Weekly Current Affairs 16th - 22nd May 2022

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RBI, Banking and Economy

• On-tap licence: Sachin Bansal, five other applicants rejected by RBI
  • The Reserve Bank of India (RBI) rejected applications for on-tap bank licences of six firms —four of which applied for universal bank licence and two for small finance bank.
  • The applications rejected by the RBI include Flipkart founder Sachin Bansal’s Chaitanya India Fin Credit Private Limited which has applied for a universal bank license.
  • Bansal is the managing director (MD) and chief executive officer (CEO) of Chaitanya India Fin.

• Outward remittances through RBI's LRS hit an all-time high in FY22
  • Outward remittances under the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) was at an all-time high in FY22, as it made a strong comeback from the previous year’s tepid show because of Covid-19-led disruptions
  • In FY22, outflows under the LRS scheme were to the tune of $19.61 billion, up 54.6 per cent from FY21, data released by the RBI showed.

• RBI allows settlement of trade transactions with Sri Lanka in Indian rupee
  • In view of difficulties being faced by exporters in getting payments from crisis-hit Sri Lanka, the Reserve Bank of India allowed settlement of trade transactions in Indian rupee outside the Asian Clearing Union (ACU) mechanism.
  • In March, the government had guaranteed a term loan of USD 1 billion extended by the State Bank of India (SBI) to Sri Lanka for financing purchase of essential goods by the island nation from India.

SEBI & Financial Awareness

• SEBI tightens cyber security norms for MIIs, mandates thorough audits
  • SEBI recently tightened norms around cyber security for market infrastructure institutions (MIIs).
  • It mandated MIIs to conduct comprehensive cyber audits at least two times in a financial year.
  • Further, the managing directors (MD) and chief operating officers (CEO) of the MIIs have been directed to submit a declaration of compliance with all circulars and advisories related to cyber security issued by Sebi from time to time.

• NSE Academy joins hands with Emkay Investment for training progs on future technologies
  • NSE Academy, a subsidiary of National Stock Exchange (NSE), has collaborated with Emkay Investment Managers, the asset management arm of Emkay Global Financial Services, to offer training programmes on future technologies.

• SEBI withdraws permanent recognition granted to ICEX
  • SEBI has withdrawn the recognition granted to the Indian Commodity Exchange Limited (ICEX) after finding the bourse non-compliant on several grounds like net worth and infrastructural requirements.
  • Consequent to the withdrawal, ICEX has been directed to transfer the money available in the Investor Protection Fund and Investor Services Fund of ICEX to SEBI’s Investor Protection and Education Fund.

NABARD & Agriculture

• Wheat procurement extended till May 31 in 6 states: Food ministry
  • Wheat procurement has been extended till May 31 in six states, including Uttar Pradesh and Madhya Pradesh.
  • Wheat procurement was scheduled to end on May 10 in Rajasthan and on May 15 in Uttar Pradesh, Madhya Pradesh, Bihar, Gujarat and Himachal Pradesh.
  • Wheat procurement in the ongoing 2022-23 marketing year began in April. Maximum wheat is procured in the first few months of the year.

• Food Ministry guidelines for wheat in Punjab, Haryana, Chandigarh
  • The Food Ministry has relaxed the norm for wheat procured by the Food Corporation of India (FCI) and state government agencies in Punjab, Haryana and Chandigarh by increasing the percentage of shrivelled and broken grains to 18% from the existing norm of 6%.
  • Earlier, the Centre had sent two teams to Punjab to assess the extent of the problem of shrivelled wheat grain procured by government agencies from farmers.

• Third Advance Estimates for Production of Major Crops 2021-22 released
  • The third advance estimates of production of major agricultural crops for the year 2021-22 have been released by the Union Ministry of Agriculture and Farmers Welfare.
  • The production of Foodgrains in the country is estimated at record 314.51 million tonnes which is higher by 3.77 million tonnes than the production of foodgrain during 2020-21.
  • The production during 2021-22 is higher by 23.80 million tonnes than the previous five years’ (2016-17 to 2020-21) average production of foodgrains.

