Daily GK Update: 3rd September 2022

By Neha Bisarya|Updated : September 3rd, 2022

 National & International Appointments

1. President nominates Justice DY Chandrachud as next chairperson of NALSA

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  • The President of India, Draupadi Murmu has nominated SC judge, Justice DY Chandrachud as new executive chairperson of the National Legal Services Authority (NALSA).
  • He has replaced Justice U.U. Lalit, who was elevated as the 49th Chief Justice of India.
  • He was the former Chief Justice of the Allahabad HC and a former judge of Bombay HC.
  • NALSA has been constituted under the Legal Services Authorities Act, 1987 to provide free Legal Services to the weaker sections.
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 National & International Appointments

2. Former goalkeeper, Kalyan Chaubey becomes news president of AIFF

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  • Former goalkeeper, Kalyan Chaubey (45) has been elected as the president of All India Football Federation (AIFF).
  • He has defeated India's football team captain, Bhaichung Bhutia by 33-1.
  • In the 85-year history of federation, this was the first time a former player was elected president.
  • The elections has been conducted after the Supreme Court disbanded the court-appointed Committee of Administrators in order to revoke a FIFA ban on the country’s football body.
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 Banking & Finance

3. IndusInd Bank, ADB partner to support supply chain financing

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  • IndusInd Bank has signed an agreement with Asian Development Bank (ADB) to provide support and promote supply chain finance (SCF) solutions in India.
  • The bank has entered into a partial guarantee programme with ADB with an initial outlay of USD 70 million ( ₹560.0 crore).
  • Aim: To grow IndusInd Bank presence in MSME financing.
  • This partnership will further strengthen various initiatives of the bank in this domain.
  • IndusInd Bank CEO: Sumant Kathpalia
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 Banking & Finance

4. Bank of Baroda’s arm launches Snapdeal BoB JCB RuPay Credit Card

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  • BOB Financial Solutions Ltd has joined hands with Snapdeal in association with National Payments Corporation of India (NPCI) and Japan’s JCB International Co. Ltd to launch the “Snapdeal BoB JCB RuPay Credit Card”.
  • Benefits:
    • It is co-branded contactless credit card.
    • User will receive up to 5% unlimited cashback (accrued as 20 reward points on every ₹100 spent) on the Snapdeal app and website.
    • It offers 10 Reward points per ₹100 spent on online spends. 
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 National & International Appointments

5. M V Iyer takes additional charge as CMD of GAIL

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  • MV Iyer, who is currently serving as Director (Business Development), has been given an additional charge of additional charge as the Chairman and Managing Director of the company.
  • He has been succeeded the current CMD, Manoj Jain, who superannuated on August 31.
  • He has been appointed to the post for a period of three months with effect from September 1, 2022, or until further orders, whichever is the earlier.
  • He is an Electrical Engineer with 33 years in GAIL.
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 Banking & Finance

6. RBI issues guidelines on digital lending to protect borrowers

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  • The Reserve Bank of India (RBI) has released new guidelines on digital lending.
  • The central bank has given regulated entities (RE) till November 30th to put in place adequate systems and processes to ensure that ‘existing digital loans’ comply with fresh lending guidelines.
  • The new norms are applicable to both ‘existing customers availing fresh loans’ and to ‘new customers getting onboarded’.
  • These have come into effect from September 1st, 2022 onward.
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 National & International Appointments

7. Yamuna Kumar Chaubey appoints as chairman and managing director of NHPC

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  • Government has appointed its Director (Technical), Yamuna Kumar Chaubey as the Chairman and Managing Director of NHPC for three months, with effect from September 1st 2022.
  • He has replaced Abhay Kumar Singh, who retired on August 31, 2022.
  • He is a graduate in Civil Engineering from IIT, Kharagpur.
  • He joined NHPC Limited in 1985 as a Probationary Executive (Civil) at 540 MW Chamera Hydro-Electric Project, now Chamera-I Power Station, Himachal Pradesh.
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 International Affairs

8. India surpasses United Kingdom to become World’s 5th biggest economy

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  • India has surpassed the United Kingdom to become the world’s 5th biggest economy.
  • The International Monetary Fund (IMF) has forecasted that India is overtaking the UK in terms on an annual basis this year.
  • Top four: The US, China, Japan and Germany.
  • The calculation is based in US dollars and India has extended its lead in the first quarter.
  • By contrast, the Indian economy is forecast to grow more than 7% in 2022-23.
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 Sports

9. Apeksha becomes first Indian Woman to reach WJS championship final

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  • Apeksha Fernandes (17) becomes the first Indian woman to reach the final of the World Junior Swimming Championships.
  • She has finished eighth in the 200m women's butterfly summit clash in Lima, Peru.
  • She clocked 2:19.14 to finish last in the eight-swimmer final.
  • Her previous best was 2:18.39 set in June which is awaiting ratification by the Swimming Federation of India.
  • Vedaant Madhavan was disqualified due to a false start in the men's 200m freestyle event heats.
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 Banking & Finance

10. SBI cuts GDP growth forecast to 6.8% for FY23

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  • State Bank of India (SBI) has revised down India's full-year GDP growth forecast to 6.8 for the financial year FY23.
  • Earlier, the growth forecast was 7.5%.
  • Reason: Statistical adjustments as the reason for lowering the GDP forecast
  • The revised GDP forecast by SBI has been come after the National Statistical Office (NSO) data for the April-June quarter (Q1) of 2022-23, where the economy showed a growth of 13.5% (lower from 20.1% in Q1 of FY22).
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Daily GK Update: 3rd September 2022

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