Monthly Current Affairs August 2021

FINANCE AND BANKING

• RBI issues framework for outsourcing of activities by Payment System Operators
  • RBI recently came out with a detailed framework for outsourcing of activities by Payment System Operators (PSOs) with a view to mitigate risks and ensure continuity of service.

• RBI denies Rupee Bank, MSC Bank merger nod
  • The Reserve Bank of India (RBI) has denied the stressed Rupee Cooperative Bank permission to merge with the Maharashtra State Cooperative Bank (MSCB) in a culmination of a process that has taken nearly two years.

• RBI tightens rules for payment companies outsourcing core activities
  • RBI has formalised the framework for payment companies outsourcing payment and settlement related activities to third party operators.
  • As per the new rules, licensed non-bank Payment System Operators (PSOs), cannot outsource core management functions, including internal audits, and compliance with KYC norms to third-party service providers.

ECONOMY

• Ministry of Corporate Affairs incorporates NARCL
  • The Ministry of Corporate Affairs (MCA) has incorporated the 'National Asset Reconstruction Company (NARCL)' with an authorised capital of INR 100 crore and paid-up capital of INR 74.6 crore.

• IMF warns against widespread crypto adoption
  • The International Monetary Fund (IMF) has warned against the widespread adoption of cryptocurrencies like Bitcoin because its “most direct cost is to macroeconomic stability”.
  • IMF said attempts to make crypto assets a national currency is an “inadvisable shortcut” and that they come with substantial risks to macro-financial stability, financial integrity, consumer protection, and the environment.

• Businesses can now self-certify GST annual returns
  • GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said.
  • Under the Goods and Services Tax (GST), filing of annual return — GSTR-9/9A — for 2020-21 is mandatory for all registered businesses, barring those with an aggregate annual turnover of up to Rs 2 crore.

NATIONAL

• PM Modi launched e-RUPI digital payment solution
  • Prime Minister Narendra Modi launched the digital payments solution e-RUPI.
  • The e-RUPI platform has been developed by National Payments Corporation of India (NPCI) on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and National Health Authority.

• Cabinet approved continuation of 1,023 fast-track special courts for 2 years
  • The Union Cabinet approved continuation of 1,023 fast track special courts, including 389 exclusive POCSO courts, as a centrally sponsored scheme for another two years.
  • Out of 31 states and union territories, 28 have started the scheme.

• Power minister launches e-certification programme to provide regulatory training
  • Power Minister R K Singh launched an e-certification programme for regulatory training.
  • The programme will provide regulatory training to practitioners from diverse backgrounds.
  • The minister also launched an IIT Kanpur-developed Regulatory Data Dashboard, an e-compendium of data containing state-by-state tariff and power discom performance details.

INTERNATIONAL

• Nikol Pashinyan officially appointed Armenia's prime minister
  • Armenia's acting Prime Minister Nikol Pashinyan has been officially appointed as Armenia's prime minister.
  • The newly elected parliament convened for the first time, and Pashinyan’s Civil Contract party, which has the majority of the seats, nominated him to be the prime minister.

• Myanmar army chief appoints himself Prime Minister
  • General Hlaing took over power in Myanmar after removing the government headed by the State Counsellor Aung San Suu Kyi.
  • Since then, the State Administration Council has been performing the duties of the government in Myanmar.

• Germany becomes 5th country to sign International Solar Alliance Framework Agreement
  • Germany became the 5th country to sign International Solar Alliance Framework Agreement after amendments to it entered into force on 8th January 2021, opening its Membership to all Member States of the United Nations.

REPORTS AND INDEXES

• QS Best Student Cities Ranking 2022
  • QS Best Student Cities 2022 ranking has been released by the Quacquarelli Symonds.
  • QS Best Student Cities 2022 ranking has been released on the basis of affordability, standard of universities, quality of life and views of the former students.

• The US-India CEO Forum Launches a Report on the Future of Connectivity in India
  • Business Wire India The ICT Working Group of the US-India CEO Forum, launched a report titled the Future of Connectivity in India, at a virtual event hosted by the US-India Strategic Partnership Forum (USISPF).
  • The US-India CEO Forum serves as a bilateral platform for companies from India and the United States to collaborate with the governments of the two nations and strengthen economic and commercial ties.

• Small business loan disbursals rise 40% in FY21: report
  • SIDBI and TransUnion Cibil have jointly released SIDBI - TransUnion Cibil MSME Pulse Report.
  • As per that report, lenders have disbursed loans worth ₹9.5 trillion to micro, small and medium enterprises (MSMEs) in FY21, 40% higher than ₹6.8 trillion in the previous year.

SCIENCE AND TECHNOLOGY

• ISRO-NASA joint satellite project NISAR proposed to be launched early 2023
  • The ISRO-NASA joint mission NISAR (NASA-ISRO Synthetic Aperture Radar) satellite, aimed at making global measurement of land surface changes using advanced radar imaging, is proposed to be launched in early 2023.

• Eutelsat Quantum: Europe’s reprogrammable satellite
  • Eutelsat Quantum was launched into a geostationary orbit on board an Ariane 5 from Kourou.
  • This advanced telecommunications satellite is revolutionary as it offers its users the ability to reconfigure the satellite while in orbit.

