Daily Current Affairs: February 25, 2022

Daily Current Affairs (February 25, 2022) 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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National News

Indian Railways first solar power plant was inaugurated in Bina, Madhya Pradesh

• Bharat Heavy Electricals Ltd (BHEL) has successfully commissioned a 7-megawatt solar photovoltaic plant in Bina, Madhya Pradesh for the Indian Railways.
• The use of solar power will accelerate India to achieve conversion of Indian Railways to ‘Net Zero’ Carbon Emission Railway.

Madhya Pradesh      

• Capital: Bhopal
• Chief Minister: Shivraj Singh Chauhan
• Governor: Mangubhai Chhaganbhai Patel
• National Parks: Bandhavgarh National Park, Dinosaur Fossils National Park, Fossil National Park, Pench National Park, Kanha National Park, Kuno National Park, Madhav National Park, Panna National Park, Sanjay National Park, Satpura National Park, Van Vihar National Park

Union Ministry of Defence signs an MoU with CSC SPV to onboard pension services under SPARSH

• Defence Accounts Department (DAD) of Union Ministry of Defence has signed an MoU with CSC e-Governance Services India Limited, a special purpose vehicle (SPV) under the Union Ministry of Electronics and Information Technology, to onboard pension services under the System for Pension Administration (Raksha) {SPARSH} initiative across more than four lakh Common Service Centres (CSCs) all over India.
• The Common Service Centres will become an interface for SPARSH and provide an effective medium for pensioners to perform profile update requests, register grievances and seek redressal, digital annual identification, pensioner data verification or simply fetch detailed information regarding their monthly pension.

Union Minister Giriraj Singh launches Ombudsperson App for MGNREGA

• Union Minister for Rural Development and Panchayati Raj Giriraj Singh launched the ‘Ombudsperson App’ for Mahatma Gandhi National Rural Employment Guarantee Act 2005 (MGNREGA).
• This app will help the ombudsperson to a greater extent in discharging her/his duty towards transparency and accountability.

International News

WEF and NIUA launch ‘Sustainable Cities India’ program to help cities meet Net Zero goals

• The World Economic Forum (WEF) has signed a memorandum of understanding (MoU) with the National Institute of Urban Affairs (NIUA) to collaborate on a jointly designed ‘Sustainable Cities India’
• This program will aim to create an enabling environment for cities to generate decarbonisation solutions across the energy, transport and built environment sectors.

World Economic Forum (WEF)

• Headquarters: Cologny, Switzerland
• Founder & Executive Chairman: Kalus Schwab
• President: Borge Brende
• Founded: 24 January 1971
• Motto: ‘Committed to improving the state of the world’

Banking and Economy

RBI Mandates NBFCs to Enable CFSS By 30 September 2025

• Reserve Bank of India (RBI) asked a certain class of Non-Banking Financial Companies (NBFC) to mandatorily implement ‘Core Financial Services Solution (CFSS)’ by 30 September 2025 in order to provide a seamless customer interface as well as have a centralised database.
• RBI has decided that NBFCs – Middle Layer and NBFCs – Upper Layer with 10 and more ‘fixed point service delivery units’ as on 01 October 2022 shall be mandatorily required to implement CFSS.

RBI cancels certificate of registration of P. C. Financial Services operating ‘Cashbean’ app

• The Reserve Bank of India (RBI) has cancelled the certificate of registration (CoR) of C. Financial Services Private Limited primarily engaged in mobile app-based lending operations through an app ‘Cashbean’ on account of supervisory concerns.
• With cancellation of CoR, the RBI stated New Delhi-based P C Financial Services will not transact the business of a non-banking financial institution (NBFI).

GDP Projection

India Ratings projects India’s FY22 GDP growth at 8.6%

• India Ratings has revised downwards its GDP growth forecast for 2021–22 to 6 per cent from 9.2 per cent projected earlier.
• The National Statistical Organisation (NSO) has forecast 2 per cent real GDP growth for the year.

Moody’s projects India’s GDP forecast to 9.5% for CY22 and 8.4% for FY23

• Moody’s Investors Service raised India’s growth forecast to 5 per cent for the calendar year 2022 (CY22) and to 8.4 per cent for the fiscal year 2023 (FY 2022–23).
• It also estimated that the GDP growth forecast for 2023 at 5 per cent and 6.5 per cent for FY24 (2023–24).

Agreement and MoUs signed

EaseMyTrip partners with Toffe Insurance to provide innovative and tailored travel insurance solutions

• EaseMyTrip has partnered with Toffee Insurance to provide innovative and tailored travel insurance solutions to its customers.
• Under this partnership, Toffee Insurance will manage all travel insurance products for added value and extra protection for EaseMyTrip’s customers’s flight bookings caused due to medical emergencies.

Standard Chartered partners with IATA to launch a payment platform for the airline industry in India

• Global banking group Standard Chartered has partnered with the International Air Transport Association (IATA) to launch a payment platform for the airline industry in India.
• IATA Pay will be a new payment option that enables participating airlines to offer instant payment options such as UPI Scan and Pay and UPI Collect (Request to Pay).

Northern Arc Capital acquires Chennai-based SMILE Microfinance

• Northern Arc Capital, a non-banking finance company (NBFC)has acquired Chennai-based SMILE Microfinance Limited.
• This merging will involve taking over the microfinance portfolio of SMILE, along with its extensive network of nearly 150 branches catering to over two lakh customers.

Appointments

Nitin Paranjpe was appointed as the non-executive Chairman of Hindustan Unilever Limited

• Hindustan Unilever Limited has appointed Nitin Paranjpe as its non-executive Chairman and Non-Executive Director with effect from 31 March 2022.
• The company also announced the re-appointment of Dev Bajpai as a whole-time director for five years with effect from 23 January 2022 to 22 January 2027.

Digital India CEO Abhishek Singh was named as the National e-Governance Division CEO

• The Union government has appointed Digital India Corporation CEO Abhishek Singh as the CEO of the National e-Governance Division (NeGD). He is a 1995-batch IAS officer from Nagaland cadre.
• Further senior AGMUT cadre IAS officer Geetha Meetina was appointed as Joint Secretary of the Department of Agriculture & Farmers Welfare.

IDBI Bank board approves appointment of T. N. Manoharan as additional director

• IDBI Bank board has appointed N. Manoharan as its additional director (independent category). He served as a director at the instance of RBI in Sahara India Finance Corporation.

IDBI Bank

• Headquarters: Mumbai, Maharashtra
• CEO: Rakesh Sharma
• On 21 January 2019, Life Insurance Corporation (LIC) completed the acquisition of 51% in IDBI bank

Sports News

Rohit Sharma becomes leading run-getter in T20Is

• India skipper Rohit Sharma became the world’s leading run-scorer (3,307) in Twenty20 internationals. He surpassed former India captain Virat Kohli (3,296) and New Zealand’s Martin Guptill (3,299).
• He has scored 3,307 runs (Four centuries) in 123 T20 internationals since his debut in 2007.

Sports News

Indian Weightlifter Mirabai Chanu wins gold medal in Singapore Weightlifting International

• Indian Weightlifter Mirabai Chanu qualified for the 2022 Commonwealth Games in the 55 kg weight category by clinching the gold in the Singapore Weightlifting International.
• She was followed by Jessica Sewastenko of Australia and Elly Cassandra Englebert of Malaysia.

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