Top Current Affairs 12 September 2020


Top Current Affairs 12 September 2020: This post contains the latest current affairs for 12 September 2020 that are important for all competitive exams like Bank, SSC, IBPS, SBI exams. You can improve your general knowledge with our daily online current affairs. You can also read the daily current affairs on our mobile app.

National News

Govt increases scholarship amount under ‘Pragati and Saksham’ schemes for J&K students to Rs 50,000

  • The central government has increased the scholarship amount under ‘Pragati and Saksham Scholarship Schemes’ for students of Jammu and Kashmir from Rs 5,000 to Rs 50,000 per annum.
  • Pragati scheme- This scheme provides scholarships to the girls of UT Jammu and Kashmir who belong to families having an annual income of less than Rs 8 lakh and who shall be admitted in the AlCTE approved institutions for the session 2020-21.
  • Saksham scheme This scheme provides scholarships to all specially-abled students with 40% disability and belonging to families with annual income less than Rs 8 lakh. They should be pursuing technical education at degree or diploma level.

Home Ministry grants FCRA registration to Golden Temple

  • The Ministry of Home Affairs (MHA) has approved registration of the Sri Harmandir Sahib under the Foreign Contribution (Regulation) Act (FCRA), 2010 on 9 September 2020.
  • Sri Harmandir Sahib is famous as Golden Temple in Amritsar.
  • The registration under FCRA 2010 will allow the Golden Temple to receive foreign funds.
  • The FCRA registration will be valid for a period of five years.
  • The funds received from global contributors will be used for shrine activities besides providing financial assistance to the poor, medical assistance to the needy and organise langars (free community kitchens).

13th Aero India-21 to be held in Bengaluru in Feb 2021

  • The 13th edition of Aero India-21 is scheduled to be held at Air Force Station, Yelahanka, Bengaluru, Karnataka from 3 to 07 February 2021.
  • Raksha Mantri, Shri Rajnath Singh has launched the website for Aero India 2021, so that the exhibitors can register and book their space online as well as Business and other visitors buy their tickets online to visit the show.
  • The website can be accessed at https://aeroindia.gov.in
  • Aero India is Asia’s largest air show and aviation exhibition held biennially in Bengaluru since 1996.

Ranking

India ranked 105th in Global Economic Freedom Index 2020; Top- Hong Kong

  • India (Score- 6.56/10) has been ranked 105th in the Global Economic Freedom Index 2020 released by the Fraser Institute, Canada. HongKong (Score- 8.94/10) has topped the ranking followed by Singapore at the second spot.
  • India has fallen 26 spots from 79th spot in last year’s ranking. Venezuela has been ranked last among 162 countries. The rankings are prepared based on the data of the year 2018.
  • The index measures the degree to which the policies and institutions of countries are supportive of economic freedom. The Index ranks countries based on five areas—the size of government, legal structure and property rights, access to sound money, freedom to trade internationally, regulation of credit, labour and business.

Gujarat tops States Startup Ranking Results 2019; Andaman and Nicobar Islands tops in small state/UT category

  • Gujarat has topped the second edition of States Startup Ranking Results 2019 released by Minister of Commerce & Industry and Railways Shri Piyush Goyal.
  • The States’ Startup Ranking Framework 2019 has ranked states based on 7 broad reform area, consisting of 30 action points. In this 22 States and 3 Union Territories have participated. The ranking has been divided into two parts.
  • Category X: Consisting of all big states and Category Y: This group has all North-Eastern States except Assam and all UTs except Delhi.
  • Gujarat is the Best Performer state in Category X while Andaman and Nicobar Islands is the Best Performer in Category Y.
  • The ranking has been prepared by Department for Promotion of Industry and Internal Trade (DPIIT)
  • States/UTs have been felicitated in 5 categories. Click here to see the category-wise winners.

Banking & Economy

Moody’s forecasts India’s GDP at -11.5% for FY21, 10.6% for FY22

  • Ratings agency Moody’s has projected the GDP growth rate for India to contract 11.5 percent in the fiscal 2020-21 (FY21) due to the coronavirus pandemic.
  • For 2021-22 (FY22), Moody’s projected the economy of India to grow at 10.6 percent.

RBI defines Role and selection criteria of Chief Compliance Officer (CCO) in Banks

  • The Reserve Bank of India has released the guidelines to be followed by commercial banks for the appointment of Chief Compliance Officer (CCO). 
  • Scheduled Commercial Banks (Excluding RRBs), Local Area Banks, Small Finance Banks and Payment Banks have to appoint a Chief Compliance Officer (CCO) to have an effective compliance culture, independent corporate compliance function and a strong compliance risk management programme at bank and group level.
  • Here are some of the norms to be followed by banks for the appointment of a CCO:
    • Tenor for the appointment of CCO – minimum fixed tenure of not less than 3 years.
    • Eligibility Criteria for appointment as CCO
      • Age  Not more than 55 years;
      • Experience – The CCO shall have an overall experience of at least 15 years in the banking or financial services, out of which minimum 5 years shall be in the Audit / Finance / Compliance / Legal / Risk Management functions;
      • Rank – The CCO shall be a senior executive of the bank, preferably in the rank of a General Manager or an equivalent position (not below two levels from the CEO).

