Today Current Affairs - 20th August 2020 Current Affairs
We are here for you to provide the important Recent and Latest Current Affairs 20 August 2020, which have unique updates of Latest Current Affairs 2020 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.
NATIONAL AFFAIRS
Vice Prez Venkaiah Naidu Virtually Announced ARIIA 2020 Results; IIT Madras Topped among Institutes of National Importance
i.On August 18, 2020, Vice-President of India, Muppavarapu Venkaiah Naidu
has e-released the Atal Ranking of Institutions on Innovation
Achievements (ARIIA) 2020 from New Delhi. He was the chief of the
virtual ceremony while Union Minister of Education, Ramesh Pokhriyal
‘Nishank’ and Minister of State (MoS) for Education Sanjay Shamrao
Dhotre were the Guest of Honour.
ii.The ranking were announced in
six categories. Indian Institute of Technology (IIT) Madras topped the
category of Institute of National Importance while Kalinga Institute of Industrial Technology (KIIT), Khordha (Odisha) topped the category of Private or Self-Financed Universities.
iii.For the first time, ARIIA 2020 had a special prize category for women only higher educational institutions.
‘Dhanwantari Rath’ to bring Ayurveda at Doorsteps of Delhi Police Families
ii.The service ‘Dhanwantari Rath’ and Police Wellness Centres will be catered by AIIA, supported by the Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy (AYUSH).
About AYUSH:
Minister of State (Independent Charge) – Shripad Yesso Naik
Headquarters – New Delhi
Ravi Shankar Prasad Launched “Swadeshi Microprocessor Challenge- Innovate Solutions for #Aatmanirbhar Bharat” to Support Startups
i.On 18th August 2020, Ravi Shankar Prasad, Union Minister of Law & Justice, Communications and Electronics & Information Technology launched the “Swadeshi Microprocessor Challenge- Innovate Solutions for #Aatmanirbhar Bharat” to provide a strong ecosystem of startups, innovation and research in India.ii.Swadeshi Microprocessor Challenge is a part of the series of Effective, advanced and standardized measures taken by the ministry of Electronics and IT to enhance the technology guided innovative ecosystem in India and to stay on top of digital adoption.
About Ministry of Electronics & Information Technology(MeitY):
Union Minister– Ravi Shankar Prasad
Minister of State– Sanjay Dhotre
Ministry of Tribal Affairs and Ministry of Rural Development Inked MoU to Take convergence endeavour ahead
i.On August 18, 2020, Union Minister of Rural Development and Agriculture and Farmers Welfare Narendra Singh Tomar addressed the State Rural Livelihoods Missions across the country through video conferencing.ii.During the occasion, the Ministry of Tribal Affairs (MoTA) and Ministry of Rural Development (MoRD) signed an memorandum of understanding (MoU) to take the convergence endeavor (efforts of both ministries) ahead and support rural poor including tribal communities.
iii.Narendra Singh Tomar also released a book “Farm Livelihood Interventions under DAY-NRLM (Strategy, Convergence Framework, Models)”.
Static GK:
Minister of State (MoS) for Ministry of Tribal Affairs (MoTA)- Renuka Singh Saruta
MoS for Ministry of Rural Development (MoRD)- Sadhvi Niranjan Jyoti
MoS for Ministry of Food Processing Industries (MoFPI)- Rameswar Teli
AIFF signs MoU with IPSO to Conduct Online Scouting Workshops in India
On 18th August, 2020, All India
Football Federation(AIFF) signed an Memorandum of Understanding(MoU)
with International Professional Scouting Organization (IPSO) to conduct
online Scouting Workshops throughout India.
Workshop:
i.Under the agreement, IPSO will
conduct online workshops which will provide a number of courses and
webinars with regards to scouting in India.
ii.The workshop will be a
starting point to become a scout or an analyst and will also help anyone
to understand the foundations and protocols in talent identification,
scouting & analysis.
iii.The first part of these
workshops are scheduled to take place from September 7 to 11. It will be
a two-hour session starting at 7 pm every day.
Recent Related News:
i.The Hero Indian Super League
(ISL) joins the World Leagues Forum (WLF), the association of
Professional football leagues. It is the first league from South Asia
and seventh in Asia to join the WLF.
ii.On 13th July 2020, the 70 years old Legendary Hockey Player Ashok Kumar, key player of the 1975 World Cup winning Indian Hockey team was honoured with the Lifetime achievement award by the Kolkata based football club – Mohun Bagan Athletic Club on its foundation day over the virtual ceremony.
