08 January 2020 - Daily Current Affairs

1. Himachal Pradesh launches MyGov portal and CM app

Himachal Pradesh Chief Minister Jai Ram Thakur has launched the Himachal MyGov portal which will help to strengthen public participation in governance. He also launched the Chief Minister App.
MyGov Himachal would help people to communicate their views, suggestions, feedback as well as discontentment if any.
MyGov Himachal Portal and Chief Minister App would bring the administration closer to people and ensure two-way communication between the government and the people.
Himachal with the launch of this app has become the 11th state to have this facility.

Source: Outlook

2. J&K registers highest Inpatient Department care in-country

As per the report released by the National Health Systems Resource Centre (NHSRC), Jammu and Kashmir has registered the highest Inpatient Department, IPD care in the country.
As per the report, the 96 percent IPD care in rural areas of J&K is provided by Public Health Facilities which is highest against the country’s average of 85 percent.
In 2016, Jammu and Kashmir had surpassed Kerala as the state with the highest life expectancy in India for all ages, barring life expectancy at birth.

Source: News on AIR

3. Gujarat to set up Vikram Sarabhai Children Innovation Center in state

The Gujarat government has announced to set up Vikram Sarabhai Children Innovation Center (VSCIC) in Gandhinagar.
Vikram Sarabhai Children Innovation Center (VSCIC) will identify, nurture and promote children’s innovation in the state.
It was an announcement was made by CM Vijay Rupani during Children’s Innovation Festival (CIF) in Gandhinagar.

Note:

Children’s Innovation Festival has been organized by Gujarat University Start-ups and Entrepreneurship Council (GUSEC).
It is an incubation centre set up by Gujarat University in partnership with UNICEF.
CIF initiative was conceptualized to identify, nurture and support children’s innovations in the state.

Source: News on Air

National Affairs

4. High-Level Committee Approved Rs 5,908 Crore To 7 States as Relief for Damages by Disasters in 2019

The Central government has approved the release of Rs. 5,908.56 crore to seven states as assistance for the damage caused due to various disasters in 2019.
The states, include Uttar Pradesh, Karnataka, Assam, Himachal Pradesh, Madhya Pradesh, Maharashtra, and Tripura.
The decision was taken at a meeting of a high-level committee (HLC), chaired by Union Home Minister Amit Shah.
The relief amount is given under the additional central assistance to seven states from the National Disaster Response Fund (NDRF) in a High-Level Committee meeting in New Delhi.
Earlier, the central government has released interim financial assistance of Rs 3,200 crore to four states – Rs 1,200 crore to Karnataka, Rs 1,000 crore to Madhya Pradesh, Rs 600 crore to Maharashtra and Rs 400 crore to Bihar.
During 2019-20, the government has released Rs 8,068.33 crore to 27 states as central share from the State Disaster Response Fund (SDRF).

Source: NDTV

5. Indian Navy Launched Maha-Navy Connect 2020: A Tri-Dimensional Expedition

Indian Navy has launched an expedition, to promote the maritime heritage of India and spread awareness about Coastal Security amongst the coastal communities in the Naval Dockyard, Mumbai Maharashtra.
The Vice Admiral Ajit Kumar, the Flag Officer Commanding-in-Chief, Western Naval Command flagged off the tri-dimensional expedition consisting of yachting, running and cycling teams of 50 naval personnel along three different axes.
The expedition extends from Arnala fort, Northernmost fort of Maharashtra to Sindhudurg fort, the southernmost fort of Maharashtra, covering more than 555 km.
The expedition will be held until January 11

Banking and Finance

6. Axis Bank and ICICI Bank to cease operations in Sri Lanka

Two Indian banks, Axis Bank and ICICI Bank decided to end their operations in Sri Lanka.
The Central Bank of Sri Lanka has permitted these two Indian banks to close their operations in the island nation.
The licenses issued to them will be canceled once the winding-up operations are complete.
The two banks are no longer permitted to carry on banking operations, including accepting deposits from the public in Sri Lanka.

Source: Business Standard

7. RBI revises supervisory framework for urban co-operative banks

With an aim to prevent PMC Bank-like scams, on January 07, 2020, the Reserve Bank of India (RBI) has revised the supervisory action framework for urban co-operative banks (UCBs).
According to the guidelines, UCBs, with deposits of Rs 100 crore and above, will constitute the BoM, which will be a mandatory requirement for opening new branches.
The main functions of the Board of Management (BoM) include recommending action for recovery of NPAs, One Time Settlement and assisting the board in monitoring the same.
A UCB may be placed under the supervisory action framework when its net non-performing assets (NPAs) exceed 6% of its net advances.
As soon as this threshold is breached, the regulator may initiate multiple actions, depending on the severity of stress.
The central bank can ask UCB to submit a board-approved action plan for reducing its net NPAs below 6%.
RBI can also order curtailment of sanction or renewal of credit facilities to sectors having a high proportion of defaults after the threshold is breached.
RBI can also put restrictions on declaration or payment of dividends without prior approval.
The regulator also has the option of putting a restriction on fresh loans and advances carrying risk-weights more than 100% after net NPAs of UCB cross 6%.

Note:

Earlier on December 31, the regulator released final guidelines for setting up a board of management (BoM) for UCBs.

