The Bank of England has warned that UK may already be in recession even as it raised interest rates from 1.75% to 2.25% - the highest level for 14 years.

It is the Bank's seventh rate rise in a row as it tries to tame soaring prices, reports BBC.

It takes borrowing costs to their highest since 2008, when the global banking system faced collapse.

Inflation - the pace at which prices rise - is currently at its highest rate for nearly 40 years, at 9.9%, leaving many people facing hardship, adds BBC report.

After a 0.1% drop in gross domestic product in the three months to June as the economy slumped into reverse, the Bank said a further 0.1% decline could now be expected in the third quarter amid a slump in consumer spending and weaker activity for manufacturing and construction, reports The Guardian.

According to the BBC, the Bank, however, said it now expected inflation to not rise as high as it originally expected, saying the government's help on energy bills for households and firms would help limit soaring prices.

It now expects inflation to peak at just under 11% in October, having previously forecast it would reach 13% next month.

Nevertheless, inflation is currently nearly five times the Bank of England's 2% target and even if it peaks in October, it is expected to remain above 10% "over the following few months" before starting to fall, it added.

The estimated tax loss to the government due to illicit goods in five industries -- mobile phones, FMCG-household and personal goods, FMCG-packaged foods, tobacco products and alcoholic beverages -- stood at Rs 58,521 crore in the financial year (FY) 2019-20, according to a report.

According to FICCI Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE) report released on Sep 22 , two highly regulated and taxed industries, tobacco products and alcoholic beverages, account for nearly 49  per cent of the overall tax loss to the government even as their total size in illicit trade was much lower than the FMCG industry.

The tax loss across these sectors stood at Rs 17,074 crore (FMCG packaged foods), Rs 15,262 crore (alcoholic beverages), Rs 13,331 crore (tobacco products), Rs 9,995 crore (FMCG household and personal goods), and Rs 2,859 crore (mobile phones).

Tata Steel will merge with itself six of its subsidiary companies, a statement said on Sep 23 . A proposal in this regard was approved by the Board of the company.

The subsidiaries are Tata Steel Long Products Limited in which Tata Steel holds 74.91 per cent equity, The Tinplate Company of India Limited (74.96 per cent), Tata Metaliks Limited (60.03 per cent), The Indian Steel & Wire Products Limited (95.01 per cent equity holding), Tata Steel Mining Limited and S & T Mining Company Limited (both wholly-owned subsidiaries).

The Board also approved the amalgamation of TRF Limited (34.11 per cent equity), an associate company of Tata Steel, into Tata Steel Limited.

Tata Steel further said the proposed amalgamation is aimed at driving synergies, simplifying the group holding and management structure, and consolidating and strategically growing downstream operations and engineering capabilities The Board has considered the proposal based on independent fairness and valuation opinions.

According to the statement, since 2019, Tata Steel has reduced 116 associated entities (72 subsidiaries have ceased to exist, 20 associates and JVs have been eliminated and 24 companies are currently under liquidation).

Skipper Harmanpreet Kaur smashed a scintillating unbeaten ton to power India to a comprehensive 88-run win in the second ODI, that sealed country's first series win against England since 1999.

A vintage Harmanpreet rekindled the memories of 2017 World Cup with a magnificent 143 not out which came off just 111 balls as India put on board a mammoth 333 for 5.

Brief Scores: India Women 333/5 in 50 overs (Harmanpreet Kaur 143 not out, Harleen Deol 58, Freya Kemp 1/82).

England: 245 all out in 44.2 overs (Danni Wyatt 65; Renuka Singh 4/57).

Goa Chief Minister Pramod Sawant  has launched the host city logo of FIFA U-17 Women's World Cup India 2022.

The Chief Minister said that organising this FIFA U-17 Women's World Cup in Goa will promote sports and fitness in the state.

FIFA U-17 Women's World Cup 2022 is scheduled to be held in India between October 11 and 30. The seventh edition of the biennial youth tournament will be the first-ever FIFA women's competition to be hosted by India.

The U-17 Indian women's team has been drawn into Group A alongside the likes of Morocco, Brazil, and the United States of America (USA). India will play all their games at the Kalinga Stadium in Bhubaneswar.

