2nr October 2020 Daily GK Update: Read Daily GK, Current Affairs for Bank Exam


01 October 2020

2nd October 2020 Daily GK Update: Read Daily GK, Current Affairs for Bank Exam 

National News

1. Shri Thaawarchand Gehlot e-launches "ASIIM"

  • Union Minister for Social Justice and Empowerment Shri Thaawarchand Gehlot e-launched the “Ambedkar Social Innovation and Incubation Mission (ASIIM)".
  • The mission has been launched under the Venture Capital Fund for Scheduled Castes (SCs) in order to promote innovation and enterprise among SC students studying in higher educational institutions.
  • The Objective of this fund is to provide concessional finance to the entities of the SC entrepreneurs.
  • Under this fund, 117 companies promoted by SC entrepreneurs have been sanctioned financial assistance to set up business ventures.
  • Under the name “Ambedkar Social Innovation Incubation Mission (ASIIM)” initiative, 1,000 SC youth would be identified in the next 4 years with start-up ideas through the Technology Business Incubators (TBIs) in various higher educational institutions.

2. Kiren Rijiju launches new logo of Sports Authority of India

  • The Minister of State for Youth Affairs and Sports, Kiren Rijiju has launched the new logo of Sports Authority of India’s (SAI) on 30 September 2020 at Delhi’s Major Dhyan Chand Stadium.
  • The new logo of SAI features a flying figure which indicates the freedom an athlete to leapfrog his/her career in SAI.
  • The figure features Indian Tricolour and blue colour of the chakra.
  • The logo signifies SAI’s journey of metamorphosis from identifying and nurturing grassroots level sporting talent to creating sporting excellence in the country.

Important takeaways for all competitive exams:

  • Director-General of  SAI: Sandip Pradhan.
  • Sports Authority of India was established in 1984.

State News

3. Union Minister launches various services for farmers in Andhra Pradesh

  • Union Minister for Chemicals & Fertilizers Shri. D.V. Sadananda Gowda has launched POS 3.1 softwareSMS Gateway and Home Delivery facility of Fertilizers (RBK) for farmers in Andhra Pradesh.
  • Under POS 3.1 version, keeping in view of prevailing pandemic condition, contactless OTP based authentication option has been introduced. Farmer will be able to purchase fertilizer without touching finger print sensor.
  • The SMS Gateway will periodically send SMS to farmer about availability of fertilizer at retail outlet from where he last purchased the fertilizer.
  • Under an initiative of Home delivery of Fertilizers in Andhra Pradesh through Rythu Bharosa Kendralu (RBK) state Government has launched 10,641 Rythu Bharosa Kendralu (RBKs) in all gram panchayats to provide farmers with quality inputs and allied services.

Important takeaways for all competitive exams: 

  • Chief Minister of Andhra Pradesh: YS Jagan Mohan Reddy; Governor: Biswa Bhusan Harichandan.

4. Gujarat govt signs MoU with Denmark in water sector

  • Gujarat Government has signed a 5-year Memorandum of Understanding (MoU) with Denmark in the water sector.
  • The state government arm Gujarat Water Supply and Sewerage Board has signed the MoU with ‘Danish Water Forum’ through an online interactive platform.
  • This MoU will help in technology exchange, training, capacity building, knowledge exchange, cooperation in water supply, wastewater treatment- reuse and water management between the two organizations.
  • MoU has been signed for a five-year period in order to set up the Indo-Danish Water Technology Alliance in Gujarat and contribute to the United Nations’ Sustainable Development Goal -6.

Important takeaways for all competitive exams:

  • Danish Water Forum Chairman: Hans-Martin Friis Moller
  • Danish Water Forum HeadQuarters: Hørsholm, Denmark
  • Gujarat Chief Minister: Vijay Rupani.
  • Gujarat Governor: Acharya Devvrat.

Banking News

5. RBI defers Basel III provisions amid Covid Uncertainty

  • The Reserve Bank of India (RBI) has deferred implementation of provisions made under Basel III capital due to uncertainty related to COVID crisis.
  • In this regard, RBI will repel the final tranche of the capital conservation buffer (CCB) and the implementation of net stable funding ratio (NSFR) by six months i.e. April 1, 2021.
  • The capital conservation buffer is an additional pool that banks build in normal times for its use during periods of stress. The RBI had asked banks to build up the capital conservation buffer to the required 2.5% in stages. The last stage of 0.625% was to start on Sept. 30, 2020. This has now been deferred to April 1, 2021. The RBI had earlier deferred the implementation by six months from March 31, 2020.
  • The net stable funding ratio requires banks to fund their activities with sufficiently stable sources of funding over a time of a year to reduce future funding risk for banks. As per the prescribed timeline, banks were required to maintain NSFR of 100% from April 1, 2020 but now this deferred it for a second time to April 1, 2021.

