DAILY CURRENT AFFAIRS

By admin: May 16, 2023

IRDAI constitutes Expert committee for matters related to mental health

Tags: committee National News

The Insurance Regulatory and Development Authority of India (IRDAI) has recently constituted a five-member expert committee comprising medical experts and insurers to advise on matters related to mental health and insurance.

An overview of the news

• The panel has been constituted for two years to advise on matters related to mental health and insurance.

• The committee will provide advice and input on existing insurance coverage and what is offered for mental illnesses.

• It will also provide guidance on terminology and concepts from a medical perspective and aspects related to mental illness from an insurance perspective.

• Pratima Murthy, director of the National Institute of Mental Health and Neurosciences (NIMHANS), has been made the chairperson of the committee.

About the committee

• Dr. Pratima Murthy, Director, NIMHANS, Bangalore, (Chairman)

• Dr. Nimesh Desai, Former Director, Institute of Human Behaviour and Allied Sciences, New Delhi, (Member)

• Bhargav Dasgupta, CEO, ICICI Lombard General Insurance Company Ltd, (Member)

• Dr. S. Kalyanasundaram, Psychiatrist, Bangalore, (Member)

• Mayank Bathwal, CEO, Aditya Birla Health Insurance Company Ltd, (Member)

About Insurance Regulatory and Development Authority (IRDAI)

• IRDAI is the regulatory body responsible for overseeing and regulating the insurance industry in India.

• It was set up to promote and regulate the insurance sector in India.

• It was established on April 1, 2000, under the provisions of the Insurance Regulatory and Development Authority Act, 1999. 

• The primary role of the IRDAI is to regulate and promote the insurance industry in India.

Bank of Baroda launches Electronic Bank Guarantee

Tags: Economy/Finance National News

Bank of Baroda partnered with National e-Governance Services Limited (NESL) to launch the Electronic Bank Guarantee (BG) system on digital platforms.

An Overview of the News

• It aims to significantly reduce the turnaround time for issuance of electronic bank guarantees as compared to the traditional paper-based process.

• The electronic bank guarantee system is accessible through Baroda INSTA, the digital platform of Bank of Baroda.

• The digital approach enhances convenience, security and efficiency in the issuance of inland bank guarantees.

• The system reduces manual paperwork, streamlines processes and promotes digital transformation in the banking sector.

About Bank of Baroda (BoB)

• It is an Indian public sector bank headquartered in Vadodara, Gujarat.

• It is the second largest public sector bank in India after State Bank of India and has a global presence with over 100 overseas offices.

• The bank was established on 20 July 1908 by Sayajirao Gaekwad III, the Maharaja of Baroda.

• On 19 July 1969, the Government of India nationalised Bank of Baroda along with 13 other major commercial banks.

• After nationalisation, the bank became a profit making Public Sector Undertaking (PSU).

Govt appoints Ravneet Kaur as CCI Chairperson

Tags: Person in news

The government has appointed Ravneet Kaur as the new chairperson of the Competition Commission of India (CCI).

An overview of the news

• Since the departure of Ashok Kumar Gupta in October 2022, there is no full-time chairman in the CCI for the last seven months.

• She will replace CCI member Sangeeta Verma who has been serving as the interim chairperson since October last year after Ashok Kumar Gupta stepped down.

• Kaur, a 1988 IAS officer of Punjab cadre, will be appointed for a period of five years from the date of assuming charge or till the date of attaining the age of 65 years or until further orders, whichever is earlier.

• Kaur has held several positions in the government over the past two decades, besides serving as the chairperson of the India Tourism Development Corporation between 2017 and 2019.

Competition Commission of India (CCI) 

• It is the chief national competition regulator in India. 

• It was set up under the Competition Act, 2002.

• It comes under the Ministry of Corporate Affairs.

• It promotes healthy market competition and prevents activities that have an adverse effect on competition in India. 

• CCI also approves merger and acquisitions of companies in India so that the  two merging entities do not dominate the market unfairly.

• Headquarter - New Delhi

India, EFTA take significant steps towards new Trade and Partnership Agreement

Tags: Economy/Finance International Relations

India and the European Free Trade Association (EFTA) states have recently taken important steps towards a new trade and partnership agreement.

An overview of the news

• At the ministerial meeting held in Brussels on May 15, Commerce and Industry Minister Piyush Goyal held discussions with representatives of EFTA to work towards a comprehensive new Trade and Partnership Agreement (TEPA).

• The Ministerial meeting marked an important milestone in taking forward the negotiations on TEPA between India and the European Free Trade Association.

• Both sides stressed the importance of principles of good faith and respect for each other's sensitivities in order to achieve a fair, just and balanced settlement.

About India and the European Free Trade Association (EFTA) 

• EFTA has established bilateral relations and cooperation in the field of trade and commerce.

• The objective of this cooperation is to strengthen economic ties and promote mutually beneficial trade between the two countries.

• The EFTA is an intergovernmental organization consisting of four member states: Switzerland, Norway, Iceland, and Liechtenstein. 

