Daily Current Affairs: December 16, 2021

Daily Current Affairs (December 16, 2021) like many other sections is inevitable and this also helps to score in the Banking awareness, Static GK, and Financial Awareness sections. Remember, Banking Awareness, and Static Awareness Questions are asked from the General Awareness section. This will also help you to ride your preparations for the forthcoming exams.

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Important Days

Vijay Diwas (India) – 16 December

• Vijay Diwas is observed in India on 16 December every year to commemorate India’s victory over Pakistan in the 1971 War that resulted in Bangladesh’s formation.
• This year (2021) marks the 50^th anniversary of Vijay Diwas in India, in which India pays homage to all the soldiers who fought to keep India safe.
• The Indo–Pakistan War of 1971 started on 3 December and lasted for 13 days. This war officially came to an end on 16 December and the Pakistani troops surrendered to India, which was the biggest-ever military surrender after World War II.
• Pakistan surrendered to the Indian army finally and this day is also observed as ‘Bijoy Dibos’ in Bangladesh.

National News

Union Cabinet approves an incentive scheme worth ₹1300 crores for RuPay DEBIT CARD and BHIM-UPI transactions

• The Union Cabinet has approved a ₹1300 crores incentive scheme for digital transactions made with BHIM-UPI and RuPay debit cards.
• This scheme aims to promote digital transactions and incentivise users having RuPay debit cards and BHIM-Unified Payments Interface (UPI) system.
• The government will incentivise acquiring banks under this scheme by paying a percentage of the value of transactions (P2M) made using RuPay debit cards and low-value BHIM-UPI forms of payments at an estimated financial cost of ₹1300 crores for one year with effect from 1 April 2021.
• This scheme will assist acquiring banks in developing a strong digital payment ecosystem and promoting RuPay debit card and BHIM-UPI digital transactions across all sectors and segments of the population and further deepening digital payments in India.

UNESCO adds Kolkata’s Durga Puja to the UNESCO Intangible Cultural Heritage of Humanity List

• The United Nations Educational, Scientific and Cultural Organization (UNESCO) has added West Bengal’s largest annual festival, Durga Puja, to its Representative List of Intangible Cultural Heritage of Humanity at the sixth Committee of UNESCO for the safeguarding of the Intangible Cultural Heritage (ICH) meeting held in Paris, France.
• It is the first festival in Asia to make it to the list of Intangible Cultural Heritage of Humanity.

United Nations Educational, Scientific and Cultural Organization (UNESCO):

• Headquarters: Paris, France
• Director-General: Audrey Azoulay
• Founded: 16 November 1945

Union Cabinet approves ₹76,000 crore Production Linked Incentive (PLI) scheme for the production of semiconductors

• Union Cabinet approved ₹76,000 crores for the Production Linked Incentive (PLI) scheme for the production of Semiconductors..
• Under this scheme, India will be able to set up over 20 semiconductor design, components manufacturing and display fabrication units over the next six years.
• This initiative intends to give companies involved in the production of silicon semiconductor fabs, display fabs, compound semiconductors/silicon photonics/sensors (including mems) fabs, semiconductor packaging (ATMP/OSAT) and semiconductor design with attractive incentive support.

National Thermal Power Corporation (NTPC) awards India’s first green hydrogen-based microgrid project in Andhra Pradesh

• National Thermal Power Corporation (NTPC) has awarded a standalone fuel-cell-based green hydrogen microgrid project at Simhadri, Andhra Pradesh.
• This will be India’s first green hydrogen-based energy storage project and one of the world’s largest green hydrogen projects.
• It would be a forerunner to large-scale hydrogen energy storage projects, as well as a tool for researching and constructing several microgrids in off-grid and important places across India.
• The system would run in standalone mode from 5 p.m. to 7 a.m.
• The hydrogen would be produced using the advanced 240 kW solid oxide electrolyser by taking input power from the nearby floating solar project. The hydrogen produced during sunshine hours would be stored at high pressure and would be electrified using a 50 kW solid oxide fuel cell.

Banking & Economy

Reserve Bank of India (RBI) imposes a ₹1.80 crore penalty on Punjab National Bank and ₹30 lakhs on ICICI Bank

• The Reserve Bank of India has imposed a ₹1.80 crore penalty on Punjab National Bank for the deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers under sub-section (2) of Section 19 of the Banking Regulation Act, 1949.
• The RBI has also imposed a monetary penalty of ₹30 lakhs on ICICI Bank for non-compliance with certain directions issued by the RBI on levy of penalties for failure to maintain minimum balances in savings bank accounts.

Financial Software and Systems (FSS) join hands with CSB Bank to open smart cash franchises for financial inclusion

• Financial Software and Systems (FSS) and CSB Bank have joined hands to provide hyperlocal banking services to underserved financial segments.
• Under this partnership, CSB Bank and FSS plan to open 1000 smart cash franchisees in semi-urban and rural areas across India to expand the adoption of financial services.
• Smart cash franchisees, equipped with a kiosk or a micro-ATM device, would offer affordable banking, investment, credit and insurance products to target segments. The smart cash franchisees would function as a one-stop-shop for products offered by CSB Bank as well as third-party partner products utility payments and domestic money transfers, improving the commercial viability of the service for smart cash franchisees.

