Daily GK Update: 20th October 2022

By Neha Bisarya|Updated : October 20th, 2022

 National & International Appointments

1. Sanjay Malhotra appointed as new revenue secretary

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  • The Centre has named Sanjay Malhotra, a 1990 batch IAS officer, Rajasthan cadre, as the new revenue secretary.
  • He will replace Tarun Bajaj who will retire on November 30.
  • Road Transport and Highways Secretary, Aramane Giridhar has been named the new defence secretary. He will replace Ajay Kumar.
  • Other appointments (Secretary):
    • Ministry of Heavy Industries: Kamran Rizvi
    • Department of Rural Development: Shailesh Kumar Singh
    • Ministry of Corporate Affairs: Manoj Govil
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 Banking & Finance

2. Indus Waters Treaty: World Bank appoints chairman of Court of Arbitration

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  • The World Bank has appointed neutral expert and chairman of the Court of Arbitration regarding the design features of the Kishenganga (330 megawatts) and Ratle (850 megawatts) hydroelectric power plants.
  • Reason: For disagreements and differences between India and Pakistan over the 1960 Indus Water Treaty (IWT).
  • Michel Lino has been appointed as the Neutral Expert.
  • Sean Murphy has been appointed as Chairman of the Court of Arbitration.
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 Sports

3. Ramita Jindal wins gold in 10 meter Air Rifle Women Junior event at ISSF

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  • India's Ramita Jindal has won gold in the 10-meter Air Rifle Women Junior event at ISSF World Championship Rifle/Pistol in Cairo, Egypt.
  • She defeated Ying Shen from China by 16-12.
  • In the 50-meter Pistol Women Junior event, India's Divanshi has won gold, Varsha Singh settled for silver and Tiyana won bronze.
  • Rhythm Sangwan won a silver in the 25m Standard Pistol Women.
  • India's Abhinav Choudhary has secured silver in the 50-meter Pistol Men Junior event.
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 Summits & Conferences

4. Global Youth Climate Summit 2022 organised in Bangladesh

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  • Global Youth Climate Summit 2022 has been inaugurated in Khulna, Bangladesh from October 20-22, 2022.
  • Aim: To bring together 650 youth in a hybrid format with 150 youth participating in person and 500 online.
  • The youth will explore how they can lead the fight against climate change.
  • The mission of GYLC is to build the knowledge of youth about climate science.
  • This summit was organised by the Global Youth Leadership Centre (GYLC).
  • GYLC CEO: Ejaj Ahmad
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 Summits & Conferences

5. 14th edition of World Spice Congress to be held in Maharashtra

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  • The 14th edition of World Spice Congress (WSC) will be held on 16-18 February at CIDCO Exhibition and Convention Centre, Maharashtra.
  • The summit will be organized by Spices Board India in association with various trade and export farmers.
  • Theme: Vision 2030: SPICES (Sustainability– Productivity – Innovation – Collaboration- Excellence and Safety)
  • It will be organized as a G20 event, after India takes up the presidency from Dec 2022 to Nov 2023.
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 Agreement

6. REC, PFC sign with STPL to finance Buxar Thermal Power Plant

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  • REC Limited and Power Finance Corporation Limited (PFC) have signed an MoU with SJVN Thermal Private Ltd (STPL).
  • Aim: To finance the 2x660 MW coal based Buxar Thermal Power Plant (BTPP).
  • The total estimated project cost is ₹12,172.74 crores, with debt requirement of ₹8520.92 crores.
  • As per the agreement, the debt requirement will be financed by REC and Power Finance.
  • It is a green field project designed on supercritical technology.
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 Banking & Finance

7. CCI imposes Rs 392 crore penalties on MakeMyTrip, Goibibo, OYO

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  • The Competition Commission of India (CCI) has imposed monetary penalties of more than ₹392 crore on MakeMyTrip (MMT), Goibibo, and OYO.
  • Reason: For alleged unfair business practices.
  • CCI imposed a fine of ₹223.48 crore on Make My Trip-Goibibo (MMT-Go) and ₹168.88 crore on OYO.
  • CCI was investigating the companies since 2019 following allegations by a hotel body that MMT gave special treatment to Oyo on its platform.
  • While, MMT-Go imposed price parity on hotel partners.
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 Banking & Finance

8. IRDAI approved ‘Bima Sugam’ portal

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  • Insurance Regulatory and Development Authority of India (Irdai) has recently approved the launch of Bima Sugam portal.
  • It is an online marketplace, under which all insurance companies can sell life and non-life insurance on a single platform.
  • The portal will be operationalised from 1 January 2023.
  • Aggregators like PolicyBazaar, brokers, banks and insurance agents will act as facilitators or bridges to sell insurance policies through Bima Sugam to individuals.
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 Banking & Finance

9. IPPB, RBIH join hands for financial products and services

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  • India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) have joined hands to enhance the reach of financial solutions to large sections of society across India.
  • Under the arrangement, both will plan, design and execute innovative products to bridge the gap by bringing digitalised services at the customer's doorstep.
  • RBIH, a wholly-owned subsidiary of RBI, that promotes and facilitates innovation across the financial sector.
  • RBIH CEO: Rajesh Bansal
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 Banking & Finance

10. PM Jan Dhan account crosses ₹1.75-lakh crore mark

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  • As per the government data, PM Jan Dhan Yojana (PMJDY) has crossed the ₹1.75 lakh crore mark on October 5, 2022.
  • The total number of beneficiaries has reached 47 crore.
  • Women hold a bigger share of 26.16 crore accounts, of which the bulk 31.42 crore accounts were in rural and semi-urban areas.
  • Of the total, PSBs held Rs 1.35 lakh crore, followed by Regional Rural Banks with Rs 34,573 crore.
  • About 18% of total accounts are either dormant or inoperative as on June 2022.
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 Banking & Finance

11. RBI approves Cygnet to operate as NBFC account aggregator

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  • Fintech firm, Cygnet has received in-principle approval from the Reserve Bank of India (RBI) to operate as a non-banking financial company (NBFC) account aggregator.
  • Account Aggregator: It is an open financing data-sharing protocols, regulated by the RBI.
  • It allows consumers to instantly share their financial data with various financial institutions.
  • It also facilitates financial institutions to quick access consumers' consent-based financial data.
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 Banking & Finance

12. Mahindra Finance partners India Post Payments Bank to enhance credit

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  • Mahindra and Mahindra Financial Services Ltd has partnered with India Post Payments Bank to enhance credit access to a larger customer base.
  • IPPB will provide lead referral services to Mahindra Finance for passenger vehicles, three-wheeler, tractor and commercial vehicle loan categories.
  • As a pilot, this scheme would launch in the IPPB branches of Maharashtra and Madhya Pradesh.
  • It is expected to spread across other states over the next four-six months.
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 Banking & Finance

13. Finance ministry releases Rs 1,764 crore grant to four states

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  • The finance ministry has released Rs 1,764 crore grant to four states - Andhra Pradesh (Rs 136 crore), Chhattisgarh (Rs 109 crore), Maharashtra (Rs 799 crore) and Uttar Pradesh (Rs 720 crore).
  • The govt has released the grants for Million Plus Cities/ Urban Agglomerations (MPC/UAs) of Vijayawada and Visakhapatnam in Andhra Pradesh; Durg Bhilainagar and Raipur in Chhattisgarh; Aurangabad, Greater Mumbai, Nagpur, Nashik, Pune and Vasai-Virar City in Maharashtra.
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Daily GK Update: 20th October 2022

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