The General Insurance Business (Nationalisation) Amendment Bill, 2021
⇒ Recently, parliament passed The General Insurance Business (Nationalisation) Amendment Bill, 2021.
The General Insurance bill seeks to amend the General Insurance Business (Nationalisation) Act, 1972. The bill seeks to remove the requirement that the Centre should hold not less than 51 per cent of the equity capital in such insurers.
The General Insurance Business (Nationalisation) Amendment Bill, 2021 provides for greater private participation in the public sector insurance companies and to enhance insurance penetration and social protection and better secure the interests of policy holders and contribute to faster growth of the economy.
Major changes from the old bill:
(i) Section 10B of the old Act was omitted to scrap the 51% requirement;
(ii) Section 24B, a new one, has been brought in, which says the Centre can relinquish control of a public insurer from a given date;
(iii) Section 31A, saying that a director who is not a whole-time director will be held responsible for acts of omission and commission by the insurer.
India’s four general insurers in the public sector, NICL, NIACL, OICL and UIICL will be impacted.
Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021
⇒ Recently, Parliament passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021.
The bill enables easy and time-bound access by depositors to their own money, even when there are restrictions on banks.
It is proposed to provide that even if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium imposed on it, depositors can access their deposits to the extent of deposit insurance cover through interim payments by the Corporation.
The bill seeks to ensure that account holders will get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on their banks from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
DICGC, a wholly-owned subsidiary of the RBI, provides an insurance cover on bank deposits.
Haryana government bans use of expression "Gorakh Dhanda"
⇒ Recently, the Haryana government has banned in official communication the use of expression “Gorakh Dhanda”, generally used to describe unethical practices.
The delegation of the Gorakhnath community urged Khattar to ban the use of the expression as it hurts sentiments of followers of saint Gorakhnath.
Gorakhnath was a saint and a temple dedicated to him is located at Gord village, 20 km from Sonepat.
National Award to Teachers, 2021
⇒ The Union Ministry of Education, Department of School Education and Literacy released the list of selected teachers from across the country for the National Award to Teachers, 2021.
On the occasion of Teacher’s Day i.e., on September 5, President Ram Nath Kovind honored 44 selected meritorious teachers.
The purpose of National Award to Teachers is to celebrate the unique contribution of some of the finest teachers in the country and to honor those teachers who through their commitment and industry have not only improved the quality of school education but also enriched the lives of their students.
Brand Ambassador of Kauvery Group of Hospitals
⇒ Recently, Kauvery Group of Hospitals, a leading healthcare chain in Tamil Nadu has roped in former Indian cricket team captain Mahendra Singh Dhoni as the brand ambassador.
Chairperson of Jio MAMI Film Festival
⇒ Recently, Actor-Producer Priyanka Chopra Jonas has been announced as the chairperson of Jio Mumbai Academy of Moving Image (MAMI) Film Festival.
The 22nd edition of Jio MAMI Mumbai Film Festival was postponed due to the coronavirus pandemic.
Instead of a film festival that happens over a week, Jio MAMI 2.0 is now going to pan out from October 2021 to March 2022. The tentative dates of the festival are 11th March to 15th March 2022.
Himalayan Museum in DU Campus
⇒ The University of Delhi (DU) has established a Centre for Himalayan Studies to carry out research on the Himalayas. The main aim behind setting up the centre is to fight climate change.
Delhi University Vice-Chancellor Prof PC Joshi said, “Very soon we will set up a Himalayan Museum on the campus. This was announced during a webinar on “Himalayan Future: Beyond 2050”.
ASEAN five-point consensus on Myanmar
⇒ Recently, India chaired a closed UN Security Council meeting on Myanmar and welcomed the ASEAN five-point consensus on Myanmar.
The ASEAN five-point consensus states that there shall be an immediate cessation of violence in Myanmar and all parties shall exercise utmost restraint; constructive dialogue among all parties concerned shall commence to seek a peaceful solution in the interests of the people.
2021 NBA Summer League title
⇒ Princepal Singh Bajwa became the first Indian basketballer to win a 2021 NBA Summer League title. This makes him the first Indian in NBA history to be part of a championship roster at any level of the NBA.
Princepal’s team Sacramento Kings defeated Boston Celtics 100-67 to bag the Summer League in Las Vegas on 17 August 2021.