Reserve Bank of India releases the draft master directions on minimum capital requirements for operational risk

• The Reserve Bank of India (RBI) issued the ‘Draft Master Direction on Minimum Capital Requirements for Operational Risk’ to replace existing approaches for measuring minimum operational risk capital requirements of banks with a new Basel-III standardised approach.
• The risk of loss coming from insufficient or failed internal processes, people and systems or from external events is referred to as operational risk.
• All existing approaches — Basic Indicator Approach (BIA), The Standardised Approach (TSA)/Alternative Standardised Approach (ASA) and Advanced Measurement Approach (AMA) for measuring minimum operational risk capital requirements are proposed to be replaced by the new standardised approach (Basel-III Standardised Approach).
• The Reserve Bank of India plans to implement the new rules on 1 April 2023.

Reserve Bank of India (RBI)

• Headquarters: Mumbai, Maharashtra
• Formation: 1 April 1935
• Governor: Shaktikanta Das
• Deputy Governors: K. Jain, M. D. Patra, M. Rajeshwar Rao and T. Rabi Sankar
• Subsidiaries: Deposit Insurance and Credit Guarantee Corporation (DICGC), Bharatiya Reserve Bank Note Mudran Limited (BRBNML)

Asian Development Bank approves a $112 million loan to establish Skill University in Assam

• The Asian Development Bank (ADB) approved a $112 million loan to establish Assam Skill University (ASU) to strengthen skills education and training.
• This aid will pave the path for skill advancement and mobility, as well as raise skill levels to boost the productivity and competitiveness of Assam’s economy and industries.
• This project will develop the capacity of the ASU faculty to support and manage entrepreneurship, applied research and development (R&D) and technology transfer and promote the professional development of trainers and faculty members of technical and vocational education and training (TVET) institutions.

Asian Development Bank (ADB)

• Founded: 19 December 1966
• Headquarters: Mandaluyong, Philippines
• President: Masatsugu Asakawa

Securities and Exchange Board of India (SEBI) sets up an ALeRTS for early detection of market anomalies

• The Securities and Exchange Board of India (SEBI) has constituted an advisory committee for guiding it on how to improve technology skills and find acceptable technological solutions for detecting market abnormalities early.
• The Advisory Committee for Leveraging Regulatory and Technology Solutions (ALeRTS) will be headed by SEBI’s ex-whole-time member Madhabi Puri Buch.
• According to SEBI, ALeRTS will recommend future roadmaps and improvements in the various ongoing technology projects. It will also guide SEBI in designing and framing requirements for the different in-house systems.

Securities and Exchange Board of India (SEBI)

• Headquarter: Mumbai, Maharashtra
• Chairman: Ajay Tyagi
• Founded: 12 April 1992

Ranks and Indices

Bharat Petroleum Corporation Limited (BPCL) was ranked as India’s top oil and gas company for its sustainable performance

• In the 2021 edition of the S&P Dow Jones Sustainability Indices’ (DJSI) Corporate Sustainability Assessment (CSA), Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 firm, was ranked as India’s top oil and gas company for its sustainability performance.
• This is the second consecutive year that BPCL is at the top of the DJSI Indices in India.
• The Dow Jones Sustainability World Index represents the top 10% of the largest 2500 companies in the S&P Global BMI based on long-term economic, environmental and social criteria.

Agreements and MoUs signed

State Bank of India renews its Memorandum of Understanding (MoU) with the Indian Army to offer benefits to military personnel

• State Bank of India has renewed its Memorandum of Understanding (MoU) with the Indian Army to provide benefits to all serving and retired military personnel and their families through its Defense Salary Package (DSP).
• Under this MoU, the State Bank of India offers complimentary personal and air accidental insurance covers and permanent total disability/partial disability covers.
• It also supports the education of children and marriage of the girl child of army personnel.

State Bank of India (SBI)

• Headquarters: Mumbai, Maharashtra
• Chairman: Dinesh Kumar Khara
• Tagline: The Banker to Every Indian

Tata Motors signs an MoU with Bandhan Bank for retail financing

• Tata Motors has signed a Memorandum of Understanding (MoU) with Bandhan Bank to offer financing options to all its passenger vehicle customers to ease the process of car ownership.
• As a part of this tie-up, Bandhan Bank provides loans to Tata Motors customers at an interest rate as low as 5% and this partnership will offer a maximum of 90% financing on the total on-road cost of the vehicle.
• The customers will get the benefit of special Equated Monthly Instalment (EMI) options with a repayment tenure of up to 7 years.

Awards and Recognitions

Former CRICKETER Sunil Gavaskar was conferred with the Sports Journalists’ Federation of India (SJFI) Medal

• The Sports Journalists’ Federation of India (SJFI) conferred the prestigious ‘SJFI Medal’ to legendary cricketer Sunil Gavaskar.
• Neeraj Chopra was named the SJFI Sportsman of the Year 2021 and Mirabhai Chanu was adjudged as the SJFI Sportswoman of the Year 2021.
• The Indian hockey men’s team, which won the bronze medal in the Tokyo Olympics 2020was declared SJFI Team of the Year 2021.

Sports News

FC Barcelona striker Sergio Aguero announces his retirement from football

• FC Barcelona striker Sergio Aguero announced his retirement from football at the age of 33.
• He was recognised as one of the best strikers of his time and one of the greatest players in the Premier League history during his decade-long association with Manchester City.
• He has won the Premier League Golden Boot, been named to the Professional Footballers Association (PFA) Team of the Year twice and has the most Premier League hat-tricks (12).
• He is Argentina’s third-highest all-time top goalscorer and has earned over 100 caps, representing the senior Argentinian team at three FIFA World Cups (in 2010, 2014 and 2018) and five Copa America (in 2011, 2015, 2016, 2019 and 2021), winning the Copa America in 2021.
• In 2021, he joined the FC Barcelona team.

Daily CA-16 December One-Liners

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