Daily GK Update: 11th August 2022

By Neha Bisarya|Updated : August 11th, 2022

 National & International Appointments

1. Justice Uday Umesh Lalit appointed as 49th Chief Justice of India

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  • President, Droupadi Murmu has approved the appointment of Justice Uday Umesh Lalit as the 49th Chief Justice of India for three months.
  • He will replace CJI Justice N V Ramana, who will retire on 26th August 2022.
  • He was appointed as Judge of the Supreme Court (SC) in August 2014.
  • He will be the second CJI to be directly elevated to SC from the Bar, after Justice S.M. Sikri (13th CJI).
  • He was enrolled as an Advocate by the Bar Council of Maharashtra and Goa in 1983.
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 Banking & Finance

2. IDFC FIRST Bank joins hands with LetsVenture to support startups

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  • IDFC FIRST Bank and LetsVenture have partnered to support the startup ecosystem by providing curated products and solutions to startups (founders and investors).
  • IDFC FIRST Bank provides customised solutions to start-ups under its FIRST WINGS programme.
  • With this, it makes IDFC FIRST Bank a preferred banker to all startups on LetsVenture's Scalix.
  • LetsVenture's Scalix is a newly launched platform that supports the startUp ecosystem.
  • IDFC FIRST CEO: V. Vaidyanathan
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 Science & Technology

3. Russia successfully launches Iran's satellite into orbit

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  • A Russian rocket has successfully launched an Iranian satellite named Khayyam, into orbit by the Soyuz rocket from the Russia-leased Baikonur launch facility in Kazakhstan.
  • The name of satellite was named after Omar Khayyam, a Persian scientist who lived in the 11th and 12th centuries.
  • The satellite fitted with high-resolution camera will be used for environmental monitoring and will remain fully under its control.
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 Banking & Finance

4. Axis Bank launches Axis Receivables Suite

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  • Axis Bank becomes the first Indian bank to launch Axis Receivables Suite (ARS), an innovative Cash Management proposition.
  • Aim: Simplifies Receivables reconciliation, accelerates cash flow, enhances the client experience and reduces the cost of doing business.
  • ARS is an end-to-end proposition to automate the reconciliation of receivables against sales invoices raised by clients.
  • Benefit for Clients: Know about payments, real-time control over receivables
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 Books & Authors

5. Pulitzer prize winning author David McCullough passes away

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  • David McCullough, who won Pulitzer Prizes for his biographies of presidents John Adams and Harry Truman, has died at the age of 89.
  • He won a Pulitzer Prize in 1993 for Truman, a biography about the 33rd president of the US and another Prize in 2002 for the biography about the second US president, John Adams.
  • He has also earned National Book Awards for "The Path Between the Seas: The Creation of the Panama Canal and Mornings on Horseback".
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 Banking & Finance

6. YES Bank ties up with IBSFINtech to provide digital services

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  • YES Bank has joined hands with IBSFINtech (TreasuryTech Solution provider) to explore digital services for corporate clients.
  • This partnership will strengthen the corporate treasury ecosystem with a strong decision-making tool and automated workflows.
  • It will provide connectivity between a corporate’s ERP (Enterprise resource planning) and a bank’s solutions.
  • YES Bank MD & CEO: Prashant Kumar; Headquarters: Mumbai
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 Banking & Finance

7. RBI issues Digital lending norms to curb malpractices

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  • RBI has issued the regulatory framework to make digital lending safe for customers.
  • The RBI has mandated that digital loans must be credited directly in the bank accounts of borrowers and not through any third party.
  • Any fees, charges, payable to Lending Service Providers in the credit intermediation process shall be paid directly by Regulated Entities and not by the borrower.
  • Automatic increase in credit limit without explicit consent of borrower is prohibited.
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 Banking & Finance

8. RBI cancels licence of Rupee Co-operative Bank, Pune

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  • RBI has cancelled the licence of Rupee Co-operative Bank Ltd, Pune, will be effective after six weeks (September 22, 2022).
  • Reason: The bank is unable to pay its present depositors in full (capital inadequacy).
  • It does not comply with the provisions of Section 11(1) and Section 22 (3) (d) with Section 56 of the Banking Regulation Act, 1949.
  • The bank has also prohibited from conducting the business of ‘banking’ which includes, acceptance and repayment of deposits.
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 Banking & Finance

9. Paytm, Piramal Finance tie up to offer loans

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  • Paytm has partnered with the Piramal Capital & Housing Finance for expanding distribution of merchant loans to the small cities and towns of India.
  • With this, merchants can avail loans of up to Rs 10 lakh with a tenure of 6-24 months.
  • It will also empower MSMEs from smaller cities and towns with access to digital credit.
  • Piramal Capital & Housing Finance is a subsidiary of Piramal Enterprises Limited.
  • Chairman of Paytm: Vijay Shekhar Sharma
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 Banking & Finance

10. India’s home loan market expected to double in 5 years: SBI report

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  • According to State Bank of India’s economic research report “Ecowrap”, India’s home loan market is currently valued at about ₹24 lakh crore and it is expected to double (₹48 lakh crore) in the next 5 years.
  • The share of ‘Housing Loans’ in ‘Bank Credit’ has increased to 14.4% in June 2022 from 13.1% in March 2020.
  • The total home loan portfolio grew by 10% in FY22 in tier-3 and tier-4 areas, faster rate than tier-1 and tier-2 districts.
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 National Affairs

11. Cabinet approves India-Australia pact to promote co-production of films

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  • The Union Cabinet has approved the signing of an audio-visual (AV) co-production treaty between India and Australia to promote co-production of films.
  • Under this umbrella agreements, private, quasi-government or governmental agencies enter contracts to produce films together.
  • So far, India has has signed 15 audio visual co-production treaties with foreign countries.
  • Australia has emerged as a preferred destination for shooting of Indian films. 
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 Sports

12. Manisha Kalyan, Sunil Chhetri named AIFF Footballers of the Year 2021-22

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  • National captain Sunil Chhetri has been named the AIFF Men's Footballer of the Year for the seventh time, while Manisha Kalyan named the AIFF women's footballer for the 2021-22 season.
  • Chhetri and Kalyan were nominated as the winners by their respective national team coaches Igor Stimac and Thomas Dennerby.
  • He is the third highest goal scorer among active international players.
  • Emerging Footballer of the Year:
    • Women: Martina Thokchom
    • Men: Vikram Partap Singh
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Daily GK Update: 11th August 2022

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