Daily GK Update: 11th August 2022

National & International Appointments

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.

Banking & Finance

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

Science & Technology

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.

Banking & Finance

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

Books & Authors

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".

Banking & Finance

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

Banking & Finance

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.

Banking & Finance

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.

Banking & Finance

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

Banking & Finance

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.

National Affairs

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.

Sports

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