CURRENT AFFAIRS SNIPPETS 02 AUGUST 2022

CURRENT AFFAIRS SNIPPETS

02nd August 2022

 

 

National News

India reported 330 deaths while cleaning septic tanks in 5 years: Government

The central government on Tuesday said 330 people died due to the cleaning of sewer and septic tanks from 2017-2021. However, Union Minister of State for Social Justice and Empowerment Ramdas Athawale added that there have been no deaths due to manual scavenging in the country. Uttar Pradesh reported the highest number of deaths at 47 from 2017 to 2021.

 

Maldives has special place in India's 'Neighbourhood First' policy: PM

PM Narendra Modi said on Tuesday that the Maldives occupies a special place in India's 'Neighbourhood First' policy. His remarks come amid Maldivian President Ibrahim Mohamed Solih's visit to India, which is Solih's third visit since assuming office in November 2018. Notably, India will extend an additional credit line of $100 million to the island nation, PM Modi confirmed today.

Can't compromise quality of education with 100% reservation: SC

Striking down the decision of the Jharkhand government reserving 100% teaching posts for locals in government-run tribal district schools, the Supreme Court said quality of education cannot be compromised due to reservation. Tribal teachers filed appeals after they were suddenly out of jobs. The non-tribal teachers called the state government's decision a violation of their fundamental rights.

 

IFS officer Shweta Singh appointed as Director in PMO

Indian Foreign Service (IFS) officer Shweta Singh was appointed as a Director in Prime Minister's Office (PMO), a Personnel Ministry order said on Tuesday. The Appointments Committee of the Cabinet (ACC) approved Singh's appointment for a period of three years. The ACC has cancelled the appointment of Aniket Govind Mandavgane as the Deputy Secretary in the PMO.

Prime Minister launch the IBU of Deutsche Bank at GIFT-IFSC 

The Gujarat International Finance-Tec City (GIFT City) in Ahmedabad is home to the Deutsche Bank AG's IFSC Banking Unit (IBU), which was opened by Prime Minister Narendra Modi.  The IBU will first offer financial products in the areas of trade finance, fixed income, and currencies, according to Deutsche Bank AG.  According to a release, the IBU will offer all authorised international finance products to Deutsche Bank's clients in India and abroad. Additionally, it will enable cash pooling and other deposit proposals for Indian and foreign clients within the parameters of the current regulations.

International News

 

Al-Zawahiri's death shows we can root out terror without war: Obama

Reacting to Al-Qaeda leader Ayman al-Zawahiri's death by US drone strike in Afghanistan, ex-US President Barack Obama said that the incident highlighted that it's possible to root out terrorism without being at war. "I hope it provides a small measure of peace to...9/11 families," he added. Zawahiri became Al-Qaeda's leader after Osama bin Laden was killed in 2011.

UN chief to visit Japan on 77th anniversary of atomic bombing

UN Secretary-General Antonio Guterres will attend the 77th anniversary of the world's first atomic bombing at the annual ceremony at Japan's Hiroshima Peace Memorial. "The ceremony aims to console the souls of those lost to...bombing...pray for...lasting world peace," UN spokesman Stephane Dujarric said. The US dropped the atomic bomb on Hiroshima on August 6, 1945, killing 1,40,000 people.
21 Chinese military planes enter Taiwan's air defence identification zone

Twenty-one Chinese military planes entered Taiwan's air defence identification zone shortly after US House Speaker Nancy Pelosi landed in Taipei on Tuesday, Taiwan said. Pelosi landed in Taiwan on Tuesday evening, defying a string of warnings from China. China called Pelosi's Taiwan visit "extremely dangerous" and said it will "launch a series of targeted military operations to counter this".

Japan, US, and South Korea participate in a missile defence drill

A joint ballistic missile defence exercise between South Korea, the US, and Japan will begin this week in the waters off Hawaii as part of increased security cooperation against North Korea's growing military threats, a media outlet claimed.  According to the sources, the biannual Pacific Dragon drill will take place. Australia and Canada will also take part in the exercise in the edition of 2022, in addition to the three other nations.  The exercise, which involves the mobilisation of eight warships and two planes, aims to improve coordination between the participating nations in the identification, tracking, and reporting of ballistic missile targets.  The exercise was planned after the defence chiefs of South Korea, the United States, and Japan decided to improve their security coordination during their trilateral meeting on June 11 in Singapore, which was held in conjunction with the annual Shangri-La Dialogue.

State News

WB to form 7 new districts, making a total of 30 districts 

The Mamata Banerjee-led West Bengal government has chosen to create seven new districts in the state in an effort to streamline administrative procedures. With this, there are currently 30 districts in West Bengal as a whole.  There used to be 23 districts in Bengal, but the number will become 30. Sunderban, Ichhemati, Ranaghat, Bishnupur, Jangipur, Behrampur, and one more district would be named in Basirhat are among the seven new districts, according to West Bengal Chief Minister Mamata Banerjee.

Appointments News

Auguste Tano Kouamé appoints World Bank's New Country Director for India 

The World Bank has appointed Auguste Tano Kouamé as the Country Director for India, effective. He replaces Junaid Kamal Ahmad who recently completed a five-year term.  He most recently served as the World Bank’s Country Director for the Republic of Türkiye, where he led the expansion of the Bank’s country program and deepened its support to Türkiye’s climate agenda.  Prior to this, he served as Director of the Department of Human Development and Economic Management in the World Bank Group’s Independent Evaluation Group (IEG) from January 2017 to April 2019.

