Current Affairs for BANK, IBPS Exams - 16 February 2021

::NATIONAL::

Third Scorpene-class submarine delivered to Indian Navy

In a development that will not only boost its capabilities but also cement India’s position as a submarine building nation, the Indian Navy received the third Scorpene Submarine of Project P-75 – to be christened as INS Karanj – from the state-run Mazagon Dock Shipbuilders Limited (MDL).
Ahead of its formal commissioning into Indian Navy as, the MDL delivered the third Scorpene Submarine of Project P-75 to the Navy officials. The Acceptance Document was signed by Vice Adm Narayan Prasad, AVSM, NM, (retd), Chairman & Managing Director MDL and Rear Adm B Sivakumar, VSM, Chief of Staff Officer (Tech), Western Naval Command in the presence of MDL Directors and Navy personnel at MDL.
“With the delivery of Karanj, MDL has lived up to its reputation as one of India's leading shipyards with capacity and capability to meet requirements and aspirations of the Indian Navy in all dimensions,” an MDL spokesperson said.
The delivery of three Submarines namely, Khanderi, Kalvari and now Karanj, reaffirmed India’s membership in the exclusive group of submarine building nations.
The fourth submarine Vela launched May 6, 2019, has commenced her sea trials, while the fifth submarine Vagir -- launched on November 12 2020 -- has commenced her harbour sea trials whilst the sixth submarine is presently in the advance stage of outfitting.
Two SSK submarines built by MDL in 1992 and 1994 are still in service today, after more than 25 years a clear testimony of MDL’s quality of construction.
MDL has always been at the forefront of the nation’s progressive indigenous warship building programme.With the construction of the Leander and Godavari class frigates, Khukri class Corvettes, Missile Boats, Delhi and Kolkata class Destroyers, Shivalik class Stealth Frigates, the SSK submarines and the Scorpene submarine under its belt, the history of modern day MDL almost maps the history of indigenous warship building in India.

CM Yogi launches ‘Abhyudaya’ scheme to provide free coaching for competitive exams

Uttar Pradesh Chief Minister Yogi Adityanath has inaugurated the ‘Abhyudhaya’ scheme today which aims at starting free-of-cost coaching centres in the state. The scheme is meant to provide assistance to students who are unable to prepare for competitive examinations due to financial constraints. Initially, coaching centres will be set up at the divisional level followed by district level in the second phase.
The entrance examination for National Defence Academy (NDA)/Combined Defence Services (CDS) coaching course was held between 12 pm and 1 pm, for Union Public Service Commission (UPSC)/Uttar Pradesh Public Service Commission (UPPSC) tutorials, the entrance exam was held between 1:30 pm and 2:30 pm, the entrance exam for Joint Entrance Examination (JEE) coaching was held between 3 pm and 4 pm while for National Eligibility cum Entrance Test (NEET) coaching the entrance exam was held between 4:30 pm and 5:30 pm on Saturday 13 February. Over 50 thousand students were selected based on the entrance exam out of the total number of students who had registered.

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::International::

Ngozi Okonzo-Iwela of Nigeria appointed as new head of WTO

Nigeria's Ngozi Okonjo-Iweala was appointed Monday as the first female and first African head of the beleaguered World Trade Organization, saying a stronger WTO would be vital for the global coronavirus recovery.
The global trade body called a virtual special general council meeting at which member states officially selected the former Nigerian finance minister and World Bank veteran as its new director-general.
The near-paralysed institution desperately needs a reboot -- something Okonjo-Iweala immediately addressed after her coronation.
"A strong WTO is vital if we are to recover fully and rapidly from the devastation wrought by the Covid-19 pandemic," the 66-year-old economist said in a statement.
"I look forward to working with members to shape and implement the policy responses we need to get the global economy going again.
The Geneva-based WTO has been leaderless since Brazilian career diplomat Roberto Azevedo stepped down last August, a year ahead of schedule.
The 164-member organisation appoints its leaders through a consensus-finding process.
The eight candidates were meant to have been whittled down to one by November, but former US president Donald Trump's administration stood alone in blocking the consensus around Okonjo-Iweala.

::Economy::

RBI constitutes expert panel to explore consolidation of UCBs

The committee, to be headed by former RBI Deputy Governor N S Vishwanathan, will suggest "effective measures for faster rehabilitation and resolution of Urban Cooperative Banks (UCBs) and also assess their potential for consolidation in the sector."
The Reserve Bank set up a committee to draw a vision document for strengthening urban cooperative banks (UCBs) and exploring the potential of consolidation in the sector.
The committee, to be headed by former RBI Deputy Governor N S Vishwanathan, will suggest "effective measures for faster rehabilitation and resolution of Urban Cooperative Banks (UCBs) and also assess their potential for consolidation in the sector."
The panel will "draw up a vision document for a vibrant and resilient urban co-operative banking sector having regards to the Principles of Cooperation as well as depositors' interest and systemic issues," said the terms of reference of the committee which will be required to submit its report to the RBI in three months.
The eight-member panel, including former chairman of Nabard Harsh Kumar Bhanwala, will also review the current regulatory and supervisory approach and recommend suitable measures to strengthen the sector, taking into account recent amendments to the Banking Regulation Act, 1949.

Singapore reduces foreign workers quota in manufacturing sector

The manufacturing sector employs about 450,000 workers, or about 12 per cent of the workforce, with median wages about 10 per cent higher than the economy-wide median. From January 1 next year, the manufacturing sector can have only up to 18 per cent of their workforce be foreign workers on S Passes
Aiming at moderating the country's reliance on foreign labour, the Singapore government on Tuesday announced that the S Pass quota for foreign workers in manufacturing sector will be cut from 20 per cent to 15 per cent in phases over the next two years.
The S Pass allows mid-level skilled foreigners to work in Singapore. Workers on S Passes must earn a fixed monthly salary of at least $2,500 and are typically degree or diploma holders, such as technicians.
From January 1 next year, firms in the manufacturing sector can have only up to 18 per cent of their workforce be foreign workers on S Passes, Deputy Prime Minister Heng Swee Keat said in his Budget speech.
This quota will be further cut to 15 per cent from January 1, 2023, said Heng, who is also the Finance Minister. It is currently 20 per cent.

::SPORTS::

Chhetri, Cleiton star as Bengaluru FC beat Mumbai City 4-2

Talismanic India captain Sunil Chhetri was in sublime form as he struck a brace to help Bengaluru FC beat Mumbai City FC 4-2 in an eventful Indian Super League match here.
Chhetri scored in the 57th and 90th minutes of his 200th game for the club while Cleiton Silva also bagged a double (1st, 22nd).
Adam Le Fondre (50th, 72nd) scored the two goals for Mumbai City FC, who have already qualified for the play-offs.
Mumbai City remained on second spot with 34 points from 17 matches while Bengaluru FC jumped to sixth with 22 points from 18 matches.