Current Affairs for BANK, IBPS Exams - 30 September 2021

::National::

CK Ranganathan appointed as the new President of AIMA

Mr CK Ranganathan, Chairman & Managing Director, CavinKarePvt Ltd has taken over as the President of All India Management Association (AIMA) from Mr Harsh PatiSinghania, Vice Chairman & Managing Director, JK Paper Ltd. MrRanganathan will lead AIMA as President till the next National Management Convention in September 2022.
Dempo Group Chairman, MrShrinivasDempo is the new Senior Vice President of AIMA and Mr Nikhil Sawhney, Vice Chairman & Managing Director, Triveni Turbines Ltd, has joined the AIMA leadership team this year as its Vice President.
Outlining his priorities as AIMA President, MrRanganathan said that he would continue AIMA's digitalization and initiate measures to deliver AIMA's services to students, executives, enterprises and academics in the hybrid mode. "While AIMA has very successfully adopted and imbibed digital transformation, AIMA would strive to serve Indian management through both the digital and the physical channels," he said.
Under MrRanganathan's leadership, technology will drive AIMA's services and the new initiatives would include face recognition tools for admission and recruitment testing services and remotely proctored semester examination for education institutes. AIMA will develop IPR in digital education and testing. AIMA will build on its existing simulation services to teach management and test managers.
AIMA will continuously upgrade the curriculum and teaching methods of its own business school and offer digital innovation modules to both companies and other B-schools. On the peer learning side, AIMA will create new platforms for exchange of specialized knowledge.

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::International::

Former Foreign Minister Fumio Kishida won the governing party leadership election; will be the next prime minister

Japan’s former Foreign Minister Fumio Kishida won the governing party leadership election on Wednesday and is set to become the next prime minister, facing the imminent task of addressing a pandemic-hit economy and ensuring a strong alliance with Washington to counter growing regional security risks.
Kishida replaces outgoing party leader Prime Minister YoshihideSuga, who is stepping down after serving only one year since taking office last September.
As new leader of the Liberal Democratic Party, Kishida is certain to be elected the next prime minister on Monday in parliament, where his party and coalition partner control the house.
Kishida beat popular vaccinations minister Taro Kono in a runoff after finishing only one vote ahead of him in the first round where none of the four candidates, including two women, was able to win a majority.
Results showed Kishida had more support from party heavyweights who apparently chose stability over change advocated by Kono, who is known as something of a maverick.
The new leader is under pressure to change the party’s high-handed reputation worsened by Suga, who angered the public over his handling of the coronavirus pandemic and insistence on holding the Summer Olympics in Tokyo.

::Economy::

NPCI ties up with Yes Bank

The National Payments Corporation of India (NPCI) partnered with private lender YES Bank to launch the 'RuPay On-the-Go' contactless payments solutions - a first-of-its-kind facility for customers. The RuPay contactless solution will enable customers to make small and large value transactions from accessories that they wear everyday, according to a statement shared by NPCI.
This means that the card operates as a wearable payment solution that is likely to change the contactless payments space. It will eliminate the need to carry a physical card and will enable instantaneous payments with a simple 'tap, pay, go' mechanism.
The retail payments and settlement system operator launched the contactless solution in association with the fintech infrastructure partner - Neokred, and manufacturing partner - Seshaasai.
With the RuPay On-the-Go facility, customers can make payments as a part of their fashion accessory. It is something that they can ‘wear' every day, and make wallet-free transactions.
The interoperable, open-loop solution for customers is a quick and secure service, equipped with smart, superior technology.
Customers can use the service at RuPay contactless-enabled PoS (point of sale) at the retail outlets and can pay up o₹ 5,000, without the need to enter the PAN number.
For making payments more than Rs 5,000, customers need to tap the accessory and then enter PIN, according to NPCI.
Additionally, for the online transactions, the BHIM YES PAY app offers a virtual RuPay card to the customers that can be utilised for the digital as well as e-commerce transactions.
''The RuPay On-the-Go smart accessories, such as keychains with tap-and-pay functionality, will enable customers to make digital payments securely, more easily and in style. As the volume of digital transactions continues its upward trend, tech solutions that allow people to make contactless payments - through smart objects that blend in with their style,'' said Ms Anita Pai, COO, YES Bank.

