Current Affairs for BANK, IBPS Exams - 11 June 2022

Bank Exam Current Affairs

Current Affairs for BANK, IBPS Exams - 11 June 2022


‘No conclusive evidence yet on SARS-CoV-2 origin’

  • The World Health Organization’s preliminary report to understand the origin of SARS-CoV-2 on Thursday said there is no new data that lends itself to the lab leak theory yet, and the panel looking at the issue will remain open to any scientific evidence. 
  • Dr Raman Gangakhedkar, who retired as head of epidemiology at the Indian Council of Medical Research, is the only member from India in the panel, the Scientific Advisory Group for the Origins of novel pathogens (SAGO), and in an interview with Hindustan Times, he cautions against promoting any speculation. 
  • We may not yet have a conclusive evidence to suggest any of the theories propagating about the origins of the virus — it is a continuous research process and there is always a possibility that we detect a reason in future. No matter how fascinating the lab-leak theory may sound, nothing can be said conclusively looking at the evidence generated so far that the panel reviewed meticulously. This is science and science runs purely on evidence.
  • We reviewed different studies available currently, and the Wuhan strain of Sars-Cov-2 has animal origin. In fact, the evidence at hand comes closest to suggest that it came from bats. To be precise, the genetically related viruses are beta coronaviruses found in Rhinolophus bats in China and Laos. 
  • What we do not know anything about so far, however, is the intermediate host— from bats to where before transmitting to humans. Therefore, several animal susceptibility studies were also done and threw up some names such as Mink, from a study in Denmark. We need more studies on this.

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Pakistan doubles tax on SUVs, burdens rich in new budget for 'hard times'

  • The Shehbaz Sharif government in Pakistan presented the new budget on Friday after taking several desperate measures to cut corners. In the new budget, aimed at taxing the wealthy, the government has doubled the tax on cars with engine capacity of 1600CC or above, which will include sports utility vehicles and some sedans.
  • “Economic stability is our foremost priority … we have to set strong foundations of economic development that is based on sustainable growth,” the minister said as he presented the budget.
  • According to reports, the national average electricity tariffs would go up by more than 20% as the allocation for power subsidies has been reduced.
  • Fuel prices are set to soar again as the government has proposed a petroleum levy of rupees 750 billion, more than five times higher than the revised allocation of rupees 135 billion for FY22, the Dawn reported.
  • Mobile phones and cigarettes are also set to become costlier following the budget provisions.
  • Former prime minister Imran Khan rejected the 'anti-people' and 'anti-business' budger and said it shelved all the 'progressive tax reforms' done in his term. "Budget is based on unrealistic assumptions on inflation(11.5%) & economic growth(5%). Today's SPI of 24% indicates that inflation will be between 25/30% which on the one hand will destroy the common man. And on the other hand retard economic growth due to high interest rates. All our progressive tax reforms and Pro-poor programs such as Sehat card, Kamyab Pakistan are being shelved. It is an unimaginative, Purana Pakistan budget creating more burdens & misery for the nation," Imran Khan tweeted.


Divestment not to shut down PSEs but prime them up: FM Sitharaman

  • Finance Minister NirmalaSitharaman said the principle of the government’s disinvestment programme was not to shut down any unit or company but to make them more efficient and professionally driven.
  • Highlighting that public sector enterprises (PSEs) that were privatised between 1994 and 2004 are being driven by professionally run boards, the minister said these companies had only improved.
  • Addressing the iconic week celebrations of Department of Investment and Public Asset Management (DIPAM) as part of ‘AzadikaAmritMahotsav’, Sitharaman said privatisation of CPSEs is intended at ensuring that these companies are run efficiently and cost effectively.
  • “…The principle with which disinvestment is happening now is not to shut down a unit. The economy needs that many number of such companies and many, many more as well.
  • She said the principle of disinvestment is to make sure that companies which are being privatised are in the hands of people who can run it, bring in more capital and give same production. “So it's not to close down but to bring in opportunity for better and more investments to be made,” Sitharaman said.
  • The government has also lined up over half a dozen companies for strategic sale. These include Shipping Corp, CONCOR, Vizag Steel, IDBI Bank, Nagarnar Steel Plant of NMDC, and HLL Lifecare.
  • So far in the current fiscal year, the government has mopped up over Rs 24,000 crore from CPSE disinvestment. The target for full fiscal year has been set at Rs 65,000 crore. In last fiscal year, over Rs 13,500 crore was realised via CPSE disinvestment, which also include amount realised via privatisation of Air India.

RBI prioritising inflation over growth to maintain price levels: Official

  • The Reserve Bank of India is prioritising inflation over growth, which is manifested by the recent hikes in repo rate, an official of the central bank.
  • Speaking at an interactive session organised by the Merchants' Chamber of Commerce and Industry here, he also said financial markets across asset classes and geographies witnessed unprecedented volatility during the past two years due to the COVID-19 pandemic.
  • "Central banks across the globe will raise interest rates in future owing to much higher than expected inflation. This is a major risk, said RadhaShyamRatho, Executive Director, RBI.
  • He said the RBI is giving priority to inflation over growth so that the level of price rise remains within targets without affecting growth.
  • The apex bank had recently raised the interest rate by 50 basis points to a two-year high of 4.9 per cent. The rate hike came on the back of a 40 basis-point increase effected at an unscheduled meeting on May 4.
  • The RBI official said despite the Russia-Ukraine conflict disrupting the global supply chain, India's external sector remains healthy, and the current account deficit (CAD) is sustainable with normal capital flows.
  • Referring to exchange rate management, he said the central bank does not have a fixed band and it is determined by market forces.

::Science and tech::

China releases world's 'most detailed' map of Moon

  • China has released a new comprehensive geologic map of the moon, the "most detailed" to date, which is expected to make a vital contribution to scientific research, exploration and landing site selection on the Earth's only natural satellite.
  • Chinese scientists from multiple research institutes and universities have created the high resolution topographic map based on data from China's lunar exploration Chang'e project and other data and research findings from international organisations, the state-run China Global Television Network (CGTN) reported on Wednesday.
  • The new comprehensive geologic map of the moon is to a scale of 1:2,500,000, the "most detailed to date", the report said.
  • The map includes 12,341 impact craters, 81 impact basins, 17 rock types and 14 types of structures, providing abundant information about geology of the moon and its evolution. It is expected to make a great contribution to scientific research, exploration and landing site selection on the moon.
  • The Institute of Geochemistry of the Chinese Academy of Sciences has led the project, along with other organisations such as Chinese Academy of Geological Science, China University of Geosciences and Shandong University.


Khelo India: Cyclist Angmo rides on hard work to win Ladakh’s first medal

  • LeakzesAngmo was amazed to see the swanky bikes of other cyclists before the start of the 20km Individual Road Time Trial event at the Khelo India Youth Games (KIYG) here. Hers was a simple road cycle. Nevertheless, the 19-year-old was not discouraged. Before the race, she borrowed a set of wheels from another cyclist to enhance her machine. She went into the race with a single-minded pursuit of a medal, dreaming to own a top-notch machine in the future.
  • Riding on sheer talent and fighting spirit, Angmo won a silver -- the first medal for Ladakh in this edition of Khelo India. The lone woman cyclist in the contingent, Angmo finished behind Borji with a timing of 33:52.52s.
  • “If I had a well-equipped modern cycle, I could have won the gold. Maybe someday, soon I am going to have one. You need the best cycles to compete in top tournaments,” said Angmo, who had won two medals -- silver and bronze – at the Guwahati edition of KIYG.

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