27th August 2021 Daily GK Update: Read Daily GK, Current Affairs for Bank Exam

Here is the Daily GK Update of 27th August 2021 covering the following news headlines: Greater Male Connectivity Project, PM SVANidhi Scheme, Ujjivan Small Finance Bank, ARMY-2021, EASE 3.0 award winners.

Daily GK updates are incorporated with the important news that made the current affairs headlines for banking or other competitive exams. Daily GK Update is the complete bag of the important news that is held all day long. One should have complete knowledge about banking terms, current affairs news, etc. So, here is the GK update of 27th August 2021 to help you prepare the Current affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

Top 13 Daily GK Updates: National & International News

Here is providing below the top 13 important Daily General Knowledge GK 2021 updates with national & international news.

National News

1. Govt replaces Unmanned Aircraft Systems Rules 2021

• Ministry of Civil Aviation has repealed the Unmanned Aircraft Systems (UAS) Rules, 2021 and replace the same with the liberalized Drone Rules, 2021.
• The step has been taken as the earlier UAS Rules 2021 was perceived by academia, Startups, end-users and other stakeholders as being restrictive in nature as they involved considerable paperwork, required permissions for every drone flight and very few “free to fly” green zones were available.
• Drone promotion council to be set up by Government with participation from academia, startups and other stakeholders to facilitate a growth-oriented regulatory regime.
• Interactive airspace map with green, yellow and red zones shall be displayed on the digital sky platform within 30 days of publication of these rules.
• The yellow zone was reduced from 45 km to 12 km from the airport perimeter.
• The maximum penalty for violations is reduced to INR 1 lakh. 

Important takeaways for all competitive exams:

• Union Minister of Civil Aviation: Jyotiraditya M. Scindia.

Appointments News

2. Carol Furtado appoints as interim CEO of Ujjivan Small Finance Bank

• Ujjivan Small Finance Bank has named Carol Furtado as the interim CEO of the bank after the whole time CEO Nitin Chugh resigned recently. She has also been appointed as the officer on special duty (OSD) of the bank.
• Furtado is currently serving as the CEO of Ujjivan Financial Services, the holding company of the bank. The appointment is subject to the approval of the Reserve Bank of India.

Important takeaways for all competitive exams:

• Ujjivan Small Finance Bank Headquarters: Bengaluru;
• Ujjivan Small Finance Bank Founder: Samit Ghosh;
• Ujjivan Small Finance Bank Founded: 28 December 2004.

3. RBI approves appointment of Hitendra Dave as CEO of HSBC India

• The Reserve Bank of India (RBI) has approved the appointment of Hitendra Dave as the Chief Executive Officer (CEO) of HSBC Bank (India).
• RBI has accorded the approval for a period of three years with effect from August 24, 2021. In June 2021, HSBC had announced the appointment of Hitendra Dave as the Chief Executive Officer of HSBC India.
• Dave succeeds Surendra Rosha who, after three years, is moving to Hong Kong as the Co-Chief Executive of HSBC, Asia-Pacific. Hitendra Dave, formerly Head of Global Banking & Markets of HSBC India.

Important takeaways for all competitive exams:

• HSBC Bank India Headquarters: Mumbai;
• HSBC Bank India Founded: 1853.

Agreements News

4. India & Maldives inks pact on mega Greater Male Connectivity Project

• The Government of India and Maldives inked the contract for the mega Greater Male Connectivity project (GMCP). The Greater Male Connectivity project (GMCP) is the largest-ever civilian infrastructure project in the Maldives.
• The Government of India is funding the implementation of GMCP through a USD 400 million Line of Credit (LoC) and USD 100 million grant. The USD 400 million LoC will be provided by the Export-Import Bank of India (Exim Bank).
• The project will be developed by Indian construction and engineering firm, AFCONS, based in Mumbai, Maharashtra.
• The Greater Male Connectivity Project (GMCP) comprise of 6.74 km long bridge and causeway link that will connect the national capital Male with three neighbouring islands namely: Villingili, Gulhifahu and Thilafushi.

Important takeaways for all competitive exams:

• President of the Maldives: Ibrahim Mohamed Solih;
• Capital of Maldives: Male; Currency of the Maldives: Maldivian Rufiyaa.

5. NITI Aayog and Cisco launches “WEP Nxt” Women Entrepreneurship Platform

• NITI Aayog in partnership with Cisco has launched the next phase of the Women Entrepreneurship Platform (WEP) titled “WEP Nxt” to foster women entrepreneurship in India.
• WEP, which was launched by NITI Aayog in 2017, is a first-of-its-kind, unified portal that brings together women from diverse backgrounds and offers them access to a multitude of resources, support, and learning.
• WEPNxt Platform is the next phase of this WEP and will be driven by evidence-based decision-making based on a focused study of Indian women entrepreneurs and their most urgent needs across six key verticals – community and networking, skilling and mentorship, incubation and acceleration programs, and financial, compliance, and marketing assistance.

Banking News

6. RBI extends card payment tokenisation facility to laptops, wearable devices

• In 2019, RBI had permitted authorized card payment networks to offer card tokenisation services to any token requestor (i.e., third-party app provider) through mobile phones and tablets.
• Now RBI has extended the scope of tokenization to include consumer devices – laptops, desktops, wearables (wristwatches, bands, etc.), Internet of Things (IoT) devices, etc.
• The permission for tokenization extends to various channels [e.g., Near Field Communication (NFC) / Magnetic Secure Transmission (MST) based contactless transactions, in-app payments, QR code-based payments, etc.] or token storage mechanisms (cloud, secure element, trusted execution environment, etc.
• The ultimate responsibility for the card tokenization services rendered rests with the authorized card networks.
• Tokenisation refers to the replacement of actual card details with a unique alternate code called the “token”, which shall be unique for a combination of card, token requestor, and device (referred hereafter as “identified device”).

7. Government approves increase of Bank Employees Family Pension to 30%

• Central Government has approved the Indian Banks’ Association’s (IBA) proposal to increase the family pension to 30% of the last salary drawn.
• The immediate benefit of this approval will be an increase of 30,000 to 35,000 in the family pension of public sector bank employees from a maximum of 9,284 per month, depending on the last drawn salary of the deceased bank employee.
• The other big announcement is an increase in the employer banks’ contribution to the pension fund of employees under the NPS (National Pension System) from the existing 10 per cent to 14 per cent. Approximately 60% of public sector bank employees are covered under NPS