29th September, 2021 – Daily News

Topics covered – sustainable finance ecosystem in India, first “Sports Arbitration Centre of India”, NIDHI 2.0 (National Integrated Database of Hospitality Industry) scheme , Swachh Survekshan Grameen 2021 , Swachh Bharat Mission Grameen Phase II, Amrit Grand Challenge Program titled “JanCare”, Pan India toll free helpline for senior citizens , Aapda Mitra Scheme , Ease of Logistic Portal, Asian Development Bank , energy island , ‘Amul Honey’, 35 crop varieties , Ordnance Factory Board , Raytheon hypersonic missile , COVID’s variant ‘Mu’ , Vaccinated Travel Lanes, India Debt Resolution Company Ltd , Ria Money Transfer, auto-debit transaction rules , ‘Federal Bank RuPay Signet Contactless Credit Card.’, Proposed framework for Gold Exchange and SEBI (Vault Managers) Regulations, 2021, Framework for Social Stock Exchange, Amazon Future Engineer, S&P Global Ratings , World Rabies Day , International Day for Universal Access to Information , World Maritime Day , Legal Initiative for Forest and Environment , 2021 Right Livelihood Award, ‘My Life in Full: Work, Family, and Our Future’ book , ‘The Fractured Himalaya’ book

Bulletins

  1. Central Government has set up a task force, chaired by Ajay Seth (Secretary of Department of Economic Affairs), to strengthen the sustainable finance ecosystem in India.
  2. Union Law Minister Kiren Rijiju inaugurated the first “Sports Arbitration Centre of India” in Ahmedabad, Gujarat.
  3. NIDHI 2.0 (National Integrated Database of Hospitality Industry) scheme has been launched by the Ministry of Tourism.
  4. Ministry of Jal Shakti has launched the Swachh Survekshan Grameen 2021 under the Swachh Bharat Mission Grameen Phase II.
  5. Minister of Science and Technology, Dr Jitendra Singh has launched Amrit Grand Challenge Program titled “JanCare”.
  6. Elderline is a Pan India toll free helpline for senior citizens which provides free information and guidance on pension issues, legal issues, extends emotional support to elderly.
  7. National Disaster Management Authority (NDMA) has been implementing Aapda Mitra Scheme (a central sector scheme) since May 2016 with a focus on training of 6000 community volunteers (200 volunteers per district) in disaster response in selected 30 most flood prone districts of 25 States of India.
  8. As per the Union Minister for Ports, Shipping and Waterways Shri Sarbananda Sonowal, India intends to increase share of renewable energy to 60% of total power demand of each of its major port from present share of less than 10%.
  9. Union Minister of Commerce & Industry, Piyush Goyal, has launched “Ease of Logistic Portal” during ‘Vanijya Saptah Samapan Samaroh’.
  10. Asian Development Bank (ADB) and the Government of India have signed a $300 million loan as additional financing for improving rural connectivity in the state of Maharashtra.
  11. Tamil Nadu and Denmark have partnered to create an energy island in Gulf of Mannar.
  12. Union Agriculture Minister Narendra Singh Tomar has launched ‘Amul Honey’, a product of Gujarat Cooperative Milk Marketing Federation Ltd.
  13. 35 crop varieties have been launched to create mass awareness for the adoption of climate-resilient technologies.
  14. Central Govt has dissolved the Ordnance Factory Board and created 7 new Public Sector Undertakings to transfer the 41 factories of the Ordnance Factory Board to these PSUs.
  15. US has tested Raytheon hypersonic missile capable of speeds faster than five times the speed of sound.
  16. WHO is monitoring new COVID’s variant ‘Mu’ as it has been added to the WHO’s list of ‘variant of interest’.
  17. Singapore has introduced a “Vaccinated Travel Lanes”, for the fully vaccinated travellers.
  18. France and Greece have signed a defence deal worth around €3 billion ($3.5 billion).
  19. Central government has set up the India Debt Resolution Company Ltd (IDRCL), an asset management company (AMC) that will work in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up bad loans.
  20. Ria Money Transfer, a business segment of Euronet Worldwide, Inc. and Paytm Payments Bank have partnered to enable customers to send money in real time through Ria’s extensive network to Paytm’s mobile wallet.
  21. RBI has brought in new auto-debit transaction rules w.e.f., October 1, 2021.
  22. Vistara has partnered with IndusInd Bank to launch co-branded credit card Club Vistara IndusInd Bank Explorer.
  23. Federal Bank has partnered with the National Payments Corporation of India (NPCI) to launch the ‘Federal Bank RuPay Signet Contactless Credit Card.’
  24. SEBI has released the Proposed framework for Gold Exchange and SEBI (Vault Managers) Regulations, 2021.
  25. SEBI has also released the Framework for Social Stock Exchange.
  26. Amazon India has launched the “Amazon Future Engineer” to promote computer science education programme.
  27. Central government has scrapped the need for more than 22,000 compliances, decriminalised as many as 103 offences and removed 327 redundant provisions and laws to reduce India Inc’s compliance burden and promote ease of doing business.
  28. S&P Global Ratings has forecasted a 9.5% GDP growth rate for India for 2021-22.
  29. World Rabies Day is observed on September 28.
  30. International Day for Universal Access to Information is observed on September 28 by UNESCO.
  31. World Maritime Day is observed on the last Thursday of September (September 30, 2021) every year by the International Maritime Organisation (IMO).
  32. Legal Initiative for Forest and Environment (LIFE), Delhi-based environmental organisation, has received the 2021 Right Livelihood Award.
  33. Moeen Ali (English cricketer) has retired from cricket.
  34. ‘My Life in Full: Work, Family, and Our Future’ book has been written by Indra Nooyi.
  35. ‘The Fractured Himalaya’ book has been written by Nirupama Rao.