Source: Financial Express

8. Shivalik Mercantile gets RBI Nod to become SFB

The Reserve Bank of India (RBI) has granted in-principle approval to Uttar Pradesh-based Shivalik Mercantile Co-operative Bank Ltd to convert to a small finance bank (SFB).
Thus, it becomes the first urban cooperative bank (UCB) to make the transition since the guidelines came out nearly two years ago.
Approval granted will be valid for 18 months to enable the applicant to comply with the requirements under the scheme on the voluntary transition of the urban co-operative banks into a small finance bank.

Note:

Under the scheme, UCBs with a minimum net worth of ₹50 crores and capital to risk (weighted) assets ratio of 9% and above are eligible to apply for the voluntary transition to SFB.
These UCBs will also have to comply with the latest guidelines for on-tap licensing of SFBs in the private sector, under which SFBs will have to maintain a minimum net worth of ₹100 crores from the date of commencement of business.
The SFBs are also required to maintain a minimum capital adequacy ratio of 15% of its risk-weighted assets (RWA) on a continuous basis and increase the minimum paid-up voting equity capital to ₹200 crores within five years of the date of commencement of business.

9. NSO pegs India’s Economic Growth at 5% for FY20

According to the first advance estimates released by the National Statistics Office on January 07, 2020, India’s GDP growth during fiscal 2019-20 is expected at 5% as compared to 6.8% in the previous year.
The estimated growth of real Gross Value Added (GVA) in 2019-20 is 4.9% as against 6.6% in 2018-19.
The manufacturing sector is expected to grow at 2% in 2019-20 as compared to 6.9% in the previous year.
The per capita income in real terms (at 2011-12 prices) during 2019-20 is likely to attain a level of ₹96,563 as compared to ₹92,565 for the year 2018-19.
The growth rate in per capita income is estimated at 4.3% during 2019-20, as against 5.6% in the previous year.
The agriculture sector is expected to see a growth of 2.8% as compared to 2.9% in the previous year.

Note:

The Reserve Bank of India in its December policy had also revised GDP growth downwards to 5% for 2019-20 from 6.1% in its October policy.

Source: LiveMint

10. Hyundai, Uber join hands to develop electric air taxis

South Korean automobile manufacturer Hyundai Motor Company has entered into a partnership with US ride-hailing giant Uber to produce electric air taxis.
Hyundai also unveiled a new full-scale concept PAV (personal air vehicle), developed jointly with Uber, at the ongoing Consumer Electronics Show 2020.
Hyundai is the first automotive company to join the Uber Elevate initiative.
Under the partnership, Hyundai will produce and deploy the air vehicles and Uber will provide airspace support services, connections to ground transportation and customer interfaces through an aerial rideshare network.
The two entities are also collaborating on infrastructure concepts to support their take-off and landing.

Source: India Today

Book and Authors

11. Book titled ‘Karmayoddha Granth’ on Life of PM released by Amit Shah

On January 06, 2020, the Union Home Minister Amit Shah has released a book 'Karmayoddha Granth' on the life of Prime Minister Narendra Modi.
The Home Minister addressed the gathering at the launch and said that the qualities of a Karmayoddha such as a beautiful heart for people, a statesman, a hard taskmaster, an able administrator and an ideal leader who leads by example, are represented by Narendra Modi.

Conference and Summit

12. Kochi to host Global Investors Meet ASCEND 2020

Global Investors Meet ‘ASCEND 2020’ will be held in Kochi, Kerala from 9^th to 10^th January 2020.
The Kerala government will highlight the 18 mega projects in the meet including Kochi-to-Palakkad integrated manufacturing cluster, a defence park at Ottapalam and an electronic hardware park in Ernakulam.
The meet will also see organizers showcasing 70-odd other projects classified as large, medium and small in the descending order of their capital investment
Also, the focus would be on a medium density fiberboard plant in Perumbavoor and integrated solid waste management systems at Thiruvananthapuram, Thrissur and Malappuram.
The meet will be organized by the Industries Department of Kerala.
The Invest Kerala Portal: “invest.kerala.gov.in” will also be showcased at the meet. Invest Kerala Portal is a single-window facilitator for hassle-free investment promotion launched under its ease of doing business initiative.

Source: LiveMint

13. 4^th 'Buxa Bird Festival' begins in West Bengal

The fourth 'Buxa Bird Festival' has begun in Buxa National Park in Alipurduar, West Bengal.
Over 50 birdwatchers from across the country and abroad have registered for the 2020 edition of the four-day festival.
More than 300 rare species including the Great Hornbill, Sultan Tit and Greater Spotted Eagle visit the national park during this period.
Bird enthusiasts watch and click photographs of the migratory birds that come from colder regions in the northern hemisphere.

Source: Business Standard

14. International Kite Festival 2020 begins in Gujarat

The 31st International Kite Festival was inaugurated by Gujarat governor Acharya Devvrat and CM Vijay Rupani at Sabarmati Riverfront in Ahmedabad.
As a part of the official celebration of 'Uttarayan' or 'Makar Sankranti', Ahmedabad has been hosting the International Kite Festival since 1989.
The festival will continue till January 13 at Sabarmati Riverfront.
150 kitists from India and abroad are participating in the event.

Sports

15. World Cup winner Italian Daniele De Rossi retires from football

The 37-year-old Italian midfielder Daniele De Rossi announced his decision to retire from football in order to spend more time with his family.
Daniele De Rossi also earned 117 caps for Italy at the senior level, winning the FIFA World Cup in 2006.
He came through the youth ranks at Roma and made his debut for the Serie A side in 2001.
In an 18-year of his career, he made 616 appearances and scored 63 goals, winning two Coppa Italia titles.