NATIONAL

• PM to launch Buddhist centre work
  • During a day-long visit to Lumbini in Nepal Prime Minister Narendra Modi launched the construction of the India International Centre for Buddhist Culture and Heritage and participated in the foundation stone laying ceremony and offered prayers at the Mayadevi temple that is dedicated to the mother of the Buddha.
  • The visit coincided with the celebrations to mark the Buddha Jayanti.

• Rajiv Kumar takes charge as Chief Election Commissioner
  • Election Commissioner Rajiv Kumar assumed charge as the 25th Chief Election Commissioner (CEC) on 14 may 2022.
  • Rajiv Kumar succeeds Sushil Chandra, who retired on 14 may 2022.
  • A former Finance Secretary, Rajiv Kumar will preside over the 2024 Lok Sabha election as his tenure as the CEC is till February 2025.

• CCI doing market study of film distribution in India
  • The Competition Commission of India (CCI) is conducting a market study on film distribution in the country, with the larger intention of exploring the possibility of a self-regulatory mechanism within the industry to ensure a competitive landscape.
  • The study is an attempt to understand the role of various federations and associations in the industry in India, and the horizontal and vertical arrangements that exist between the market players.
  • The antitrust watchdog has completed a study to understand the scenario where large institutional shareholders hold minority stakes in companies that are active in the same industry.

INTERNATIONAL

• Devasahayam Pillai declared saint
  • Devasahayam Pillai, who embraced Christianity in the 18th century, became the first Indian layman to be declared a saint by Pope Francis during an impressive canonisation ceremony at the Vatican.

• Kovind becomes first Indian President to visit Jamaica
  • President Ram Nath Kovind arrived in Jamaica for a state visit, the first by any Indian President to the Caribbean country, during which he will hold talks with his counterpart Governor-General Patrick Allen and Prime Minister Andrew Holness on the entire gamut of the multifaceted relationship between the two countries.
  • The Presidential visit is happening in the 60th anniversary year of the establishment of diplomatic relations between the two countries.

• France set to get its first woman PM in 3 decades
  • French President Emmanuel Macron named Labour Minister Elisabeth Borne as Prime Minister to lead his ambitious reform plans, the first woman to head the French government in over 30 years.
  • French Prime Minister Jean Castex earlier handed his resignation to the President.
  • The last woman premier, Edith Cresson, briefly headed the Cabinet from May 1991 to April 1992 under president Francois Mitterrand.

STATES

• Tripura new CM
  • Manik Saha was sworn in as the Chief Minister of Tripura.
  • Governor Satyadev Narayan Arya administered the oath of office to Manik Saha at the Raj Bhavan.

• Lieutenant-Governor of Delhi Anil Baijal resigns
  • Delhi Lieutenant-Governor Anil Baijal has resigned recently.
  • Anil Baijal, an IAS officer of the 1969 batch, was appointed the 21st L-G of Delhi on December 31, 2016.
  • He had successfully steered the plans for the redevelopment of the New Delhi Railway Station and for shaping the two Master Plans of Delhi — the MPD 2021 and MPD 2041.

• Ayush Ministry announcd major initiatives in Sikkim & North East
  • The Union Minister for Ayush and Ports, Shipping & Waterways Shri Sarbananda Sonowal announced major initiatives to boost the traditional medicinal practice including Sowa Rigpa, Ayurveda and Naturopathy in the state of Sikkim.
  • The Ayush Minister announced that an International Yoga & Naturopathy College will be set up in Sikkim which will boost the medical tourism sector in the Northeast India.

REPORTS AND INDEXES

• EY Survey 2022
  • EY is a globally connected, multidisciplinary professional services organization driven by purpose: building a better working world – for our clients, our people and communities.
  • The survey canvassed the views of more than 1,500 business leaders and more than 17,000 employees across 22 countries and 26 industry sectors.

• Earning Rs 25,000 monthly puts one in India's top 10%: Inequality report
  • The Indian wing of the Institute for Competitiveness has released “The State of Inequality in India report”.
  • As per the report, an Indian making Rs 3 lakh a year would be placed in the top 10 per cent of the country’s wage earners.

