Science & Technology
1. ISRO successfully launches earth observation satellite EOS-04
- ISRO has successfully launched its Earth Observation Satellite EOS-4 and two other tech demonstrator and scientific satellites from Satish Dhawan Space Centre, Sriharikota.
- EOS-04, INSPIREsat-1 and INST-2TD were injected successfully into a sun-synchronous polar orbit by PSLV-C52.
- EOS-04 is designed to provide high-quality images under all weather conditions for applications such as agriculture, forestry and plantations, soil moisture and hydrology and flood mapping.
Banking & Finance
2. Axis Bank set to buy Citigroup’s India retail banking business
- Axis Bank Ltd. is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion.
- An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the Reserve Bank of India.
- The deal would include a cash component of less than $2 billion, accounting for the consumer business’s liabilities.
- Axis Bank CEO: Amitabh Chaudhary.
Banking & Finance
3. RBL Bank partners with Creditas Solutions to automate collections
- RBL Bank partnered with Creditas Solutions for its ‘Neo Collections’ platform.
- The bank will utilise the SaaS-based platform to accelerate efficiency in collections across the loan cycle.
- Powered by AI and ML technology, the platform is built to automate strategies for reaching out to customers individually in an empathetic manner and motivate them to repay loan.
- The Neo Collections Platform will help our customers seamlessly monitor, manage and pay their dues.
Banking & Finance
4. Yes Bank launches Agri Infinity program
- Yes Bank has announced the launch of an annual startup enabler program, Yes Bank Agri Infinity.
- It seeks to co-develop digital financial solutions for the food and agriculture ecosystem.
- Those meeting the eligibility criteria will receive the guidance and support necessary to develop their solutions and apply them across the agricultural value chain.
- Through the initiative, a select cohort of startups will receive mentoring by veteran bankers.
National Affairs
5. India ranked 46th in the Economic Intelligence Unit’s Democracy Index 2021
- India ranked 46th in the Economic Intelligence Unit’s Democracy Index 2021.
- The report described the state of democracy in 165 countries.
- The report was prepared based on five parameters viz. functioning of the govt, electoral process and pluralism, political participation, civil liberties and political culture.
- Norway topped the list with a score of 9.75 followed by New Zealand and Finland.
- Afghanistan and Myanmar took the bottom two spots, just below North Korea.
Agreement
6. IIT-M Research Park, Saint-Gobain India sign MoU on renewable energy
- Saint-Gobain India and the IIT Madras, Research Park have signed an MoU to develop a 100 per cent renewable energy, research park.
- Saint-Gobain would support IIT-M with a funding of Rs 1 crore over the next 3 years.
- The aim through this collaboration was to boost the transformation towards a low carbon future and to aid India in achieving 100% renewable energy.
- Objective: To focus on addressing the energy challenges and promote maximum use of alternate energy sources.
National & International Appointments
7. German president Frank-Walter Steinmeier re-elected for another term
- Frank-Walter Steinmeier was elected to a second term of five years as Germany's president.
- He was elected with a big majority by a special assembly comprising of the members of lower house of parliament and representatives of 16 states of Germany.
- He became president in 2017.
- Before that, he served two stints as foreign minister of Chancellor Angela Merkel and as chief of staff to Chancellor Gerhard Schroeder.
- Germany Chancellor: Olaf Scholz
- Currency of Germany: Euro
International Affairs
8. Israel becomes 1st country to allow drone flights in civilian airspace
- Israel becomes the first-ever country to allow drones in civilian airspace.
- The certification was issued to the Hermes Starliner unmanned system by the Israeli Civil Aviation Authority.
- And was manufactured and developed by Elbit Systems, an Israeli defense electronics company.
- The UAVs will be used for the benefit of agriculture, environment, public welfare, economic activity and against crime.
- Capital-Jerusalem
- PM – Naftali Bennett
- Currency- Israeli Shekel
National Affairs
9. Indian ranked 4th in Global Entrepreneurship Monitor (GEM) 2021/2022 report
- According to the Global Entrepreneurship Monitor 2021/2022 report, India is 4th easiest places to start a new business.
- It was topped by Saudi Arabia and followed by Netherlands & Sweden.
- The GEM report put India on the top amongst low-income economies on different Entrepreneurial Framework Conditions.
- These are Entrepreneurial Finance, Ease of Access to Finance, Government Policy: Support and Relevance; and Government Support: Taxes and Bureaucracy.
Banking & Finance
10. Bank of Baroda to acquire Union Bank's stake in IndiaFirst Life Insurance
- Bank of Baroda will acquire Union Bank of India's 21% stake in IndiaFirst Life Insurance Company.
- It is a joint venture between Bank of Baroda, Union Bank of India and Carmel Point Investments.
- At present, the shareholding in IFIC is BoB holds 44%, Carmel Point Investments India holds 26% and UBI holds 30%.
- The acquisition is pursuant to a ‘Right of First Offer’ made by UBI to the existing shareholders of IndiaFirst Life, to divest 21% of its stake in IndiaFirst Life.
Agreement
11. MOD inks pact with Bengaluru firm to develop ‘Pseudo Satellite’
- Ministry of Defence has inked a deal to design and develop ‘High Altitude Pseudo Satellite’ (HAPS) with a Bengaluru-based firm.
- Aim: Bolstering the ambit of surveillance operations and airborne communications.
- With the estimated budget of ₹700 crore to develop the system, the initiative will be part of HALs Combat Air Teaming System (CATS) which seeks to integrate manned airborne platforms with swarm drones and a high altitude surveillance network.
National Affairs
12. APEDA celebrates its 36th Foundation Day
- Agricultural Products Export Development Authority (APEDA) celebrated its 36th Foundation Day on 13th February.
- APEDA actively supported the Government in taking the export of agricultural products to 20.67 billion dollar in 2020-21 from 0.6 billion dollar in 1986 when it was founded.
- The target given to APEDA in the current financial year is 23.7 billion dollar, out of which more than 70 per cent has been achieved till January this year.
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