11th September 2020 Current Affairs

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11 September 2020 CA
11 September 2020 CA

EXAMSDAILY

National Affairs

PM Modi to participate in ‘Grih Pravesham’ under Pradhan Mantri Awaas Yojana via video conference

Prime Minister Shri Narendra Modi will participate in ‘Grih Pravesham’ and inaugurate 1.75 lakh houses built under Pradhan Mantri Awaas Yojana – Gramin (PMAY-G) in the state of Madhya Pradesh, on 12th September, via video conferencing. All of these houses have been built during the current challenging COVID-19 pandemic period.

  • Under PMAY-G, each beneficiary is given 100% grant of Rs. 1.20 lakh with a sharing ratio of 60:40 between Centre and State. <<Read Full News>>

About Madhya Pradesh:

  • Chief Minister: Shivraj Singh Chouhan
  • Governor: Anandiben Patel
  • Capital: Bhopal

SAROD ports launched by Shipping Ministry to resolve disputes

Union Minister Mansukh Mandaviya launched a dispute resolving mechanism to ease affordable and timely resolution of disputes for the maritime sector. SAROD-Ports consist of members from the Indian Ports Association (IPA) and Indian Private Ports and Terminals Association (IPTTA).

  • It will designate an export team. Also, an expert team will address and resolve disputes that will be decimated on time. SAROD port has been established under Societies Registration Act, 1860. <<Read Full News>>

About Shipping Ministry:

  • Minister of State: Mansukh L. Mandaviya

Home Ministry approves FCRA Registration to Golden Temple for 5 years

Union Home Ministry has approved Foreign Contribution Regulation Act (FCRA) licence to Sri Harmandir Sahib or the Golden Temple at Amritsar in Punjab for period of five years.

  • It will now enable the Golden Temple to receive foreign donations.
  • The foreign contribution can be used by the Sikh shrine for providing financial and medical assistance to the needy. It can also be used to organise langar which is a free community kitchen. <<Read Full News>>

About Home Ministry:

  • Union Minister – Amit Shah
  • Minister of State – G. Kishan Reddy

International Affairs

India, Japan sign key agreement for reciprocal supplies in defence sector

India, Japan sign key agreement for reciprocal supplies in defence sector.  India and Japan, signed a landmark defence agreement for reciprocal provision of supplies and services between their defence forces as Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe held their annual summit over a phone.

  • The Acquisition and Cross Servicing Agreement (ACSA) between Japan’s Self-Defense Forces and India’s armed forces was signed by Japanese ambassador Satoshi Suzuki and defence secretary Ajay Kumar in New Delhi. <<Read Full News>>

About Japan:

  • Capital: Tokyo
  • Currency: Japanese yen

Banking Affairs

Reserve Bank of India issues new compliance guidelines for banks

The Reserve Bank of India (RBI) issued new guidelines for banks to tighten their compliance functions and ensure that chief compliance officers (CCOs) follow the best industry practices as required by supervisory expectations.

  • The CCO should be appointed for at least three years and the ACB, Managing Director and Chief Executive Officer should factor in this requirement while appointing a CCO.
  • The CCO could also be recruited from the market with age not more than 55 years and overall experience of at least 15 years in the banking or financial services. Of this, a minimum of five years should be in the related management functions. <<Read Full News>>

About RBI:

  • Founded: 1 April 1935, Kolkata
  • Governor: Shaktikanta Das
  • Headquarters: Mumbai

ICICI Prudential Life signs agreement With NSDL Payments Bank to Offer Insurance Products

ICICI Prudential Life Insurance Company has signed agreement with NSDL Payments Bank to customer-centric protection and savings products for NSDL Payments Bank’s Customers.

