Current Affairs

5^th December 2022

Top 20 Daily Current Affairs: National & International News 

Here is the Daily Current Affairs of the 04th and 5th December 2022 covering the following news headlines: World Soil Day, International Volunteer Day, International Day of Banks, SS Rajamouli, Canara Bank, Earthshot Prize 2022.

National News

1. Spocto Introduces India’s First Debt Collection Innovation Lab

The world’s leading full-stack debt support and risk mitigation platform has inaugurated India’s first Innovation Lab (SIL) dedicated to the debt collection segment of banking industries in India and the Middle East.

Through an expedited method, SIL is intended to speed development on disruptive technologies such as AI/ML, big data, data security, and so on. SIL is working with all participants in the collecting ecosystem to prepare for the future by taking a digital-first strategy.

Spocto will also promote digitalization in the collections ecosystem by leveraging technology that provide hyperpersonalization and data-driven solutions to improve repayments. The ideas will be finalised in cooperation with a ‘borrower’ focus group comprised of persons from various demographics. Because SIL will collect input from both the borrower and lender sectors, spocto hopes to cut the default rate by 10 per cent by 2025.

Appointments News

2. Indian tech brand Noise appoints Virat Kohli as new brand ambassador

Indian tech brand “Noise” has appointed Virat Kohli as its new brand ambassador for its smartwatches. The new partnership will bring together the two domains together which is said to exemplify the brand. The partnership will further help in deepening consumer trust and allegiance, claims the company.

Noise and Virat Kohli- both are leaders in the smart connected lifestyle industry and the cricket world respectively. Moreover, as the brand ambassador has always felt pride in his fitness levels, Noise signed him because of Kohli’s era of super-athletes, which makes him an ideal fit for the brand.

3. Hansraj Gangaram Ahir named as the new NCBC chairperson

Former Union Minister Hansraj Gangaram Ahir has assumed charge as Chairperson of the National Commission for Backward Classes (NCBC). He is an Agriculturist by profession, read a statement from the Ministry of Social Justice & Empowerment.

He had been elected four times Member of Parliament from Parliamentary Constituency Chandrapur, Maharashtra and also he was Member of the Maharashtra Legislative Council. He had been Union Minister of State for Home Affairs and Union Minister of State for Chemicals and Fertilizers, Government of India the 16th Lok Sabha.

Important takeaways for all competitive exams:

National Commission for Backward Classes Formed: 14 August 1993;

National Commission for Backward Classes Headquarters: New Delhi.

Banking News

4. Reserve Bank of India Issues Framework for Indian Banks’ Foreign Biz

The Reserve Bank of India (RBI) has put in place a framework to allow overseas subsidiaries and branches of Indian banks and financial institutions to undertake activities not specifically permitted in the Indian domestic market.

The framework also specifies the applicability of these instructions to International Financial Services Centres in India, including Gujarat International Finance Tec-City (GIFT City). While these activities may not need prior approval, they are subject to compliance with all applicable laws/regulations and conditions stipulated by the RBI and those prescribed by the host regulator.

5. IDFC Mutual Fund to be Renamed Bandhan Mutual Fund

IDFC Asset Management Company Limited (AMC), one of the top 10 AMCs in the country, has received regulatory clearances from regulators for its proposed change in ownership.

Securities market regulator SEBI granted the necessary no objection for IDFC AMC’s acquisition by a consortium comprising Bandhan Financial Holdings Limited (BFHL), GIC (GIC), and ChrysCapital (CC).

The Reserve Bank of India (RBI) granted its approval, whereas the Competition Commission of India (CCI) had already approved the deal in August 2022. In April 2022, the Board of Directors of IDFC Limited and IDFC Financial Holding Company Limited approved the sale of IDFC AMC and IDFC AMC Trustee Company Limited to the consortium.

