Current Affairs for BANK, IBPS Exams - 12 February 2021

::NATIONAL::

India and China agree to withdraw troops from Pangong Lake area in Ladakh

The Indian Army and China's People's Liberation Army have started taking first steps to withdraw armoured elements from the heights on the southern bank of PangongTso
India and China have started pulling back armoured elements - tanks and infantry combat vehicles - from heights on the southern bank of PangongTso, people familiar with the disengagement plan in New Delhi said.
Troops are still holding positions on these strategic heights, they said on the condition of anonymity after the Chinese defence ministry announced in Beijing that the troops had started to disengage along the Line of Actual Control (LAC) near the salt-water lake.
The reports of withdrawal of the armoured elements from one of the multiple friction points in the East Ladakh sector comes nearly a fortnight after military commanders of the two armies agreed on January 24 to push for an early disengagement of their frontline troops.

Center for Land Warfare Studies organizes Divya-Drishti 2021 webinar

Indian Army National Seminar-cum-Webinar, named as Divya-Drishti 202 on Multi-Domain Operations: Future of Conflicts was organised by Centre for Land Warfare Studies, CLAWS today. Divya-Drishti 2021, meaning divine or cognitive perception required for an informed vision, aimed to bring together national and international experts and practitioners to deliberate on the complex and emerging subject on multi-domain operations.
The webinar was attended virtually by Army Chief General MM Naravane, Vice Chief of Army Lieutenant General CP Mohanty, General Officer Commanding-in-Chief of the Army Training Command Lieutenant General Raj Shukla, along with other dignitaries from the Ministry of Defence, three Services, former Chiefs of the Army Staff and leading security Think Tanks in the country and members of the media.
The inaugural address was delivered by Army Chief General MM Naravane in which he emphasised the threats and challenges to national security in the future and the need to remain vigilant at all levels. He said, the collusive threats along the borders coupled with state sponsored terrorism reveals that the Indian Army needs to be prepared in multiple domains to tackle adversarial threats and to safeguard the territorial integrity of the country. General Naravane said, a multi-domain war demands redetermination and re-examination of our doctrines, strategy and up-gradation of our capabilities.

Printed Study Materials for IBPS, SBI Bank Exam

::International::

New Zealand severs diplomatic ties with Myanmar's military govt.

New Zealand has officially suspended all diplomatic ties with Myanmar as it does not recognise the legitimacy of the new military-led government.
These ties include aid and funds that were intended for the country, said New Zealand Prime Minister JacindaArdern during a press conference on Tuesday, reported Myanmar Times.
Meanwhile, U MaungMaung Lay, the vice president of the Union of Myanmar Federation of Chambers of Commerce and Industry raised concerns that New Zealand could impose economy-related sanctions and potential blocks in the exchange of payments, which might result in investors pulling out of Myanmar.
Lay also addressed concerns on how the political unrest could affect other foreign investments and the country's economic recovery.
"The global economy was badly hit by COVID-19. It may take seven years or more for the global economy to recover, It will take several more years for the recovery of Myanmar's economy," he said, adding that recent events have tarnished Myanmar's reputation.

::Economy::

Shanghai-based New Development Bank will invest $ 100 million in NIIF Fund of Funds

New Development Bank (NDB), the multilateral development bank established by the BRICS countries, has announced a commitment of $100 million into the NIIF Fund of Funds (FoF). With NDB’s investment, the FoF has secured $800 million in commitments. NDB joins the Government of India (GoI), Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) as an investor in the FoF.
This investment marks NDB’s first equity investment into India and it’s first-ever investment into a Fund of Funds.
The FoF was established in 2018 with the objective to provide homegrown Indian private equity fund manager’s access to an India-focussed institutional investor that operates at scale.
As of date, the FoF has made commitments to four funds aggregating over ₹2,750 crore (approx. $370 million equivalent).

Engineering exports grow 18.69% in Jan

Engineering exports grew 18.69 per cent in January to $7.17 billion as demand in major markets, including the EU and the US, showed “robust recovery’’ setting the stage for improved performance in the coming months, according to the Engineering Export Promotion Council of India (EEPC).
“According to an assessment done by EEPC, which has 60 per cent of its members from the MSME sector, the past few months have shown a robust recovery in the external demand in the major markets of the US and Europe besides several key Asian economies,” according to EEPC India Chairman Mahesh Desai.
Engineering exports for January were up at $7.17 billion, from $6.01 billion in the same month last fiscal, raising prospects for February and March, Desai said. “Exporters have navigated the post-Covid global market with innovative offerings to the buyers,”

::Science and tech::

Pakistan tests surface-to-surface cruise missile Babur for a distance of 450 km

Pakistan conducted a successful training launch of Babur Cruise Missile IA, having a range of 450 kilometers with capability of engaging targets at land and sea with high precision, the ISPR said.
The missile was launched from a state of the art Multi-Tube Missile Launch Vehicle. The training launch was witnessed by Dr Raza Samar, Chairman NESCOM, Lieutenant General Muhammad Ali, Commander Army Strategic Forces Command, senior officers of Strategic Plans Division, Army Strategic Forces Command, scientists and engineers of the strategic organizations.
Chairman NESCOM appreciated the standard of training and operational preparedness of Army Strategic Forces which was reflected by the proficient handling of the Weapon System in the field and fulfillment of all laid down training parameters. He also appreciated the contributions of scientists and engineers towards enhancement of Pakistan’s strategic capability.
The President, Prime Minister of Pakistan, Chairman Joint Chiefs of Staff Committee and Services Chiefs also congratulated the participating troops on conduct of successful training launch. This is the third successful training launch of any missile system by Pakistan in less than one month.
Earlier, on February 03 Pakistan conducted training launch of surface-to-surface Ghazanvi ballistic missile capable of carrying both conventional and nuclear weapons up to range of 290 kilometers. On January 20, Pakistan carried out successful flight test of Shaheen-III surface-to-surface ballistic missile, having a range of 2750 kilometers. The test flight was aimed at re-validating various design and technical parameters of the weapon system.

::SPORTS::

Hima Das appointed as Deputy Superintendent of Police by Assam

The first Indian to win a global track title, Hima Das, has been appointed as a Deputy Superintendent of Police (DSP) by the Assam government.
The announcement comes after a meeting chaired by chief minister
SarbanandaSonowal that amended Assam’s sports policy to appoint sportspersons as Class-I and Class-II officers in different departments of the state.
While Hima Das will take charge as a DSP, medals winners from the state at the Olympics, Asian Games and Commonwealth Games will be appointed as Class- I officers by the Assam government.
Hima Das, who said that the appointment is a huge motivation, is busy preparing for the upcoming Indian domestic season that begins this weekend in Ranchi.