Today's Current Affairs - 14th October 2022

NATIONAL

5^th edition of Megha Kayak festival begins in Ri Bhoi

• Meghalaya is all set to host the four-day long mega global adventure sports spectacle, ‘Megha Kayak Festival, 2022’ starting October 13 at the picturesque Umtrew River at Umtham Village. The 2022 edition of the festival will witness over 100 participants from close to 20 countries across the globe, featuring some of the best-known athletes. The festival will include white water kayaking events in three competition categories – Downriver Time Trial, Extreme Slalom and Downriver Freestyle for professionals as well as intermediate and amateur racers.
• ‘Megha Kayak Festival’ is receiving an overwhelming response with participation assured from leading adventure water sports nations like New Zealand, the United Kingdom, Germany, France, and Canada to name a few.

About Meghalaya:

Capital: Shillong;

Chief Minister: Conrad Kongkal Sangma;

Governor: D. Mishra (additional charge).

PM Modi flags off 4th Vande Bharat Express train in Himachal's Una

• Prime Minister Narendra Modi inaugurated the fourth Vande Bharat Express Train of India. He also launched a slew of development projects in Himachal Pradesh. PM Modi flagged off the inaugural run of the new Vande Bharat Express Train from Amb Andaura to New Delhi. He also laid the foundation stone of Bulk Drug Park.
• In Chamba district, he laid the foundation stone of two hydropower projects and launched the Pradhan Mantri Gram Sadak Yojana-III in Himachal Pradesh.
• Chief Minister of Himachal Pradesh Jai Ram Thakur highlighted the ninth visit of Prime Minister Narendra Modi to Himachal Pradesh in five years.
• The Vande Bharat Express Train launched in Himachal Pradesh is much lighter and capable of reaching higher speeds in a shorter duration.

Rajnath Singh launches website for citizens to contribute to Armed Forces fund

• Defence Minister of India, Rajnath Singh will be launching the ‘Maa Bharati Ke Sapoot’ (MBKS) website for the Armed Forces Battle Casualties Welfare Fund (AFBCWF) during a function at the National War Memorial Complex in New Delhi. The AFBCWF is a Tri-service fund utilised to grant immediate financial assistance of ex-gratia to the next of kin and dependents of Battle Casualties. Bollywood actor Amitabh Bachchan to be the ‘Goodwill Ambassador’.
• The Chief of Defence Staff, all three Service Chiefs, Param Vir Chakra (PVC) awardees and other prominent officials of the MoD, corporate heads, chairman & managing directors of banks, personnel from the sports field and celebrities are expected to attend the function. On occasion, the ten of kins of fallen heroes and soldiers disabled in active military operations will also be felicitated. Parents and relatives of many war-decorated soldiers have also been invited.

Eastern Naval Command conducts offshore security exercise 'Prasthan'

• ‘Prasthan’ an Offshore Security Exercise was conducted by the Eastern Naval Command in the Offshore Development Area (ODA) off Kakinada. ‘Prasthan’ is a half-yearly exercise that was conducted in the KG basin to validate SOPs, address various contingencies and strengthen the command and control organization toward Maritime security.
• It aims to integrate the efforts of all maritime stakeholders involved in offshore defense.
• The exercise aims to refine the standard operating procedures (SOPs) and response actions to several contingencies in the Offshore Defence Area.
• The Prasthan exercise is conducted every six months and it is an important element of ensuring offshore security as per the Defence Ministry.
• The exercise was conducted onboard Drill rigs Platinum Explorer and DDKG of ONGC and RIL located about 40 nm south of Kakinada.

 APPOINTMENTS & RESIGNATIONS

Odisha MP Aparajita Sarangi elected Asia Pacific Group's Inter-Parliamentary Union panel member

• Lok Sabha member from Bhubaneswar, Aparajita Sarangi has been elected as a member to the executive committee of the Inter-Parliamentary Union (IPU). The Parliamentarian from Odisha bagged 12 out of the total of 18 available votes in the election to the post held at Kigali, Rwanda. Sarangi will represent India at the 15-member executive committee of the union.
• Notably, this will be the first time in 20 years, that India will have her representative in the international committee.
• The Indian Parliamentary Delegation is being led by Harivansh, Deputy Chairperson in Rajya Sabha. Aparajita Sarangi, Harivansh and Sasmit Patra attended a meeting called by the Governing Council of the Inter-Parliamentary Union following her nomination. The 145th Inter-Parliamentary Union Assembly is being held currently in Kigali, Rwanda.

