Daily Current Affairs March 11
Table of Contents
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March 11 | Daily Current Affairs 2022
Important Days – Daily Current Affairs March 11
1. International Day of Women Judges:
- This year, 10 March will be celebrated as the International Day of Women Judges.
- The day will be celebrated and observed for the first time after the UN General Assembly passed the resolution concerning the same in April 2021.
- The International Day of Women Judges aims to recognise the efforts and contributions being made by women judges.
- The day also empowers young women and girls who aspire to become judges and leaders in the community.
- The International Day of Women Judges aims to bring to light the active participation of women at all levels of decision-making and how their inclusion can help in achieving gender equality in democratic societies.
- Gender disparity has been witnessed in all spheres, including the judiciary.
- Women have been kept away from major decision-making processes for much of history.
- The UN General Assembly Resolution aims passed in April last year aims to bring about gender parity in the judiciary, especially at the senior levels.
- The International Day of Women Judges is celebrated to promote the presence of women in the judicial field and strengthen the legal system.
- The day also aims to reaffirm the faith of people in the judicial system.
Sports – Daily Current Affairs March 11
2. Odisha to host the IWLF National Weightlifting Championships:
- Odisha will host the IWLF National Weightlifting Championships, 2021-22 for Men and Women under Youth, Junior and Senior Category from March 19 to 31.
- Over 1300 athletes, support staff & Technical Officials from 30 states and UTs are expected to participate in this National Championships.
- Indian Weightlifting Federation in association with Odisha Weightlifting Association with support from Sports and Youth Services Department will conduct the event.
- The competition will be held in 10 different Weight Categories for Youth (Boys & Girls), Junior & Seniors (Men & Women).
- As many as 58 Technical Officials will be conducting the championship.
- This competition is the qualifier for 5th Edition of Khelo India Youth Games, 2022 which is scheduled to be held later this year.
- This will also be considered a selection trial for the IWF Youth and Junior World Championships both for eligible lifters.
- Odisha Sports Department and KIIT University to host and support the 2021 IWLF National Championship.
- National Championship is being conducted together for all three age categories (Senior, Junior and Youth).
Banking and Finance – Daily Current Affairs March 11
3. Goldman Sachs becomes first U.S. bank to quit Russia:
- Goldman Sachs Group Inc was closing its Russian business, becoming the first major U.S. bank to exit following Russia’s invasion of Ukraine and putting pressure on rivals to follow.
- While European banks are the most highly exposed to Russia, U.S. banks still have significant exposure, totaling $14.7 billion, according to Bank of International Settlements data.
- In its annual filing, the bank had disclosed a credit exposure to Russia of $650 million.
Shares of Goldman Sachs fell 2.8% to $325.97 in midday trading.
- Up to the close of trading, GS had fallen 12.8% this year.
4. J&K Bank wins National Award for SHG Bank Linkage:
- J&K Bank received the National award for outstanding performance for financial year 2020-21 for its best performance in Self Help Group Bank Linkage.
- Kirti Sharma, Zonal Head Delhi received the national award on behalf of the Bank from the Union Minister for Rural Development, Giriraj Singh during an event organised to celebrate Women’s Day at Vigyan Bhawan Delhi.
- The event was attended by various women self-help groups who shared their success stories and praised the Bank for providing them timely support in gaining not only self-sufficiency but earning livelihoods for others as well.
- Meanwhile, keeping its commitment to extend banking facilities and financial services into the under-banked areas of Jammu and Kashmir, J&K Bank has expanded its footprint by commissioning four Business Units (BUs) in the valley.
- The Bank’s MD & CEO, Baldev Prakash inaugurated the Business Unit Pattan Village in Baramulla and also e-inaugurated the business units Model Town Sopore, Bakura Ganderbal and Narakara Budgam during the function attended by local businessmen and other officers of the bank.
5. RBI bars Paytm Payments Bank from acquiring customers, calls for IT audit:
- The Reserve Bank of India (RBI) has barred Paytm Payments Bank (Paytm PB) from onboarding new customers with immediate effect because of certain supervisory concerns.
- Furthermore, the banking regulator has directed Paytm PB to appoint an IT audit firm for conducting a comprehensive system audit of its IT system.
- Paytm PB will need specific permission from the RBI to restart the onboarding of customers following a review of the audit.
- The action is based on certain material supervisory concerns observed in the bank, without divulging details.
- The ban on customer acquisition shall cripple business growth for Paytm PB, which is targeting to add half a billion customers to its fold.
- The payments bank also has 300 million mobile wallets.
- According to norms, payment banks are not allowed to lend; their main business is remittances and utility payments.
- These entities are also allowed to open bank accounts and they can sell third-party products like insurance, mutual funds, and also loans of banks to their customers.
Business and Economy – Daily Current Affairs March 11
6. NINL JV partners sign share-purchase pact with Tata Steel arm:
- Neelachal Ispat Nigam Ltd’s JV partners signed a share purchase agreement (SPA) with Tata Steel Long Products, paving the way for NINL privatisation.
- NINL is a joint venture of MMTC, NMDC, BHEL, MECON and 2 Odisha government PSUs – OMC and IPICOL.