The Pandit Jawaharlal Nehru Stadium in Goa and the DY Patil Stadium in Navi Mumbai are the remaining venues that will host the FIFA U-17 Women's World Cup India 2022.

India hosted FIFA Under-17 Men's World Cup 2017 and now the best young female footballers from across the world will be showcasing their skills to lift the coveted trophy.

Financial outlay of Rs. 10 crore assistance to All India Football Federation (AIFF) for the field of play maintenance, stadium power, energy and cabling, stadia, and training site branding will be met from the budgetary allocation for the Scheme of Assistance to National Sports Federations (NSFs).

The FIFA U-17 Women's World Cup is the world championship for female players under or up to the age of 17, organized by FIFA. The event started in 2008 and is traditionally held in even-numbered years. The 6th edition of the event was held in Uruguay from November 13 to December 1, 2018. Spain is the current champion of the FIFA Under-17 Women's World Cup.

FIFA U-17 Women's World Cup India 2022 will be the seventh edition of the tournament in which 16 teams, including India, will participate.

Q1. Name the public sector bank which has been removed from the Prompt Corrective Action Framework (PCAF) watch list  by the  Reserve Bank on Sep 20 following improvement in various parameters and a written commitment that the state-owned lender will comply with the minimum capital norms ?

1. Central Bank of India
2. Canara Bank
3. Indian Bank
4. Bank of Baroda
5. None of These

Q2. Name the private Indian bank which has  approved the sale of a stressed loan portfolio of Rs 48,000 crore to asset reconstruction company JC Flower ARC ?

1. HDFC Bank
2. Yes Bank
3. Axis Bank
4. Federal Bank
5. None of These

Q3. Name the state which is  planning to install a statue to honour Mavis Dunn Lyngdoh, who became the Indian subcontinent’s first woman minister 83 years ago ?

1. Manipur
2. Mizoram
3. Meghalaya
4. Nagaland
5. None of These

Q4. Name the Hollywood star who arrived in Pakistan on Sep 20  to support people affected by the devastating floods in the country ?

1. Kate Winslet
2. Tom Cruise
3. Kate Winslet
4. Angelina Jolie
5. None of These

Q5. The Asian Development Bank (ADB) has slashed India's economic growth projection for 2022-23 from 7.2 per cent earlier to

1. 7    per cent
2. 6.5  per cent
3. 6  per cent
4. 5.5  per cent
5. None of These

Answers

1-------------------------1   Central Bank of India

2------------------------2 Yes Bank

3---------------------------3 Meghalaya

4----------------------------4  Angelina Jolie

5----------------------------1 7    per cent 

As many as 106 activists of the Popular Front of India were arrested on  Sep 22 in early morning raids by multi-agencies led by the National Investigation Agency (NIA), covering around 11 states, for allegedly supporting terror activities in the country.

The maximum number of arrests were made in Kerala (22) followed by Maharashtra and Karnataka (20 each), Andhra Pradesh (5), Assam (9), Delhi (3), Madhya Pradesh (4), Puducherry (3), Tamil Nadu (10), Uttar Pradesh (8) and Rajasthan (2).

The raids, taking place mainly in South India, was termed by the NIA as the "largest ever" investigation process "till date".

The NIA said the searches are taking place at the premises of people allegedly involved in terror funding, organising training camps, and radicalising people to join proscribed organisations.

In Malappuram, the house of the national chairman OMA Salam at Manjeri and the organisation's state headquarters in Kozhikode were raided. State committee member Yahiya Thangal was taken into custody from Thrissur, while an office-bearer of the Pathanamthitta district committee has also been detained.

The ED had earlier frozen the PFI accounts and a case under the Prevention of Money Laundering Act (PMLA) was registered against the outfit in this regard. It's not known whether the raids were conducted as a follow-up of the probe in that case.

In an unusual move by Congress, MLA Dipika Pandey Singh took to the streets and mud bathed in the road to draw the government’s attention to the bad condition of the part of NH 133 passing through her Assembly constituency Mahagama