Daily Current Affairs Notes for 03 September 2022

The Ramon Magsaysay Awards Foundation (RMAF), which is widely regarded as the "Nobel Peace Prize of Asia," recently announced this year's awardees in a global announcement ceremony.

Overview

The Ramon Magsaysay Awards Foundation (RMAF), which is widely regarded as the “Nobel Peace Prize of Asia,” recently announced this year’s awardees in a global announcement ceremony. The 2022 Ramon Magsaysay Awardees are Sotheara Chhim (Cambodia), Bernadette Madrid (Philippines), Tadashi Hattori (Japan) and Gary Bencheghib (Indonesia).

About recipients Ramon Magsaysay Award 2022:

• i. Sotheara Chhim-He is a mental health advocate from Cambodia. He is a leading voice in Cambodian trauma syndrome. He is being recognized for “his calm courage in surmounting deep trauma to become his people’s healer”. As a child, he was forced to work in Khmer Rouge camps for more than three years until their rule ended in 1979.
• ii. Tadashi Hattori-He is a sight-saving humanitarian from Japan. He is being recognized for his simple humanity and extraordinary generosity as a person and a professional. He decided to become a doctor at age 15 when he witnessed the rude treatment that his cancer-stricken father received in a hospital.
• iii. Bernadette J. Madrid-She is a children’s rights crusader from the Philippines. She is being recognized for “her unassuming and steadfast commitment to noble and demanding advocacy. Since 1997, she has led the country’s first child protection centre at the Philippine General Hospital in Manila. It has served more than 27,000 children as of last year.
• iv. Gary Bencheghib-He is an anti-plastic pollution warrior from Indonesia. He is being recognized for Emergent Leadership for “his inspiring fight against marine plastic pollution.

UPI transactions: The UPI (Unified Payments Interface) network processed 657 billion transactions in August for a total value of around Rs 10.73 lakh crore as per NPCI data.

Overview 

UPI transactions: The UPI (Unified Payments Interface) network processed 657 billion transactions in August for a total value of around Rs 10.73 lakh crore as per  NPCI (National Payments Corporation of India) data. While the value of transactions increased by 0.95 percentage points from Rs 10.63 lakh crore in July, the volume of transactions increased by 4.5% month over month from 629 crore.

Tejas Mark-2 project has received approval from the PM Narendra Modi-led Cabinet Committee on Security (CCS), advancing India's push for indigenous fighter aircraft as Tejas Mark-2 project.

Overview

The Tejas Mark-2 project has received approval from the PM Narendra Modi-led Cabinet Committee on Security (CCS), advancing India’s push for indigenous fighter aircraft. The Tejas Mark-2 project, which would cost more than 6,500 crore, was cleared by the CCS. The Tejas Mark-2 will be crucial to the country’s military forces. On the Tejas Mark-1, technologies including fly-by-wire, avionics, composites, and others have been previously demonstrated.

Tejas Mark-2: Key Points

• The government intends to approve the fifth-generation advanced medium combat aircraft (AMCA) with stealth features and supercruise capabilities in addition to the Tejas Mark-2.
• The AMCA project is anticipated to receive approval from the CCS for 15,000 crore.
• In comparison to the Tejas Mark-1, the Tejas Mark-2 will have GE-414 engines in the 98 Kilonewton thrust class, a longer combat range, and a larger weapon carrying capacity.
• The Tejas Mark-2 will play a significant role in the national armed forces. Technologies like fly-by-wire, avionics, composites, and others have previously been demonstrated on the Tejas Mark-1.
• The new initiative will upsize those into stronger and larger combatants. According to the source, the IAF will likely receive at least six squadrons (110–120) of Tejas Mark-2.

Tejas Mark-2: About

• The project already obtained 2,500 crore in government approval. According to reports, the $6,500 crore will go toward certification, flight testing, and prototype development.
• Tejas is a locally produced light multi-role fighter aircraft created by Hindustan Aeronautics Limited and the Aeronautical Development Agency (ADA) (HAL).
• 40 Tejas Mark-1 aircraft, 10 Mark-1 trainer aircraft, and 73 Tejas Mark-1A aircraft have been ordered by India.
• The Tejas Mark-2, which will be a medium-weight aircraft and be utilised for offensive operations in enemy territory, will be lighter than the Tejas Mark-1.
• Tejas Mark-1, which weighs around 13.5 tonnes, was created to replace MiG-21 aircraft, while Tejas Mark-2, which is anticipated to weigh approximately 17.5 tonnes, is anticipated to replace Mirage and Mig-29 aircraft.
• The first flight test of the Tejas Mark-2 will supposedly take place within the next two to three years, and production is anticipated to start around 2030.

Alappuzha has become the fifth fully digital banking district in the state. A declaration was made by the Reserve bank of India Kerala and Lakshadweep Regional Director Thomas Mathew regarding this.

Overview

Alappuzha has become the fifth fully digital banking district in the state. A declaration was made by the Reserve bank of India Kerala and Lakshadweep Regional Director Thomas Mathew regarding this. As a part of the initiative at least one digital transaction facility, such as a debit card. Internet banking, mobile banking, a unified payment interface, and many other facilities, has been enabled 26 lakh savings or current bank accounts in 29 banks in the districts.

• The places where banking services became digital before Alappuzha are Thrissur, Kottayam, Palakkad, and Kasaragod. The initiative of this project was taken by the Reserve Bank of India (RBI) with the support of the State Level Bankers Committee (SLBC) and respective districts administrative as part of the Union Government Digital India Project.

About Alappuzha

• Alappuzha is also known by its former name Alleppey. Alleppey is the administrative headquarters of the Alappuzha district in Kerala. The district was formed on 17^th August 1957 and the name was changed to Alappuzha in 1990, it is the smallest district of Kerala.

Life Insurance Company (LIC) is out of the top 10 companies by market capitalization as it has been replaced by Bajaj Finance and Adani Transmission.

Overview

Life Insurance Company (LIC) is out of the top 10 companies by market capitalization as it has been replaced by Bajaj Finance and Adani Transmission. LIC has dropped to 11th position in the list, Bajaj Finance at 10^th, and Adani Transmission at 9th position. Adani Transmission entered the top 10 list with a market value of ₹4.43 lakh crore on the BSE, which is higher than Bajaj Finance’s total mcap of ₹4.42 lakh crore and LIC’s ₹4.26 lakh crore.

Key Points related to LIC’s Fall from the list of valued Indian Companies

• The LIC share prices have fallen sharply since its listing on the stock exchange and LIC shares will be allotted to the investors at ₹949 apiece.
• LIC, which is a state-run life insurance behemoth has reported a multifold jump in its June quarter net profile at ₹682.9 crores.
• It also reported 20% year-on-year growth in the net premium led by 35% growth in the new business.
• Reliance Industries Limited (RIL) is on the top of the list of valued Indian Companies with a market capitalization of ₹17.8 lakh crore, followed by Tata Consultancy Services (TCS), HDFC Bank, Infosys, Hindustan Unilever (HUL), ICICI Bank and State Bank of India (SBI).