Government notifies the amendment to the DICGC Act
- The government has notified the amendment to the DICGC Act on 30 Aug 2021.
- Parliament passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing a moratorium on the banks.
- The amount of Rs 5 lakh would be provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Indian food services market to hit $13 billion by 2025
- The online penetration of the food services market in India is set to grow two times by 2025 and is likely to clock a gross merchandise value (GMV) of $13 billion, according to data provided by market research firm RedSeer on 30 Aug 2021.
- India is expected to be the third-largest consumer market by 2030.
- The unorganized segment of the foodservice market would see a mere growth of 5 percent.
Exports from SEZs up 41.5% to Rs 2.15 trillion
- Exports from special economic zones (SEZs) grew by about 41.5 per cent to Rs 2.15 lakh crore during the April-June quarter of the current fiscal year 2021-22.
- It is because of the healthy growth in pharmaceuticals, engineering, and gems and jewellery sectors.
- As many as 427 such zones have been approved by the government, out of which 267 are operational as of June 30, 2021.
77% of MGNREGA budget used up in five months
- Of the budgeted, Rs 73,000 crore for the MGNREGA scheme, around Rs 55,915.31 crore (approximately 77 per cent of the budget) has already been exhausted in the first five months of FY22.
- Around 24.36 million households had demanded work under MGNREGA – 0.21 per cent more than August 2020, but nearly 68 per cent more than August 2019.
Axis Mutual Fund launches consumption ETF
- Asset management company, Axis Mutual Fund has launched a new fund offer (NFO) for a consumption exchange-traded fund (ETF).
- It will look to create long-term wealth by investing in a basket of Nifty India Consumption index stocks.
- The scheme will close for subscription on 13 September 2021.
- Deepak Agarwal and Viresh Joshi will be fund managers to the scheme.
Nuclear scientists to get management lessons from IIM-Ahmedabad
- Nuclear scientists, experts, and senior officials of four key organisations will get management lessons from IIM-Ahmedabad (IIM-A).
- The organisations include Power Corporation of India Limited (NPCIL) and Bhabha Atomic Research Centre (BARC).
- The Department of Atomic Energy (DAE) has tied up with IIM-A to offer management lessons and nuances for effective leadership.
HSBC appoints Rajnish Kumar as Independent Director
- The HSBC has appointed former State Bank of India (SBI) Chairman Rajnish Kumar as an independent non-executive Director.
- Kumar retired in October 2020 following a 40-year career at India’s largest lender.
- He will also be a member of HSBC’s audit committee and risk committee.
- Kumar was earlier Chairman of the Indian Banks Association.
Russia sees a possible increase in West Nile virus cases
- Russia has warned of a possible increase in West Nile virus infections.
- Scientists have said that milder temperatures attributed to climate change could cause diseases such as the West Nile virus to become more widespread.
- It is mainly transmitted through mosquito bites.
- More than 80% of Russia’s West Nile fever cases are recorded in its southwest region.
Sumit Antil wins gold medal in the Javelin throw
- Indian para javelin thrower Sumit Antil clinched India’s second gold in Tokyo Paralympics by winning the men’s javelin F64 event with a world record throw of 68.55 m.
- Australian Michal Burian (66.29m) and Sri Lanka’s Dulan Kodithuwakku (65.61m) took the silver and bronze respectively.
- The F64 category is for athletes with a leg amputation, who compete with prosthetics in a standing position.
IIT Madras developing a model for e-waste management
- The Indian Institute of Technology Madras is developing an innovative model called ‘e-Source’ to tackle electronic waste (e-waste) by linking stakeholders in the formal and informal economy.
- e-Source will be an exchange platform that will serve as an online marketplace for Waste Electrical and Electronic Equipment (WEEE).
- It will facilitate a supply chain between buyers and sellers.
Shanti Lal appointed as Indian Bank MD, CEO
- Bank of Baroda has announced that Shanti Lal Jain would be stepping down from the post of its executive director.
- Jain would be joining Indian Bank as its MD and CEO.
- Jain has been appointed as the Managing Director and Chief Executive Officer of Indian Bank, to be effective on or after September 1, 2021.
Nine new SC judges to take oath
- CJI N V Ramana will administer oath of office to nine new judges on 31 August 2021.
- The swearing-in ceremony would be held in the auditorium of the top court’s additional building complex.
- Traditionally, the oath of office to new judges is administered in the CJI’s courtroom.
- With the swearing-in of the nine new judges, the strength of the apex court would rise to 33, including the CJI.
Discus thrower Vinod Kumar to give up medal
- Discus thrower Vinod Kumar has been found ineligible in disability classification assessment and therefore, will have to give up his bronze medal that he clinched in the men’s F52 discus throw event.
- Vinod’s classification in F52, which is for athletes with impaired muscle power, restricted range of movement, limb deficiency, or leg length difference, was done on August 22, 2021.
Karanvir Singh to represent India at EEF in Russia
- Chairman of Visionum Karanvir Singh has been invited by the Roscongress to represent Indian entrepreneurial ecosystem at the 6th Eastern Economic Forum (EEF).
