Current Affairs for BANK, IBPS Exams - 23 April 2022

::National::

Air India’s on-time performance up by 28%: DGCA data

Air India has improved its on-time performance in the four metro airports of Delhi, Mumbai, Bengaluru and Hyderabad by as much as 28% in the first three months of this year, according to data released by the civil aviation regulator, after the state-owned airline was taken over by the Tata group.
An average of 71.5% Air India flights were on time in the four metro airports between October to December 2021, which improved to an average of 91.3% between January and March, data from the Directorate General of Civil Aviation revealed.
“On time performance is a key parameter for all airlines,” said JitenderBhargava, former executive director of Air India. “It’s heartening to see that after Tata acquired control of Air India, on-time performance has witnessed significant improvement. This was only to be expected.”
“Our on-time performance last month was 91.2% , significantly higher than in the previous few years,” an airline official said, seeking anonymity. “It has always been Air India’s endeavour to operate flights on time and we are leaving no stone unturned to ensure that Air India continues doing so.”
Beating SpiceJet, Air India had the fifth highest on-time performance score across the metro airports last month. It stood at the bottom of the league table in October, and moved up only a notch in November and December. The ranking table consists of seven carriers.
“Increase in on-time performance can only point to the enthusiasm of the employees for being on track. it will all be based on the performance. Earlier there was no motivation for them to work, hence they have started working efficiently,” said Aviation safety expert Mohan Ranganathan.

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::International::

Global military spending tops $2 trillion for 1st time as Europe boosts defences

Global military expenditure has surpassed $2 trillion per year for the first time, and looks set to rise further as European countries beef up their armed forces in response to Russia’s invasion of Ukraine.
In 2021, countries spent a total of $2,113 billion on their militaries, up 0.7% in real terms from the year before, according to a report released Monday by the Stockholm International Peace Research Institute, or SIPRI.
After a brief period of declining military spending between 2011 and 2014, outlays have increased for 7 consecutive years, according to SIPRI data. In the wake of the full-scale invasion of Ukraine, several European governments have pledged a spending overhaul to boost their forces’ capabilities.
“Europe was already on an increasing trend, and this trend will accelerate and intensify,” Lucie Beraud-Sudreau, director of SIPRI’s military expenditure and arms production program, said in a phone interview. “Usually change happens slowly, until you are in a crisis and then change really happens. I think that’s where we are now.”
European spending in 2021 accounted for 20% of the global total, and China’s defense budget, the world’s second largest, is estimated to make up 14%.
The U.S. remains by far the biggest spender, with $801 billion allocated to the armed forces in 2021, according to SIPRI. In the last decade, U.S. military spending has made up as much as 39% of global expenditures. While the country’s arms purchases have declined, more funds have been devoted to military research and development, suggesting that the U.S. is focusing more on next-generation technologies, according to SIPRI researcher Alexandra Marksteiner.

::Economy::

Health insurance premium rise spurs non-life growth

Health insurance premiums, which registered a 25.6 per cent growth — almost double that of last year — have been the main driver of the double-digit growth in non-life insurance in FY22. This comes after a horrid FY21, where the industry registered a low single-digit growth.
In FY22, health insurance premiums rose to Rs 73,582.13 crore, becoming the main line of business for non-life insurance sector, with a 33.33 per cent market share. This is a jump of 380 basis points (bps) over last year, data from the General Insurance Council showed.
Health premiums grew at 13.5 per cent and 13 per cent in FY21 and FY20, respectively. Non-life insurers have reported an 11 per cent growth in premiums in FY22 to Rs 2.2 trillion. This compares with Rs 1.98 trillion worth of premiums collected in FY21, up 5.2 per cent over FY20. The industry had posted a growth of 11.7 per cent in FY20 over year-ago period.

Finance ministry, state-run banks discuss 3-year strategic roadmap

Finance ministry officials on Friday met public sector bank (PSB) executives to discuss their strategic three-year roadmap, collaboration among themselves, and implementation of base-level reforms.
The Centre has initiated its two-day deliberations with state-owned lenders, the first day meeting being PSB Manthan 2022 to discuss implementation of next-generation reforms and explore strategies for long-term profitability.
It will hold a review meeting of banks on Saturday to assess their performance on financial inclusion.
The PSB Manthan, which resumed after 2019, focused on ways to further strengthen public sector banks.
It also aims to make the banks self-sufficient to raise capital from the markets, and not entirely rely on the Centre for fund infusion.
One of the themes of the meet was to explore collaborations among PSBs, and large lenders were told to share best practices with smaller banks where more expertise is needed.

::Sports::

Regaining momentum in sports: Venkaiah at launch of Khelo India University Games

Vice President M Venkaiah Naidu inaugurated the 2nd Khelo India University Games 2021 at the SreeKanteerava Indoor Stadium here on Sunday after a grand show depicting Karnataka’s rich cultural heritage.
Prime Minister NarendraModi kicked off the “Khelo-India” campaign highlighting the significance of sport to the nation’s growth. “The power of sports increases the power of the country. Identity in sport, increase of recognition of the country,” Modi said in a video message to the Games.
The Prime Minister said in his message that the power of sport and the startup spirit of Benglauru would infuse fresh enthusiasm among youth.
“The city of Bengaluru in itself is a symbol of the nation’s youth. In the era of Digital India and this city of startups, this intersection with sports is unique. Hosting the Games will add to the immense energy of this beautiful city. “Hosting these Games while contending with a global pandemic is a testament to the resolve and passion for sports among the people of India. I salute the courage of the people of Karnataka.”