Today's Current Affairs-29th September 2022

NATIONAL

Centre bans PFI, affiliates for 5 years, says major threat to internal security

• The Popular Front of India (PFI) and its affiliates were banned by the Centre for a period of five years, days after law enforcement agents tried in a campaign to suppress the activities of the group. The Ministry of Home Affairs used the Unlawful Activities (Prevention) Act to enact the ban, claiming that the Popular Front of India (PFI) and its affiliates pose a “major threat to internal security of the country” and are connected to terrorist organisations like the ISIS.
• Centre also mentioned, they also promote “anti-national sentiments… radicalise a particular section of society with the intention of creating disaffection.”
• After the ban, the Popular Front of India (PFI) made an announcement that it was breaking apart.
• According to the law, if the Central Government is satisfied following an investigation that “any person has custody of any moneys, securities, or credits which are being used or are intended to be used for the purpose of the unlawful association, the Central Government may, by order in writing, prohibit such person from paying, delivering, transferring, or otherwise dealing in any manner.”
• The Popular Front of India (PFI), is an Indian Muslim political organisation.It is an extreme and exclusivist brand of Muslim minority politics is practised.
• Popular Front of India (PFI) was established in 2006 as a result of the union of the National Development Front (NDF) and the Karnataka Forum for Dignity (KFD).
• It promotes accommodations for Muslims. The group staged demonstrations in 2012 in opposition to the purported detention of innocent people under the UAPA statute.

About Popular Front of India (PFI):

Founded: 22 November 2006

Headquarters: New Delhi

Chairman: OMA Abdul Salam

General Secretary: Anis Ahmed

 SPORTS

Laver Cup 2022: Team World stuns Team Europe, wins title

• Team World defeated Team Europe to win the Laver Cup 2022 for the first time. Team World defeats Team Europe 13-8 to win the Laver Cup indoor tennis tournament. Frances Tiafoe and Felix Auger of Team World defeated Stefanos Tsitsipas & Novak Djokovic of Team Europe to win the competition. Laver Cup is an international indoor hard court tournament between Team Europe & Team World. Players from all continents, besides Europe, represent Team World.
• The 2022 Laver Cup was the fifth edition of the Laver Cup, a men’s tennis tournament between teams from Europe and the rest of the world. It was held on an indoor hard court at The O2 Arena in London, England. This tournament marked the retirement of 20-time singles major champion and former singles world No. 1, Roger Federer. The former champion alongside longtime rival Rafael Nadal was narrowly defeated in the third-set super tiebreak against Jack Sock and Frances Tiafoe.

About Laver Cup:

Founded: 2017

Headquarters location: Boston, Massachusetts, United States

Location: European city, World city rotation

Draw: 2 teams (Team Europe vs Team World)

Editions: 5 (2017, 2018, 2019, 2021, 2022)

APPOINTMENS & RESIGNATIONS

Former SBI Card MD and CEO Vijay Jasuja joins Stashfin as independent director

• Leading Fintech platform Stashfin has appointed BFSI (Banking, Financial Services and Insurance) expert and former MD and CEO of SBI Cards, Vijay Jasuja as Non-Executive Independent Director. He also served as a Director at PNB Cards. Jasuja, an industry veteran, has more than 40 years of BFSI experience in leadership positions across Indian and overseas markets, has been the MD and CEO of SBI Cards, and director, of PNB Cards. He has held multiple leadership positions at SBI including General Manager, Hyderabad; General Manager (IBG), Mumbai; Country Head and CEO, Maldives and Regional Head, Sub-Saharan Africa.
• Stashfin is a leading fintech platform with a mission to deliver seamless and transparent financial services to consumers across a wide spectrum. Our aim is to empower the customers by improving their financial health, which will lead to inclusivity, growth and economic independence. Stashfin is one of the most innovative organizations in the fintech industry.

About State Bank of India (SBI):

Chairperson: Dinesh Kumar Khara

Headquarters: Mumbai

Founded: 1 July 1955

 IMPORTANT DAYS

World Heart Day 2022: 29^th September

• Every year on the 29^th of September, people all around the world observe World Heart Day. The day is observed to raise awareness about the rising concerns of heart health, cardiovascular illnesses, the impact of overexercising on the heart and how heart care is of utmost importance.
• The theme for World Heart Day 2022 is ‘USE HEART FOR EVERY HEART’. With increasing global awareness about cardiovascular diseases and learning to manage the disease. In the theme ‘USE HEART FOR EVERY HEART’, “Use Heart” means to think differently, make the right decisions, act with courage and help others. Similarly, “For Every Heart” involves the use of “FOR” and shifts the focus from the actions themselves to the heir of such actions, allowing for wider application of the campaign while also making it more personal.

