Daily Current Affairs of 29th January 2020
Tech Mahindra set up Google Cloud Centre of Excellence in Hyderabad
- IT services major Tech Mahindra to set up a dedicated Google Cloud Centre of Excellence (CoE) in Hyderabad.
- AimTo drive the digital transformation of enterprises globally. It will provide enterprises with access to the technology and services and deliver solutions to help them move critical workloads to Google Cloud, develop their Artificial Intelligence (AI) and data analytics solutions, and improve workplace productivity.
- TechMahindra – Google Cloud Centre of ExcellenceThe Centre will offer clients a full spectrum of cloud services that include consulting, assessment, migration, optimization, and support services for enterprises looking to optimize their workloads on Google Cloud. Tech Mahindra mainly focuses on leveraging next-generation technologies to enable its customers to drive growth and enhance customer experience.
- Centre of ExcellenceA center of excellence (COE) is a team along with a shared facility, or an entity that provides leadership, best practices, research, support, and training for a focus area. Due to its broad usage and vague legal precedent, a center of excellence in one context may have completely different characteristics from another.
Central Banks approve reduced fees for UPI RuPay Payment
- Central Banks in India approve that they will not charge a part of the fees on Unified Payments Interface UPI and RuPay card transactions as long as the merchant discount rate MDR remains zero following the government announcement. The move was discussed and approved in the NPCI steering committee meeting.
NPCI to remove multiple charges like interchange fees, payments service provider (PSP) fee, and switching fees. A bank, which used to get MDR from merchants for facilitating the payments, would pay interchange fees to the issuer bank and then pay a switching fee to the network NPCI along with a price to PSPs like PhonePe or Google-Pay. Most banks have stopped ATM expansion and might also allocate less money towards POS (point-of-sale) expansion. The MDR becoming zero, it was inevitable that the interchange fee also becomes zero, industry experts.
- Unified Payments InterfaceIt is an instant real-time payment system developed by the National Payments Corporation of India facilitating inter-bank transactions.
Formed: 11 April 2016
Alok Kansal appointed as new general manager of Western Railway
- Alok Kansal appointed as the General Manager of the Western Railway (WR). Kansal is a 1983-batch officer of the Indian Rai way Service of Engineers (IRSE). Kansal was working as the principal executive director, civil engineering (Planning) at Railway Board. Central Rai way (CR) General Manager Sanjeev Mittal was holding the additional charge as WR GM. The post held by Anil Kumar Gupta, who retired in November 2019.
Vakrangee appoints Ex- RBI and Ex-SEBI ED Ramesh Joshi as Non-Executive Chairman with Kotak Committee Recommendations
- Vakrangee Limited appointed as Mr. Ramesh Joshi (EX-RBI & EX- SEBI ED), a veteran with over 40 years of experience as the Non-Executive Chairman of the company. Mr. Dinesh Nandwana appointed as executive chairman as the Managing Director and Group CEO in place of Mr. Anil I Q1anna. Reserve Bank of India as Nominee Director on behalf of RBI on the Boards of Various Banks and retired as an Executive Director of SEBI. He is also the Panel of Arbitrators for NSE, BSE, and MCX. He will serve as a mentor and continue as a Guiding force for the Managing Director on issues presented to the board, especially in the areas of Corporate Governance practices.He is guiding the company for more than two decades, and his vast experience is backed by astute and dynamic leadership qualities. The Company immensely contributed to the growth and diversification of the Company from being an E-governance player to a Unique Retail distribution platform with the Pan India network of Franchisee led Retail outlets. The Company set a track record for consistent and sustainable growth. The Company has a planned target is to reach at least 25,000 Kendras by FY 2019-20 and further enhance it to reach 3,00,000 Nextgen outlets by FY 2024-25.
- SEBI RegulationSEBI formed a committee on corporate governance in June 2017 under the Chairmanship of Mr. Uday Kotak with a view to improving the standards of corporate governance of listed entities in India. Based on its Recommendations, in May 2018.SEBI amended Regulation 17 of the Listing Regulations of 2015, by inserting a new clause, 1B. Regulation 17 (1B) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, required the top 500 listed companies to divide the positions of chairman and MD or CEO of the Company. These top 500 listed entities shall further ensure that the chairperson of the board of such listed entity shall be a non-executive director and not be related to the managing director or the chief executive officer as per the definition of the term relative defined under the Companies Act, 2013.
Indian environmental economist Pavan Sukhdev won 2020 Tyler Prize
- Renowned Indian environmental economist and UN Environment Programme (UNEP) Goodwill Ambassador Pavan Sukhdev won the 2020 Tyler Prize. He won the Nobel Prize for the environment for his groundbreaking green economy work. He acknowledged for his work on bringing the economic consequences of environmental degradation and loss to the attention of corporate and political decision-makers. The duo will receive the award at a private ceremony on May 1 in the presence of the Tyler Prize Executive Committee and distinguished members of the international environmental community. They will each receive a gold medallion and share a USD 200,000 cash prize. They will deliver a public presentation of their work at the New York Academy of Sciences.
Sukhdev was the Special Adviser and Head of UNEP Green Economy Initiative, a major project launched by former UN Secretary-General Ban Ki-moon to demonstrate that greening of economies on growth but rather a new engine for growing wealth increasing decent employment and reducing persistent poverty. Sukhdev appointed as Study Leader (2008-2010) of the landmark initiative on the Economics of Ecosystems & Biodiversity (TEEB). The TEEB report became a foundation for the Green Economy movement – an achievement for which Sukhdev awarded the 2020 Tyler Prize.
- Tyler PrizeThe Tyler Prize for Environmental Achievement is one of the oldest international environmental awards, recognizing individuals who have contributed outstandingly to the scientific knowledge and public leadership to preserve and enhance the global environment. The generated groundbreaking insights into the economic value of our natural environment prompting decision-makers to implement new measures to protect our planet’s ecosystems and biodiversity. Steiner is currently the Administrator of the United Nations Development Programme. The work on the TEEB to be genuinely transformative it has generated a new narrative on the economic and social importance of nature’s services, and a new community of practice. Sukhdev currently serves the World Wildlife Fund as President and Chairman of the Board as well as Board Member for TEEB Advisory Board, Stockholm Resilience Centre, and the Cambridge Conservation Initiative.
Essar Oil UK announces Mark Wilson as new Chief Executive Officer
- Essar Oil (UK) Ltd operates the Stanlow refinery announced the appointment of Mark Wilson as its new Chief Executive Officer. A Wilson was previously with BP plc of the UK, where he held several senior leadership positions. Mark successfully led significant international businesses, and I am delighted that he is joining us as our new Chief Executive Officer. Stanlow produces 16 percent of UK road transport fuels, including 3 billion liters of petrol, 4.4 billion liters of diesel, and 2.1 billion liters of jet fuel per year. The refinery processes 10 million tonnes of crude and feedstocks annually.
Essar invested USD 1 billion in the Essar Oil UK business, including the USD 258 million spent in 2017-18 to deliver a significant margin booster project, together with the site’s largest-ever turnaround. The successful delivery of this project increased annual throughput capacity from 68 million to 75 million barrels, as well as improving yields and driving revenues. Essar Oil UK broadened its downstream integration, with an entry into the retail fuel market. It already has 73 petrol pumps across England and Wales and has plans to grow the retail network within the UK market to 400 sites over the next five years. The company is also a significant player in the wholesale supply of Jet A-1 to several major UK airports.