• These countries have a strong tradition of trade and economic liberalization.

• India and EFTA have engaged in negotiations to establish a comprehensive trade agreement. 

• The negotiations cover various aspects, including trade in goods, services, investment, intellectual property rights, and other trade-related issues.

Agriculture Minister Inaugurates Integrated Biological Control Laboratory in Hyderabad

Tags: National National News

Union Agriculture and Farmers Welfare Minister Narendra Singh Tomar officially inaugurated the Integrated Biological Control Laboratory located in Hyderabad on 15 May.

An overview of the news

• This laboratory is an important milestone in promoting sustainable and eco-friendly agricultural practices.

Emphasis on biological control

• The primary focus of the laboratory is on the use of biological control methods.

• These methods involve the use of natural agents such as beneficial insects, predators and parasites for the management of pests and diseases in agricultural crops.

• By reducing reliance on chemical pesticides, this approach supports ecosystem balance and sustainable agriculture.

Advances in Pest Management

• The establishment of the Integrated Biological Control Laboratory represents a remarkable progress in the field of pest management.

• This highlights the government's commitment to adopt integrated pest management strategies that prioritize environment-friendly solutions.

Research and development

• The laboratory serves as the center for research and development activities related to biological control.

Key work of the laboratory

• Development and large scale production of biocontrol agents.

• These agents are natural enemies of insects, such as parasitoids, predators, and entomopathogenic microorganisms.

• The laboratory will ensure the quality and effectiveness of these agents, which are released into agricultural fields to manage pest populations.

• The laboratory will carry out intensive testing and standardization of biocontrol agents.

• This will ensure their efficacy, safety and compatibility with various farming systems.

• The goal is to provide reliable and efficient organic control solutions to farmers.

India & Bangladesh launch '50 Start-ups Exchange Programme'

Tags: International Relations International News

India and Bangladesh have recently jointly launched the '50 Start-up Exchange Programme' to promote collaboration and exchange between the start-up ecosystems of the two countries.

An overview of the news

• The objective of the program is to strengthen bilateral relations between India and Bangladesh by promoting cooperation in start-up and innovation sectors.

• It provides a platform for entrepreneurs, investors and stakeholders from both the countries to connect and collaborate.

• The '50 Start-up Exchange Program' facilitates knowledge sharing and learning opportunities between Indian and Bangladeshi start-ups.

• It encourages exchange of ideas, best practices and expertise to foster innovation and growth.

• The program provides mentorship and guidance to participating start-ups, connecting them with experienced entrepreneurs, industry experts and investors.

People’s Republic of Bangladesh 

• Capital: Dhaka 

• Prime Minister: Sheikh Hasina Wazed 

• President: Mohammad Shahabuddin

• Currency: Taka 

Inauguration of online education program 'Pahal' for rural children

Tags: State News

Chief secretary Durga Shankar Mishra inaugurated an online rural education programme ‘Pahal’ at Government UP Sainik Inter College, Sarojini Nagar, Lucknow on 15th May.

An overview of the news

• This programme has been prepared by the department of secondary education in collaboration with IIT Kanpur.

• The initiative aims to provide educational opportunities to rural children who have limited access to quality education.

•  'Pahal' is designed to bridge the education gap between rural and urban areas. 

• Under this program, in the initial phase, free online education will be provided in 10 government secondary schools of the state.

• Through these classes, students of rural areas will be able to get the latest information related to science and mathematics.

• The Chief Secretary said that the online rural education initiative is a new and good beginning.

About Uttar Pradesh

• Uttar Pradesh is a state located in the northern part of India.

• It is the most populous state in India as well as the most populous subdivision in the world.

• The state was officially established in 1950.

• Chief Minister - Yogi Adityanath

• Capital - Lucknow

• Governor - Anandiben Patel

• Rajya Sabha - 31 seats

• Lok Sabha - 80 seats

Duroflex ropes in Virat Kohli as brand ambassador

Tags: Person in news

Duroflex announces cricket icon Virat Kohli as its new brand ambassador to further its mission of advocating the importance of quality sleep in promoting a long healthy life.

An Overview of the News

• Virat Kohli's strong association with the brand's mission has inspired him to take on the role of brand ambassador for Duroflex.

• This collaboration will demonstrate Duroflex's commitment to spreading awareness about the connection between quality sleep and a healthier, more satisfying life.

• Kohli also launched Duroflex's latest offering Neuma'.

About Virat Kohli

Early Life and Career: Virat Kohli was born on 5 November 1988 in Delhi, India.

• Kohli made his international debut for the Indian cricket team in 2008.

Indian Cricket Captaincy:

• Kohli took over the captaincy of the Indian cricket team in Test matches in 2014.

• Under his leadership, India has achieved significant victories including a series win in Australia and a bilateral series win.

Awards and Recognitions:

• He has been awarded the Sir Garfield Sobers Trophy for the ICC Cricketer of the Year.

• Kohli also received the Rajiv Gandhi Khel Ratna, India's highest sporting honour.

