Current Affairs for BANK, IBPS Exams - 10 March 2022

::National::

Nodal body likely for make-in-India weapons systems

While the independent testing and certification body was envisaged in the Union Budget this year, the move is a huge step towards decoupling the Indian private defence sector industry from the clutches of the humongous veto exercising military bureaucracy on the Raisina Hill.
As a first major step towards “Atmanirbharta” or self-reliance, the defence ministry has approached the Union Cabinet to green light setting up of an independent nodal umbrella body to meet the wide-ranging testing and certification requirements of weapon systems developed and manufactured by the Indian private sector.
While the independent testing and certification body was envisaged in the Union Budget this year, the move is a huge step towards decoupling the Indian private defence sector industry from the clutches of the humongous veto exercising military bureaucracy on the Raisina Hill. By painting private firms as mere profiteers, the Indian military industrial complex has been at the mercy of these mandarins.
The new independent authority will ensure that the private sector is not at the mercy of the government’s laboratories and testing ranges for getting their equipment approved for domestic sales as well as exports. With 68% of the defence capital procurement budget earmarked for domestic industry in the coming financial year, it is time that the private sector started manufacturing high end products such as armed drones, autonomous combat vehicles, aircraft engines and submarines by setting up SPVs with western defence majors who are willing to set up shop in India.
Self-reliance is crucial for a country that has legitimate ambitions to be part of the global high table, but the creation of a nodal body of testing and certification is unlikely to herald a new era in the Indian defence sector unless other changes are made. It has to be accompanied by strong reforms in departments under defence minister Rajnath Singh as the military establishment of India is like a mammoth that is steeped in imperial legacy and moves at its own will and pace. There is a need for total revamp of defence military planning and forecasting so that India develops latest technologies and futuristic weapon systems. It is a sobering thought that even a country like Turkey has developed Bayraktar TB2 armed drones in 2014 that were put to good use by the Armenians in 2020 Nagorno-Karabakh war and now the Ukrainians against Russian tanks, despite the huge military asymmetry between the two rivals.

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::International::

Russia backs IAEA chief's idea of Ukraine meeting but not at Chernobyl

Russia backs UN atomic watchdog chief Rafael Grossi's idea of a trilateral meeting with Ukraine on ensuring the safety of nuclear facilities there during Russia's invasion but not at Chernobyl as Grossi wants, Moscow's envoy to the watchdog said.
Russia's invasion of Ukraine is the first time war has raged in a country with such an advanced and established nuclear power programme, the International Atomic Energy Agency has said.
The country has four operational nuclear power plants, including Europe's largest by capacity, at Zaporizhzhia near Crimea.
A building close to but separate from the reactors at Zaporizhzhia caught fire last week after what Grossi said appeared to be a Russian military projectile hit it. Russia blamed Ukrainian saboteurs. Russian forces now control the plant, with Ukrainian staff working under their orders.
The fire was extinguished and the reactors undamaged but the incident highlighted the potentially catastrophic consequences if a nuclear plant were hit.
Grossi proposed the three-way at Chernobyl, where Russia has seized a radioactive waste facility near the defunct power plant where the world's worst nuclear accident happened in 1986. The aim is to ensure the safety of Ukraine's nuclear facilities.
"Russia supported Grossi's idea regarding a trilateral meeting and we expect that the Ukrainians will also be cooperative," Russia's IAEA ambassador Mikhail Ulyanov told reporters on Monday.
"I believe Chernobyl is not the best place for such a meeting. There are numerous capitals in the world."

::Economy::

PNB Housing Finance to raise up to Rs 2,500 cr via rights issue

PNB Housing Finance (PNB HFC) plans to raise up to Rs 2,500 crore in equity by issuing shares through rights issue to meet capital adequacy norms and support business growth.
Its board gave a nod for the proposal to raise capital at a meeting held today. It would communicate issue price, entitlement ratio and timing in due course, the company informed the stock exchanges. On Wednesday, its stock closed 0.6 per cent higher at Rs 420.35 per share on BSE.
Its capital adequacy ratio (CAR) stood at 21.59 per cent with tier I of 18.9 per cent at end of December 2021.
In October 2021, PNB HFC dropped plans for a preferential issue of equity shares to raise Rs 4,000 crore from a group of investors led by private equity fund Carlyle. The protracted litigation and uncertainty over approvals led to calling off the deal.
Public sector lender Punjab National Bank, as promoter, held 32.57 per cent stake in the HFC at end of December 2021.
Last week, India Ratings had flagged risks from elevated delinquency levels at PNB HFC and said it was essential for mortgage lender to raise equity capital to maintain adequate buffers to absorb credit costs. It affirmed "AA" rating on non-convertible debentures issued by the company and maintained a negative outlook.
Raising equity capital would strengthen PNB HFC’s position in mobilising cost-effective liability, aiding in competitive pricing of loans. Although deleveraging has reduced the financial risk, the asset-side risk remains elevated, the rating agency said.

Not authorised any external entity to address public grievances: RBI

The Reserve Bank said it has not authorised any external agency to redress public complaints against regulated entities.
Instances of misinformation being spread through certain sections of the social media about the Reserve Bank - Integrated Ombudsman Scheme 2021 (RB-IOS) - have come to the notice of the RBI, the central banks said in a statement.
These messages are conveying to the public at large to lodge their complaints against entities regulated by the RBI through third parties for a charge/fee or otherwise for early redress of grievances, it said.
"It is clarified that RBI does not have any such arrangement with any entity for (the) redress of grievances against the Regulated Entities (REs). RBI has laid down a cost-free grievance redress mechanism under RB-IOS, which does not involve payment of fees or charges in any form or manner," it said.
Customers having grievances against REs for deficiency in services, which is not redressed satisfactorily or in a timely manner by the REs can directly lodge their complaint on the Complaint Management System (CMS) portal (https://www.rbi.org.in) or by e-mail at crpc@rbi.org.in, the apex bank noted.
"Complainants having queries on RB-IOS or desiring information relating to their complaints lodged through the above methods, can reach the Contact Centre of RBI at toll-free #14448 (currently available from 9:30 am to 5:15 pm on working days) in Hindi, English and nine regional languages (Bengali, Gujarati, Kannada, Odia, Malayalam, Marathi, Punjabi, Tamil and Telugu)," it said.

::Sport::

Memorial for Warne to be held at the MCG on March 30

A state memorial service will be held for Australia cricket great Shane Warne at the Melbourne Cricket Ground on the evening of March 30, the premier of his home state Victoria said on Wednesday. Warne, who is widely regarded as one of the greatest bowlers of all time, died aged 52 while on holiday in Thailand. Local authorities said Warne died of a suspected heart attack and congenital disease.
His body remains in Bangkok awaiting a flight back to Melbourne, where he will be buried at a private family funeral ahead of the state service.
A state memorial service will be held for Australia cricket great Shane Warne at the Melbourne Cricket Ground on the evening of March 30, the premier of his home state Victoria said on Wednesday. Warne, who is widely regarded as one of the greatest bowlers of all time, died aged 52 while on holiday in Thailand. Local authorities said Warne died of a suspected heart attack and congenital disease.