Daily GK Update: 25th August 2022

By Neha Bisarya|Updated : August 25th, 2022

 National & International Appointments

1. VVS Laxman appointed as the interim head coach of India for Asia Cup 2022

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  • The chief of the National Cricket Academy (NCA), VVS Laxman has been named interim head coach of Team India in Dubai for the 2022 Asia Cup.
  • This decision was confirmed by BCCI, as Rahul Dravid, India's head coach, did not travel with the team after testing positive for COVID-19.
  • Rohit Sharma and KL Rahul will lead the team as captain and vice-captain respectively for the Asia Cup 2022.
  • Team India will play their first match of the tournament against Pakistan.  
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 Agreement

2. Tripartite MoU signed for swift development of MMLP under Bharatmala

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  • National Highways Logistics Management Limited (NHLML) has signed the tripartite agreement with Inland Waterways Authority of India (IWAI), and Rail Vikas Nigam Limited (RVNL).
  • Aim: To centralize freight consolidation and reduce logistics costs from 14 % to less than 10 % of GDP at par with International Standards.
  • Multi Modal Logistics Parks (MMLP) will ensure that cargo is swapped or shifted from and to Waterways, Dedicated Freight Corridors, and Road Transport.
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 Books & Authors

3. Former VP, M Venkaiah Naidu launches a book titled, 'New India'

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  • Former Vice President, M Venkaiah Naidu has released a book titled, 'New India - a compilation of selected articles 2014-19' of former Union Minister Arun Jaitley on his death anniversary (24 August) in New Delhi.
  • Arun Jaitley has served as the Minister of Finance and Corporate Affairs of the Government of India from 2014 to 2019.
  • He was awarded the Padma Vibhushan (second highest civilian award of India), posthumously in 2020 in the field of Public Affairs. 
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 Banking & Finance

4. RBI lifted restrictions on American Express Banking Corp

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  • The Reserve Bank of India has lifted the business restrictions on American Express Banking Corp and allows to restart onboarding of new domestic customers on its card network.
  • Background:
    • RBI had put the curbs on American Express in May 2021.
    • Reason: For not complying with a circular issued on storage of payments data in 2018.
  • American Express is payment system operators authorised to operate card networks in India under the Payment and Settlement Systems Act, 2007. 
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 Banking & Finance

5. RBI becomes Net Seller in June 2022 by selling 3.719 billion USD

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  • Reserve Bank of India has become the net seller of the US currency in June 2022 after selling USD 3.719 billion on a net basis.
  • The central bank has purchased USD 18.96 billion from the spot market and sold USD 22.679 billion.
  • In June 2021, RBI was net buyer of the greenback after it purchased USD 18.633 billion on a net basis from the spot market.
  • In May 2022, the RBI has net bought USD 2.001 billion (Purchased USD 10.143 billion and sold USD 8.142 billion).
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 Banking & Finance

6. Govt in consultation with RBI to amend overseas investment rules

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  • The Centre has announced an amendment in the Foreign Exchange Management (Overseas Investment) Rules, came into effect from 22nd August
  • Reason: Simplify the existing framework for overseas investment
  • Presently, the overseas investment by a person residing in India is governed by the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 and Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) 2015
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 Banking & Finance

7. BASIX, Mastercard partner to digitize the rural ecosystem in Maharashtra

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  • BASIX Social Enterprise has launched BASIX Farmers’ Market (BFM) (AgriTech platform) in partnership with Mastercard.
  • Objective: To integrate farmers into the digital economy
  • BFM will leverage technology capabilities of Mastercard and deep industry expertise of BASIX in agriculture to improve the lives of small and marginal farmers.
  • This platform will digitizes data and workflows for FPOs with strong controls on data privacy and security. 
  • CEO BASIX: Sattaiah Deverakonda
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 Banking & Finance

8. KreditBee partners with Cashfree to offer EMI solutions

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  • KreditBee has partnered with banking solutions company, Cashfree Payments to offer an option to convert online purchases into EMIs, at the time of checkout.
  • KreditBee has a large customer base which can avail the online checkout finance facility from merchant partners of Cashfree Payments.
  • The checkout finance loans range from ₹2,400 to ₹2 lakhs with a tenure of 3-18 months.
  • KreditBee is currently offering personal loans and a digital gold investment product.
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 Banking & Finance

9. Universal Sompo partners with Repco Home Finance to insure loans

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  • Non-life insurer, Universal Sompo General Insurance has partnered with Repco Home Finance (Chennai-based) for insuring home loans.
  • Aim: To provide security to home financier customers by insuring their home loans in the event of an unfortunate event during the repayment term of the loan.
  • This partnership will additionally disburse affordable insurance solutions like group credit protection and personal accident policies to customers of Repco.
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 Banking & Finance

10. PNB launches Pre-Qualified Credit Card facility

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  • PNB has launched pre-qualified credit card which also including insurance coverage.
  • It has also introduced a facility of overdraft against fixed deposit on PNB One in a few clicks and a single OTP.
  • This card facility will be available for salary account customers and they will be able to apply through PNB One, or website.
  • There is a concession of 0.25% on the interest rate when applied through digital platforms like PNB One.
  • Payment gateways: RuPay and Visa
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 State Affairs

11. Tamil Nadu govt launched footwear and leather policy

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  • Tamil Nadu government has launched its Footwear & Leather Products Policy 2022 with a vision to transform the State into a favoured destination for footwear and leather products manufacture in Asia.
  • This policy will offer a special package for footwear and leather products (FLP) manufacture and incentives for FLP Design Studios.
  • The State government has also signed MoUs with five companies - KICL SEMS; Wagon International; KICL; Walkaroo and KICL (footwear cluster)
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 National & International Appointments

12. Vikram Doraiswami appointed as High Commissioner of India to UK

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  • Vikram Doraiswami, who is presently serving as the Indian High Commissioner to Bangladesh, has been appointed as the next High Commissioner of India to the UK.
  • He started his career as the journalist and joined the Indian Foreign Service (IFS) in 1992.
  • He had also served as the Third Secretary in the Indian Embassy in Hong Kong in May 1994.
  • He has also served as Private Secretary to the Prime Minister of India.
  • He is fluent in Chinese, French and Korean.
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 State Affairs

13. India's first observatory to monitor space activity in Uttarakhand

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  • The first commercial space situational awareness observatory of India will be set up in the Garhwal region of Uttarakhand by Digantara, a space sector start-up.
  • Aim: To track objects as small as 10 cm in size orbiting the earth.
  • The space situational awareness (SSA) observatory will help in tracking any activity in space.
  • This observatory will strengthen indigenous capabilities of India to monitor space activity over the subcontinent providing a strategic advantage.
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 Honours & Awards

14. Ukrainian President, Zelenskyy to be conferred with Liberty Medal

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  • Ukrainian President, Volodymyr Zelenskyy will be conferred with the 2022 Liberty Medal.
  • The National Constitution Center has announced that Zelenskyy will be honored in a ceremony in October 2022 for his heroic defense of liberty in the face of Russian tyranny.
  • The Liberty Medal was established in 1988 to mark the U.S. Constitution’s bicentennial.
  • It is presented to individuals who strive to secure the blessings of liberty for people around the globe.
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Daily GK Update: 25th August 2022

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