Satyendra Prakash assume charges as new Principal DG, Press Information Bureau 

Senior Indian Information Service officer, Satyendra Prakash has been appointed as the Principal Director General of the Press Information Bureau (PIB).  A 1988 batch Indian Information Service (IIS) officer, Prakash, the Principal Director General of the Central Bureau of Communication, will succeed Jaideep Bhatnagar, who superannuated.

Agreements News

NSE and BSE approve of Zee’s merger with Sony Pictures 

The BSE and NSE stock exchanges have given Zee Entertainment their approval for Zee Entertainment’s proposed merger with Sony Pictures Networks India.  According to a statement by Zee Entertainment Enterprises Ltd., both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have accepted the planned merger with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India).  The stock exchanges’ approval is a decisive and encouraging step in the merger approval process as a whole.

BANKING, BUSINESS AND ECONOMY

India's trade deficit hits record high of $31 billion in July

India's merchandise trade deficit jumped to a new record high of $31.02 billion in July, Commerce Secretary BVR Subrahmanyam said on Tuesday. The previous record high was set in June 2022, when trade deficit was $26.18 billion. As per provisional data released by the Commerce Ministry, merchandise imports stood at $66.26 billion while exports stood at $35.24 billion in July.

 

Banks in India reported 248 data breaches in last 4 years: Govt

short by Ashley Paul / 10:56 pm on 02 Aug 2022,Tuesday

Banks in India reported 248 successful data breaches by hackers and miscreants between June 2018 and March 2022, Minister of State for Finance Bhagwat Karad said. Most of these data breaches pertain to card detail leakage and theft of business and non-business information, Karad said. Public sector banks reported 41 data breaches while private sector banks reported 205 data attacks.

 

October 1 set as the card tokenization deadline by RBI 

In a circular issued, the Reserve Bank of India (RBI), instructed all parties—aside from card networks and card issuers—to delete all previously stored Card-on-File (CoF) data by October 1, 2022.  The RBI has granted the respite in order to facilitate a smooth transition to a different payment system. In addition, the merchant and its PA involved in the online transaction may keep the data for a maximum of T+4 days or until the settlement date, whichever comes first, aside from the card issuer and the card network.

Schemes and Committees News

Monkeypox virus: Centre creates special task force under VK Paul

The Centre announced that it will set up a task force to keep track of monkeypox cases in India. Dr. VK Paul, Member (Health), Niti Aayog, will serve as the team's leader, and members will include the Secretaries of the Union Health Ministry, Pharma, and Biotech.  Dr. Paul countered that there was no need for excessive alarm but that society and the nation should remain on guard.  After India reported its first fatality from monkeypox, this step was taken. A man from Kerala who had tested positive for monkeypox in another nation passed away in Thrissur.

Awards News

Canadian Jeffrey Armstrong received the ‘Distinguished Indologist for 2021’ award

Canadian scholar, Jeffrey Armstrong has been awarded the Indian Council for Cultural Relations (ICCR) Distinguished Indologist for 2021. He has presented the award in a ceremony by Manish, India’s consul-general in Vancouver.  The citation for the award states that it has been conferred upon Armstrong “in recognition of his outstanding contribution to the study/teaching/research in India’s philosophy, thought, history, art, culture, Indian languages, literature, civilisation, society, etc”.  He becomes the seventh recipient of this award and joins the earlier recipients from Germany, China, Japan, the UK, South Korea and the USA.

Sports News

Stellar show: Anurag Thakur on Indian men's table tennis team's CWG 2022 gold

Sports Minister Anurag Thakur took to Twitter following defending champions India's gold medal win in men's table tennis team event at Commonwealth Games 2022 on Tuesday and wrote, "A stellar show by the Indian men's table tennis team." He added, "Exhilarated by the way, our paddlers led by Sharath Kamal, Sathiyan Gnanasekaran and Harmeet Desai outclassed the formidable Singapore 3-1."

They demonstrated great dexterity: PM after Indian women's lawn bowls team win gold

After India bagged gold in women's fours lawn bowls event at CWG, PM Narendra Modi tweeted, "Historic win in Birmingham...India is proud of Lovely Choubey, Pinki Singh, Nayanmoni Saikia and Rupa Rani Tirkey for bringing home the prestigious gold in lawn bowls." He added, "The team has demonstrated great dexterity and their success will motivate many Indians towards lawn bowls."

 

 

Commonwealth Games 2022: Weightlifter Harjinder Kaur claimed the bronze  medal 

India’s Harjinder Kaur claimed the bronze medal in the women’s 71kg weightlifting at the Commonwealth Games 2022 at Birmingham.  England’s Sarah Davies won gold with a Commonwealth Games record of 229kg, while young Alexis Ashworth of Canada won silver with a total lift of 214kg. '

Commonwealth Games 2022: In Judo, Shushila Devi Likmabam won the silver medal

Shushila Devi Likmabam got a silver in the women's judo 48kg final, giving India its seventh medal of the Commonwealth Games 2022.  Shushila had defeated Harriet Bonface in the quarterfinal, and notched up a second win by beating Priscilla Morand of Mauritius in the semis to assure herself a medal.  Sushila was in for a gold finish but came up short against South Africa's Michaela Whitebooi in the final.

