Today's Current Affairs-18th September 2022

INTERNATIONAL

India, Japan concludes 6th edition of maritime exercise ‘JIMEX’

• The sixth edition of the Japan India Maritime Exercise 2022, JIMEX 22 hosted by the Indian Navy concluded in the Bay of Bengal with the two sides bidding farewell to each other with a customary steam past on September 17, 2022.
• Indian Naval ships led by Rear Adm Sanjay Bhalla, Flag Officer Commanding Eastern Fleet and Japan Maritime Self Defence Force (JMSDF) Ships Izumo and Takanami led by Rear Adm Hirata Toshiyuki, Commander Escort Flotilla Four, participated in the week-long exercise.
• JIMEX 22 witnessed some of the most complex exercises undertaken jointly by the two navies. Both sides engaged in advanced level anti-submarine warfare, weapon firings and Air Defence exercises. Shipborne helicopters, fighter aircraft and submarines also participated in the exercise. Indian Navy and JMSDF ships replenished each other at sea under the agreement on Reciprocal Provision for Supply and Services (RPSS).
• The exercise, which marked the tenth anniversary of JIMEX since its inception in 2012, consolidated the mutual understanding and interoperability between the two navies.

About Japan:

Emperor: Naruhito 

Capital: Tokyo

Prime Minister: Fumio Kishida

Currency: Japanese yen

 NATIONAL

Jitendra Singh to lead delegation for Global Clean Energy Action Forum

• Union Science and Technology Minister Jitendra Singh will lead a joint ministerial delegation to the US to participate in the Global Clean Energy Action Forum.
• The delegation, comprising Minister for Power and New and Renewable Energy R K Singh, will also take part in the joint convening of Clean Energy Ministerial (CEM13) and Mission Innovation (MI-7) from Wednesday through Friday at Pittsburg, Pennsylvania.
• The event will bring together thousands of clean energy leaders from around the world, including CEOs, innovators, young professionals, civil society and ministers from over 30 countries to accelerate clean energy innovation and deployment.
• The Indian delegation is likely to highlight efforts made in the fields of bio-refineries, sustainable aviation fuels, materials accelerated platform, building energy efficiency (smart grids), carbon capture, and hydrogen valley platforms, among others, to expedite clean energy solutions.

About Ministry of Union Science and Technology:

Formed: May 1971

Responsible Minister: Jitendra Singh

SPORTS

Bengaluru FC lifts maiden Durand Cup by defeating Mumbai City FC

• Bengaluru FC has won its maiden and the 131st edition of the Durand Cup by defeating Indian Super League (ISL) giants Mumbai City FC 2-1. This is seventh domestic title for Bengaluru FC. Both the teams were at one each at the end of first half. But the goal by Alan Costa in 61st minute gave Bengaluru FC the winning lead against Mumbai.
• Earlier, Mumbai City FC defeated two times champion Mohammedan SC in the semis while Bengaluru FC beat Hyderbad FC to seal their spot in the final. The first edition of the competition was played in 1888.
• The 34-day tournament played across three states for the first time has concluded with the 47th and final match between two top teams and former champions of the Indian Super League, ISL.

About Karnataka:

Chief Minister: Basavaraj Bommai 

Governor: Thawar Chand Gehlot

Capital: Bengaluru (Executive Branch)

About Maharashtra:

Governor: Bhagat Singh Koshyari

Chief Minister: Eknath Shinde

Capital: Mumbai

 APPOINTMENS & RESIGNATIONS

Auto industry body SIAM appoints Vinod Aggarwal as new president

• Auto industry body, Society of Indian Automobile Manufacturers (SIAM) has elected Vinod Aggarwal as its new president for 2022-23. Aggarwal, the MD and CEO of Volvo Eicher Commercial Vehicles, succeeds Kenichi Ayukawa, the executive vice-chairman of Maruti Suzuki India. The SIAM also elected Tata Motors Passenger Vehicles managing director Shailesh Chandra as the vice-president, Satyakam Arya; and CEO & MD of Daimler India Commercial Vehicles was elected as the treasurer.
• The Society of Indian Automobile Manufacturers (SIAM) is a not-for-profit apex national body representing all major vehicle and vehicular engine manufacturers in India.
• SIAM works toward supporting sustainable development of the Indian Automobile Industry with the vision that India emerges as the destination of choice in the world for the design and manufacture of automobiles.

Pralay Mondal named as CSB Bank's new MD & CEO

• The Reserve Bank of India has approved the appointment of Pralay Mondal as the Managing Director and Chief Executive Officer of CSB Bank for three years. He was the Deputy Managing Director of the bank since February 17, 2022, and was subsequently appointed as interim MD & CEO with effect from April 1, 2022. Prior to joining CSB Bank, Mondal was Executive Director and Head, of Retail Banking at Axis Bank.
• At CSB Bank, Mondal has been working on expanding retail franchise distribution and branches, building technology platforms with a larger focus on digital initiatives towards automation and centralisation of processes.
• Mondol has around 30 years of banking experience across businesses and functions, including retail assets, retail liabilities, business banking products and technology.
• Before Axis Bank, he was the senior group president and head of retail and business banking at Yes Bank, wherein he was instrumental in setting up the entire retail franchise in a short period of time. Prior to Yes Bank, he has worked at HDFC Bank, Standard Chartered Bank, Wipro InfoTech and Colgate Palmolive.

