Shankar School of Banking November 23 , 2021 37



Gallantry Awards to the Hero’s

  • President Ram Nath has awarded the Group Captain Abhinandan Varthaman with the third highest wartime gallantry award Vir Chakra for his bravery and courage in the gallantry.
  • Group Captain Abhinandan Varthaman had downed a Pakistani F-16 aircraft trying to infilter India to launch an attack after the Balakot strike on Feb 27, 2019, The Mig 21 Bison that was flown by the Group Captain was hit and he ejected into the foreign teritory and captured by Pakistan, He was repatriated to India.
  • Sapper Prakash Jadhav was Honoured posthumously with Kriti Chakra,the second highest peacetime gallantry award, for his bravery and sacrifice in neutralising terrorists at Jammu and Kashmir.
  • Major Vibhuti Shankar Dhoundiyal was honoured posthumously with Shaurya Chakra for his bravery in counter insurgency operation and recovered 200kg of explosive, he was martyred in the Pulwama attack.
  • Naib Subedar Sombir was posthumously honoured with Shaurya Chakra for his bravery in killing a terrorist in Jammu and Kashmir.


Joint Parliamentary Committee discusses on Personal data protection(PDP) bill

  • The Joint Parliamentry committee on PDP headed by PP Chaudhary retained the  exemption  clause 35 with a small minor change.
  • Among the 30 members of the Joint Parliamentary committee, six of the members have filed dissent notes, two other members will file dissent notes soon.
  • The clause 35 of the PDP states that-In the name of “public order”, 'sovereignty', “friendly relations with foreign states” and “security of the state” allows any agency under the Union Government exemption from all or any provisions of the law.
  • The committee has concluded the long awaited PDP bill and put forth other key recommendations also-
  1. It recommended to set up dedicated lab for certification of all digital devices.
  2. It suggested to develop an alternative financial system for cross border payments.
  3. It recommended to treat treat all publishers as social media platforms that do not act as intermediaries and make them accountable for the content they anchor.
  4. It also suggested not to allow any social media platform to function unless the parent company sets up an office at India.
  5. In the case of cross border data transfer the mirror copy of sensitive data should be brought to India.
  • JPC has defended the clause 35 stating, Secure nation only can ensure the personel liberty and privacy of an individual. The committee has been working on the Personal data protection bill from 2019.


Tamil Nadu signed MoUs with 59 companies on various sector

  • Tamil Nadu Chief Minister MK Stalin has signed deals with 59 companies that draws an investment of Rs 35,200 crore at an investment meeting held at Coimbatore, Tamil Nadu.
  • The Fin Tech policy of Tamil Nadu will be released after signing the MoUs with companies from various sectors, This investment is expected to create 75,000 jobs.
  • Industries from various sectors like Auto Components, Electronics, Design engineering, Cement grinding, Nutritional and beverage products, Electric Vehicles Industrial Park, Aerospace and Defence have signed deals with government to set up industries.
  • The current capacity of Chennai is likely to increase its supply from 54MW to 79MW in two years.


First All India Survey on Domestic workers is initiated

  • The first survey on domestic workers which is to be carried out by Labour Bureau was initiated by the Labour and Employment Minister Bhupendra Yadav.
  • The survey will be conducted in 742 districts comprising of 1.5 lakh households, and the survey would be completed in a year.
  • The survey will estimate the number of domestic workers at both state and national levels, migrant and non migrant workers, domestic workers staying at their work place, employees of fomal employment, wages of the workers and other socio economic factors.
  • The details of domestic workers comprising age, social status, duration and type of work, wages of work, size of household, religion, Socio group, monthly consumption and expenditure will be collected for the survey.


Global State of Democracy report released

  • International Institute for Democracy and Electoral Assistance an intergovernmental organization, headquartered in Stockholm, Sweden has released its Global State of Democracy Report-2021.
  • The report showed that countries moving from democracy to authoritarianism has increased, 20 countries have moved towards authoritarianism and only 6 countries have moved towards democracy.
  • It also revealed that the United States, Poland, Hungary and Slovenia are noticing a democratic decline, It highlighted that India and Brazil are examples of backslide, although India remained in mid level performing democracy from 2020.



Sub deals signed after AUKUS

  • Australia has signed the first aggrement on technology publicaly with U.S and British to equip its navy with nuclear powered submarine, this aggrement allows exchange of sensitive information related to nuclear propulsion.
  • This is the first deal after the stratergic defence alliance AUKUS, Procurement details of nuclear submarine( Vessel based or British attack submarines) is yet to be announced by Australia.



Timeline extended for origin e-certificates   

  • Department of Commerce announced that the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO platform had been extended till January 31.
  • Several exporters across States had reported difficulties in registering on the e-CoO platform on the Directorate General of Foreign Trade (DGFT) portal with the stipulated high-quality digital signature certificates and obtaining the certificates for their shipment.
  • This online facility provides ‘ease of doing business’ to the exporting community and gives a verifiable authentication mechanism to the partner countries to confirm the genuineness of the issued CoOs through a QR code which adds credibility to the issued e-CoO,


Draft Scheme for PMC-USFB merger announced

  • The Reserve Bank of India (RBI) created a draft scheme for merging of the Punjab and Maharashtra Cooperative (PMC) Bank with Unity Small Finance Bank Ltd. (USFB), a banking company in India under Companies Act, 2013.
  • USFB is set up with capital of about Rs 1,100 crore as against the regulatory requirement of ₹200 crore for setting up of a small finance bank under the guidelines for on-tap licensing of small finance bank in private sector.



Auto Guru and Formula woman UK to hold selection trials

  • Before the Mc Laren GT Cup championship to be held in England, Auto Guru of India and Formua woman UK is set to conduct selection trail for women drivers to fetch a chance to participate in Mc Laren GT Cup championship.
  • The selection process was held at Erda’s speedway Vadora.
  • This will create chance for 6 Indian women to participate in the event



  • Nov 23rd is observed as National Cashew Day.





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