Daily Current Affairs and GK | 21 April 2022

Topic: Banking System

1. State Bank of India raised marginal cost of lending rate (MCLR) by ten basis points.

• For the first time in the last three years, the State Bank of India has raised the marginal cost of funds-based lending rates (MCLR).
• The new MCLR interest rates have become effective from 15^th April 2022.
• SBI has raised overnight, one-month, three-month, and six-month MCLR rates to 6.75 %, 6.75 %, 6.75 %, and 7.05 %, respectively.
• Bank of Baroda and private lender Axis Bank have also increased their MCLR by 5 bps across tenors.
• As a result of this increase, home, auto, and other loans will become more expensive.
• Marginal Cost of Funds based Lending Rate (MCLR):
  • It is the lowest interest rate that a bank or lender can give loans.
  • The MCLR system has replaced the base rate system.
  • MCLR depends on factors like CRR (Cash Reserve Ratio), marginal cost of funds, tenor premium, and operating cost.

Topic: Infrastructure and Energy

2. Oil India Limited has commissioned India’s first pure green hydrogen plant.

• The plant has been commissioned at Jorhat, Assam. It has an installed capacity of 10 kg per day.
• The plant uses a 100kW AEM Electrolyser array to produce Green Hydrogen from the electricity generated by the existing 500kW solar plant.
• Anion Exchange Membrane (AEM) technology is being used for the first time in India.
• The plant will increase Oil India Limited’s green hydrogen production from 10 kg per day to 30 kg per day.
• Oil India Limited has started a study in collaboration with IIT Guwahati on blending Green Hydrogen with Natural Gas.

(Source: PIB)

Topic: MoUs/Agreements

3. Ministry of Defence has signed two MoUs with Ministry of AYUSH.

• Out of these, one MoU is for starting Ayurveda Centres at 37 Cantonment Hospitals.
• Another MoU is for starting Ayurveda Centres at 12 Military Hospitals of Armed Forces Medical Services.
• These MoUs were signed during Global Ayush Investment & Innovation Summit.
• These Ayurveda Centres will be made operational across the country from May 01, 2022.

Topic: Sports

4. Kieron Pollard has announced retirement from international cricket.

• He is a West Indies all-rounder player. He was captain of West Indies' limited-overs teams.
• He played a total of 123 ODIs and 101 Twenty20 International (T20I). He has been a part of the Mumbai Indians team in the Indian Premier League.
• He was in the West Indies team that won the 2012 ICC World Twenty20.
• In March 2020, he became the first cricketer to play in 500 Twenty20 matches.
• In February 2022, he became the first cricketer for the West Indies to play in 100 Twenty20 International (T20I) matches.

(Source: News on AIR)

Topic: Important Days

5. National Civil Services Day 2022: 21 April

• Every year on April 21, India celebrates Civil Services Day.
• The day is observed to mark the efforts of civil servants who work tirelessly in various departments and organizations to ensure the smooth functioning of the administrative machinery.
• Civil servants are responsible for the formation and implementation of government programs.
• The government chose 21 April to celebrate National Civil Services Day because on 21 April 1947, India's first Home Minister Sardar Vallabhbhai Patel addressed the newly appointed and constituted Administrative Service officers.
• In 2006, the first National Civil Service Day was observed.
• Charles Cornwallis is renowned as the "Father of the Indian Civil Service" for his contributions to reforming and modernising India's civil services.
• On the occasion of Civil Services Day, Prime Minister Narendra Modi will present the Prime Minister's Awards for Excellence in Public Administration at Vigyan Bhawan in New Delhi.

Topic: State News/ Maharashtra

6. India's first bus service with 'tap in, tap out' or fully digital ticketing facility inaugurated by Maharashtra Tourism Minister Aditya Thackeray.

• The service was inaugurated on one of the BEST buses that travel in Gateway of India to Churchgate route, with plans to spread it to all 438 routes in the near future.
• A passenger will have to 'Tap In' his Chalo smartcard or the Chalo mobile app in front of the machine placed at the entry to use the 'Tap In, Tap Out' service.
• The passenger will be able to enter the bus with a green tick, and the fare will be deducted when the passenger deboards the bus after 'Tap Out' the smart card or mobile app.
• The words 'Digital Bus' will be written on the front of these buses.
• Passengers will be able to board the bus only if they have downloaded the app or have a smartcard that allows for cashless payment.

Topic: Reports and Indices/Ranking

7. IMF slashed global growth forecast for 2022 to 3.6%.

• The International Monetary Fund (IMF) has recently released the World Economic Outlook report.
• In this report, International Monetary Fund (IMF) has reduced its global growth forecast for the calendar year 2022 to 3.6 per cent from 4.4 per cent.
• IMF also slashed its forecast for India’s FY23 GDP growth to 8.2 per cent from 9 per cent.
• International Monetary Fund (IMF) said that global economic prospects have worsened due to commodity price volatility and disruption in supply chains.
• Russia- Ukraine war will slow the growth and further increase inflation across the world.
• The report further added that sanctions on Russian energy and the new pandemic wave could further slow the growth of China.
• According to this report, higher oil prices will create a negative impact on domestic consumption and private investment.
• IMF recommended Central banks to adopt a tightening monetary policy to keep inflation under control.

(Source: News on AIR)

Topic: Sports

8. Three Greco Roman Indian wrestlers win bronze medals at Asian Wrestling Championship in Mongolia.

• Indian wrestlers Sunil Kumar, Arjun Halakurki and Neeraj have won the bronze medals at Asian Wrestling Championship in Mongolia.
• In the 55kg category, Arjun Halakurki defeated Davaabandi Munkh Erdene. Arjun had also won a bronze at the 2020 edition.
• Sunil Kumar has won the bronze medal for the second time at Asian Wrestling Championship. He had won the medal in the 87kg category in the 2020 edition.
• In the 63 Kg category, Neeraj defeated Uzbekistan's Islomjon Bakhramov by 7-4.

