Excellence by Saikat Sir: Daily Vocabulary : 27th August

Daily Vocabulary : 27th August

Banking and Economy

1. RBI to transfer Rs 1.76 lakh crore from surplus reserve to government

The Reserve Bank of India (RBI) has approved the transfer of record Rs 1.76 lakh crore dividend and surplus reserves to the government,
This fund will comprise Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF).
The excess reserve transfer is in line with the recommendation of former RBI governor Bimal Jalan-led panel constituted to decide size of capital reserves that the central bank should hold.
The Modi government and the RBI under its previous governor Urjit Patel had been at loggerheads over the optimum level of surplus capital with the central bank.
As a result, the RBI in its crucial November 2018 board meeting decided to form a committee to review the economic capital framework (ECF) for the Reserve Bank.
It will boost Prime Minister Narendra Modi-led regime's prospect to stimulate the slowing economy without widening fiscal deficit.
It is the highest-ever surplus amount transferred by the RBI to govt
Since 2013-14, the RBI has been paying 99 per cent of its disposable income to govt

Source: India Today

2. Government to prepare roadmap for distribution of fortified rice

The central government has decided to prepare a detailed roadmap for the nationwide distribution of fortified rice through ration shops.
The government, in February this year, had a approved centre-sponsored pilot scheme on “Fortification of Rice and its Distribution under Public Distribution System”.
Under this scheme rice is fortified with Iron, Folic Acid and Vitamin B-12. The Pilot Scheme has been approved for a period of three year beginning 2019-20.
Currently, the scheme focuses on 15 districts preferably 1 district per State during the initial phase of implementation.

Source: Economic Times

3. Indian Bank signed MoU with Tata AIG

Public sector lender Indian Bank and Tata AIG General Insurance has entered into an agreement to offer a variety of general insurance products to bank’s customers.
The agreement was signed in the presence of Ms Padmaja Chunduru MD and CEO of Indian Bank and Mr Saurabh Maini, Senior Vice President and Business Head-Key partnership Group, Tata AIG General Insurance.
The partnership will see around 2,900 branches of the bank spread across India, offering a diverse range of insurance policies benefiting its customers by way of protection, wealth creation and savings.
Tata AIG General Insurance will work with the bank for sales training, product support and ensuring smooth operational processes, all leading to seamless service to customers.

Source: UNI

4. Amazon India launches Military Veterans Employment programme

E-commerce giant Amazon India has launched a Military Veterans Employment programme in the country that will create employment opportunities for military veterans and their spouses across the company’s fulfilment centres, sort centres and delivery centres in India.
Amazon India is partnering with the office of the Director General of Resettlement (DGR) and the Army Welfare Placement Organisation (AWPO) to create continued work opportunities for military families across the country.
Globally, Amazon has over 17,500 military veterans and spouses actively engaged in the programme.

Source : BusinessLine

5. Microsoft and ISB partner to advance AI skilling in India

The Indian School of Business (ISB) and Microsoft India announced a new partnership to take forward their shared vision for an AI-empowered India at an event in Hyderabad.
Through the creation of the AI Digital Lab, the two organizations will collaborate in research which will use Artificial Intelligence (AI) and Machine Learning (ML) to study issues that are relevant for business and public policy.
The partnership will also jointly introduce a new executive program titled “Leading Business Transformation in the Age of AI" in October 2019 which will equip business leaders with tools and strategies to transform their respective organizations to AI-driven organizations.
Professor Rajendra Srivastava, Dean, Indian School of Business and Anant Maheshwari is President Microsoft India.

Source: Livemint

National Affairs

6. HRD Ministry launches National Digital Library of India

Human Resource Development Ministry under its National Mission on Education through Information and Communication Technology (NMEICT) has launched the National Digital Library of India project.
It is to develop a framework of virtual repository of learning resources with a single-window search facility.
As of now, there are more than 3 crore digital resources available through the National Digital Library.
More than 50 lakh students have registered themselves in the National Digital Library with about 20 lakh active users.
National Digital Library has been integrated with UMANG App and users can register through www.ndl.gov.in or through the mobile app

Source: News on AIR

7. Intel launches first artificial intelligence chip Springhill

Intel Corp has launched its latest processor, its first using artificial intelligence (AI), designed for large computing centres.
The chip, developed at its development facility in Haifa, Israel, is known as Nervana NNP-I or Springhill
It is based on a 10 nanometre Ice Lake processor that will allow it to cope with high workloads using minimal amounts of energy.
Intel Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California, in the Silicon Valley.

