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Important Current Affairs 1st October 2021

INTERNATIONAL

IFSCA constitutes panel for development of sustainable finance hub

• International Financial Services Centres Authority (IFSCA) has constituted an Expert Committee to recommend an approach towards the development of the Sustainable Finance Hub at IFSC. The expert committee will be chaired by C.K. Mishra, Former Secretary to Government of India, Ministry of Environment, Forest & Climate Change. The committee consists of a total of 10 members including the chairperson and the member secretary.

• The committee shall study the current regulatory practices in Sustainable Finance across major International financial jurisdictions and recommend a robust framework to develop a world-class sustainable finance hub at IFSC, along with a road map for the same.

• IFSCA was established by the Ministry of Finance on April 27 2020, as a unified regulator of all financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India. It has its headquarter at GIFT city in Gandhinagar, Gujarat.

NATIONAL

'Elder Line' rings in hope for senior citizens

• Ministry of Social Justice & Empowerment has launched India’s first Pan-India helpline for senior citizens named ‘Elder Line’ for which the toll-free number is 14567. The platform will allow senior citizens to connect and share their concerns, get information and guidance on problems that they face on a day-to-day basis.

• It will provide free information and guidance on pension issues, legal issues, extend emotional support, and even intervenes on the field in cases of abuse, and rescues the homeless elderly. Tata Trusts and NSE Foundation are the technical partners for “Elder Line”.

Government increases the income limit of disabled dependents for family pension

• Ministry of defence and union government has decided to increase the income limit of disabled dependents for family pension to children/siblings suffering from mental or physical disability. The child/sibling will be eligible for family pension for life if his/her overall income from sources other than a family pension is less than 30% of the last pay drawn by the deceased government servant/pensioner concerned plus the dearness relief admissible thereon.

• The financial benefit in such cases will accrue with effect from 08 February 2021. Presently, the disabled child/sibling is eligible for family pension if the overall monthly income of the disabled child/sibling from sources other than the family pension is not more than Rs 9,000, along with dearness relief.

Hurun India Rich List 2021: Mukesh Ambani on tops

• Reliance Industries Chairman, Mukesh Ambani has topped the IIFL Wealth Hurun India Rich List for the 10th consecutive year. In 2021, his total net worth was recorded at Rs 7,18,000 crore. Meanwhile, Adani Group Chairman Gautam Adani is in the second spot with a net worth of Rs. 5,05,900 crore. Shiv Nadar & the family of HCL technologies are third in the list with a net worth of Rs 2,36,600 crore.

• The Hurun India Rich list 2021 has named the richest individuals in the country with a wealth of Rs 1,000 crore or more as on September 15, 2021. The Hurun India Rich List 2021, features as many as 1,007 individuals across 119 cities with a net worth of Rs 1,000 crore. As per the report, India has 237 billionaires, up 58 compared to last year.

APPOINTMENT & RESIGNATION

NBA signs Bollywood star Ranveer Singh as brand ambassador for India

• The National Basketball Association (NBA) has named Bollywood actor Ranveer Singh as its brand ambassador for India. He will work with the NBA to help grow the league’s profile in India throughout its landmark 75th anniversary season in 2021-22. For the 2021-22 season, Singh will participate in a number of league initiatives that will be featured on NBA India’s and his personal social media accounts.

• The NBA is a global sports and media business built around four professional sports leagues: the National Basketball Association, Women’s National Basketball Association, the NBA G League and the NBA 2K League. The NBA games and programming is available in 215 countries and territories and merchandise for sale in more than 100,000 stores in 100 countries.

IMPORTANT DAYS

International Day of Older Persons 2021: 01st October

• International Day of Older Persons is observed globally on 1st October every year. The day aims to raise awareness about issues affecting the elderly, such as senescence and elder abuse, and appreciate the contributions that older people make to society. The theme of International Day of Older Persons 2021: Digital Equity for All Ages.

• On 14 December 1990, the United Nations General Assembly designated October 1 as the International Day of Older Persons (resolution 45/106). This was preceded by initiatives such as the Vienna International Plan of Action on Ageing, which was adopted by the 1982 World Assembly on Ageing and endorsed later that year by the UN General Assembly.

World Vegetarian Day2021: 01st October

• World Vegetarian Day is observed annually on October 1 globally to raise awareness about the ethical, environmental, health, and humanitarian benefits of a vegetarian lifestyle. World Vegetarian Day is celebrated to emphasize environmental considerations, animal welfare and rights issues and personal health benefits to encourage people into ditching animal products. The full week between October 1–7 is observed as the International Vegetarian Week (IVW).

• Vegetarianism was frequently referred to as a Pythagorean Diet, before the popularization of the term ‘vegetarian’ in the mid-1800s. Ancient Greek philosopher and mathematician Pythagoras was an early advocate for the diet hence, it was named after him. Established by the North American Vegetarian Society in 1977 and endorsed by the International Vegetarian Union in 1978, World Vegetarian Day is observed annually around the globe on October 1.

International Coffee Day 2021: 01st October

• Every year, International Coffee Day is observed on October 1, to celebrate and promote the use of coffee. There are many who believe that coffee might pose ill effects on their health, therefore, on this day people are educated about the various benefits of this beverage. On International Coffee Day, the hard work and efforts of these workers and people who are associated with the coffee industry are also recognised.

• Considering the number of sectors and workers involved, the day is not only observed to cherish the beverage but also to voice out for the injustices suffered by the sector and the people associated with it. The day also aims to promote the fair trade of coffee and bring the plight of coffee growers across the globe to the limelight.

BOOKS & AUTHOR

Indra Nooyi memoir “The secrets to balancing work and family life”

• In her book, My Life in Full: Work, Family and our Future, Indra Nooyi focuses on the importance that organisational support plays in working women’s lives. For instance, she lists the offer of three months of paid leave by BCG to take care of her father in India when he was diagnosed with cancer.

• Indra Nooyi tells the story of that journey in her memoir, My Life in Full (published by Hachette India) in 313 pages that are packed with her experiences of settling in America, negotiating the boardroom, balancing work and family life and what the pandemic has meant for workplaces.

BANKING AND ECONOMIC

RBI removes Indian Overseas Bank from Prompt Corrective Action framework

• Reserve Bank of India has announced the removal of Prompt Corrective Action (PCA) restrictions on Indian Overseas Bank (IOB). This decision gives the bank more freedom for lending, especially to corporations and grow the network, subject to prescribed norms. IOB was placed under PCA in 2015.

• The bank has provided a written commitment that it would comply with the norms of Minimum Regulatory Capital, Net NPA and Leverage ratio on an ongoing basis and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments. IOB is being tipped as a privatisation candidate. In 2021, RBI has also removed PCA restrictions on IDBI Bank and UCO Bank.

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