Current Affairs for BANK, IBPS Exams - 25 January 2022

::National::

Israeli envoy recalls key role of India in WW-I

Israeli ambassador Naor Gilon on Monday recalled the role of soldiers of the British Indian Army in World War 1 in liberating areas that later became Israel and said India was a country where Jews had lived with total equality for more than 2,000 years.
Gilon was speaking at virtual event that he addressed along with Sanjeev Singla, the Indian envoy to Israel, to mark the launch of a commemorative logo for the 30th anniversary of diplomatic relations between the two nations.
The Israeli envoy recalled his visits last year along with external affairs minister S Jaishankar to “some places commemorating more than 900 Indian soldiers buried in Israel”. These were soldiers “who fought during World War 1 as part of the British Indian army to liberate this area that later became Israel”, he said.
Gilon said Jews have lived “for over 2,000 years in India in total equality and peacefully”. He added, “And as someone who arrived [in India] after serving quite extensive periods in Europe, I was very much surprised to see how much love and appreciation there is in India towards Israel. There is another element – there is no anti-Semitism in India, this phrase just doesn’t exist.”

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::International::

8,500 US troops on ‘heightened alert’ as Russia has 'no intention' de-escalating

The US is putting 8,500 troops on ‘heightened alert’ for possible deployment in Eastern Europe in view of the Russian aggression near the Ukraine border. Pentagon spokesperson John Kirby said that US defense secretary Lloyd Austin's order to place 8,500 military personnel to heightened preparedness would allow America to rapidly deploy additional brigade combat teams, along with units.
Kirby told reporters that giving time to prepare the US military personnel enough time to prepare makes “prudent sense” in case Nato activates its Response Force as Russia has “no intention right now of de-escalating”. The US forces placed on alert would be in addition to the significant combat-capable troops already based in Europe “to deter aggression and enhance the alliance’s ability to defend allies and defeat aggression if necessary,” said Kirby.
"Again, I want to reinforce that as of now the decision has been made to put these units on higher alert and higher alert only," Kirby said. "No decisions have been made to deploy any forces from the United States at this time."
While Russia has denied intention to invade Ukraine, its aggression along the border has caused concern to the West, prompting a visit to Kyiv by US state secretary Antony Blinken and meeting with European allies. US President Joe Biden also held what he called a “great” call with European leaders as they work to strike a unified position on Russia.
Biden had said that the US, in case of an invasion, would respond with stringent economic sanctions but the latest order indicates that the US President wants to send a stronger military message to his Russian counterpart, Vladimir Putin, as fears of invasion grow.

::Economy::

Jio Estonia partners with University of Oulu on 6G research

Jio Estonia, a subsidiary of Jio Platforms, has partnered with Finland's University of Oulu to accelerate the development of 6G.
This is the first time an Indian CSP has formed an alliance with an international university for the development of an upcoming communications standard.
Jio is trying to change how telcos typically operate in India. The company has developed its own stack of 5G solutions, which it plans to sell in the global market after deploying in India.
Jio might be slightly behind the global market where 5G is concerned, but with this tie-up it is clear that it doesn't want to make the same mistake with 6G.
Jio Platforms and the University of Oulu will work together in areas of aerial and space communication, holographic beamforming, 3D-connected intelligence in cybersecurity, microelectronics and photonics.
"The collaborative effort will aid in competing with 6G enabled products in the defense, automotive, white goods, industrial machinery, consumer goods, efficient manufacturing, novel personal smart device environments, and experiences such as urban computing and autonomous traffic settings," says the press release.
The University of Oulu also runs the 6G Flagship project, partnering with various universities and organizations from around the world.
Telecom companies including Telia, Tele2, Orange and BT are members, as well as Nokia Bell Labs, Keysight Technologies and Interdigital. It is unclear if Jio Estonia's collaboration with the University of Oulu is part of this initiative.
"Early investments in 6G research and capabilities with the University of Oulu can complement Jio Lab's capabilities in 5G and bring 6G to life," says Aayush Bhatnagar, senior vice president for Jio Platforms, in the statement.

