11th September 2020 Daily GK Update: Read Daily GK, Current Affairs for Bank Exam

Read the daily GK update of 11th September 2020. In today's GK Update we are covering the following news headlines: CSCAF 2.0, SAROD-Ports, RBI, Crisil, Mastercard, ICICI Bank, LinkedIn.

Here is the daily GK update of 11th September 2020 covering the following news headlines: CSCAF 2.0, SAROD-Ports, RBI, Crisil, Mastercard, ICICI Bank, LinkedIn.

Daily GK updates are incorporated with the important news that made the current affairs headlines for banking or other competitive exams. Daily GK Update is the complete bag of the important news that held all day long. One should have complete knowledge about the banking terms, current affairs news, etc. So, here is the GK update of 11th September 2020 to help you prepare the Current affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

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National News

1. Climate Smart Cities Assessment Framework (CSCAF 2.0) launched

  • Minister of State for Housing and Urban Affairs (I/C), Shri Hardeep Singh Puri has launched the Climate Smart Cities Assessment Framework (CSCAF) 2.0.
  • The framework was launched during a virtual event organized by the Smart Cities Mission, Ministry of Housing and Urban Affairs (MoHUA). Along with the CSCAF 2.0, the minister also launched the ‘Streets for People Challenge’.
  • The objective of Climate Smart Cities Assessment Framework (CSCAF) is to provide a clear roadmap for cities towards combating Climate Change while planning and implementing their actions along with investments.
  • CSCAF initiative intends to inculcate a climate-sensitive approach to urban planning and development in India.

The framework has 28 indicators across five categories namely:

  • Energy and Green Buildings
  • Urban Planning, Green Cover & Biodiversity
  • Mobility and Air Quality
  • Water Management
  • Waste Management

The Streets for People Challenge is the response to the need for making our cities more walkable and pedestrian friendly. ​It aims to inspire cities to create walking-friendly and vibrant streets through quick,innovative, and low-cost measures. The Challenge will support cities across the country to develop a unified vision of streets for people in consultation with stakeholders and citizens.

2. Shipping Minister launches ‘SAROD-Ports’ for disputes of maritime sector

  • Union Minister Mansukh Mandaviya has launched a dispute redressal mechanism named “SAROD-Ports” (Society for Affordable Redressal of Disputes-Ports) to facilitate affordable and timely resolution of disputes for the maritime sector.
  • SAROD-Ports will advise and assist in settlement of disputes through arbitrations in the maritime sector, including ports and shipping sector in Major Port Trusts, Non-major Ports, including private ports, jetties, terminals and harbours.
  • The mechanism is similar to provision available in the highway sector in the form of SAROD-Roads constituted by NHAI. It has been established under the Societies Registration Act, 1860 for affordable and timely resolution of disputes in a fair manner.
  • SAROD-Ports will resolve the disputes in fair and just manner while saving a huge amount of legal expenditure and time.
  • SAROD-Ports will inspire confidence among private players working with major ports and will ensure the right kind of environment.
  • It will promote ease of doing business in the maritime sector because of the fast, timely, cost-effective and robust dispute resolution mechanism.

Banking & Economy News

3. RBI issued a notice on Compliance functions in banks and role of CCO

  • Reserve Bank of India has released a notice on Compliance Functions in Banks and the Role of Chief Compliance Officer (CCO).
  • According to the compliance system Banks required, to have an effective compliance culture, independent corporate compliance function, and a strong compliance risk management programme at the bank and group level.
  • Such an independent compliance function is required to be headed by a designated Chief Compliance Officer (CCO).
  • Click here to check the details about Compliance Functions in Banks and the Role of Chief Compliance Officer (CCO):

4. Crisil projects India’s GDP for FY21 at -9%

  • CRISIL has projected India’s GDP rate at -9% for the financial year 2020-21 (FY21).
  • CRISIL revising its forecast down from 5% owing to uncertainty over the spread of Covid-19 and lack of adequate financial support from the government.
  • For FY22, Crisil has projected India’s GDP to grow at 10%. For the next three years, between fiscals 2023 and 2025, CRISIL projects the Indian GDP to average a growth of 6.2% annually.

5. Mastercard launches Central Bank Digital Currency testing platform

  • Mastercard has launched “Central Bank Digital Currencies” (CBDCs), a Virtual Testing Environment for Central Banks to Assess and Explore National Digital Currencies.
  • Mastercard has invited Central Banks, Commercial Banks and tech and advisory firms to evaluate the suitability of CBDCs in a country or region.
  • The testing platform will allow central banks to evaluate use cases and test roll-out strategies for CBDCs by simulating a CBDC ecosystem.
  • Using the platform they can enable simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.
  • They can validate use cases and evaluate interoperability with existing payment rails available for consumers and businesses currently.