6. RBI, Financial Services Agency of Japan Exchange Letters of Co-operation

The Reserve Bank of India (RBI) and the Financial Services Agency (FSA), Japan exchanged letters of cooperation in the field of Central Counter Parties (CCPs) with the objective of improving mutual cooperation.

With this exchange of letters, RBI and FSA are committed to deepen relations between the two countries and strengthen the exchange of information. RBI and FSA also expressed their willingness to hold a dialogue or exchange views about matters of common interest and concerns as appropriate.

A central clearing counter party, also referred to as a central counter party, is a financial institution that takes on counter party credit risk between parties to a transaction and provides clearing and settlement services for trades in foreign exchange, securities, options, and derivative contracts.

Economy News

7. NSE Launches New Nifty Bharat Bond Index

The National Stock Exchange’s subsidiary NSE Indices has said it has launched one more index under the Nifty Bharat Bond Index series.

The Bharat Bond Index series follows a target maturity date structure wherein each index in the series measures the performance of a portfolio of ‘AAA’ rated bonds issued by government owned entities maturing in a specific year.

In December 2019, NSE Indices launched the first two indices in the Bharat Bond Index with maturities in April 2023 and April 2030, and in July 2020, further two indices with maturities in April 2025 and April 2031 were launched.

8. NPCI Extends UPI Volume Cap Deadline by 2 Years Till Dec 2024

The National Payments Corporation of India has extended the deadline for payment aggregators to meet the guidelines on volumes of UPI (Unified Payments Interface) transactions by two years till December 31, 2024.

In view of significant potential of digital payments and the need for multi-fold penetration from its current state, it is imperative that other existing and new players (banks and non-banks) shall scale-up their consumer outreach for the growth of UPI and achieve overall market equilibrium, NPCI said.

The step was taken to address the risks and protect the UPI ecosystem, NPCI had then said. However, payment aggregators have since argued that it is near impossible to control market share without impacting new customers or slowing down their own business growth, especially if the product and services are being used and preferred by customers.

9. IIFL Launches India’s First Passive Tax-Saving Fund

IIFL Mutual Fund has launched India’s first passive tax saver fund, almost six months after the Securities and Exchange Board of India (Sebi) introduced the passive alternative in the Equity Linked Savings Scheme (ELSS) space.

Being an index fund, the scheme will try to mirror the Nifty 50 and generate returns in line with the movement in the index. As it will be passively managed, investors will be charged lower expenses compared to active ELSS funds. Till now, tax saving MF investment was only possible through the active route even as Sebi allowed fund houses to launch passive ELSS funds through a circular in May 2022.

Awards news

10. India’s Greenhouse-in-a-Box startup Kheyti won Earthshot Prize 2022

India’s Greenhouse-in-a-box was among the five winners announced by the Prince of Wales, Prince William, in Boston, United States. It is a sustainable solution for small-scale farmers developed by an Indian startup, Kheyti, in Telangana which has won one million pounds ($1.2 million).

Co-founder and CEO of Kheyti, Kaushik Kappagantulu, said that he had launched the solution for at least 100 million local smallholder farmers who are most impacted by climate change. The aim of greenhouse-in-a-box is to reduce costs and increase yields which in turn would help protect the livelihoods of these farmers.

Founded by Prince William this was the second edition of the Earthshot prize which has also been dubbed the ‘Eco Oscars’ and witnessed the presence of several celebrities who walked the green carpet. Kheyti won the prize in the Protect and Restore Nature category which saw hundreds of entries from across the world.

Here are the 2022 Earthshot Prize winners:

Mukuru Clean Stoves tackles clean air in Kenya

Kheyti is protecting and restoring nature in India

The Queensland Indigenous Women Rangers Network is helping revive Australia’s oceans

Notpla’s circular solution to waste in the U.K.

The 44.01 Project in Oman is turning CO2 into rock

11. Canara Bank won Banker’s Bank of the Year Award

Canara Bank won the ‘Banker’s Bank of the Year Award 2022’’ for India segment at the Global Banking Summit held in London. Bank Managing Director and Chief Executive Officer LV Prabhakar received the award from the organisers.

