NATIONAL NEWS
DRDO anti-tank missile test-fired successfully
A man-portable anti-tank guided missile (MPATGM) was successfully test-fired in Rajasthan desert. The missile has been developed by the Defence Research and Development Organisation (DRDO). The indigenously developed, low-weight missile operates on a "fire and forget" principle, which means it does not require guidance after the launch.
- MPATGM is incorporated with advanced features, including state-of-the-art imaging infrared radar-seeker with integrated avionics.
- Extra info.:
DRDO Headquarter: New Delhi
India ranks 16th in terms of impacted species in hotspots
India was ranked 16th in the world in terms of highest number of impacted species in biodiversity-rich zones (also known as hotspots) due to human actions. In India, 35 species affected on an average in biodiversity-rich zones. Malaysia ranks first among countries with highest number of impacted species (on an average 125 species).
- It was recently published study in PLOS Biology, an international journal dedicated to biological science. Southeast Asian tropical forests including those in India’s Western Ghats, Himalaya and north-east are among the ‘hotspots’ of threatened species.
IIT Roorkee ties up with ISRO for space tech cell
The Indian Institute of Technology (IIT) Roorkee in Uttarakhand said it tied up with the Indian Space Research Organisation (ISRO) to set up a Space Technology Cell at its campus. The ISRO-IIT Roorkee Space Technology Cell shall pursue advanced research in the areas of relevance to the future technological and programmatic needs of the Indian space programme.
- The cell shall ensure to maximise the use of research potential, infrastructure, expertise and experience that exist in ISRO and IIT Roorkee.
SC appoints P.S. Narasimha as mediator to resolve disputes of cricket administration in BCCI
The Supreme Court appointed senior advocate P.S. Narasimha, who is assisting the apex court as an amicus curiae in the BCCI matter, as mediator for resolving various disputes related to cricket administration in the country.
- The bench also asked Mr. Narasimha to look into the dispute relating to release of funds by the court appointed committee of administrators to various cricket associations.
INTERNATIONAL NEWS
AfDB commits $25 bn to fight against climate change
The African Development Bank (AfDB) would provide 2.5 trillion shillings ($25 billion) over the next 5 years to help in the global fight against climate change. The bank currently provides 34 per cent of its overall lending portfolio to projects aiming to boost the fight against climate change.
- According to the AfDB, the central banks own $1.2 trillion dollars worth of reserves which could be redirected towards renewable energy financing initiatives to help fight climate change effects.
- Extra info.:
The African Development Bank President: Akinwumi Adesina
Headquarters: Tunis, Tunisia
Royal Mint unveils new 50p 'black hole' coin in honour of Stephen Hawking's work
The UK’s Royal Mint unveiled a new commemorative 50 pence coin inspired by the late legendary British physicist Stephen Hawking’s seminal work on black holes.
- Hawking, one of the world’s best-known theoretical physicists who passed away aged 76 last year, joins the ranks of other eminent scientists such Isaac Newton and Charles Darwin to have a commemorative coin in honour of one of his greatest discoveries that black holes should not be all black.
India awards 200 Golden Jubilee Scholarships to Nepali students
The Embassy of India in Kathmandu awarded 200 Golden Jubilee Scholarships to meritorious Nepali students for continuing their studies in various undergraduate courses at different universities and colleges across Nepal for the academic year 2018-19.
- In 2002, India started the prestigious Golden Jubilee Scholarship scheme to mark the completion of 50 years of India-Nepal Economic Cooperation. These scholarships are part of India's efforts to support human resources development along with the overall socio-economic development of Nepal and its people.
BANKING & FINANCE
RBI names SBI, ICICI and HDFC as systemically important banks
The Reserve Bank of India (RBI) named State Bank of India (SBI), ICICI Bank and HDFC Bank as Domestic Systemically Important Banks (D-SIBs), which in other words mean banks that are too big to fail.
- As per the norms, these banks will have to set aside more capital for their continued operation. RBI comes with the list every year since 2015. Inclusion in D-SIB indicates that failure of any of these banks would have a cascading effect on Indian financial system.
RBI categorises IDBI Bank as private sector lender after LIC acquisition
IDBI Bank has been categorised as a private sector lender following acquisition of majority stake by Life Insurance Corporation. In January, LIC completed the process of picking up a controlling 51 per cent stake in the nearly crippled IDBI Bank.
- IDBI Bank has been under the prompt corrective action framework of RBI that bans it from corporate lending and branch expansions, salary hikes and other regular activities.