- The EEF would take place on 2-4 September 2021 at Vladivostok, Russia.
- It is an annual event established by Russian President Vladimir Putin.
- The theme for this year is ‘Opportunities for the Far East in a World under Transformation’.
IDBI Intech implements its innovative AML solution
- IDBI Intech Ltd has successfully implemented their iAML (Anti Money Laundering) solution at India’s insurance giant, the Life Insurance Corporation of India (LIC).
- IDBI Intech Ltd is the technology-led business transformation organization offering specialized solutions in the Banking, Financial Services, and Insurance (BFSI) verticals.
Spice Money partners with Israel’s Tarya
- Leading rural fintech Spice Money on 31 August 2021 has entered into a joint venture with Tarya group, Israel’s leading fintech player, to launch a lend-tech platform targeted towards rural India.
- The partnership aims to fill the credit gap in India by offering underserved and underbanked rural India a convenient platform to access credit easily with minimal documentation.
International Day for People of African Descent
- The International Day for People of African Descent would be celebrated for the first time on 31 August 2021.
- Through this Observance, the United Nations aims to promote the extraordinary contributions of the African diaspora around the world and to eliminate all forms of discrimination against people of African descent.
China clamps new rules in South China sea
- China notified new maritime rules warranting vessels carrying radioactive materials, bulk oil, chemicals to report the details upon their entry into Chinese waters.
- China claims almost all of the 1.3 million square-mile South China Sea as its sovereign territory.
- China has been building military bases on artificial islands also claimed by Brunei, Malaysia, the Philippines among others.
The US leaves Afghanistan after a 20-year presence
- The U.S. officially ended its military presence in Afghanistan on 31 August 2021 with the final flight out of Kabul, concluding two decades of American involvement touched off by the Sept 11 terrorist attacks.
- The U.S. has also decided to move its Afghanistan embassy to Doha, Qatar to manage consular affairs, administer humanitarian assistance.
INNOCEAN wins prizes at the ‘Red Dot 2021’
- INNOCEAN Worldwide has won two prizes, including the grand prize and the main prize, at the famous German design award ‘Red Dot Design Award 2021.’
- Red Dot is one of the top 3 design awards with the U.S. IDEA and Germany’s iF Design Awards, and it annually selects innovative and creative products and works in various fields.
INS Airavat reaches Vietnam with relief supply
- INS Airavat reached Ho Chi Minh City Port in Vietnam with COVID relief materials as part of the ongoing ‘Mission SAGAR’.
- ‘Mission SAGAR’ stands for Security and Growth for All in the Region.
- As per the ongoing program, the Indian Navy has been carrying out numerous humanitarian missions to help nations in their fights against the pandemic.
UNSC adopts resolution on Afghanistan
- The UN Security Council, under India’s Presidency, adopted a strong resolution on Afghanistan.
- The resolution demanded that the territory of Afghanistan should not be used to threaten any country or shelter terrorists.
- The resolution was sponsored by France, UK and the US with 13 members voting in favour, none against.
S Korea and the UK to conduct military drills
- South Korean Navy and the UK carrier strike group would conduct a joint maritime military training.
- Korean Navy and the U.K. carrier strike group would appoint each training commander and conduct search and rescue drills and maritime mobile logistics drill for humanitarian purposes.
- Queen Elizabeth, the largest warship in the U.K. history, would also participate.
Kazakhstan embassy organises a video conference
- A video conference was organized by the Kazakhstan embassy in New Delhi on the role of the world leaders and religions in strengthening peace in societies during the COVID-19 pandemic.
- The event was organized by Somaiya Vidyavihar University and Nursultan Nazarbayev Center for the Development of Interfaith and Inter-Civilization Dialogue
NEFR launches tea toy train safari
- The Northeast Frontier Railway (NFR) launched a regular Jungle Tea Toy Train Safari from Siliguri Junction to Rongtong station in West Bengal.
- This is the railway authority’s second attempt to attract tourists and improve the tourism business in Darjeeling Himalayan Railway (DHR).
- The DHR toy train is a UNESCO World Heritage Site.
- It was declared by the UN body on December 5, 1999.
Startup to provide a lesson to UP govt students
- The Uttar Pradesh government has collaborated with an edu-tech start-up Kidzpreneur, a Delhi based Startup.
- The collaboration aims to impart entrepreneurship skills to government school students.
- Several schools have been approached by the state officials for ”Ideathon” and more than 15 have expressed their willingness to be a part of the initiative.
L&T concludes divestment in 99 MW hydro plant
- Larsen & Toubro (L&T) on 31 August 2021 has concluded the divestment of its entire stake in the 99 MW hydropower plant at Singoli-Bhatwari in Uttarakhand to ReNew Power Services Private Limited.
- The stake sale was completed following the completion of customary conditions precedent agreed under the Securities Purchase Agreement.
JICA signs loan agreement NAC
- The Japan International Cooperation Agency (JICA) has signed a 50 million dollar loan agreement with Northern Arc Capital (NAC), an Indian financial institution.
- The loan would be provided through co-financing with the United States International Development Finance Corporation (USDFC) based on the Facility for Accelerating Financial Inclusion in Asia (FAIA).