Source: The Hindu

International Affairs

8. PM Modi launches $4.2 mn redevelopment project of Hindu temple in Bahrain

Prime Minister Narendra Modi during his two-day visit launched the $4.2 million redevelopment project of the 200-year-old Sri Krishna temple in the Bahraini capital, Manama.
Modi, the first Indian Prime Minister to visit the key Gulf nation, offered prayers at the Shreenathji Temple in Manama.
The heritage and the 200-year-old legacy of the temple will be highlighted in the redevelopment and the new iconic complex will house the sanctum sanctorum and prayer halls.

Source: The Hindu

9. Boeing delivers 11th C-17 Globemaster to India

American aerospace major Boeing delivered the 11th C-17 Globemaster III transport aircraft to the Indian Air Force, boosting its strategic airlift capabilities.
The C-17 Globemaster III is a premier transport aircraft. The massive, sturdy, long-haul aircraft can carry large combat equipment, troops and humanitarian aid across long distances in all weather conditions.
The C-17 fleet has been a vital part of the IAF’s strategic and combat airlift capability.
Boeing has been maintaining IAF’s C-17 fleet through techno-logistics support and training for aircrew that operate the platform.

Source: Businessline

10. India-France to jointly build, run space-based ship tracking system

India and France will jointly built and operate The world’s first space-based automatic identification system (AIS) to track merchant ships on a real-time basis.
French space agency National Centre for Space Studies — CNES President Jean-Yves Le Gall and K Sivan, Chairman, Indian Space Research Organisation (ISRO), signed an agreement recently to start development and production of a constellation of satellites on which studies have been underway for more than a year.
The pact between the two space agencies was signed during Prime Minister Narendra Modi’s visit to France.
The constellation carrying telecommunications (AIS), radar and optical remote-sensing instruments will be capable of monitoring ships in the Indian Ocean.
India has installed a Long-Range Identification and Tracking system (LRIT) for ships as well as a terrestrial-based AIS, but their range and functionality is limited.

Source: Businessline

Conference and Summit

11. 7th 'Community Radio Sammelan' being held in New Delhi

The seventh “Community Radio Sammelan” is being held at Ambedkar Bhawan, New Delhi from 27^th to 29^th August, 2019.
It is being organized by Ministry of Information and Broadcasting and the theme of this year's Sammelan is 'Community Radio for SDGs'.
The 'Sammelan' will witness participation of all operational community radio stations across the country.
Representatives of the community radio stations will discuss experiences and possibilities of programming for spreading public awareness on the Sustainable Development Goals in a better way.
Union minister Prakash Javadekar wil present National Community Radio Awards 2019 on this occasion.

Source: Business Standard

12. MoU signed between Health Ministry and Ministry of Social Justice & Empowerment

National AIDS Control Organisation (NACO) and Department of Social Justice and Empowerment (DoSJE) has signed a MoU
This MoU is to enhance outreach on AIDS prevention, address the risk of HIV transmission among all substance users and empower the discriminated and vulnerable groups such as victims of HIV/AIDS, drug abuse and female sex workers
The MOU will also catalyze in achieving the national goals and objectives of HIV prevention and impact mitigation.
AIDS Control Organisation (NACO), under Ministry of Health and Family Welfare, and Department of Social Justice and Empowerment (DoSJE) is under Ministry of Social Justice & Empowerment (MoSJE)

Source: PIB

Awards

13. Tenzing Norgay National Adventure Award 2018 Announced

Tenzing Norgay National Adventure Awards 2018 has been announced. The award is given in four categories namely, Land Adventure, Water Adventure, Air Adventure and Life Time Achievement.
This award is given every year to recognize the achievements of persons in the fields of adventure, to encourage young people to develop the spirit of endurance, risk–taking, cooperative teamwork and quick, ready and effective reflexes in challenging situations.
Based on the recommendations of the Selection Committee and after due scrutiny, the Government has decided to confer awards upon the following:

Land Adventure: Aparna Kumar, Shri Dipankar Ghosh, Shri Manikandan K

Water Adventure: Prabhat Raju Koli

Air Adventure: RameshwerJangra

Life Time Achievement: Wangchuk Sherpa

The awardees will receive their awards from the President of India along with other Sports Awardees at the Rashtrapati Bhawan on 29th August, 2019.
They will receive statuettes, certificates and award money of Rs. 5 lakh each.