Current Affairs 11 July 2024

National Affairs

DEPwD Signs Two MoUs to Empower Persons with Disabilities

The Department of Empowerment of Persons with Disabilities (DEPwD), under the Ministry of Social Justice & Empowerment, has signed two important Memoranda of Understanding (MoUs) to support persons with disabilities (Divyangjan). These MoUs were signed under the guidance of Rajesh Aggarwal, Secretary of DEPwD.

1. The first MoU was signed between DEPwD and the “Enable Me” Access Association (EMA).
2. The second MoU was signed between the Indian Sign Language Research and Training Center (ISLRTC) and YUNIKEE.

These agreements aim to create an inclusive environment, ensuring equal opportunities in education, employment, and social life for Divyangjan.

Key Points:

• YUNIKEE helps organizations make products and services accessible for the deaf community in Sign Language.
• EMA is a Gujarat-based NGO promoting accessibility and inclusion across various sectors.
• ISLRTC is an autonomous body under DEPwD.

Key Attendees:

• Rajeev Sharma, Joint Secretary, DEPwD
• Dr. Honnareddy N, Director, ISLRTC
• Chaithanya Kothapalli, Co-Founder (Technology), YUNIKEE
• Peter Gibson, Chairman, and Anubha Singhal, Co-founder & Director, EMA

MoU with EMA:

• Launch of two advanced accessibility training programs for panel accessibility auditors and CPWD engineers.
• Training on Universal Design using Indian accessibility standards.
• Development of integrated tools for knowledge dissemination.
• Joint training on Indian accessibility standards.
• Creation of a software tool for accessibility education to support the Accessible India Campaign 2.0.
• Assistance in rectifying policies undermining the Rights of Persons with Disabilities (RPwD) Act, 2016.

MoU between ISLRTC & YUNIKEE:

• Providing free and accessible skills to the deaf community and their youth.
• Enhancing career advancement and securing high-quality jobs for deaf youth.
• Promoting self-reliance through freelancing and other opportunities.

International Affairs

UNESCO Designates 11 New Biosphere Reserves

UNESCO has designated 11 new Biosphere Reserves in 11 countries, including two transboundary reserves. This is the first time biosphere reserves from Belgium and Gambia have been included in UNESCO’s World Network of Biosphere Reserves. The total number of sites now stands at 759 in 136 countries, including 24 transboundary sites.

Key Points:

• The new biosphere reserves cover a total area of 37,400 square kilometers.
• Kempen-Broek (between Belgium and the Netherlands) and Julian Alps (between Italy and Slovenia) are the two transboundary reserves.
• Other new reserves are located in Colombia, Dominican Republic, Italy, Mongolia, the Netherlands, the Philippines, Republic of Korea, Slovenia, and Spain.

About UNESCO:

• Director-General: Audrey Azoulay
• Headquarters: Paris, France
• Member Nations: 194 member states and 12 associate members
• Established: 1945

WHO Launches MeDevIS: A Global Platform for Medical Device Information

The World Health Organization (WHO) has launched the ‘Medical Devices Information System’ (MeDevIS), an online platform providing global access to information on medical devices. The platform became operational in March 2024 and was made public on July 8, 2024.

About MeDevIS:

• Features information on 2,301 types of medical devices.
• Offers a comprehensive database for users to find details about medical devices.
• References two international naming systems: European Medical Device Nomenclature (EMDN) and Global Medical Device Nomenclature (GMDN).
• Assists national policymakers in developing or updating their national lists for health technologies and devices.

Objectives:

• To assist governments, regulators, and users in making decisions on medical devices.
• To provide a one-stop shop of international information, especially valuable in resource-limited settings.

About WHO:

• Director-General: Dr. Tedros Adhanom Ghebreyesus
• Headquarters: Geneva, Switzerland
• Established: 1948

Vietnam Tops List of Most Affordable Countries for Expats; India Ranks 6th

According to the Expat Insider 2024 Survey by InterNations, Vietnam is the most affordable country for expatriates for the fourth consecutive year. India ranks 6th on the list.

Top 6 Most Affordable Countries for Expats:

1. Vietnam
2. Colombia
3. Indonesia
4. Panama
5. The Philippines
6. India

Key Highlights:

• Six of the top 10 countries are from Asia.
• Four countries in the top 10 are from Latin America.
• Brazil made it to the top 10 for the first time, replacing Malaysia.
• The least affordable countries include Canada, Finland, the UK, Ireland, and Norway.

About InterNations:

• CEO: Philipp von Plato
• Headquarters: Munich, Germany
• Established: 2007

Banking & Finance

PNB Introduces ‘Safety Ring’ to Enhance Security for Internet and Mobile Banking Users

Punjab National Bank (PNB) has introduced a new security mechanism called ‘Safety Ring’ to enhance security for its Internet and Mobile Banking users.

About Safety Ring Mechanism:

• Allows customers to set daily transaction limits for Term Deposits (TDs).
• Provides additional security to reduce losses from unauthorized access.
• Customers can set the Safety Ring limit via branches or online.
• The limit can only be canceled through branches to prevent fraudulent online cancellations.

About Punjab National Bank (PNB):

• MD & CEO: Atul Kumar Goel
• Headquarters: New Delhi, Delhi
• Established: May 19, 1894
• Tagline: ‘The Name You Can Bank Upon’

ICICI Prudential MF Launches India’s First Oil & Gas ETF

ICICI Prudential Mutual Fund has introduced India’s first Exchange-Traded Fund (ETF) focused on the oil and gas sector, named the ICICI Prudential Nifty Oil & Gas ETF. The public subscription for this scheme began on July 8, 2024, and will close on July 18, 2024.

