Current Affairs for CLAT 2022 - 15th February 2022

BoB will acquire Union Bank’s stake in IndiaFirst Life Insurance

Bank of Baroda will acquire Union Bank of India’s 21% stake in IndiaFirst Life Insurance Company.

Bank of Baroda will acquire Union Bank of India’s 21% stake in IndiaFirst Life Insurance Company. It is a joint venture between the Bank of Baroda, Union Bank of India, and Carmel Point Investments. At present, the shareholding in IFIC is BoB holds 44%, Carmel Point Investments India holds 26% and UBI holds 30%. The acquisition is pursuant to a ‘Right of First Offer’ made by UBI to the existing shareholders of IndiaFirst Life, to divest 21% of its stake in IndiaFirst Life.

IndiaFirst Life Insurance Company will continue to have a long term agency distribution agreements with both banks (BOB and UBI), even after this stake sale. Bank of Baroda has a strong domestic presence spanning 8,185 branches and 11,535 ATMs and cash recyclers supported by self-service channels. The bank has a significant international presence with a network of 96 overseas offices spanning 18 countries.

Important takeaways for all competitive exams:

  • Bank of Baroda Founded: 20 July 1908;

  • Bank of Baroda Headquarters: Vadodara, Gujarat;

  • Bank of Baroda Managing Director & CEO: Sanjiv Chadha;

  • Bank of Baroda Tagline: India’s International Bank;

  • Bank of Baroda Amalgamated Banks: Dena Bank & Vijaya Bank in 2019.


Ilker Ayci named as MD and CEO of Air India

Ilker Ayci has been appointed as the new CEO and MD of Air India. He will assume his responsibilities on or before 1st April 2022.

Ilker Ayci has been appointed as the new CEO and MD of Air India. He will assume his responsibilities on or before 1st April 2022. Ilker Ayci is a former chairman of Turkish Airlines. Ilker is an aviation industry leader who led Turkish Airlines to its current success during his tenure there. About Ilker Ayci:

  • Ayci was born in Istanbul in 1971. After graduating from the Department of Political Science and Public Administration at Bilkent University, he served as a researcher in the Department of Political Sciences at Leeds University in the U.K.

  • Starting his career in 1994, he was assigned several positions in Kurtsan Ilaclar A.S., Istanbul Metropolitan Municipality, Universal Dis Ticaret A.S., respectively, and then he served as a general manager in Basak Sigorta A.S. between 2005-2006, and then in Gunes Sigorta A.S. between 2006 and 2011.

Important takeaways for all competitive exams:

  • Tata Group Founder: Jamsetji Tata;

  • Tata Group Founded: 1868, Mumbai;

  • Tata Group Headquarters: Mumbai.


Reliance Jio ties up with SES for satellite-based broadband service

Reliance Jio has tied up with Luxembourg-based satellite and telecom services provider SES to provide satellite-based broadband communication services in India.

Reliance Jio has tied up with Luxembourg-based satellite and telecom services provider SES to provide satellite-based broadband communication services in India. Under the agreement, Jio Platforms has formed a joint venture with SES, named as Jio Space Technology Ltd. The joint venture will deliver the next generation scalable and affordable broadband services in India, leveraging satellite technology. Jio Platforms Ltd will hold 51 per cent and SES will own a 49 per cent equity stake in the joint venture. The total value of the contract is around $100 million. Important takeaways for all competitive exams:

  • Reliance Jio Founder: Mukesh Ambani;

  • Reliance Jio Founded: 2007, Ahmedabad.


CBI finds India’s biggest bank fraud of Rs 22,842 cr, books ABG Shipyard

Central Bureau of Investigation (CBI) has booked ABG Shipyard for an alleged Rs 22,842-crore financial fraud.

Central Bureau of Investigation (CBI) has booked ABG Shipyard for an alleged Rs 22,842-crore financial fraud. ABG Shipyard is the flagship entity of ABG Group. It has cheated a consortium of 28 banks and financial institutions of Rs. 22,842 crore. This is the biggest bank fraud case ever registered by the CBI. The case pertained to funds gotten and misused during the 2012-17 period. Rishi Agarwal, the then CMD of ABG Shipyard has been named in the FIR.

This consortium was led by ICICI Bank. Of this, ABG Shipyard owes Rs. 7,089 crore to ICICI Bank, Rs. 3,639 crores to IDBI Bank, Rs. 2,925 crores to State Bank, Rs. 1,614 crores to Bank of Baroda, and Rs. 1,244 crore to Punjab National Bank, among others. The Funds given by these banks were used by the executives of ABG Shipyard for purposes other than for which they were given and they were engaged in diversion of funds, misappropriation and criminal breach of trust. The same has been revealed in a report submitted by M/s. Ernst & Young LP. Important takeaways for all competitive exams:

  • ABG Shipyard Headquarters: Mumbai;

  • ABG Shipyard Founded: 1985.


ISRO successfully launches earth observation satellite, EOS-04

Indian Space Research Organisation (ISRO) successfully launched an Earth Observation Satellite, EOS-04 and two small satellites into the intended orbit.

