Daily GK Update: 12th October 2022

By Neha Bisarya|Updated : October 12th, 2022

 National & International Appointments

1. Ananth Narayan Gopalakrishnan takes charge as whole-time member at SEBI

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  • Ananth Narayan Gopalakrishnan has assumed charge as Whole Time Member of SEBI.
  • He has an experience of more than 25 years in banking and financial sector.
  • He served as the Associate Professor, SP Jain Institute of Management & Research, Mumbai.
  • He has completed his post-graduate diploma in Management from IIM, Lucknow and awarded the Director’s Gold Medal for standing second in the batch.
  • He did his graduation in technology (electrical engineering), IIT, Bombay.

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 National Affairs

2. Nitin Gadkari launches Toyota pilot project on Flex-Fuel Strong Hybrid EV

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  • Nitin Gadkari (Road Transport and Highways Minister) has launched first of its kind pilot project of Toyota on Flex-Fuel Strong Hybrid Electric Vehicles in India.
  • The Toyota Corolla Altis FFV-SHEV, which was imported from Toyota Brazil for the pilot project, was unveiled.
  • Flex-fuel:
    • It is compatible cars, run on more than one type of fuel and also a mixture.
    • These vehicles will run on 100% petrol as well as 20 to 100% blended ethanol and electric power.

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 Summits & Conferences

3. PM Modi addressed UN World Geospatial International Congress

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  • Prime Minister, Narendra Modi has addressed the 2nd United Nations World Geospatial International Congress (UNWGIC), which being held in Hyderabad.
  • The theme of UNWGIC 2022 is Geo-Enabling the Global Village: No one should be left behind.
  • Geospatial technology is used to create intelligent maps and models which help to collect geographically referenced data.
  • It was hosted by the ministry of science and technology of the government of India.

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 Banking & Finance

4. IMF cuts FY23 GDP growth forecast to 6.8%

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  • As per the World Economic Outlook 2022 report, the International Monetary Fund (IMF) has cut the GDP growth forecast of India to 6.8% from 7.4% for  2022-23.
  • The IMF has also predicted that India will remain on track to become one of the fastest-growing economies in the world.
  • While, IMF has projected that global growth will slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023.
  • IMF has also expected that inflation in India will come down to 4% range next year.

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 Banking & Finance

5. RBI cancels the licence of Seva Vikas Co-operative Bank Limited

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  • RBI has cancelled the license of Pune based Seva Vikas Co-operative Bank, with effect from October 10, 2022.
  • Reason: Lack of adequate capital and earning prospects.
  • As per the data submitted by the bank, about 99% of the depositors are entitled to receive the full amount of their deposits from DICGC.
  • RBI has also imposed a monetary penalty of Rs 48 lakh on Kerala State Co-operative Bank Ltd, Thiruvananthapuram for non-compliance of ‘Gold Loan - Bullet Repayment’.

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 Important Dates

6. World Arthritis Day 2022: 12th October

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  • World Arthritis Day is observed globally on 12th October every year to raise awareness about the existence and impact of rheumatic and musculoskeletal diseases.
  • The theme for 2022 is “It’s in your hands, take action”.
  • The first World Arthritis Day was observed in 1996, in collaboration with The Arthritis and Rheumatism International Foundation.
  • Arthritis is an inflammatory condition that causes pain and stiffness in joints which can worsen with age.

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 State Affairs

7. Odisha CM Naveen Patnaik launches 'Football for All'

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  • Odisha CM, Naveen Patnaik has launched an initiative called ‘Football for All’ with an aim to promote football among school children.
  • The programme has been initiated by FIFA in partnership with the Kalinga Institute of Industrial Technology (KIIT) and the Kalinga Institute of Social Sciences (KISS).
  • 2022 FIFA U-17 Women's World Cup host:
    • Kalinga Stadium, Bhubaneswar, Odisha
    • Pandit Jawaharlal Nehru Stadium, Margao, Goa
    • DY Patil Stadium, Navi Mumbai, Maharashtra

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 Agreement

8. NCLT approves Adani Ports to acquire remaining 58.1% in Gangavaram Port

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  • Adani Ports and Special Economic Zone Ltd (APSEZ) has received an approval from the National Company Law Tribunals (NCLT) to acquire the balance 58.1% stake in Gangavaram Port Limited (GPL).
  • Earlier, APSEZ had acquired 31.5% in the company from Warburg Pincus and 10.4% from Andhra Pradesh government.
  • GPL is an all-weather deep-water multipurpose port.
  • APSEZ is the flagship transportation arm of the diversified Adani group.
  • The deal prices GPL at around Rs 6,200 crore.

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 Science & Technology

9. Dhoni launches made-in-India 'Droni' drone

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  • Mahendra Singh Dhoni has launched a 'made-in-India camera drone named 'Droni' with advanced features.
  • This drone was manufactured by Garuda Aerospace.
  • The new drone is useful for surveillance and will be available for purchase towards the end of 2022. 
  • During the event, it was also announced the launch of Kisan Drone, a battery-powered device, aimed at farmers who want to spray pesticides.
  • Garuda Aerospace founder: Agnishwar Jayaprakash

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 Banking & Finance

10. IDBI Bank partners Vayana Network on supply chain finance

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  • IDBI Bank has signed an MoU with Vayana Network for end-to-end digitalization services.
  • Aim: To contribute in the growth of the supply chain finance penetration in India, which is less than 1% of gross domestic product (GDP) and contributes only 5% of the outstanding banking assets.
  • IDBI Bank has an existing CMS and e-trade platform.
  • With this partnership, the bank aims to provide complete digital solutions to corporate banking and small business clients. 

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 Banking & Finance

11. SBI unveils next-gen contact centre

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  • State Bank of India (SBI) has unveiled its next-gen Contact Centre service for an enhanced and more personalized customer experience.
  • This revamped Contact Centre will set a new industry benchmark by providing 30+ banking solutions in 12 languages, with the availability of 24x7.
  • The bank has introduced easy-to-remember 4-digit toll-free numbers (1800-1234 or 1800-2100) to simplify the process further.
    The contact centre is also helping in early stage collections.

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 Banking & Finance

12. RBI raised minimum capital requirement for setting up ARCs

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  • The Reserve Bank has raised the minimum capital requirement for setting up an asset reconstruction company (ARC) to Rs 300 crore from Rs 100 crore.
  • Aim: To strengthen the securitisation sector which plays a vital role in the management of distressed financial assets.
  • RBI has generally requested all ARCs to gradually increase their minimum net-owned fund to Rs200 crore by the end of March 2024 and Rs300 crore by the end of March 2026.

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 Science & Technology

13. India's space economy to be reach $13 bn by 2025

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  • As per the report, 'Developing the Space Ecosystem in India: Focusing on Inclusive Growth', India's space economy is expected to touch $12.8 billion by 2025.
  • The report was released by the Indian Space Association (ISpA) and Ernst and Young.
  • Reason: Increasing private participation, increased demand for small satellites
  • It was also noted that, India has of over 100 space tech start-ups with investments in the segment touching $68 million in 2021.

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Daily GK Update: 12th October 2022

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