Current Affairs

4^th December 2022

Top 11 Daily GK Updates: National & International News

Here is the Daily GK Update of 04th December 2021 covering the following news headlines: International Day of Banks, Indian Navy Day, Federal Bank, Ratan Tata, World Cooperative Monitor report 2021, National Asset Reconstruction Company.

National News

1. Earth Station of Doordarshan Kendra inaugurated in Gorakhpur

Union Minister of Information and Broadcasting Anurag Singh Thakur and Uttar Pradesh Chief Minister Yogi Adityanath inaugurated Earth Station of Doordarshan Kendra at Gorakhpur.

Three FM stations of All India Radio were also inaugurated virtually on the occasion. This will be the second earth station of Doordarshan in Uttar Pradesh and it is being built at a cost of Rs.7 crore.

This Earth Station will enable the programmes generated at the local level to be telecast live through DTH across the world. The Earth Station at Doordarshan Kendra Gorakhpur will be a boon to local Bhojpuri artists as they have been demanding it for a long.

Three FM stations of All India Radio were inaugurated today are at Etawah, Lakhimpur Kheri and Bahraich districts. The addition of these FM stations will further enhance the reach of All India Radio, especially, in the Indo-Nepal border areas.

2. India will have nine nuclear reactors by 2024

The nation will have nine nuclear reactors by 2024 and a new nuclear project, the first in northern India, will come up 150 kms away from Delhi in Gorakhpur of Haryana, the government informed the Rajya Sabha.

By 2024, India will have nine nuclear reactors plus 12 new additional ones which were approved during the Covid times with a capacity of 9000 MW.

The minister said that nuclear energy will soon emerge as one of the most important sources of alternative or clean energy for the increasing power demand of the country.

India is counting on its nuclear program to help meet its Paris climate commitments to reduce the emissions intensity of its economy by a third from 2005 levels by 2030.

Appointments News

3. Pradip Shah appointed as Chairman of National Asset Reconstruction Company

Pradip Shah, the founder of IndAsia Fund Advisors, has been appointed chairman of the National Asset Reconstruction Company (NARCL). Shah, an MBA from Harvard and chartered accountant, is credited for establishing India’s first and largest housing finance company, HDFC, and rating firm Crisil.

While Aditya Birla Asset Reconstruction Company managing director Sanjay Jain will be the chief executive of India Debt Resolution Company (IDRCL), the privately-owned asset management company (AMC) mandated to resolve bad loans acquired by NARCL.

Banking News

4. SBI listed USD 650-million Green Bonds on India INX and LuxSE

State Bank of India (SBI) listed its USD 650-million green bonds simultaneously on the India International Exchange (India INX) and the Luxembourg Stock Exchange (LuxSE).

This dual listing is in line with 2021’s topic of the World Investor Week (WIW), ‘sustainable finance’, as indicated by the regulatory body International Financial Services Centres Authority (IFSCA). India INX has now emerged as the leading bond listing venue with over $33 billion.

Important takeaways for all competitive exams:

India INX Founded: 2017;

India INX Headquarters: Gandhinagar, Gujarat;

India INX MD & CEO: V. Balasubramaniam.

5. Federal Bank launches an exclusive feature-rich scheme for women

Private sector lender, Federal Bank has launched a feature-rich savings bank product for women. The savings scheme is called Mahila Mitra Plus and provides a curated set of features, designed to make financial planning and investments easy for women.

The special features include exclusive preferential interest rates on housing loans, processing fee waiver for home loans, complimentary and customised insurance cover.

The special features include exclusive preferential interest rates on housing loans, processing fee waiver for home loans, complimentary and customised insurance cover.

Important takeaways for all competitive exams:

Federal Bank Founded: 23 April 1931;

Federal Bank Headquarters: Aluva, Kerala;

Federal Bank MD & CEO: Shyam Srinivasan;

Federal Bank Tagline: Your Perfect Banking Partner.

Business News

6. ADB approves $500-million loan to improve quality of school education

The Asian Development Bank (ADB) has approved a $500 million loan to the Government of India to help improve the quality of the country’s school education and mitigate the impact of the Covid-19) pandemic on students’ learning.