Government sets up committee to study calls for giving interest relief on bank loans; Head- Rajiv Mehrishi

  • Central Government has formed a three-member committee to examine calls for relief on interest banks are charging on loan instalments deferred during the moratorium period due to COVID-19.
  • Rajiv Mehrishi is the chairperson of the committee. He is a former Comptroller and Auditor General. The other two members are: Ravindra H Dholakia, a former professor at IIM Ahmedabad and B Sriram, a former managing director at State Bank of India and IDBI Bank.
  • The committee will measure the impact on the economy on the ‘waiving of interest and waiving of interest’.

India Post launches Five Star Villages Scheme for 100% rural coverage of postal schemes

  • The Department of Posts has launched a new scheme called Five Star Villages, to ensure universal coverage of flagship postal schemes in rural areas of the country.
  • The scheme aims to bridge the gaps in public awareness and reach of postal products and services, especially in interior villages.
  • The scheme was launched by the Union Minister of State for Communications, Shri Sanjay Dhotre on 10 September 2020.
  • The schemes covered under the Five Star scheme include:
    1. Savings Bank accounts, Recurrent Deposit Accounts, NSC / KVP certificates,
    2. Sukanya Samridhi Accounts/ PPF Accounts,
    3. Funded Post Office Savings Account linked India Post Payments Bank Accounts,
    4. Postal Life Insurance Policy/Rural Postal Life Insurance Policy and
    5. Pradhan Mantri Suraksha Bima Yojana Account / Pradhan Mantri Jeevan Jyoti Bima Yojana Account.
  • The scheme is being launched on pilot basis in Maharashtra. 50 villages in each district of the state will be covered during 2020-2021.
  • The scheme will be implemented by a team of five Gramin Dak Sevaks, headed by the Branch Post Master of the concerned Branch Office.

Mastercard Launches Central Bank Digital Currencies (CBDCs) Testing Platform

  • Mastercard has announced that it has launched a Central Bank Digital Currencies (CBDCs) Testing Platform that will enable Central Banks to assess and explore national Digital Currencies.
  • What is Digital Currency: Central Bank Digital Currency (CBDC) is the digital form of a country’s fiat currency that is also a claim on the central bank. Instead of printing money, the central bank issues electronic coins or accounts backed by the full faith and credit of the government.
  • The platform enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.
  • Mastercard has invited Central banks, commercial banks, and tech and advisory firms to partner with Mastercard to assess CBDC tech designs.

Reliance Industries becomes first Indian firm to cross $200 bn m-cap

  • Reliance Industries (RIL) on September 10, 2020, became the first Indian company to cross $200 billion in market capitalization (m-cap).
  • The market capitalization of Reliance Industries at the close of the stock market on September 10, 2020, was Rs 15.3 trillion ($208 billion). 
  • The second best after RIL is Tata Consultancy Services (TCS) with an m-cap of Rs 8.75 trillion, ($119 billion).

Appointment

Former Health Secretary Preeti Sudan appointed to WHO’s Panel For Pandemic Preparedness

  • Former Health Secretary of India, Preeti Sudan has been appointed as a member of the Independent Panel for Pandemic Preparedness and Response of the World Health Organisation.
  • The global panel will evaluate international response to the Covid-19 pandemic and submit a report by May 2021 to the World Health Assembly.
  • The panel, which has 11 panellists from across the world, will hold its first meeting on 17 September 2020.
  • Preeti Sudan, a 1983-batch IAS officer of the Andhra Pradesh cadre, had retired as the Union health secretary in July 2020.

Paresh Rawal appointed as chairperson of National School of Drama

  • Veteran Bollywood actor Paresh Rawal has been appointed as Chairman of National School of Drama (NSD), India’s premier theatre school under the Ministry of Culture.
  • The 65-year-old Rawal has been appointed to the post for a period of four years.
  • The post of NSD chairperson has been officially vacant since 2017.

Important Days

United Nations Day for South-South Cooperation : 12 September

  • The United Nations Day for South-South Cooperation is observed every year on September 12 since 2011, to celebrate the economic, social and political developments made in recent years by regions and countries in the south.
  • Theme for 2020 is “Pathways toward the SDGs through South-South solidarity beyond COVID-19.”
  • It was on this day in 1978 that the United Nations (UN) General Assembly adopted a plan of action to promote and implement technical cooperation among developing countries.
  • Initially, the General Assembly declared December 19 to be observed as the UN Day for South-South Cooperation in 2003.
  • In 2011, the Assembly moved the date to September 12, to mark the date when it adopted the Buenos Aires Plan of Action for Promoting and Implementing Technical Cooperation among Developing Countries.

World First Aid Day 2020: 12 September

  • The World First Aid Day is observed on the second Saturday of September every year to create awareness about importance of first aid in preventing injuries and saving lives.
  • The World First Aid Day 2020 is being observed on 12 September.
  • The day was started by the International Federation of Red Cross and Red Crescent Societies (IFRC) in 2000 to educate people in the world of the benefits of first aid, need of first aid and the right way to do first aid.

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