Weekly Current Affairs 23rd February - 28th February 2021

FINANCE AND BANKING

• Fino Payments Bank is now a scheduled bank
  • RBI recently notified that it has included Fino Payments Bank in the Second Schedule of the Reserve Bank of India Act, 1934.

• RBI report says current inflation target band appropriate for next 5 years
  • With the next review of the flexible inflation target (FIT) framework coming up soon, the Reserve Bank of India (RBI) recently said the current inflation target of 4 per cent with a +/-2 per cent tolerance band is appropriate for the next five years.

• RBI extends deadline to apply for umbrella entity on retail payments
  • RBI recently extended the deadline to apply for an umbrella entity, which the central bank wants to set up to focus on retail payments system in the country, by over a month to March 31 in view of the pandemic.

ECONOMY

• FY22 outlook: Moody’s raises India growth forecast to 13.7%
  • Global rating agency Moody’s sharply raised its India growth forecast for the next fiscal to 13.7% from 10.8% estimated earlier, citing growing confidence of the normalisation of economic activity with the rollout of Covid-19 vaccines.

• India’s exports to China up 16.15% to $20.87 billion in 2020
  • India’s exports to China have increased by 16.15 per cent to USD 20.87 billion in 2020 from USD 17.9 billion in the previous year on account of healthy growth in the shipments of ores, iron and steel, aluminium and copper, according to the data of the commerce ministry.

• Exim Bank extends USD 100 million loan to Mauritius on behalf of India
  • EXIM Bank has extended USD 100 million loan to Mauritius on behalf of India for defense-related procurements. Export-Import Bank of India (Exim Bank), on behalf of the Government of India, has extended a line of credit (LOC) of USD 100 million to the Government of the Republic of Mauritius for the purpose of financing procurement of defense items from India.

NATIONAL

• India, France, Australia hold 1st trilateral dialogue with focus on Indo-Pacific
  • India, Australia and France held talks for the first time under a trilateral framework with focus on enhancing cooperation in the Indo-Pacific.
  • The virtual meeting was co-chaired by foreign secretary Harsh Vardhan Shringla, secretary-general in French ministry for Europe and foreign affairs François Delattre and secretary in Australian department of foreign affairs Frances Adamson.

• MP’s Hoshangabad to be renamed as Narmadapuram
  • Madhya Pradesh chief minister Shivraj Singh Chouhan announced that Hoshangabad district will now be called Narmadapuram.

• Kushinagar Airport in Uttar Pradesh Gets International Airport License from DGCA
  • The under-construction Kushinagar Airport in Uttar Pradesh has received the International Airport license from Director General of Civil Aviation (DGCA).

INTERNATIONAL

• Irakli Garibashvili is New Prime Minister of Georgia
  • The Parliament of Georgia confirmed Irakli Garibashvili as Prime Minister.

• Russian Natalia Vodianova is new UN goodwill ambassador
  • Russian supermodel, entrepreneur, public speaker and philanthropist Natalia Mikhailovna Vodianova has become a United Nations goodwill ambassador, pledging to promote the sexual and reproductive rights of women and girls and tackle stigmas surrounding their bodies.

STATES

• PM Modi launches several oil and gas projects in Assam
  • Prime Minister Narendra Modi launched several oil and gas projects, inaugurated an engineering college and laid the foundation stone of another in Assam.

• Karnataka Government to set up Flower Processing Centre
  • The Horticulture Department of Karnataka and the International Flower Auction Bangalore- IFAB will collaborate to set up a Flower Processing Center in order to convert unsold flowers into various forms of useful products.

• India’s First Digital University Inaugurated in Kerala
  • Kerala Governor Arif Mohammed Khan has inaugurated the country’s first Digital University in Kerala’s Technocity, Mangalapuram.