RBI to swap $5 billion with banks to aid system liquidity
The Reserve Bank of India (RBI) offered a $5-billion swap facility to banks to aid liquidity before the end of the financial year. The auction will happen on March 26 and the buy/sell swap will run up to March 28, 2022, or for a three-year duration.
- The swap facility is part of its “liquidity management toolkit” and would be to meet the durable liquidity needs of the system. The swap is in the nature of a simple buy/sell foreign exchange swap from the Reserve Bank’s side. A bank shall sell US dollars to the RBI and simultaneously agree to buy the same amount of US dollars at the end of the swap period.
BUSINESS & ECONOMY
TERI to set up incubation centre in Odisha for biotech solutions
The Energy and Resources Institute (TERI), one of country’s leading think-tanks, will set up an industrial incubation facility of TERI-Deakin Nanobiotechnology Research Centre, in Odisha. The facility will support development of biotechnology solutions to address issues affecting agriculture, environment and energy.
- The TERI-Deakin Nanobiotechnology Research Centre (TDNBC) offers to participate and to support the state government’s vision to promote and to assist further in implementing innovation and translational research.
- Extra info.:
TERI Headquarters: New Delhi
SPORTS
Argentina and Colombia will co-host Copa America 2020
Argentina and Colombia have been selected as the host nations for the upcoming edition of Copa America football tournament, to be held in 2020. This happened after the South American Football Confederation (CONMEBOL) rejected a proposal by the United States (USA).
- The decision was taken by the board to bring 'South American football to the fans'.
APPOINTMENTS
S S Mundra appointed as chairman of Acuite Ratings
Acuite Ratings and Research said that former deputy RBI governor S S Mundra has been appointed as non-executive chairman to its board with immediate effect. In high four-decade long banking career, Mundra has served as Deputy Governor of Reserve Bank of India and as Chairman and Managing Director of Bank of Baroda.
- Extra info.:
Acuite Rating CEO and Executive Director: Sankar Chakraborti
Niti Aayog CEO Amitabh Kant to head transformative mobility mission
Niti Aayog CEO Amitabh Kant will head the National Mission on Transformative Mobility and Battery Storage, which is being set up to promote clean and sustainable mobility initiatives in the country. The Union Cabinet on March 7 had approved setting up of the National Mission on Transformative Mobility and Battery Storage.
- The panel will also propose and recommend policy guidelines and government interventions and possible strategies for holistic, sustainable and transformative mobility and energy storage in India.
AWARDS
Indian social entrepreneur Padmanaban Gopalan wins Commonwealth award
A social entrepreneur from Tamil Nadu bagged the Commonwealth Youth Award for the Asian region from among hundreds of nominations for his technology-based food rescue organisation. Padmanaban Gopalan, founder of No Food Waste, was named the winner of the award worth 3,000 pounds at a ceremony at the Commonwealth Secretariat in London for his work towards achieving the UN's Sustainable Development Goal (SDG) of Zero Hunger with his innovative system of recovering excess food to distribute to those in need.
- The programme works with volunteers and local authorities to collect excess food from functions and restaurants and delivers them to "hunger spots" mapped by the company to feed hungry people.
Seema Mehta bags 'Nari Shakti Puraskar' award
Renowned Kathak dancer Seema Mehta has been conferred the 'Nari Shakti Puraskar' award for her contribution towards women empowerment over the last 15 years. She received the award from President Ram Nath Kovind at Rashtrapati Bhawan in New Delhi as part of the Women's Day celebrations.
- Mehta, who began her journey in Kathak set up her dance school in Mumbai in 2010. She is also the Director of 'Chhandam Nritya Bharati' in Mumbai and was actively involved in promotion of Kathak dance form.
OBITUARIES
Prominent Lingayat pontiff Maate Mahadevi passes away
Prominent Lingayat pontiff and Basava Dharma Peetha President Maate Mahadevi breathed her last at a private hospital. She was 74. Installed as 'Jagadguru' in the 1970s, Maate Mahadevi established several educational and religious institutions and published several books.
- In 2017-18, she was at the forefront of a movement in Karnataka demanding separate religion status for the Lingayat community.
IMPORTANT DAYS
World Consumer Rights Day
World Consumer Rights Day is celebrated every year on March 15. It is a day marked to raise global awareness about consumer rights and needs. Celebrating World Consumer Rights Day is a chance to demand that the rights of all consumers are respected and protected, and to protest against market abuses and social injustices which undermine those rights.
- This year, the theme of promoted World Consumer Rights Day is "Trusted Smart Products".
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