(Source: News on AIR)

Topic: MoUs/Agreements

9. IFSCA inked MoU with National Insurance Academy for capacity building and providing skilled talent pool in the insurance sector.

• The main objective of this MoU is to develop a strong global connection and focus on the needs of the Indian economy.
• The MoU will help in capacity development in the field of insurance. It will help in providing skilled manpower for the International Financial Services Centre.
• National Insurance Academy:
  • It was founded in 1980 by the Finance Department of the Indian government.
  • It is a premier institute devoted to providing the best talents to the Insurance sector.
• International Financial Sevices Centres Authority (IFSCA):
  • It has been established on April 27, 2020 under the International Financial Services Centres Authority Act, 2019.
  • It is an authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.

Topic: Environment and Ecology

10. Environment Ministry introduced changes in the environmental clearance process for development projects.

• Environmental clearance (EC) is mandatory for 39 types of developmental projects including mining, hydropower and thermal power, etc.
• In the draft notification issued by Environment Ministry on 11 April, highway projects for India’s strategic interests have been exempted from the environmental clearance process.
• The notification further states that strategically highway projects should comply with a set of standards to safeguard the environment.
• The notification also proposed that 15 MW thermal power plants that use up to 15 per cent petrol, coal or lignite as an auxiliary fuel should be allowed to increase their capacity to up to 25 MW without environmental clearance.
• The notification also sought exemption from the environment clearance process for the extension of ports for fishermen using boats with low pollution potential.
• In another notification, the environment ministry extended the validity of environment clearance for nuclear and hydro projects. Now, it has been increased to 13 years for river valley projects and 15 years for nuclear projects.

Topic: State News/Gujarat

11. PM Modi inaugurated various development projects at Adijati Maha Sammelan in Dahod, Gujarat.

• He inaugurated projects worth 22,000 crore rupees.
• Manufacturing project of 9,000 Horse Power (HP) Electric Locomotives at Railway Production Unit in Dahod is one of them.
• The project is expected to cost roughly 20,000 crore rupees to complete.
• Dahod workshop was set up in 1926. It was set up for periodic overhaul of steam locomotives. It will now be upgraded to electric locomotive manufacturing unit.
• Other development projects worth over 1,400 crore rupees were also inaugurated by PM Modi.
• One of these projects is Dahod District Southern Area Regional Water Supply Scheme constructed on Narmada River Basin.
• It will provide water supply to villages in Dahod District and Devgadh Baria city. PM also inaugurated five projects of Dahod Smart City.
• PM Modi also laid the foundation stone of works related to Dudhimat River Project.

Topic: Infrastructure and Energy

12. India’s first portable solar rooftop system has been inaugurated at Swaminarayan Akshardham temple complex in Gandhinagar.

• German development agency Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) has supported installation of 10 Photovoltaic (PV) Port system.
• The PV Port systems have been designed by GIZ and manufactured by Servotech Power Systems Ltd (SPSL), a New Delhi-based leading manufacturer of solar products.
• SPSL has also installed over 30 systems at Pandit Deendayal Energy University, GSPC Bhavan, Indroda Park, NIFT, Arya Bhavan, and other locations.
• PV Port systems:
  • They are standard plug and play photovoltaic systems of a minimum of 2 kilowatts peak (kWp).
  • It is highly cost-effective. It requires low maintenance. Its shelf life is 25-30 years. It is suitable for Indian climate.

Topic: Defence

13. India gets its sixth Scorpene-class submarine ‘INS Vagsheer’ under Project-75.

• Defence secretary Ajay Kumar launched INS Vagsheer at Mazagon Dock in Mumbai.
• ‘Vagsheer’ has been named after the sandfish found in the Indian Ocean.
• The first submarine Vagsheer was commissioned into the Indian Navy on 26 December 1974.
• The Mazagon Dock has delivered four Scorpene-class submarines to the Indian Navy- INS Kalvari, INS Khanderi, INS Karanj and INS Vela.
• The fifth submarine ‘Vagir’ is currently undergoing trial at sea and is likely to be commissioned this year. The first submarine, INS Kalvari, was commissioned in 2017.
• The six submarines were being built under Project-75 by the Mazagon Dock under a $3.75 bn deal signed in October 2005.
• Project-75 (P-75) was conceptualised by former Prime Minister I K Gujrat.
• The Scorpene-class submarines have four MTU 12V 396 SE84 diesel engines, and 360 battery cells for giving power.
• The submarines have a length of 67.5 metres, height of 12.3 metres and a beam measures 6.2 metres.

Topic: Reports and Indices/Ranking

14. Cyrus Poonawalla is the richest healthcare billionaire in the world: Hurun Global Healthcare Rich List 2022.

• According to Hurun Global Healthcare Rich List 2022, Cyrus Poonawalla has a net worth of $26 billion.
• He is the fourth richest India and his wealth has grown by 41 per cent to $26 billion.
• Cyrus Poonawalla is the founder of the Serum Institute of India. He founded Serum Institute in 1966. Serum Institute of India is the world’s largest vaccine maker.
• The second richest healthcare billionaire globally is Thomas Frist Jr and family.
• Li Xiting and Xu Hang are on the third and fourth positions. India has a total of nine healthcare billionaires in 2022.
• In India, Dilip Shanghvi is on second position having a net worth of $18 billion. Murali Divi & family is the third richest healthcare billionaire with a net worth of $9.5 billion.