Table of Content

National News

  1. Central Government has set up a task force, chaired by Ajay Seth (Secretary of Department of Economic Affairs), to strengthen the sustainable finance ecosystem in India.
      • The task force aims to enhance the resilience of India’s financial sector against risks posed by climate change and Environmental, Social and Governance (ESG).
      • The task force will recommend measures to grow sustainable finance in India and set a clear time frame for their implementation.
      • As part of this initiative, a survey is being undertaken with the help of the United Nations Development Programme (India) to assess climate and ESG resilience in India’s financial sector.
  2. Union Law Minister Kiren Rijiju inaugurated the first “Sports Arbitration Centre of India” in Ahmedabad, Gujarat.
      • The Centre will serve as an independent body to fast track disputes in the sports sector.
      • The SACI is promoted by Ahmedabad-based SE TransStadia Pvt Ltd as an independent body to fast track disputes in the sports sector.
  3. NIDHI 2.0 (National Integrated Database of Hospitality Industry) scheme has been launched by the Ministry of Tourism.
      • The NIDHI 2.0 database will have more inclusivity, by not only including accommodation units, but also travel agents, tour operators, & others.
      • The Ministry of Tourism, UN Environment Program, and Responsible Tourism Society of India have also signed an MoU to promote sustainability in the tourism sector.
  4. Ministry of Jal Shakti has launched the Swachh Survekshan Grameen 2021 under the Swachh Bharat Mission Grameen Phase II.
      • Number of villages and districts – 17,475 villages in 698 districts
      • Parameters with weightage –
        • Direct Observation of Sanitation in Villages including Households/ Public Place – 30%
        • Citizen Feedback – 35%
        • Service Level Progress on Sanitation Related Parameters – 35%
      • New elements –
        • Assessment of solid, liquid, plastic, faecal sludge management
        • Awareness on menstrual hygiene
        • Management and disposal arrangement for menstrual waste
  5. Minister of Science and Technology, Dr Jitendra Singh has launched Amrit Grand Challenge Program titled “JanCare”.
      • It has been launched at BIRAC’s 10th Biotech Innovators Meet in New Delhi with a theme -“Vigyan se Vikas”.
      • Purpose – To identify 75 Start-Up Innovations in Telemedicine, Digital Health, mHealth with BIG Data, AI, Block Chain and other technologies.
  6. Elderline is a Pan India toll free helpline for senior citizens which provides free information and guidance on pension issues, legal issues, extends emotional support to elderly.
      • It was launched in May 2021.
      • Tata Trusts and NSE foundation are the technical partners in operationalizing the project.
      • Tollfree number –14567
  7. National Disaster Management Authority (NDMA) has been implementing Aapda Mitra Scheme (a central sector scheme) since May 2016 with a focus on training of 6000 community volunteers (200 volunteers per district) in disaster response in selected 30 most flood prone districts of 25 States of India.
      • The scheme is extended up to 31.12.2020.
      • The training manual of Aapda Mitra Scheme and documents of Aapda Mitra and Common Alerting Protocol scheme has been released by Union Home Ministry on NDMA Foundation Day.
      • The manual was launched on the Foundation Day of NDMA, which was celebrated under the theme ‘Stopping Impact of Disaster Incidents in the Himalayan Region’.
      • With this, Aapda Mitra scheme will now be implemented in 350 disaster affected districts.
      • The volunteers will be insured under the scheme. 28 States and Union Territories have signed MoU with NDMA for this scheme.
      • So far, 5,500 Aapda Mitra and 5,500 Aapda Sakhi have been trained.
      • NDMA is headed by the Prime Minister.
  8. As per the Union Minister for Ports, Shipping and Waterways Shri Sarbananda Sonowal, India intends to increase share of renewable energy to 60% of total power demand of each of its major port from present share of less than 10%.
      • The announcement was made during the virtual high level session on IMO-Norway Green Voyage 2050 Project.
      • 50% of port equipment will be electrified by 2030, and all ports shall supply shore power to all visiting ships in a three-phased manner by that time.
      • The ports have also aimed to reduce Carbon emissions per ton of cargo handled by 30% by 2030.
  9. Union Minister of Commerce & Industry, Piyush Goyal, has launched “Ease of Logistic Portal” during ‘Vanijya Saptah Samapan Samaroh’.
      • The ‘Vanijya Saptah Samapan Samaroh’ was organised by the Federation of Indian Export Organisations (FIEO).

