Current Affairs for BANK, IBPS Exams - 03 September 2021

::National::

Coal Ministry launches pilot project to replace diesel with LNG

In a big push to reduce its carbon footprint, national miner Coal India Ltd (CIL), Ministry of Coal has initiated the process of retrofitting Liquefied Natural Gas (LNG) kits in its dumpers - the big trucks engaged in transportation of coal in mines. This is significant as the world’s largest coal miner uses over 4 lakh kilolitres of diesel per annum with an annual expense of over Rs. 3,500 crores.
The company in association with GAIL (India) Limited and BEML Limited has taken up a pilot project for retrofitting LNG kits in its two 100 tonne dumpers operating at the subsidiary Mahanadi Coalfields Ltd (MCL). CIL has signed anMoU with GAIL and BEML to get this pilot project executed. Once the LNG kit is successfully retrofitted and tested, these dumpers will be able to run on dual fuel system i.e. both on LNG and Diesel and their operations will be significantly cheaper and cleaner with use of LNG.
“This will be a game changer. The company has over 2,500 dumpers running in its opencast coal mines. The dumper fleet consumes about 65% to 75% of total diesel consumed by the company. LNG will replace the use of diesel by about 30% to 40% and reduce the fuel cost by about 15%. The move will reduce carbon emission significantly and also save around Rs. 500 crores annually if all existing Heavy Earth Moving Machines (HEMMs) including dumpers are retrofitted with LNG kit. Getting rid of diesel pilferages and adulteration are other added advantages,” said a senior CIL executive.
The main goal of the pilot project is to monitor the replacement rate of diesel with LNG in different load and operating conditions and also to capture the details of any change in characteristics of the dumper including cycle time and engine performance parameters, the executive added.
The trial run of dumpers in dual fuel (LNG-diesel) system will be conducted for 90 days in different load and operating conditions. A techno-economic study will be done based on the data generated during the trial run to ascertain the feasibility of the system in CIL mining conditions. Based on the outcome of the pilot project, CIL will decide for bulk use of LNG in its HEMMs, especially dumpers.

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::International::

New Development Bank approves UAE, Bangladesh and Uruguay as new members

The New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 – has initiated its membership expansion.
NDB’s Board of Governors authorized the Bank to conduct formal negotiations with prospective members in late 2020. After a round of successful negotiations, NDB approved the admission of the United Arab Emirates (UAE), Uruguay and Bangladesh as its first new member countries.
“We are delighted to welcome the UAE, Uruguay and Bangladesh to the NDB family. New members will have in NDB a platform to foster their cooperation in infrastructure and sustainable development,” said Mr. Marcos Troyjo, President of NDB. “We will continue to expand the Bank’s membership in a gradual and balanced manner.”
H.E. ObaidHumaid Al Tayer, Minister of State for Financial Affairs of the UAE said: “The United Arab Emirates membership in the New Development Bank represents a new step to enhance the role of the UAE economy on the global stage, especially in light of the great capabilities and expertise that the country possesses in supporting infrastructure projects and sustainable development. This monumental step would not have been achieved without the vision and direction of the UAE leadership, who believe in the importance of supporting development projects around the world, especially in emerging economies.”
“Uruguay sees in the NDB a great opportunity to harness cooperation with its member countries, aiming to achieve stronger international integration in trade and cross-border investment flows” said H.E. AzucenaArbeleche, Minister of Economy and Finance of Uruguay.

::Economy::

11th India-United Kingdom Economic and Financial Dialogue held virtually

The 11th India-United Kingdom Economic and Financial Dialogue (EFD) was held here today, virtually chaired by Indian Union Minister for Finance & Corporate Affairs Smt. NirmalaSitharaman and the United Kingdom Treasury Chancellor Mr. Rishi Sunak.
The Indian delegation included Governor RBI, Chairman SEBI, Chairman IFSCA, Secretary Economic Affairs and other representatives from Ministry of Finance, Ministry of External Affairs and Indian High Commission, UK.
The UK delegation included Governor Bank of England, CEO Financial Conduct Authority, Economic Secretary and other representatives from UK HMT.
The Dialogue, inter alia, covered discussions on economic cooperation on multilateral issues, including G20 and COP26. Both sides deliberated on furthering of Financial Services collaboration with special emphasis on Fin-Tech and GIFT City, annual India-UK Financial Market Dialogue and measures underway to reform financial markets. Infrastructure development and promotion of sustainable finance and climate finance were also discussed.
Private sector initiatives under India-UK Financial Partnership (IUKFP) and India-UK Sustainable Finance Working Group including its progress were also discussed. The Climate Finance Leadership Initiative (CFLI) India partnership was launched today by both sides which aims to work with financial institutions, corporates, and existing sustainable finance initiatives to accelerate efforts to mobilise capital into India. Both sides agreed to continue to work together to mobilise finances via multilateral and private means and sharing relevant experience, including of the UK’s upcoming sovereign green bond issuance.