About ICICI Prudential Nifty Oil & Gas ETF:

• Aim: To provide long-term wealth creation opportunities.
• Minimum investment: Rs 100 per plan/option.
• No “Entry Load” and no “Exit Load”.
• Indicative allocation: 95% to 100% of total assets.
• Small allocation to money market instruments with a maximum limit of 5%.

About ICICI Prudential Mutual Fund:

• MD & CEO: Nimesh Shah
• Headquarters: Mumbai, Maharashtra
• Established: 1993

Federal Bank Announces Strategic Bancassurance Partnership with Bajaj Allianz Life Insurance

Federal Bank Limited has entered into a strategic Bancassurance partnership with Bajaj Allianz Life Insurance Company Limited. This partnership will enable Federal Bank customers to access a wide range of life insurance products from Bajaj Allianz.

About Bancassurance:

• A model where insurance companies partner with banks to offer financial products.
• Distribution of insurance products through banking channels.

Points to Note:

• IRDAI has allowed banks to have distribution tie-ups with a maximum of 9 life, general, and health insurers.
• IRDAI aims to achieve “insurance for all” by 2047.

About Federal Bank Limited:

• MD & CEO: Shyam Srinivasan
• Headquarters: Aluva, Kerala
• Tagline: Your Perfect Banking Partner
• Established: April 23, 1931

About Bajaj Allianz Life Insurance Company Limited:

• MD & CEO: Tarun Chugh
• Headquarters: Pune, Maharashtra
• Established: 2001

RBI Cancels CoR of Star Finserv India & Polytex India Due to Irregular Lending Practices

The Reserve Bank of India (RBI) has canceled the Certificate of Registration (CoR) of Star Finserv India Limited and Polytex India Ltd due to irregular lending practices. Both companies are no longer allowed to transact as Non-Banking Financial Institutions (NBFIs).

Key Points:

• Star Finserv India violated RBI guidelines on outsourcing financial services.
• Polytex India violated RBI guidelines on outsourcing core decision-making functions.

Note:

• Star Finserv India and Polytex India were offering services under financial technology firm ‘Progcap’ and mobile application ‘Z2P’ respectively.

Ageas Federal Life Insurance Launches ‘Golden Years Pension Plan’ for Secure Retirement

Ageas Federal Life Insurance has introduced the ‘Golden Years Pension Plan’, a comprehensive retirement solution. It is a Unit Linked Individual Pension Plan (ULIP) where returns depend on the performance of the Blue Chip Pension Fund.

Key Features:

• Early investment booster for ages 18-35.
• Entry ages of 18-70 years for the Classic Option and up to 60 years for the Golden Waiver of Premium Option.
• Flexibility in premium payment options and Guaranteed loyalty booster.

Economy & Business

Moody’s Keeps India’s Economic Growth Forecast Unchanged at 6.8% for 2024

Global Rating Agency Moody’s has kept India’s economic growth forecast unchanged at 6.8% for 2024. It projected that the Indian economy will grow at 6.5% for 2025.

Key Points:

• Inflation in India is expected to decrease to 5.2% in 2024 and 4.8% in 2025.
• Increasing domestic and international demand boosts GDP growth in Emerging Markets (EMs).

Points to Note:

• India’s GDP expanded at 8.2% for FY24.
• Retail inflation based on the Consumer Price Index (CPI) eased to 4.75% in May 2024.

Science & Technology

ASELSAN Successfully Launches Türkiye’s 1st Home-Made TURKSAT-6A Communication Satellite

ASELSAN has launched Türkiye’s first indigenously developed communication satellite, TÜRKSAT-6A, into orbit aboard SpaceX’s Falcon 9 rocket. This launch makes Türkiye one of the 11 countries capable of producing their own communication satellites.

Key Points:

• The satellite’s service period will be 15 years in orbit.
• It will provide communication services to Türkiye, Europe, North Africa, the Middle East, and Asia.
• The satellite will expand coverage to South Asian countries, boosting the served population from 3.5 billion to over 5 billion.

About Türkiye:

• Capital: Ankara
• President: Recep Tayyip Erdoğan
• Currency: Turkish lira

Sports

Saint-Denis Reunion Open 2024: India’s Tasnim Mir and Tharun Mannepalli Win the Singles Title

Indian badminton players Tasnim Mir and Tharun Mannepalli won the women’s and men’s singles titles at the Saint-Denis Reunion Open 2024. Tharun Mannepalli defeated Yudai Okimoto of Japan in the men’s singles, while Tasnim Mir defeated compatriot Rakshitha Sree in the women’s singles.

Key Points:

• The 3rd edition of Saint-Denis Reunion Open had a total prize amount of USD 25,000.
• Tasnim Mir secured her 3rd International Challenge title.
• Tharun Mannepalli secured his second international title in 2024.

Results:

• Men’s Singles: Tharun Mannepalli (India) defeated Yudai Okimoto (Japan)
• Women’s Singles: Tasnim Mir (India) defeated Rakshitha Sree (India)
• Men’s Doubles: Julien Maio and William Villeger (France) defeated Prakash Raj and Gouse Shaik (India)
• Women’s Doubles: Kaho Osawa and Mai Tanabe (Japan) defeated Julia Meyer and Leona Michalaski (Germany)
• Mixed Doubles: Julien Maio and Lea Palermo (France) defeated William Villeger and Flavie Vallet (France)