Important takeaways for all competitive exams:

  • Mastercard Chief Executive Officer: Ajay Banga.
  • Mastercard Headquarters: New York, United States.

6. ICICI Bank introduces ‘iStartup2.0’

  • ICICI Bank has launched a new product named “iStartup 2.0”, to cater to the banking needs of startups and entrepreneurs.
  • The programme for startups that takes care of their banking as well as beyond-banking needs such as regulatory assistance, analytics, staffing, accounting, customer acquisition and digital outreach to customers, among others.
  • ‘iStartup2.0’ is the country’s most comprehensive programme, offers customers an eponymous Current Account which is available in three variants–Platinum, Gold and Silver– the widest range by any Bank for start-ups.
  • New businesses (up to 10 years old) including partnerships, private and public limited companies as well as limited liability partnerships can opt for the Current Account.
  • The startups can seamlessly open an account and get the account number instantly at the time of incorporation as the Bank has integrated its APIs with the website of the Ministry of Corporate Affairs (MCA).
  • It offers significant convenience to founders/entrepreneurs as it saves time and efforts since they don’t have to fill details again to apply for an account. As a further convenience, the Bank sends an official to startups at a time of their choice to verify the original documents for KYC.

Important takeaways for all competitive exams:

  • ICICI Bank Headquarters: Mumbai, Maharashtra.
  • ICICI Bank MD & CEO: Sandeep Bakhshi.
  • ICICI Bank Tagline: Hum Hai Na, Khayal Apka.

Agreements & MoUs

7. NSDC, LinkedIn partner to provide digital skills training for youth

  • National Skill Development Corporation (NSDC) and LinkedIn have announced a partnership to provide access to free learning resources for digital skills.
  • A total of 10 learning paths consisting of 140 courses will be made available for free on e-Skill India digital platform until March 31, 2021.
  • LinkedIn will provide periodic labour market insights based on its economic graph of more than 69 million members in India. This will include in-demand skills, emerging jobs, and global hiring rates to NSDC to better understand the skilling ecosystem.
  • According to LinkedIn data, Indian professionals with digital skills were 20 per cent more in demand than professionals without digital skills in 2020.
  • Each learning path includes video content designed to help job-seekers develop core digital skills needed for an in-demand tech role, covering a range of skills from entry-level digital literacy to advanced product-based skills.
  • The Learning path will include video content to help job-seekers develop core digital skills. It will cover a range of skills from entry-level digital literacy to advanced product-based skills.

Important takeaways for all competitive exams:

  • National Skill Development Corporation CEO & MD: Manish Kumar.
  • National Skill Development Corporation Headquarters: New Delhi.
  • LinkedIn Chief Executive Officer CEO: Ryan Roslansky.
  • LinkedIn Headquarters: California, United States of America.

Appointments

8. Former health secretary Preeti Sudan appointed WHO panellist

  • The World Health Organisation’s independent panel for pandemic preparedness and response appointed former health secretary, Preeti Sudan as one of its 11 panellists from across the world.
  • The decision by the panel’s two heads, former New Zealand Prime Minister Helen Clarke and former Liberia President Ellen Johnson Sirleaf.
  • In a meeting of the Chairs, Helen Clarke is believed to have conveyed that Sudan’s experience as the head of the government ministry that led India’s response to the pandemic makes her much more suited for the job.
  • The panel stated that while it reviewed more than 120 people, it made the final appointments based on skills (including expertise in outbreak response, managing national health systems, leadership in youth and community engagement, socio-economic analytical capabilities), knowledge about the international system including WHO and experience from similar international processes.

Important Static for all competitive examination:

  • Headquarters of WHO: Geneva, Switzerland.
  • Director-general of WHO: Tedros Adhanom.

Schemes & Committees

9. GoI constitutes committee for assessment of relief to bank borrowers

  • Government of India has constituted an Expert Committee for making an overall assessment of relief to bank borrowers related to waiver of interest and waiver of interest on interest on the COVID-19 related moratorium.
  • State Bank of India will provide secretarial support to the committee. The Committee may consult banks or other stakeholders, as deemed necessary, for the purpose.

The Expert Committee shall be as under:

  • Rajiv Mehrishi, former CAG of India – Chairperson
  • Ravindra H. Dholakia, former Professor, IIM Ahmedabad & ex- Member, Monetary Policy Committee of Reserve Bank of India
  • B. Sriram, Former Managing Director, State Bank of India & IDBI Bank

The terms of reference of the committee shall be as under:

  • Measuring the impact on the national economy and financial stability of waiving of interest and waiving of interest on interest on the COVID-19 related moratorium
  • Suggestions to mitigate financial constraints of various sections of society in this respect and measures to be adopted in this regard
  • Any other suggestions/observations that may be necessary given the current situation.