About Inter-Parliamentary Union:

Founded: 1889;

Headquarters: Geneva, Switzerland

President: Saber Hossain Chowdhury

Secretary General: Martin Chungong

 SUMMIT'S & MOU's

Tata Power, 75F Smart Innovations partner for energy-efficiency solutions

• Tata Power Trading Company (TPTCL) has signed an agreement with 75F Smart Innovation India to jointly promote automation and energy efficiency solutions in the commercial building space. This will include industry verticals like IT/ITeS, BFSI hospitality, healthcare, education, government, and retail.
• The collaboration of TPTCL and 75F will offer solutions in the space of HVAC optimization and smart building automation powered by the finest technology like cloud, IoT, and AI.
• The solutions by a collaboration of TPTCL and 75F will help commercial buildings with centrally air-conditioned spaces attain assured savings in their HVAC energy consumption.
• TPTCL holds a category-I trading license and is engaged in the business of energy sourcing, trading, and energy efficiency services.

MWCD to organize National Conference on Skilling in Non- Traditional Livelihood for Girls “Betiyan Bane Kushal”

• The Ministry of Women and Child Development (MWCD) is set to organize a National Conference on skilling in Non-traditional Livelihood (NTL) for girls. The program is named “Betiyan Bane Kushal“, under the banner of Beti Bachao Beti Padhao on the occasion of the International Day of the Girl Child on 11th October 2022.
• The conference will emphasize convergence between ministries and departments to ensure that girls build their skills in a diverse set of platforms.
• The set of professions includes science, technology, engineering, and mathematics (STEM).
• The event will witness the signing of MoUs with the Ministry of Skill Development and Entrepreneurship (MSDE) and the Ministry of Minority Affairs for the Skilling of young girls.

 BANKING AND ECONOMY

Paytm Partners with Jana Small Finance Bank for Deployment of Card Devices, Aims to Further Drive Digitisation Among Merchants

• Paytm brand has partnered with Jana Small Finance Bank to deploy card machines to further drive digitisation among merchants across the country. This partnership will enable Jana Small Finance Bank to extend Paytm’s All-in-one EDC machines to its existing and potential customers, providing a one-stop solution for all their digital payment needs. With over 4.5 million devices deployed, Paytm remains the market leader in offline payments. Paytm’s EDC devices and All-in-One POS devices have revolutionised digital payments in India with their flexibility of accepting multiple payment methods.
• Paytm’s card machines provide a feature-rich payments solution that has enabled a robust growth of businesses for our merchant partners. This partnership will help expand our reach and deploy card machines across India’s small cities and towns.
• This partnership is in line with our vision to become the leading digitised bank of aspirational India to further financial inclusion in the country.
• MSME is a key priority for our Bank and we serve their needs in 150 cities. Our offerings are digital and this relationship with Paytm will further enhance our services to our customers.

RBI norms on unhedged Fx exposure unlikely to impact banks much

• The Reserve Bank of India (RBI) tweaked guidelines for banks on incremental capital and provisioning requirements in relation to unhedged foreign currency exposures, amid the weakness in the rupee vis-a-vis the US dollar. The rupee has depreciated about 10 per cent against the US dollar thus far in 2022, and as a result there has been greater scrutiny of firms’ unhedged exposure through borrowings in foreign currencies.
• “Entities which do not hedge their foreign currency exposures can incur significant losses during the period of heightened volatility in foreign exchange rates. These losses may reduce their capacity to service the loans taken from the banking system and increase their probability of default thereby affecting the health of the banking system,” the RBI said. The revised rules will come into force from January 1, 2023.
• The incremental provisioning requirement is in the range of 20 basis points (bps) to 80 bps. In cases where banks face a potential loss or hit to earnings before interest and depreciation (Ebid) of more than 15 per cent but up to 30 per cent, lenders will have to increase provisioning by 20 bps, the RBI said.

JSW Steel Joined UNGC Initiative

• JSW Steel has joined the United Nations Global Impact (UNGC) initiative. The UNGC encourages companies to conduct business responsibly by aligning their operations and strategies with the UN’s 10 principles. JSW Foundation, the social arm of the JSW Group, is a member of UNGC and part of the India local network of UNGC.
• A majority of JSW’s strategic focus areas and organizational goals have been formulated to align with the UN SDGs.
• The formal membership with JSW and UNGC will continue executing operations and practices sustainably.
• The initiative also commits companies to take actions to advance broader Social benefits through the UN Sustainable Development Goals (SDGs).