Table of Contents
Here is the Daily GK Update of 6th February 2021 covering the following news headlines: International Day of Zero Tolerance to Female Genital Mutilation, Energy Island, Urban Co-op banks, Federal Bank, RBI Monetary Policy.
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 6th February 2021 to help you prepare the Current affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.
International News
1. World’s First ‘Energy Island’ to be built by Denmark
- The Government of Denmark has approved a project to build the world’s first energy island, in the North Sea that will produce and store enough green energy to meet the electricity needs of three million households in European countries.
- The hub will strengthen the integration of Europe’s power grids and increase renewable electricity production necessary for a climate-neutral Europe.
- The energy hub will serve as an offshore power plant gathering and distributing green electricity from hundreds of wind turbines surrounding the island directly to consumers in countries surrounding the North Sea. It is the long-term ambition to be able to store green electricity on the island, convert it to liquid green fuel, and send it via subsea cables to Denmark and neighbouring countries.
Important takeaways for all competitive exams:
- Denmark Capital: Copenhagen.
- Denmark Currency: Danish krone.
Banking News
2. RBI to Set up Committee on Urban Co-op banks
- The Reserve Bank of India (RBI) will set up an expert committee on Urban Co-operative Banks (UCBs). The committee, involving all stakeholders, will provide a medium-term road map for strengthening the sector, enable faster resolution/rehabilitation of UCBs.
- Along with enabling faster resolution of UCBs, the committee will also examine critical aspects related to the urban co-op banks.
- The provisions of the Banking Regulation (Amendment) Act, 2020 have become applicable to Primary (Urban) Co-operative Banks (UCBs) from June 26, 2020.
- The amendments have brought near parity in supervisory and regulatory powers between UCBs and commercial banks in respect of regulatory powers, including those related to governance, audit, and resolution.
- The members of the committee and its terms of reference have not been notified yet. It will be informed separately by the RBI.
3. Federal Bank launches ‘FedFirst’ savings account scheme for children
- Federal Bank has announced the launch of “FedFirst”, a special savings account scheme for children below 18 years of age. The account helps children develop healthy saving and spending habits, thereby giving them the freedom to save, spend and earn.
- The account is designed to enable children to learn the importance of money management. The account comes with unique features and offers.
- The account holder is provided with a FedFirst contactless Debit Card with a daily cash withdrawal limit of ₹2,500 and POS/e-com limit of ₹10,000, in addition to free online facilities including access to internet banking, mobile alerts and e-mail alerts.
Important takeaways for all competitive exams:
- Federal Bank MD & CEO: Shyam Srinivasan.
- Federal Bank HQ: Aluva, Kerala.
Economy News
4. RBI Monetary Policy: Policy Rate unchanged
- The six-member Monetary Policy Committee of the Reserve Bank of India (RBI), headed by Governor Shaktikanta Das, has decided to maintain the status quo on policy rate amid sticky rate of inflation.
- At this point, the repo rate or the rate at which RBI lends to banks stands unchanged at 4 per cent. The reverse repo rate also stayed unchanged at 3.35 per cent. The MPC committee members voted unanimously in favour of the decision.
The key decisions taken in the Monetary Policy Committee meeting are:
- Policy Repo Rate: 4.00%
- Reverse Repo Rate: 3.35%
- Marginal Standing Facility Rate: 4.25%
- Bank Rate: 4.25%
- CRR: 3%
- SLR: 18.00%
Important takeaways for all competitive exams:
- RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.
5. RBI: India’s GDP growth projected at 10.5 per cent for FY22
- In the last bi-monthly monetary policy meet for the current, the Reserve Bank of India projected India’s GDP growth rate at 10.5 per cent for the fiscal year 2021-22. The growth outlook has improved significantly, and the vaccination drive will further boost the economic rebound.
- The apex bank expects the Indian economy to grow in the range of 8.3 per cent to 26.2 per cent in the first half of FY22, followed by a 6 per cent growth in Q3FY22. The central bank’s projection is lower than that of the Economic Survey that projected India to grow at a rate of 11 per cent in the coming fiscal.
Schemes and Committees News
6. Arvind Kejriwal launches ‘Switch Delhi’ campaign to promote electric vehicles
- Delhi Chief Minister, Arvind Kejriwal has launched the ‘Switch Delhi’ campaign to promote electric vehicles and appealed to people to buy such vehicles to combat pollution in the city. Kejriwal said his government will hire only electric vehicles for various purposes in the next six weeks.