Commonwealth Games 2022: In Judo, Vijay Kumar bagged the bronze medal

Vijay Kumar Yadav handed India second medal in Judo of the Commonwealth Games 2022 as he beat Petros Christodoulides of Cyprus in the men's 60kg tie to clinch bronze.  Earlier, India's Vijay Kumar Yadav defeated Dylon Munro of Scotland to enter the bronze medal match.  Vijay Kumar had earlier claimed a bronze medal at the Asian Open in Hong Kong in 2018. The same year he won the Commonwealth Championships in Jaipur and completed an encore in Walsall 2019.

Science and Technology News

Aurangabad: First smart city in India to receive data from Google's EIE 

The Environmental Insights Explorer (EIE) data from Google was officially released in Aurangabad on Wednesday, according to the Aurangabad Smart City Development Corporation Limited (ASCDCL).  This makes Aurangabad the first city in the nation to experience this. The data would aid research groups in formulating sustainable solutions for the city, according to ASCDCL authorities, who noted that the EIE dashboard for Aurangabad was introduced by Google during an event in New Delhi.

Nilekani Center established by IIT-M to promote Indian language technology 

The Nilekani Centre at AI4Bharat was established by the Indian Institute of Technology (IIT) Madras to advance the state of Indian language technology and make a positive social impact.  Rohini and Nandan Nilekani have donated Rs 36 crore through Nilekani Philanthropies to fund this Center, which was opened by Nandan Nilekani. IIT Madras launched the AI4Bharat programme to create open-source language AI for Indian languages.

Books and Authors News

Odisha CM Naveen Patnaik releases a book titled 'Lockdown Lyrics'

Odisha Chief Minister Naveen Patnaik has released a book titled Lockdown Lyrics’, a collection of poems written by Sanjukta Dash.  The poems are an unadulterated narration of the author’s experiences and exasperations during the pandemic. She has reflected all the trauma & tribulations and hope and aspirations of humanity during this most critical journey of society in a long time.

Important Days

World Lung Cancer Day observed globally on 01st August 

Every year, World Lung Cancer Day is observed on 01st August to raise awareness about the causes and treatment of lung cancer and highlight the issues of lack of sufficient research funding for the ailment. Lung cancer is one of the leading causes of cancer deaths among men and women.  The campaign was first organised in 2012 by the Forum of International Respiratory Societies (FIRS), in collaboration with the International Association for the Study of Lung Cancer (IASLC) and also the American College of Chest Physicians. The IASLC is the largest organisation in the world of its kind that only deals with lung cancer.

Muslim Women’s Rights Day 2022 observed on 01st August 

Muslim Women's Rights Day is observed every year on the 01st of August to celebrate the enforcement of the law against the 'Triple Talaq' rule among Muslims.  According to the Shariat or Muslim Personal Law, Muslim men were given the privilege to end their marriage anytime by uttering the word Talaq three times in a row. But the law was repealed by the Indian Government in 2019.  The day is celebrated to recognize and honour the enactment of the law against the Triple Talaq.  The Triple Talaq rule has been declared illegal by the Government of India under the Act of 2019, Protection of Marriage Rights. The Muslim women celebrate the day with utmost happiness and have welcomed the law wholeheartedly.

Obituaries News

Veteran bengali singer Nirmala Mishra passes away 

Renowned Bengali singer Nirmala Mishra has passed away. She was 81. She was born in 1938 in West Bengal’s South 24 Parganas district. She sang various songs in Bengali, Odia, and Assamese films.  Her melodies in the Bengali language include ‘Eamon Ekta Jhinuk’, ‘Bolo to Arshi’ and ‘Eai Banglar Mati Te’.  The West Bengal government has also awarded her ‘Sangeet Samman’, ‘Sangeet Mahasamman’ and ‘Bangabhibhushan’ awards. She has been conferred with the Sangeet Sudhakar Balakrushna Das Award for her lifetime contribution to Odia music.

Former Philippine Prez Fidel Valdez Ramos passes away

Former Philippine President Fidel Valdez Ramos, has passed away due to the complications of COVID-19. He was 94. Ramos served as the 12th president of the Philippines from 1992 to 1998. He was a military officer by profession.  During his tenure, the Philippines was recognized as a budding “tiger economy”. Ramos became a hero to many for defecting from Marcos’s government, in which he led the national police force, spurring the dictator’s ownfall during the 1986 popular uprising against his rule. 

 

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SIDBI INTERVIEW - MSME TERM LOANS PROPOSAL ASSESSMENT... 31.5.2022

 

TERM LOAN PROPOSAL

UNION BANK

Appraisal of MSME proposals has four distinct stages:

• Conducting Due Diligence about the promoters & the proposed activity.
• Conducting Techno-economic Feasibility Study.
• Undertaking Financial appraisal & assessing Credit Requirements.
• Credit Risk Rating, Compliance of Takeover Codes & Decision Making.

Loan proposals falling within the delegation of the Branch are sanctioned and disposed off at Branch level.