State News

  1. Asian Development Bank (ADB) and the Government of India have signed a $300 million loan as additional financing for improving rural connectivity in the state of Maharashtra.
      • 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 km in 34 districts.
      • The ongoing project with $200 million financing, was approved in August 2019.
  2. Tamil Nadu and Denmark have partnered to create an energy island in Gulf of Mannar.
      • The island will produce green energy for Tamil Nadu.
      • Denmark is likely to invest $5-10 billion in the renewable energy sector (including the energy island) in the state.

Agriculture and Rural Development

  1. Union Agriculture Minister Narendra Singh Tomar has launched ‘Amul Honey’, a product of Gujarat Cooperative Milk Marketing Federation Ltd.
      • The product was launched under cooperation with ‘National Bee Board’ (NBB).
      • National Beekeeping and Honey Mission is being implemented to increase the income of small farmers.
      • The budgetary allocation for this Mission is ₹500 crores.
      • 5 large scale Regional Honey Testing Labs and 100 Mini Honey Testing Labs are being set up all over the country to improve the quality of honey.
  2. 35 crop varieties have been launched to create mass awareness for the adoption of climate-resilient technologies.
      • The crop varieties have been launched by the Prime Minister in a pan-India programme organised at all Indian Council of Agricultural Research (ICAR) Institutes, State and Central Agricultural Universities and Krishi Vigyan Kendra (KVKs).
      • The newly constructed campus of the National Institute of Biotic Stress Tolerance was also inaugurated in Raipur.
      • Green Campus Awards were also given to Agricultural Universities, as well as interacted with farmers who use innovative methods and address the gathering.