About World Heart Federation:

Founded: 2000

Headquarters: Geneva, Switzerland

President: Fausto Pinto

 SUMMIT'S & MOU's

MoHUA initiates Swachh Toycathon to boost toy production from dry waste

• The Ministry of Housing and Urban Affairs (MoHUA) launched Swachh Toycathon under the Swachh Amrit Mahotsav. The competition aims to explore solutions for use of waste in the creation or manufacturing of toys. Secretary, MoHUA, Manoj Joshi, launched the event on MyGov portal and released the toolkit.
• Addressing the occasion, Joshi said creative minds should come up with innovative solutions that meet the growing demand for toys on one hand and address the impacts of solid-waste on the other. Toys must remain a source of wonder and joy for children launching them on journeys of imagination. Household waste items can be turned into toys that teach children about basic principles of science, said Manish Jain, principal coordinator of Center for Creative Learning, in IIT Gandhinagar.
• The Center for Creative Learning, IIT Gandhinagar, is MoHUA’s knowledge partner for the initiative.
• National Action Plan for Toys (NAPT) 2020 was introduced to promote the Indian toy industry including traditional handicrafts and handmade toys with the objective of establishing India as a global Toy hub. Department for Promotion of Industry and Internal Trade (DPIIT) along with 14 ministries of Central Government is currently implementing various aspects of the NAPT.
• Besides being the second largest populated country in the world, India also has a growing young population with half of the total population under 25 years of age.

About Department for Promotion of Industry and Internal Trade (DPIIT):

Founded: 1995

Parent organization: Ministry of Commerce and Industry

About Gujarat:

Capital: Gandhinagar

Governor: Acharya Devvrat

Chief Minister: Bhupendrabhai Patel

 BANKING AND ECONOMY

BSE gets Sebi's nod to launch EGR on its platform

• Stock exchange BSE has received final approval from the capital markets regulator Securities and Exchange Board of India (SEBI) for introducing the Electronic Gold Receipt (EGR) segment on its platform. The exchange had received in-principle approval from Sebi in February after which the exchange conducted several mock trading in the test environment for exchange members to facilitate trading in EGRs.
• Sebi board had earlier cleared a proposal for gold exchange, wherein the yellow metal will be traded in the form of EGRs and will help in having a transparent domestic spot price discovery mechanism.
• According to BSE, EGRs will cater to all market participants, which means that buyers and sellers on the exchange shall include individual investors, as well as commercial participants along the value chain like importers, banks, refiners, bullion traders, jewellery manufacturers, and retailers.
• Sameer Patil, chief business officer, BSE, said, “We are extremely thankful to Sebi for giving us the final approval and confidence that we will be able to launch the trading in EGR soon, as gold holds special significance for Indian households.
• India is the second-largest consumer of gold globally with annual gold demand of approximately 800-900 tonnes and holds an important position in the global markets.

About Bombay Stock Exchange (BSE):

Location: Mumbai, India

Founded: 9 July 1875; 147 years ago

Traded as: NSE: BSE

About Securities and Exchange Board of India (SEBI):

Founded: 12 April 1992

Headquarters: Mumbai

Agency executive: Madhabi Puri Buch (Chairperson)

Union Bank opens ethical hacking lab in Hyderabad

• The Union Bank of India inaugurated the Ethical Hacking Lab at the Cyber Security Centre of Excellence (CCoE) in Hyderabad. The lab with a cyber defence mechanism will protect the bank’s information system, digital assets, and channels, against potential cyber threats. The lab was inaugurated by the bank’s managing director and CEO, A. Manimekhalai. Union Bank is adopting Digital Products in a big way. Various new initiatives are taken by the Bank to increase Digital Footprints. The IT assets are increasingly exposed to the Internet.
• Union Bank’s Cyber Security Centre of Excellence (CCoE) in Hyderabad is in the process of establishing multiple cyber security centres to strengthen the Bank’s security posture and collaborate with cyber defence industries, Government bodies, etc., for implementing new technologies. In this backdrop, our Bank has established the Ethical Hacking Lab to strengthen the cyber ecosystem. This is an important milestone as we take our cyber security journey ahead to secure digital banking experience.”