- Tata Steel Long Products emerged as the highest bidder with Rs 12,100 crore for the acquisition of the 93.71 per cent equity stake of NINL.
- SPA signed by JV partners of NINL with Tata Steel Long Products.
- The disinvestment transaction now moves to the closing stage.
- Completion of the transaction would require fulfilment of certain actions contemplated under the definitive agreements and the transfer of shareholding of the company in NINL to TSLP will be completed subsequently.
Acquisitions and Mergers – Daily Current Affairs March 11
7. ICICI Bank to acquire 5 per cent stake in NARCL:
- Private sector lender ICICI Bank will acquire five per cent stake in National Asset Reconstruction Company Limited.
- ICICI Bank has signed an agreement for investment in the National Asset Reconstruction Company Limited (NARCL).
- The transaction is for a total cash consideration of up to ₹ 1,37.5 crore in tranches.
Equity investment would be in tranches with the first tranche of equity investment of ₹70.45 crore expected to be completed by March 31, 2022.
- Finance Minister Nirmala Sitharaman had in Budget 2021-22 announced that an Asset Reconstruction Company Limited and Asset Management Company would be set up to consolidate and take over the existing stressed debt.
Appointments – Daily Current Affairs March 11
8. Justice Vipin Sanghi named acting chief justice of Delhi HC:
- Justice Vipin Sanghi, the senior-most judge of the Delhi High Court was appointed as its acting chief justice as incumbent Justice Dhirubhai Naranbhai Patel retires.
- A notification issued by the Department of Justice in the Law Ministry said Justice Sanghi has been asked to perform the duties of the office of the chief justice of Delhi High Court with effect from March 13.
- Justice Sanghi was appointed as an additional judge of the Delhi High Court on May 29, 2006 and was confirmed as a permanent judge on February 11, 2008.
- While Supreme Court judges retire at the age of 65 years, the retirement age for high court judges is 62.
9. IRDAI gets a new Member in Rakesh Joshi:
- The Appointments Committee of the Cabinet has approved the appointment of Rakesh Joshi, former Executive Vice President and Group Head (Debt Capital Markets), State Bank of India Capital Markets to the post of Whole-Time Member (Finance & Investment) at the Insurance Regulatory and Development of India (IRDAI).
- He has been appointed initially for three years,
- The IRDAI is a 10-member body with a Chairman, five whole-time members and four part-time members.
- India’s insurance assets under management of traditional policies and annuity funds is more than ₹26 lakh crore and ₹9 lakh crore respectively.
10. Hungary elects Katalin Novak, first-ever female president:
- The Hungarian parliament has elected Katalin Novak, a close ally of Prime Minister Viktor Orban, as the EU member’s first-ever female president.
- Novak, who most recently served as a minister for family policy, portrayed her election as a victory for women.
- Novak will succeed Janos Ader, a co-founder of Orban’s governing right-wing Fidesz party who has held the job since 2012. She will take office after Ader’s term expires May 10.
International Affairs – Daily Current Affairs March 11
11. India and Canada hold fifth Ministerial Dialogue on Trade & Investment:
- India and Canada held the fifth Ministerial Dialogue on Trade & Investment (MDTI).
- Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles, Shri Piyush Goyal and Ms. Mary Ng, Minister of Small Business, Export Promotion and International Trade, Government of Canada co-chaired the MDTI.
- The Ministers agreed to formally re-launch the negotiations for India-Canada Comprehensive Economic Partnership Agreement (CEPA) and also consider an Interim Agreement or Early Progress Trade Agreement (EPTA) that could bring early commercial gains to both the countries.
- The existing trade complementarities between India and Canada and emphasised that the trade agreement would help in expanding bilateral trade in goods and services through unlocking the potential across sectors.
- The Interim Agreement would include high level commitments in goods, services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement, and may also cover any other areas mutually agreed upon.
- The Ministers acknowledged the significance of establishing resilient supply chains in critical sectors and exchanged views on collaboration in this area.
- Enhancing cooperation in sectors such as pharmaceuticals and critical and rare earth minerals as well as in areas like tourism, urban infrastructure, renewable energy and mining.
12. Australia announces critical minerals investment partnership with India:
- Australia has announced a three-year critical minerals investment partnership with India that will unlock mutual benefits for both countries from Canberra’s leading critical minerals sector.
- Australia and India have announced a USD 5.8 million 3-year Critical Minerals Investment Partnership, unlocking mutual benefits from Australia’s world-leading critical minerals sector.
- The partnership will encourage strong, strategic supply chain partnerships, including through technical studies.
- Australia and India are natural partners sharing mutual strategic and economic priorities and this partnership will support further Indian investment in Australian critical minerals projects.
- Australia and India will take on the challenge of resourcing the emerging technologies used in sectors such as defence, aerospace, automotive, renewable energy, telecommunications, and agritech.
National Affairs – Daily Current Affairs March 11
13. Steel Minister inaugurates Steel Week at India Pavilion in Expo 2020 Dubai:
- Steel Minister Ram Chandra Prasad inaugurated the Steel Week at India Pavilion in Expo 2020 Dubai.