About AIFF:
President – Praful Patel
Headquarters – Delhi
INTERNATIONAL AFFAIRS
ILO-ADB Report: 41 Lakh Youths Lost Their Jobs of India Due to COVID-19
i.On 18th August 2020, The International Labour Organization (ILO) and the Asian Development Bank (ADB) released the joint report titled “Tackling the Covid-19 youth employment crisis in Asia and the Pacific”, which stated that due to the COVID-19 pandemic, around 41 lakh youths have lost their jobs in India.ii.The report assesses the impacts of the COVID-19 pandemic on the youth employment in Asia and Pacific regions and recommends critical policy responses.
iii.The report is based on the regional assessment of the “Global Survey on Youth and COVID-19” and the available unemployment data in different countries.
About ADB:
President– Masatsugu Asakawa
Headquarters– Metro Manila, Philippines
Motto– Committed to achieving a prosperous, inclusive, resilient and sustainable Asia & the Pacific, while sustaining its efforts to eradicate extreme poverty.
About International Labor Organization (ILO):
Director-General– Guy Ryder
Headquarters– Geneva, Switzerland
BANKING & FINANCE
ADB Approved USD 1 billion loan for Delhi-Meerut Regional Rapid Transit System, a 1st of its kind in India
ii.The finance of the Delhi- Meerut RRTS project will be given in 4 tranches between August 2020 and May 2025.
iii.The NCR Transport Corporation (NCRTC) will execute the project.
About ADB
Headquarters– Mandaluyong, Philippines
President– Masatsugu Asakawa
Members- 68 countries
RBI Released Framework for Authorisation of Pan-India Umbrella Entity for Retail Payments
ii.The entity will be incorporated under Companies Act, 2013 and may be a for-profit or a Section 8 Company. It will be authorized by RBI under Section 4 of the Payment and Settlement Systems (PSS) Act, 2007
iii.The minimum paid-up capital of the umbrella entity should be Rs 500 crore.
About Reserve Bank of India (RBI):
Headquarters– Mumbai, Maharashtra
Formation– 1 April 1935
Governor– Shaktikanta Das
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, one is yet to be appointed).
RBI Released Draft Framework for Self-Regulatory Body for Payment System Operators
i.On August 18, 2020, the Reserve Bank of India (RBI) released a draft framework for grant of recognition to an industry association as a Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs). This draft framework is released on the lines of an announcement in the Statement on Developmental and Regulatory policies issued as part of the Monetary Policy statement dated February 6, 2020. The framework is placed for public comments till September 15, 2020.ii.Notably, SRO will serve as a watchdog to guard against unprofessional practices within an industry or profession.
iii.This decision has been taken because there is substantial growth in digital payments and an entity is required for orderly operations of the entities in the payment system.
About Reserve Bank of India (RBI):
Headquarters– Mumbai, Maharashtra
Formation– 1 April 1935
Governor– Shaktikanta Das
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, one is yet to be appointed).
Bharti AXA Life Insurance Entered into Bancassurance Partnership with SBM Bank India
i.Bharti AXA Life Insurance has entered into a bancassurance partnership with SBM Bank (India) Limited (SBM Bank India).ii.Through this partnership, Bharti AXA Life Insurance will offer its entire suite of life insurance products, including protection, health, savings and investment plans, to the customers of SBM Private Wealth, the retail banking arm of SBM Bank India.
iii.It will benefit the people in the following cities-Mumbai, New Delhi, Chennai, Bengaluru, Hyderabad and Ramachandrapuram.
About SBM Bank India
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Sidharth Rath
About Bharti AXA Life Insurance
HeadOffice- Mumbai, Maharashtra
MD & CEO– Parag Raja
Fino Payments Bank Ltd Launched ‘Jan Bachat Khata’, an Aadhaar Authentication Based Digital Savings Account
i.Fino Payments Bank Limited(Ltd) launched Jan Bachat Khata (JBK), an Aadhaar authentication based digital savings account for its customers. JBK will bring neo-banking experience to the consumers.ii.The primary target segment is low income household families and direct benefit transfer (DBT) beneficiaries.
iii.JBK is in line with the bank’s customer centric innovative offerings.
iv.The customers can open a JBK account only through Aadhaar-based eKYC(Electronic-Know Your Customer) mode.