The bank has set up SARAL / SARAL LITE CENTRES at its various Regional Offices, where all activities are attended under Single Window Concept in liaison with the concerned branch with a view to quicken the decision making process, For proposals above Branch Heads delegation, processing is done at Sarals, wherever they are operational.

Where Saral / SARAL Lite are not operational, the proposals are sent by branches through Credit Department of respective Regional Offices to Sanctioning Authority under copies to Controlling Offices.

Working Capital requirement of Micro & Small Enterprises borrower uptoRs 5.00 crores is assessed based on Turnover Method, in which 25% of the Projected Achievable Sales Turnover is computed as Working Capital Requirement, of which 20% is provided by the bank & balance 5% is to be brought by way of promoter's contribution towards margin money.

Working Capital requirement of MSE borrower above Rs 5.00 crores is assessed based on Flexible Bank Finance Method, which is an extension of Permissible Bank Finance Method with customer friendly approach in as much as the scope of Current Assets is made broad based and for evaluating projected liquidity, acceptable level of Current Ratio is taken at 1.15:1 against benchmark level of 1.33:1. The assessment of credit requirement is made based on the projected study of the borrowers business operations vis-a-vis the production / processing cycle of the industry. The projected levels of inventory & receivables are examined in relation to the past trend, market development & industry trend. An uniform Classification for Current Assets & Current Liabilities is adopted on the terms given in the CMA data Format.


In case of Specific Industries / Seasonal Industries such as Software Development, Construction Industry, Film Industry, Sugar, Fertilizers etc. assessment of Working Capital including Short Term Loans can be made based on Cash Budget Method. In such cases apart from projected profitability, liquidity, gearing & fund flows; projected cash flows are accounted for to compute Working Capital Finance.

Term Loans are appraised based on viability of projects after judging Debt Repayment Capacity, Break Even Capacity, Internal Rate of Return, Debt Equity Ratio, Fixed Assets Coverage Ratio etc.

 

 

Term Loan Appraisal

The primary task of a lending institutions before granting a term loan is to    assure itself that the anticipated rise in the income of the borrowing unit would  materialize, thus providing the necessary funds for repaying the loans according to the terms of amortization. The liquidity of term loans depends not so much on the short-run sale ability of the goods and commodities as on the increased term loan income of borrowing units resulting from a higher level of  utilization  of existing installed capacity. For assessing the risks involved in term lending, the normal criteria used for judging the soundness of short-term loans are often unreliable and inadequate. The methods of analysis and the standard to be adopted for appraisal of term loans are more similar to investment decisions than to short-term lending. Appraisal of term-loans requires a dynamic approach involving, inter alia, a projection of future trends of output, sales, and estimates of costs, returns and flow of funds. Appraisal of term loans depends to a large extent on estimates of forecasts. Its purpose is not to set down a categorical statement of the long-range prospects of an industrial unit but only to provide broad guide outlines to the financial institutions.

The practice of making an appraisal of term loan applications on modern scientific lines has not made much progress in India. This is partly due to the fact that mainly the larger banks give such loans to highly credit-worthy constituents and hence no elaborate enquiry is considered necessary. The need for such appraisals is now being increasingly felt with the expansion of term lending. There cannot be a fixed or  standardized  approach to appraisal. Numerous and diverse elements enter into the process. It is difficult to have a cut and dried formula with the help of which a loan proposal can be considered; straightaway as acceptable or unacceptable. While the same set of factors is taken into consideration in the scrutiny of individual applications. The weightage given to the several factors varies from case to case. The more important factors among these are: the type of organisation and activity of the borrowing unit, the nature of its’ product and its market potentiality, its size, the quality of its management, soundness of financial position, the amount and, term of the loan required and its repayment schedule.

Financial institutions are usually inclined to adopt the criterion of profitability rather than that of’ ‘development’ in extending term loans. In other words, they are concerned mainly with the commercial profitability of a project as determined by the level of prospective profits and its ratio to invested capital of the borrowing unit and not with its broad economic significance or importance in the development of the resources of the economy. Commercial profitability could sometimes be more apparent than real. The extent of state support and the manner in which it is made available in the form of import controls, protective duties, subsidies, tax rebates and other concessions have considerable bearing on the profit prospects of certain industries. To the extent that the profitability of a project is conditional in the continuance of such support, appropriate allowance has to be made by the lending institution in the appraisal of the project. A number of other aspects of the State policy such as transport rates, prices and wage limits, export promotion, exchange regulations require due attention of the lending institutions while appraising term loam.

Term Loan Appraisal Procedure

There are four broad aspects of term loan appraisal, namely, technical feasibility, economic feasibility, managerial competence and financial or commercial feasibility. A brief account of each of these aspects follows.

1. Technical Feasibility

The examination of this aspect requires an assessment of the goods and services needed for the project-land, housing, transportation, raw materials, supplies, fuel, power, water, etc. The financial institution has to satisfy itself that these requirements are available. Where they are not domestically available and have to be imported, conditions foreign market as well as government policy at home in terms of availability of foreign exchange calls for a review. The location of the project is highly to its technical feasibility and hence special attention is paid to this feature. In fact, the accessibility to the various resources has meaning only with reference to location. Another important feature of technical feasibility relates to the type of technology to be adopted for the project. In case new technical processes are adopted from abroad, attention is paid to the differences in conditions. The dangers of hasty adoption of new techniques are quite substantial in an underdeveloped country. It is, therefore, desirable for lending institutions to make use of the services of technical personnel.

