current affairs 07 August 2022

ISRO to send Small Satellite Launch Vehicle from Sriharikota.

• The Indian Space Research Organization will send a small satellite launch vehicle on 7th August, 2022 from Sriharikota.
• It is a three-stage vehicle with all solid propulsion stages.
• The mission is to launch Earth Observation Satellite, EOS-02, and a co-passenger satellite, Azaadi SAT, into low earth orbit.
• The Azaadi Satellite is designed by 750 girl students of government schools in rural areas from Kashmir to Kanyakumari.

India’s Food Processing Industry Could Reach $530 Bn by FY27: Report.

• According to a report, the Indian Food Processing industry could potentially grow at a CAGR of 10-11% to reach $500-530 bn by FY27.
• This is due to its strong agricultural background and several favourable trends supporting its progress.
• According to the report, India has emerged as a global agricultural powerhouse.
• Now it is the world's 2nd-largest agricultural producer, leading in the production of cereals, pulses, fruits and vegetables, sugar, and milk.

RBI to issue guidelines for outsourcing of financial services.

• The Reserve Bank of India will soon issue draft guidelines on outsourcing of financial services by financial institutions.
• The draft norms, deemed to be titled ‘RBI (Managing Risks and Code of Conduct in Outsourcing of Financial Services) Directions, 2022’, will be issued for public comments and feedback shortly.
• The revised norms will expand the scope of the directions to include regional rural banks, local area banks, AIFI, CIC and non-scheduled payments banks.

China successfully launches pilot reusable spacecraft: Report.

• China successfully launched a pilot reusable spacecraft with its Long March-2F carrier rocket.
• The unidentified spacecraft, which was launched from China's Jiuquan Satellite Launch Center, will return to a planned landing site after operating in the orbit for some time to provide technical validations for reuses.
• A similar mission was launched by China in 2020.
• Spacecraft will operate in orbit for some time and then return to the intended landing site in China.

RBI imposes penalty of ₹82 lakh on Jupiter Capital, ₹32 lakh on Indian Bank.

• The RBI has imposed a penalty of ₹82 lakh on Bengaluru-based Jupiter Capital Private Ltd, for breach of norms on submission of credit information.
• RBI also imposed a fine of ₹32 lakh on Indian Bank for breach of directions on classification and reporting of frauds.
• The examination of the Risk Assessment Report, Inspection Report and all related correspondence revealed that Indian Bank was in violation of certain provisions of RBI Directions, 2016.