Weekly Current Affairs 23rd February - 28th February 2022

FINANCE AND BANKING

• RBI asks NBFCs to implement core financial services solution by September 2025
  • RBI recently asked certain class of Non-Banking Financial Companies (NBFC) to mandatorily implement ‘Core Financial Services Solution (CFSS)’ by September 30, 2025 in order to provide seamless customer interface as well as have a centralised data base.
  • CFSS is akin to the Core Banking Solution (CBS) adopted by banks.

• RBI proposes to assess impact of its financial literacy campaigns; invites request for proposal
  • RBI has proposed to assess the impact of the multi-media awareness campaigns launched by it to promote financial literacy and also safe banking practices.
  • The RBI runs the ‘RBI Kehta Hai’ campaign to educate and empower the public about banking regulations, and also to make them aware of good and safe banking practices.
  • It was a multi-media multi-lingual campaign using SMSes, print, television channels, radio, hoardings, websites and social media.

• SEBI extends deadline to implement swing pricing mechanism for MFs
  • SEBI recently extended the deadline to May 1 for implementation of swing pricing mechanism, for mutual fund schemes, aimed at discouraging large investors from sudden redemptions.
  • The new framework, aimed at ensuring fairness in treatment of entering, exiting and existing investors in mutual fund schemes, particularly during market dislocation, was to be applicable from March 1.
  • Based on the request received from Amfi, it has been decided to extend the implementation date of the provisions of swing pricing mechanism to May 1, 2022.

ECONOMY

• India and France sign Roadmap on Blue Economy
  • India and France have signed an agreement to enhance their bilateral exchanges on the blue economy and ocean governance.
  • The agreement on ‘Roadmap on Blue Economy and Ocean Governance’ was signed between India’s External Affairs Minister Dr. S Jaishankar’s and his French counterpart Jean-Yves Le Drian.

• Moody’s revised India’s growth estimates to 9.5% in CY2022
  • Moody’s has revised India’s economic growth estimates in the Current Year 2022 upwards to 9.5 per cent from 7 per cent on stronger than expected recovery after a lockdown in 2020 and Covid-19’s Delta wave in 2021. It maintained a forecast for 5.5 per cent growth in CY2023.

• IBM unveiled new Cybersecurity Hub in Bengaluru to address cyberattack
  • IBM has launched a cybersecurity hub in Bengaluru to address the concerns of its clients across the Asia Pacific (APAC) region.
  • The IBM Security Command Center will be located at the IBM office in Bengaluru in Karnataka. It is the first of its kind facility in the region.

NATIONAL

• India to set up first IIT abroad in UAE under newly inked trade deal
  • The government of India will be setting up an Indian Institute of Technology (IIT) in the United Arab Emirates (UAE) as a part of the India-UAE trade deal.
  • This will be the first time an IIT would be established outside of the country.

• PM CARES For Children Scheme Extended Up To 28 February
  • The Ministry of Women and Child Development said that the centre has extended the PM Cares for Children Scheme till 28 February 2022, amid the ongoing Coronavirus pandemic.
  • Earlier the scheme was valid till 31 December 2021.
  • All eligible children can now be enrolled till 28 February 2022 to avail of benefits of the PM CARES for children scheme.

• Ombudsperson App for Mahatma Gandhi NREGA launched
  • Union Minister for Rural Development and Panchayati Raj Giriraj Singh launched Ombudsperson App for Mahatma Gandhi NREGA.
  • Ombudsperson App is a step towards e-governance, this will be helpful in ensuring transparency and accountability.

INTERNATIONAL

• Rafael’s ‘C-Dome’ Completes 1st Interceptions From Israeli Navy’s Sa’ar 6 Corvettes
  • The Israel Missile Defence Organization (IMDO), in the Directorate for Defence R&D of the Israel Ministry of Defence, the IDF and Rafael Advanced Defense Systems have completed a successful series of live-fire tests of the ‘C-Dome’ system – an advanced naval configuration of the Iron Dome defence system.

• Russia Declares War On Ukraine
  • Russia has sparked one of the biggest security crises in Europe since World War II by invading Ukraine, with barrages of missiles and artillery accompanying troops as they entered the country from multiple directions.
  • Russian President Vlamidir Putin has signed the presidential decree recognising the independence of separatist regions of Donetsk and Luhansk in eastern Ukraine.

STATES

• Assam first state to launch mobile app for navigation on rivers at night
  • The first night navigation mobile application in rivers in the country was launched in Assam for ferries plying on Brahmaputra river.
  • The night navigation mobile application was developed by the transport department in association with K Raju, the principal scientist of IIT Madras and will survey the draft of the rivers.

• GoI launches the “Janbhagidari Empowerment” portal in J&K
  • The Central Government launched the “Janbhagidari Empowerment” portal in the Union Territory of J&K.
  • The portal was hosted on a different server with higher bandwidth, in order to provide easy and ready accessibility to the general public.