  • Under this agreement, the private insurer will be able to cover the uninsured population of the country by offering its innovative and easy to understand life insurance POS products on NSDL Payment Bank’s exhaustive point of sale (POS) network, across the country. <<Read Full News>>

About ICICI:

  • CEO: Sandeep Bakhshi
  • Headquarters: Mumbai

Govt forms three-member expert panel to assist in assessment of relief to bank borrowers

Govt forms three-member expert panel to assist in assessment of relief to bank borrowers. Government has constituted a three member expert committee to assist in the assessment of relief to bank borrowers.

The committee chaired by former CAG Rajiv Mehrishi will measure the impact on the national economy and financial stability of waiving of interest and COVID-19 related moratorium.

  • It will also give suggestions to mitigate financial constraints of various sections of society in this respect and measures to be adopted in this regard. <<Read Full News>>

Economic Affairs

Central Government releases Rs 6,195 crore to 14 states as devolution of taxes

Central Government releases Rs 6,195 crore to 14 states as devolution of taxes.  The Central government has released Rs 6,195.08 crore to fourteen states as the sixth equated monthly installment of the Post Devolution Revenue Deficit Grant (PDRDG) as recommended by the 15th Finance Commission.

  • The Budget had projected the share of the states in taxes at Rs 7.84 trillion for 2020-21.<<Read Full News>>

About Finance Ministry:

  • Headquarters: New Delhi
  • Union Minister: Nirmala Sitharaman

Ranking & Reports

Global Economic Freedom Index 2020 – India slips to 105th Position, Hong Kong Tops

Global Economic Freedom Index 2020 – India slips to 105th Position, Hong Kong Tops. India has fallen 26 spots to the 105th position on the Global Economic Freedom Index 2020, according to Global Economic Freedom Index Report.

  • The Report is topped by Hong Kong.
  • The Economic Freedom of the World: 2020 Annual Report by Canada’s Fraser Institute has been released in India in conjunction with New Delhi-based think tank Centre for Civil Society. <<Read Full News>>

Overall job growth rate slips to 3.5% in FY 2020, 50.02 lakh people got jobs – CARE Ratings Report

Overall job growth rate slips to 3.5% in FY 2020, 50.02 lakh people got jobs – CARE Ratings Report. As per the CARE (Credit Analysis and Research Limited) Ratings Report, the employment growth rate has declined to 3.5% in the Financial Year 2020 from 3.8% in the previous fiscal year. Meanwhile the total number of jobs increased to 50.02 lakh from 48.32 lakh, says a report.

  • In FY20, 1.70 lakh new jobs were added, while the net addition was 1.76 lakh in FY19, shows a CARE Ratings report. <<Read Full News>>

Summits

Union Culture and Tourism Minister Prahlad Singh Patel participates in the 17th SCO Meeting

Union Minister of State for Culture and Tourism Shri Prahlad Singh Patel,  participated in the 17th Shanghai Cooperation Organization (SCO) Culture Ministers’ Meeting held on September 10, 2020.

  • Discussion was held on the role and place of culture during the global epidemiological crisis and on the prospects for developing multilateral cultural cooperation within the SCO. <<Read Full News>>

About SCO:

  • Headquarters: Beijing, China
  • Secretary General: Vladimir Norov

Defence News

Defence Minister launches Aero India 21 website, Asia’s largest Aeroshow scheduled in February

Defence Minister launches Aero India 21 website, Asia’s largest Aeroshow scheduled in February. The 13th edition of Aero India-21 will be held at Air Force Station, Yelahanka, Bengaluru, Karnataka from 3rd to 07th February 2021. Defence Minister, Shri Rajnath Singh launched the Aero India 2021 website https://aeroindia.gov.in at New Delhi.

  • Aero India 2021 website will be a contactless online interface for Asia’s largest Aeroshow and host all online services related to the event for both the exhibitors and visitors besides hosting informative content about Ministry of Defence’s recent policies, initiatives as also product profile of indigenous aircraft and helicopters. <<Read Full News>>

About Defence Ministry:

  • Union Minister – Raj Nath Singh
  • Minister of State – Shripad Yesso Naik

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