The loan supports the Integrated Scheme for School Education (Samagra Shiksha) and the new Exemplar School Initiative of the Ministry of Education (MOE) to improve education quality by focussing on inclusive and equitable learning outcomes.

About 1,800 government schools will be transformed into exemplar schools in Assam, Gujarat, Jharkhand, Tamil Nadu, and Uttarakhand. Exemplar schools will demonstrate quality learning environments and effective learning, which will become a model for replication in other government schools across the country.

Important takeaways for all competitive exams:

Minister of Education: Dharmendra Pradhan.

Economy News

7. OECD projected India growth forecast to 9.4% for FY22

Paris-based Organisation for Economic Co-operation and Development (OECD) decreased India’s growth forecast to 9.4% for FY22 from 9.7% estimated in September 2021. It has projected the Indian economy to grow at 8.1% in FY23, and moderate to 5% in FY24. OECD lowered the global growth forecast for 2021 to 5.6% from 5.7% earlier.

According to OECD, low-skilled domestic migrants and urban workers, who faced the brunt of employment shocks in both waves of the pandemic in India, have yet to see their earnings return to pre-pandemic levels.

Important takeaways for all competitive exams:

OECD Secretary-General: Mathias Cormann;

OECD Headquarters: Paris, France;

OECD Founded: 30 September 1961.

Ranks and Reports News

8. World Cooperative Monitor report 2021: IFFCO ranks first

The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has been ranked ‘number one Cooperative’ among the top 300 cooperatives in the world. The ranking is based on the ratio of turnover over the gross domestic product (GDP) per capita.

It signifies that IFFCO is contributing significantly to the GDP and economic growth of the nation. The 2021 edition of the 10th Annual World Cooperative Monitor (WCM) report, withholding its position from the 2020 edition.

The 2021 WCM report is published by the International Cooperative Alliance (ICA) and European Research Institute on Cooperative and Social Enterprises (Euricse). WCM is a project designed to collect robust economic, organizational, and social data about cooperatives worldwide.

The report is the 10th annual one and explores the economic and social impact of the largest cooperatives and mutual worldwide, providing a ranking of the top 300, sector rankings, and an analysis of responses to the current global challenges: Covid and climate change.

Important takeaways for all competitive exams:

IFFCO Founded: 1967;

IFFCO Headquarters: New Delhi, Delhi;

IFFCO MD & CEO: DR. U. S. Awasthi.

Awards News

9. Ratan Tata to get Assam’s highest civilian award

On the occasion of Assam Divas, the state government of Assam has decided to accolade renowned industrialist Ratan Tata with the ‘Asom Bhaibav’ award, the highest civilian state award for his contribution to cancer care in the state.

The awards that precede it are Asom Saurav, followed by Asom Gaurav. With healthcare as one of its top priorities, the Assam government is showing its appreciation towards Tata’s push to cancer care in the region.

The Tata Trust, in collaboration with the Assam government, had decided to set up 19 cancer care units during the ‘Advantage Assam – Global Investment Summit’ in 2018 and an MoU had been signed between the Assam government and Tata Trusts.

Important takeaways for all competitive exams:

Assam Governor: Jagdish Mukhi;

Assam Chief Minister: Himanta Biswa Sarma.

Important Days

10. Indian Navy Day : Celebrate The Achievements 04 December

In India, December 4 is observed as the National Navy Day every year, to celebrate the achievements and role of the naval force to the country.

The theme of Indian Navy Day 2021 is ‘Swarnim Vijay Varsh’ signifying 50 years of India’s victory in the Indo-Pakistan war that took place in 1971.

Indian Navy is a naval branch of Indian armed forces Led by the President of India (commander-in-chief). Back in 1971, during the Indo-Pakistan war, December 4 was chosen to launch Operation Trident against Pakistan.

Important takeaways for all competitive exams:

Chief of Naval Staff: Admiral R Hari Kumar;

Indian Navy Founded: 26 January 1950.

11. International Day of Banks: 04 December

International Day of Banks is celebrated on December 4 to recognise the importance of multilateral and international development banks in financing sustainable developments.

United Nations also observes the day in recognition of the vital role of banking systems in Member State in contributing to the improvement of the standard of living.

In 2019, the United Nations General Assembly designated December 4 as the International Day of Banks. It is celebrated for the first time in 2020.