Weekly Current Affairs 9th March- 15th March 2021

FINANCE AND BANKING

• RBI asks lenders to report restructured accounts to credit bureaus
  • The Reserve Bank of India recently issued a data format for banks and other lenders to report accounts restructured due to Covid-19 to credit bureaus
  • The uniform credit reporting format has two annexes. Annex-I contains two formats for credit reporting – consumer bureau and commercial bureau, whereas annex-II contains the credit reporting format for the microfinance institution (MFI) segment. The RBI on 12th March 2021, modified the three formats.
  • Under the consumer bureau, the label of the field ‘written off and settled status’ was modified as ‘credit facility status’ and it will also have a new catalogue value – ‘restructured due to Covid-19’.
  • Under the commercial bureau, the existing field ‘major reasons for restructuring’ will have a new catalogue value, ‘restructured due to Covid-19’. In the MFI bureau, the existing field ‘account status’ will have a new catalogue value – ‘restructured due to Covid-19’.

• RBI removes IDBI Bank from PCA framework after 4 years
  • RBI had placed IDBI Bank under PCA framework in May 2017, after it had breached the thresholds for capital adequacy, asset quality (net NPAs was over 13 per cent in March 2017), return on assets and the leverage ratio.
  The performance of IDBI Bank was reviewed by the Board for Financial Supervision (BFS) in its meeting held on February 18, 2021.
  • It was noted that as per published results for the quarter ending December 31, 2020, the bank is not in breach of the PCA (Prompt Corrective Action) parameters on regulatory capital, net NPA and leverage ratio.

• SEBI forms expert group to examine feasibility of SPACs
  • Special Purpose Acquisition Company (SPAC) are usually formed by private equity funds or financial institutions with expertise in a particular industry or business sector.
  • SEBI has formed a group of experts to examine the feasibility of introducing Special Purpose Acquisition Company (SPAC)-like structures in India, sources with knowledge of the development said in March.
  • To check its feasibility in the Indian context, an expert group formed under SEBI’s Primary Market Advisory Committee (PMAC) has been asked to examine the subject and submit its report at the earliest, a source said.

ECONOMY

• India's GDP to grow 11% in FY22, contract 8% in FY21, says CRISIL
  • CRISIL has projected India’s economy to grow by 11 per cent in the next fiscal year.
  • GDP is likely to touch the pre-pandemic level only by the second quarter of fiscal year 2022.
  • By the end of fiscal 2021-22, GDP will only be about 2 per cent higher than fiscal year 2019-2020 level and 10 per cent below its pre-pandemic trend level.

• Government launches 'Mera Ration' mobile app for migrant PDS beneficiaries
  • The government launched 'Mera Ration' mobile app, which will help citizens identify the nearest fair price shop. By using the mobile app, ration card holders, especially migrant workers, can avail subsidised food grains from any fair price shops across the country.
  • The government supplies 5 kg of subsidised food grains to each person per month through ration shops across the country. These subsidised food grains are supplied at Rs 1-3 per kg under the National Food Security Act (NFSA). It aids 81 crore people.
  • The android-based application is developed by the National Informatics Centre (NIC).

• States’ average per capita debt jumps 16.4% for 3-year period ending FY21: SBI Research
  • The average per capita debt of 13 major Indian states has risen by 16.4 per cent in the three years ending FY21, while their per capita income grew by 7.1 per cent during this period, according to a report by the SBI Research.
  • The maximum addition in states' borrowings has taken place this fiscal due to the pandemic that has eaten away their revenue by 21.2 per cent, the research suggests.
  • It should be noted that Karnataka, Jharkhand, Madhya Pradesh, Uttarakhand saw their per capita debt soaring over 20 per cent or over Rs 60,000 per head in the next fiscal, according to an analysis of the budgets of 13 large states by SBI Research.

NATIONAL

• India to Fund 3 Reconstruction Projects of Cultural Heritage Sites in Nepal
  • India will be funding Nepali ₹ 246 million for the reconstruction of three more Cultural Heritage projects in Nepal after six out of the 28 heritage sites contracts have already been reconstructed.

• PM Modi inaugurates 'Maitri Setu' between India and Bangladesh
  • Prime Minister Narendra Modi inaugurated the ‘Maitri Setu’ between India and Bangladesh.
  • ‘Maitri Setu’, which spans 1.9 kilometres joining Sabroom in India with Ramgarh in Bangladesh, has been built over the Feni River which flows between the Indian boundary in Tripura and Bangladesh.

• Singorgarh conservation project launched
  • President Ram Nath Kovind, laid down the foundation stone for conservation works of the historic Singorgarh Fort at the Singrampur village of Madhya Pradesh's Damoh district.

INTERNATIONAL

• Patrick Achi appointed interim PM of Ivory Coast
  • Ivory Coast’s President Alassane Ouattara named, Patrick Achi, as interim prime minister in place of Hamed Bakayoko.
  • Tene Birahima Ouattara, presidential affairs minister and the younger brother of President Ouattara, was appointed interim Defence minister, also replacing Bakayoko in that position.

STATES

• Kalanamak Rice Festival to be held in UP
  • After the success of the Strawberry Festival in Jhansi and the Jaggery Festival in Lucknow, the Uttar Pradesh state government is organising a three-day 'Kalanamak Rice Festival' in Siddharthnagar district from March 13.

• UP CM launches 'Path Pradarshak' free coaching facility for competitive exam
  • With an aim to provide a suitable atmosphere to the aspirants of various competitive exams in Uttar Pradesh, Chief Minister Yogi Adityanath launched Path Padarshak free coaching facility across the state under the 'Mukhyamantri Abhyudaya Yojana'.