Indian Space Research Organisation (ISRO) successfully launched an Earth Observation Satellite, EOS-04 and two small satellites into the intended orbit. This was the first launch mission of ISRO in the year 2022. The satellites were launched onboard the launch vehicle PSLV-C52 rocket from the First Launch Pad of Satish Dhawan Space Centre at Sriharikota in Andhra Pradesh. About Earth Observation Satellite (EOS-04):

  • EOS-04 is a Radar Imaging Satellite (RISAT) designed to provide high-quality images under all weather conditions for applications such as agriculture, forestry, and plantations, flood mapping, soil moisture & hydrology.

  • The satellite weighs about 1710 kg. It can generate 2280 W power. It has a mission life of 10 years.

About co-passenger satellites:

  • The two small satellites included a student satellite (INSPIREsat-1), and a technology demonstrator satellite (INS-2TD).

  • INSPIREsat-1 has been developed by the Indian Institute of Space Science & Technology (IIST) in association with the Laboratory of Atmospheric & Space Physics at the University of Colorado, Boulder.

  • INS-2TD is a technology demonstrator satellite from ISRO. This is a precursor to the India-Bhutan Joint Satellite (INS-2B).

Important takeaways for all competitive exams:

  • Chairman and Space Secretary of ISRO: Dr S Somanath;

  • ISRO Headquarters: Bengaluru, Karnataka;

  • ISRO established: 15 August 1969.


Israel became first country to allow drones in civilian airspace

Israel becomes the first-ever country to allow drone flights in civilian airspace.

Israel becomes the first-ever country to allow drone flights in civilian airspace. The certification was issued to the Hermes Starliner unmanned system by the Israeli Civil Aviation Authority and was manufactured and developed by Elbit Systems, an Israeli defence electronics company. The UAVs will be used for the benefit of agriculture, the environment, public welfare, economic activity and against crime. For safety reasons, international aviation regulations prohibit uncertified aircraft from flying in civilian airspace, limiting the operation of UAVs to unsegregated airspace. About the Hermes Starliner unmanned system:

  • The Hermes Starliner, which has a wingspan of 17 metres and weighs 1.6 ton, can fly for up to 36 hours at an altitude of about 7,600 metres, and can carry an additional 450 kg of electro-optical, thermal, radar and other payloads.

  • It will be able to participate in border security and anti-terror operations, take part in securing mass public events, perform maritime search and rescue, commercial aviation and environmental inspection missions, as well as precision agriculture work.

Important takeaways for all competitive exams:

  • Israel Capital: Jerusalem;

  • Israel Currency: Israeli Shekel;

  • Israel President: Isaac Herzog;

  • Israel Prime minister: Naftali Bennett.


Canadian Prime Minister Justin Trudeau invokes Emergencies Act for 1st time

Canadian Prime Minister Justin Trudeau has invoked never-before-used emergency powers to support provinces in ending the blockades and public disorder that have gripped Ottawa for 18 days.

Canadian Prime Minister, Justin Trudeau has invoked never-before-used emergency powers to support provinces in ending the blockades and public disorder that have gripped Ottawa for 18 days at the hands of participants in the so-called “Freedom Convoy.” The demonstrations shut a main economic corridor between Canada and the United States for six days before it was reopened on the 13th Feb. The Emergencies Act to deal with the “Freedom Convoy” protests, started on Jam 28 by Canadian truckers opposing a vaccinate-or-quarantine mandate for cross-border drivers. They have turned into a rallying point for people opposed to a range of Trudeau’s policies, including COVID-19 pandemic restrictions and a carbon tax. Key measures announced:

  • Banks and financial institutions will be able to temporarily freeze the accounts of those suspected of supporting the blockades, without obtaining a court order. The insurance on vehicles being used in the protests can also be suspended.

  • All crowdfunding platforms and payment providers they use must register with Canada’s anti-money laundering agency, FINTRAC, and report suspicious activities effective immediately.

  • The act will broaden the scope of the government’s anti-money laundering and terrorist financing rules to cover crowdfunding platforms.

What is the Emergencies Act? The act gives the government temporary powers it does not normally have, such as the power to impose special restrictions on public assembly and travel and to mobilize federal support for the local and provincial police. It gives the federal government power to implement temporary measures to ensure safety and security during national emergencies. A declaration of a public welfare emergency allows the government to regulate the distribution of essential goods, decide what are essential services, and impose fines on violations of the act. It sets out a compensation scheme for those who suffer damages as a result of its application.


Gita Mittal appointed as chairperson of Committee of Administrators to run TTFI

The Delhi High Court has appointed former Chief Justice of the J&K High Court, Gita Mittal as the Chairperson of the Committee of Administrators which will run the Table Tennis Federation of India.

The Delhi High Court has appointed former Chief Justice of the Jammu and Kashmir High Court, Gita Mittal as the Chairperson of the Committee of Administrators which will run the Table Tennis Federation of India (TTFI). The court ordered that all communications on behalf of TTFI with any sports person or international sports bodies, will now take place only through the Committee of Administrators and the existing office bearers shall no longer be entitled to discharge any functions. Buy Prime Test Series for all Banking, SSC, Insurance & other exams The office bearers will help the Committee of Administrators, as and when requested and a monthly honorarium of Rs 3 lakh and Rs 1 lakh each will be paid to Chairperson and two members, respectively. Important takeaways for all competitive exams:

  • Table Tennis Federation of India President: Dushyant Chautala;

  • Table Tennis Federation of India Headquarters: New Delhi;

  • Table Tennis Federation of India Founded: 1926.


#Source: Current Affairs Adda247







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