NITI Aayog and RMI India release report 'Banking on Electric Vehicles in India'

NITI Aayog, Rocky Mountain Institute (RMI), and RMI India today released a report, titled ‘Banking on Electric Vehicles in India’, which outlines the importance of priority-sector recognition for retail lending in the electric mobility ecosystem. The report provides considerations and recommendations to inform the inclusion of EVs in the Reserve Bank of India’s (RBI’s) priority-sector lending (PSL) guidelines.
Banks and non-banking financial companies (NBFCs) in India have the potential to achieve an electric vehicle (EV) financing market size of Rs 40,000 crore (USD 5 billion) by 2025 and Rs 3.7 lakh crore (USD 50 billion) by 2030. However, retail finance for EVs has been slow to pick up.
“Financial institutions have an important role to play in accelerating the adoption of EVs in India and supporting the decarbonisation of road transport,” said Amitabh Kant, CEO, NITI Aayog. “RBI’s PSL mandate has a proven track record of improving the supply of formal credit towards areas of national priority. It can provide a strong regulatory incentive for banks and NBFCs to scale their financing to EVs.”
Priority-sector lending aims to expand financial access and support employment opportunities in India. In order to meet these goals, the report highlights that the RBI may consider various EV segments and use cases based on five parameters: socio-economic potential, livelihood generation potential, scalability, techno-economic viability, and stakeholder acceptability.
“Buyers are unable to access low-interest rates and long loan tenures for EVs as banks are concerned about resale value and product quality. Priority-sector lending can encourage banks to fast-track India’s transition to EVs and help achieve our 2070 climate goals,” said Clay Stranger, Managing Director, RMI.
The report indicates that electric two-wheelers, three-wheelers, and commercial four-wheelers are early segments to prioritise under PSL. Moving forward, the engagement of other ministries and industry stakeholders will be important to ensuring the guidelines designed can effectively enhance EV investment in India.
To maximise the impact of the inclusion of EVs, the report also recommends a clear sub-target and penalty mechanism for priority sector lending to renewable energy and EVs. Furthermore, it suggests recognition of EVs as an infrastructure sub-sector by the Ministry of Finance and the incorporation of EVs as a separate reporting category under the RBI. Multiprong solutions such as these are needed not only for EV penetration and businesses, but also for the financial sector and India’s 2070 net-zero target.

::Science and tech::

Karnataka becomes first state in India to launch AVGC Center of Excellence

The State government launched AVGC Centre of Excellence, termed as the pioneering technology digital media hub, funded by the Department of Electronics, IT, BT on Thursday. Karnataka is the first State in the country to launch its own Animation, Visual Effects, Gaming and Comics (AVGC) policy way back in 2012. The State has also become the country's first to set up such a Centre of Excellence (CoE) which is also believed to be the biggest in Asia. Minister of Science and Technology Dr C.N. Ashwath Narayan inaugurated centre which will showcase the Animation, VFX, Gaming and Comics industry's competence and infrastructure in the State.
Speaking on the occasion, Ashwath Narayan said, "This CoE brings digital excellence to creative industries. India now commands around 10% of the global AVGC market and has the potential to reach 20-25% by 2027. Karnataka has been driving the AVGC sector in the country. Our government is proud of this CoE and the centre will take us to greater prominence in the sector." The centre also has a finishing school which offers unique courses based on emerging technology such as virtual reality, digital compression, photogrammetry, gamification of education, real-time virtual production, and other emerging technologies, the minister said.
"The State will come out with the new AVGC policy within one year and required land will be provided within a year to set up dedicated 'Digital Media Entertainment Area," he said. The minister said more small CoEs will be set up across the State particularly on campuses of universities and collaborations will be made with more number of fine arts institutions. At present only 35% of students are getting quality education in our system and to fill this shortfall the National Education Policy (NEP-2020) aspires to make 'storytelling' the basis of education. Blended learning will also be supportive of this. By relying on AVGC, learning can be made more attractive to achieve the target of providing quality education to all the students, he said.

::Sport::

India's first Para-Badminton Academy started in Lucknow

Badminton was the talking point of the Tokyo Paralympics with Pramod Bhagat and Krishna Nagar bagging the gold medals, aside from Suhas Yathiraj, Manoj Sarkar also medalling with a silver and a bronze respectively from the multi-sporting extravaganza.
Given such a brilliant showing, Dronacharya awardee and Head National Coach of the Indian para-badminton team, Gaurav Khanna has decided to launch the country's first Para-Badminton Academy in Lucknow, in association with the Ageas Federal Life Insurance.
With state-of-the-art facilities and a high-performance centre, the Para-Badminton Academy will act as the hotspot to train Indian para-badminton talents for the upcoming 2024 Paris Paralympics.
Keeping his eye out for the later Paralympics as well, Gaurav Khanna also announced the Ageas Federal 'Quest for Fearless Shuttlers' that will be on the lookout for young shuttlers to train for the 2028 and 2032 Paralympic Games.