Finance Ministry extends Rs 4.5 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) to support micro, small and medium enterprises

Emergency Credit Line Guarantee Scheme (ECLGS) since its launch, has extended relief to over 1.15 crore Micro, Small and Medium Enterprises (MSMEs) and businesses. It has provided support to eligible borrowers in meeting their operational liabilities and restarting their businesses in the wake of disruptions caused by the COVID-19 pandemic.
As on 24th September 2021, loans sanctioned have crossed Rs. 2.86 lakh crore under the Scheme and out of total guarantees issued, about 95% of the guarantees issued are for loans sanctioned to Micro, Small and Medium Enterprises.
Government has been receiving demands from various Industry bodies and other stakeholders to extend the scheme to ensure continued support to eligible sectors/businesses. With a view to support various businesses impacted by the second wave of COVID 19 pandemic, it has been has decided to extend the timeline of Emergency Credit Line Guarantee Scheme (ECLGS) till 31.03.2022 or till guarantees for an amount of Rs 4.5 lakh crore are issued under the scheme, whichever is earlier. Further, the last date of disbursement under the scheme has also been extended to 30.06. 2022.
The following modifications have been made in the scheme to enable support to businesses impacted by the second wave of COVID
Existing borrowers under ECLGS 1.0 & 2.0 would be eligible for additional credit support of upto 10% of total credit outstanding as on 29.02.2020 or 31.03.2021, whichever is higher.
Businesses who have not availed assistance under ECLGS (ECLGS 1.0 or 2.0), can avail credit support of upto 30% of their credit outstanding as on 31.03.2021.
Businesses in sectors specified under ECLGS 3.0, who have previously not availed ECLGS, can avail credit support up to 40% of their credit outstanding as on 31.03.2021, to the maximum of Rs.200 crore per borrower;
Incremental credit can be availed within these limits by existing ECLGS borrowers whose eligibility increased because of change in cut off date to 31.03.2021 from 29.02.2020.
Accordingly, Borrowers who have availed assistance under ECLGS and whose credit outstanding as on 31.03.2021 (excluding support under ECLGS) is higher than that on 29.02.2020 shall be eligible for incremental support within the cap stipulated under ECLGS 1.0,2.0 or 3.0.

::Science and tech::

North Korea tests hypersonic missile "Hwasong-8"

North Korea is apparently getting into the hypersonic arms race.
The nuclear-armed nation conducted a test launch Tuesday (Sept. 28) of a new "hypersonic missile" called Hwasong-8, state-run outlet KCNA reported on Wednesday (Sept. 29), according to KCNA Watch, which aggregates news released by official North Korean media.
Hwasong-8 was topped with a hypersonic gliding vehicle (HGV) warhead, KCNA wrote. Hypersonic craft travel at least five times faster than the speed of sound, or Mach 5, and are highly maneuverable. They're much tougher to track and intercept than intercontinental ballistic missiles, which follow predictable trajectories.
The United States, Russia and China have prioritized the development of hypersonic weapons in recent years. The U.S. has been working on a number of different hypersonic designs over the past decade, for instance, and scored an important success with one, the Hypersonic Air-breathing Weapon Concept, during a trial last week, Pentagon officials announced Monday (Sept. 27).
KCNA declared Tuesday's Hwasong-8 mission, which launched from North Korea's east coast, a success as well.
"In the first test launch, national defense scientists confirmed the navigational control and stability of the missile in the active section and also its technical specifications, including the guiding maneuverability and the gliding flight characteristics of the detached hypersonic gliding warhead," KCNA's report reads.
Outside experts aren't so sure, however. Missile specialist Chang Young-keun told Reuters that the Hwasong-8's HGV reached a top speed of just Mach 2.5 during Tuesday's test, citing analyses by South Korean military intelligence.