2. Economic Feasibility

This aspect relates to the determination of the extent of absorption of the output of the new unit or the additional production from an established unit at given prices. In other words, it takes account of the total output of the product concerned and the existing demand for it with a view to establishing whether there is an unsatisfied demand for the product. Two general indicators of the existence of unsatisfied demand are the price level and the prevalence of controls. It is necessary to know specifically whether the unsatisfied demand is ephemeral or genuine. The study goes beyond immediate prospects. Possible future changes In the volume and pattern of supply and demand will have to be estimated in order to assess the long-run prospects of the industry as well as earning capacity of the unit.

Projection or forecasting of demand is a complicated matter though of vital importance. The demand for a product is affected by a variety of factors and it may be difficult to take account of all these. If information concerning the demand for a product in the past is available, projections of demand over a period of years can be made on the basis of assumptions concerning future trend of all prices and incomes, particularly in the case of consumer goods industry. The projection of demand for intermediate goods (goods used as inputs for further production) and capital goods is more complicated because the demand for such goods is affected by changes in incomes and prices only indirectly. Often intermediate and capital goods have multiple uses, being needed in several lines of production, and hence it is necessary to take into account inter-industry relationships also.

Estimations of demand can never be wholly accurate or absolutely reliable; they can at best be considered as approximations.

3. Managerial Competence

The confidence of the lending institution in repayment prospects of a loan is largely conditioned by its opinion of the borrowing unit’s management. It has, therefore, been remarked that appraisal of management is the touchstone of term credit analysis. Where the technical competence, administrative ability, integrity and resourcefulness of the management are well established, the loan application gets the most favorable consideration.

4. Financial or Commercial Feasibility

The financial appraisal is designed to seek answers to the following questions:

1.     Whether the estimates of the cost of the project fully cover all items of expenditure and are realistic.

2.     Whether the sources of finance contemplated by the sponsors of the project will be adequate and the necessary finance will be available during the period of construction as per their schedule.

3.     What is the likely impact of the project on the level of production, sales, net earnings, borrowings, costs, etc. of the borrowing unit? Or, when can the project be expected to break-even (with offsetting expenditure) and start yielding profit?

4.     What time should be fixed for starting of repayment over a period to be determined in the light of the financial capacity of the borrowers ” arising from increased output and income?

The magnitude of the available surplus and other cash accruals to meet the interest and principal repayments (called as debt service coverage) is an essential point for investigation in deciding the period of amortization.

The financial position of the concern has to be examined during the sanctioning of the loan. For having a proper perspective of the financial position of the concern, it is not sufficient to consider a single year’s performance as revealed in the balance sheet and profit and loss account. On the other hand, a dynamic view has to be taken of the organisation in the next few years.

Term lending institutions follow different methods in obtaining the financial data. Some use comprehensive application form calling for particulars of different aspects of the projects presented for financing, others use a simple preliminary application form to judge whether the schedule of the application is prima facie feasible and later on follow-up by a comprehensive form. Quite often, the lending institutions adopt the interview method for eliciting as many details and particulars of the schedule as possible.

The basic data required for a financial analysis can be grouped under the following heads:

1.     Cost of the project.

2.     Cost of production and profitability.

3.     Cash-flow estimates during the currency of loan.

4.     Pro-forma balance sheets.

Term lending institutions have to critically analyse the data obtained from the borrowers with a view to ensuring that:

1.     The estimated cost of the project is reasonable and the project has a fair chance of  materializing;

2.     The financial arrangement is comprehensive without leaving any gaps and ensures cash availabilities as and when needed;

3.     The estimates of earnings and operating costs are as realistic as circumstances permit; and

4.     The borrower’s repaying ability, as judged from the project operations, exists with a reasonable margin of safety .

https://www.mbaknol.com/business-finance/term-loan-appraisal/

 

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ZOOM MID: 374 351 5074

Passcode: 8VNqNE

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FINAL LINK FOR IBPS PO FEDERAL BANK SOUTH INDIAN BANK PO CLERK

INTERVIEW

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 Prepare for your specialisation subject by searching in google and general banking.  Go thro the website of the Bank.

 

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 CURRENT AFFAIRS SNIPPETS

23rd May 2022

 

NATIONAL NEWS

Vinai Kumar Saxena appointed as the new Lt Governor of Delhi

The Rashtrapati Bhavan has announced that President Ram Nath Kovind has appointed Vinai Kumar Saxena as the new Lieutenant Governor of Delhi "with effect from the date he assumes charge of his office". This comes days after Anil Baijal resigned as the Lieutenant Governor of Delhi reportedly citing personal reasons.

India better positioned to handle volatility than other nations: Gopinath

The risk of global recession is lower than individual countries going into recessions, IMF's First Deputy MD Gita Gopinath said on Monday. "Inflation is a serious concern in many parts of the world," Gopinath stated. She noted that India is in a better position to handle volatility than other countries due to its $600 billion in reserves.