Russian cosmonauts find cracks in ISS module
- Russian cosmonauts have discovered new cracks in a segment of the International Space Station.
- Superficial fissures have been found in some places on the Zarya module.
- The space official has said that much of the International Space Station’s equipment is starting to age and has warned there could be an “avalanche” of broken equipment after 2025.
- Roscosmos is the space agency of Russia.
Taiwan launches English news platform
- Taiwan on 30 August 2021 launched a new English-language news and media streaming platform ‘Taiwan+’ aiming to give it a greater voice on the world stage.
- It would broadcast content online focusing on news, as well as features about Taiwan, from food and tourism to culture and technology.
- Taipei Times, founded in 1999 is one of the most prominent newspaper of Taiwan.
GSI institute launches dedicated website
- The training and capacity building wing of the Geological Survey of India (GSI) has launched its dedicated website for round-the-clock accessibility of various online training courses on earth sciences to its stakeholders.
- The website name is “https://training.gsiti.gsi.gov.in/”.
- This is in tune with the Digital India campaign of the Centre.
Google removes 95,680 content pieces in July
- Google received 36,934 complaints from users and removed 95,680 pieces of content based on those complaints in July 2021, the company said in its monthly transparency reports released on 31 August 2021.
- Google also removed 5,76,892 pieces of content in July as a result of automated detection.
- In June 2021, Google had removed 83,613 pieces of content as a result of user complaints.
‘Raahgir’ wins four awards at WSAFF
- Filmmaker Goutam Ghose’s film ”Raahgir” has bagged four awards at the Washington DC South Asian Film Festival(WSAFF).
- The movie won awards for the best feature film, best director for Ghose, best female actor for Shome, and the best male actor for Hussain.
- The WSAFF festival, which showcases alternative and independent cinema from South Asia, was held from August 28 to August 29, 2021.
Indian navy’s maiden exercise with Algeria
- INS Tabar took part in a maritime partnership exercise with the Algerian Navy on 29 Aug 2021.
- It was part of INS Tabar’s goodwill visit to Europe and Africa.
- The landmark exercise held off the Algerian coast, saw the participation of a frontline Algerian warship, ‘Ezzadjer’.
- Diverse activities including co-ordinated manoeuvring were undertaken between the Indian and Algerian warships.
Paris shrinks speed limit of vehicles to protect the climate
- The Paris city in France has to decide to limit the speed of vehicles to 30kmph to protect the climate.
- It’s the latest initiative by a city trying to burnish its climate credentials and transform people’s relationships with their vehicles.
- The new rule includes exceptions for a handful of wide avenues including the famed Champs-Elysees and the bypass circling the historical capital.
Karnataka govt to set up spices park in Chikkamagaluru
- The Karnataka government has decided to set up a spices park at Ambale in the Chikkamagaluru district.
- The Karnataka Industrial Areas Development Board (KIADB) will develop the facility on a 10-acre plot.
- The government will also set up a special cell in the Industries department to promote the export of farm produce.
- The district is known for spices apart from coffee.
Cricketer Stuart Binny announces retirement
- India all-rounder Stuart Binny announced his retirement from first-class and international cricket.
- Binny began his career with Karnataka and represented India in six Tests, 14 ODIs, and 3 Twenty20 Internationals.
- He owns the record of the best bowling figures in ODI format with bowling figures against Bangladesh when he took six wickets for just four runs in an ODI in June 2014 in Dhaka.
Centre govt to sell shares of Reliance Industries
- The government has planned to sell shares of Reliance Industries (RIL) held through Specified Undertaking of the Unit Trust of India (SUUTI).
- The plan is to sell about 8 lakh shares of RIL that would help the government garner around Rs180 crore.
- The Department of Investment and Public Asset Management (DIPAM) would appoint an intermediary that would act as a custodian of these shares.
Delhi to start implementing an action plan to combat climate change
- Delhi would start implementing a new 10-year action plan by this 2021 year-end to combat climate change.
- The Centre had prepared the National Action Plan on Climate Change (NAPCC) in 2009 and asked the states to prepare their own specific plans.
- Delhi submitted its plan to combat climate change in 2019, becoming the last state to do so.
NZ reports first death due to Pfizer vaccine
- New Zealand reported the country’s first recorded death linked to the Pfizer Covid-19 vaccine on 30 Aug’21.
- The govt considered that a woman’s death was due to myocarditis, which is known to be a rare side effect of the Pfizer Covid-19 vaccine.
- Myocarditis is an inflammation of the heart muscle that can limit the organ’s ability to pump blood and can cause changes in heartbeat rhythms.
430 million Jan Dhan accounts have Rs 1.46 trillion
- The PM Jan Dhan Yojana has about 430.4 million accounts with total deposits amounting to Rs 1.46 trillion as on Aug 2021.
- Of these, about 86%, or 368.6 million accounts, are operative.
- The average deposit per account is Rs 3,398, which has increased 2.7 times over August 2015.
- About 312.3 million Rupay cards have been issued to Jan Dhan account holders.
- The scheme was launched in 2014.