- The minister is leading a delegation to showcase and discuss with investors the business opportunities available in the Indian steel sector.
- Steel Week will hold various sessions with local steel users of UAE.
- The delegation led by the steel minister, senior ministry officials and the leading steel producers, including SAIL, JSW, JSPL, Tata Steel, AM/NS India, and Indian Steel Association are attending the event.
- The delegation will meet senior officials from Mubadala Investment Company, Abu Dhabi, to explore investment opportunities in the Indian steel sector.
14. MoPNG Swachchta Pakhwada Awards presented by Hardeep Singh Puri:
- The MoPNG Swachchta Pakhwada Awards were presented to the winners by the Minister of Petroleum and Natural Gas Shri Hardeep Singh Puri.
- The Minister also launched the Ministry’s annual publication ‘Indian Petroleum & Natural Gas Statistics 2020-21’.
- This is a repository of data which gives an overall picture of India’s oil & Gas sector including exploration, production, refining, transportation and marketing, imports and exports of crude oil& petroleum products.
- The Swachhta Pakhwada was organised by Oil & Gas CPSEs, and attached offices of Ministry of Petroleum and Natural Gas during 1st-15th July 2021.
- “Swachhta Pakhwada Awards” have been instituted for exemplary performance during the fortnight. Base on their performance in the event, IOCL was ranked first, ONGC second and HPCL came third.
15. Nagaland govt signs agreement with pvt company for solar power project:
- Nagaland Government signed a power purchase agreement (PPA) with a private company for setting up of the first greenfield solar power project in Dimapur district of the state.
- Nagaland government would provide the land on lease while Halo Energie Pvt Ltd is an independent power producing company (IPP) based in Hyderabad, Telangana, would take up the 20 MW power project estimated to cost around Rs 120 crore.
- The land lease of 100 acres of land for 25 years has been signed between the Department of Industries and Commerce and the project period will also be for 25 years.
- The project envisages to generate solar power close to 28 MU per year, the company informed.
- This green power will also be a stepping stone for the state government in fulfilling the RPO (Renewable purchase obligations) compliance.
16. Sarbananda Sonowal inaugurates conference on Diet and Nutrition in Unani Medicine:
- The Union Minister of Ayush and Ports, Shipping & Waterways Shri Sarbananda Sonowal inaugurated the International Conference on “Diet and Nutrition in Unani Medicine for Good health & well-being” in Srinagar.
- On this occasion, the Minister announced that the Regional Research Institute of Unani Medicine will be developed as a Centre of Excellence.
- The MoS for Ayush and WCD Dr Munjpara Mahendrabhai also attended the conference.
Unani physicians recommend treatment by suitable modifications in diet before treatment with drugs.
- The Ministry wants to upgrade the Regional Research Institute of Unani Medicine into an Ayush Center of Excellence in Ilaj bi’l-Tadbir (Regimental Therapy).
- The inaugural session witnessed release of conference souvenir and eight books published by the CCRUM, release of two Unani e-books developed by National Institute of Indian Medical Heritage functioning under CCRAS at Hyderabad, distribution of YCB certificates to felicitate yoga instructors, exchange of Yoga MoU and live yoga performance, release of CCRUM Apps and presentation of NABH Accreditation Certificate to RRIUM Srinagar.
17. AKAM Iconic Week Celebrations of Ministry of Coal:
- Azadi ka Amrit Mahotsav Iconic Week celebrations of the Ministry of Coal organized in New Delhi will be concluding with a variety of functions.
- Secretary, Ministry of Coal Dr. Anil Kumar Jain will be addressing the valedictory session.
- The week -long celebrations was inaugurated by Minster of state for Coal, Mines and Railways Shri Raosaheb Patil Danve in a glittering ceremony at Dr. Ambedkar International Centre here on 7th March 2022.
- Dr. Vaibhav Chaturvedi talk on the topic “The Future of India’s Energy Systems under a Net zero future”, declamation contest for the employees of the Ministry and PSUs on the theme of “Coal & Climate Change – Indian Perspective” are some of the highlights of the concluding day’s function.
- Screening of short films by Coal India Ltd and NLC India Ltd on sustainable mining, talks by experts on coal and allied sectors, blood donation camps etc. were some of the highlights of the AKAM Iconic Week celebrations of the Ministry of Coal.
18. Tripura govt announces special scheme for tea workers, aims social security:
- To ensure social security of over 7,000 tea garden workers of Tripura, the state government has announced a special scheme named “Mukhyamantri Chaa Srami Kalyan Prakalpa”.
- The scheme assures housing, rations and financial support to the tea garden workers providing them with facilities of state and central government entitlements in a clubbed format.
- A sum of Rs 85 crore would be spent from the government’s exchequer for the implementation of the scheme.
- 75 per cent among 7,000 tea garden workers are women while this quantity of tea is being produced through 54 tea estates and 21 tea processing factories across the state.
- The tea production is mainly distributed in North, Sepahijala, Unakoti and West Tripura districts
- The government decided to provide wages of Rs 176 per day to every worker while it was Rs 105 and at present, it is Rs 130 per person.