Daily GK Update: 7th July 2020

“Injeti Srinivas appointed chairman of IFSCA”

  • The Appointments Committee of the Cabinet approved the appointment of Injeti Srinivas as chairman of the International Financial Services Centres Authority (IFSCA), according to an official notice on Monday.
  • The former corporate affairs secretary and 1983-batch IAS officer of the Odisha cadre will head the IFSCA for a period of three years, the notice said.
  • While at the helm of the ministry of corporate affairs (MCA), Srinivas was instrumental in pushing through significant reforms in the Insolvency and Bankruptcy Code (IBC) and the Companies Act.
  • Heading the Insolvency Law Committee, Srinivas pushed for the inclusion of home buyers as financial creditors under the IBC for housing projects to ensure they had powers to make construction firms accountable.

Source: The Economic Times

“Valtteri Bottas wins F1 Austrian Grand Prix after Hamilton suffers penalty”

  • Mercedes driver Valtteri Bottas (Finland) has won the Austrian Grand Prix 2020.
  • Charles Leclerc is second and Lando Norris third.
  • Lewis Hamilton suffers dramatic late-racing demotion.
  • Incident, spectacle, drama, tension: Formula one could not have asked for a better season opener at the Austrian Grand Prix. Valtteri Bottas took the flag for Mercedes from pole but was only one player in a grand cast.

Source: The Guardian

SBM Bank India, Mastercard to facilitate cross border transactions, remittances”

  • Government of Mauritius-promoted SBM Bank India and global payments technology major Mastercard have joined hands to facilitate cross-border payments and remittances services, a statement said on Monday.
  • The SBM Bank India customers will be able to make real-time domestic business-to-consumer transfers quickly and efficiently using ‘Mastercard Send’, the statement said.
  • Remittances and payments businesses have become the cornerstone of SBM Bank India’s growth strategy.
  • SBM Bank India is the first bank to receive universal banking licence from the RBI to set up and operate as a scheduled commercial bank through the wholly-owned subsidiary mode.

Source: The Economic Times

“Israel successfully launches new spy satellite”

  • Israel successfully launched the new Ofek 16 reconnaissance satellite.
  • The spy satellite was blasted into space early Sunday morning from a launch site in central Israel, the Ministry of Defence said in a statement.
  • Ofek 16 is an electro-optical reconnaissance satellite with advanced capabilities, according to the statement.
  • It was developed and produced by Israel Aerospace Industries, led by the Defence Ministry’s Space Administration.

Source: The Times Of Israel

“Karnataka launches Weavers’ Sammaan Yojana”

  • Karnataka Chief Minister B. S. Yediyurappa launched Weavers Sammaan Yojana today.
  • Under this scheme, 19,744 handloom weavers in the state will get annual financial assistance of two thousand rupees through Direct Benefit Transfer.
  • The State Government has allocated 10.96 crore rupees under the programme.
  • There are 40,634 handloom weavers registered with Seva Sindhu software.  Out of them 37,314 applications for financial assistance have been approved.

Source: DD News

“Odisha Government Announces Balaram Scheme to Empower Over Seven Lakh Landless Farmers”

  • As the coronavirus pandemic takes a major toll on people’s livelihood opportunities, the government of Odisha has come up with an innovative plan to empower those in the agricultural sector.
  • The government has come up with a scheme that will give agricultural credit to landless farmers across the state.
  • The scheme has been named ‘Balaram’. The Balaram Scheme has been introduced by the Naveen Patnaik government .
  • Under the scheme about 7 lakh landless farmers will be provided agricultural credit worth Rs 1,040 crore in a time-frame of next two years.

Source: The New Leam

YES Bank launches instant loan disbursement facility

  • Private sector lender YES Bank has launched a solution for instant disbursement of retail loans for the bank’s pre-approved liability account holders.
  • Called Loan in Seconds, the algorithm assesses a loan application in real-time and eliminates the need for documentation.
  • “Eligible customers under ‘Loan in Seconds’ will receive communication from the bank with the link to apply for the loan.
  • All that a customer needs to do is verify and accept the final offer,” the lender said on Monday.

Source: The Hindu

“Uddhav Thackeray launches Mahajobs portal for unemployed local youth”

  • Maharashtra Chief Minister Uddhav Thackeray on Monday stressed that the government was ready to remove any obstacles industry faces to facilitate job creation, after inaugurating a new Mahajobs portal that would act as a bridge between industrialists and unemployed youth in the State.
  • Industries, the CM said, need to avail of the available human resources and youngsters should avail employment opportunities, for the State to achieve speedy development.
  • The portal (http://mahajobs.maharashtra.gov.in) has identified 17 sectors including engineering, logistics, and chemicals, and provides for selecting jobs across 950 trades mainly for local youth who would need to produce domicile certificates.
  • He said the new portal should not just be a facility to register those who are unemployed, but also needs to become a portal providing jobs to them.

Source: The Hindu

“Maruti Suzuki chairman pens book on industrialising India”

  • R C Bhargava(Chairman of Maruti Suzuki) has written a book titled ‘Getting Competitive: A Practitioner’s Guide for India’.
  • In this book, published by HarperCollins India, Bhargava draws upon his experience of more than 60 years as a policymaker and industry leader to give practical suggestions.
  • “Getting Competitive” is the “cumulative result of interacting with all those who, during my entire life, have been enablers in my journey of learning”, he says.
  • According to the author, it is necessary to build trust with the political system, governments, bureaucracy, judiciary and industrial leaders.

Source: The Economic Times

Indian, Indonesian Coast Guards sign MoU to uphold rules-based order in the Indo-Pacific region”

  • India and Indonesia – maritime neighbours – have signed a MoU on ‘Maritime Safety and Security’ as part of their Indo-Pacific visions to establish rules-based order amid China’s growing belligerence in the region.
  • As maritime neighbours, believes in Rules-Based Order and upholding the tenets of the 1982 UNCLOS, this MoU will strengthen cooperation by augmenting information exchange mechanisms.
  • The MoU will also provide avenues to improve inter-operability and carry out joint search and rescue when required.
  • There is also immense scope of jointly working towards capability and capacity building through closer involvement of all stakeholders, ET has further learnt.

Source: The Economics Times