology (IIT) Madras has retained the top spot in the overall category.
List of Winners:
- Overall: Indian Institute of Technology Madras (IIT Madras)
- University: Indian Institute of Science, (IISc) Bangaluru
- Management: Indian Institute of Management (IIM) Ahmedabad
- College: Miranda House, Delhi
- Pharmacy: Jamia Hamdard, New Delhi
- Medical: All India Institute of Medical Sciences (AIIMS) Delhi
- Engineering: Indian Institute of Technology (IIT), Madras
- Architecture: Indian Institute of Technology, Roorkee
- Dental: Manipal College of Dental Sciences, Udupi
- Law: National Law School of India University (NLSUI), Bengaluru
- Research Institutions: Indian Institute of Science, (IISc) Bangalore
India’s 1st Emergency Landing Facility on National Highway in Rajasthan
Union Defence Minister, Rajnath Singh and Union Highways Minister, Nitin Gadkari inaugurated the Emergency Landing Facility on a National Highway in Rajasthan. This emergency landing facility has been constructed on the Satta-Gandhav stretch of National Highway (NH) 925A in Barmer, Rajasthan. This is the first time that a national highway (NH-925) will be used for the emergency landing of IAF aircraft. The project will cost ₹765.52 crores under the Bharatmala Pariyojana.
About the highway:
- The National Highways Authority of India (NHAI) has developed a 3-km section of the Satta-Gandhav stretch of NH-925A, as an emergency landing facility (ELF) for the IAF.
- It is part of a newly developed two-lane paved shoulder of the Gagariya-Bakhasar and Satta-Gandhav section having a total length of 196.97 km.
- Apart from the Emergency Landing Strip, 3 helipads (size 100 x 30 metres each) have been constructed in Kundanpura, Singhania and Bakhasar villages in this project, according to the requirements of the Air Force/Indian Army, which will be the basis for strengthening the Indian Army and security network on the western international border of the country.
World EV Day: September 9
World EV Day is observed on September 9 every year. The day marks the celebration of e-mobility. Special awareness campaigns are organised globally to educate people about the benefits of electric vehicles. World EV Day was an initiative created by the sustainability media company GreenTV.
The first World EV day was observed in 2020. China is the largest EV market in the world. It was largely a social media campaign that encouraged drivers to recognise the benefits of electric vehicles and make a commitment that the next car they drive will be electric and not run on conventional fuels.
Uttarakhand, Punjab, Tamil Nadu get new governors
President Ram Nath Kovind has appointed Lt Gen Gurmit Singh, who retired as the deputy chief of Army, governor of Uttarakhand, a post which fell vacant after Baby Rani Maurya tendered her resignation. According to a Rashtrapati Bhavan communique, President Ram Nath Kovind accepted the resignation of Maurya and appointed Singh as the governor of the state.
Shuffling of governors:
- The President also appointed Banwarilal Purohit, currently the Governor of Tamil Nadu, as the Governor of Punjab.
- R.N.Ravi, presently the Governor of Nagaland, has been made the Governor of Tamil Nadu.
- Professor Jagdish Mukhi, Governor of Assam is appointed to discharge the functions of the Governor of Nagaland in addition to his own duties until regular arrangements are made.
- The President’s office, in an official release, mentioned that the new appointments will take effect from the dates they assume charge of their respective offices.
Cuba becomes first country in world to begin vaccinating toddlers
Cuba became the first country in the world to vaccinate children from the age of two against COVID-19, using home-grown jabs not recognised by the World Health Organisation. The communist island of 11.2 million people aims to inoculate all its children before reopening schools that have been closed for the most part since March 2020.
Countries such as China, the United Arab Emirates and Venezuela have announced they plan to vaccinate younger children, but Cuba is the first to do so. The Cuban vaccines, the first developed in Latin America, have not undergone international, scientific peer review.
Nirlep Singh Rai is new CMD of National Fertilizers Ltd
State-owned fertiliser firm National Fertilizers Ltd (NFL) has Nirlep Singh Rai has been appointed as Chairman and Managing Director of the company. In a regulatory filing, NFL informed that Nirlep Singh Rai, Director (Technical), has been appointed as Chairman & Managing Director, on the Board of the company with effect from the date of his assumption of charge.
About the Nirlep Singh Rai:
Rai, who was born in August 1962, is a B.E (Instrumentation & Control) from Thapar University. Prior to his appointment as Chairman & Managing Director, he was holding the position of Director (Technical) in NFL. Rai had also held the position of Chief Executive Officer at Ramagundam Fertilizers and Chemicals Ltd and he had also headed the Nangal Unit of NFL as Chief General Manager.
Important takeaways for all competitive exams:
- National Fertilizers Ltd Headquarters: Noida;
- National Fertilizers Ltd Founded: 1 September 1979.
ADB approves $112 million loan to improve water supply in Jharkhand
Asian Development Bank (ADB) and the Government of India have signed a USD 112 million loan to develop water supply infrastructure and strengthen capacities of urban local bodies (ULBs) for improved service delivery in four towns in the state of Jharkhand. This is the first project of ADB in the state of Jharkhand.
The project will be ADB’s first urban project in the state and help establish a model for continuous water supply combined with policy reforms for the sustainable operation which can be replicated by other low-income states for providing safe drinking water to urban households as envisaged under national Jal Jeevan Mission.
Important takeaways for all competitive exams:
- President of ADB: Masatsugu Asakawa; Headquarters: Manila, Philippines.
ADB approves $300 million loan to expand rural connectivity in Maharashtra
The government of India and the Asian Development Bank (ADB) have signed a USD 300 million loan as additional financing to scale up the improvement of rural connectivity to help boost the rural economy in the state of Maharashtra. This is in addition to USD 200 million financings, approved by ADB in August 2019.
The additional financing for the ongoing Maharashtra Rural Connectivity Improvement Project will help improve an additional 1,100 rural roads and 230 bridges for a total length of 2,900 kilometres (km) in 34 districts. The ongoing project with $200 million financings, approved in August 2019, is already improving and maintaining the condition and safety of 2,100 km of rural roads across Maharashtra.
Important takeaways for all competitive exams:
- Maharashtra Governor: Bhagat Singh Koshyari;
- Maharashtra Capital: Mumbai;
- Maharashtra CM: Uddhav Thackeray.
Trichy Golden Rock Workshop bags best Energy Efficient Unit Award
The Golden Rock Railway Workshop (GOC), Tiruchchirappalli has bagged 22nd National Award for Excellence in Energy Management from the Confederation of Indian Industry (CII) for having adopted and implemented various energy conservation measures. GOC Workshop is the only workshop of Indian Railways to have received the award this year.
About the awards:
The National Awards for Excellence in Energy Management is instituted by CII, to catalyze significant and innovative practices in the energy efficiency sector. CII conducts this annual event to recognize and award excellence in energy management among the industrial sector and railway workshops across the country and facilitate sharing of information on best practices & technologies.