Summits & Conferences

10. Conclave on “School Education in 21st Century” begins

  • A two-day conclave on ‘School Education in 21st Century’ commenced virtually. The conclave has been organised by Ministry of Education as part of Shikshak Parv 2020.
  • Shikshak Parv is being celebrated from 8th-25th September, 2020 to felicitate the teachers and to take New Education Policy 2020 forward.
  • The conclave was addressed by the Prime Minister Shri Narendra Modi under the National Education Policy- 2020 (NEP-2020).
  • The conclave featured the discussions held in two technical sessions on six subjects of New Education Policy 2020.
  • The first technical session started with a discussion on the subject of ‘Foundational Literacy and Numeracy’. Some other subjects on which discussions were held: “Art Integrated and Toy Integrated Pedagogy”; “Early Childhood Care and Education”; “Teaching in Mother Tongue”; and “No hard separation”.

Important takeaways for all competitive exams:

  • Union Minister of Education: Ramesh Pokhriyal ‘Nishank’.

Sports News

11. Police Officer Poonam Khatri crowned Wushu World Champion

  • Indian Police Officer, Poonam Khatri has claimed World Championship status after her silver medal at the Wushu World Championship last year has been upgraded to a Gold medal.
  • Poonam had lost the final to Iranian opponent Mariyam in the Women’s 75 kg category but after Mariyam recently failed the dope test, the gold medal has been awarded to Poonam Khatri.
  • The information was clarified by Secretary-General of the Indian Wushu Association, Suhel Ahmed.

Important Static for all competitive examination:

  • International Wushu Federation President: Zhongwen Gou.
  • International Wushu Federation Headquarters: Beijing, China.
  • International Wushu Federation  Founded: 3 October 1990.

Defence News

12. First batch of five Rafale aircraft formally inducted into IAF

  • The first batch of five Rafale fighter jets was formally inducted into the Indian Air Force (IAF) on 10 September 2020 at the Air Force Station in Ambala.
  • They have been inducted in the Indian Air Force’s 17 Squadron ‘Golden Arrows’ based in Ambala. The first five Rafale aircraft had arrived from France on 27 July 2020.
  • The multi-role Rafale jets have been built by French aerospace major Dassault Aviation.
  • India had signed an inter-governmental agreement with France in 2016 to procure 36 of the aircraft at a cost of Rs 59,000 crore.
  • The delivery of all 36 aircraft is scheduled to be completed by the end of 2021. Out of 36 Rafale jets, 30 will be fighter jets and six will be trainers.

Important takeaways for all competitive exams:

  • Chief of the Air Staff: Rakesh Kumar Singh Bhadauria.
  • Indian Airforce founded: 8 October 1932.
  • Indian Airforce Headquarters: New Delhi.

Miscellaneous News

13. Golden Temple gets FCRA Registration

  • The Union Home Ministry has granted the Foreign Contribution Regulation Act (FCRA) registration to Gurdwara Harmandir Sahib, or the Golden Temple, in Amritsar.
  • It will now enable the Golden Temple to receive foreign donations. The foreign contribution can be used by the Sikh shrine for providing financial and medical assistance to the needy.
  • It can also be used to organise langar which is a free community kitchen.

Foreign Contribution Regulation Act (FCRA), 2010

  • The FCRA Act is implemented by the Ministry of Home Affairs. The act regulates the foreign funding of voluntary organizations in India.
  • Under the Act, donating organisations need to register themselves every five years.
  • A person with a definite cultural, economic, educational, religious or social programme can accept foreign contribution after registration or permission from the Central Government.
  • However, election candidate, Member of any legislature (MP and MLAs), Political parties, publishers of a registered Newspaper, Judge, government servant or employee of any corporation owned by the government cannot accept the foreign contributions.

14. Hubballi railway station to be renamed after Shree Siddharoodha Swamiji

  • Hubballi Railway Station in Karnataka will now be known as ‘Shree Siddharoodha Swamiji Railway Station.
  • Union government has approved long-pending demand of Hubballians of renaming the Hubballi railway station.
  • Name of Hubballi railway station, which is headquarters of South Western Railway, is being changed for the second time in the last five years.
  • It was changed in 2015 from ‘Hubli’ to ‘Hubballi’. Siddharoodha Swamiji was an Indian Hindu guru and philosopher.

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11 September Current Affairs 2020 | Current Affairs Today | Daily Current Affairs 2020

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