08 January 2020 - Daily Current Affairs

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.