About Fino Payments Bank Limited:
Headquarters– Maharashtra
MD & CEO– Rishi Gupta
Universal Sompo General Insurance Company Ltd Collaborates with BSE EBIX to sell General Insurance products
i.Universal Sompo General Insurance Company Ltd has collaborated with BSE EBIX Insurance Broking Private Limited (BSE EBIX ) to sell General Insurance products in a fully digital environment using the distribution network of BSE EBIX. ii.The partnership was initiated with the issuance of the recently launched Corona Kavach cover of Universal Sompo General Insurance Company Ltd through certified Point of Sales Persons (PoSPs) of BSE EBIX.
About Universal Sompo General Insurance Company Ltd:
Headquarters– Mumbai, Maharashtra
MD & CEO– Sharad Mathur
Edelweiss Tokio Life Insurance Partnered with Element AI for AI Transformation
Edelweiss Tokio Life Insurance Company Limited has partnered with Element AI, a global developer of AI (Artificial Intelligence)-powered solutions and products, to develop, design and implement a strategic AI roadmap for the new age insurer and prioritise their investments into AI.
- The roadmap will ultimately support a detailed AI transformation plan.
Key Info
i.To serve the purpose, the Element AI Advisory and Enablement team will work closely with Edelweiss Tokio Life Insurance.
ii.This work will use unique learnings and insights from Element AI to establish technical feasibility and identify AI use cases.
Significance of the partnership
The partnership will solve the
challenges faced by insurers globally in meeting evolving customer
expectations and optimizing processes efficiently.
About Edelweiss Tokio Life Insurance Company Limited:
Headquarters– Mumbai, Maharashtra
Managing Director & Chief Executive Officer– Sumit Rai
About Element AI:
CEO & Founder– Jean-François (JF) Gagné
Headquarter – Montreal,Canada.
YES Bank in Partnership with KFin Technologies Launched ‘Loan against Securities’ to Provide Complete Digital loan Against Mutual Fund
Yes Bank in partnership with KFin Technologies Private Limited has launched ‘Loan against Securities’, a unique digital solution that enables customers to lien mark their mutual funds digitally and avail quick and hassle-free loans. The digital solution is launched under YES BANK’s ‘Loan in Seconds’ platform, which allows the customers to set an instant credit limit against securities held.
- The partnership will enable customers to lien mark their mutual funds by authenticating two validations from the bank and two validations from the KFin technologies.
Key Info
By enhancing the robust technology and
analytics of Yes Bank and with the help of algorithmic processes which
offer customised solutions, real time online loan application processes
will take place offering uninterrupted experience for customers.
Features of ‘Loan against Securities’
No Documentation– It allows instant disbursements of loans with no documentation.
Loan Upto 1 crore– Customers
can avail loan of up to Rs 1 crore against debt mutual funds and can set
an instant credit limit against the securities held.
Interest charged– Interest is charged only for the loan amount which is utilized for the number of days of utilization.
Recent Related News:
i.Yes Bank launches a digital
wallet solution(app)‘Yuva Pay’ in partnership with UDMA Technologies Pvt
Ltd to enable contactless payments for its customers. The wallet is
issued under minimum Know Your Client (KYC) regulations.
ii.Max Life Insurance and YES
Bank have extended their 15 years strategic bancassurance partnership
for fivemore years. In this regard, the both companies dedicated the
current financial year i.e. FY 2020-21 as the “Year of the Customer”.
About Yes Bank:
Headquarters– Mumbai, Maharashtra
MD & CEO– Prashant Kumar
Tagline– Experience our Expertise
About KFin Technologies
Headquarters– Hyderabad, Telangana
CEO– Sreekanth Nadella
APPOINTMENTS & RESIGNATIONS
Luis Rodolfo Abinader sworn in as 54th President of Dominican Republic
Luis Rodolfo Abinader Corona has been sworn in as the 54th President of Dominican Republic. Luis Rodolfo Abinader is a businessman who has never held any other elected office. He succeeds Danilo Medina of Liberation Party.
i.The 53-year old Luis Rodolfo
Abinader was elected to the four-year term on July 5, which ended the
16-year run in power by the Center-Left Dominican Liberation Party
(PLD). He finished second in the 2016 President election.
ii.Abinader’s Modern
Revolutionary Party (PRM) won the elections with 53% vote, while Gonzalo
Castillo who was the candidate of the ruling PLD got 37.7%.
iii.The swearing-in ceremony was attended by US Secretary of State Mike Pompeo.
About Dominican Republic:
Capital – Santo Domingo
Currency – Dominican Peso.