Defence News

  1. Central Govt has dissolved the Ordnance Factory Board and created 7 new Public Sector Undertakings to transfer the 41 factories of the Ordnance Factory Board to these PSUs.
      • Employees of the OFBs will be absorbed by the PSUs.
      • This step enables corporatisation of the OFB.
      • Names of the new defence public sector undertakings – Munitions India Limited (Pune), Armoured Vehicles Nigam Limited (Avadi), Advanced Weapons and Equipment India Limited (Kanpur), Troop Comforts Limited (Kanpur), Yantra India Limited (Nagpur), India Optel Limited (Dehradun), and Gliders India Limited.
      • OFB was established in April 1979 in Kolkata.

International News

  1. US has tested Raytheon hypersonic missile capable of speeds faster than five times the speed of sound.
      • The missile has been built by Raytheon Technologies.
  2. WHO is monitoring new COVID’s variant ‘Mu’ as it has been added to the WHO’s list of ‘variant of interest’.
      • WHO has classified variants of Covid into Variants Being Monitored (VBM); Variant of Interest (VOI); Variant of Concern (VOC); and Variant of High Consequence (VOHC).
  3. Singapore has introduced a “Vaccinated Travel Lanes”, for the fully vaccinated travellers.
      • As of now, Singapore has established it with only Germany and Brunei Darussalam.
      • Thus, Singapore is allowing fully vaccinated passengers from these two countries to arrive for any travel purpose without any quarantine requirements.
  4. France and Greece have signed a defence deal worth around €3 billion ($3.5 billion).
      • This also includes Greece’s decision to buy three French warships.

Banking & Economy

  1. Central government has set up the India Debt Resolution Company Ltd (IDRCL), an asset management company (AMC) that will work in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up bad loans.
      • Authorized capital of IDRCL – ₹50 crore
      • Paid-up capital of IDRCL – ₹80.5 lakh
      • Board of Directors – Arvind Sadashiv Mokashi has been appointed on the board as SBI’s nominee director. The other directors are Narayan Keelveedhi Seshadri and Anilraj Chellan.
      • Shareholders of IDRCL include Bank of Baroda (BoB), Punjab National Bank (PNB), Bank of India (BoI), Bank of Maharashtra, SBI, Union Bank of India, Canara Bank, Indian Bank and IDBI Bank.
      • Objectives of IDRCL – to undertake all kinds of debt management, operational management, resolution advisory, support and consultancy services in relation to debt resolution, and insolvency resolution.
      • Total NPAs to be transferred to NARCL – ₹2 trillion
        • Banks will initially transfer 22 bad loan accounts of ₹89,000 crore to NARCL.
  2. Ria Money Transfer, a business segment of Euronet Worldwide, Inc. and Paytm Payments Bank have partnered to enable customers to send money in real time through Ria’s extensive network to Paytm’s mobile wallet.
      • Under the terms of the agreement, Paytm will accept international remittances directly into a digital wallet.
  3. RBI has brought in new auto-debit transaction rules w.e.f., October 1, 2021.
      • As per the new rules, banks have to notify the customers 24 hours in advance in case of an upcoming auto-debit transaction.
      • Customers have to provide additional factor authentication (AFA) by approving the auto-debit requesting in advance.
      • The transaction will not be completed if customers do not approve or reply to the pre-debit notification.
      • Recurring payments above Rs 5,000 will now require AFA approval via OTP before every new transaction.
      • However, these instructions apply on auto-card payments and not EMIs and SIPs payments.
RBI auto-debit transaction rules
  1. Vistara has partnered with IndusInd Bank to launch co-branded credit card Club Vistara IndusInd Bank Explorer.
  2. Federal Bank has partnered with the National Payments Corporation of India (NPCI) to launch the ‘Federal Bank RuPay Signet Contactless Credit Card.
  3. SEBI has released the Proposed framework for Gold Exchange and SEBI (Vault Managers) Regulations, 2021.
      • The Gold Exchange would be a national platform for buying and selling Electronic Gold Receipts with underlying standardized gold in India and also create a national pricing structure for gold.
      • The Gold Exchange is expected to offer a host of benefits like efficient and transparent price discovery, investment liquidity, assurance in the quality of gold, etc.
  4. Note: The regulations are comprehensively covered in RBI 247 Finance Current Affairs’ magazine.

