4th March 2021 Current Affairs


GK Update of 4th March 2021 protecting the next information headlines: Insurance Ombudsman, World Bank, SBI Mutual Funds, Hurun Global Rich List 2021.

National News

1. Government amends Insurance Ombudsman Rules 2017

  • The Government of India has notified complete amendments to the Insurance Ombudsman Rules, 2017, for higher decision of policyholders’ complaints concerning insurance coverage service deficiencies, in a well timed, cost-effective and neutral method.
  • This will assist in facilitating the decision of the complaints with respect to the deficiencies in insurance coverage providers in an economical and neutral method on time.
  • The Ombudsman mechanism was administered by the Executive Council of Insurers. This has now been renamed because the Council for Insurance Ombudsmen.
  • Earlier, the scope of complaints to Ombudsmen was restricted to solely disputes, however now it has been enlarged to incorporate deficiencies in service on the a part of insurers, brokers, brokers and different intermediaries.
  • The insurance coverage brokers have additionally been introduced throughout the ambit of the Ombudsman mechanism. The Ombudsmen has been empowered to move awards towards insurance coverage brokers as properly.
  • To strengthen the timeliness and cost-effectiveness of the mechanism, policyholders will now be enabled for making complaints electronically to the Ombudsman.
  • A complaints administration system can be created to allow policyholders to trace the standing of their complaints on-line.
  • The guidelines additionally present that, the ombudsman can use video-conferencing to listen to the circumstances.

Banking News

2. World Bank plans $100-mn assure scheme for photo voltaic rooftop tasks

  • The World Bank plans to introduce a $100-million credit score assure scheme to spice up India’s rooftop photo voltaic programme, which has not gained sufficient traction.
  • The scheme will enable micro, small, and medium enterprises (MSMEs) to avail concessional debt financing for establishing rooftop photo voltaic models.
  • The World Bank scheme, together with the State Bank of India (SBI) and the MSME ministry to speed up the adoption of rooftop photo voltaic models, will assist MSMEs entry credit score of round $1 billion.
  • The association can be useful for the companies that always don’t meet the lending standards of banks and different monetary establishments, with their monetary woes been exacerbated by the covid-19 pandemic.

Important takeaways for all aggressive exams:

  • World Bank Headquarters: Washington, D.C., United States.
  • World Bank Formation: July 1944.
  • World Bank President: David Malpass.

Business News

3. SBI Mutual Funds Launches First Overseas Fund

  • The State Bank of India (SBI) Mutual Funds has launched its first abroad providing on 1 March 2021.
  • The fund titled SBI International Access — US Equity FOF is an open-ended fund of funds scheme investing in a mutual fund scheme/ETFs that put money into US markets, that are domiciled abroad.
  • The scheme will make investments 95-100 per cent of its internet property usually in Amundi Funds – US Pioneer Fund (together with ETFs), which make investments predominantly within the US markets.
  • The clients within the scheme are required to take a position no less than Rs 5,000 for the primary time. However, for added buy, the minimal software quantity is Rs 1,000.
  • There is not any higher cap for the funding on this fund.

Important takeaways for all aggressive exams:

  • SBI Chairperson: Dinesh Kumar Khara.
  • SBI Headquarters: Mumbai.
  • SBI Founded: 1 July 1955.
  • SBI Mutual Fund MD & CEO: Vinay Tonse.

Appointments News

4. Manpreet Vohra Appointed India’s High Commissioner To Australia

  • Senior diplomat, Manpreet Vohra has been appointed as India’s subsequent High Commissioner to Australia. Vohra, a 1988-batch Indian Foreign Service (IFS) officer, is presently Ambassador of India to Mexico.
  • He is anticipated to take up the task shortly. Mr Vohra’s appointment comes at a time India-Australia ties are at an upswing and the 2 international locations are stepping up cooperation significantly within the Indo-Pacific area.

Important takeaways for all aggressive exams:

  • Prime Minister of Australia: Scott Morrison.
  • The foreign money of Australia: Australian greenback.
  • Capital of Australia: Canberra.

