Daily GK Update: 6th August 2022

Science & Technology

The Indian Space Research Organization will send a small satellite launch vehicle on 7^th August, 2022 from Sriharikota.
It is a three-stage vehicle with all solid propulsion stages.
The mission is to launch Earth Observation Satellite, EOS-02, and a co-passenger satellite, 'Azaadi SAT', into low earth orbit.
The 'Azaadi Satellite' is designed by 750 girl students of government schools in rural areas from Kashmir to Kanyakumari.

National & International Appointments

Unity Small Finance Bank (USFB) has appointed Inderjit Camotra, as its MD & CEO.
His appointment has been approved by the RBI and Unity Bank’s Board.
Prior to this appointment he was interim CEO of the Bank.
Camotra has over 25 years of experience as a Banker in leadership positions at Standard Chartered Bank, ANZ and Citibank.
USFB has been promoted by Centrum Financial Services (Centrum Group) with Resilient Innovations (BharatPe) as joint investor.

Banking & Finance

According to a report, the Indian Food Processing industry could potentially grow at a CAGR of 10-11% to reach $500-530 bn by FY27.
This is due to its strong agricultural background and several favourable trends supporting its progress.
According to the report, India has emerged as a global agricultural powerhouse.
Now it is the world's 2nd-largest agricultural producer, leading in the production of cereals, pulses, fruits and vegetables, sugar, and milk.

National & International Appointments

Catamaran, an investment firm, has announced the appointment of MD Ranganath as its Chairman, and Deepak Padaki as its President
Padaki will be responsible for driving the firm’s investment management strategy in its mission to nurture ideas from entrepreneurs into impactful business outcomes.
Ranganath served as the Chief Financial Officer at Infosys for 18 years till 2018.
Padaki too served at Infosys as EVP, group head of strategy and M&A, and chief risk officer

Banking & Finance

The Reserve Bank of India will soon issue draft guidelines on outsourcing of financial services by financial institutions.
The draft norms, deemed to be titled ‘RBI (Managing Risks and Code of Conduct in Outsourcing of Financial Services) Directions, 2022’, will be issued for public comments and feedback shortly.
The revised norms will expand the scope of the directions to include regional rural banks, local area banks, AIFI, CIC and non-scheduled payments banks.

Banking & Finance

Chennai-based Dr Agarwals Eye Hospitals has strengthened its presence in Maharashtra by acquiring five eye hospitals in Pune.
The leading eye care chain announced it has acquired Prabhudesai Eye Clinic (Kothrud); Global Eye Care Clinic (Pimpri Chinchwad and Sangvi); Om Eye Care (Viman Nagar and Vishrantwadi), all of which have been eyecare centres of repute in Pune for many years.
The eye care chain now runs 118 eye hospitals across the country and abroad.

Banking & Finance

The board of infrastructure company Reliance Infrastructure has authorised the issuance of up to $400 million, 5 per cent unsecured Foreign Currency Convertible Bonds (FCCBs) on a private placement basis.
The FCCBs shall be convertible into equity shares of ₹10 each of the company as per the FCCBs term, at ₹123 (including a premium of ₹113) per equity share.
The tenure of the bonds will be ten years.
Each FCCB of $1,000,000 is equivalent to ₹7.94 crore.

Banking & Finance

The RBI has imposed a penalty of ₹82 lakh on Bengaluru-based Jupiter Capital Private Ltd, for breach of norms on submission of credit information.
RBI also imposed a fine of ₹32 lakh on Indian Bank for breach of directions on classification and reporting of frauds.
The examination of the Risk Assessment Report, Inspection Report and all related correspondence revealed that Indian Bank was in violation of certain provisions of RBI Directions, 2016.

Science & Technology

China successfully launched a pilot reusable spacecraft with its Long March-2F carrier rocket.
The unidentified spacecraft, which was launched from China's Jiuquan Satellite Launch Center, will return to a planned landing site after operating in the orbit for some time to provide technical validations for reuses.
A similar mission was launched by China in 2020.
Spacecraft will operate in orbit for some time and then return to the intended landing site in China.

Sports

Wrestlers Sakshi Malik and Deepak Poonia presented a double gold delight at Commonwealth Games 2022 at Birmingham.
Sakshi Malik stood atop the podium in the women’s freestyle 62 kg category, while Deepak Punia secured the gold medal in the men’s freestyle 86 kg category.
Sakshi was up against the Pan American champion – Ana Paula Godinez Gonzalez from Canada in the gold medal match.
Deepak Punia defeated Muhammad Inam of Pakistan.