REPORTS AND INDEXES

• NBFCs in India need to plan effectively before IBOR transition: EY
  • EY (Ernst & Young) India has published a report- "Impact of IBOR transition on NBFCs in India". According to the report, Indian Non-Banking Finance Companies (NBFCs) require an effective plan for Inter Bank Offered Rate (IBOR) transition, as majority of London Inter Bank Offered Rate (LIBOR) rates are likely to be phased out by the end of 2021.

SCIENCE AND TECHNOLOGY

• ISRO launched PSLV-C5
  • The Indian Space Research Organisation successfully launched PSLV-C51 carrying Amazonia-1 and 18 other satellites.

• Spacecraft named for mathematician Katherine Johnson has arrived on the ISS
  • A spacecraft named for the famed NASA mathematician Katherine Johnson has arrived at the International Space Station with about 8,000 pounds of cargo in tow.

AGRICULTURE AND RURAL DEVELOPMENT

• Unified Farmers Service Platform (UFSP) launched as a part of National e-Governance Plan in Agriculture (NeGPA)
  • Unified Farmers Service Platform (UFSP) was launched in order to bring a paradigm change in accessing the data related to farmers.
  • It is a combination of Core Infrastructure, Applications & tools and Data.

• National Horticulture Fair ends with 70,000 footfalls
  • The five-day National Horticulture Festival 2021 concluded on a grand note at the Indian Institute of Horticulture Research (IIHR), Hesaraghatta, Karnataka.

• Tamil Nadu CM launches Asia’s largest cattle park in Salem
  • Tamil Nadu CM Edappadi K Palaniswami recently launched Asia’s biggest cattle park - Advanced Institute for Integrated Research on Livestock and Animal Sciences.

DEFENCE

• DRDO conducts two launches of Vertical Launch Short Range Surface to Air Missile
  • Defence Research & Development Organisation (DRDO) conducted two successful launches of Vertical Launch Short Range Surface to Air Missile (VL-SRSAM).

EVENTS

• Rajnath Singh inaugurates 26th edition of ‘Hunar Haat
  • Defence Minister Rajnath Singh inaugurated the 26th edition of ‘Hunar Haat’ in New Delhi.

• ICOLD Symposium on Sustainable Development of Dams & River Basins
  • The International Commission on Large Dams (ICOLD) Symposium on Sustainable Development of Dams & River Basins was inaugurated by Gajendra Singh Shekhawat, Minister for Jal Shakti as Chief Guest.

• 6th International Conference on Pharmaceutical & Medical Device Sector
  • The 6th edition of International Conference on Pharmaceutical & Medical Device sector i.e. India Pharma 2021 & India Medical Device 2021 is scheduled from 25-26th February, 2021 & 1-2 March, 2021.

AWARDS AND REWARDS

• International Anti-Corruption Champions Award
  • US administration instituted International Anti-Corruption Champions Award, recognising individuals who have worked tirelessly, often in the face of adversity, to defend transparency, combat corruption, and ensure accountability in their own countries.
  • 12 people were awarded this award. Including India’s Anjali Bharadwaj.

• CERAWeek Global Energy and Environment Leadership Award
  • In recognition of the PM's commitment to sustainability in the energy and the environment, PM Narendra Modi will receive the CERAWeek global Energy and Environment Leadership Award.

• World HRD Congress Awards
  • Union Bank of India was awarded “Best Service Provider” in Human Resources and also the best institution for “Excellence in Learning & Development” at the 29th Global HRD Congress awards function.

SPORTS

• 2nd Khelo India University Games 2021
  • Karnataka will host the 2nd Khelo India University Games (KIUG) later this year.

• 2nd Khelo India National Winter Games-2021
  • Prime Minister Narendra Modi on February 26 inaugurated the 2nd Khelo India National Winter Games-2021 in Gulmarg through virtual mode.

• Vinay Kumar announces retirement from all forms of cricket
  • Vinay Kumar, a pace bowler who has represented India in all formats announced his retirement from cricket.