Argutes

Bank Exam Current Affairs – 19 October 2021

1. Resolution of Ordnance Factory Board

In a major decision by the Union Cabinet, the Ordnance Factory Board (OFB), first set up by the British in 1775, now under the Ministry of Defence, will cease to exist.

Insights

  1. Seven separate companies are planned to be created, each doing a specific manufacturing role.
  2. The existing 41 factories under the OFB will be subsumed under one or the other of the seven new companies, all 100 percent government-owned public sector undertakings (PSU).
  3. The service conditions pension and post-retirement benefits of the employees remain same
  4. The seven new (yet to be named) PSU entities will cover a separate sector.
  5. One will be the ammunition and explosives group which will engage in the production of ammunition of various caliber and explosives.
  6. The vehicles group will engage in the production of defense mobility and combat vehicles such as tanks, trawls, BMP, and mine-protected vehicles.
  7. The weapons and equipment group will engage in the production of small arms, medium and large-caliber guns, and other weapon systems.
  8. The other four companies will be the troop comfort items group, ancillary group, optoelectronics group, and parachute group.
  9. The move will allow these companies autonomy, as well as help, improve accountability and efficiency.
  10. The restructuring is aimed at transforming the ordnance factories into productive and profitable assets; deepen specialization in the product range; enhance competitiveness besides improving quality and cost-efficiency.

2. Smartphone-based e-voting

  1. Telangana has developed the country’s first smartphone-based e-voting solution, in the face of the COVID-19 pandemic that has rushed the world into all-digital operations.
  2. The solution has been successfully developed and tested while a dry run, in the form of a dummy election, is being conducted in Khammam district.
  3. Though the initial scope was limited to a subset of citizens, the dry run is open for all citizens of the district.
  4. The initiative has been driven by the Telangana State Election Commission (TSEC) and the Centre for Development of Advanced Computing (CDAC).

3. Price Stabilisation Fund

The government stated that prices of onion, tomato, and potato are cheaper than last year. It also said Onion prices are being stabilized with buffer stock release and efforts are on to soften tomato and potato rates.

About Price Stabilisation Fund

  1. The Department of Agriculture & Cooperation has approved the Price Stabilisation Fund (PSF) as a Central Sector Scheme, with a corpus of Rs.500 crores.
  2. It aims to support market interventions for price control of perishable agri-horticultural commodities during 2014-15, 2015-16, and 2016-17.
  3. It promotes direct purchase from farmers /farmers’ associations at farm gate/Mandi.
  4. It aims to maintain a strategic buffer stock that would discourage hoarding and unscrupulous speculation.
  5. It aims to protect consumers by supplying such commodities at reasonable prices through the calibrated release of stock.

4. World Energy Outlook Report

Recently, the International Energy Agency (IEA) released the World Energy Outlook (WEO) Report 2021. It is published every year, the WEO provides critical analysis and insights on trends in energy demand and supply.

Other Reports:

  1. World Energy Investment Report, World Energy Outlook Report, Global Energy Review.
  2. Recently, it has released the India Energy Outlook 2021 Report and Net Zero by 2050, World’s first comprehensive energy roadmap.

Click here to know more

5. International Energy Agency invites India

International Energy Agency (IEA) has invited India, the world’s third-largest energy consumer, to become its full-time member – a proposal if accepted will require New Delhi to raise strategic oil reserves to 90 days requirement.

Insights

  1. India in March 2017 became an associate member of the Paris-based body which advises industrialized nations on energy policies.
  2. According to IEA, a member country must maintain
    • Crude oil and/or product reserves equivalent to 90 days of the previous year’s net imports, to which the government has immediate access and could be used to address disruptions to the global oil supply.
    • India’s current strategic oil reserves equal 9.5 days of its requirement.
    • Also, a member of IEA has to show a demand restraint program to reduce national oil consumption by up to 10%.

6. Russian in Space

  1. A Russian actress and a film director returned to Earth after spending 12 days on the International Space Station (ISS) shooting scenes for the first movie in orbit.
  2. Yulia Peresild, 37, and Klim Shipenko, 38, landed as scheduled on Kazakhstan’s steppe.
  3. The team was ferried back to terra firma by cosmonaut Oleg Novitsky, who had been on the space station for the past six months.
  4. The mission will add to a long list of firsts for Russia’s space industry.

7. Lalon Fakir

  1. The 131st death anniversary of the legendary Sufi saint of Bangladesh Lalon Fakir was observed in the country.
  2. A program ‘ Lalon Smaran Utsab’ was organized at the Bangladesh Shilpakala Academy (BSA) to pay tribute to Lalon on this occasion.
  3. During the program, a discussion on the life and philosophy of Lalon Fakir was organized at the BSA.

8. Amitabh Chaudhry

  1. The Reserve Bank of India (RBI) approved the re-appointment of Amitabh Chaudhry as Managing Director and Chief Executive Officer of private lender Axis Bank for a period of three years.
  2. Amitabh had taken charge as Axis Bank’s new MD and CEO in January 2019 after as outgoing MD and CEO Shikha Sharma retired, effective December 31, 2018.