These are prestigious awards to the banking industry and Canara Bank has been adjudged as the Best Bank in India for 2022. It expressed gratitude to its customers, investors, staff and other stakeholders.

Canara Bank is an Indian public sector bank under the control and ownership of Ministry of Finance, Government of India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Dubai and New York.

Important takeaways for all competitive exams:

Canara Bank Headquarters: Bengaluru;

Canara Bank Founder: Ammembal Subba Rao Pai;

Canara Bank Founded: 1 July 1906.

12. New York Film Critics Circle awards 2022: Filmmaker SS Rajamouli won Best Director

Filmmaker SS Rajamouli won the Best Director Award for RRR at the New York Film Critics Circle 2022. The group is one of the first critics’ groups to weigh in on the awards season.

Rajamouli’s win surprised many as his competitors included Steven Spielberg, Darron Aronofsky, Sarah Polley, and Gina Prince-Blythewood. A pre-Independence fictional story, “RRR” stars Ram Charan and Jr NTR as real-life Indian revolutionaries in the 1920s Alluri Sitarama Raju and Komaram Bheem, respectively.

At the New York Film Critics Circle:

Todd Field’s Tar has won the Best Picture of the year, also nabbing Best Actress for Cate Blanchett’s leading performance.

Colin Farrell won Best Actor for two of his performances this year — Kogonada’s future-set sci-fi drama After Yang and Martin McDonagh’s The Banshees of Inisherin.

Ke Huy Quan has won the Best Supporting Actor for his performance in Everything Everywhere All At Once,

Keke Palmer won the Best Supporting Actress for Nope.

Ranks and Reports News

13. List of countries at risk of mass killings: India ranked 8th

As per the recent report by the US think tank Early Warning Project, India is ranked 8th among the countries that are at the highest risk for mass killing in 2022 and 2023. India has seen a drop in rank from second position in the earlier year.

“India’s shift in rank from second to eighth can be most attributed to an improvement in the freedom of movement for men [which is one of the variables used for the analysis],” the report said.

Pakistan is estimated to have about a one in six chance of experiencing a new mass killing in 2022 or 2023, it said.

While Pakistan topped the list this year, Yemen ranked second, Myanmar third, Ethiopia fifth, Nigeria sixth and Afghanistan seventh, among all 162 countries, the 2022-23 report said.

India has performed worse than Sudan (ninth), Somalia (10th), Syria (11th), Iraq (12th), and Zimbabwe (14th rank).

According to the 2021-2022 report, India was ranked in the second position among the top 15 highest-risk countries for the last five years.

14. Global Water Resources Report 2021 Released by WMO

WMO (World Meteorological Organization) has released its first annual State of Global Water Resources Report 2021. The aim of this annual report is to support monitoring and management of global freshwater resources in an era of growing demand and limited supplies.

The report gives an overview of river flow, as well as major floods and droughts. It provides insights into hotspots for changes in freshwater storage and highlights the crucial role and vulnerability of the cryosphere (snow and ice).

The report shows how large areas of the globe recorded drier than normal conditions in 2021 – a year in which precipitation patterns were influenced by climate change and a La Niña event. The area with below-average streamflow was approximately two times larger than the above-average area, in comparison to the 30-year hydrological average.

15. India ranked 48th in Global Aviation Safety Rankings 2022 

According to DGCA officials, India has jumped to the 48th position in the global aviation safety ranking by the International Civil Aviation Organization (ICAO).

Four years ago, the country was ranked at the 102nd position. In the ranking, Singapore is at the top, followed by the UAE and South Korea at the second and third positions, respectively, the officials said. China is at the 49th place.

Under its Universal Safety Oversight Audit Programme (USOAP) Continuous Monitoring Approach, an ICAO Coordinated Validation Mission (ICVM) was undertaken from November 9 to 16. The country’s score in terms of effective implementation of key safety elements has improved to 85.49 per cent, the officials said.