  5. SEBI has also released the Framework for Social Stock Exchange.
      • SSE shall be a separate segment of the existing stock exchanges.
      • Social Enterprises will have to engage in a social activity out of the list of 15 broad eligible social activities approved by the Board.
      • Eligible NPOs may raise funds through equity, Zero Coupon Zero Principal (ZCZP) bonds, Mutual Funds, Social Impact Funds, and Development Impact Bonds. NPOs desirous of raising funds on SSE shall be required to be registered with SSE.
      • SEBI shall make suitable amendments to its regulatory framework, towards mandating initial and continuous disclosures for Social Enterprises, covering aspects relating to governance, financial and social impact.
      • Audit of social impact, i.e. social audit shall be mandated for SEs raising funds/ registered on SSE.
  6. Amazon India has launched the “Amazon Future Engineer” to promote computer science education programme.
      • The programme will enable access to quality computer science education as well as career opportunities for students from underrepresented and underserved communities.
  7. Central government has scrapped the need for more than 22,000 compliances, decriminalised as many as 103 offences and removed 327 redundant provisions and laws to reduce India Inc’s compliance burden and promote ease of doing business.

GDP Forecasts

  1. S&P Global Ratings has forecasted a 9.5% GDP growth rate for India for 2021-22.
      • For the Asia-Pacific region, the growth rate is 6.7% this year.

Important Days

  1. World Rabies Day is observed on September 28.Minister of Health and Family Welfare and Minister of Fisheries, Animal Husbandry and Dairying have launched National Action Plan for Dog Mediated Rabies.
      • According to this action plan, Rabies will be eliminated by 2030.
      • The plan has been drafted by National Centre for Disease Control in consultation with Ministry of Fisheries, Animal Husbandry and Dairying.
  2. International Day for Universal Access to Information is observed on September 28 by UNESCO.
      • Theme – The Right to Know – Building Back Better with Access to Information
  3. World Maritime Day is observed on the last Thursday of September (September 30, 2021) every year by the International Maritime Organisation (IMO).
      • Theme – “Seafarers: At the core of shipping’s future”.

Awards

  1. Legal Initiative for Forest and Environment (LIFE), Delhi-based environmental organisation, has received the 2021 Right Livelihood Award.
      • Reason – for its grassroots approach of empowering vulnerable communities to protect their livelihoods and claim their right to a clean environment.
      • The award is known as Sweden’s alternative Nobel Prize. It is given by Stockholm-based Right Livelihood.
      • Other winners include Cameroonian women rights activist Marthe Wandou, Russian environmental activist Vladimir Slivyak, and Canadian Indigenous rights defender Freda Huson.
      • The Right Livelihood Award honours and supports people solving global problems. It comes with a cash prize of 1 million Swedish crowns ($115,000).

Sports

  1. Moeen Ali (English cricketer) has retired from cricket.
Moeen Ali Retirement

Miscellaneous

  1. ‘My Life in Full: Work, Family, and Our Future’ book has been written by Indra Nooyi.
  2. ‘The Fractured Himalaya’ book has been written by Nirupama Rao.

Start Quiz of 29th September 2021

Q.1) Who heads the task force on sustainable finance ecosystem?
Q.2) Where is the first "Sports Arbitration Centre of India" located?
Q.3) In how many districts will the Aapda Mitra scheme be implemented?
Q.4) How many large-scale Regional Honey Testing Labs are being set up in India to improve the quality of honey?
Q.5) Who has won the 2021 Right Livelihood Award from India?
Q.6) Recently, Central Govt has dissolved the Ordnance Factory Board and created 7 new Public Sector Undertakings to transfer the 41 factories of the Ordnance Factory Board to these PSUs. Which of the following is not among the new defence public sector undertakings?
Q.7) How much is the authorized capital of India Debt Resolution Company Ltd?
Q.8) Which country has introduced a “Vaccinated Travel Lanes”, for the fully vaccinated travellers?
Q.9) Who is the author of ‘My Life in Full: Work, Family, and Our Future’ book?
Q.10) When is the International Day for Universal Access to Information observed?
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About Anuj Jindal

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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 4 years of experience in the field of Education.

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