Ashok Lavasa Resigns as Election Commissioner
On August 18, 2020, Ashok Lavasa ,
one of the two Election Commissioners of India resigned from his post
inorder to take charge as the Vice President of Asian Development Bank
(ADB) next month.
i.Lavasa still had over two years
left in his term at the Election Commission of India and would have
retired as the Chief Election Commissioner (CEC) in October 2022.
ii.He assumed charge as Election Commissioner of India on 23rd January, 2018.
iii.Ashok Lavasa is a retired
Indian Administrative Service (IAS) officer of Haryana Cadre (Batch
1980) and has served several stints in various government departments
such as Union Finance Secretary, Union Secretary Ministry of
Environment, Forests & Climate Change and Ministry of Civil
Aviation.
Vice-President of Asian Development Bank (ADB):
On 15th July, 2020, ADB had appointed
Ashok Lavasa as Vice-President for Private Sector Operations and
Public-Private Partnerships on 15th July, 2020.He will succeed Diwakar
Gupta, whose term will end on August 31.
Recent Related News:
i.On June 30, 2020 Ravinder Bhakar, a 1999 batch officer of Indian Railway Stores Service(IRSS), assumed charge as the Chief Executive Officer(CEO) of Central Board of Films Certification(CBFC).
ii.Karnam Sekar, The Managing Director (MD) and Chief Executive Officer(CEO) of Indian Overseas Bank(IOB), retired on 30th June 2020.
About Election Commission of India:
The Election Commission of India is headed by One Chief Election Commissioner and Two Election Commissioners.
Chief Election Commissioner – Sunil Arora
Election Commissioner – Sushil Chandra
Election Commissioner – vacant
Mali President Ibrahim Boubacar Keita Resigns after Military Mutiny
On 19th August, 2020, Mali President Ibrahim Boubacar Keita announced his resignation with immediate effect following a military mutiny in the Republic of Mali.i.Ibrahim Boubacar Keita served as sixth President of Republic of Mali from 2013-2018 & was reelected in 2018 as the President.
ii.Boubacar represents the Political Party Rally for Mali(RPM) and has served as the sixth Prime Minister of Mali from 1994-2000.
iii.The June 5-Rally of Patriotic Forces Movement (Mouvement du 5 juin Rassemblement des Forces Patriotiques or M5-RFP) has been heading the protests against Ibrahim Boubacar Keita, owing to discontent over refusal to raise wages of Teachers and Doctors and also due to corruption by Ibrahim Boubacar Keita.
ACQUISITIONS & MERGERS
Reliance Retail Ventures Ltd Acquired 60% stake in Vitalic Health Pvt Ltd & 100% direct ownership of Netmeds
Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Limited (RIL) has acquired 60% equity stake in Vitalic Health Pvt Ltd(Vitalic) and 100% direct equity ownership of its subsidiaries namely Tresara Health Private Limited, Netmeds MarketPlace Limited and Dadha Pharma Distribution Pvt Limited(collectively known as Netmeds)for a cash consideration of around Rs 620 crore(USD 83.08 million). The deal values Netmeds around Rs 1,000 crore.
- RRVL’s investment is aligned with its commitment to provide digital access to everyone in India
Advantages of Acquisition:
The acquisition of Netmeds will enhance
the ability of RRVL to provide good quality and affordable health care
products and services and also expands its digital commerce proposition
to include most of the everyday essential needs of consumers
Key Info about Netmeds
i.Netmeds is a fully licensed
e-pharma portal that offers authenticated prescription and Over-The-
Counter (OTC) medicine along with other health products in India.
ii.It offers a pan-India solution for the online purchase of prescription medications to over 20,000 pin codes.
iii.It is promoted by Dadha Pharma, a Chennai-based company.
About RRVL:
HeadOffice– Mumbai, Maharashtra
Executive Director– V. Subramaniam
About Netmeds:
Headquarters– Chennai, Tamil Nadu
Founder & CEO– Pradeep Dadha
SCIENCE & TECHNOLOGY
Indian Railways Introduces Drone Based Surveillance System for Railway Security
i.Indian Railways introduces
Drone based surveillance technologies which has emerged as an important
and cost effective tool for security surveillance over a large area with
limited manpower.ii.Central Railway’s Mumbai Division of the Indian Railways procured 2 Ninja Unmanned Aerial Vehicles(UAV) to increase the security and surveillance in the Railway premises like the station, tracks, yards and workshops.
UNESCO World Heritage Centre: Mountain Railways of India – Darjeeling Himalayan Railway , Nilgiri Mountain Railway
Museum: National Rail Museum and Metro Museum(Delhi), Joshi’s Museum of Miniature Railways(Pune), Howrah Railway Museum(Kolkata), Chennai Rail Museum(Chennai), Railway Museum(Mysuru) and Hubballi Railway Museum(Karnataka)
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