• Tirath Singh Rawat sworn in as Chief Minister of Uttarakhand

REPORTS AND INDEXES

• Fintechs dominate the 'Technology Fast 50' report by Deloitte India
  • The “Technology Fast 50” India 2020 programme ranks the fastest growing technology companies in India based on their percentage revenue growth over the past three financial years.

• Cooking Energy Access Survey 2020
  • About 50 per cent of urban slum households in six Indian states use liquefied petroleum as (LPG) exclusively, according to a survey.

SCIENCE AND TECHNOLOGY

• Fugaku: The fastest supercomputer in the world is fully operational
  • Researchers at Japan's RIKEN institute have announced that Fugaku is fully operational and ready to prove itself as the world's most powerful supercomputer.

• ISRO develops joint earth observation satellite mission radar with NASA
  • The Indian Space Research Organisation (ISRO) has completed the development of a radar for the joint earth observation satellite mission with the US space agency National Aeronautics and Space Administration (NASA).

• ISRO's SEED program to help Indian space tech startups use agency's resources, facilities
  • ISRO has embarked on a mission to take startups in the space sector to a higher orbit with a string of initiatives to help them realize their business potential. It is keen on formulating an exclusive space startup programme – "Space Entrepreneurship & Enterprise Development (SEED)".

AGRICULTURE AND RURAL DEVELOPMENT

• Cotton exports likely to jump 40% in 2020-21
  • Significantly, the share of Vietnam in China’s total imports of cotton yarn has increased from 7.61% in 2009 to 36.66% in 2018, while that of India has increased from 7.75% to 21.74% during the same period, he said.

• Training to Women in Agriculture
  • Government of India has already established an institute, ICAR-Central Institute for Women in Agriculture, at Bhuvneshwar, Odisha under the Indian Council of Agricultural Research, New Delhi to address the problems and issues of the women in agriculture.

• Agriculture Voltage Technology
  • Agri-voltaic system of 105 KW capacity was developed by ICAR-Central Arid Zone Research Institute, Jodhpur.
  • This technology can increase the income of farmers by generation of electricity and growing of cash crops simultaneously on the same piece of land. Under component-I of KUSUM (Kisan Urja Suraksha Utthan Mahabhiyan) scheme.

DEFENCE

• India inducts third Scorpene-class submarine INS Karanj into service
  • India's third Scorpene-class submarine, the INS Karanj, is inducted into the Indian Navy under Project 75I.
  • Originally launched in 2018, the INS Karanj will significantly increase the capabilities and strength of the Indian Navy.

• India-Uzbekistan joint military exercise DUSTLIK II commences in Ranikhet
  • The India - Uzbekistan joint military exercise DUSTLIK II commenced in Foreign Training Node Chaubatia, Ranikhet in Uttarakhand.
  • This is the Second Edition of annual bilateral joint exercise of both armies. It will continue till the 19th March.

• France conducts first military drills in space
  • France has launched its first ever military exercise in space in order to test its Defence systems against potential adversaries.
  • Codenamed AsterX, it is the first ever military space exercise in Europe.

EVENTS

• 1st Quad Leaders' Summit
  • Prime Minister Narendra Modi will be participating, along with Prime Minister of Australia Scott Morrison and Prime Minister of Japan Yoshihide Suga and President of U.S.A. Joseph R. Biden, in the first Leaders’ Summit of the Quadrilateral Framework, being held virtually.

• 1st Meeting of the BRICS Contact Group on Economic and Trade Issues
  • The BRICS Contact Group on Economic and Trade Issues (CGETI) leads held their first meeting under India’s Chairship.
  • The theme of BRICS this year is -"BRICS@15: Intra BRICS Cooperation for Continuity, Consolidation, and Consensus”.

• Arjun Munda inaugurates GI Mahotsav at LBSNAA, Mussoorie
  • Arjun Munda, Union Minister for Tribal Affairs inaugurated the Tribes India GI Mahotsav at Lal Bahadur Shastri National Academy of Administration (LBSNAA) Mussoorie.

AWARDS AND REWARDS

• Mo Ibrahim Prize 2020
  • Mahamadou Issoufou, who is stepping down as president of Niger after two terms in office, has won Africa’s top prize for leadership Mo Ibrahim Prize 2020.

• King Bhumibol World Soil Day - 2020 Award
  • Ms. Suchitra Durai, Ambassador of India to the Kingdom of Thailand received the prestigious “King Bhumibol World Soil Day - 2020 Award” of FAO on the behalf of the Indian Council of Agricultural Research recently.

• Top-20 Global Women of Excellence-2021 Award
  • Telangana Governor Dr. Tamilisai Soundararajan has been selected for the prestigious Top-20 Global Women of Excellence-2021 Award. She is currently holding an additional charge as the Lt. Governor of Puducherry

SPORTS

• Wrestling: Matteo Pellicon World ranking series
  • In wrestling, World Championship bronze medallist Bajrang Punia has clinched a gold medal by defeating his familiar rival Tulga Tumur Ochir of Mongolia in the final of the 65kg freestyle in the Matteo Pallicone World Ranking Series event in Rome.

• ICC Player of Month Award for February
  • India spinner Ravichandran Ashwin was awarded the ICC Player of the Month award for February.
  • Meanwhile, England opener Tammy Beaumont won the ICC Women's Player of the Month for February.

• BWF Swiss Open Super 300
  • India's ace shuttler PV Sindhu settled for a silver medal in the BWF Swiss Open Super 300 at Basel.