Ranks and Reports News

5. Elon Musk Tops Hurun Global Rich List 2021

  • The tenth Edition of Hurun Global Rich List 2021 was launched, which ranked 3228 billionaires from 2,402 firms and 68 international locations. The report confirmed that regardless of the COVID-19 pandemic, the world added 8 billionaires each week in 2020 and 421 in a yr, taking their whole quantity to a file 3,288.
  • Tesla chief Elon Musk bagged the highest spot on the Hurun Global Rich List for the primary time after including an enormous $151 billion in the course of the yr 2020 to take his internet value to $197 billion. 
  • Asia’s richest individual and Reliance Industries chairman Mukesh Ambani is ranked eighth on the Hurun Global Rich List 2021. The whole wealth of Ambani surged by 24% to $83 billion (roughly Rs 6.09 lakh crore).

Important takeaways for all aggressive exams:

  • Hurun Report Chairman and Chief Researcher: Rupert Hoogewerf (Hu Run).
  • Hurun Report Headquarters: Shanghai, China.
  • Hurun India MD and Chief Researcher: Anas Rahman.
  • Hurun India Headquarters: Mumbai, Maharashtra.

Science and Technology News

6. Indigenously developed “Spectrograph” commissioned in Nainital

  • Indian Scientists at Aryabhatta Research Institute of observational sciences (ARIES), Nainital, have indigenously designed and developed a low-cost optical Spectrograph named as Aries-Devasthal Faint Object Spectrograph & Camera (ADFOSC).
  • It has been commissioned on the 3.6-m Devasthal Optical Telescope (DOT), within the Nainital district of Uttarakhand.
  • The ADFOSC spectroscope is the most important of its sort among the many current astronomical spectrographs in India.

Important takeaways for all aggressive exams:

  • ARIES Founded: 20 April 1954.

7. Udaipur Science Centre inaugurated at Udaipur in Tripura

  • The Governor of Tripura, Ramesh Bais has inaugurated the Udaipur Science Centre, at Udaipur, Tripura.
  • The Udaipur Science Centre has been developed at a price of Rs 6 crore funded collectively by the Ministry of Culture, Government of India and Department of Science, Technology and Environment, Tripura Government and with this; the National Council of Science Museums (NCSM) has now set-up science centres in all of the northeastern states.
  • Science Centres play an important function in creating a scientific mood in society and inculcating a tradition of Innovation among the many plenty, significantly amongst college students.

Important takeaways for all aggressive exams:

  • Chief Minister of Tripura: Biplab Kumar Deb; Governor: Ramesh Bais.

Important Days

8. National Safety Day: 04 March

  • The National Safety Day (NSD) is widely known yearly on 4 March by the National Safety Council (NSC) of India. In 2021, we’re observing the fiftieth National Safety Day.
  • The goal of the day is to instil a way of security consciousness amongst folks by offering them with security, well being and environment-related assist providers.
  • The National Safety Day Theme 2021 is “Sadak Suraksha (Road Safety)”.
  • The day can also be celebrated to mark the muse of the National Safety Council, which was arrange on 4th March 1966 by the Ministry of Labour, Government of India. The first National Safety Day was noticed in 1972.
  • Additionally, the National Safety Week is widely known from 4 March to 10 March by organizing week-long security campaigns.

9. National Security Day: 04 March

  • In India, March 4 is widely known as National Security Day (Rashtriya Suraksha Diwas) yearly, within the honor of the Indian Security Forces.
  • The day goals to indicate gratitude to all the safety forces, together with policemen, para-military forces, commandos, guards, military officers, and different individuals concerned in safety, who sacrifice their life in sustaining the peace and safety of the folks of the nation.
  • 4 March additionally marks the day when the National Security Council (NSC) of India was established, in 1966 by the Ministry of Labour beneath the Government of India. The first National Security Day (NSD) was held in 1972.

Important takeaways for all aggressive exams:

  • National Security Council of India Founded: 19 November 1998.
  • National Security Council of India Headquarters: New Delhi.

Miscellaneous News

10. Virat Kohli turns into the primary cricketer to have 100 million followers on Instagram

  • India captain Virat Kohli turned the primary cricketer on the earth to have 100 million followers on the social media platform Instagram. The 32-year-old Kohli can also be the fourth most adopted sportsperson on Instagram.
  • Portugal soccer star Cristiano Ronaldo tops the chart with 265 million followers, forward of Argentina soccer captain and FC Barcelona legend Lionel Messi and Brazil’s Neymar, who’re second and third within the checklist with 186 million and 147 million followers respectively.
  • The others in 100 million membership are Hollywood actor and former pro-wrestler Dwayne (The Rock) Johnson, American singer-songwriter Beyonce, and Ariana Grande.