Daily news updates 25- July 2020

International News

1. Russia successfully holds fight test of 3D-printed aircraft engine

• Russia has conducted a successful flight test of an MGTD-20 gas turbine 3D-printed aircraft engine.
• The flight tests were held at Kazanbash aviation centre in Tatarstan.
• With the new technology, the production time of the main engine elements has been reduced by 20 times and the cost of their production has been reduced by more than two times.

Important takeaways for all competitive exams:

• President of Russia: Vladimir Putin.
• Capital of Russia: Moscow.

Banking News

2. RBI releases the Financial Stability Report, July 2020

• The Reserve Bank of India has released the 21st issue of the Financial Stability Report (FSR).
• The FSR reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the financial system. The Report also discusses the issues related to the development and regulation of the financial sector.

Highlights of the Financial Stability Report (FSR):

• In response to COVID-19, a combination of fiscal, monetary and regulatory interventions on an unprecedented scale has ensured normal functioning of financial markets.

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Important takeaways for all competitive exams:

• Governor of RBI: Shaktikanta Das; Headquarters: Mumbai.
• RBI Founded: 1 April 1935, Kolkata.

Agreements & MoUs

3. Adani Ports signs up for Science-Based Targets initiative

• Adani Ports and Special Economic Zone Ltd (APSEZ) has become the first Indian port to sign the Science-Based Targets initiative (SBTi).
• After signing up for the SBTi, APSEZ has committed to set up science-based emissions reduction targets across their entire value chain. These targets would be consistent with keeping global warming to 1.5°C above pre-industrial levels.
• The Science-Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
• SBTi encourages the best practices in science-based target setting and independently evaluates the companies’ targets.

Important takeaways for all competitive exams:

• Chief Executive Officer of Adani Ports and Special Economic Zone Ltd: Karan Adani.

Appointments News

4. Partha Pratim Sengupta becomes new MD & CEO of IOB

• Government of India has appointed Partha Pratim Sengupta as the new Managing Director (MD) & Chief Executive Officer (CEO) of Indian Overseas Bank (IOB).
• Sengupta will replace Karnam Sekar, who retired from the post of the MD and CEO at IOB on June 30, 2020.
• Sengupta has been appointed upto a date of attaining the age of superannuation, December 31, 2022, or until further orders.

5. Tata AIA Life Ltd appoints Naveen Tahilyani as its MD & CEO

• Naveen Tahilyani has been appointed by Tata AIA Life Limited as its Managing Director (MD) & Chief Executive Officer (CEO).
• Tahilyani will take over from the current CEO Rishi Srivastava, who has been appointed as chief executive officer, group agency distribution, AIA Group, Hong Kong. He was roped in by Axis Bank as group executive- head of banking operations and transformation.
• Tahilyani was the CEO of Hong Kong's AIA Group's partnership business distribution until 2019. He has also served as the CEO and Managing Director of Tata AIA from 2015 to 2018.

6. Sahil Seth appointed as honorary adviser for BRICS CCI

• Sahil Seth has been appointed as an honorary adviser to the steering committee for the BRICS Chamber of Commerce and Industry (CCI) young leaders.
• Seth has been appointed for the period 2020-2023. He is presently serving as the Deputy Commissioner of Mumbai Customs.
• The BRICS CCI is the parent organisation which promotes commerce and industry in the BRICS nations and produces an enabling support system for the MSME segment of businesses and young entrepreneurs from across all different geographies.
• The primary objective of the honorary advisers committee is to organise themselves in BRICS countries chapters for a period of three years with a chair leading the committee.

Important takeaways for all competitive exams:

• BRICS member countries are: Brazil, Russia, India, China and South Africa.

7. Riva Ganguly Das appointed as Secretary East in MEA

• India's High Commissioner to Bangladesh, Riva Ganguly Das has been appointed by the Government as the Secretary East, in the Ministry of External Affairs.
• She will succeed Vijay Thakur Singh after her retirement on 30th September this year.

Sports News

8. Sripali Weerakkody retires from International Cricket

• Sri Lankan bowling allrounder, Sripali Weerakkody has announced her retirement from International Cricket with immediate effect.
• She made her international debut in 2006 and played 89 ODIs (One Day International) and 58 T20Is (Twenty20 International) fro Sri Lanka.
• She played her last international game in 2018 and scored 722 runs and 58 wickets in ODIs, and 209 runs and 31 wickets in T20Is.
• She also represented Sri Lanka in three 50-over World Cups: 2009, 2013 and 2017 as well as five T20 World Cups: 2009, 2010, 2012, 2014 and 2018.

Miscellaneous News

9. Muthoot Fincorp launches portal "Restartindia" for MSMEs

• A portal "Restartindia" has been launched by the Kerala-based NBFC, Muthoot Fincorp.
• The portal has been launched for the Micro, Small & Medium Enterprises (MSME) sector in order to restart businesses across the country.
• It will also offer solutions for problems faced by a large number of women entrepreneurs and will majorly focus on nano and micro enterprises.
• Muthoot Fincorp and INKtalks, a free and open platform for advisory support, have jointly conceptualised the portal.
• The "Restartindia" portal will also offer details of MSME-focused governmental, institutional support as well as resources on how to run or establish a sustainable business venture.

Important takeaways for all competitive exams:

• Union Minister for Micro, Small and Medium Enterprises: Nitin Jairam Gadkari.