RBI increased the timeline for additional market borrowing provided to states/UTs by 6 months

  • In April 2020, RBI increased the Ways and Means Advances (WMA) Limits and overdraft (OD) regulations for states and Union Territories (UTs) to provide additional flexibility for dealing with the Covid-19 crisis until September 30, 2020.
  • The Reserve Bank of India has set the limits for Ways and Means Advances (WMA) for the second half of the financial year 2020-21 (October 2020 to March 2021) for Central Government at Rs. 1,25,000 crore.
  • The Reserve Bank will trigger fresh floatation of market loans when the Government of India utilizes 75% of the WMA limit.
  • Now to further aid the state governments from financial problems, RBI extended this timeline by six months i.e. till March 31, 2021.
  • Notably, RBI decided to increase the number of days for which a state/ UT can be in overdraft continuously to 21 working days from 14.
  • Also, the number of days for which a state/ UT can be in overdraft in a quarter was increased to 50 working days from 36.

RBI extends enhanced borrowing limit for banks under MSF till Mar 31, 2021

  • RBI also extended the enhanced borrowing facility provided to banks under the Marginal Standing Facility (MSF) scheme by six months till March 31, 2021.
  • It was initially available up to June 30, 2020, and was later extended up to September 30, 2020, due to economic disruptions amid COVID-19.
  • On March 27, this borrowing limit for scheduled banks was increased from 2% to 3% of their Net Demand and Time Liabilities (NDTL).

6. Indian Bank launched Green-Tech Initiative "IB-eNote"

  • Indian Bank has launched a green initiative named "IB-eNote" to enable a total paperless working environment.
  • This tool enables processing and tracking of notes put up by various offices digitally.
  • The bank for this initiative has customised SharePoint, one of the features of Microsoft Office. The Bank also launched ‘Ind Guru’, an e-learning platform for its employees.
  • The IB-eNote facility is likely to considerably improve Turnaround Time, save the cost of paper, printing and other administrative expenses.
  • Microsoft is a leading technology company that has pioneered many industry-firsts.
  • IB-eNote is one of the Bank’s many initiatives to promote digital transformation and to address new gen customers to serve them.
  • The bank with this initiative is taking another step to achieve greater efficiency by continuously empowering its biggest asset(human resources/ staff members).

Important takeaways for all competitive exams: 

  • Indian bank MD & CEO: Padmaja Chunduru.
  • Indian bank Headquarters: Chennai, TamilNadu.

Agreements & MoUs

7. Tata Steel & CSIR signs MoU to collaborate for CCUS

  • Tata Steel and Council of Scientific & Industrial Research (CSIR) have signed an MoU to collaborate in the area of Carbon Capture, Utilisation & Storage (CCUS).
  • The MoU has been signed considering the importance of Carbon Capture, Utilisation & Storage (CCUS) in India’s fight against Climate Change and Global Warming, meeting the growing energy demands and building a strong ecosystem to meet commitments under Paris Agreement.
  • As part of this strategic MoU, the teams from Tata Steel and CSIR will work towards accelerating development and deployment of CCUS technologies in the steel industry. These technologies would expedite transition to a decarbonised economy in other carbon intensive sectors like Power, Cement, and Fertilizer etc.

Important takeaways for all competitive exams:

  • CEO & MD of Tata Steel: T. V. Narendran.

8. Yes Bank tie-up with BSE to empower small business companies

  • Yes Bank has signed a Memorandum of Understanding (MoU) with Bombay Stock Exchange (BSE) to empower the SME segment through awareness and knowledge-sharing programmes.
  • Under this MoU, both BSE and Yes Bank will conduct knowledge events for SMEs, export promotion of SME scale companies, in addition to providing banking and financial solutions.
  • This MoU shall further entail services pertaining to the development and imparting industry-specific and related knowledge-based information.
  • The Bank will also offer customised services and products to the listed SME members of the platform and advisory solutions to EXIM potential listed SMEs.

Important takeaways for all competitive exams: 

  • Yes Bank CEO: Prashant Kumar
  • Yes Bank Headquarters: Mumbai, Maharashtra.