REPORTS AND INDEXES

• India ranks 43rd in the International IP Index 2022
  • Global Innovation Policy Center of the U.S. Chamber of Commerce has come up with International IP Index 2022.
  • India has improved its overall IP score from 38.4 per cent to 38.6 per cent, and the country is ranked 43 out of 55 countries on the Index.
  • Rank 1- United States
  • Rank 2- United Kingdom
  • Rank 3- Germany
  • Rank 4- Sweden
  • Rank 5- France

AGRICULTURE AND RURAL DEVELOPMENT

• PM Modi inaugurated ‘Kisan Drone Yatra’ and flagged off 100 ‘Kisan Drones’
  • Prime Minister Narendra Modi recently inaugurated the ‘Kisan Drone Yatra’.
  • It is an initiative by Garuda Aerospace Pvt Ltd.
  • He also flagged off 100 ‘Kisan Drones’ in various cities and towns across India to spray pesticides in farms across the states of India.

• PM-Kisan 3rd Anniversary, over Rs 1.80 lakh transferred to farmers accounts directly
  • About 11.78 crore farmers as of February 22, 2022, have been benefitted under the PM Kisan scheme.
  • The amount worth Rs1.82 lakh crore have been disbursed to eligible beneficiaries across India in various intervals. During the current Covid 19 epidemic period, Rs. 1.29 lakh crore has been released.

DEFENCE

• IAF to participate in multi-nation air exercise 'Ex Cobra Warrior 22' in UK
  • Indian Air Force will participate in a multi-nation air exercise Ex Cobra Warrior 22 at Waddington in United Kingdom from 6th to 27th of March.
  • IAF Light Combat Aircraft LCA Tejas will participate in the exercise along with fighter aircraft of UK and other leading Air Forces.

• Boeing delivers 12th P-8I maritime patrol aircraft to Indian Navy
  • Boeing delivered the 12th P-8I maritime patrol aircraft to India making it the fourth of four additional aircraft delivered under the options contract signed by the Ministry of Defence in 2016.

• Joint Military Exercise “Ex Dharma Guardian 2022”
  • A joint military exercise, “EX DHARMA GUARDIAN-2022”, between India and Japan will be conducted at Foreign Training Node, Belagavi (Belgaum, Karnataka) from 27 February 2022 to 10 March 2022.
  • Exercise DHARMA GUARDIAN-2022 is an annual training event which is being conducted in India since 2018.

EVENTS

• Vigyan Sarvatra Pujyate 2022: Science festival starts from today, UGC urges HEIs to participate
  • Vigyan Sarvatra Pujyate, a week-long nationwide mega science festival was inaugurated.
  • The programme included a lot of events and programmes displaying India's scientific heritage.
  • Vigyan Sarvatra Pujyate was conducted in Jawaharlal Nehru Stadium, JLN Stadium, New Delhi.
  • The event was conducted by the University of Jammu and it has registered 1,700 delegates for the event.

• Conference “DEVAYATANAM – An Odyssey of Indian Temple Architecture” inaugurated
  • In a celebration under Azadi Ka Amrit Mahotsav, Archaeological Survey of India (ASI) of Ministry of Culture, a two-day international conference ‘Devayatanam – An odyssey of Indian temple architecture began at Hampi, Karnataka.
  • The Union Minister for Culture, Tourism and DoNER G Kishan Reddy inaugurated the conference.

• 28th edition of the DST – CII Technology Summit
  • Confederation of Indian Industry (CII) in partnership with Department of Science & Technology (DST), Government of India is hosting the 28th edition of the DST – CII Technology Summit (over a virtual platform).
  • Singapore is the Partner Country for Technology Summit in 2022.

AWARDS AND REWARDS

• Gen MM Naravane presents Presidential Colours to four Para battalions
  • Chief of Army Staff General MM Naravane presented Presidential Colours to four parachute battalions at Parachute Regiment Training Centre in Bengaluru.
  • The four battalions are the 11 Para (Special Forces), 21 Para (Special Forces), 23 Para, and 29 Para battalions.

• 12th Annual Aegis Graham Bell Awards
  • Centre for Development of Telematics (C-DOT), the premier Telecom R&D centre of the Government of India has bagged three awards at 12th Annual Aegis Graham Bell Awards in a virtual ceremony for its indigenously designed & developed innovative Telecom solutions in various categories.

SPORTS

• Nagaland: SAAF, 56th National Cross country Championship to be held on March 26
  • Nagaland is all set to host South Asian Athletic Federation (SAAF) cross country championship and 56th National Cross-Country athletics championships from 26th March in Kohima.
  • The official mascot of the South Asian Cross Country Championships and 56th National Cross Country is a joyous happy running 'Hornbill'.

• R Praggnanandhaa defeated World no.1 Magnus Carlsen
  • Teenaged Indian Grandmaster R Praggnanandhaa defeated world no.1 Magnus Carlsen, in the eighth round of the Airthings Masters online rapid chess tournament, becoming only the third from the country to clinch a victory over the Norwegian.
  • The 16-year old prodigy followed five-time former world champion Viswanathan Anand and P Harikrishna in getting the better of Carlsen, the 31-year-old who is also the reigning world champion.

• Mirabai Chanu qualifies for CWG 2022 after winning gold in Singapore Weightlifting International
  • Mirabai Chanu is set to represent India at the Commonwealth Games 2022 after securing a gold medal in the 55 kg category by lifting a total of 191 kg in the Singapore Weightlifting International.
  • Chanu who was competing in the 55 kg category for the very first time lifted 191 kg (86kg+105kg) to stand on top of the podium in an uncompetitive field.