Gujarat government to host 12th Defense Expo-2022 in Gandhinagar from March 10 to 13, 2022

RakshaMantriShriRajnath Singh and Gujarat Chief Minister Shri Vijay Rupani jointly reviewed the preparations of DefExpo-2022, at Kevadia, Gujarat on September 02, 2021. The 12th edition of DefExpo, which is India’s flagship event showcasing the land, naval, air as well as homeland security systems, will be held in Gandhinagar, Gujarat between March 10-13, 2022.
During the meeting, ShriRajnath Singh and senior officials of Ministry of Defence& Gujarat Government noted that the previous edition of DefExpo, which was held at Uttar Pradesh capital Lucknow in February 2020, was a tremendous success due to the seamless jointmanship between Government of India and the State Government. It was agreed that as DefExpo-2022 is coinciding with the 75th year of Independence, being celebrated as ‘AzadiKaAmritMahotsav’, the event needs more active participation and synchronised efforts at all levels.
Expressing satisfaction at the ongoing preparations, the RakshaMantri urged all the stakeholders to ensure maximum participation in the upcoming event. He hoped that not just domestic but international representation will be much greater at DefExpo-2022 than its previous edition. Reiterating the resolve of the Government to ‘Make in India, Make for the World’, ShriRajnath Singh expressed confidence that India will soon become a global manufacturing hub. “We are taking big strides towards ‘Aatmanirbhar Bharat’ as envisioned by our Prime Minister ShriNarendraModi. We will soon achieve self-reliance in defence. Our aim is to reduce dependency on imports and increase defence exports,” he said.
On the occasion, anMoU was signed between Ministry of Defence and Gujarat Government for organising DefExpo-2022, in the presence of ShriRajnath Singh. The DefExpo-2022 will be a hybrid business event, with the exhibition planned at the Helipad Exhibition Centre and seminars at Mahatma Mandir Convention and Exhibition Centre. A live demonstration of weapons &defence platforms is also being planned at the Sabarmati River Front in Ahmedabad.

::Science and Tech::

Indian Navy signs contract with BEL for supply of anti-drone systems

The Indian Navy signed a contract with state-owned defense firm Bharat Electronics Limited (BEL) to supply the country’s first domestically-made naval anti-drone system (NADS).
The system will counter fast-emerging aerial threats such as the small drones used to target the Jammu Air Force Station more than two months ago.
The homegrown NADS developed by the Defence Research and Development Organisation (DRDO) will also provide the armed forces of India with the capability to detect, intercept, and destroy aerial vehicles.
According to the country’s Ministry of Defence, the counter-drone technology will use a laser-based kill mechanism to neutralize targets. “It will be an effective all-encompassing counter to the increased drone threat to strategic naval installations,” read a statement.
As part of the ongoing modernization of the Indian armed forces, BEL will sign similar contracts to supply anti-drone systems to the army and air force.
The Indian armed forces first deployed the anti-drone system to provide security cover during the Republic Day Parade 2020, the visit of US President Donald Trump to Motera Stadium last year, and the prime minister’s Independence Day address to the nation this year.
In addition to using a laser-based kill mechanism, the system utilizes electro-optical sensors and radiofrequency detectors to detect and jam micro-drones from 150 meters (0.09 miles) to one kilometer (0.6 miles) away. The system is also integrated through a command post.

::Sports::

Tokyo Paralympics: AvaniLekhara becomes first Indian woman to win two medals

AvaniLekhra scripted history yet again as she won a bronze medal in the Women's 50m rifle 3 positions SH1 on Friday.
This is her second straight medal in the same week. The young shooter had won a historic gold at the women's 10m air rifle standing SH1•Shooting event on, August 30.
Avani has now become the first Indian woman to win two Paralympic medals in a single edition of the Games.