Argutes

Bank Exam Current Affairs – 20 November 2021

1. Rezang La Memorial

Defence Minister Rajnath Singh is in Ladakh, where he will visit Rezang La to pay tributes to the Indian soldiers who fought a heroic battle there in 1962, and to dedicate to them a revamped War Memorial.

Rezang La

  1. It is also called Rechin La.
  2. It is a mountain pass on the Line of Actual Control between Indian-administered Ladakh and the Chinese-administered Spanggur Lake basin that is also claimed by India.
  3. The pass is located on the eastern watershed ridge of the Chushul Valley that China claims as its boundary.
  4. It is at the head of the Rezang Lungpa valley, which houses a stream draining into the Spanggur Lake.

Memorial

  1. It is dedicated to those who laid down their lives in the Battle of Rezang La during the 1962 war.
  2. It will now include the names of Army personnel who lost their lives in the violent clash at Galwan last year.
  3. 18th November marks the 59th anniversary of the Battle of Rezang La in which
  4. Troops from the 13 Kumaon Regiment defeated several waves of the Chinese Army at a height of over 16,000 feet.

Post 120

  1. In October 2020, the Army had built a memorial at Post 120 in Eastern Ladakh for the 20 personnel killed in the violent clash at Galwan Valley on June 15 that year.
  2. Post 120 lies along the Darbuk Shyok-Daulat Beg Oldi (DBO) road.

2. PMGSY and RCPLWE Approved to Continue

Cabinet Committee on Economic Affairs gave its approval to the proposals of the Department of Rural Development, Ministry of Rural Development for the continuation of Pradhan Mantri Gram Sadak Yojana-I and II up to September 2022 for completion of balance road and bridge works. The CCEA also approved the continuation of the Road Connectivity Project for Left Wing Extremism Affected Areas (RCPLWEA) up to March 2023.

PMGSY-II

  1. PMGSY-II, which was approved by the Cabinet in May 2013, envisaged the consolidation of 50,000 Km of the existing rural road network.
  2. All the proposals of states/UTs have been sanctioned.
  3. Out of a total of 49,885 Km and 765 bridges sanctioned under the scheme, only 4,240 Km road length and 254 bridges are balanced.
  4. The majority of the pending projects are in North-East & Himalayan states/UTs as also in the State of Bihar.
  5. CCEA approved extension up to March 2020, on 9th August 2018.
  6. All pending projects are targeted for completion within the proposed extended period, i.e. up to September 2022.

Road Connectivity Project for Left Wing Extremism Affected Areas

  1. Launched in 2016 for construction/up-gradation of 5,412 Km road length and 126 bridges of strategic importance in 44 districts in 9 states, viz. Andhra Pradesh, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Telangana, and Uttar Pradesh, with an outlay of Rs. 11,725 crore.
  2. Implementation period: 2016-17 to 2019-20
  3. Road and bridgework to be taken up under the scheme have been identified by the Ministry of Home Affairs in consultation with states and security forces.
  4. 10,231 Km road length and bridges sanctioned under the scheme so far with an outlay of Rs. 9,822 crore, including the additional proposals recommended by MHA subsequently.
  5. 4,490 Km road length and 105 bridges have already been completed.
  6. Balance projects and additional projects of around 1,887 Km, which are yet to be sanctioned, are targeted for completion within the proposed extended period, i.e. up to March 2023.

3. India becomes the largest recipient

  1. India, the world’s largest recipient of remittances, received $87 billion in 2021 with the United States being the biggest source, accounting for over 20 percent of these funds, according to the World Bank.
  2. India is followed by China, Mexico, the Philippines, and Egypt, the Washington-based global lender
  3. In India, remittances are projected to grow three percent in 2022 to $ 89.6 billion, reflecting a drop in overall migrant stock, as a large proportion of returnees from the Arab countries await the return.
  4. Flows to India are expected to reach $ 87 billion, a gain of 4.6 percent — with the severity of COVID-19 caseloads and deaths during the second quarter playing a prominent role in drawing altruistic flows to the country.

4. RBI on Digital Lending

A Reserve Bank of India (RBI) Working Group (WG) on digital lending, including lending through online platforms and mobile apps has submitted its recommendations.

Recommendations

  1. Separate legislation should be enacted to oversee such lending.
  2. Setup a nodal agency to vet the Digital Lending Apps.
  3. A Self-Regulatory Organisation should be set up for participants in the digital lending ecosystem.
  4. Develop certain baseline technology standards and compliance with those standards as a pre-condition for offering digital lending solutions.
  5. Disbursement of loans should be made directly into the bank accounts of borrowers and servicing of loans should be done only through the bank accounts of the digital lenders.
  6. All data collection must require the prior consent of borrowers and come ‘with verifiable audit trails and the data itself ought to be stored locally.

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5. Shale Oil Exploration

  1. Cairn Oil & Gas has announced that it is partnering with US-based Halliburton to start shale exploration in the Lower Barmer Hill formation, Western Rajasthan.
  2. The company is also looking to increase the recoverable reserves at its offshore assets by 10 times via enhanced use of technology, in partnership with Halliburton.

6. Lowest Quitting rate

  1. India is among the countries with the lowest quit rates for smoking.
  2. The quit rates for men are less than 20%, states a report released by ‘The International Commission to Reignite the Fight Against Smoking’, which makes specific recommendations to achieve the goal of ending smoking worldwide.
  3. China and India are home to more than 500 million tobacco users between the ages of 16 and 64.
  4. India ranks second with 250,002,133 smokers between the age of 16 and 64.
  5. Tobacco prevalence in India is three times higher among men than women.