About Reserve Bank of India (RBI):

Founded: 1 April 1935, Kolkata

Currency: Indian rupee (₹)

Founder: British Raj

Governor: Shaktikanta Das

About CSB Bank:

Founded: 26 November 1920

Headquarters: Thrissur, Kerala

 IMPORTANT DAYS

World Bamboo Day 2022: 18^th September

• World Bamboo Day 2022 is observed on September 18 in order to raise awareness about the conservation of this extremely useful plant. Conceptualised by the World Bamboo Organisation (WBO), this day also promotes the bamboo industry by highlighting its concerns. Bamboo wood has long been used for various purposes in countries around the globe, especially in the east and southeast Asia. Bamboo grows on its and doesn’t require to be replanted, making it easily available.
• By observing World Bamboo Day, WBO aims to sensitise people about the potential uses of bamboo. Promoting the new cultivation of bamboo in developing regions across the world can yield tremendous economic development. In fact, bamboo can be used as a substitute for numerous unsustainable resources. Found in South-East Asia, bamboo can be used in various ways including as food, and as a substitute for wood, building, and construction material.

About World Bamboo Organization:

Headquarters: Antwerp, Belgium

Founded: 2005

Executive director: Susanne Lucas

International Equal Pay Day 2022:18^th September

• International Equal Pay Day, celebrated on 18 September, represents the longstanding efforts towards the achievement of equal pay for work of equal value. The symbolic day aims at highlighting issues related to the gender pay gap and raising worldwide awareness. The main aim of the event is to end the history of gender discrimination that women are generally subjected to by getting paid less than their male counterparts.
• The day holds great significance in modern times as it shows how pay inequality still remains a reality. The day provides a global platform for women to raise the issue through various campaigns. International Equal Pay Day also encourages people to join the social cause by identifying strategies for its implementation.
• International Equal Pay Day was first observed back in 1996 by the National Committee on Pay Equity.

 BOOKS & AUTHOR

Former President Ram Nath Kovind launches book ‘Ambedkar and Modi: Reformer’s Ideas Performer’s Implementation’

• Former President Ram Nath Kovind has launched a book titled ‘Ambedkar and Modi: Reformer’s Ideas Performer’s Implementation’. The book, compiled by Bluekraft Digital Foundation, explores the life and works of Dr BR Ambedkar while drawing a parallel with the initiatives and reforms taken by Prime Minister Narendra Modi to implement the ideals of the social reformer.
• The book features a foreword by music composer and Rajya Sabha member Ilaiyaraaja. It presents a convergence between the ideals of Dr Ambedkar and New India’s development journey. Focus has been laid on infrastructure, education, socio-economic mobility, gender equality, and self-reliance in the twelve chapters of the book.
• Dr B.R. Ambedkar’s influence has an overarching impact on the making of Modern India. However, his legacy was sidelined and subjected to institutional neglect.

 BANKING AND ECONOMY

MoF Issues Guidelines for RRBs to Raise Resources Through IPO & rights issue

• The Finance Ministry has issued draft guidelines for Regional Rural Banks (RRBs) to raise resources from capital market, paving the way for raising funds via rights issue, private placement with select investors such as large banks and insurance companies, and initial public offerings (IPO).
• Currently, there are 43 RRBs sponsored by 12 Scheduled Commercial Banks with 21,892 branches across the country. As at March 2022, RRBs had deposits and loans and advances (net) aggregating ₹5,62,538 crore and ₹3,42,479 crore, respectively. RRBs are jointly owned by the Government of India (GoI), the respective State Governments (SGs), and the Sponsor Banks (SBs), with equity contribution in the ratio (GoI: SG: SB :: 50:15:35).
• As Per the guidelines, prior to issue of shares to the public through the IPO route, the RRBs should consider issue of bonus shares (to reward existing shareholders who so far have not been paid dividends and have first claim on the existing reserves) and a Rights Issue in consultation with the merchant bankers and the sponsor bank.

About Regional Rural Bank (RRB)

Parent: Ministry of Finance, Government of India

Founded: 2 October 1975; 46 years ago

Owner: Government of India (50%), Nationalised Banks (35%), State Governments (15%)

CAD Likely To Remain Within 3 Pc of GDP, Says RBI Article

• A weak rupee and elevated fuel prices will keep India’s current account deficit (CAD) under pressure with analysts seeing it at about 3% of GDP in FY23 compared to 1.2% in FY22 even as these will exert pressure on government finances. Subsidy expenditure is seen to rise to levels significantly higher than projected. Higher oil import bill on account of weak rupee will straddle several sectors, including fertilisers and metals, and also result in lower dividend receipts from state-run fuel retailers whose margins will be hit. Rupee hit a record low of 80 against US dollar for the first time in intra-day trade, before closing at 79.95.
• “The CAD is one of the causes of the rupee to slide on the side of fundamentals as a wider CAD which is not matched by capital flows (FPI inflows are negative) does lead to the rupee falling. We expect CAD to reach 3% of GDP this year,” said Madan Sabnavis, chief economist, Bank of Baroda. India, being a net commodity importer, is getting affected by high commodity prices and a weak currency. Although commodity prices have come off from the recent highs, weak currency continues to have its impact on Indian economy. India Ratings chief economist DK Pant also expects current account deficit to be about 3% of GDP in FY23.

About Reserve Bank of India (RBI):

Founded: 1 April 1935, Kolkata

Currency: Indian rupee (₹)

Founder: British Raj

Governor: Shaktikanta Das