Vedanta appoints Sonal Srivastava as its new CFO

Tags: Person in news

Vedanta Limited has appointed Sonal Srivastava as its Chief Financial Officer with effect from June 1, 2023.

An Overview of the News

• Sonal Srivastava had served as the Chief Financial Officer for Asia Pacific, Middle East and Africa operations at Holcim Group.

• She will work with internal and external stakeholders to develop and deliver business goals.

• Chairman of Vedanta - Anil Agarwal

About Vedanta Limited

• It is an Indian multinational mining company.

• Main operations: Iron ore, gold and aluminium mining.

• Operating in the States: Goa, Karnataka, Rajasthan and Odisha.

CEO - Sunil Duggal

Founder - Dwarka Prasad Agarwal

Established - 25 June 1965

Headquarters - Mumbai

Ashutosh Dixit appointed as Vice Chief of the Air Staff

Tags: Defence Person in news

On 15 May Air Marshal Ashutosh Dixit was appointed as the Vice Chief of the Air Staff.

An Overview of the News

• He has commanded the Mirage 2000 Squadron, a frontline fighter base in the Western Sector and a major fighter training base.

• He has held various positions at Air Headquarters, including Principal Director Air Staff Requirements, Assistant Chief of the Air Staff (Projects) and Assistant Chief of the Air Staff (Plans).

• He has participated in missions like 'Safed Sagar' and 'Rakshak'.

• Prior to this appointment, he was the Air Defense Commander of the Southern Air Command and the Senior Air Officer in the South Western Air Command.

Indian Air Force (IAF):

• It is the air arm of the Indian Armed Forces.

• Its primary mission is to secure Indian airspace and conduct aerial warfare during armed conflicts.

Establishment - 26 January 1950

Headquarters - New Delhi

Chief of Defense Staff (CDS) - General Anil Chauhan

Chief of the Air Staff (CAS) - Air Chief Marshal Vivek Ram Chaudhary

Vice Chief of the Air Staff (VCAS) - Air Marshal Amar Preet Singh

Vuppala Praneeth becomes India's 82nd Grandmaster

Tags: Sports Sports News

15-year-old chess player Vuppala Praneeth from Telangana has become the 82nd Grandmaster of India.

An Overview of the News

• Vuppala Praneeth defeated GM Hans Niem of USA during the final round of Baku Open 2023 to clinch the Grandmaster title.

• Praneeth clinched his first GM-norm and International Master (IM) title at the tournament in March 2022.

• He earned his second GM-norm at the Biel MTO in July 2022, followed by his final GM-norm nine months later at the second Chessable Sunway Formentera Open 2023.

• The first Indian Grandmaster was Viswanathan Anand, who held the title in 1988.

• Anand is a five-time world champion and is considered one of the greatest chess players of all time.

Important Points:

• 16-year-old chess player Pranesh M became India's 79th Grandmaster after winning the Rilton Cup in Stockholm, Sweden.

• Chennai-based chess player Vignesh NR became India's 80th Grandmaster after winning the 24th Nordwest Cup 2023 held at Bad Zwischenahn, Germany.

• Sayantan Das became India's 81st Grandmaster after his victory at the International Festival des Jeux in Cannes, France.

About Telangana

• It is a state located in south-central India on the high Deccan Plateau.

• It is the eleventh largest state of India by area.

• Telangana is bordered by Maharashtra to the north, Chhattisgarh to the northeast, Karnataka to the west, and Andhra Pradesh to the east and south.

• As of 2019, the state of Telangana is divided into 33 districts.

Formed (by split) - 2 June 2014

Capital - Hyderabad

Governor - Tamilisai Soundararajan

Chief Minister – K Chandrasekhar Rao (BRS)

Rajya Sabha - 7 seats

Lok Sabha - 17 seats

Pasang Dawa Sherpa became the second person to conquer Everest for the 26th time

Tags: Person in news

46 year old Pasang Dawa Sherpa, has become the second person to climb Mount Everest for the 26th time.

An Overview of the News

• The Himalayan database confirms that Pasang Dawa Sherpa has previously climbed Everest 25 times, including two in 2022.

• He has been climbing Everest almost every year since his first successful climb in 1998.

• Kami Rita, a climber who is a U.S. Leading the team, and is the first person to conquer Mount Everest for the 26th time.

Mount Everest:

• It is the highest mountain in the world, located in the Mahalangur Himal sub-range of the Himalayas.

• Its summit point is located on the China–Nepal border with a confirmed elevation of 8,848.86 m (29,031.69 ft) in 2020.

• The mountain is named after the former Surveyor General of India, George Everest.

• It is known in Tibetan as Chomolungma, meaning "Goddess of the World," and in Nepali as Sagarmatha, meaning "Peak of Heaven."

• In 1953, Edmund Hillary and Tenzing Norgay became the first climbers to reach the summit of Mount Everest.

About Nepal

Capital - Kathmandu

Prime Minister - Pushpa Kamal Dahal

President - Ram Chandra Paudel

Currency - Nepalese Rupee

Official language - Nepali