- In the ‘Switch Delhi’ campaign, awareness will be created about the benefits of electric vehicles and how it can contribute to making Delhi clean and pollution-free.
- Under its electric vehicle policy, the Delhi government has planned extensive subsidies on purchase of electric two-wheelers and four-wheelers, besides waiving road tax and registration charges.
- More than 6,000 electric vehicles have been purchased since the policy launch in August 2020. The government has also issued tenders for setting up 100 charging stations across the city.
- The government has fixed an ambitious target of 25 per cent electric vehicles among total vehicle registrations in Delhi by 2024.
Agreements News
7. India & Bahrain join hands for Renewable Energy
- The first India-Bahrain Joint Working Group meeting in the field of Renewable Energy was held in a virtual format on February 04, 2021, for promoting bilateral cooperation in the field of Renewable Energy.
- The Indian delegation was led by Dinesh Dayanand Jagdale, Joint Secretary, Ministry of New & Renewable Energy. Abdul Hussain bin Ali Mirza, President of Sustainable Energy Authority led the Bahraini delegation.
- Both sides also agreed to forge deeper engagement in capacity building and focused cooperation between concerned agencies as well as the private sector of the two countries in this sector, particularly in the field of solar, wind and clean hydrogen.
Important takeaways for all competitive exams:
- King of Bahrain: Hamad bin Isa Al Khalifa.
- Bahrain Capital: Manama.
- Bahrain Currency: Bahraini dinar.
Business News
8. Paypal to shut domestic payments service in India from April 1
- The California-based global digital payment platform PayPal has announced that the company has decided to wind down its domestic payment services in India with effect from April 01, 2021. The decision has been taken because the company wants to shift its focus on cross-border payments business.
- However, the global customer will be able to pay Indian merchants using Paypal. PayPal was a payments options on many Indian online apps such as travel and ticketing service MakeMyTrip, online film booking app BookMyShow, and food delivery app Swiggy.
Important takeaways for all competitive exams:
- PayPal Founded: December 1998, Palo Alto, California, United States.
- PayPal CEO: Dan Schulman.
Science and Technology News
9. HAL to develop world’s first high-altitude pseudo satellite
- The Hindustan Aeronautics Limited (HAL) is developing a futuristic high altitude pseudo satellite with a start-up company, to strengthen the country’s military strike capabilities.
- It is a first of its kind project in the world, where a manned aircraft will operate within the boundary and the unmanned aircraft will enter the enemy zone and can carry out strikes deep inside the enemy territory.
- Capable of autonomous functions, these unmanned aerial vehicles will also have all the manoeuvring capabilities. “It can straightway hit the target at a distance of 700 kilometres or can go to 350 kilometres and come back. It carries ammunition, missiles if needed CATS Alpha.
- The technology has been named Combined Air Teaming System (CATS). It will have a manned aircraft (will be known as mother ship), operating from far away, and four autonomous unmanned aerial vehicles known as CATS Warrior.
- The satellite will be solar energised and become a big asset flying unmanned around 70,000 ft for 2-3 months and taking information.
Books and Authors News
10. Hunter Biden to Release Memoir ‘Beautiful Things’
- United States President Joe Biden’s son, Hunter Biden, is publishing his memoir titled “Beautiful Things”, which narrates about his struggles with addiction and drug abuse. The book is scheduled to be published in the United States on April 6 by Gallery Books, an imprint of Simon & Schuster.
- The 51-year-old Hunter Biden has narrated his personal story about how he was a drug addict- from his first sips of alcohol as a child, when he was dealing with the aftermath of a family tragedy, to his crack-cocaine use and how he fixed that problem.
Important Days
11. International Day of Zero Tolerance to Female Genital Mutilation
- International Day of Zero Tolerance for Female is observed globally on 6 February. This day is sponsored by the United Nations for their efforts to eradicate female genital mutilation. It was first introduced in 2003.
- This year theme of International Day of Zero Tolerance for Female: No Time for Global Inaction: Unite, Fund, and Act to End Female Genital Mutilation.
- Female genital mutilation (FGM) comprises all procedures that involve altering or injuring the female genitalia for non-medical reasons and is recognized internationally as a violation of the human rights, the health and the integrity of girls and women.
- Girls who undergo female genital mutilation face short-term complications such as severe pain, shock, excessive bleeding, infections, and difficulty in passing urine, as well as long-term consequences for their sexual and reproductive health and mental health.
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