About Union Bank of India (UBI):

Founded: 11 November 1919

Headquarters: Mumbai

CEO: A. Manimekhalai

About Telangana:

Founded: 2 June 2014

Capital: Hyderabad

Governor: Tamilisai Soundararajan

Chief Minister: K. Chandrashekar Rao

Govt extends foreign trade policy by 6 months 

• The Commerce Ministry announced the extension of the existing foreign trade policy by six months. The reason behind the development is currency volatility and global uncertainty. The ministry said, the geo-political situation is not suitable for long-term foreign trade policy.
• The Commerce Ministry said, “existing Foreign Trade Policy extended by six months due to currency volatility & global uncertainty. Geo-Political situation is not suitable for long-term Foreign Trade Policy.” Earlier, the government had extended the due date for the Foreign Trade Policy 2015-20 to September 30, 2022.
• Foreign Trade Policy provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country. It focuses to support both the manufacturing and services sectors, with a special emphasis on improving the ease of doing business. Between April to August 2022, India’s merchandise exports stood at $192.59 billion up by 17.12% from $164.44 billion in the same period a year ago. Imports continue to rise more than exports. In the first five months of FY23, merchandise imports grew by 45.64% to $317.81 billion from $218.22 billion in the corresponding period last year. The trade deficit widened by more than 2-folds to $125.22 billion (April – August 2022) compared to $53.78 billion in the same period last year.

World Bank and SIDBI to launch fund against loan default to lenders financing purchase of electric 2-3 wheelers

• A $1 billion fund may soon be launched by the government in collaboration with the World Bank, and the Small Industries Development Bank of India (SIDBI). The fund will be used to provide guarantees against defaults on loans taken to buy electric two or three-wheelers. The NITI Aayog will be the facilitating agency of the project. It will aim to facilitate faster and easier financing of EVs.
• Initially a $300 million fund will be put in place as a “first loss risk sharing instrument.” The funds will be available to all financial institutions. “The instrument would act as a hedging mechanism, for banks to access in case of defaults of loans on purchase of electric vehicles. This is expected to bring down the cost of financing EVs by 10-12 per cent”.
• Currently, loans for electric two-wheelers and three-wheelers attract 20-25 per cent interest per annum. Earlier, the State Bank of India (SBI) was considered to be the programme lead. However, it withdrew from the deal after due diligence.

About World Bank:

Headquarters: Washington, D.C., United States

President: David Malpass

Founded: July 1944, Bretton Woods, New Hampshire, United States

Motto: Working for a World Free of Poverty

Founders: John Maynard Keynes, Harry Dexter White

About Small Industries Development Bank of India (SIDBI):

Founded: 2 April 1990

Headquarters: Lucknow

Agency executive: Sivasubramanian Ramann, IA&AS, (Chairman & MD);

About NITI Aayog :

Formed: 1 January 2015

Headquarters: New Delhi

Chairperson: Narendra Modi

Founder: National Democratic Alliance

ADB Plans $14 Billion to Ease Food Crisis, Promote Long-Term Food Security in Asia and the Pacific

• The Asian Development Bank said, it will devote at least $14 billion through 2025 to help ease a worsening food crisis in Asia-Pacific. The development lender said it plans a comprehensive program of support to help the 1.1 billion people in the region who lack healthy diets due to poverty and soaring food prices. The Manila, Philippines-based ADB made the announcement during its annual meeting.
• “This is a timely and urgently needed response to a crisis that is leaving too many poor families in Asia hungry and in deeper poverty,” ADB President Masatsugu Asakawa said. The plan calls for improving long-term food security by strengthening farming and food supplies to cope with climate change and loss of biodiversity. The ADB said the funds will go to both existing and new projects spanning farming, food production and distribution, water resources management and social supports. Asakawa said that in the short-term, support will be targeted at and designed to help the most vulnerable, particularly women.
• In opening the ADB meeting, Asakawa noted that the economic outlook has worsened with the Russian invasion of Ukraine, soaring prices for many commodities and a harsher economic environment thanks to rising interest rates and weakening currencies for many developing economies. In a recent update, the bank downgraded its forecast for growth in the region to 4.3% from an earlier estimate of 5.2%. Next year’s outlook is for 4.9% annual growth.

About Asian Development Bank (ADB):

Headquarters: Mandaluyong, Philippines

Founded: 19 December 1966

President: Masatsugu Asakawa (from 17 January 2020)

Purpose: Social and Economic Development