Important takeaways for all competitive exams:

International Civil Aviation Organization Headquarters: Montreal, Canada;

International Civil Aviation Organization Founded: 7 December 1944;

International Civil Aviation Organization Council President: Salvatore Sciacchitano;

International Civil Aviation Organization Secretary General: Juan Carlos Salazar Gómez.

Books and Authors News

16. A book ‘Brave Hearts of Bharat, Vignettes from Indian History’ authored by Vikram Sampath

A book titled ‘Brave Hearts of Bharat, Vignettes from Indian History’ by Vikram Sampath, an anthology of 15 stories of men and women and their indomitable spirit of freedom and courage, was launched in Delhi. The book is published under Penguin publication.

The book chronicles the stories of courage and determination of few individuals, whose stories largely remained untold and therefore unknown for a long time. Fifteen Brave Men and Women of Bharat, who Never Succumbed to the Challenges of Invaders. But Lost and Forgotten in the Annals of History. This is the Story of these Bravehearts, who Fought to Protect their Rights, Faith and Freedom.

Sports News

17. Shooter Rudrankksh Patil Clinches ISSF President’s Cup in Egypt

Indian shooter Rudrankksh Patil has clinched the International Shooting Sport Federation (ISSF) President’s Cup held in Cairo, Egypt. 

He defeated Italy’s Danilo Sollazzo in the 10-metre rifle play-off by 16-8. Athletes from 42 nations representing 43 ISSF Member Federations from all continents are taking part in this competition, which is being held since November 28.

In the ISSF Rifle/Pistol World Championships 2022 held in Cairo, Egypt, which concluded in October, the 18-year-old Rudrankksh Patil bagged the country’s first quota for the 2024 Paris Olympics after clinching a gold in men’s 10 m air rifle, becoming only the sixth Indian shooting world champion after Olympic gold medalist Abhinav Bindra, Tejaswini Sawant, Manavjit Singh Sandu, Om Prakash Mitherval and Ankur Mittal.

Important Days

18. International Volunteer Day for Economic and Social Development: 5 December

International Volunteer Day for Economic and Social Development is observed on December 5 ever year. The day is also referred to as International Volunteer Day (IVD) to recognize and promote the tireless work, not just of UN Volunteers, but of volunteers across the globe.

The international observance was mandated by the United Nations (UN) General Assembly in 1985. The day commemorates 80 countries in the world.

International Volunteer Day (IVD) 2022 celebrates the theme of solidarity through volunteering. This campaign highlights the power of our collective humanity to drive positive change through volunteerism.

The General Assembly invited governments to observe the day as the International Volunteer Day for Economic and Social Development under resolution 40/212 on December 5. It was a result of their resolution from December 17, 1985, that guided all government, civil society organizations, and communities to work together with volunteers all around the world to celebrate the day.

19. World Soil Day observed on 5th December

December 5 is celebrated annually as World Soil Day to highlight the importance of healthy soil and promote sustainable management of soil resources.

The event aims to raise awareness of the importance of soil quality for human well-being, food security and ecosystems, and events are held at the UN FAO offices and through community based events. The day was first considered by the International Union of Soil Sciences in 2002, but was not officially endorsed by FAO until 2013.

The theme for 2022 World Soil Day is ‘Soils: Where Food Begins’. It emphasises upon the importance of maintaining healthy ecosystems and human well-being.

Important takeaways for all competitive exams:

International Union of Soil Sciences Headquarters: Vienna, Austria;

International Union of Soil Sciences Founded: 1924;

International Union of Soil Sciences President: Laura Bertha Reyes Sánchez (Mexico).

20. International Day of Banks celebrates on 4th 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.

The International Day of Banks was adopted by the U.N. General Assembly as a way to draw attention to the role that international development banks can play in supporting sustainable development. Banks support the international community’s goals by financing the sustainable development of member nations and providing information for achieving these goals