Daily Current Affairs 20th December 2022 For All Government Examinations

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Nitin Gadkari launches first-ever ‘Surety Bond Insurance’ for infrastructure projects

Union Minister for Road Transport and Highways Nitin Gadkari launched one of India’s first-ever Surety Bond Insurance products from Bajaj Allianz.

Surety Bond Insurance: Key Highlights

Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as the principal. The product will cater to the requirements of a diversified group of contractors, many of whom are operating in today’s increasingly volatile environment.

The Surety Bond Insurance is a risk transfer tool for the Principal and shields the Principal from the losses that may arise in case the contractor fails to perform their contractual obligation.

The product gives the principal a contract of guarantee that contractual terms and other business deals will be concluded in accordance with the mutually agreed terms.

In case the contractor doesn’t fulfil the contractual terms, the Principal can raise a claim on the surety bond and recover the losses they have incurred. Unlike a bank guarantee, the Surety Bond Insurance does not require large collateral from the contractor thus freeing up significant funds for the contractor, which they can utilize for the growth of the business.

The product will also help in reducing the contractors’ debts to a large extent thus addressing their financial worries. The product will facilitate the growth of upcoming infrastructure projects in the country.

Longewala hero Naik Bhairon Singh (Retd) passes away at 81

Former Border Security Force soldier Bhairon Singh Rathore, who showed indomitable courage and extraordinary bravery in the Indo-Pakistani War of 1971 at Longewala post in Rajasthan, died in Jodhpur. He was 81.

The character of Bhairon Singh was played by Sunil Shetty in the famous film Border.

25 AAI airports have been earmarked for leasing over the years 2022 to 2025

As per National Monetization Pipeline (NMP), 25 Airports Authority of India (AAI) airports namely Bhubaneshwar, Varanasi, Amritsar, Trichy, Indore, Raipur, Calicut, Coimbatore, Nagpur, Patna, Madurai, Surat, Ranchi, Jodhpur, Chennai, Vijayawada, Vadodara, Bhopal, Tirupati, Hubli, Imphal, Agartala, Udaipur, Dehradun and Rajahmundry have been earmarked for leasing over the years 2022 to 2025.

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Daily Current Affairs 20th December 2022 For All Government Examinations