Daily Current Affairs: September 9, 2021

Daily Current Affairs (September 9, 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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National News

Union Cabinet approves an MoU between the Institute of Chartered Accountants of India (ICAI) and the Chamber of Auditors of the Republic of Azerbaijan (CAAR)

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Chamber of Auditors of the Republic of Azerbaijan (CAAR) to strengthen cooperation in the areas of training of audit, finance and accounting professionals.

Union Government appoints ten merchant bankers to manage the initial public offering (IPO) of LIC

• The Union Government has appointed top 10 global and Indian merchant banks to manage the initial public offering (IPO) of Life Insurance Corporation (LIC) of India.
• Goldman Sachs, JP Morgan, Citigroup, Nomura, Bank of America Securities, JM Financial, SBI Caps, Kotak Mahindra Capital, ICICI Securities and Axis Capital have been nominated to handle the IPO of LIC.

State News

India’s tallest air purification tower was installed in Chandigarh

• The tallest air purification tower of India with a height of 24 m was inaugurated at the Transport Chowk in Chandigarh to mark the International Day of Clean Air for Blue Skies on 7 September.
• This is the highest air purifier in India, which will cover around a 500-metre radius around Transport Chowk in Chandigarh.

Chandigarh

• Lieutenant Governor: Banwarilal Purohit

International News

El Salvador becomes the first country in the world to adopt bitcoin as official currency

• El Salvador became the first country in the world to adopt bitcoin as an official currency.

• El Salvador will accept bitcoin payments in addition to the US Dollar, which has been its official currency since 2001.

El Salvador

• Capital: San Salvador
• Currency: United States Dollar

Banking & Economy

RBI removes UCO Bank out of prompt corrective action (PCA) framework over improved finances after 4 years

• The Reserve Bank of India (RBI) lifted UCO Bank out of the prompt corrective action (PCA) list after four years on improvement in financial and credit profile.
• Due to high Net Non-Performing Assets (NPAs) and a negative Return on Assets (RoAs), the UCO Bank was placed under PCA in May 2017.

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)

UCO Bank

• Headquarters: Kolkata
• MD & CEO: Atul Kumar Goel

South Indian Bank launches a credit card named ‘SIB–OneCard’ with OneCard 

• South Indian Bank, in association with OneCard, has launched the SIB-OneCard Credit Card.
• The SIB-OneCard has a unique app-based onboarding process, which is in line with the South Indian Bank’s vision of digital transformation.

Karnataka Bank launches a new point-of-sale device for merchant customers

• Karnataka Bank, in collaboration with Mswipe Technologies Private Limited, has launched a POS device (Point of Sales swiping machine) named WisePOSGo, that processes business payments for its merchant customers.
• This device is an all-in-one swiping machine loaded with advanced features such as contactless payment, mobile phone, QR code, pay by link, magnetic stripe and barcode scanner.

Asian Development Bank approves $300 million loan agreement to expand rural connectivity in Maharashtra

• The Indian Government and the Asian Development Bank (ADB) inked a $300 million loan agreement to scale up the improvement of rural connectivity to help boost the rural economy in Maharashtra.
• The additional financing for the ongoing Maharashtra Rural Connectivity Improvement Project will help improve an additional 1,100 rural roads and 230 bridges for a total length of 2,900 kilometres in 34 districts.

Asian Development Bank (ADB)

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

SEBI introduces the T+1 settlement cycle on an optional basis from 1 January 2022

• SEBI has introduced the T+1 (today plus one) settlement cycle for completion of share transactions on an optional basis in a move to enhance market liquidity from 1 January 2022.
• Currently, it takes 48 hours or more for the shares to be transferred into the client account in case of purchase deals.

Securities and Exchange Board of India (SEBI)

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

S&P Global Ratings projects India’s GDP for FY22 at 9.50%

• S&P Global Ratings has revised India’s growth forecast and expects the economy to grow 9.5 per cent in 2021–22 (FY22) and 7.0 per cent in 2022–23 (FY 23).

Appointments

Uttarakhand Governor Baby Rani Maurya resigns

• Uttarakhand Governor Baby Rani Maurya submitted her resignation, two years before completing her tenure.

Uttarakhand

• Capital: Dehradun
• Chief Minister: Pushkar Singh Dhami
• National Parks: Corbett National Park, Gangotri National Park, Govind Pashu Vihar National Park, Nanda Devi National Park, Rajaji National Park, Valley of Flowers National Park

Nirlep Singh Rai was appointed as the Chairman and Managing Director of National Fertilizers Limited (NFL)

• Nirlep Singh Rai was appointed as the Chairman and Managing Director of National Fertilizers Limited (NFL).
• Prior to this appointment, he held the position of Director (Technical) in NFL.

Awards and Recognitions

Bank of Baroda tops the MeitY digital payment scorecard for 2020–2021

• Bank of Baroda topped in the payment scorecard issued by the Union Ministry of Electronics and Information Technology (MeitY) for the month of February and March 2021.
• The scorecard ranks 44 banks (Public Sector Banks, Private Banks, Foreign Banks, Payments Banks, Small Finance Banks) on various parameters on the digital business.

IIT Madras was ranked best institution in India in the National Institutional Rankings Framework (NIRF) Ranking 2021

• According to the National Institutional Rankings Framework (NIRF) Ranking 2021, the Indian Institute of Technology Madras (IIT Madras) was ranked as the best institute in India in the ‘Overall’ and ‘Engineering’ categories for the third consecutive year.
• The Indian Institute of Science (IISc) Bengaluru was ranked the best among the research institutions and was ranked at the second place in the overall ranking.
• IIT Bombay took the third spot on the top universities list.

Science and Technology

Google introduces a Startups Lab program for small news organisations in India

• Google introduced a Startups Lab program which is a part of  its  Google News Initiative (GNI), in which the company will work with independent local or single-subject media organisations to find a pathway to financial and operational sustainability through coaching, skills training and other support.

Daily CA- 9 September One liners:

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