 

 

Vijay Shekhar Sharma re-appointed as MD and CEO of Paytm 

Vijay Shekhar Sharma has been re-appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Paytm for another 5 years term. His tenure will be from December 19, 2022, to December 18, 2027.  One 97 Communications which is listed under the Paytm brand, also announced the appointment of Madhur Deora as Additional Director of the company for a tenure of 5 years from May 20, 2022, to May 19, 2027.  Further, the Board has also approved the appointment of Deora as the Whole-time director designated as “Whole-time Director and Chief Financial Officer” of the Company. Deora is the President and Group Chief Financial Officer of the Company.

Salil Parekh re-appointed MD & CEO of Infosys

IT major Infosys announced that its Board of Directors has reappointed Salil S. Parekh as Chief Executive Officer and Managing Director (CEO & MD) of the Company effective from July 1, 2022, for a period of five years till March 31, 2027, subject to the approval of shareholders.  This is based on the recommendations of the Nomination and Remuneration Committee (NRC) and is subject to the approval of shareholders.  Salil Parekh has been the Chief Executive Officer and Managing Director of Infosys since January 2018 and has successfully led Infosys over the last 4 years.  He has more than thirty years of global experience in the IT services industry with a strong track record of driving digital transformation for enterprises, executing business turnarounds, and managing successful acquisitions.

Prime Minister Narendra Modi's new PS: IFS Vivek Kumar

Prime Minister Narendra Modi has got IFS Vivek Kumar as his new Private Secretary (PS). The Cabinet Appointments Committee accepted Vivek Kumar's nomination as PM Modi's press secretary. Vivek Kumar is the director of the Prime Minister's Office and is a 2004 batch Indian Foreign Service (IFS) officer (PMO).  Vivek Kumar will take over as PM Modi's private secretary from Sanjeev Kumar Singla. India's Ambassador to Israel, Sanjeev Kumar Singla, is ready to take over. Singla, an IFS officer from the 1997 batch, was named PS to the Prime Minister in 2014. Singla returned to India to work in the PMO after a brief stint in the Indian Embassy in Tel Aviv. He will now resume his duties as ambassador.

 

International News

Anthony Albanese sworn in as Australia's new prime minister

Australia's Labor Party leader, Anthony Albanese was sworn in as the country's new prime minister. Albanese claimed the victory in the election, ending his wait for power after nine years and with this Anthony Albanese became the country's 31st Prime Minister.  Outgoing Prime Minister Scott Morrison, who was heading the Liberal-National coalition has conceded defeat.  The 59-year-old new prime minister was sworn in at a brief ceremony lasting in Government House, Canberra.  Other members of his team to take office included Foreign Minister Penny Wong, who will join Albanese at the Quad summit, Treasurer Jim Chalmers and Finance Minister Katy Gallagher.

 

Not expecting recession but it isn't out of question: IMF MD

International Monetary Fund's (IMF) Managing Director Kristalina Georgieva on Monday said she doesn't expect a recession for the world's major economies "at this point". However, she added, "It doesn't mean it's out of the question." The "horizon has darkened" since the IMF downgraded its 2022 growth outlook because of war in Ukraine, China's slowdown and global price shock, she added.

Rising oil prices pose risk of global recession: IEA Executive Director

International Energy Agency (IEA) Executive Director Fatih Birol said oil producers need to act responsibly to help rein in oil prices, otherwise there's a risk of global recession. "If we don't make a positive contribution here, we may see prices even going higher...becoming a major risk for recession for the global economy," Birol said.

Japan to contribute to smart cities, 5G projects in India: NEC Corporation

NEC Corporation's Chairman Nobuhiro Endo met Prime Minister Narendra Modi in Tokyo on Monday and discussed the Japanese company's role in India's telecommunications sector. "From smart cities point of view, we can contribute from the application and...provide the communication platforms like 5G," Endo said after meeting PM Modi. He added that they have the solution to all these areas.

 

Banking, Business and Economy News

We've been cautioning, look what happened: RBI Governor on crypto crash

RBI Governor Shaktikanta Das told CNBC-TV18, "We've been cautioning on crypto and look at what has happened to the crypto market now." Talking about the recent crash in crypto market, he added, "Had we been regulating it...people would be raising questions, 'what happened to regulations?'." He further said crypto will "seriously undermine" India's monetary, financial and macroeconomic stability.

Zomato's net loss nearly triples to ₹359.7 crore in Q4, revenue rises 75%

Zomato on Monday reported a net loss of ₹359.7 crore for the fourth quarter ended March 31, 2022, marking a nearly threefold increase compared to ₹134.2 crore in the corresponding quarter last year. The food delivery company's revenue from operations stood at ₹1,211.8 crore, up 75.01% from ₹692.4 crore in the year-ago period.

India's GDP growth may have declined to 3.5% in Q4: ICRA

India's GDP growth may have slowed down to 3.5% in Q4 FY22 from 5.4% in the previous quarter, rating agency ICRA said. The GVA seems to have risen even slower at 2.7% in Q4, compared to 4.7% in Q3, ICRA added. It cited impact of higher commodity prices on margins and decline in wheat yields, among others, as the reasons.

RBI fines Bilaspur Nagrik Sahakari Bank ₹2.5 lakh for violating norms

The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of ₹2.5 lakh on Bilaspur Nagrik Sahakari Bank for violation of certain directives issued by it. As per RBI, the bank had not adhered to the prudential inter-bank (gross) exposure limit, among other violations. Last month, RBI fined Bank of Maharashtra ₹1.12 crore for non-compliance.