Sports News

9. Alyssa Healy breaks MS Dhoni's wicketkeeping record in T20Is

  • Australian woman cricketer and wicketkeeper, Alyssa Healy broke the record of “Most Dismissal by Wicket Keeper” by MS Dhoni’s who made 91 dismissals in 98 T20 Internationals(T20Is) for India.
  • Healy has played 114 T20Is for Australia and broke the record with 92 dismissals in the shortest format of the game during the match against New Zealand in the 2nd T20I of the three-match series at Allan Border Field at Brisbane, Queensland, Australia.

Important Days

10. International Day of Older Persons: 1st October

  • International Day of Older Persons is observed globally on 1st October every year.
  • The year 2020 marks the 75th Anniversary of the United Nations and the 30th Anniversary of the International Day of Older Persons.
  • The International Day of Older Persons is an opportunity to highlight the important contributions that older people make to society and raise awareness of the opportunities and challenges of ageing in today’s world.
  • The theme of International Day of Older Persons 2020: Pandemics: Do They Change How We Address Age and Ageing?

Miscellaneous News

11. Dr. Harsh Vardhan launches CSIR Technologies for rural development

  • The Minister of Science & Technology, Earth Sciences and Health & Family Welfare, Dr. Harsh Vardhan has launched CSIR Technologies for rural development under a joint initiative of Council of Scientific & Industrial Research (CSIR), Unnat Bharat Abhiyan (UBA), Indian Institute of Technology Delhi (IITD) and Vijnana Bharti (VIBHA).
  • All of the above have planned to work jointly on a framework for scientific intervention to create sustainable livelihood opportunities in the rural clusters under synergy of S&T Organizations (CSIR/DST/DBT/DRDO etc), VIBHA and UBA.
  • The Minister also released CSIR-National Institute of Science, Technology and Development Studies (NISTADS) e-Compendium and e-Coffee Table Book, on the occasion.
  • The CSIR-NISTADS is acting as a nodal CSIR Lab to establish linkages between CSIR laboratories, UBA, VIBHA, and stakeholders.

12. Bengal Peerless appoints Sourav Ganguly as brand ambassador

  • Kolkata based Real Estate Developer, Bengal Peerless Housing Development Company Limited appointed Former National Cricket Team Captain and Current President of Board of Control for Cricket in India (BCCI), Sourav Ganguly as it's Brand Ambassador.
  • He will lead the campaign of Bengal Peerless’s Residential Project Avidipta II.
  • Bengal Peerless Housing Development Company Limited was established in 1994 with West Bengal Housing Board and The Peerless General Finance and Investment Company Limited. Since its inception, Bengal Peerless has successfully built about 5000 numbers of dwelling units for people of all sections of the society.

13. South Eastern Railway launches 'Operation My Saheli'

  • The South Eastern Railways (SER) has launched the project, “Operation my Saheli” to enhance the security of women passengers in the train throughout the entire journey from the originating point to their destinations.
  • Since 18th September 2020, The pilot version of the project “Operation my Saheli” has been introduced in 3 trains: Howrah-Yesvantpur Duronto Special, Howrah- Ahmedabad Special and Howrah-Mumbai Special.
  • ”Operation my Saheli” is executed under the Framework of “Nirbhaya Fund” and no additional expenditure is provided by the Head of Railways.
  • Team of Women Sub Inspectors briefed the women passengers on the safety precautions and provided emergency contact numbers.
  • The team will collect the information such as seat number and contact information of the women passengers and will remain in contact throughout the journey.
  • The collected information will be passed to the stations at the destination and scheduled stoppage stations.

Important takeaways for all competitive exams:

  • South Eastern Railway General Manager: Sanjay Kumar Mohanty.
  • South Eastern Railway Headquarters: Kolkata, West Bengal.

14. Amnesty International halts operations in India

  • The Amnesty International India has stopped its operations in the country, after the government of India froze the bank accounts of the organisation on September 10, for allegedly breaking rules on foreign funding laws.
  • The organization has laid off more than 100 staff members and ceased its human rights campaigns and research work in India.
  • As per the Government of India, Amnesty International has been receiving foreign funds, which the government has prohibited under the Foreign Contribution (Regulation) Act (FCRA) 2010.

Important takeaways for all competitive exams: 

  • Amnesty International Headquarters: London, United Kingdom.
  • Amnesty International Secretary-General: Kumi Naidoo.

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