SCIENCE AND TECHNOLOGY

• Indian company produces tactical battery for battlefield
  • A Bengaluru-based venture has produced a rugged tactical battery that it is now planning to sell to the North Atlantic Treaty Organisation (NATO) forces in Europe.
  • The heavy-duty power bank — Pravaig Field Pack — is portable and weighs 14 kilograms.
  • The Pravaig Field Pack is one such tactical battery that aims to support the operational ability of modern soldiers in battlefield conditions.

• IIT-Madras, Railways Collaborate To Develop Made-In-India Hyperloop System
  • The Ministry of Railways will collaborate with IIT Madras for the development of an "indigenous" Hyperloop system and will also help set-up a Centre of Excellence for Hyperloop Technologies at the premier institute.
  • A team comprising 70 students, named "Avishkar Hyperloop", formed by IIT Madras in 2017, has been applying scalability and frugal engineering concepts for development of Hyperloop based transportation system with an aim is to make India proud by showcasing its technologies to the world.

• Hyderabad based Skyroot Aerospace successfully test fires its rocket engine
  • Private sector rocket maker Skyroot Aerospace Private Ltd successfully tested its Vikram-1 rocket's third stage/engine.
  • The company announced the completion of the milestone of full duration test-firing of its Vikram-1 rocket stage.

DEFENCE

• Indigenous warships Surat and Udaygiri to be launched
  • Surat, the fourth ship is Project 15B Destroyer and Udaygiri, a Project 17A Frigate will be launched at the Mumbai based Mazgaon Docks Limited (MDL).
  • Warships under Project 75 B class are the next generation stealth guided missile destroyers which are being built at the MDL.

• Indigenous anti-ship missile test-fired
  • An indigenously developed naval anti-ship missile was successfully test-fired for the first time from a naval helicopter from the Integrated Test Range (ITR) in Chandipur off the Odisha coast.
  • It is the first indigenous air-launched anti-ship missile system for the Indian Navy.

EVENTS

• International Museum Day events begin
  • The Culture Ministry launched celebrations commemorating International Museum Day with a five-day-long programme of events, including new exhibitions at the National Gallery of Modern Art (NGMA).
  • International Museum Day is celebrated with a week of activities. Apart from the NGMA Delhi and NM, the programme includes activities and free entry at NGMA Mumbai and Bengaluru; Indian Museum and Victoria Memorial in Kolkata; Salar Jung Museum in Hyderabad; the Allahabad Museum in Prayagraj; and at 24 locations of the National Council of Science Museums.

• 250th Birth Anniversary of Raja Ram Mohan Roy
  • Under the aegis of Azadi Ka Amrit Mahotsav (AKAM), the Ministry of Culture is commemorating the 250th Birth Anniversary of Shri Raja Ram Mohan Roy from 22nd May 2022 to 22nd May 2023.
  • An iconic statue of Raja Ram Mohan Roy will be unveiled by the Minister of Culture, Shri G. Kishan Reddy in a virtual mode at Raja Ram Mohan Roy Library Foundation, Kolkata.

SPORTS

• India wins Thomas Cup 2022
  • The 2022 Thomas & Uber Cup is the 32nd edition of the Thomas Cup and the 29th edition of the Uber Cup, the biennial international badminton championship contested by the men and women's national teams of the member associations of Badminton World Federation.
  • It took place from 8 May 2022 to 15 May 2022 in Thailand,Bangkok.
  • India’s men’s badminton team defeated 14-time champion Indonesia in the final to win its maiden Thomas Cup title.

• Italian Open title
  • The Italian Open originally called the Italian International Championships is a tennis tournament held in Rome, Italy.
  • It is one of the most important clay tennis tournaments in the world with the men's competition being an ATP Tour Masters 1000 event on the Association of Tennis Professionals (ATP) tour, and the women's competition being a WTA 1000 event on the Women's Tennis Association (WTA) tour.

• French Grand Prix
  • Enea Bastianini grabbed his third MotoGP victory in seven races this season as he took the French Grand Prix.