Paytm announced a Joint Venture named ‘Paytm General Insurance Ltd’

Paytm has announced a Joint Venture (JV) general insurance company named as Paytm General Insurance Ltd (PGIL). Paytm has announced plans to infuse Rs 950 crore in PGIL in tranches, over a period of 10 years and to hold an upfront equity stake of 74% in JV.  Following the investment, Paytm General Insurance will become a subsidiary of Paytm. Incorporated in 2018, PGIL plans to register for and undertake general insurance business defined under Section 2(6B) of the Insurance Act, 1938 (“Insurance Act”). Notably, PGIL is yet to commence its general insurance business which is currently subject to receipt of the certificate of registration from IRDAI.

 

RBI authorises a surplus transfer to the Central Government of Rs 30,307 crore 

The Reserve Bank of India has sanctioned a surplus transfer to the Central Government of 30,307 crore rupees for the fiscal year 2021-22. The Reserve Bank of India's Central Board of Directors met for the 596th time in Mumbai, under the chairmanship of Governor Shaktikanta Das, to adopt the Reserve Bank's Annual Report and Accounts for the year.  The board agreed to keep the Contingency Risk Buffer at 5.50 percent after examining the present economic condition, global and domestic issues, and the effect of recent geopolitical developments.  Inflation is at its greatest level in years. The April wholesale price index was 15.05 percent. 7.8% is the consumer price index.  These are extremely high rates, and India is not alone in this regard. In America, where the goal inflation rate is 2%, the most recent inflation rate was 8.5 percent, which has now dropped to 8.3 percent. As a result, worldwide inflation exists.  Commodity, service, and manufacturing prices have all risen dramatically in the recent year.  Inflation started in 2021, and the war in Ukraine has intensified it. Right now, the globe is stuck in a massive inflationary trap.

RBI sets up panel to review customer service standards in banks

The RBI on Monday said it has set up a six-member committee to review customer service standards in banks, NBFCs and other entities regulated by it. The committee will evaluate the efficacy, adequacy and quality of customer service and also suggest measures. It will submit a report in three months from the date of its first meeting, the RBI added.

 

Summits and Conferences News

Piyush Goyal to lead India at the WEF in Davos for 2022

The World Economic Forum's Annual Meeting kicks off in Davos, Switzerland. The Indian delegation will be led by Commerce and Industry Minister Piyush Goyal throughout the five-day meeting. This event will assist to strengthen India's status as a vital and relevant player in creating the global narrative, especially as it prepares to take over the G-20 presidency next year.  The World Economic Forum will also serve as a platform for promoting India as a desirable investment destination, owing to its strong economic development and stable macroeconomic indicators.  Mr. Goyal will also visit the United Kingdom on the 26th and 27th of this month to discuss the progress made in the Free Trade Agreement negotiations with UK government and businesses.  The Prime Ministers of India and the United Kingdom agreed to hold a summit conference in Diwali 2022 to finalise the Free Trade Agreement between the two countries.

North East Research Conclave 2022 inaugurated by Dharmendra Pradhan

Shri Dharmendra Pradhan, Union Minister for Education and Skill Development, launched the North East Research Conclave (NERC) 2022 at IIT Guwahati.  Dr. Himanta Biswa Sarma, the Chief Minister of Assam, stated in his deliberation that Research and Development is critical for a fast-developing country like India.  He went on to say that in a progressive society, research and development has always been seen as a key building component since it is so important in the process of innovation and growing our knowledge and understanding.  Entrepreneurs and research institutions can display their innovations at the North-East Research Conclave.  This is a fantastic effort for the North East since it puts policymakers, industry leaders, and researchers together on one platform. This huge event will have a significant impact on the region's educational sector.

Science and Technology News

Dr. Jitendra Singh, Launches 'BioRRAP' Portal for Biotech Researchers

In keeping with the ethos of One Nation, One Portal, Union Minister Dr. Jitendra Singh unveiled the Single National Portal for Biotech Researchers and Start-ups. All those seeking regulatory permission for biological research and development activity in the country will use BioRRAP.  According to the Minister, biotechnology has quickly become a viable academic and career option for Indian youth. The country currently has over 2,700 biotech start-ups and over 2,500 biotech enterprises in operation.  Dr. Jitendra Singh, speaking after the portal's debut, stated that India is on track to become a global bio-manufacturing hub and will rank among the top five countries in the world by 2025. He added that the Portal will allow stakeholders to view the approvals given to a specific application using a unique BioRRAP ID. He hailed DBT's one-of-a-kind gateway as a step toward making science and scientific research more accessible to Indians, as well as making it easier to create businesses.

Sports News

Odisha won the 12th Hockey India Senior Women's National Championship title

Odisha women's team has won its first-ever gold in Senior Nationals as they defeat Karnataka 2-0 in the final of the 12th Hockey India Senior Women's National Championship. Earlier, Hockey Jharkhand defeated Hockey Haryana 3-2 in the third-fourth place match.  The 12th Hockey India Senior Women’s National Championship was held in Bhopal, Madhya Pradesh. However solid defensive performances from both sides ensured that the match went into the Halftime with the scoreline reading 0-0. Punam Barla (34′) opened the scoring in the match in the third quarter as Odisha picked up the lead. Ashim Kanchan Barla (59′) sealed the game with a late goal as Odisha beat Karnataka 2-0 to claim the championship.