• Sree Chitra to have India’s first heart failure biobank
  • The first National Heart Failure Biobank (NHFB) in the country that would collect blood, biopsies, and clinical data as a guide to future therapies was inaugurated at the Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST).

AGRICULTURE AND RURAL DEVELOPMENT

• APEDA inks MoU with University of Agricultural Science, Bangalore for boosting agri-exports
  • To give boost agricultural and processed food products exports especially from Karnataka, the Agricultural and Processed Food Products Export Development Authority (APEDA) signed Memorandum of Understanding (MoU) with University of Agricultural Science (UAS) Bangalore.

• KVIC’s Unique Plastic-Mixed Handmade Paper gets Patent for Invention to Recycle Waste Plastic
  • Khadi and Village Industries Commission (KVIC) has secured Patent registration for its innovative Plastic-mixed Handmade Paper developed to reduce plastic menace from nature.
  • The plastic-mixed handmade paper was developed under Project REPLAN (REducing PLAstic from Nature).

• NABARD sanctions Rs 446 crore for drinking water projects in Punjab
  • NABARD has sanctioned Rs 445.89 crore for drinking water projects in Ferozepur, Fazilka, Hoshiarpur and Rupnagar districts of Punjab. The funds have been sanctioned under the Rural Infrastructure Development Fund (RIDF).

DEFENCE

• Ordnance Factory launches new weapon ‘Trichy Carbine’
  • The Ordnance Factory Tiruchirappalli (OFT) launched a new weapon called TriCa (Trichy Carbine), a mini version of the Trichy Assault Rifle (TAR).
  • The 7.62 X 39 mm portable weapon launched on the carbine platform was entirely manufactured at the ordnance factory.

• IAF inducts second squadron of Rafale aircraft at West Bengal's Hasimara
  • The Indian Air Force (IAF) formally inducted the second squadron of Rafale jets at West Bengal's Hasimara airbase in Eastern Air Command (EAC).
  • Hasimara is the second IAF base to be equipped with Rafale aircraft. The first squadron of the Rafale jets is stationed at Ambala Air Force station.

• INS Khanjar becomes the first Indian Navy ship to call at heritage coastal port of Gopalpur
  • Indian Naval Ship Khanjar becomes the first Indian Navy ship to call at the heritage coastal port of Gopalpur in Odisha.

EVENTS

• G20 Culture Ministers' Meeting
  • The first G20 Culture Ministers’ Meeting was held in Rome in a major two-day event held under the Italian G20 presidency.
  • The meeting was attended by the culture ministers of 20 of the world's largest economies together with 40 high-level cultural delegations.

• India takes over UNSC presidency for August
  • India assumed the presidency of the United Nations Security Council for the month of August.
  • As part of its new role, India will decide the UN body’s agenda for the month and coordinate important meetings on a range of issues.
  • Prime Minister Narendra Modi will be the first Indian PM to preside over a meeting of the UNSC.

• PM Narendra Modi became first Indian PM to chair UNSC meet
  • Indian Prime Minister Narendra Modi became the first Indian PM to head the United Nations Security Council (UNSC) meeting.
  • The meeting was held through video-conferencing and was attended by two presidents, of Russia and Kenya, two prime ministers, of India and Vietnam, and 10 ministers, seven of whom were foreign ministers -- a high level of participation for a UNSC meeting.

AWARDS AND REWARDS

• Lokmanya Tilak National Award
  • Businessman Cyrus Poonawalla, who is the founder-chairperson of the Pune-based Serum Institute of India (SII), has been named as a recipient of Lokmanya Tilak National Award for 2021.

• Prof CR Rao Centenary Gold Medal 2020
  • The Indian Econometric Society (TIES) Trust has conferred the inaugural Prof CR Rao Centenary Gold Medal (CGM) to two distinguished Indian scholars — Dr Jagdish Bhagwati and Dr C Rangarajan.

• West Bengal receives 4 SKOCH awards for its schemes under Ease of Doing Business initiative
  • The Government of West Bengal has received four SKOCH awards for its schemes under the Ease of Doing Business initiative.

SPORTS

• Rajiv Gandhi Khel Ratna Award renamed Major Dhyan Chand Khel Ratna Award
  • The Khel Ratna Award will now be known as Major Dhyan Chand Khel Ratna Award.
  • The Khel Ratna award is the highest sporting honour in the nation. It was officially known as Rajiv Gandhi Khel Ratna Award in Sports and Games.

• Labhanshu Sharma wins Bharat Kesari Wrestling Dangal for Uttrakhand
  • Indian Wrestler Labhanshu Sharma has created history by winning the Bharat Kesari Wrestling Dangal 2021 organised in Tamil Nadu this year.
  • 20 years since the formation of Uttarakhand, Labhanshu has won the title of Bharat Kesari for the state.

• Pak climber becomes world's youngest mountaineer to scale K2
  • A 19-year old Pakistani climber Mr. Shehroze Kashif became the youngest person in the world to reach the summit of K2, the second-highest peak in the world.
  • Mr. Shehroze Kashif from Lahore achieved the feat of scaling the 8,611-metre high peak with the aid of bottled oxygen.