UEFA Europa Football League title won by Germany’s Eintracht Frankfurt

German club Eintracht Frankfurt has won their first European trophy in 42 years after defeating the Rangers by 5-4 on penalties in Seville, Spain. Goalkeeper, Kevin Trapp has saved at the end of extra time and another in the shootout to help give Frankfurt the 5-4 win on penalties.  Scottish club Rangers was also trying to win its first European title since the Cup Winners’ Cup in 1972. Kevin Trapp (Eintracht Frankfurt) was Man of the Match. Colombia striker Rafael Borré, who scored a second-half equalizer for Frankfurt, converted the decisive penalty to clinch the club's first European trophy since the 1980 UEFA Cup, a predecessor to the Europa League. The win also secures a first appearance in the Champions League next season for Frankfurt.

Indian teenager R Praggnanandhaa stuns Magnus Carlsen for the 2nd time in 2022

Indian GM Praggnanandhaa posted his second win over world champion Magnus Carlsen in 3 months when he stunned the Norwegian at the Chessable Masters online rapid chess tournament.  16-year-old Praggnanandha beat Magnus Carlsen for the first time in February at Airthings Masters, an online rapid chess tournament. Praggnandha took his tally to 12 points while Carlsen was 2nd on the leaderboard behind China's Wei Yi on Day 2 of the tournament.  Abhimanyu Mishra, the youngest Grand Master in the world, is also part of the 16-man tournament. Praggnanandhaa had won with black pieces to end Carlsen's 3-match winning run at the Airthings Masters in just 19 moves in a Tarrasch variation game.

Red Bull's Max Verstappen wins Spanish Grand Prix

Formula One world champion, Max Verstappen won the Spanish Grand Prix in a Red Bull to take over at the top from Ferrari's Charles Leclerc, who retired with an engine failure while leading at Circuit de Barcelona-Catalunya.  Mexican Sergio Perez finished second, 13 seconds behind but with the consolation of a bonus point for fastest lap, after being told to let his teammate pass for a third victory in a row after Imola and Miami.  Britain's George Russell came third for a revived Mercedes and after going wheel-to-wheel with Verstappen early on in a thrilling display of defensive driving as they battled for second place behind Leclerc.

Important Days

International Day to End Obstetric Fistula: 23 May

United Nations (UN) International Day to End Obstetric Fistula is marked on 23rd May since 2013 to promote action towards treating and preventing obstetric fistula, a condition that affects many girls and women during childbirth in developing countries.  In 2003 the United Nations Population Fund (UNFPA) and its partners launched the global Campaign to End Fistula, a collaborative initiative to prevent fistula and restore the health of those affected by the condition. The day was officially recognised in 2012.  Obstetric fistula is a devastating childbirth injury, and a neglected public health and human rights issue. Two million women in low-resource settings have an obstetric fistula, and 100,000 more develop one every year. Leaking urine and/or faeces and, as a result, living in desperate circumstances, only 1 in 50 ever receives treatment.

International Day for Biological Diversity 2022: 22 May

International Day for Biological Diversity or World Biodiversity Day is observed on 22nd May every year to increase awareness and understanding of the issues of biodiversity. Biodiversity is essential for sustaining the balance of the planet. It is the cornerstone of ecosystem services, which are completely tied to human well-being.  The theme in 2022 is “Building a shared future for all life”. Fitting within the context of the ongoing United Nations Decade on Restoration, which highlights that biodiversity is the answer to several sustainable development challenges, the slogan conveys the message that biodiversity is the foundation upon which we can build back better.  In December 2000, the UN General Assembly adopted 22 May as IDB, to commemorate the adoption of the text of the Convention on 22 May 1992 by the Nairobi Final Act of the Conference for the Adoption of the Agreed Text of the Convention on Biological Diversity.

India Celebrates 250th Birth Anniversary of Raja Ram Mohan Roy

The 250th birth anniversary of Raja Ram Mohan Roy was celebrated and commemorated by the Ministry of Culture under the Azadi ka Amrit Mahotsav. The ministry of Culture organized an inaugural ceremony on 22nd May 2022.  The inaugural ceremony was organized at the Raja Ram Mohan Roy Library Foundation, Salt Lake, Kolkata, and at Science City Auditorium, Kolkata. According to the press release by the ministry, it was the 250th birth anniversary of Raja Ram Mohan Roy and the 50th foundation day of the Raja Ram Mohan Roy Library Foundation.  Several ministers including the Governor of West Bengal, Jagdeep Dhankar were also present at the inaugural ceremony. The union minister of culture, tourism, and development of the North-eastern Region (DoNER), G Kishan Reddy, also joined the ceremony virtually. 

Moderna, Pfizer making $1,000 profit every second from vaccine monopoly: Oxfam

Oxfam International in its latest research revealed that the COVID-19 pandemic created 40 new pharma billionaires and alleged that companies like Moderna and Pfizer are making $1,000 profit every second from their monopoly control of COVID-19 vaccines. It also said these companies are charging governments up to 24 times more than the potential cost of generic production.

 

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